Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 05, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001865174 | ||
Entity File Number | 814-01461 | ||
Entity Registrant Name | Goldman Sachs Middle Market Lending Corp. II | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 87-3643363 | ||
Entity Address, Address Line One | 200 West Street | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10282 | ||
City Area Code | 312 | ||
Local Phone Number | 655-4419 | ||
Title of 12(g) Security | Common Stock, par value $0.001 per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 13,921,733 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Boston, Massachusetts | ||
Auditor Firm ID | 238 | ||
Documents Incorporated by Reference [Text Block] | Portions of Goldman Sachs Middle Market Lending Corp. II’s Proxy Statement for its 2024 Annual Meeting of Stockholders are incorporated by reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14. |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, at fair value | |||
Investments, at fair value | $ 464,970 | $ 249,660 | |
Total investments, at fair value (cost of $465,401 and $250,838) | 464,970 | 249,660 | |
Investments in affiliated money market fund (cost of $905 and $ - ) | 905 | 0 | |
Cash | 8,543 | 3,675 | |
Interest and dividends receivable | 3,774 | 2,332 | |
Deferred financing costs | 2,874 | 484 | |
Other assets | 20 | 0 | |
Total assets | 481,086 | 256,151 | |
Liabilities | |||
Debt | 214,459 | 79,443 | |
Interest and other debt expenses payable | 1,273 | 399 | |
Management fees payable | 771 | 393 | |
Incentive fees payable | 3,152 | 0 | |
Distribution payable | 4,873 | 3,574 | |
Accrued expenses and other liabilities | 790 | 686 | |
Total liabilities | 225,318 | 84,495 | |
Commitments and contingencies (Note 7) | |||
Net assets | |||
Preferred stock, par value $0.001 per share (1,000,000 shares authorized and no shares issued and outstanding) | 0 | 0 | |
Common stock, par value $0.001 per share (200,000,000 shares authorized, 13,921,733 and 9,405,496 shares issued and outstanding as of December 31, 2023 and December 31, 2022) | 14 | 9 | |
Paid-in capital in excess of par | 257,092 | 173,555 | |
Distributable earnings (loss) | (1,338) | (1,908) | |
Total net assets | 255,768 | 171,656 | |
Total liabilities and net assets | $ 481,086 | $ 256,151 | |
Net asset value per share | [1] | $ 18.37 | $ 18.25 |
Investment, Non-affiliated Issuer | |||
Investments, at fair value | |||
Investments, at fair value | $ 459,660 | $ 245,817 | |
Investment, Affiliated Issuer | |||
Investments, at fair value | |||
Investments, at fair value | $ 5,310 | $ 3,843 | |
[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments at cost | $ 465,401 | $ 250,838 |
Investments in affiliated money market fund at cost | $ 905 | $ 0 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 13,921,733 | 9,405,496 |
Common stock, shares outstanding | 13,921,733 | 9,405,496 |
Investment, Non-affiliated Issuer | ||
Investments at cost | $ 460,382 | $ 247,053 |
Investment, Affiliated Issuer | ||
Investments at cost | $ 5,019 | $ 3,785 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Net Investment Income [Line Items] | ||||
Total investment income | $ 114 | $ 40,859 | $ 10,399 | |
Expenses: | ||||
Interest and other debt expenses | 59 | 12,166 | 2,412 | |
Management fees | 12 | 2,423 | 824 | |
Incentive fees | 31 | 3,152 | (31) | |
Professional fees | 325 | 1,110 | 957 | |
Directors' fees | 453 | 675 | 495 | |
Directors' and officers' liability insurance | 148 | 70 | 570 | |
Offering costs | 95 | 856 | ||
Organization costs | 479 | 12 | ||
Other general and administrative expenses | 92 | 1,230 | 884 | |
Total expenses | 1,694 | 20,826 | 6,979 | |
Management fee waiver | (12) | 0 | (193) | |
Net expenses | 1,682 | 20,826 | 6,786 | |
Net investment income (loss) | (1,568) | 20,033 | 3,613 | |
Net realized gain (loss) from: | ||||
Non-controlled/non-affiliated investments | 1,348 | |||
Foreign currency transactions | 28 | (1,798) | (39) | |
Net change in unrealized appreciation (depreciation) from: | ||||
Foreign currency translations | (43) | (824) | (243) | |
Net realized and unrealized gains (losses) | 210 | (527) | (1,685) | |
(Provision) benefit for taxes on unrealized appreciation/depreciation on investments | 0 | 0 | (5) | |
Net increase (decrease) in net assets from operations | $ (1,358) | $ 19,506 | $ 1,923 | |
Weighted average shares outstanding | 667,932 | 10,743,693 | 4,489,749 | |
Net investment income (loss) per unit basic | [1] | $ (2.35) | $ 1.86 | $ 0.8 |
Net investment income (loss) per unit diluted | (2.35) | 1.86 | 0.8 | |
Earnings (loss) per share, basic | (2.03) | 1.82 | 0.43 | |
Earnings (loss) per share, diluted | $ (2.03) | $ 1.82 | $ 0.43 | |
Investment, Non-affiliated Issuer | ||||
Net change in unrealized appreciation (depreciation) from: | ||||
Non-controlled/non-affiliated investments | $ 225 | $ 514 | $ (1,461) | |
Investment, Affiliated Issuer | ||||
Net change in unrealized appreciation (depreciation) from: | ||||
Non-controlled/non-affiliated investments | 233 | 58 | ||
From Non-controlled/ Non-affiliated Investments | ||||
Net Investment Income [Line Items] | ||||
Interest income | 101 | 36,859 | 9,361 | |
Payment-in-kind income | 9 | 2,817 | 564 | |
Other income | $ 4 | 547 | 253 | |
Non-controlled Affiliated Investments | ||||
Net Investment Income [Line Items] | ||||
Interest income | 461 | 167 | ||
Dividend income | 162 | 47 | ||
Other income | $ 13 | $ 7 | ||
[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Partners' Capital [Abstract] | |||
Net assets at beginning of period | $ 0 | $ 171,656 | $ 26,928 |
Increase (decrease) in net assets from operations: | |||
Net investment income (loss) | (1,568) | 20,033 | 3,613 |
Net realized gain (loss) | 28 | (450) | (39) |
Net change in unrealized appreciation (depreciation) | 182 | (77) | (1,646) |
(Provision) benefit for unrealized appreciation/depreciation on investments | 0 | 0 | (5) |
Net increase (decrease) in net assets from operations | (1,358) | 19,506 | 1,923 |
Distributions to stockholders from: | |||
Distributable earnings | 0 | (18,944) | (4,374) |
Total distributions to stockholders | 0 | (18,944) | (4,374) |
Capital transactions: | |||
Issuance of common shares | 28,286 | 83,550 | 147,179 |
Net increase in net assets from capital transactions | 28,286 | 83,550 | 147,179 |
Total increase (decrease) in net assets | 26,928 | 84,112 | 144,728 |
Net assets at end of period | $ 26,928 | $ 255,768 | $ 171,656 |
Distributions per share | $ 0 | $ 1.74 | $ 0.52 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net increase (decrease) in net assets from operations | $ (1,358) | $ 19,506 | $ 1,923 |
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used for) operating activities: | |||
Purchases of investments | (29,386) | (242,868) | (228,240) |
Payment-in- kind interest capitalized | (8) | (2,786) | (459) |
Investments in affiliated money market fund, net | (23,067) | (905) | 23,067 |
Proceeds from sales of investments and principal repayments | 17 | 34,186 | 7,602 |
Net realized (gain) loss on investments | (1,348) | ||
Net change in unrealized (appreciation) depreciation on investments | (225) | (747) | 1,403 |
Net change in unrealized (appreciation) depreciation on foreign currency translation | (2) | (13) | (2) |
Amortization of premium and accretion of discounts, net | (8) | (1,747) | (356) |
Amortization of deferred financing costs | 22 | 1,129 | 398 |
Amortization of deferred offering costs | 95 | 856 | |
Change in operating assets and liabilities: | |||
(Increase) decrease in interest and dividends receivable | (55) | (1,442) | (2,277) |
(Increase) decrease in other assets | (460) | (20) | 460 |
Increase (decrease) in interest and other debt expenses payable | 37 | 893 | 343 |
Increase (decrease) in management fees payable | 378 | 393 | |
Increase (decrease) in incentive fees payable | 31 | 3,152 | (31) |
Increase (decrease) in accrued expenses and other liabilities | 505 | 170 | 107 |
Net cash provided by (used for) operating activities | (53,862) | (192,462) | (194,813) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 28,286 | 83,550 | 147,179 |
Offering costs paid | (447) | (66) | (430) |
Distributions paid | (17,645) | (800) | |
Financing costs paid | (445) | (3,538) | (440) |
Borrowings on debt | 40,030 | 370,768 | 164,413 |
Repayments of debt | (235,752) | (125,000) | |
Net cash provided by (used for) financing activities | 67,424 | 197,317 | 184,922 |
Net increase (decrease) in cash | 13,562 | 4,855 | (9,891) |
Effect of foreign exchange rate changes on cash and cash equivalents | 2 | 13 | 2 |
Cash, beginning of period | 3,675 | 13,564 | |
Cash, end of period | 13,564 | 8,543 | 3,675 |
Supplemental Cash Flow Information [Abstract] | |||
Interest expense paid | $ 3,508 | 9,273 | 1,500 |
Accrued but unpaid distributions | $ 4,873 | $ 3,574 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments £ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2023 GBP (£) shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2022 GBP (£) shares | Dec. 31, 2021 USD ($) | ||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | $ 465,401 | $ 250,838 | ||||||||||||
Fair Value | $ 464,970 | $ 249,660 | ||||||||||||
Investment owned, percent of net assets | 181.80% | 145.40% | 181.80% | 181.80% | 145.40% | 145.40% | ||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.92% Reference Rate and Spread S + 6.50% Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3] | 10.92% | 10.92% | 10.92% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | [2],[3],[4] | $ 10,725 | ||||||||||||
Cost | [2],[3] | 10,407 | ||||||||||||
Fair Value | [2],[3] | $ 10,403 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Trader Corporation Industry Automobiles Interest Rate 11.40% Reference Rate and Spread C + 6.75% Maturity 12/21/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5] | 11.40% | 11.40% | 11.40% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[5] | Dec. 21, 2029 | Dec. 21, 2029 | Dec. 21, 2029 | ||||||||||
Par (++) | [2],[3],[4],[5] | $ 17,049 | ||||||||||||
Cost | [2],[3],[5] | $ 12,319 | ||||||||||||
Fair Value | [2],[3],[5] | $ 12,276 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc. Industry Health Care Technology Reference Rate and Spread L + 6.75% Maturity 01/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Jan. 18, 2028 | Jan. 18, 2028 | Jan. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 278 | ||||||||||||
Cost | [2],[3],[6],[7] | (2) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (8) | ||||||||||||
Investment, Identifier [Axis]: Investment Common Stock - 0.45% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/22 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [2],[3],[6],[8],[9],[10] | Jul. 06, 2022 | ||||||||||||
Par/Shares (++) | shares | [2],[3],[4],[6],[8],[10] | 400 | 400 | 400 | ||||||||||
Cost | [2],[3],[6],[8],[10] | $ 400 | ||||||||||||
Fair Value | [2],[3],[6],[8],[10] | 490 | ||||||||||||
Investment, Identifier [Axis]: Investments and Investments in Affiliated Money Market Fund - 182.15% | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 466,306 | ||||||||||||
Fair Value | [11],[12] | $ 465,875 | ||||||||||||
Investment owned, percent of net assets | [12] | 182.15% | 182.15% | 182.15% | ||||||||||
Investment, Identifier [Axis]: 1st Lien/Last-Out Unitranche | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | $ 33,627 | [11],[12] | 6,352 | [2] | ||||||||||
Fair Value | $ 33,588 | [11],[12] | $ 6,295 | [2] | ||||||||||
Investment owned, percent of net assets | 13.13% | [12] | 3.67% | [2] | 13.13% | [12] | 13.13% | [12] | 3.67% | [2] | 3.67% | [2] | ||
Investment, Identifier [Axis]: 1st Lien/Senior Secured Debt | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [2] | $ 240,889 | ||||||||||||
Fair Value | [2] | $ 239,700 | ||||||||||||
Investment owned, percent of net assets | 11.23% | [12] | 139.64% | [2] | 11.23% | [12] | 11.23% | [12] | 139.64% | [2] | 139.64% | [2] | ||
Investment, Identifier [Axis]: 1st Lien/Senior Secured Debt One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Investment owned, percent of net assets | [11],[12],[13] | 9.20% | 9.20% | 9.20% | ||||||||||
Investment, Identifier [Axis]: 1st Lien/Senior Secured Debt Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Investment owned, percent of net assets | [11],[12] | 146.55% | 146.55% | 146.55% | ||||||||||
Investment, Identifier [Axis]: Canada | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 28,190 | ||||||||||||
Fair Value | [11],[12] | $ 28,713 | ||||||||||||
Investment owned, percent of net assets | [12] | 11.23% | 11.23% | 11.23% | ||||||||||
Investment, Identifier [Axis]: Canada 1st Lien/Senior Secured Debt | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 28,190 | ||||||||||||
Fair Value | [11],[12] | 28,713 | ||||||||||||
Investment, Identifier [Axis]: Common Stock | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | 670 | [11],[12] | $ 670 | [2] | ||||||||||
Fair Value | $ 954 | [11],[12] | $ 768 | [2] | ||||||||||
Investment owned, percent of net assets | 0.37% | [12] | 0.45% | [2] | 0.37% | [12] | 0.37% | [12] | 0.45% | [2] | 0.45% | [2] | ||
Investment, Identifier [Axis]: Debt Investments | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 461,804 | ||||||||||||
Fair Value | [11],[12] | $ 460,672 | ||||||||||||
Investment owned, percent of net assets | [12] | 180.11% | 180.11% | 180.11% | ||||||||||
Investment, Identifier [Axis]: Equity Securities | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 3,597 | ||||||||||||
Fair Value | [11],[12] | $ 4,298 | ||||||||||||
Investment owned, percent of net assets | [12] | 1.68% | 1.68% | 1.68% | ||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (5)- 3.67% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.58% Reference Rate and Spread S + 7.00% Maturity 07/07/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 11.58% | 11.58% | 11.58% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6] | Jul. 07, 2028 | Jul. 07, 2028 | Jul. 07, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 6,169 | ||||||||||||
Cost | [2],[3],[6] | 6,012 | ||||||||||||
Fair Value | [2],[3],[6] | $ 6,015 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (5)- 3.67% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.58% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 11.58% | 11.58% | 11.58% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6],[7] | Jul. 07, 2028 | Jul. 07, 2028 | Jul. 07, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 2,401 | ||||||||||||
Cost | [2],[3],[6],[7] | 340 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 280 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.48% | 10.48% | 10.48% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 2,025 | ||||||||||||
Cost | [2],[3],[6] | 1,990 | ||||||||||||
Fair Value | [2],[3],[6] | $ 1,969 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.48% | 10.48% | 10.48% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 680 | ||||||||||||
Cost | [2],[3],[6] | 668 | ||||||||||||
Fair Value | [2],[3],[6] | $ 661 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.48% | 10.48% | 10.48% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 676 | ||||||||||||
Cost | [2],[3],[6] | 664 | ||||||||||||
Fair Value | [2],[3],[6] | $ 657 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.50% Reference Rate and Spread L + 5.75% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.50% | 10.50% | 10.50% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 270 | ||||||||||||
Cost | [2],[3],[6],[7] | 90 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 87 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.54% Reference Rate and Spread L + 6.00% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.54% | 10.54% | 10.54% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 6,200 | ||||||||||||
Cost | [2],[3],[6],[7] | 572 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 511 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 10.90% Reference Rate and Spread S + 6.50% Maturity 07/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.90% | 10.90% | 10.90% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3],[6] | Jul. 01, 2027 | Jul. 01, 2027 | Jul. 01, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 9,062 | ||||||||||||
Cost | [2],[3],[6] | 9,062 | ||||||||||||
Fair Value | [2],[3],[6] | $ 8,971 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Jul. 01, 2027 | Jul. 01, 2027 | Jul. 01, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 938 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (9) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 10.08% Reference Rate and Spread S + 5.50% Maturity 05/08/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.08% | 10.08% | 10.08% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6] | May 08, 2028 | May 08, 2028 | May 08, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 7,661 | ||||||||||||
Cost | [2],[3],[6] | 7,521 | ||||||||||||
Fair Value | [2],[3],[6] | $ 7,508 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 05/08/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | May 08, 2028 | May 08, 2028 | May 08, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 2,070 | ||||||||||||
Cost | [2],[3],[6],[7] | 19 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (41) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 05/08/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | May 08, 2028 | May 08, 2028 | May 08, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 740 | ||||||||||||
Cost | [2],[3],[6],[7] | 13 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (15) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Service Reference Rate and Spread S + 6.00% Maturity 01/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | Jan. 25, 2028 | Jan. 25, 2028 | Jan. 25, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 249 | ||||||||||||
Cost | [2],[3],[6],[7] | 4 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (10) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 01/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.44% | 10.44% | 10.44% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6] | Jan. 25, 2028 | Jan. 25, 2028 | Jan. 25, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 6,228 | ||||||||||||
Cost | [2],[3],[6] | 6,133 | ||||||||||||
Fair Value | [2],[3],[6] | $ 5,979 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Interest Rate 9.43% Reference Rate and Spread SN+6.00% Maturity 12/23/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5],[6],[7] | 9.43% | 9.43% | 9.43% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[5],[6],[7] | Dec. 23, 2026 | Dec. 23, 2026 | Dec. 23, 2026 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[6],[7] | £ 100 | ||||||||||||
Cost | [2],[3],[5],[6],[7] | $ 58 | ||||||||||||
Fair Value | [2],[3],[5],[6],[7] | $ 55 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Interest Rate 9.43% Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5],[6] | 9.43% | 9.43% | 9.43% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[6] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[5],[6] | Dec. 23, 2026 | Dec. 23, 2026 | Dec. 23, 2026 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[6] | £ 1,400 | ||||||||||||
Cost | [2],[3],[5],[6] | $ 1,847 | ||||||||||||
Fair Value | [2],[3],[5],[6] | $ 1,654 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[5],[6],[7] | Dec. 23, 2026 | Dec. 23, 2026 | Dec. 23, 2026 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[6],[7] | £ 280 | ||||||||||||
Cost | [2],[3],[5],[6],[7] | $ (6) | ||||||||||||
Fair Value | [2],[3],[5],[6],[7] | $ (8) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Businessolver.com, Inc.Industry Health Care Technology Interest Rate 9.67% Reference Rate and Spread L + 5.50% Maturity 12/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 9.67% | 9.67% | 9.67% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6] | Dec. 01, 2027 | Dec. 01, 2027 | Dec. 01, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 2,162 | ||||||||||||
Cost | [2],[3],[6] | 2,144 | ||||||||||||
Fair Value | [2],[3],[6] | $ 2,141 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Businessolver.com, Inc.Industry Health Care Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Maturity 12/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 9.88% | 9.88% | 9.88% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 01, 2027 | Dec. 01, 2027 | Dec. 01, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 586 | ||||||||||||
Cost | [2],[3],[6],[7] | 47 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 44 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 10.97% Reference Rate and Spread S + 6.75% Maturity 11/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3] | 10.97% | 10.97% | 10.97% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3] | Nov. 01, 2028 | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4] | $ 6,765 | ||||||||||||
Cost | [2],[3] | 6,566 | ||||||||||||
Fair Value | [2],[3] | $ 6,562 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 10.97% Reference Rate and Spread S + 6.75% Maturity 11/01/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[7] | 10.97% | 10.97% | 10.97% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[7] | Nov. 01, 2028 | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[7] | $ 638 | ||||||||||||
Cost | [2],[3],[7] | 45 | ||||||||||||
Fair Value | [2],[3],[7] | $ 45 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 11.23% Reference Rate and Spread L + 6.50% Maturity 12/31/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 11.23% | 11.23% | 11.23% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3],[6] | Dec. 31, 2027 | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 3,639 | ||||||||||||
Cost | [2],[3],[6] | 3,575 | ||||||||||||
Fair Value | [2],[3],[6] | $ 3,529 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread L + 6.50% Maturity 12/31/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 31, 2027 | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 367 | ||||||||||||
Cost | [2],[3],[6],[7] | (6) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (11) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 10.69% Reference Rate and Spread SN + 7.25% (Incl. 0.75% PIK) Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5],[6] | 10.69% | 10.69% | 10.69% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[6] | 7.25% | 7.25% | 7.25% | ||||||||||
Reference Rate and Spread (+), PIK | [1],[2],[3],[5],[6] | 0.75% | 0.75% | 0.75% | ||||||||||
Maturity | [2],[3],[5],[6] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[6] | £ 11,296 | ||||||||||||
Cost | [2],[3],[5],[6] | $ 13,280 | ||||||||||||
Fair Value | [2],[3],[5],[6] | $ 13,315 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 9.55% Reference Rate and Spread SN + 7.25% PIK Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5],[6],[7] | 9.55% | 9.55% | 9.55% | ||||||||||
Reference Rate and Spread (+), PIK | [1],[2],[3],[5],[6],[7] | 7.25% | 7.25% | 7.25% | ||||||||||
Maturity | [2],[3],[5],[6],[7] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[6],[7] | £ 10,019 | ||||||||||||
Cost | [2],[3],[5],[6],[7] | $ 3,914 | ||||||||||||
Fair Value | [2],[3],[5],[6],[7] | $ 3,977 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CloudBees, Inc. Industry Software Interest Rate 11.39% Reference Rate and Spread L + 7.00% (incl. 2.50% PIK) Maturity 11/24/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 11.39% | 11.39% | 11.39% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7% | 7% | 7% | ||||||||||
Reference Rate and Spread (+), PIK | [1],[2],[3],[6] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [2],[3],[6] | Nov. 24, 2026 | Nov. 24, 2026 | Nov. 24, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 3,352 | ||||||||||||
Cost | [2],[3],[6] | 3,180 | ||||||||||||
Fair Value | [2],[3],[6] | $ 3,293 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CloudBees, Inc. Industry Software Interest Rate 11.39% Reference Rate and Spread L + 7.00% (incl. 2.50% PIK) Maturity 11/24/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 11.39% | 11.39% | 11.39% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Reference Rate and Spread (+), PIK | [1],[2],[3],[6],[7] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Nov. 24, 2026 | Nov. 24, 2026 | Nov. 24, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,524 | ||||||||||||
Cost | [2],[3],[6],[7] | 1,357 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 1,411 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 9.82% | 9.82% | 9.82% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 4,304 | ||||||||||||
Cost | [2],[3],[6] | 4,224 | ||||||||||||
Fair Value | [2],[3],[6] | $ 4,196 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 05/11/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 9.82% | 9.82% | 9.82% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 615 | ||||||||||||
Cost | [2],[3],[6],[7] | 112 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 108 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,294 | ||||||||||||
Cost | [2],[3],[6],[7] | (12) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (32) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Computer Services, Inc. Industry Financial Services Interest Rate 11.15% Reference Rate and Spread S + 6.75% Maturity 11/15/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3] | 11.15% | 11.15% | 11.15% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3] | Nov. 15, 2029 | Nov. 15, 2029 | Nov. 15, 2029 | ||||||||||
Par (++) | [2],[3],[4] | $ 15,867 | ||||||||||||
Cost | [2],[3] | 15,396 | ||||||||||||
Fair Value | [2],[3] | $ 15,391 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 10.84% Reference Rate and Spread S + 6.75% Maturity 10/01/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.84% | 10.84% | 10.84% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6] | Oct. 01, 2029 | Oct. 01, 2029 | Oct. 01, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 13,269 | ||||||||||||
Cost | [2],[3],[6] | 12,881 | ||||||||||||
Fair Value | [2],[3],[6] | $ 12,871 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Oct. 01, 2029 | Oct. 01, 2029 | Oct. 01, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,932 | ||||||||||||
Cost | [2],[3],[6],[7] | 28 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (58) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Oct. 01, 2029 | Oct. 01, 2029 | Oct. 01, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,932 | ||||||||||||
Cost | [2],[3],[6],[7] | (56) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (58) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S + 7.00% Maturity 01/31/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[7] | Jan. 31, 2029 | Jan. 31, 2029 | Jan. 31, 2029 | ||||||||||
Par (++) | [2],[3],[4],[7] | $ 5,394 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S + 7.00% Maturity 01/31/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[7] | Jan. 31, 2029 | Jan. 31, 2029 | Jan. 31, 2029 | ||||||||||
Par (++) | [2],[3],[4],[7] | $ 1,124 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% DFS Holding Company, Inc. Industry Distributors Reference Rate and Spread S + 7.00% Maturity 01/31/29 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[7] | Jan. 31, 2029 | Jan. 31, 2029 | Jan. 31, 2029 | ||||||||||
Par (++) | [2],[3],[4],[7] | $ 787 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.88% Reference Rate and Spread L + 5.50% Maturity 12/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 9.88% | 9.88% | 9.88% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6] | Dec. 01, 2028 | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 4,910 | ||||||||||||
Cost | [2],[3],[6] | 4,899 | ||||||||||||
Fair Value | [2],[3],[6] | $ 4,824 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread L + 5.50% Maturity 12/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 02, 2027 | Dec. 02, 2027 | Dec. 02, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 550 | ||||||||||||
Cost | [2],[3],[6],[7] | (1) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (10) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread L + 5.50% Maturity 12/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 01, 2028 | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,718 | ||||||||||||
Cost | [2],[3],[6],[7] | (2) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (30) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.74% Reference Rate and Spread L + 7.00% Maturity 04/09/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 11.74% | 11.74% | 11.74% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 4,100 | ||||||||||||
Cost | [2],[3],[6] | 4,035 | ||||||||||||
Fair Value | [2],[3],[6] | $ 4,008 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.74% Reference Rate and Spread L + 7.00% Maturity 04/09/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 11.74% | 11.74% | 11.74% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 387 | ||||||||||||
Cost | [2],[3],[6] | 387 | ||||||||||||
Fair Value | [2],[3],[6] | $ 378 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6],[7] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 400 | ||||||||||||
Cost | [2],[3],[6],[7] | (6) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (9) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6],[7] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,100 | ||||||||||||
Cost | [2],[3],[6],[7] | (8) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (25) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6],[7] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 6,000 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (135) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Interest Rate 9.43% Reference Rate and Spread SN + 6.00% Maturity 11/23/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5] | 9.43% | 9.43% | 9.43% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[5] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | £ | [2],[3],[4],[5] | £ 15,000 | ||||||||||||
Cost | [2],[3],[5] | $ 17,830 | ||||||||||||
Fair Value | [2],[3],[5] | $ 17,862 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN + 6.00% Maturity 11/23/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[5],[7] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[7] | £ 2,300 | ||||||||||||
Cost | [2],[3],[5],[7] | $ (83) | ||||||||||||
Fair Value | [2],[3],[5],[7] | $ (42) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN + 6.00% Maturity 11/23/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[5],[7] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | £ | [2],[3],[4],[5],[7] | £ 6,460 | ||||||||||||
Cost | [2],[3],[5],[7] | $ (173) | ||||||||||||
Fair Value | [2],[3],[5],[7] | $ (59) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Interest Rate 10.61% Reference Rate and Spread S + 6.00% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.61% | 10.61% | 10.61% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 400 | ||||||||||||
Cost | [2],[3],[6],[7] | 69 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 68 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Interest Rate 10.62% Reference Rate and Spread S + 6.00% Maturity 05/11/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.62% | 10.62% | 10.62% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6] | May 11, 2029 | May 11, 2029 | May 11, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 3,616 | ||||||||||||
Cost | [2],[3],[6] | 3,549 | ||||||||||||
Fair Value | [2],[3],[6] | $ 3,544 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 05/11/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | May 11, 2029 | May 11, 2029 | May 11, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 900 | ||||||||||||
Cost | [2],[3],[6],[7] | (8) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (18) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Interest Rate 10.33% Reference Rate and Spread S + 5.75% Maturity 06/25/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.33% | 10.33% | 10.33% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6] | Jun. 25, 2029 | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 5,800 | ||||||||||||
Cost | [2],[3],[6] | 5,718 | ||||||||||||
Fair Value | [2],[3],[6] | $ 5,713 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Reference Rate and Spread S + 5.75% Maturity 06/25/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Jun. 25, 2029 | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 350 | ||||||||||||
Cost | [2],[3],[6],[7] | (2) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (5) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Reference Rate and Spread S + 5.75% Maturity 06/25/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Jun. 25, 2029 | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 350 | ||||||||||||
Cost | [2],[3],[6],[7] | (5) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (5) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.22% Reference Rate and Spread S + 7.00% Maturity 03/18/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 11.22% | 11.22% | 11.22% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6],[7] | Mar. 18, 2027 | Mar. 18, 2027 | Mar. 18, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 9,684 | ||||||||||||
Cost | [2],[3],[6],[7] | 8,450 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 8,442 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 10.63% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.63% | 10.63% | 10.63% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | Jun. 01, 2028 | Jun. 01, 2028 | Jun. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,714 | ||||||||||||
Cost | [2],[3],[6],[7] | 1,116 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 1,106 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 9.31% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 9.31% | 9.31% | 9.31% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6] | Jun. 01, 2028 | Jun. 01, 2028 | Jun. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 6,825 | ||||||||||||
Cost | [2],[3],[6] | 6,699 | ||||||||||||
Fair Value | [2],[3],[6] | $ 6,620 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 06/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7] | Jun. 01, 2028 | Jun. 01, 2028 | Jun. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 857 | ||||||||||||
Cost | [2],[3],[6],[7] | 16 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (26) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 12/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.87% | 10.87% | 10.87% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6] | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 5,180 | ||||||||||||
Cost | [2],[3],[6] | 5,026 | ||||||||||||
Fair Value | [2],[3],[6] | $ 5,076 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 12/15/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.87% | 10.87% | 10.87% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6] | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 1,196 | ||||||||||||
Cost | [2],[3],[6] | 1,175 | ||||||||||||
Fair Value | [2],[3],[6] | $ 1,172 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 12.5% Reference Rate and Spread P + 5.00% Maturity 12/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 12.50% | 12.50% | 12.50% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5% | 5% | 5% | ||||||||||
Maturity | [2],[3],[6],[7] | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 259 | ||||||||||||
Cost | [2],[3],[6],[7] | 47 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 47 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.13% Reference Rate and Spread L + 5.75% Maturity 11/30/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.13% | 10.13% | 10.13% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6] | Nov. 30, 2027 | Nov. 30, 2027 | Nov. 30, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 1,993 | ||||||||||||
Cost | [2],[3],[6] | 1,960 | ||||||||||||
Fair Value | [2],[3],[6] | $ 1,934 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.27% Reference Rate and Spread L + 5.75% Maturity 11/30/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.27% | 10.27% | 10.27% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Nov. 30, 2027 | Nov. 30, 2027 | Nov. 30, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 2,024 | ||||||||||||
Cost | [2],[3],[6],[7] | 1,634 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 1,606 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread L + 5.75% Maturity 11/30/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Nov. 30, 2027 | Nov. 30, 2027 | Nov. 30, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 349 | ||||||||||||
Cost | [2],[3],[6],[7] | (6) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (11) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.53% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 12.53% | 12.53% | 12.53% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 880 | ||||||||||||
Cost | [2],[3],[6],[7] | 407 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 389 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.54% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 12.54% | 12.54% | 12.54% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [2],[3],[6] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 7,810 | ||||||||||||
Cost | [2],[3],[6] | 7,663 | ||||||||||||
Fair Value | [2],[3],[6] | $ 7,654 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.54% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 12.54% | 12.54% | 12.54% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [2],[3],[6] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 770 | ||||||||||||
Cost | [2],[3],[6] | 763 | ||||||||||||
Fair Value | [2],[3],[6] | $ 755 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.75% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 605 | ||||||||||||
Cost | [2],[3],[6],[7] | (11) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (12) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.75% Maturity 07/18/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 880 | ||||||||||||
Cost | [2],[3],[6],[7] | (8) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (18) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Interest Rate 9.44% Reference Rate and Spread L + 5.50% Maturity 08/31/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 9.44% | 9.44% | 9.44% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6] | Aug. 31, 2026 | Aug. 31, 2026 | Aug. 31, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 2,915 | ||||||||||||
Cost | [2],[3],[6] | 2,877 | ||||||||||||
Fair Value | [2],[3],[6] | $ 2,857 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Interest Rate 9.89% Reference Rate and Spread L + 5.50% Maturity 08/31/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 9.89% | 9.89% | 9.89% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Aug. 31, 2026 | Aug. 31, 2026 | Aug. 31, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 735 | ||||||||||||
Cost | [2],[3],[6],[7] | 598 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 591 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Reference Rate and Spread L + 5.50% Maturity 08/31/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [2],[3],[6],[7] | Aug. 31, 2026 | Aug. 31, 2026 | Aug. 31, 2026 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 736 | ||||||||||||
Cost | [2],[3],[6],[7] | (9) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (15) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Rubrik,Inc Industry Software Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 06/10/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.75% | 10.75% | 10.75% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3],[6] | Jun. 10, 2027 | Jun. 10, 2027 | Jun. 10, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 11,126 | ||||||||||||
Cost | [2],[3],[6] | 10,923 | ||||||||||||
Fair Value | [2],[3],[6] | $ 10,903 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Rubrik,Inc Industry Software Interest Rate 11.45% Reference Rate and Spread S + 7.00% Maturity 06/10/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 11.45% | 11.45% | 11.45% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7% | 7% | 7% | ||||||||||
Maturity | [2],[3],[6],[7] | Jun. 10, 2027 | Jun. 10, 2027 | Jun. 10, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,272 | ||||||||||||
Cost | [2],[3],[6],[7] | 541 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 515 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[8] | 10.44% | 10.44% | 10.44% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[8] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[8] | Jul. 06, 2027 | Jul. 06, 2027 | Jul. 06, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[8] | $ 3,483 | ||||||||||||
Cost | [2],[3],[6],[8] | 3,418 | ||||||||||||
Fair Value | [2],[3],[6],[8] | $ 3,413 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7],[8] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7],[8] | Jul. 06, 2027 | Jul. 06, 2027 | Jul. 06, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7],[8] | $ 600 | ||||||||||||
Cost | [2],[3],[6],[7],[8] | (11) | ||||||||||||
Fair Value | [2],[3],[6],[7],[8] | $ (12) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7],[8] | 6% | 6% | 6% | ||||||||||
Maturity | [2],[3],[6],[7],[8] | Jul. 06, 2027 | Jul. 06, 2027 | Jul. 06, 2027 | ||||||||||
Par (++) | [2],[3],[4],[6],[7],[8] | $ 2,400 | ||||||||||||
Cost | [2],[3],[6],[7],[8] | (22) | ||||||||||||
Fair Value | [2],[3],[6],[7],[8] | $ (48) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.17% | 10.17% | 10.17% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6] | Mar. 01, 2028 | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 3,472 | ||||||||||||
Cost | [2],[3],[6] | 3,418 | ||||||||||||
Fair Value | [2],[3],[6] | $ 3,386 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.17% | 10.17% | 10.17% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Mar. 01, 2028 | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,518 | ||||||||||||
Cost | [2],[3],[6],[7] | 595 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 574 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 10.17% | 10.17% | 10.17% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Mar. 01, 2028 | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 456 | ||||||||||||
Cost | [2],[3],[6],[7] | 54 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 49 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Spotless Brands, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[7] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [2],[3],[7] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | [2],[3],[4],[7] | $ 1,650 | ||||||||||||
Cost | [2],[3],[7] | (24) | ||||||||||||
Fair Value | [2],[3],[7] | $ (25) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Trader Corporation Industry Automobiles Reference Rate and Spread C + 6.75% Maturity 12/22/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[5],[7] | Dec. 22, 2028 | Dec. 22, 2028 | Dec. 22, 2028 | ||||||||||
Par (++) | [2],[3],[4],[5],[7] | $ 1,279 | ||||||||||||
Cost | [2],[3],[5],[7] | $ (15) | ||||||||||||
Fair Value | [2],[3],[5],[7] | $ (24) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Interest Rate 11.52% Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 11.52% | 11.52% | 11.52% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 7.25% | 7.25% | 7.25% | ||||||||||
Reference Rate and Spread (+), PIK | [1],[2],[3],[6] | 3.88% | 3.88% | 3.88% | ||||||||||
Maturity | [2],[3],[6] | Aug. 18, 2028 | Aug. 18, 2028 | Aug. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 17,885 | ||||||||||||
Cost | [2],[3],[6] | 17,587 | ||||||||||||
Fair Value | [2],[3],[6] | $ 17,572 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7.25% | 7.25% | 7.25% | ||||||||||
Reference Rate and Spread (+), PIK | [1],[2],[3],[6],[7] | 3.88% | 3.88% | 3.88% | ||||||||||
Maturity | [2],[3],[6],[7] | Aug. 18, 2028 | Aug. 18, 2028 | Aug. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 1,703 | ||||||||||||
Cost | [2],[3],[6],[7] | (28) | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (30) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 7.25% Maturity 08/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 7.25% | 7.25% | 7.25% | ||||||||||
Maturity | [2],[3],[6],[7] | Aug. 18, 2028 | Aug. 18, 2028 | Aug. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 4,751 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ (83) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Interest Rate 11.22% Reference Rate and Spread S + 6.75% Maturity 11/23/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[5] | 11.22% | 11.22% | 11.22% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[5] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | [2],[3],[4],[5] | $ 8,913 | ||||||||||||
Cost | [2],[3],[5] | 8,693 | ||||||||||||
Fair Value | [2],[3],[5] | $ 8,690 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S + 6.75% Maturity 11/23/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[5],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[5],[7] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | [2],[3],[4],[5],[7] | $ 1,087 | ||||||||||||
Cost | [2],[3],[5],[7] | (27) | ||||||||||||
Fair Value | [2],[3],[5],[7] | $ (27) | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc. Industry Health Care Technology Interest Rate 10.98% Reference Rate and Spread L + 6.75% Maturity 01/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6] | 10.98% | 10.98% | 10.98% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6] | Jan. 18, 2028 | Jan. 18, 2028 | Jan. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6] | $ 3,255 | ||||||||||||
Cost | [2],[3],[6] | 3,213 | ||||||||||||
Fair Value | [2],[3],[6] | $ 3,158 | ||||||||||||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc. Industry Health Care Technology Interest Rate 11.26% Reference Rate and Spread L + 6.75% Maturity 01/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [1],[2],[3],[6],[7] | 11.26% | 11.26% | 11.26% | ||||||||||
Reference Rate and Spread (+) | [1],[2],[3],[6],[7] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [2],[3],[6],[7] | Jan. 18, 2028 | Jan. 18, 2028 | Jan. 18, 2028 | ||||||||||
Par (++) | [2],[3],[4],[6],[7] | $ 278 | ||||||||||||
Cost | [2],[3],[6],[7] | 104 | ||||||||||||
Fair Value | [2],[3],[6],[7] | $ 99 | ||||||||||||
Investment, Identifier [Axis]: Investment Common Stock - 0.45% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [2],[3],[6],[9],[10] | Dec. 21, 2021 | ||||||||||||
Par/Shares (++) | shares | [2],[3],[4],[6],[10] | 2,700 | 2,700 | 2,700 | ||||||||||
Cost | [2],[3],[6],[10] | $ 270 | ||||||||||||
Fair Value | [2],[3],[6],[10] | $ 278 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Interest Rate 11.14% Reference Rate and Spread C + 5.75% Maturity 11/01/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15] | 11.14% | 11.14% | 11.14% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[15] | Nov. 01, 2030 | Nov. 01, 2030 | Nov. 01, 2030 | ||||||||||
Par (++) | [11],[12],[13],[15],[16] | $ 1,762 | ||||||||||||
Cost | [11],[12],[13],[15] | $ 1,727 | ||||||||||||
Fair Value | [11],[12],[13],[15] | $ 1,727 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Interest Rate 11.58% Reference Rate and Spread C + 5.750% Maturity 11/01/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15] | 11.58% | 11.58% | 11.58% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[15] | Nov. 01, 2030 | Nov. 01, 2030 | Nov. 01, 2030 | ||||||||||
Par (++) | [11],[12],[13],[15],[16] | $ 7,971 | ||||||||||||
Cost | [11],[12],[13],[15] | $ 5,636 | ||||||||||||
Fair Value | [11],[12],[13],[15] | $ 5,895 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Reference Rate and Spread C + 5.75% Maturity 11/01/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[15],[17] | Nov. 01, 2030 | Nov. 01, 2030 | Nov. 01, 2030 | ||||||||||
Par (++) | [11],[12],[13],[15],[16],[17] | $ 1,941 | ||||||||||||
Cost | [11],[12],[13],[15],[17] | $ (14) | ||||||||||||
Fair Value | [11],[12],[13],[15],[17] | $ 15 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Reference Rate and Spread C + 5.75% Maturity 11/01/30 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[15],[17] | Nov. 01, 2030 | Nov. 01, 2030 | Nov. 01, 2030 | ||||||||||
Par (++) | [11],[12],[13],[15],[16],[17] | $ 1,294 | ||||||||||||
Cost | [11],[12],[13],[15],[17] | $ (18) | ||||||||||||
Fair Value | [11],[12],[13],[15],[17] | $ (20) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Trader Corporation Industry Automobiles Interest Rate 12.19% Reference Rate and Spread C + 6.75% Maturity 12/21/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15],[18] | 12.19% | 12.19% | 12.19% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[15],[18] | Dec. 21, 2029 | Dec. 21, 2029 | Dec. 21, 2029 | ||||||||||
Par (++) | [11],[12],[13],[15],[16],[18] | $ 16,921 | ||||||||||||
Cost | [11],[12],[13],[15],[18] | $ 12,258 | ||||||||||||
Fair Value | [11],[12],[13],[15],[18] | $ 12,642 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Trader Corporation Industry Automobiles Reference Rate and Spread C + 6.75% Maturity 12/22/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[15],[17],[18] | Dec. 22, 2028 | Dec. 22, 2028 | Dec. 22, 2028 | ||||||||||
Par (++) | [11],[12],[13],[15],[16],[17],[18] | $ 1,279 | ||||||||||||
Cost | [11],[12],[13],[15],[17],[18] | $ (11) | ||||||||||||
Fair Value | [11],[12],[13],[15],[17],[18] | $ (10) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% iWave Information Systems, Inc. Industry Software Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 11/23/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15],[18] | 12.25% | 12.25% | 12.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[15],[18] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | [11],[12],[13],[15],[16],[18] | $ 8,824 | ||||||||||||
Cost | [11],[12],[13],[15],[18] | 8,634 | ||||||||||||
Fair Value | [11],[12],[13],[15],[18] | $ 8,603 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S + 6.75% Maturity 11/23/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[15],[17],[18] | Nov. 23, 2028 | Nov. 23, 2028 | Nov. 23, 2028 | ||||||||||
Par (++) | [11],[12],[13],[15],[16],[17],[18] | $ 4,380 | ||||||||||||
Cost | [11],[12],[13],[15],[17],[18] | (22) | ||||||||||||
Fair Value | [11],[12],[13],[15],[17],[18] | $ (109) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Bigchange Group Limited Industry Software Interest Rate 11.19% Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15],[18] | 11.19% | 11.19% | 11.19% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[15],[18] | Dec. 23, 2026 | Dec. 23, 2026 | Dec. 23, 2026 | ||||||||||
Par (++) | £ | [11],[12],[13],[15],[16],[18] | £ 1,400 | ||||||||||||
Cost | [11],[12],[13],[15],[18] | $ 1,854 | ||||||||||||
Fair Value | [11],[12],[13],[15],[18] | $ 1,749 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Bigchange Group Limited Industry Software Interest Rate 11.19% Reference Rate and Spread SN + 6.00% Maturity 12/23/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15],[18] | 11.19% | 11.19% | 11.19% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[15],[18] | Dec. 23, 2026 | Dec. 23, 2026 | Dec. 23, 2026 | ||||||||||
Par (++) | £ | [11],[12],[13],[15],[16],[18] | £ 213 | ||||||||||||
Cost | [11],[12],[13],[15],[18] | $ 270 | ||||||||||||
Fair Value | [11],[12],[13],[15],[18] | $ 266 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Bigchange Group Limited Industry Software Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[15],[17],[18] | Dec. 23, 2026 | Dec. 23, 2026 | Dec. 23, 2026 | ||||||||||
Par (++) | £ | [11],[12],[13],[15],[16],[17],[18] | £ 280 | ||||||||||||
Cost | [11],[12],[13],[15],[17],[18] | $ (5) | ||||||||||||
Fair Value | [11],[12],[13],[15],[17],[18] | $ (7) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 12.69% Reference Rate and Spread SN+8.50% (Incl. 8.50% PIK) Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15],[17],[18] | 13.69% | 13.69% | 13.69% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[17],[18] | 8.50% | 8.50% | 8.50% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[15],[17],[18] | 8.50% | 8.50% | 8.50% | ||||||||||
Maturity | [11],[12],[13],[15],[17],[18] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | £ | [11],[12],[13],[15],[16],[17],[18] | £ 10,491 | ||||||||||||
Cost | [11],[12],[13],[15],[17],[18] | $ 6,092 | ||||||||||||
Fair Value | [11],[12],[13],[15],[17],[18] | $ 6,393 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.69% Reference Rate and Spread SN+8.50% (Incl. 8.50% PIK) Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[15],[18] | 13.69% | 13.69% | 13.69% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[15],[18] | 8.50% | 8.50% | 8.50% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[15],[18] | 8.50% | 8.50% | 8.50% | ||||||||||
Maturity | [11],[12],[13],[15],[18] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | £ | [11],[12],[13],[15],[16],[18] | £ 12,210 | ||||||||||||
Cost | [11],[12],[13],[15],[18] | $ 14,463 | ||||||||||||
Fair Value | [11],[12],[13],[15],[18] | $ 15,135 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States - 159.68% 1st Lien/Senior Secured Debt - 146.55% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 01/29/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17] | Jan. 29, 2027 | Jan. 29, 2027 | Jan. 29, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,081 | ||||||||||||
Cost | [11],[12],[13],[17] | 0 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 0 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States - 159.68% 1st Lien/Senior Secured Debt - 146.55% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 01/29/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17] | Jan. 29, 2028 | Jan. 29, 2028 | Jan. 29, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 8,378 | ||||||||||||
Cost | [11],[12],[13],[17] | 0 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 0 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States - 159.68% 1st Lien/Senior Secured Debt - 146.55% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 01/29/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17] | Jan. 29, 2028 | Jan. 29, 2028 | Jan. 29, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 541 | ||||||||||||
Cost | [11],[12],[13],[17] | 0 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 0 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 07/07/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.10% | 12.10% | 12.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 07, 2028 | Jul. 07, 2028 | Jul. 07, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 6,169 | ||||||||||||
Cost | [11],[12],[13],[18] | 6,036 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 6,015 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 07/07/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.10% | 12.10% | 12.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 07, 2028 | Jul. 07, 2028 | Jul. 07, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 2,401 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 1,088 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 1,028 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 11.61% Reference Rate and Spread S + 6.25% Maturity 12/07/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.61% | 11.61% | 11.61% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13] | Dec. 07, 2028 | Dec. 07, 2028 | Dec. 07, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 6,255 | ||||||||||||
Cost | [11],[12],[13] | 6,193 | ||||||||||||
Fair Value | [11],[12],[13] | $ 6,193 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Reference Rate and Spread S + 6.25% Maturity 12/07/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 07, 2028 | Dec. 07, 2028 | Dec. 07, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 3,745 | ||||||||||||
Cost | [11],[12],[13],[17] | (37) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (37) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 11.91% Reference Rate and Spread S + 6.55% Maturity 12/06/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17] | 11.91% | 11.91% | 11.91% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.55% | 6.55% | 6.55% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 06, 2028 | Dec. 06, 2028 | Dec. 06, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 10,000 | ||||||||||||
Cost | [11],[12],[13],[17] | 7,294 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 7,293 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 11.73% Reference Rate and Spread S + 6.37% Maturity 12/22/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.73% | 11.73% | 11.73% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.37% | 6.37% | 6.37% | ||||||||||
Maturity | [11],[12],[13] | Dec. 22, 2028 | Dec. 22, 2028 | Dec. 22, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 3,203 | ||||||||||||
Cost | [11],[12],[13] | 3,171 | ||||||||||||
Fair Value | [11],[12],[13] | $ 3,171 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Reference Rate and Spread S + 6.37% Maturity 12/22/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.37% | 6.37% | 6.37% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 22, 2028 | Dec. 22, 2028 | Dec. 22, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 2,005 | ||||||||||||
Cost | [11],[12],[13],[17] | (20) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (20) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 12.46% Reference Rate and Spread S + 7.00% Maturity 08/24/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.46% | 12.46% | 12.46% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[18] | Aug. 24, 2028 | Aug. 24, 2028 | Aug. 24, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 6,222 | ||||||||||||
Cost | [11],[12],[13],[18] | 6,147 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 6,160 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Reference Rate and Spread S + 7.00% Maturity 08/24/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 24, 2028 | Aug. 24, 2028 | Aug. 24, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 3,778 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (45) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (38) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 9.71% Reference Rate and Spread S + 4.25% Maturity 08/31/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 9.71% | 9.71% | 9.71% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 4.25% | 4.25% | 4.25% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 31, 2028 | Aug. 31, 2028 | Aug. 31, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 6,668 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 3,800 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 3,823 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.64% Reference Rate and Spread S + 6.25% Maturity 04/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.64% | 11.64% | 11.64% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 518 | ||||||||||||
Cost | [11],[12],[13] | 513 | ||||||||||||
Fair Value | [11],[12],[13] | $ 513 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.75% Reference Rate and Spread S + 6.25% Maturity 04/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.75% | 11.75% | 11.75% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 2,757 | ||||||||||||
Cost | [11],[12],[13] | 2,730 | ||||||||||||
Fair Value | [11],[12],[13] | $ 2,730 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.79% Reference Rate and Spread S + 6.25% Maturity 04/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.79% | 11.79% | 11.79% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 497 | ||||||||||||
Cost | [11],[12],[13] | 492 | ||||||||||||
Fair Value | [11],[12],[13] | $ 492 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.79% Reference Rate and Spread S + 6.25% Maturity 04/15/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.79% | 11.79% | 11.79% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 1,978 | ||||||||||||
Cost | [11],[12],[13] | 1,959 | ||||||||||||
Fair Value | [11],[12],[13] | $ 1,959 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.79% Reference Rate and Spread S + 6.25% Maturity 04/15/27 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.79% | 11.79% | 11.79% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 5,065 | ||||||||||||
Cost | [11],[12],[13] | 5,014 | ||||||||||||
Fair Value | [11],[12],[13] | $ 5,014 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 6.25% Maturity 04/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[17] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 398 | ||||||||||||
Cost | [11],[12],[13],[17] | (6) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (6) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 6.25% Maturity 04/15/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[17] | Apr. 15, 2027 | Apr. 15, 2027 | Apr. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 2,757 | ||||||||||||
Cost | [11],[12],[13],[17] | (27) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (28) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 10.85% Reference Rate and Spread S + 5.50% Maturity 05/08/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 10.85% | 10.85% | 10.85% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[18] | May 08, 2028 | May 08, 2028 | May 08, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 7,584 | ||||||||||||
Cost | [11],[12],[13],[18] | 7,466 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 7,546 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 08, 2028 | May 08, 2028 | May 08, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 740 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (11) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (4) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 08, 2028 | May 08, 2028 | May 08, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 2,070 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (15) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (10) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Amspec Parent, LLC Industry Professional Services Interest Rate 11.10% Reference Rate and Spread S+5.75% Maturity 12/05/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[14],[17] | 11.10% | 11.10% | 11.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[17] | Dec. 05, 2030 | Dec. 05, 2030 | Dec. 05, 2030 | ||||||||||
Par (++) | [11],[12],[16],[17] | $ 7,046 | ||||||||||||
Cost | [11],[12],[17] | 6,871 | ||||||||||||
Fair Value | [11],[12],[17] | $ 6,870 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Amspec Parent, LLC Industry Professional Services Reference Rate and Spread S+5.75% Maturity 12/05/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [12],[14] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [12] | Dec. 05, 2029 | Dec. 05, 2029 | Dec. 05, 2029 | ||||||||||
Par (++) | [12],[16] | $ 952 | ||||||||||||
Cost | [12] | 23 | ||||||||||||
Fair Value | [12] | $ (24) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Amspec Parent, LLC Industry Professional Services Reference Rate and Spread S+5.75% Maturity 12/05/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 05, 2030 | Dec. 05, 2030 | Dec. 05, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,016 | ||||||||||||
Cost | [11],[12],[13],[17] | 13 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (13) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 11.85% Reference Rate and Spread S + 6.50% Maturity 07/01/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.85% | 11.85% | 11.85% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 01, 2030 | Jul. 01, 2030 | Jul. 01, 2030 | ||||||||||
Par (++) | [11],[12],[13],[18] | $ 2,942 | ||||||||||||
Cost | [11],[12],[13],[18] | 2,872 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 2,898 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Reference Rate and Spread S + 6.50% Maturity 07/01/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 01, 2030 | Jul. 01, 2030 | Jul. 01, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 679 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (8) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (10) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 11.47% Reference Rate and Spread S + 6.00% Maturity 01/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.47% | 11.47% | 11.47% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[18] | Jan. 25, 2028 | Jan. 25, 2028 | Jan. 25, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 6,228 | ||||||||||||
Cost | [11],[12],[13],[18] | 6,148 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,792 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jan. 25, 2028 | Jan. 25, 2028 | Jan. 25, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 249 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (3) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (17) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail 11.35% Reference Rate and Spread S + 6.00% Maturity 10/05/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [12] | 6% | 6% | 6% | ||||||||||
Maturity | [12] | Oct. 05, 2029 | Oct. 05, 2029 | Oct. 05, 2029 | ||||||||||
Par (++) | [12] | $ 1,045 | ||||||||||||
Cost | [12] | (25) | ||||||||||||
Fair Value | [12] | $ (26) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 11.35% Reference Rate and Spread S + 6.00% Maturity 10/04/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [12] | 11.35% | 11.35% | 11.35% | ||||||||||
Reference Rate and Spread (+) | [12] | 6% | 6% | 6% | ||||||||||
Maturity | [12] | Oct. 04, 2030 | Oct. 04, 2030 | Oct. 04, 2030 | ||||||||||
Par (++) | [12] | $ 8,955 | ||||||||||||
Cost | [12] | 8,739 | ||||||||||||
Fair Value | [12] | $ 8,731 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 10.96% | 10.96% | 10.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 01, 2027 | Dec. 01, 2027 | Dec. 01, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 2,141 | ||||||||||||
Cost | [11],[12],[13],[18] | 2,125 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 2,119 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 10.96% | 10.96% | 10.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 01, 2027 | Dec. 01, 2027 | Dec. 01, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 318 | ||||||||||||
Cost | [11],[12],[13],[18] | 48 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 46 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 11.86% Reference Rate and Spread S + 6.50% Maturity 11/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.86% | 11.86% | 11.86% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Nov. 01, 2028 | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 6,697 | ||||||||||||
Cost | [11],[12],[13],[18] | 6,526 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 6,630 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 11.96% Reference Rate and Spread S + 6.50% Maturity 11/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.96% | 11.96% | 11.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Nov. 01, 2028 | Nov. 01, 2028 | Nov. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 638 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 48 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 57 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 11.95% Reference Rate and Spread S + 6.50% Maturity 12/31/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.95% | 11.95% | 11.95% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 31, 2027 | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 3,602 | ||||||||||||
Cost | [11],[12],[13],[18] | 3,549 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 3,530 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread S + 6.50% Maturity 12/31/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Dec. 31, 2027 | Dec. 31, 2027 | Dec. 31, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 367 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (5) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (7) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 12.11% Reference Rate and Spread S + 6.75%Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.11% | 12.11% | 12.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 5,666 | ||||||||||||
Cost | [11],[12],[13],[18] | 5,530 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,552 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Reference Rate and Spread S + 6.75% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 728 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (9) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (15) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Reference Rate and Spread S + 6.75% Maturity 07/18/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 364 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (8) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (7) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CloudBees, Inc. Industry Software Interest Rate 12.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.47% | 12.47% | 12.47% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7% | 7% | 7% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[18] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Nov. 24, 2026 | Nov. 24, 2026 | Nov. 24, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 1,474 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,414 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,460 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CloudBees, Inc. Industry Software Interest Rate 12.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.47% | 12.47% | 12.47% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7% | 7% | 7% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[18] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Nov. 24, 2026 | Nov. 24, 2026 | Nov. 24, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 3,438 | ||||||||||||
Cost | [11],[12],[13],[18] | 3,304 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 3,403 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.11% | 11.11% | 11.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 4,260 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,191 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 4,133 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 05/11/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.11% | 11.11% | 11.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 1,293 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,271 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,255 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 05/11/28 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.11% | 11.11% | 11.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 615 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 207 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 197 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.36% Reference Rate and Spread S + 6.00% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.36% | 11.36% | 11.36% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[18] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 2,908 | ||||||||||||
Cost | [11],[12],[13],[18] | 2,839 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 2,850 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 10,491 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (124) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (210) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Computer Services, Inc Industry Financial Services Interest Rate 12.13% Reference Rate and Spread S + 6.75% Maturity 11/15/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.13% | 12.13% | 12.13% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Nov. 15, 2029 | Nov. 15, 2029 | Nov. 15, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 15,748 | ||||||||||||
Cost | [11],[12],[13],[18] | 15,328 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 15,590 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 12.11% Reference Rate and Spread S + 6.75% Maturity 10/01/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.11% | 12.11% | 12.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Oct. 01, 2029 | Oct. 01, 2029 | Oct. 01, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 13,136 | ||||||||||||
Cost | [11],[12],[13],[18] | 12,792 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 12,972 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Oct. 01, 2029 | Oct. 01, 2029 | Oct. 01, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,932 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (48) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (24) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Oct. 01, 2029 | Oct. 01, 2029 | Oct. 01, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,932 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (24) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (24) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 11/08/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 12.10% | 12.10% | 12.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13] | Nov. 08, 2030 | Nov. 08, 2030 | Nov. 08, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 11,141 | ||||||||||||
Cost | [11],[12],[13] | 10,867 | ||||||||||||
Fair Value | [11],[12],[13] | $ 10,863 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17] | Nov. 08, 2030 | Nov. 08, 2030 | Nov. 08, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,161 | ||||||||||||
Cost | [11],[12],[13],[17] | (28) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (29) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% DFS Holding Company, Inc. Industry Distributors Interest Rate 12.46% Reference Rate and Spread S + 7.00% Maturity 01/31/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.46% | 12.46% | 12.46% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[18] | Jan. 31, 2029 | Jan. 31, 2029 | Jan. 31, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 4,133 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,022 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 4,071 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% DFS Holding Company, Inc. Industry Distributors Interest Rate 12.46% Reference Rate and Spread S + 7.00% Maturity 01/31/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.46% | 12.46% | 12.46% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jan. 31, 2029 | Jan. 31, 2029 | Jan. 31, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 867 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 287 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 290 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Interest Rate 12.10% Reference Rate and Spread S + 5.75% Maturity 11/15/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.12% | 11.12% | 11.12% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13] | Nov. 15, 2030 | Nov. 15, 2030 | Nov. 15, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 10,461 | ||||||||||||
Cost | [11],[12],[13] | 10,254 | ||||||||||||
Fair Value | [11],[12],[13] | $ 10,251 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Reference Rate and Spread S + 5.75% Maturity 11/15/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17] | Nov. 15, 2029 | Nov. 15, 2029 | Nov. 15, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,743 | ||||||||||||
Cost | [11],[12],[13],[17] | (34) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (35) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 01/09/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.10% | 12.10% | 12.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jan. 09, 2030 | Jan. 09, 2030 | Jan. 09, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 7,696 | ||||||||||||
Cost | [11],[12],[13],[18] | 7,492 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 7,542 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 01/09/30 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.10% | 12.10% | 12.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jan. 09, 2030 | Jan. 09, 2030 | Jan. 09, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 5,880 | ||||||||||||
Cost | [11],[12],[13],[18] | 5,767 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,762 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Reference Rate and Spread S + 6.75% Maturity 01/09/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jan. 09, 2028 | Jan. 09, 2028 | Jan. 09, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,981 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (41) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (40) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Interest Rate 13.78% Reference Rate and Spread S + 8.25% Maturity 11/27/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 13.78% | 13.78% | 13.78% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 8.25% | 8.25% | 8.25% | ||||||||||
Maturity | [11],[12],[13] | Nov. 27, 2029 | Nov. 27, 2029 | Nov. 27, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 9,798 | ||||||||||||
Cost | [11],[12],[13] | 9,462 | ||||||||||||
Fair Value | [11],[12],[13] | $ 9,504 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Interest Rate 13.78% Reference Rate and Spread S + 8.25% Maturity 11/27/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 13.78% | 13.78% | 13.78% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 8.25% | 8.25% | 8.25% | ||||||||||
Maturity | [11],[12],[13],[17] | Nov. 27, 2029 | Nov. 27, 2029 | Nov. 27, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 3,083 | ||||||||||||
Cost | [11],[12],[13],[17] | 871 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 887 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 8.25% | 8.25% | 8.25% | ||||||||||
Maturity | [11],[12],[13],[17] | Nov. 27, 2029 | Nov. 27, 2029 | Nov. 27, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 548 | ||||||||||||
Cost | [11],[12],[13],[17] | (16) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (16) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 8.25% | 8.25% | 8.25% | ||||||||||
Maturity | [11],[12],[13],[17] | Nov. 27, 2029 | Nov. 27, 2029 | Nov. 27, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,370 | ||||||||||||
Cost | [11],[12],[13],[17] | (20) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (21) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Interest Rate 11.38% Reference Rate and Spread S + 6.00% Maturity 10/02/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.38% | 11.38% | 11.38% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13] | Oct. 02, 2029 | Oct. 02, 2029 | Oct. 02, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 5,484 | ||||||||||||
Cost | [11],[12],[13] | 5,378 | ||||||||||||
Fair Value | [11],[12],[13] | $ 5,375 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17] | Oct. 02, 2029 | Oct. 02, 2029 | Oct. 02, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,418 | ||||||||||||
Cost | [11],[12],[13],[17] | (14) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (14) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17] | Oct. 02, 2029 | Oct. 02, 2029 | Oct. 02, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,135 | ||||||||||||
Cost | [11],[12],[13],[17] | (22) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (23) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 10.96% | 10.96% | 10.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 01, 2028 | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 206 | ||||||||||||
Cost | [11],[12],[13],[18] | 204 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 203 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 10.96% | 10.96% | 10.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 01, 2028 | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 4,860 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,851 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 4,800 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.50% Maturity 12/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Dec. 01, 2028 | Dec. 01, 2028 | Dec. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,512 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (1) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (19) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.50% Maturity 12/02/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Dec. 02, 2027 | Dec. 02, 2027 | Dec. 02, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 550 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (1) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (7) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Groundworks, LLC Industry Diversified Consumer Services Interest Rate 11.90% Reference Rate and Spread S + 6.50% Maturity 03/14/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.90% | 11.90% | 11.90% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Mar. 14, 2030 | Mar. 14, 2030 | Mar. 14, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 2,101 | ||||||||||||
Cost | [11],[12],[13],[18] | 2,046 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 2,059 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Groundworks, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 03/14/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Mar. 14, 2029 | Mar. 14, 2029 | Mar. 14, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 109 | ||||||||||||
Cost | [11],[12],[13],[18] | (3) | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ (2) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Groundworks, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 03/14/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Mar. 14, 2030 | Mar. 14, 2030 | Mar. 14, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 96 | ||||||||||||
Cost | [11],[12],[13],[18] | (5) | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ (2) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 10/07/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17] | 11.11% | 11.11% | 11.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17] | Oct. 07, 2030 | Oct. 07, 2030 | Oct. 07, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 2,263 | ||||||||||||
Cost | [11],[12],[13],[17] | 1,537 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 1,527 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.11% | 11.11% | 11.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13] | Oct. 07, 2030 | Oct. 07, 2030 | Oct. 07, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 6,637 | ||||||||||||
Cost | [11],[12],[13] | 6,476 | ||||||||||||
Fair Value | [11],[12],[13] | $ 6,471 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.71% Reference Rate and Spread S + 6.25% Maturity 04/09/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.71% | 11.71% | 11.71% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[18] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 392 | ||||||||||||
Cost | [11],[12],[13],[18] | 392 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 386 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.71% Reference Rate and Spread S + 6.25% Maturity 04/09/26 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.71% | 11.71% | 11.71% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[18] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 4,157 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,109 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 4,094 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.71% Reference Rate and Spread S + 6.25% Maturity 04/09/26 Two | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.71% | 11.71% | 11.71% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[18] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 6,081 | ||||||||||||
Cost | [11],[12],[13],[18] | 6,081 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,990 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread S + 6.25% Maturity 04/09/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[17],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Apr. 09, 2026 | Apr. 09, 2026 | Apr. 09, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 400 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (4) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (6) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 12.45% Reference Rate and Spread S + 6.75% Maturity 06/13/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.45% | 12.45% | 12.45% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jun. 13, 2028 | Jun. 13, 2028 | Jun. 13, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 4,144 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,030 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 4,041 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 06/13/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 13, 2028 | Jun. 13, 2028 | Jun. 13, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 2,777 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (74) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (69) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 06/13/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 13, 2028 | Jun. 13, 2028 | Jun. 13, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 463 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (12) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (12) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.39% Reference Rate and Spread S + 6.00% Maturity 05/11/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.39% | 11.39% | 11.39% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 11, 2029 | May 11, 2029 | May 11, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 898 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 321 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 304 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.40% Reference Rate and Spread S + 6.00% Maturity 05/11/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.40% | 11.40% | 11.40% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[18] | May 11, 2029 | May 11, 2029 | May 11, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 3,580 | ||||||||||||
Cost | [11],[12],[13],[18] | 3,521 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 3,472 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.41% Reference Rate and Spread S + 6.00% Maturity 05/11/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.41% | 11.41% | 11.41% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 11, 2028 | May 11, 2028 | May 11, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 400 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 10 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 4 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Kaseya Inc. Industry IT Services Interest Rate 10.86% Reference Rate and Spread S + 6.00% (Incl. 2.50% PIK) Maturity 06/25/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 10.86% | 10.86% | 10.86% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[17],[18] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 25, 2029 | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 351 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 84 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 85 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Kaseya Inc. Industry IT Services Interest Rate 11.38% Reference Rate and Spread S + 6.00% (Incl. 2.50% PIK) Maturity 06/25/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.38% | 11.38% | 11.38% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6% | 6% | 6% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[18] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Jun. 25, 2029 | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 5,850 | ||||||||||||
Cost | [11],[12],[13],[18] | 5,777 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,791 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Kaseya Inc. Industry IT Services Interest Rate 11.38% Reference Rate and Spread S + 6.00% (Incl. 2.50% PIK) Maturity 06/25/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.38% | 11.38% | 11.38% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[17],[18] | 2.50% | 2.50% | 2.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 25, 2029 | Jun. 25, 2029 | Jun. 25, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 350 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 19 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 18 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Reference Rate and Spread S + 7.00% Maturity 03/18/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18],[19] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[18],[19] | Mar. 18, 2027 | Mar. 18, 2027 | Mar. 18, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18],[19] | $ 9,874 | ||||||||||||
Cost | [11],[12],[13],[18],[19] | 9,500 | ||||||||||||
Fair Value | [11],[12],[13],[18],[19] | $ 7,603 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.35% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.35% | 11.35% | 11.35% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[18] | Jun. 01, 2028 | Jun. 01, 2028 | Jun. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 6,757 | ||||||||||||
Cost | [11],[12],[13],[18] | 6,650 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 6,351 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.36% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.36% | 11.36% | 11.36% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 01, 2028 | Jun. 01, 2028 | Jun. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,702 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 1,451 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 1,376 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.40% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.40% | 11.40% | 11.40% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 01, 2028 | Jun. 01, 2028 | Jun. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 857 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 116 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 77 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 11.35% Reference Rate and Spread S + 5.75% Maturity 12/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.35% | 11.35% | 11.35% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 1,184 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,167 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,160 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 11.35% Reference Rate and Spread S + 5.75% Maturity 12/15/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.35% | 11.35% | 11.35% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 5,128 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,992 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,025 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 12/15/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Dec. 15, 2027 | Dec. 15, 2027 | Dec. 15, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 259 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (3) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (5) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NAVEX TopCo, Inc. Industry Software Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 11/09/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.11% | 11.11% | 11.11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13] | Nov. 09, 2030 | Nov. 09, 2030 | Nov. 09, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 9,190 | ||||||||||||
Cost | [11],[12],[13] | 9,009 | ||||||||||||
Fair Value | [11],[12],[13] | $ 9,006 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NAVEX TopCo, Inc. Industry Software Reference Rate and Spread S + 5.75% Maturity 11/09/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17] | Nov. 09, 2028 | Nov. 09, 2028 | Nov. 09, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 810 | ||||||||||||
Cost | [11],[12],[13],[17] | (16) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (16) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.23% Reference Rate and Spread S + 5.75% Maturity 11/30/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.23% | 11.23% | 11.23% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Nov. 30, 2027 | Nov. 30, 2027 | Nov. 30, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 1,973 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,945 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,934 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.24% Reference Rate and Spread S + 5.75% Maturity 11/30/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.24% | 11.24% | 11.24% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Nov. 30, 2027 | Nov. 30, 2027 | Nov. 30, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 2,006 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,976 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,966 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread S + 5.75% Maturity 11/30/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Nov. 30, 2027 | Nov. 30, 2027 | Nov. 30, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 349 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (5) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (7) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ncontracts, LLC Industry Software Interest Rate 11.80% Reference Rate and Spread S + 6.50% Maturity 12/11/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.80% | 11.80% | 11.80% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13] | Dec. 11, 2029 | Dec. 11, 2029 | Dec. 11, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 15,677 | ||||||||||||
Cost | [11],[12],[13] | 15,287 | ||||||||||||
Fair Value | [11],[12],[13] | $ 15,285 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ncontracts, LLC Industry Software Reference Rate and Spread S + 6.50% Maturity 12/11/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 11, 2029 | Dec. 11, 2029 | Dec. 11, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,447 | ||||||||||||
Cost | [11],[12],[13],[17] | (36) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (36) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ncontracts, LLC Industry Software Reference Rate and Spread S + 6.50% Maturity 12/11/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 11, 2029 | Dec. 11, 2029 | Dec. 11, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 1,447 | ||||||||||||
Cost | [11],[12],[13],[17] | (18) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (18) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Onyx CenterSource, Inc Industry Software Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 12/15/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 12.25% | 12.25% | 12.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17] | Dec. 15, 2028 | Dec. 15, 2028 | Dec. 15, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 405 | ||||||||||||
Cost | [11],[12],[13],[17] | 126 | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ 126 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Onyx CenterSource, Inc Industry Software Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 12/15/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 12.25% | 12.25% | 12.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13] | Dec. 15, 2028 | Dec. 15, 2028 | Dec. 15, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 5,401 | ||||||||||||
Cost | [11],[12],[13] | 5,281 | ||||||||||||
Fair Value | [11],[12],[13] | $ 5,280 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ortholite, LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 11.61% Reference Rate and Spread S + 6.25% Maturity 09/29/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.61% | 11.61% | 11.61% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[18] | Sep. 29, 2027 | Sep. 29, 2027 | Sep. 29, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 5,751 | ||||||||||||
Cost | [11],[12],[13],[18] | 5,697 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 5,694 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.92% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.92% | 12.92% | 12.92% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 2,584 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 1,703 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 1,677 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.93% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.93% | 12.93% | 12.93% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 7,810 | ||||||||||||
Cost | [11],[12],[13],[18] | 7,682 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 7,732 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.93% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.93% | 12.93% | 12.93% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 770 | ||||||||||||
Cost | [11],[12],[13],[18] | 764 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 762 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 13.10% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 13.10% | 13.10% | 13.10% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 7.50% | 7.50% | 7.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 18, 2028 | Jul. 18, 2028 | Jul. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 605 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 172 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 175 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 11.64% Reference Rate and Spread S + 6.25% Maturity 09/03/30 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.64% | 11.64% | 11.64% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[18] | Sep. 03, 2030 | Sep. 03, 2030 | Sep. 03, 2030 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 9,251 | ||||||||||||
Cost | [11],[12],[13],[18] | 9,005 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 9,066 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 6.25% Maturity 08/31/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.25% | 6.25% | 6.25% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 31, 2028 | Aug. 31, 2028 | Aug. 31, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 749 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (19) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (15) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Rubrik, Inc. Industry Software Interest Rate 12.52% Reference Rate and Spread S + 7.00% Maturity 08/17/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.52% | 12.52% | 12.52% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[18] | Aug. 17, 2028 | Aug. 17, 2028 | Aug. 17, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 10,877 | ||||||||||||
Cost | [11],[12],[13],[18] | 10,774 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 10,768 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Rubrik, Inc. Industry Software Interest Rate 12.52% Reference Rate and Spread S + 7.00% Maturity 08/17/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.52% | 12.52% | 12.52% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 7% | 7% | 7% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 17, 2028 | Aug. 17, 2028 | Aug. 17, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,520 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 139 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 138 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Singlewire Software, LLC Industry Software Interest Rate 11.35% Reference Rate and Spread S + 6.00% Maturity 05/10/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.35% | 11.35% | 11.35% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[18] | May 10, 2029 | May 10, 2029 | May 10, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 7,777 | ||||||||||||
Cost | [11],[12],[13],[18] | 7,563 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 7,622 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 6.00% Maturity 05/10/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | May 10, 2029 | May 10, 2029 | May 10, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,251 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (34) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (25) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 12.04% Reference Rate and Spread S + 6.50% Maturity 06/15/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.04% | 12.04% | 12.04% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jun. 15, 2026 | Jun. 15, 2026 | Jun. 15, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,681 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 938 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 933 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 11.47% Reference Rate and Spread S + 6.00% Maturity 07/06/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18],[20] | 11.47% | 11.47% | 11.47% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18],[20] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[18],[20] | Jul. 06, 2027 | Jul. 06, 2027 | Jul. 06, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18],[20] | $ 3,448 | ||||||||||||
Cost | [11],[12],[13],[18],[20] | 3,396 | ||||||||||||
Fair Value | [11],[12],[13],[18],[20] | $ 3,396 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18],[20] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18],[20] | Jul. 06, 2027 | Jul. 06, 2027 | Jul. 06, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18],[20] | $ 600 | ||||||||||||
Cost | [11],[12],[13],[17],[18],[20] | (8) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18],[20] | $ (9) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.00% Reference Rate and Spread S + 5.50% Maturity 03/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11% | 11% | 11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Mar. 01, 2028 | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 3,437 | ||||||||||||
Cost | [11],[12],[13],[18] | 3,392 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 3,351 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.00% Reference Rate and Spread S + 5.50% Maturity 03/01/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11% | 11% | 11% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Mar. 01, 2028 | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,512 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 624 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 600 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.02% Reference Rate and Spread S + 5.50% Maturity 03/01/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.02% | 11.02% | 11.02% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.50% | 5.50% | 5.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Mar. 01, 2028 | Mar. 01, 2028 | Mar. 01, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 456 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 177 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 171 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.25% | 12.25% | 12.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 1,646 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,603 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,621 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 12.27% Reference Rate and Spread S + 6.75% Maturity 07/25/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.27% | 12.27% | 12.27% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 25, 2028 | Jul. 25, 2028 | Jul. 25, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 10,618 | ||||||||||||
Cost | [11],[12],[13],[18] | 10,347 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 10,458 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 11.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.96% | 11.96% | 11.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Aug. 01, 2029 | Aug. 01, 2029 | Aug. 01, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 4,799 | ||||||||||||
Cost | [11],[12],[13],[18] | 4,685 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 4,703 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 11.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.96% | 11.96% | 11.96% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 01, 2029 | Aug. 01, 2029 | Aug. 01, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 481 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 133 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 135 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Superior Environmental Solutions Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 01, 2029 | Aug. 01, 2029 | Aug. 01, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 722 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (8) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (14) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% UP Acquisition Corp. (dba Unified Power) Industry Commercial Services & Supplies Interest Rate 11.38% Reference Rate and Spread S + 6.00% Maturity 10/31/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14] | 11.38% | 11.38% | 11.38% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13] | Oct. 31, 2029 | Oct. 31, 2029 | Oct. 31, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16] | $ 4,419 | ||||||||||||
Cost | [11],[12],[13] | 4,322 | ||||||||||||
Fair Value | [11],[12],[13] | $ 4,320 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% UP Acquisition Corp. (dba Unified Power) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 10/31/29 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17] | Oct. 31, 2029 | Oct. 31, 2029 | Oct. 31, 2029 | ||||||||||
Par (++) | [11],[12],[13],[16],[17] | $ 690 | ||||||||||||
Cost | [11],[12],[13],[17] | (15) | ||||||||||||
Fair Value | [11],[12],[13],[17] | $ (16) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 13.33% Reference Rate and Spread S + 7.88% (Incl. 3.88% PIK) Maturity 08/14/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 13.33% | 13.33% | 13.33% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7.88% | 7.88% | 7.88% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[18] | 0.38% | 0.38% | 0.38% | ||||||||||
Maturity | [11],[12],[13],[18] | Aug. 14, 2028 | Aug. 14, 2028 | Aug. 14, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 7,321 | ||||||||||||
Cost | [11],[12],[13],[18] | 7,079 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 7,175 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.88% (Incl. 3.88% PIK) Maturity 08/14/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 7.88% | 7.88% | 7.88% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[17],[18] | 0.38% | 0.38% | 0.38% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 14, 2028 | Aug. 14, 2028 | Aug. 14, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 1,257 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 20 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 25 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.88% (Incl. 3.88% PIK) Maturity 08/14/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[14] | 7.88% | 7.88% | 7.88% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[17],[18] | 0.38% | 0.38% | 0.38% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 14, 2028 | Aug. 14, 2028 | Aug. 14, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 209 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | (7) | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (4) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% WebPT, Inc. Industry Health Care Technology Interest Rate 12.22% Reference Rate and Spread S + 6.75% Maturity 01/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.22% | 12.22% | 12.22% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Jan. 18, 2028 | Jan. 18, 2028 | Jan. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 3,255 | ||||||||||||
Cost | [11],[12],[13],[18] | 3,219 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 3,190 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% WebPT, Inc. Industry Health Care Technology Interest Rate 12.22% Reference Rate and Spread S + 6.75% Maturity 01/18/28 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.22% | 12.22% | 12.22% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jan. 18, 2028 | Jan. 18, 2028 | Jan. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 278 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 63 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 61 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% WebPT, Inc. Industry Health Care Technology Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 01/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 12.25% | 12.25% | 12.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jan. 18, 2028 | Jan. 18, 2028 | Jan. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 278 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 232 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 229 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.25% Reference Rate and Spread S + 5.75% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.25% | 11.25% | 11.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 2,004 | ||||||||||||
Cost | [11],[12],[13],[18] | 1,975 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 1,964 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.25% Reference Rate and Spread S + 5.75% Maturity 12/21/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.25% | 11.25% | 11.25% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 669 | ||||||||||||
Cost | [11],[12],[13],[18] | 659 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 655 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.26% Reference Rate and Spread S + 5.75% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.26% | 11.26% | 11.26% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 270 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 57 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 55 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.28% Reference Rate and Spread S + 5.75% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.28% | 11.28% | 11.28% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 5.75% | 5.75% | 5.75% | ||||||||||
Maturity | [11],[12],[13],[18] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 673 | ||||||||||||
Cost | [11],[12],[13],[18] | 663 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 660 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.52% Reference Rate and Spread S + 6.00% Maturity 12/21/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.52% | 11.52% | 11.52% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Dec. 21, 2027 | Dec. 21, 2027 | Dec. 21, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 6,175 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 4,762 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 4,774 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.89% Reference Rate and Spread S + 6.50% Maturity 07/01/27 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 11.89% | 11.89% | 11.89% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Jul. 01, 2027 | Jul. 01, 2027 | Jul. 01, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 938 | ||||||||||||
Cost | [11],[12],[13],[17],[18] | 804 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ 795 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.89% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.89% | 11.89% | 11.89% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Jul. 01, 2027 | Jul. 01, 2027 | Jul. 01, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 9,062 | ||||||||||||
Cost | [11],[12],[13],[18] | 9,062 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 8,971 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% iCIMS, Inc. Industry Professional Services Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 08/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18] | 2.10% | 2.10% | 2.10% | ||||||||||
Reference Rate and Spread (+) | [12],[13],[14],[17],[18] | 6.75% | 6.75% | 6.75% | ||||||||||
Maturity | [13],[17],[18] | Aug. 18, 2028 | Aug. 18, 2028 | Aug. 18, 2028 | ||||||||||
Par (++) | [13],[17],[18] | $ 1,703 | ||||||||||||
Cost | [13],[17],[18] | 261 | ||||||||||||
Fair Value | [13],[17],[18] | $ 229 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% iCIMS, Inc. Industry Professional Services Interest Rate 12.62% Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 12.62% | 12.62% | 12.62% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 7.25% | 7.25% | 7.25% | ||||||||||
Reference Rate and Spread (+), PIK | [11],[12],[13],[14],[18] | 3.88% | 3.88% | 3.88% | ||||||||||
Maturity | [11],[12],[13],[18] | Aug. 18, 2028 | Aug. 18, 2028 | Aug. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 18,606 | ||||||||||||
Cost | [11],[12],[13],[18] | 18,357 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 18,002 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 3.38% Maturity 08/18/28 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18] | 3.38% | 3.38% | 3.38% | ||||||||||
Maturity | [11],[12],[13],[17],[18] | Aug. 18, 2028 | Aug. 18, 2028 | Aug. 18, 2028 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18] | $ 3,804 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18] | $ (124) | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.69% 1st Lien/Senior Secured Debt - 146.55% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 11.93% Reference Rate and Spread S + 6.50% Maturity 06/15/26 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[18] | 11.93% | 11.93% | 11.93% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[18] | 6.50% | 6.50% | 6.50% | ||||||||||
Maturity | [11],[12],[13],[18] | Jun. 15, 2026 | Jun. 15, 2026 | Jun. 15, 2026 | ||||||||||
Par (++) | [11],[12],[13],[16],[18] | $ 3,328 | ||||||||||||
Cost | [11],[12],[13],[18] | 3,252 | ||||||||||||
Fair Value | [11],[12],[13],[18] | $ 3,245 | ||||||||||||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.69% 1st Lien/Senior Secured Debt - 146.55% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 11.47% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Interest Rate (+) | [11],[12],[13],[14],[17],[18],[20] | 11.47% | 11.47% | 11.47% | ||||||||||
Reference Rate and Spread (+) | [11],[12],[13],[14],[17],[18],[20] | 6% | 6% | 6% | ||||||||||
Maturity | [11],[12],[13],[17],[18],[20] | Jul. 06, 2027 | Jul. 06, 2027 | Jul. 06, 2027 | ||||||||||
Par (++) | [11],[12],[13],[16],[17],[18],[20] | $ 2,400 | ||||||||||||
Cost | [11],[12],[13],[17],[18],[20] | 1,231 | ||||||||||||
Fair Value | [11],[12],[13],[17],[18],[20] | $ 1,224 | ||||||||||||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Common Stock - 0.37% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/22 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [11],[12],[13],[18],[20],[21],[22] | Jul. 06, 2022 | ||||||||||||
Par/Shares (++) | shares | [11],[12],[13],[16],[18],[20],[21] | 400 | 400 | 400 | ||||||||||
Cost | [11],[12],[13],[18],[20],[21] | $ 400 | ||||||||||||
Fair Value | [11],[12],[13],[18],[20],[21] | $ 699 | ||||||||||||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Common Stock - 0.37% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [11],[12],[13],[18],[21],[22] | Dec. 21, 2021 | ||||||||||||
Par/Shares (++) | shares | [11],[12],[13],[16],[18],[21],[22] | 2,700 | 2,700 | 2,700 | ||||||||||
Cost | [11],[12],[13],[18],[21],[22] | $ 270 | ||||||||||||
Fair Value | [11],[12],[13],[18],[21],[22] | $ 255 | ||||||||||||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Preferred Stock - 1.30% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [11],[12],[13],[21],[22] | Nov. 24, 2021 | ||||||||||||
Par/Shares (++) | shares | [11],[12],[13],[16],[21] | 134,557 | 134,557 | 134,557 | ||||||||||
Cost | [11],[12],[13],[21] | $ 1,505 | ||||||||||||
Fair Value | [11],[12],[13],[21] | $ 1,820 | ||||||||||||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Preferred Stock - 1.30% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [11],[12],[13],[21],[22] | Dec. 02, 2021 | ||||||||||||
Par/Shares (++) | shares | [11],[12],[13],[16],[21] | 1,237 | 1,237 | 1,237 | ||||||||||
Cost | [11],[12],[13],[21] | $ 1,206 | ||||||||||||
Fair Value | [11],[12],[13],[21] | $ 1,496 | ||||||||||||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Warrants - 0.01% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [11],[12],[13],[21],[22] | Nov. 24, 2021 | ||||||||||||
Par/Shares (++) | shares | [11],[12],[13],[16],[21] | 38,977 | 38,977 | 38,977 | ||||||||||
Cost | [11],[12],[13],[21] | $ 216 | ||||||||||||
Fair Value | [11],[12],[13],[21] | 28 | ||||||||||||
Investment, Identifier [Axis]: Investment Preferred Stock - 1.65% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [2],[3],[6],[9],[10] | Nov. 24, 2021 | ||||||||||||
Par/Shares (++) | shares | [2],[3],[4],[6],[10] | 134,557 | 134,557 | 134,557 | ||||||||||
Cost | [2],[3],[6],[10] | $ 1,505 | ||||||||||||
Fair Value | [2],[3],[6],[10] | $ 1,477 | ||||||||||||
Investment, Identifier [Axis]: Investment Preferred Stock - 1.65% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [2],[3],[6],[9],[10] | Dec. 02, 2021 | ||||||||||||
Par/Shares (++) | shares | [2],[3],[4],[6],[10] | 1,237 | 1,237 | 1,237 | ||||||||||
Cost | [2],[3],[6],[10] | $ 1,206 | ||||||||||||
Fair Value | [2],[3],[6],[10] | $ 1,349 | ||||||||||||
Investment, Identifier [Axis]: Investment Warrants - 0.04% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Initial Acquisition Date | [2],[3],[6],[9],[10] | Nov. 24, 2021 | ||||||||||||
Par/Shares (++) | shares | [2],[3],[4],[6],[10] | 38,977 | 38,977 | 38,977 | ||||||||||
Cost | [2],[3],[6],[10] | $ 216 | ||||||||||||
Fair Value | [2],[3],[6],[10] | $ 71 | ||||||||||||
Investment, Identifier [Axis]: Investments | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Investment owned, percent of net assets | [2] | 145.45% | 145.45% | 145.45% | ||||||||||
Investment, Identifier [Axis]: Investments - 145.45% | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [2] | $ 250,838 | ||||||||||||
Fair Value | [2] | 249,660 | ||||||||||||
Investment, Identifier [Axis]: Investments - 181.79% | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | 465,401 | ||||||||||||
Fair Value | [11],[12] | $ 464,970 | ||||||||||||
Investment owned, percent of net assets | [12] | 181.79% | 181.79% | 181.79% | ||||||||||
Investment, Identifier [Axis]: Investments in Affiliated Money Market Fund | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 905 | ||||||||||||
Fair Value | [11],[12] | $ 905 | ||||||||||||
Investment, Identifier [Axis]: Investments in Affiliated Money Market Fund - 0.35% | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Investment owned, percent of net assets | [12] | 0.36% | 0.36% | 0.36% | ||||||||||
Investment, Identifier [Axis]: Investments in Affiliated Money Market Fund - 0.36% Goldman Sachs Financial Square Government Fund - Institutional Shares | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Par/Shares (++) | shares | [11],[12],[16],[23],[24] | 904,635 | 904,635 | 904,635 | ||||||||||
Cost | [11],[12],[23],[24] | $ 905 | ||||||||||||
Fair Value | [11],[12],[23],[24] | 905 | ||||||||||||
Investment, Identifier [Axis]: Non-Controlled Affiliates | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Fair Value | 6,215 | 3,843 | $ 23,067 | |||||||||||
Investment, Identifier [Axis]: Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Fair Value | 905 | $ 23,067 | ||||||||||||
Investment, Identifier [Axis]: Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Fair Value | 5,310 | 3,843 | ||||||||||||
Investment, Identifier [Axis]: Preferred Stock | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | 2,711 | [11],[12] | 2,711 | [2] | ||||||||||
Fair Value | $ 3,316 | [11],[12] | $ 2,826 | [2] | ||||||||||
Investment owned, percent of net assets | 1.30% | [12] | 1.65% | [2] | 1.30% | [12] | 1.30% | [12] | 1.65% | [2] | 1.65% | [2] | ||
Investment, Identifier [Axis]: United Kingdom | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 22,674 | ||||||||||||
Fair Value | [11],[12] | $ 23,536 | ||||||||||||
Investment owned, percent of net assets | [11],[12] | 9.20% | 9.20% | 9.20% | ||||||||||
Investment, Identifier [Axis]: United Kingdom 1st Lien/Senior Secured Debt | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 22,674 | ||||||||||||
Fair Value | [11],[12] | 23,536 | ||||||||||||
Investment, Identifier [Axis]: United States | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | 410,940 | ||||||||||||
Fair Value | [11],[12] | $ 408,423 | ||||||||||||
Investment owned, percent of net assets | [11],[12] | 159.68% | 159.68% | 159.68% | ||||||||||
Investment, Identifier [Axis]: United States 1st Lien/Senior Secured Debt | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | $ 377,313 | ||||||||||||
Fair Value | [11],[12] | 374,835 | ||||||||||||
Investment, Identifier [Axis]: United States One | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | [11],[12] | 3,597 | ||||||||||||
Fair Value | [11],[12] | $ 4,298 | ||||||||||||
Investment owned, percent of net assets | [12] | 1.68% | 1.68% | 1.68% | ||||||||||
Investment, Identifier [Axis]: Warrants | ||||||||||||||
Schedule Of Investments [Line Items] | ||||||||||||||
Cost | $ 216 | [11],[12] | $ 216 | [2] | ||||||||||
Fair Value | $ 28 | [11],[12] | $ 71 | [2] | ||||||||||
Investment owned, percent of net assets | 0.01% | [12] | 0.04% | [2] | 0.01% | [12] | 0.01% | [12] | 0.04% | [2] | 0.04% | [2] | ||
[1] (+) Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either L, S, SN, C or alternate base rate (commonly based on the P, unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 12 month, 6 month, 3 month and 1 month L were 5.48 %, 5.14 %, 4.77 % and 4.39 %, respectively. As of December 31, 2022, 1 month S was 4.06 %, 3 month S was 3.62 %, 3 month SN was 3.43 %, 3 month C was 4.94 %, P was 7.50 % and Canadian Prime rate ("CDN P") was 6.45 %. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. # Percentages are based on net assets. (1) Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”. (++) Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in $ unless otherwise noted, €, GBP, or CAD (4) The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2022, the aggregate fair value of these securities is $ 57,669 or 22.51 % of the Company’s total assets. (2) The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”. (3) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies". ^ As defined in the Investment Company Act, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”. (6) Securities exempt from registration under the Securities Act, and may be deemed to be “restricted securities”. As of December 31, 2022, the aggregate fair value of these securities is $ 3,665 or 2.14 % of the Company's net assets. The initial acquisition dates have been included for such securities. (7) Non-income producing security. For Industry subtotal and percentage, see Note 4 "Investments." Percentages are based on net assets. Represents co-investments made in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”. Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 6 month, 3 month or 1 month L or S rates. As of December 31, 2023, 1 month S was 5.35 %, 3 month S was 5.33 %, 6 month S was 5.16 %, SN was 5.19 %, 1 month C was 5.46 % and 3 month C was 5.45 %. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2023. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2023, the aggregate fair value of these securities is $ 52,249 or 10.86 % of the Company’s total assets. Par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Par amount is denominated in U.S. Dollars ("$" or "USD") unless otherwise noted, Great British pound ("GBP") or Canadian dollar ("CAD"). Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies". The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”. The investment is on non-accrual status. See Note 2 "Significant Accounting Policies". As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”. Non-income producing security. Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2023, the aggregate fair value of these securities is $ 4,298 or 1.68 % of the Company's net assets. The initial acquisition dates have been included for such securities. The annualized seven-day yield as of December 31, 2023 is 5.25 %. The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Investment interest rate description | Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either LIBOR ("L"), SOFR including SOFR adjustment, if any, ("S"), SONIA ("SN"), CDOR("C") or alternate base rate (commonly based on the U.S. Prime Rate ("P"), unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 6 month, 3 month or 1 month L or S rates. As of December 31, 2023, 1 month S was 5.35%, 3 month S was 5.33%, 6 month S was 5.16%, SN was 5.19%, 1 month C was 5.46% and 3 month C was 5.45%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2023. | Represents the actual interest rate for partially or fully funded debt in effect as of the reporting date. Certain investments are subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by the larger of the floor or the reference to either L, S, SN, C or alternate base rate (commonly based on the P, unless otherwise noted) at the borrower's option, which reset periodically based on the terms of the credit agreement. L and S loans are typically indexed to 12 month, 6 month, 3 month or 1 month L or S rates. As of December 31, 2022, rates for the 12 month, 6 month, 3 month and 1 month L were 5.48%, 5.14%, 4.77% and 4.39%, respectively. As of December 31, 2022, 1 month S was 4.06%, 3 month S was 3.62%, 3 month SN was 3.43%, 3 month C was 4.94%, P was 7.50% and Canadian Prime rate ("CDN P") was 6.45%. For investments with multiple reference rates or alternate base rates, the interest rate shown is the weighted average interest rate in effect at December 31, 2022. |
Fair value of securities | $ 4,298 | $ 3,665 |
Fair value percentage of net assets of company | 1.68% | 2.14% |
Annualized seven-day yield percentage | 5.25% | |
Fair Value, Recurring | ||
Schedule of Investments [Line Items] | ||
Fair value of securities | $ 52,249 | $ 57,669 |
Percentage of not qualifying assets | 10.86% | 22.51% |
Affiliated Person | ||
Schedule of Investments [Line Items] | ||
Percentage of outstanding voting securities | 5% | 5% |
Percentage of qualifying assets | 70% | 70% |
12 month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.48% | |
6 month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.14% | |
3 month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 4.77% | |
1 month LIBOR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 4.39% | |
SONIA | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.19% | 3.43% |
1 month SOFR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.35% | 4.06% |
3 month SOFR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.33% | 3.62% |
6 Month SOFR | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.16% | |
3 month C | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.45% | 4.94% |
1 Month C | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 5.46% | |
Prime Rate | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 7.50% | |
CDN P | ||
Schedule of Investments [Line Items] | ||
Investment interest rate of percentage | 6.45% |
N-2
N-2 - $ / shares | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 28, 2021 | ||
Cover [Abstract] | |||||
Entity Central Index Key | 0001865174 | ||||
Amendment Flag | false | ||||
Securities Act File Number | 814-01461 | ||||
Document Type | 10-K | ||||
Entity Registrant Name | Goldman Sachs Middle Market Lending Corp. II | ||||
Entity Address, Address Line One | 200 West Street | ||||
Entity Address, City or Town | New York | ||||
Entity Address, State or Province | NY | ||||
Entity Address, Postal Zip Code | 10282 | ||||
City Area Code | 312 | ||||
Local Phone Number | 655-4419 | ||||
Entity Well-known Seasoned Issuer | No | ||||
Entity Emerging Growth Company | true | ||||
Entity Ex Transition Period | true | ||||
General Description of Registrant [Abstract] | |||||
Risk Factors [Table Text Block] | ITEM 1A. RISK FACTORS Investing in our securities involves certain risks relating to our structure and investment objective. You should carefully consider these risk factors, together with all of the other information included in this report, before you decide whether to make an investment in our securities. The risks set forth below are not the only risks we face, and we may face other risks that we have not yet identified, which we do not currently deem material or which are not yet predictable. If any of the following risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, the NAV of our securities could decline, and you may lose all or part of your investment. Summary Risk Factors Investing in our securities involves a high degree of risk. The following is a summary of certain of the principal risks that should be carefully considered before investing in our securities: • The capital markets may experience periods of disruption and instability. Such market conditions may have materially and adversely affected debt and equity capital markets, which may have a negative impact on our business and operations. • Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic, and Russia’s military invasion of Ukraine, create and exacerbate risks. • Our operation as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. If we fail to maintain our status as a BDC, we might be regulated as a registered closed-end investment company, which would subject us to additional regulatory restrictions. • We will be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes) on all of our income if we are unable to maintain our qualification for tax treatment as a RIC, which would have a material adverse effect on our financial performance. • Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. • There are risks associated with any potential merger with or asset sale to another BDC. • Our ability to enter into transactions with our affiliates is restricted. • Our activities may be limited as a result of potentially being deemed to be controlled by GS Group Inc., a bank holding company. • Commodity Futures Trading Commission (“CFTC”) rules may have a negative impact on us and our Investment Adviser. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. • Certain investors are limited in their ability to make significant investments in us. • We depend upon management personnel of our Investment Adviser for our future success. • We operate in a highly competitive market for investment opportunities. • We are dependent on information systems, and systems failures, as well as operating failures, could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations. • We are a new company and have a limited operating history. • The potentially limited term and the expiration of the Investment Period may impact our investment strategy. • Our Investment Adviser, its principals, investment professionals and employees and the members of its BDC Investment Committee may have certain conflicts of interest. • Our business and the businesses of our portfolio companies are dependent on bank relationships and recent concerns associated with the banking system may adversely impact us. • Goldman Sachs’ financial and other interests may incentivize our Investment Adviser to favor other Accounts. • Our financial condition and results of operations depend on our Investment Adviser’s ability to manage our future growth effectively. • Our ability to grow depends on our access to adequate capital. • We borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us. • The Incentive Fee based on income takes into account our past performance, and we may be obligated to pay the Investment Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio. The conflicts of interest faced by the Investment Adviser caused by compensation arrangements with us could result in actions that are not in the best interests of our stockholders. Potential conflicts of interest with other businesses of Goldman Sachs could impact our investment returns. • Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval. • We may experience fluctuations in our quarterly results. • Our investments are very risky and highly speculative. • Investing in middle-market companies involves a number of significant risks. • We have exposure to credit risk and other risks related to credit investments. • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. • We are exposed to risks associated with changes in interest rates. • Many of our portfolio securities do not have a readily available market price, and we value these securities at fair value as determined in good faith in accordance with the Investment Company Act, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment. • The lack of liquidity in our investments may adversely affect our business. • Our portfolio may be focused in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. • We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. • Our failure or inability to make follow-on investments in our portfolio companies could impair the value of our portfolio. • Our portfolio companies may prepay loans, which may reduce stated yields in the future if the capital returned cannot be invested in transactions with equal or greater expected yields. • By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks. • We will have broad discretion over the use of proceeds of the funds we raise from investors and will use proceeds in part to satisfy operating expenses. • Declines in market prices and liquidity in the corporate debt markets can result in significant net unrealized depreciation of our portfolio, which in turn would affect our results of operations. • Economic recessions or downturns could impair our portfolio companies and harm our operating results. • Our portfolio companies may be highly leveraged. • Investing in our securities involves an above-average degree of risk. • Investors could receive fewer shares of our common stock than anticipated. • A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us. • We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income. • Our common stock is subject to significant transfer restrictions, and an investment in our common stock generally will be illiquid. To the extent an investor is able to sell its common stock, such investor may not be able to recover the amount of its investment in our common stock. • Certain provisions of our certificate of incorporation and bylaws and the Delaware General Corporation Law (“DGCL”), as well as other aspects of our structure, could deter takeover attempts and have an adverse impact on the price of our common stock. • To the extent OID and PIK interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income. Market Developments and General Business Environment The capital markets may experience periods of disruption and instability. Such market conditions may have materially and adversely affected debt and equity capital markets, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability. For example, over the past few years, the U.S. capital markets experienced disruption as evidenced by volatility in global stock markets as a result of, among other things, the COVID-19 pandemic, social and political tensions in the United States and around the world, the fluctuating price of commodities, such as oil, and Russia’s military invasion of Ukraine. Despite remedial actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole. These and any other unfavorable economic conditions could increase our funding costs and/or limit our access to the capital markets. Significant changes or volatility in the capital markets may negatively affect the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan to hold an investment to maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that may not reflect the full impact of market disruptions and measures taken in response thereto. Any public health emergency, including an outbreak of existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. Disruptions in economic activity, such as those caused by the COVID-19 pandemic, Russia’s military invasion of Ukraine, the escalated conflict in the Middle East and terrorism or threats of terrorism, have limited and could continue to limit our investment originations, limit our ability to grow, increase our funding costs and have a material negative impact on our and our portfolio companies’ operating results and the fair values of our debt and equity investments. Additionally, the disruption in economic activity caused by the COVID-19 pandemic and Russia’s military invasion of Ukraine has had, and may continue to have, a negative effect on the potential for liquidity events involving our investments. The illiquidity of our investments may make it difficult for us to sell such investments to access capital, if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them to increase our liquidity. An inability on our part to raise incremental capital, and any required sale of all or a portion of our investments as a result, could have a material adverse effect on our business, financial condition or results of operations. Current market conditions may make it difficult to raise equity capital, extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. In addition, market conditions, including inflation, have adversely impacted, and could in the future have further negative impacts on the operations of certain of our portfolio companies. If the financial results of middle-market companies, like those in which we invest, experience deterioration, it could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Further deterioration in market conditions may further depress the outlook for those companies. The debt capital available to us in the future, if available at all, may bear a higher interest rate and may be available only on terms and conditions less favorable than those of our existing debt. If we are unable to raise new debt or refinance our existing debt, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage, and we may be unable to make new commitments or to fund existing commitments to our portfolio companies. Any inability to extend the maturity of or refinance our existing debt, or to obtain new debt, could have a material adverse effect on our business, financial condition or results of operations. Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic and Russia’s military invasion of Ukraine, create and exacerbate risks. Social, political, economic and other conditions and events in the United States, the United Kingdom, the European Union, the Middle East and China (such as natural disasters, epidemics and pandemics, terrorism, military conflicts and social unrest) may occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. The uncertainties caused by these conditions and events could result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants; limitations on the activities of investors in the financial markets; and substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets. While financial markets have rebounded from the significant declines that occurred early in the pandemic and global economic conditions generally improved since 2021, certain of the circumstances that arose or became more pronounced after the onset of the COVID-19 pandemic and subsequent geopolitical events have persisted, including (i) relatively weak consumer confidence; (ii) ongoing heightened credit risk with regard to certain industries, including, at times, oil and gas, gaming and lodging and airlines and (iii) higher cyber security, information security and operational risks. Depending on any lasting effects of the pandemic on consumer and corporate confidence, the conditions noted above could continue for an extended period and other adverse developments may occur or reoccur, including (i) the decline in value and performance of us and our portfolio companies, (ii) the ability of our borrowers to continue to meet loan covenants or repay loans provided by us on a timely basis or at all, which may require us to restructure our investments or write down the value of our investments, (iii) our ability to comply with the covenants and other terms of our debt obligations and to repay such obligations, on a timely basis or at all, (iv) our ability to comply with certain regulatory requirements, such as asset coverage requirements under the Investment Company Act, (v) our ability to maintain our distributions at their current level or to pay them at all, or (vi) our ability to source, manage and divest investments and achieve our investment objectives, all of which could result in significant losses to us. We will also be negatively affected if the operations and effectiveness of any of our portfolio companies (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. The U.S. economy, as well as most other major economies, may experience economic recession, and we anticipate our businesses could be materially and adversely affected by a prolonged recession in the United States and other major global markets. See “ —The capital markets may experience periods of disruption and instability. Such market conditions may have materially and adversely affected debt and equity capital markets, which may have a negative impact on our business and operations. ” Disruptions in the capital markets, including disruptions resulting from inflation, the uncertain interest rate environment, Russia’s military invasion of Ukraine and the escalated conflict in the Middle East, have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing of credit risk in the broadly syndicated market. These and future market disruptions and/or illiquidity can be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our and our portfolio companies’ operating results and the fair values of our debt and equity investments. In addition, fiscal and monetary actions taken by the United States and non-U.S. government and regulatory authorities could have a material adverse impact on our business. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be adversely affected. Moreover, Federal Reserve policy, including with respect to certain interest rates, along with the general policies of the current Presidential administration, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. These conditions, government actions and future developments may cause interest rates and borrowing costs to rise, which may adversely affect our ability to access debt financing on favorable terms and may increase the interest costs of our borrowers, hampering their ability to repay us. Continued or future adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations. If key economic indicators, such as the unemployment rate or inflation, do not progress at a rate consistent with the Federal Reserve’s objectives, the target range for the federal funds rate may increase and cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms and may also increase the costs of our borrowers, hampering their ability to repay us. Legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Areas subject to potential change, amendment or repeal include the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the authority of the Federal Reserve and the Financial Stability Oversight Council. These or other regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations. In addition, Russia’s invasion of Ukraine in February 2022 and corresponding events have had, and could continue to have, severe adverse effects on regional and global economic markets. Following Russia’s actions, various governments, including the governments of the United States, the United Kingdom and the European Union, have issued broad-ranging economic sanctions against Russia, including, among other actions, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a prohibition on new investment in Russia; a prohibition on the provision of certain services to Russia; new export controls and import bans; the implementation of a price cap policy for Russian-origin oil and petroleum products; the removal of selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Private companies have also implemented restrictions that severely limit, and in some cases, reverse or cancel, business transactions in or involving certain individuals and/or businesses connected to or associated with Russia and/or Belarus. Further, some private companies have moved to divest of Russia-based subsidiaries and assets. The duration of hostilities and the vast array of sanctions and related events (including retaliatory measures imposed by Russia, cyber incidents and espionage) cannot be predicted. Those events present material uncertainty and risk with respect to markets globally, which pose potential adverse risks to us and the performance of our investments and operations. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. Legal and Regulatory Our operation as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a registered closed-end investment company, which would subject us to additional regulatory restrictions. The Investment Company Act imposes numerous constraints on the operations of BDCs. For example, BDCs generally are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, any failure to comply with the requirements imposed on BDCs by the Investment Company Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. We may be precluded from investing in what our Investment Adviser believes are attractive investments if such investments are not qualifying assets for purposes of the Investment Company Act. If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position). If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the Investment Company Act. This would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause us to lose our RIC status or cause an event of default under any outstanding indebtedness we might have, which could have a material adverse effect on our business, financial condition or results of operations. We will be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes) on all of our income if we are unable to maintain our qualification for tax treatment as a RIC, which would have a material adverse effect on our financial performance. Although we have elected to be treated as a RIC, and we intend to qualify for tax treatment as a RIC annually, we cannot assure stockholders that we will be able to do so. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to our stockholders, we must meet the annual distribution, source-of-income and quarterly-asset diversification requirements described below. • The annual distribution requirement for a RIC will generally be satisfied if we distribute to our stockholders on an annual basis at least 90% of our investment company taxable income (generally, our net ordinary income plus the excess of our realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction) for each taxable year (the “Annual Distribution Requirement”). Because we use debt financing, we are subject to an asset coverage ratio requirement under the Investment Company Act, and we are subject to certain covenants contained in our credit agreements and other debt financing agreements. This asset coverage ratio requirement and these covenants could, under certain circumstances, restrict us from making distributions to our stockholders that are necessary for us to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources, and thus are unable to make sufficient distributions to our stockholders, we could fail to maintain our qualification for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes). • The source-of-income requirement will be satisfied if at least 90% of our gross income for each year is derived from dividends, interest, gains from the sale of stock or securities or foreign currencies, payments with respect to loans of certain securities, net income derived from an interest in a “qualified publicly traded partnership” or other income derived with respect to our business of investing in such stock or securities or foreign currencies. • The asset diversification requirement will be satisfied if, at the end of each quarter of our taxable year, at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs and other acceptable securities, and no more than 25% of the value of our assets is invested in (i) the securities (other than U.S. government securities or securities of other RICs) of one issuer, (ii) the securities (other than the securities of other RICs) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) the securities of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of our RIC status. Because most of our investments will be made in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. If we fail to maintain our qualification for tax treatment as a RIC for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes). In this event, the resulting taxes and any resulting penalties could substantially reduce our net assets, the amount of our income available for distribution and the amount of our distributions to our stockholders, which would have a material adverse effect on our financial performance. Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. Regulations governing our operation as a BDC affect our ability to raise additional capital, and the ways in which we can do so. Raising additional capital may expose us to risks, including the typical risks associated with leverage, and may result in dilution to our current stockholders. The Investment Company Act limits our ability to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” to amounts such that our asset coverage ratio, as defined under the Investment Company Act, equals at least 150% immediately after such borrowing or issuance if certain requirements are met, rather than 200%, as previously required and as described below. Consequently, if the value of our assets declines, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when this may be disadvantageous to us and, as a result, our stockholders. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs to 150%, subject to certain approval and disclosure requirements. The Initial Member approved a proposal permitting us to reduce our asset coverage ratio to 150%. We are generally not able to issue and sell our common stock at a price per share below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock (i) with the consent of a majority of our common stockholders (and a majority of our common stockholders who are not affiliates of ours), and (ii) if, among other things, a majority of our Independent Directors and a majority of our directors who have no financial interest in the transaction determine that a sale is in the best interests of us and our stockholders. There are risks associated with any potential merger with or asset sale to another BDC. Our Investment Adviser may in the future recommend to the Board of Directors that we merge with or sell all or substantially all of our assets to one or more funds, including a fund that could be managed by our Investment Adviser (including another BDC). In connection with a recommendation to the Board of a listing, an IPO or a Merger and dependent upon the relevant facts and circumstances at the time, certain expense adjustment measures may be proposed, including without limitation, potential fee discounts or other expense measures; provided, however, that there is no assurance that any such measures would ultimately be consummated. No such Merger or Asset Sale would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If our Investment Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to the Investment Adviser by us and by the entity resulting from such a Merger or Asset Sale or efficiencies or other benefits to our Investment Adviser as a result of managing a single, larger fund instead of two separate funds. We incur significant costs as a result of being su | ||||
Effects of Leverage [Table Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) (10.00 )% (5.00 )% 0.00 % 5.00 % 10.00 % Corresponding Return to Common Stockholders (1) ( 25.06 )% ( 15.66 )% ( 6.25 )% 3.15 % 12.56 % (1) Based on (i) $481.09 million in total assets as of December 31, 2023, (ii) $214.46 million in outstanding indebtedness as of December 31, 2023, (iii) $255.77 million in net assets as of December 31, 2023, and (iv) annualized average interest rate on our indebtedness, as of December 31, 2023, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 7.46% . | ||||
Return at Minus Ten [Percent] | (25.06%) | ||||
Return at Minus Five [Percent] | (15.66%) | ||||
Return at Zero [Percent] | (6.25%) | ||||
Return at Plus Five [Percent] | 3.15% | ||||
Return at Plus Ten [Percent] | 12.56% | ||||
NAV Per Share | [1] | $ 18.37 | $ 18.25 | $ 18.73 | $ 20 |
Market Developments and General Business Environment [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Market Developments and General Business Environment The capital markets may experience periods of disruption and instability. Such market conditions may have materially and adversely affected debt and equity capital markets, which may have a negative impact on our business and operations. From time to time, capital markets may experience periods of disruption and instability. For example, over the past few years, the U.S. capital markets experienced disruption as evidenced by volatility in global stock markets as a result of, among other things, the COVID-19 pandemic, social and political tensions in the United States and around the world, the fluctuating price of commodities, such as oil, and Russia’s military invasion of Ukraine. Despite remedial actions of the U.S. federal government and foreign governments, these events contributed to worsening general economic conditions that materially and adversely impacted broader financial and credit markets and reduced the availability of debt and equity capital for the market as a whole. These and any other unfavorable economic conditions could increase our funding costs and/or limit our access to the capital markets. Significant changes or volatility in the capital markets may negatively affect the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan to hold an investment to maturity). Significant changes in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that may not reflect the full impact of market disruptions and measures taken in response thereto. Any public health emergency, including an outbreak of existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. Disruptions in economic activity, such as those caused by the COVID-19 pandemic, Russia’s military invasion of Ukraine, the escalated conflict in the Middle East and terrorism or threats of terrorism, have limited and could continue to limit our investment originations, limit our ability to grow, increase our funding costs and have a material negative impact on our and our portfolio companies’ operating results and the fair values of our debt and equity investments. Additionally, the disruption in economic activity caused by the COVID-19 pandemic and Russia’s military invasion of Ukraine has had, and may continue to have, a negative effect on the potential for liquidity events involving our investments. The illiquidity of our investments may make it difficult for us to sell such investments to access capital, if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them to increase our liquidity. An inability on our part to raise incremental capital, and any required sale of all or a portion of our investments as a result, could have a material adverse effect on our business, financial condition or results of operations. Current market conditions may make it difficult to raise equity capital, extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. In addition, market conditions, including inflation, have adversely impacted, and could in the future have further negative impacts on the operations of certain of our portfolio companies. If the financial results of middle-market companies, like those in which we invest, experience deterioration, it could ultimately lead to difficulty in meeting debt service requirements and an increase in defaults. Further deterioration in market conditions may further depress the outlook for those companies. The debt capital available to us in the future, if available at all, may bear a higher interest rate and may be available only on terms and conditions less favorable than those of our existing debt. If we are unable to raise new debt or refinance our existing debt, then our equity investors will not benefit from the potential for increased returns on equity resulting from leverage, and we may be unable to make new commitments or to fund existing commitments to our portfolio companies. Any inability to extend the maturity of or refinance our existing debt, or to obtain new debt, could have a material adverse effect on our business, financial condition or results of operations. Political, social and economic uncertainty, including uncertainty related to the COVID-19 pandemic and Russia’s military invasion of Ukraine, create and exacerbate risks. Social, political, economic and other conditions and events in the United States, the United Kingdom, the European Union, the Middle East and China (such as natural disasters, epidemics and pandemics, terrorism, military conflicts and social unrest) may occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. The uncertainties caused by these conditions and events could result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants; limitations on the activities of investors in the financial markets; and substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets. While financial markets have rebounded from the significant declines that occurred early in the pandemic and global economic conditions generally improved since 2021, certain of the circumstances that arose or became more pronounced after the onset of the COVID-19 pandemic and subsequent geopolitical events have persisted, including (i) relatively weak consumer confidence; (ii) ongoing heightened credit risk with regard to certain industries, including, at times, oil and gas, gaming and lodging and airlines and (iii) higher cyber security, information security and operational risks. Depending on any lasting effects of the pandemic on consumer and corporate confidence, the conditions noted above could continue for an extended period and other adverse developments may occur or reoccur, including (i) the decline in value and performance of us and our portfolio companies, (ii) the ability of our borrowers to continue to meet loan covenants or repay loans provided by us on a timely basis or at all, which may require us to restructure our investments or write down the value of our investments, (iii) our ability to comply with the covenants and other terms of our debt obligations and to repay such obligations, on a timely basis or at all, (iv) our ability to comply with certain regulatory requirements, such as asset coverage requirements under the Investment Company Act, (v) our ability to maintain our distributions at their current level or to pay them at all, or (vi) our ability to source, manage and divest investments and achieve our investment objectives, all of which could result in significant losses to us. We will also be negatively affected if the operations and effectiveness of any of our portfolio companies (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. The U.S. economy, as well as most other major economies, may experience economic recession, and we anticipate our businesses could be materially and adversely affected by a prolonged recession in the United States and other major global markets. See “ —The capital markets may experience periods of disruption and instability. Such market conditions may have materially and adversely affected debt and equity capital markets, which may have a negative impact on our business and operations. ” Disruptions in the capital markets, including disruptions resulting from inflation, the uncertain interest rate environment, Russia’s military invasion of Ukraine and the escalated conflict in the Middle East, have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets, significant write-offs in the financial sector and re-pricing of credit risk in the broadly syndicated market. These and future market disruptions and/or illiquidity can be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could limit our investment originations, limit our ability to grow and have a material negative impact on our and our portfolio companies’ operating results and the fair values of our debt and equity investments. In addition, fiscal and monetary actions taken by the United States and non-U.S. government and regulatory authorities could have a material adverse impact on our business. To the extent uncertainty regarding the U.S. or global economy negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be adversely affected. Moreover, Federal Reserve policy, including with respect to certain interest rates, along with the general policies of the current Presidential administration, may also adversely affect the value, volatility and liquidity of dividend- and interest-paying securities. These conditions, government actions and future developments may cause interest rates and borrowing costs to rise, which may adversely affect our ability to access debt financing on favorable terms and may increase the interest costs of our borrowers, hampering their ability to repay us. Continued or future adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations. If key economic indicators, such as the unemployment rate or inflation, do not progress at a rate consistent with the Federal Reserve’s objectives, the target range for the federal funds rate may increase and cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms and may also increase the costs of our borrowers, hampering their ability to repay us. Legislation may be adopted that could significantly affect the regulation of U.S. financial markets. Areas subject to potential change, amendment or repeal include the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the authority of the Federal Reserve and the Financial Stability Oversight Council. These or other regulatory changes could result in greater competition from banks and other lenders with which we compete for lending and other investment opportunities. The United States may also potentially withdraw from or renegotiate various trade agreements and take other actions that would change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a material adverse effect on our business, financial condition and results of operations. In addition, Russia’s invasion of Ukraine in February 2022 and corresponding events have had, and could continue to have, severe adverse effects on regional and global economic markets. Following Russia’s actions, various governments, including the governments of the United States, the United Kingdom and the European Union, have issued broad-ranging economic sanctions against Russia, including, among other actions, a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs; a prohibition on new investment in Russia; a prohibition on the provision of certain services to Russia; new export controls and import bans; the implementation of a price cap policy for Russian-origin oil and petroleum products; the removal of selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications, the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Private companies have also implemented restrictions that severely limit, and in some cases, reverse or cancel, business transactions in or involving certain individuals and/or businesses connected to or associated with Russia and/or Belarus. Further, some private companies have moved to divest of Russia-based subsidiaries and assets. The duration of hostilities and the vast array of sanctions and related events (including retaliatory measures imposed by Russia, cyber incidents and espionage) cannot be predicted. Those events present material uncertainty and risk with respect to markets globally, which pose potential adverse risks to us and the performance of our investments and operations. Any such market disruptions could affect our portfolio companies’ operations and, as a result, could have a material adverse effect on our business, financial condition and results of operations. | ||||
Legal and Regulatory [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Legal and Regulatory Our operation as a BDC imposes numerous constraints on us and significantly reduces our operating flexibility. In addition, if we fail to maintain our status as a BDC, we might be regulated as a registered closed-end investment company, which would subject us to additional regulatory restrictions. The Investment Company Act imposes numerous constraints on the operations of BDCs. For example, BDCs generally are required to invest at least 70% of their total assets primarily in securities of qualifying U.S. private companies or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. Furthermore, any failure to comply with the requirements imposed on BDCs by the Investment Company Act could cause the SEC to bring an enforcement action against us and/or expose us to claims of private litigants. We may be precluded from investing in what our Investment Adviser believes are attractive investments if such investments are not qualifying assets for purposes of the Investment Company Act. If we do not invest a sufficient portion of our assets in qualifying assets, we will be prohibited from making any additional investment that is not a qualifying asset and could be forced to forgo attractive investment opportunities. Similarly, these rules could prevent us from making follow-on investments in existing portfolio companies (which could result in the dilution of our position). If we fail to maintain our status as a BDC, we might be regulated as a closed-end investment company that is required to register under the Investment Company Act. This would subject us to additional regulatory restrictions and significantly decrease our operating flexibility. In addition, any such failure could cause us to lose our RIC status or cause an event of default under any outstanding indebtedness we might have, which could have a material adverse effect on our business, financial condition or results of operations. We will be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes) on all of our income if we are unable to maintain our qualification for tax treatment as a RIC, which would have a material adverse effect on our financial performance. Although we have elected to be treated as a RIC, and we intend to qualify for tax treatment as a RIC annually, we cannot assure stockholders that we will be able to do so. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to our stockholders, we must meet the annual distribution, source-of-income and quarterly-asset diversification requirements described below. • The annual distribution requirement for a RIC will generally be satisfied if we distribute to our stockholders on an annual basis at least 90% of our investment company taxable income (generally, our net ordinary income plus the excess of our realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction) for each taxable year (the “Annual Distribution Requirement”). Because we use debt financing, we are subject to an asset coverage ratio requirement under the Investment Company Act, and we are subject to certain covenants contained in our credit agreements and other debt financing agreements. This asset coverage ratio requirement and these covenants could, under certain circumstances, restrict us from making distributions to our stockholders that are necessary for us to satisfy the Annual Distribution Requirement. If we are unable to obtain cash from other sources, and thus are unable to make sufficient distributions to our stockholders, we could fail to maintain our qualification for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes). • The source-of-income requirement will be satisfied if at least 90% of our gross income for each year is derived from dividends, interest, gains from the sale of stock or securities or foreign currencies, payments with respect to loans of certain securities, net income derived from an interest in a “qualified publicly traded partnership” or other income derived with respect to our business of investing in such stock or securities or foreign currencies. • The asset diversification requirement will be satisfied if, at the end of each quarter of our taxable year, at least 50% of the value of our assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs and other acceptable securities, and no more than 25% of the value of our assets is invested in (i) the securities (other than U.S. government securities or securities of other RICs) of one issuer, (ii) the securities (other than the securities of other RICs) of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or (iii) the securities of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of our RIC status. Because most of our investments will be made in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. If we fail to maintain our qualification for tax treatment as a RIC for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to U.S. federal income tax at corporate rates (and any applicable U.S. state and local taxes). In this event, the resulting taxes and any resulting penalties could substantially reduce our net assets, the amount of our income available for distribution and the amount of our distributions to our stockholders, which would have a material adverse effect on our financial performance. Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. Regulations governing our operation as a BDC affect our ability to raise additional capital, and the ways in which we can do so. Raising additional capital may expose us to risks, including the typical risks associated with leverage, and may result in dilution to our current stockholders. The Investment Company Act limits our ability to borrow amounts or issue debt securities or preferred stock, which we refer to collectively as “senior securities,” to amounts such that our asset coverage ratio, as defined under the Investment Company Act, equals at least 150% immediately after such borrowing or issuance if certain requirements are met, rather than 200%, as previously required and as described below. Consequently, if the value of our assets declines, we may be required to sell a portion of our investments and, depending on the nature of our leverage, repay a portion of our indebtedness at a time when this may be disadvantageous to us and, as a result, our stockholders. The Small Business Credit Availability Act modified the applicable provisions of the Investment Company Act to reduce the required asset coverage ratio applicable to BDCs to 150%, subject to certain approval and disclosure requirements. The Initial Member approved a proposal permitting us to reduce our asset coverage ratio to 150%. We are generally not able to issue and sell our common stock at a price per share below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock (i) with the consent of a majority of our common stockholders (and a majority of our common stockholders who are not affiliates of ours), and (ii) if, among other things, a majority of our Independent Directors and a majority of our directors who have no financial interest in the transaction determine that a sale is in the best interests of us and our stockholders. There are risks associated with any potential merger with or asset sale to another BDC. Our Investment Adviser may in the future recommend to the Board of Directors that we merge with or sell all or substantially all of our assets to one or more funds, including a fund that could be managed by our Investment Adviser (including another BDC). In connection with a recommendation to the Board of a listing, an IPO or a Merger and dependent upon the relevant facts and circumstances at the time, certain expense adjustment measures may be proposed, including without limitation, potential fee discounts or other expense measures; provided, however, that there is no assurance that any such measures would ultimately be consummated. No such Merger or Asset Sale would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If our Investment Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to the Investment Adviser by us and by the entity resulting from such a Merger or Asset Sale or efficiencies or other benefits to our Investment Adviser as a result of managing a single, larger fund instead of two separate funds. We incur significant costs as a result of being subject to the reporting requirements under the Exchange Act. We incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act, and other rules implemented by the SEC. These requirements may place a strain on our systems and resources. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over financial reporting, which requires significant resources and management oversight. See “ Item 1. Business—Compliance with the Sarbanes-Oxley Act .” We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We have incurred, and expect to continue to incur, significant annual expenses related to these steps and directors’ and officers’ liability insurance, director fees, reporting requirements of the SEC, transfer agent fees, additional administrative expenses payable to our Administrator to compensate it for hiring additional accounting, legal and administrative personnel, increased auditing and legal fees and similar expenses associated with being subject to these reporting requirements. The systems and resources necessary to comply with public company reporting requirements will increase further once we cease to be an “emerging growth company” under the JOBS Act. As long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public reporting companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act (“Section 404”). Efforts to comply with Section 404 of the Sarbanes-Oxley Act involve significant expenditures, and noncompliance with Section 404 of the Sarbanes-Oxley Act may adversely affect us. While we will not be required to comply with certain requirements of the Sarbanes-Oxley Act until we have been subject to the reporting requirements of the Exchange Act for a specified period of time or cease to be classified as an emerging growth company, under current SEC rules, we are required to report on our internal control over financial reporting pursuant to Section 404 starting with our first full fiscal year after we become subject to the reporting requirements of the Exchange Act. Thereafter, we will be required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. Accordingly, our internal control over financial reporting does not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We will establish formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within our organization. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer classified as an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal control and have not yet tested our internal control in accordance with Section 404, we cannot conclude, as required by Section 404, that we do not have a material weakness in our internal control or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal control. As a public reporting company under the Exchange Act, we will be required to complete our initial assessment in a timely manner. If we are not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting its internal control may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC. Changes in laws or regulations governing our operations or the operations of our portfolio companies, changes in the interpretation thereof or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies’ business practices, negatively impact our or our portfolio companies’ operations, cash flows or financial condition, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. We and our portfolio companies are subject to regulation at the local, state, federal and, in some cases, foreign levels. These laws and regulations, as well as their interpretation, are likely to change from time to time, and new laws and regulations may be enacted. Accordingly, any change in these laws or regulations, changes in their interpretation, or newly enacted laws or regulations, or any failure by us or our portfolio companies to comply with these laws or regulations, could require changes to certain of our or our portfolio companies’ business practices, negatively impact our or our portfolio companies’ operations, cash flows or financial condition, impose additional costs on us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition to the legal, tax and regulatory changes that are expected to occur, there may be unanticipated changes and uncertainty regarding any such changes. The legal, tax and regulatory environment for BDCs, investment advisers and the instruments that they utilize (including derivative instruments) is continuously evolving. In addition, there is significant uncertainty regarding certain legislation and the regulations that have been adopted (and future regulations that will need to be adopted pursuant to such legislation) and, consequently, the full impact that such legislation will ultimately have on us and the markets in which we trade and invest is not fully known. Such uncertainty and any resulting confusion may itself be detrimental to the efficient functioning of the markets and the success of certain investment strategies. Legislative and regulatory proposals directed at the financial services industry that are proposed, pending or might be proposed in the future in the U.S. Congress, may negatively impact the operations, cash flows or financial condition of us and our portfolio companies, impose additional costs on us and our portfolio companies, intensify the regulatory supervision of us and our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any such regulation will be implemented or what form it would take, increased regulation of non-bank credit extension would negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business. We may be materially affected by market, economic and political conditions globally and in the jurisdictions and sectors in which we invest or operate, including economic outlook, factors affecting interest rates, the availability of credit, currency exchange rates and trade barriers. Recent populist and anti-globalization movements, particularly in the United States, may result in material changes in economic trade and immigration policies, all of which could lead to significant disruption of global markets and could have adverse consequences for our investments. We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. The likelihood of any new legislation being enacted is uncertain, but new legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification and could have other adverse consequences. Stockholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock. The United States Congress has considered a proposal that would have, if enacted, had a significant adverse impact on individual retirement account (“IRA”) investors, including potentially terminating the IRA status of an IRA that acquires or holds an investment in certain private investment funds (including the Company), subjecting all of the investments in the IRA to significant taxes and subjecting the IRA’s owner to significant penalties. Other proposed legislation would have, if enacted, limited contributions by or on behalf of a high-income taxpayer to an IRA if the aggregate account balance in all applicable retirement plans (as defined in the proposal) maintained by or on behalf of the taxpayer exceeded a threshold dollar amount. These proposals were not ultimately included in legislation passed by the United States House of Representatives. Nonetheless, it is possible that either or both of these proposals (or other proposals that would adversely impact IRA investors) could be enacted as part of future tax reform legislative efforts. Our ability to enter into transactions with our affiliates is restricted. As a BDC, we are prohibited under the Investment Company Act from knowingly participating in certain transactions with our affiliates without the prior approval of a majority of our Independent Directors who have no financial interest in the transaction, or in some cases, the prior approval of the SEC. For example, any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is deemed our affiliate for purposes of the Investment Company Act. If this is the only reason such person is our affiliate, we are generally prohibited from buying any asset from, or selling any asset (other than our capital stock) to, such affiliate, absent the prior approval of such directors. The Investment Company Act also prohibits “joint” transactions with an affiliate, which could include joint investments in the same portfolio company, without approval of our Independent Directors or in some cases the prior approval of the SEC. Moreover, except in certain limited circumstances, we are prohibited from buying any asset from or selling any asset to a holder of more than 25% of our voting securities, absent prior approval of the SEC. The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing. In certain circumstances, we and other Accounts (which may include proprietary accounts of Goldman Sachs) can make negotiated co-investments pursuant to an exemptive order from the SEC permitting us to do so. On November 16, 2022, the SEC granted the Relief to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants. Additionally, if our Investment Adviser forms other funds in the future, we may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. As a result of the Relief, there could be significant overlap in our investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs. In addition, we have filed an application to amend the Relief to permit us to participate in follow-on investments in our existing portfolio companies with certain affiliates covered by the Relief if such affiliates, that are not BDCs or registered investment companies, did not have an investment in such existing portfolio company. There can be no assurance if and when we will receive the amended exemptive order. Our activities may be limited as a result of potentially being deemed to be controlled by GS Group Inc., a bank holding company. GS Group Inc. is a BHC under the BHCA and therefore subject to supervision and regulation by the Federal Reserve. In addition, GS Group Inc. is a FHC under the BHCA, which is a status available to BHCs that meet certain criteria. FHCs may engage in a broader range of activities than BHCs that are not FHCs. However, the activities of FHCs and their affiliates remain subject to certain restrictions imposed by the BHCA and related regulations. Because GS Group Inc. may be deemed to “control” us within the meaning of the BHCA, these restrictions could apply to us as well. Accordingly, the BHCA and other applicable banking laws, rules, regulations and guidelines, and their interpretation and administration by the appropriate regulatory agencies, including the Federal Reserve, may restrict our investments, transactions and operations and may restrict the transactions and relationships between our Investment Adviser, GS Group Inc. and their respective affiliates, on the one hand, and us, on the other hand. For example, the BHCA regulations applicable to GS Group Inc. and to us may restrict our ability to make certain investments or the size of certain investments, impose a maximum holding period on some or all of our investments and restrict our and our Investment Adviser’s ability to participate in the management and operations of the companies in which we invest. In addition, certain BHCA regulations may require aggregation of the positions owned, held or controlled by related entities. Thus, in certain circumstances, positions held by GS Group Inc. and its affiliates (including our Investment Adviser) for client and proprietary accounts may need to be aggregated with positions held by us. In this case, where BHCA regulations impose a cap on the amount of a position that may be held, GS Group Inc. may utilize available capacity to make investments for its proprietary accounts or for the accounts of other clients, which may require us to limit and/or liquidate certain investments. These restrictions may materially adversely affect us by affecting our Investment Adviser’s ability to pursue certain strategies within our investment program or trade in certain securities. In addition, GS Group Inc. may cease in the future to qualify as an FHC, which may subject us to additional restrictions. Moreover, we can offer no assurance that the bank regulatory requirements applicable to GS Group Inc. and us, or the interpretation thereof, will not change, or that any such change will not have a material adverse effect on us. GS Group Inc. may in the future, in its sole discretion and without notice to investors, engage in activities impacting us and/or our Investment Adviser in order to comply with the BHCA or other legal requirements applicable to, or reduce or eliminate the impact or applicability of any bank regulations or other restrictions on, GS Group Inc., us or other accounts managed by our Investment Adviser and its affiliates. GS Group Inc. may seek to accomplish this result by causing Goldman Sachs Asset Management to resign as our Investment Adviser, voting for changes to our Board of Directors, causing Goldman Sachs personnel to resign from our Board of Directors, reducing the amount of GS Group Inc.’s investment in us (if any), revoking our right to use the Goldman Sachs name or any combination of the foregoing, or by such other means as it determines in its sole discretion. Any replacement investment adviser appointed by us may be unaffiliated with Goldman Sachs. CFTC rules may have a negative impact on us and our Investment Adviser. The CFTC and the SEC have issued final rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of “commodity pool” under the Commodity Exchange Act of 1936, as amended, and related CFTC regulations. Our Investment Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator pursuant to CFTC Rule 4.5 with respect to our operations, with the result that we will be limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, CFTC Rule 4.5 imposes strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts it has entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. Moreover, we anticipate entering into transactions involving such derivatives to a very limited extent solely for hedging purposes or otherwise within the limitations of CFTC Rule 4.5. The European Union's Alternative Investment Fund Managers ("AIFM") Directive may have a negative impact on our Investment Adviser and its affiliates. The AIFM Directive regulates investment advisors domiciled in the European Union and investment advisors that manage investment funds domiciled or marketed in the European Union. The AIFM Directive imposes certain requirements and restrictions on such investment advisors, which differ based on the domicile of the applicable investment advisor and investment fund and the circumstances under which an investment fund is marketed in the European Union. Such requirements and restrictions may include disclosure and transparency obligations, capital adequacy, valuation and depositary requirements, leverage and investment restrictions, other conduct of business requirements and tax requirements. As a result of the AIFM Directive, an investment advisor may be restricted from marketing investment funds in the European Union, may incur potentially significant increased operating costs, may be unable to engage in certain activities that it otherwise would have and/or may be subject to other adverse consequences. Any of the foregoing could adversely affect the performance of the Company. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Rule 18f-4 under the Investment Company Act includes limitations on the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations (including reverse repurchase agreements and similar financing transactions). Under the rule, BDCs that make significant use of derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program, testing requirements, and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined in Rule 18f-4. Under the rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Under Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. We currently operate as a “limited derivatives user” and these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. Certain investors are limited in their ability to make significant investments in us. Private funds that are excluded from the definition of “investment company” either pursuant to Section 3(c)(1) or 3(c)(7) of the Investment Company Act and certain other unregistered investment companies are restricted from acquiring directly or through a controlled entity more than 3% of our total outstanding voting stock other than in accordance with the Investment Company Act (measured at the time of the acquisition, including through conversion of convertible securities). Investment companies registered under the Investment Company Act and BDCs are also subject to this restriction as well as other regulatory limitations that restrict the amount that they are able to invest in our securities. As a result, certain investors may be precluded from acquiring additional shares at a time that they might desir | ||||
Competition [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Competition We depend upon management personnel of our Investment Adviser for our future success. We do not have any employees. We depend on the experience, diligence, skill and network of business contacts of Goldman Sachs Asset Management Private Credit, together with other investment professionals that our Investment Adviser currently retains or may subsequently retain, to identify, evaluate, negotiate, structure, close, monitor and manage our investments. Our future success will depend to a significant extent on the continued service and coordination of our Investment Adviser’s senior investment professionals. The departure of any of our Investment Adviser’s key personnel, including members of the BDC Investment Committee, or of a significant number of the investment professionals of our Investment Adviser, could have a material adverse effect on our business, financial condition or results of operations. In addition, we cannot assure stockholders that our Investment Adviser will remain our investment adviser or that we will continue to have access to our Investment Adviser or its investment professionals. See “—Our Business and Structure—Our Investment Adviser can resign on 60 days’ notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. ” We operate in a highly competitive market for investment opportunities. A number of entities, including the Accounts and other entities, compete with us to make the types of investments that we make. We compete with other BDCs, commercial and investment banks, commercial financing companies, collateralized loan obligations (“CLOs”), private funds, including hedge funds, and, to the extent they provide an alternative form of financing, private equity funds. Many of our competitors are more experienced, substantially larger and have considerably greater financial, technical and marketing resources than we do. Some competitors may have a lower cost of funds, perpetual fund lives, and/or access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Certain of our competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a BDC and that the Code imposes on us as a RIC. Additionally, an investment opportunity may be appropriate for one or more of us and other Accounts or any other entities managed by our Investment Adviser, and co-investment may not be possible. In such circumstances, the Investment Adviser will adhere to its investment allocation policy in order to determine the Accounts to which to allocate investment opportunities. Also, as a result of this competition, we may not be able to secure attractive investment opportunities from time to time. We do not seek to compete primarily based on the interest rates we offer, and the Investment Adviser believes that some of our competitors may make loans with interest rates that are comparable to or lower than the rates we offer. Rather, we believe our competitive strengths include: (i) the positioning of Goldman Sachs Asset Management Private Credit within Goldman Sachs, given its associated relationship, sourcing and expertise advantages; (ii) Goldman Sachs Asset Management Private Credit’s experience and breadth as an investor; (iii) Goldman Sachs Asset Management Private Credit’s experienced team and history of investment performance; (iv) Goldman Sachs Asset Management Private Credit’s depth, breadth and duration of relationships with financial sponsors, companies, borrowers and other industry participants; and (v) the alignment of interest between the Company and the Goldman Sachs private credit platform through side-by-side investments alongside institutional and retail-focused private credit Accounts, which may include proprietary accounts of Goldman Sachs. For a further discussion of our competitive strengths, see “ Item 1. Business—Competitive Advantages. ” We may lose investment opportunities if we do not match our competitors’ pricing, terms and structure. If we match our competitors’ pricing, terms and structure, we may experience decreased net interest income and increased risk of credit loss. As a result of operating in such a competitive environment, we may make investments that are on less favorable terms than what we may have originally anticipated, which may impact our return on these investments. We cannot assure investors that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. | ||||
Operational [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Operational We are dependent on information systems, and systems failures, as well as operating failures, could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations. Our business is dependent on our Investment Adviser’s and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of the Investment Management Agreement or an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts and acts of war; and/or • cyber incidents. In addition to our dependence on information systems, poor operating performance by our service providers could adversely impact us. These events, in turn, could have a material adverse effect on our operating results and negatively affect the value of our securities and our ability to pay distributions to our stockholders. Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies by causing a disruption to our operations or the operations of our portfolio companies, a compromise or corruption of our confidential information or the confidential information of our portfolio companies and/or damage to our business relationships or the business relationships of our portfolio companies, all of which could negatively impact the business, financial condition and operating results of us or our portfolio companies. Cybersecurity risks and cyber incidents have been occurring globally at a more frequent and severe level, and will likely continue to increase in frequency in the future. The occurrence of a disaster, such as a cyber incident against us, any of our portfolio companies, or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data. We and our portfolio companies depend heavily upon computer systems to perform necessary business functions. Despite the implementation of a variety of security measures, computer systems, networks, and data, like those of other companies, could be subject to cyber incidents and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks, or otherwise cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. Third-party service providers with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incidents that adversely affects our data, resulting in increased costs and other consequences as described above. Moreover, the increased use of mobile and cloud technologies due to the proliferation of remote work resulting from the COVID-19 pandemic could heighten these and other operational risks as certain aspects of the security of such technologies may be complex and unpredictable. Reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber incidents could disrupt our operations, the operations of a portfolio company or the operations of our or their service providers and result in misappropriation, corruption or loss of personal, confidential or proprietary information or the inability to conduct ordinary business operations. In addition, there is a risk that encryption and other protective measures may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available. Extended periods of remote working, whether by us, our portfolio companies, or our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. Accordingly, the risks described above, are heightened under the current conditions. Goldman Sachs and these third-party service providers have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident. In addition, cybersecurity has become a top priority for lawmakers and regulators around the world, and some jurisdictions have proposed or enacted laws requiring companies to notify regulators, individuals and the general investing public of data security breaches involving certain types of personal data, including the SEC, which, on July 26, 2023, adopted amendments requiring the public disclosure of certain cybersecurity breaches. Compliance with such laws and regulations may result in cost increases due to system changes and the development of new administrative processes. If we or our Investment Adviser or certain of its affiliates, fail to comply with the relevant and increasing laws and regulations, we could suffer financial losses, a disruption of our businesses, liability to investors, regulatory intervention or reputational damage. | ||||
Our Business and Structure [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Our Business and Structure We are a new company and have a limited operating history. We are a new company with limited operating history, and as a result, we have minimal financial information on which to evaluate an investment in us or our prior performance. Stockholders must rely on us to implement our investment policies, to evaluate all of our investment opportunities and to structure the terms of our investments rather than evaluating our investments in advance of purchasing shares of our common stock. Because stockholders are not able to thoroughly evaluate our investments in advance of purchasing our shares, an investment in us may entail more risk than other types of investments. This additional risk may hinder the ability of our investors to achieve their own personal investment objectives related to portfolio diversification, risk-adjusted investment returns and other objectives. Additionally, the results of any other Accounts that have or have had an investment program which is similar to, or different from, our investment program are not indicative of the results that we may achieve. We expect to have a different investment portfolio from other Accounts. Accordingly, our results may differ from and are independent of the results obtained by such other Accounts. Moreover, past performance is no assurance of future returns. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of an investor’s investment could decline substantially or your investment could become worthless. We anticipate, based on the amount of proceeds raised in the initial or subsequent closings, that it could take some time to invest substantially all of the capital we expect to raise due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments in middle-market companies. In order to comply with the RIC diversification requirements during the startup period, we may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which we expect will earn yields substantially lower than the interest, dividend or other income that we seek to receive in respect of suitable portfolio investments. We may not be able to pay any significant distributions during this period, and any such distributions may be substantially lower than the distributions we expect to pay when our portfolio is fully invested. We will pay a Management Fee to our Investment Adviser throughout this interim period irrespective of our performance. If the Management Fee and our other expenses exceed the return on the temporary investments, our equity capital will be eroded. The potentially limited term and the expiration of the Investment Period may impact our investment strategy. Unless earlier liquidated by the Board of Directors or extended by the Board of Directors (and, to the extent necessary, a majority-in-interest of the stockholders), the term of the Company (the “Term”) will end on the sixth anniversary of the Final Closing Date unless an Exit Event occurs prior to that time. Due to the potentially finite term of the Company, we may be required to sell investments at an inopportune time, which could adversely affect our performance and/or cause us to seek to invest in loans with a shorter term than would be the case if our Term were longer, which might adversely affect the nature and/or quality of our investments. Following the expiration of the Investment Period, we will not be permitted to reinvest proceeds realized from the sale or repayment of any investment. Accordingly, we may be required to distribute such proceeds to stockholders, which may cause our fixed expenses to increase as a percentage of assets under management. In addition, any proceeds realized from the sale or repayment of investments could result in an increased concentration of our portfolio, which could increase the risks associated with ownership of the shares of our common stock. For more, see “ —Risk Relating to our Portfolio Company Investments—Our portfolio may be focused in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies default on their obligations under any of their debt instruments or if there is a downturn in a particular industry. ” Our Investment Adviser, its principals, investment professionals and employees and the members of its BDC Investment Committee may have certain conflicts of interest. Our Investment Adviser, its principals, affiliates, investment professionals and employees, the members of its BDC Investment Committee and our officers and directors serve and may serve in the future as investment advisers, officers, directors, principals of, or in other capacities with respect to, public or private entities (including other BDCs and other investment funds) that operate in the same or a related line of business as us. Certain of these individuals could have obligations to investors in other Accounts, the fulfillment of which is not in our best interests or the best interests of our stockholders and we expect that investment opportunities will satisfy the investment criteria for both us and such other Accounts. In addition, Goldman Sachs Asset Management and its affiliates also manage other accounts, and expect to manage other vehicles or accounts in the future, that have investment mandates that are similar, in whole or in part, to ours and, accordingly, may invest in asset classes similar to those targeted by us. As a result, the Investment Adviser and/or its affiliates may face conflicts in allocating investment opportunities between us and such other entities. The fact that our investment advisory fees may be lower than those of certain other funds advised by Goldman Sachs Asset Management could result in this conflict of interest affecting us adversely relative to such other funds. Our business and the businesses of our portfolio companies are dependent on bank relationships and recent concerns associated with the banking system may adversely impact us. The financial markets recently experienced volatility in connection with concerns that some banks, especially small and regional banks and banks with exposure to commercial real estate, may have significant investment-related losses that might make it difficult to fund demands to withdraw deposits and other liquidity needs. Although the federal government announced measures to assist certain banks and protect depositors, some banks had already been impacted and others may be adversely impacted, by such volatility. Our business and the businesses of our portfolio companies are dependent on bank relationships. We continue to monitor the financial health of these relationships. Any further strain on the banking system may adversely impact the business, financial condition and results of operations of us and our portfolio companies. Subject to applicable law, we may invest alongside Goldman Sachs and other Accounts. As a result of the Relief, there could be significant overlap in our investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs. In such circumstances, the Investment Adviser will adhere to its investment allocation policy in order to determine the Accounts to which to allocate investment opportunities. If we are unable to rely on the Relief for a particular opportunity, when our Investment Adviser identifies certain investments, it will be required to determine which Accounts should make the investment at the potential exclusion of other Accounts. Accordingly, it is possible that we may not be given the opportunity to participate in investments made by other Accounts. See “— Legal and Regulatory—Our ability to enter into transactions with our affiliates is restricted .” Goldman Sachs’ financial and other interests may incentivize our Investment Adviser to favor other Accounts. Our Investment Adviser receives performance-based compensation in respect of its investment management activities on our behalf, which rewards our Investment Adviser for positive performance of our investment portfolio. As a result, our Investment Adviser may make investments for us that present a greater potential for return but also a greater risk of loss or that are more speculative than would be the case in the absence of performance-based compensation. In addition, the Investment Adviser may simultaneously manage other Accounts for which the Investment Adviser may be entitled to receive greater fees or other compensation (as a percentage of performance or otherwise) than it receives in respect of us. In addition, subject to applicable law, Goldman Sachs may invest in other Accounts, and such investments may constitute all or substantial percentages of such other Accounts’ outstanding equity interests. Therefore, the Investment Adviser may have an incentive to favor such other Accounts over us. To address these types of conflicts, the Investment Adviser has adopted policies and procedures under which investment opportunities will be allocated in a manner that it believes is consistent with its obligations as an investment adviser. However, the amount, timing, structuring or terms of an investment by us may differ from, and performance may be different from, the investments and performance of other Accounts. Our financial condition and results of operations depend on our Investment Adviser’s ability to manage our future growth effectively. Our ability to achieve our investment objective depends on our Investment Adviser’s ability to identify, invest in and monitor companies that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of the structuring of our investment process and the ability of our Investment Adviser to provide competent, attentive and efficient services to us. Our executive officers and the members of the BDC Investment Committee have substantial responsibilities in connection with their roles at our Investment Adviser, with the Accounts, as well as responsibilities under the Investment Management Agreement. We may also be called upon to provide significant managerial assistance to certain of our portfolio companies. These demands on their time, which will increase as the number of investments grow, may distract them or slow the rate of investment. In order to grow, our Investment Adviser may need to hire, train, supervise, manage and retain new employees. However, we cannot assure investors that they will be able to do so effectively. Any failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and results of operations. Our ability to grow depends on our access to adequate capital. If we do not have adequate capital available for investment, our performance could be adversely affected. In addition, we elected to be treated as a RIC, and we expect to qualify annually for tax treatment as a RIC, commencing with our taxable year ended December 31, 2021. To maintain our qualification for tax treatment as a RIC, among other requirements, we are required to timely distribute to our stockholders at least 90% of our investment company taxable income (determined without regard to the dividends paid deduction), which is generally our net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses, if any, for each taxable year. Consequently, such distributions will not be available to fund new investments. During the Investment Period, we may issue stock to new investors, but our ability to sell additional securities may be adversely affected by a number of factors including our performance prior to such date or general market conditions. While we are permitted to reinvest proceeds realized from the sale or repayment of investments during the Investment Period, subject to the requirements of Section 852(a) of the Code and the terms of any indebtedness or preferred stock, after the expiration of the Investment Period, we will not be permitted to do so, subject to certain exceptions. Accordingly, after the Investment Period, we expect to use debt financing to fund our growth, if any. Unfavorable economic or capital market conditions may increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. An inability to successfully access the capital markets could limit our ability to grow our business and fully execute our business strategy and could decrease our earnings, if any. We borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us. As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities or other credit facilities will have claims on our assets that are superior to the claims of our common stockholders. If the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to make distributions to our common stockholders. In addition, we would have to service any additional debt that we incur, including interest expense on debt and dividends on preferred stock that we may issue, as well as the fees and costs related to the entry into or amendments to debt facilities. These expenses (which may be higher than the expenses on our current borrowings due to the rising interest rate environment) would decrease net investment income, and our ability to pay such expenses will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, leverage will increase the Management Fee payable to our Investment Adviser, which is based on our gross assets, including those assets acquired through the use of leverage but excluding cash and cash equivalents. In addition to having claims on our assets that are superior to the claims of our common stockholders, any obligations to the lenders may be secured by a first-priority security interest in our portfolio of investments and cash. In the case of a liquidation event, those lenders would receive proceeds to the extent of their security interest before any distributions are made to our stockholders. Furthermore, the revolving credit facility with Bank of America, N.A. (the “BoA Revolving Credit Facility”) imposes, and any credit agreement or other debt financing agreement into which we may enter may impose, financial and operating covenants that restrict our investment activities (including restrictions on industry concentrations) remedies on default and similar matters. In connection with any future borrowings, our lenders may also require us to pledge assets. We may, to the extent permitted by applicable law, including the Investment Company Act, become co-liable (as a joint borrower, guarantor or otherwise) for borrowings or other types of leverage of our subsidiaries or other entities in which we have an interest, including joint ventures. In addition, we may be unable to obtain our desired leverage, which would, in turn, affect a stockholder’s return on investment. We currently do not intend to enter into any collateral and asset reuse arrangements, but may decide to enter into such an arrangement in the future. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) (10.00 )% (5.00 )% 0.00 % 5.00 % 10.00 % Corresponding Return to Common Stockholders (1) ( 25.06 )% ( 15.66 )% ( 6.25 )% 3.15 % 12.56 % (1) Based on (i) $481.09 million in total assets as of December 31, 2023, (ii) $214.46 million in outstanding indebtedness as of December 31, 2023, (iii) $255.77 million in net assets as of December 31, 2023, and (iv) annualized average interest rate on our indebtedness, as of December 31, 2023, excluding fees (such as fees on undrawn amounts and amortization of financing costs), of 7.46% . Our Investment Adviser will be paid the Management Fee even if the value of an investment in the Company declines and our Investment Adviser’s Incentive Fee may create incentives for it to make certain kinds of investments. The Management Fee is payable even in the event the value of a stockholder’s investment declines. The Investment Adviser receives substantial fees from us in return for its services, and these fees could influence the advice provided to us. The Management Fee is calculated as a percentage of the average value of our gross assets including borrowed funds (excluding cash or cash equivalents) at the end of the prior two completed calendar quarters. Accordingly, the Management Fee is payable regardless of whether the value of our gross assets and/or an investment in the Company has decreased during the then-current quarter and creates an incentive for the Investment Adviser to incur leverage. The Incentive Fee payable by us to our Investment Adviser may create an incentive for our Investment Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such a compensation arrangement and also to incur leverage, which will tend to enhance returns where our portfolio has positive returns. Our Investment Adviser receives the Incentive Fee based, in part, upon capital gains realized on our investments. As a result, our Investment Adviser may have an incentive to invest more in companies whose securities are likely to yield capital gains, as compared to income-producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. The Incentive Fee payable by us to our Investment Adviser also may create an incentive for our Investment Adviser to invest on our behalf in instruments that have a deferred interest feature. Under these investments, we accrue the interest over the life of the investment but do not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our Incentive Fee, however, includes accrued interest. Thus, a portion of this Incentive Fee is based on income that we have not yet received in cash. This risk could be increased because our Investment Adviser is not obligated to reimburse us for any Incentive Fees received even if we subsequently incur losses or never receive in cash the accrued income (including accrued income with respect to original issue discount (“OID”), payment-in-kind (“PIK”) interest and zero-coupon securities). Furthermore, in the event of a listing, our Investment Adviser will be able to earn a higher Incentive Fee. If we increase leverage, the management fees payable to our Investment Adviser will be higher than if we did not use leverage, irrespective of the return on the incremental assets. In addition, as leverage generally would magnify positive returns, if any, on our portfolio, as noted above, the use of leverage may cause our net investment income to exceed the quarterly hurdle rate for the Incentive Fee on income payable to our Investment Adviser at a lower average return on our portfolio. The Incentive Fee based on income takes into account our past performance. The Incentive Fee based on income will be determined and paid quarterly in arrears at the end of each calendar quarter by reference to our aggregate net investment income, as adjusted, from the Trailing Twelve Quarters. The effect of calculating the Incentive Fee using reference to the Trailing Twelve Quarters is that, in certain limited circumstances, an Incentive Fee based on income will be payable to our Investment Adviser although our net income for such quarter did not exceed the hurdle rate or the Incentive Fee will be higher than it would have been if calculated based on our performance for the applicable quarter without taking into account the Trailing Twelve Quarters. For example, if we experience a net loss for any particular quarter, an Incentive Fee may still be paid to our Investment Adviser if such net loss is less than the net loss for the most recent quarter that preceded the Trailing Twelve Quarters. In such circumstances, our Investment Adviser would be entitled to an Incentive Fee whereas it would not have been entitled to an Incentive Fee if calculated solely on the basis of our performance for the applicable quarter. Potential conflicts of interest with other businesses of Goldman Sachs could impact our investment returns. There are significant potential conflicts of interest that could negatively impact our investment returns. A number of these potential conflicts of interest with affiliates of our Investment Adviser and GS Group Inc. are discussed in more detail elsewhere in this report. GS Group Inc. is a publicly held FHC and a leading global financial institution that provides investment banking, securities and investment management services to a diversified client base, including companies and high-net-worth individuals, among others. As such, it acts as an investor, investment banker, research provider, investment manager, financier, adviser, market maker, trader, prime broker, derivatives dealer, lender, counterparty, agent and principal. In those and other capacities, Goldman Sachs and its affiliates advise clients in all markets and transactions and purchase, sell, hold and recommend a broad array of investments, including securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own accounts or for the accounts of their customers and have other direct and indirect interests, in the global fixed income, currency, commodity, equity, bank loans and other markets in which we invest or may invest. Such additional businesses and interests will likely give rise to potential conflicts of interest and may restrict the way we operate our business. For example, (1) we may not be able to conduct transactions relating to investments in portfolio companies because our Investment Adviser is not permitted to obtain or use material nonpublic information in effecting purchases and sales in public securities transactions for us or (2) Goldman Sachs, the clients it advises, and its personnel may engage (or consider engaging) in commercial arrangements or transactions with us (subject to any limitations under the law), and/or may compete for commercial arrangements or transactions in the same types of companies, assets, securities or other assets or instruments as us. Transactions by, advice to and activities of such accounts (including potentially Goldman Sachs acting on a proprietary basis), may involve the same or related companies, securities or other assets or instruments as those in which we invest and may negatively affect us (including our ability to engage in a transaction or other activities) or the prices or terms at which our transactions or other activities may be effected. For example, Goldman Sachs may be engaged to provide advice to an account that is considering entering into a transaction with us, and Goldman Sachs may advise the account not to pursue the transaction with us, or otherwise in connection with a potential transaction provide advice to the account that would be adverse to us. See “— Our Investment Adviser, its principals, investment professionals and employees and the members of its BDC Investment Committee may have certain conflicts of interest ” and “ —Legal and Regulatory—Our ability to enter into transactions with our affiliates is restricted .” In addition, subject to applicable law, GS & Co. may, to the extent permitted by applicable law, including the limitations set forth in Section 57(k) of the Investment Company Act, receive compensation from us or from the borrowers if we make any investments based on opportunities that such employees or personnel of GS & Co. have referred to us. Such compensation might incentivize GS & Co. or its employees or personnel to refer opportunities or to recommend investments that might otherwise be unsuitable for us. Further, any such compensation paid by us, or paid by the borrower (to which we would otherwise have been entitled) in connection with such investments, may negatively impact our returns. Furthermore, Goldman Sachs is currently, and in the future expects to be, raising capital for new public and private investment vehicles that have, or when formed will have, the primary purpose of directly originating senior secured corporate credit. These investment vehicles, as well as existing investment vehicles (including other Accounts), will compete with us for investments. Although our Investment Adviser and its affiliates will endeavor to allocate investment opportunities among its clients, including us, in a fair and equitable manner and consistent with applicable allocation procedures, it is expected that, in the future, we may not be given the opportunity to participate in investments made by other Accounts or that we may participate in such investments to a lesser extent due to participation by such other Accounts. In addition, Goldman Sachs or another investment account or vehicle managed or controlled by Goldman Sachs or another client of the Investment Adviser may hold securities, loans or other instruments of a portfolio company in a different class or a different part of the capital structure than securities, loans or other instruments of such portfolio company held by us. As a result, Goldman Sachs or such other investment account or vehicle or such other client of the Investment Adviser may pursue or enforce rights or activities, or refrain from pursuing or enforcing rights or activities, on behalf of its own account, that could have an adverse effect on us. In addition, to the extent Goldman Sachs has invested in a portfolio company for its own account, Goldman Sachs may limit the transactions engaged in by us with respect to such portfolio company or issuer for reputational, legal, regulatory or other reasons. Stockholders should note the matters discussed in “— Legal and Regulatory—Our ability to enter into transactions with our affiliates is restricted .” Our Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval. Our Board of Directors has the authority to modify or waive certain of our operating policies and strategies without prior notice (except as required by the Investment Company Act or other applicable laws) and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to cease to be, or withdraw our election as, a BDC. We cannot predict the effect any changes to our current operating policies and strategies would have on our business, operating results and value of our securities. Nevertheless, the effects may adversely affect our business and impact our ability to make distributions or make payments with respect to our indebtedness. Our Investment Adviser can resign on 60 days’ notice. We may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. Our Investment Adviser has the right, under the Investment Management Agreement, to resign at any time upon 60 days’ written notice, regardless of whether we have found a replacement. If our Investment Adviser resigns, we may not be able to find a new external investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected, and the value of our securities may decline. Our Investment Adviser’s responsibilities and its liability to us are limited under the Investment Management Agreement, which may lead our Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account. Our Investment Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by us in connection with the matters to which the Investment Management Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on our Investment Adviser’s part in the performance of its duties or from reckless disregard by our Investment Adviser of its obligations and duties under the Investment Management Agreement. Any person, even though also employed by our Investment Adviser, who may be or become an employee of and paid by us shall be deemed, when acting within the scope of his or her employment by us, to be acting in such employment solely for us and not as our Investment Adviser’s employee or agent. These protections may lead our Investment Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. See “ —Our Investment Adviser will be paid the Management Fee even if the value of an investment in the Company declines and our Investment Adviser’s Incentive Fee may create incentives for it to make certain kinds of investments .” If we consummate a listing, the Management Fee and Incentive Fee will increase. Subsequent to a listing, the Management Fee will be calculated as a percentage of the average of our gross assets including assets purchased with borrowed amounts (excluding cash and cash equivalents) at the end of the then-current calendar quarter and the prior calendar quarter, which will result in a higher Management Fee for a given level of assets when compared to the current Management Fee calculated based on NAV and will create an incentive for our Investment Adviser to incur leverage. In addition, subsequent to a listing, the Incentive Fee on income will increase from 15% to 20% of our Ordinary Income and the Incentive Fee on capital gains will increase from 15% to 20% of our aggregate realized capital gains net of our aggregate realized capital losses and our aggregate unrealized capital depreciation (in each case calculated from the date of such listing). We may experience fluctuations in our quarterly results. We could experience fluctuations in our quarterly operating results due to a number of factors, including interest rates payable on debt investments we make, default rates on such investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in certain markets and general economic conditions. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods or the full fiscal year. Investors may fail to pay their undrawn Commitments. The obligations of stockholders to fund Undrawn Commitments is without defense, counterclaim or offset of any kind. However, if a stockholder fails to pay any amount of its Commitment when called, other stockholders who have an Undrawn Commitment may be required to fund their respective Commitments sooner and in a greater amount (but not more than their Undrawn Commitment) than they otherwise would have absent such a default. In addition, if funding of Commitments by other stockholders and borrowings by us are inadequate to cover defaulted Commitments, we may make fewer Investments and be less diversified than if all stockholders had paid their contributions. Additionally, we may be forced to obtain substitute sources of liqui | ||||
Portfolio Company Investments [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Our Portfolio Company Investments Our investments are very risky and highly speculative. We invest primarily through direct originations of secured debt, including first lien, unitranche and last-out portions of such loans; second-lien debt; unsecured debt, including mezzanine debt; and select equity investments. The securities in which we invest typically are not rated by any rating agency, and if they were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, Inc. and lower than “BBB-” by Fitch Ratings or Standard & Poor’s Ratings Services). These securities, which may be referred to as “junk bonds,” “high yield bonds” or “leveraged loans,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. In addition, we may also originate “covenant-lite” loans, which are loans with fewer financial maintenance covenants than other obligations, or no financial maintenance covenants. Such covenant-lite loans may not include terms that allow the lender to monitor the performance of the borrower or to declare a default if certain criteria are breached. These flexible covenants (or the absence of covenants) could permit borrowers to experience a significant downturn in their results of operations without triggering any default that would permit holders of their debt (such as us) to accelerate indebtedness or negotiate terms and pricing. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Therefore, our investments may result in an above-average amount of risk and volatility or loss of principal. We also may invest in other assets, including U.S. government securities and structured securities. These investments entail additional risks that could adversely affect our investment returns. Secured Debt. When we make a secured debt investment, we generally take a security interest in the available assets of the portfolio company, including the equity interests of any subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our debt investment may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors, such as trade creditors. In addition, deterioration in a portfolio company’s financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt investment. Consequently, the fact that our debt is secured does not guarantee that we will receive principal and interest payments according to the debt investment’s terms, or at all, or that we will be able to collect on the loan, in full or at all, should we enforce our remedies. Unsecured Debt, Including Mezzanine Debt. Our unsecured debt investments, including mezzanine debt investments, generally will be subordinated to senior debt in the event of an insolvency. This may result in an above average amount of risk and loss of principal. Revolving Credit Facilities. From time to time, we may acquire or originate revolving credit facilities in connection with our investments in other assets, which may result in our holding unemployed funds, negatively impacting our returns. Equity Investments. When we invest in secured debt or unsecured debt, including mezzanine debt, we may acquire equity securities from the company in which we make the investment. In addition, we may invest in the equity securities of portfolio companies independent of any debt investment. Our goal is ultimately to dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we hold may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Investing in middle-market companies involves a number of significant risks. Investing in middle-market companies involves a number of significant risks, including: • such companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment; • such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • such companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us; • such companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive positions; • there is generally little public information about these companies, they and their financial information are not subject to the reporting requirements of the Exchange Act and other regulations that govern public companies and we may be unable to uncover all material information about these companies, which may prevent us from making a fully informed investment decision and cause us to lose money on our investments; • our executive officers, directors and Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; and • such companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness, including any debt securities held by us, upon maturity. We have exposure to credit risk and other risks related to credit investments. Our investments are subject to liquidity, market value, credit, interest rate and certain other risks. In addition, we cannot assure you that the Investment Adviser will correctly evaluate the nature and magnitude of the various factors that could affect the value and return of our investments. These risks could be exacerbated to the extent that the portfolio is concentrated in one or more particular types of investments or industry sectors or regions. Prices of our investments may be volatile and may fluctuate as a result of a variety of factors that are inherently difficult to predict, including changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the issuers or obligors of the investments. Investments that become non-performing, or defaulted loans or securities may become subject to a workout negotiation or restructuring. This may entail a substantial reduction in the interest rate, a substantial write-down of principal, and a substantial change in the terms, conditions and covenants of these investments. To the extent that defaulted investments are sold, it is unlikely that the sale proceeds will be equal to the amount of unpaid principal and interest thereon. In addition, we may incur additional expenses to the extent we are required to seek recovery upon a default or to participate in the restructuring of a non-performing or defaulted investment. We can offer no assurance as to the levels of defaults and/or recoveries that may be experienced on the investments. Secured investments may also be subject to the risk that the security interests granted by the portfolio company obligors in the underlying collateral are not properly or fully perfected in favor of lenders (or their agents). Compounding these risks, the collateral securing the secured investments may be subject to casualty, impairment or devaluation risks. Portfolio companies may also be permitted to issue additional indebtedness that would increase the overall leverage and fixed charges to which the portfolio companies are subject. Such additional indebtedness could have structural or contractual priority, either as to specific assets or generally, over the ranking of the investments held by us or could rank on a parity or seniority basis with respect to our investments. In the event of any default, restructuring or insolvency event of a portfolio company, we could be subordinated to, or be required to share on a ratable basis with, any recoveries in favor of the holders of such other or additional indebtedness. Our recoveries may be impaired as a result of the rights of holders of other indebtedness under any intercreditor agreement governing the relative rights of the indebtedness. Our debt investments may also have no amortization and limited interim repayment requirements, which may increase the risk that a portfolio company will not be able to repay or refinance the debt investment when it comes due at its final stated maturity. Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. Certain of our portfolio companies may be impacted by inflation. Although the U.S. inflation rate has decreased in the fourth quarter of 2023, it remains well above historical levels over the past several decades. Inflationary pressures in the past few years increased the costs of labor, energy and raw materials and adversely affected consumer spending, economic growth and our portfolio companies’ operations. Certain of our portfolio companies may be in industries that have been, or may be, affected by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in unrealized losses and therefore reduce our net assets resulting from operations. While the United States and other developed economies have experienced higher-than-normal inflation rates in the past few years, it remains uncertain whether elevated inflation will continue or have a significant effect on the U.S. economy or other economies. Inflation may affect our investments adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments we or our portfolio companies may have issued could increase, which would tend to reduce returns to our investors. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities that are critical to the operation of portfolio companies as noted above. Portfolio companies may have fixed income streams and, therefore, be unable to pay their debts when they become due. The market value of such investments may decline in value in times of higher inflation rates. Some of our portfolio investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses. Governmental efforts to curb inflation, such as recent increases to short-term interest rates by central banks, including the Federal Reserve, often have negative effects on the level of economic activity and may increase the risk that the economy enters a recession. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. We can offer no assurance that continued inflation in the United States and/or other economies will not become a serious problem in the future and have a material adverse impact on us. We are exposed to risks associated with changes in interest rates. Debt investments that we make may be based on floating rates, such as SOFR (as defined below), SONIA (as defined below), the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our securities and our rate of return on invested capital. Historically, the London Inter-Bank Offered Rate (“LIBOR”) was the basic rate of interest used in lending transactions between banks on the London interbank market and was widely used as a reference for setting the interest rate on loans globally. In July 2017, the Financial Conduct Authority announced its intention to cease sustaining the LIBOR by the end of 2021, and as of June 30, 2023, ceased to publish all remaining USD LIBOR settings. Recently the ICE Benchmark Administration further announced that it will publish “synthetic” USD LIBOR rates until September 2024. It is not yet known how synthetic LIBOR will be incorporated into credit facilities, if at all. In April 2018, the Federal Reserve Bank of New York began publishing its alternative rate, the Secured Overnight Financing Rate (“SOFR”). The Bank of England followed suit in April 2018 by publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR in how each rate is calculated, and potentially in the actual rate as well. Since January 1, 2022, our new investments are generally indexed to SOFR. As of December 31, 2023, we have transitioned our investments and our Revolving Credit Facilities (as defined below) to SOFR or to alternative risk-free reference rates. We expect that going forward, our new USD-denominated investments will be indexed to SOFR, absent a significant market shift away from such rate as an accepted benchmark. A reduction in the interest rates on new investments relative to interest rates on current investments could also have an adverse impact on our net interest income. However, an increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high yield bonds, and also could increase our interest expense, thereby decreasing our net income (as more fully described below). Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate, which could reduce the value of our common stock. In addition, in 2022 and 2023, the Federal Reserve raised short-term interest rates but has recently indicated that it may cease further increases to interest rates or may decrease interest rates. However, there can be no assurance that the Federal Reserve will not make additional upwards adjustments to the federal funds rate in the future to mitigate inflationary pressures. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from our performance to the extent we are exposed to such interest rates and/or volatility. In periods of rising interest rates, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Similarly, rising interest rates could also reduce the yield on our investments if such increases on our borrowings exceed any rise in the rate that our investments yield (including any floating rate investments or investments subject to specified minimum interest rates (such as a SOFR floor)). If general interest rates rise, there is a risk that the portfolio companies in which we hold floating rate securities or loans will be unable to pay escalating interest amounts, which could result in a default under their notes or loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments. If general interest rates were to decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require our Investment Adviser to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing investments. A change in the general level of interest rates can be expected to lead to a change in the interest rates we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold in the Investment Management Agreement and may result in a substantial increase in the amount of incentive fees payable to our Investment Adviser with respect to the portion of the Incentive Fee based on income. Many of our portfolio securities do not have a readily available market price, and we value these securities at fair value as determined in good faith in accordance with the Investment Company Act, which valuation is inherently subjective and may not reflect what we may actually realize for the sale of the investment. The majority of our investments are, and are expected to continue to be, in debt instruments that do not have readily ascertainable market prices. The fair value of assets that are not publicly traded or whose market prices are not readily available are determined in good faith under procedures adopted by the Investment Adviser, as the valuation designee. As the valuation designee, the Investment Adviser is primarily responsible for the valuation of our assets, subject to the oversight of the Board, in accordance with Rule 2a-5 under the Investment Company Act. As the valuation designee, the Investment Adviser utilizes the services of independent third-party valuation firms (“Independent Valuation Advisors”) engaged by us in determining the fair value of a portion of the securities in our portfolio. Investment professionals from our Investment Adviser also recommend portfolio company valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with our valuation policy. The participation of our Investment Adviser in our valuation process could result in a conflict of interest, as the Management Fee is based in part on our gross assets and also because our Investment Adviser is receiving a performance-based Incentive Fee. In addition, the Investment Adviser may value an identical asset differently than Goldman Sachs, another division or unit within Goldman Sachs, or another Account values the asset, including because Goldman Sachs, or such other division, or unit, or Account has information or uses valuation techniques and models that it does not share with, or that are different from those of the Investment Adviser or from us. These valuation differences for the same asset can result in significant differences in the treatment of such asset by the Investment Adviser, Goldman Sachs, and other divisions or units of Goldman Sachs, and/or among Accounts (for example, with respect to an asset that is a loan, there can be differences when it is determined that such loan is deemed to be on nonaccrual status and/or in default). See “—Potential conflicts of interest with other businesses of Goldman Sachs could impact our investment returns. ” Because fair valuations, and particularly fair valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based to a large extent on estimates, comparisons and qualitative evaluations of private information, it may be more difficult for investors to value accurately our investments and could lead to undervaluation or overvaluation of our common stock. In addition, the valuation of these types of securities may result in substantial write-downs and earnings volatility. Rule 2a-5 under the Investment Company Act establishes a regulatory framework for determining fair value in good faith for purposes of the Investment Company Act and permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform the fair value determinations. In accordance with this rule and as discussed above, our Board of Directors has designated our Investment Adviser as the valuation designee primarily responsible for the valuation of our assets, subject to the oversight of the Board of Directors, and we are in compliance with Rule 2a-5. Our NAV as of a particular date may be materially greater than or less than the value that would be realized if our assets were to be liquidated as of such date. For example, if we were required to sell a certain asset or all or a substantial portion of our assets on a particular date, the actual price that we would realize upon the disposition of such asset or assets could be materially less than the value of such asset or assets as reflected in our NAV. Volatile market conditions could also cause reduced liquidity in the market for certain assets, which could result in liquidation values that are materially less than the values of such assets as reflected in our NAV. When our NAV is determined other than on a quarter-end (such as in connection with issuances of shares of our common stock on dates occurring mid-quarter), such determinations of NAV are generally made by our Investment Adviser, acting under delegated authority from, and subject to the supervision of our Board of Directors. While such NAV determinations are made in accordance with procedures adopted by our Board of Directors, such intra-quarter NAV determinations do not follow the same procedures as quarter-end NAV determinations, such as the input of our Audit Committee or Independent Valuation Advisors, which may heighten the risks described above. However, we intend to comply at all times with the limitations of Section 23 under the Investment Company Act (which generally prohibits us from issuing shares of common stock at a price below the then-current NAV of the shares of common stock as determined within 48 hours, excluding Sundays and holidays, of such issuance, subject to certain exceptions). The lack of liquidity in our investments may adversely affect our business. Various restrictions render our investments relatively illiquid, which may adversely affect our business. As we generally make investments in private companies, substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than publicly traded securities. Our Investment Adviser is not permitted to obtain or use material non-public information in effecting purchases and sales in public securities transactions for us, which could create an additional limitation on the liquidity of our investments. The illiquidity of our investments may make it difficult for us to sell such investments if the need arises. Therefore, if we are required to or desire to liquidate all or a portion of our portfolio quickly, we could realize significantly less than the value at which we have recorded our investments or could be unable to dispose of our investments in a timely manner or at such times as we deem advisable. Our portfolio may be focused in a limited number of portfolio companies, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. We are classified as a non-diversified investment company within the meaning of the Investment Company Act, which means that we are not limited by the Investment Company Act with respect to the proportion of our assets that we may invest in securities of a single issuer, excluding limitations on investments in certain other financial and investment companies. To the extent that we assume large positions in the securities of a small number of issuers or industries, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Additionally, a downturn in any particular industry in which we are invested could significantly affect our aggregate returns. Further, any industry in which we are meaningfully concentrated at any given time could be subject to significant risks that could adversely impact our aggregate returns. For example, as of December 31, 2023, Software represented 19.9% of our portfolio at fair value. Our investments in Software are subject to substantial risks, including, but not limited to, intense competition, changing technology, shifting user needs, frequent introductions of new products and services, competitors in different industries and ranging from large established companies to emerging startups, decreasing average selling prices of products and services resulting from rapid technological changes, cybersecurity risks and cyber incidents and various legal and regulatory risks. As of December 31, 2023, our investments in Financial Services represented 12.9% of our portfolio at fair value. Our investments in Financial Services are subject to a variety of risks, including, but not limited to, market uncertainty, additional or changing government regulations, disclosure requirements, limits on fees, increasing borrowing costs or limits on the terms or availability of credit to such portfolio companies, and other regulatory requirements, each of which may impact the conduct of such portfolio companies. Compliance with changing regulatory requirements will likely impose staffing, legal, compliance and other costs, and administrative burdens upon our funds’ investments in financial services. As of December 31, 2023, Health Care Providers & Services, together with Health Care Technology, represented 13.9% of our portfolio at fair value. Our investments in Health Care Technology are subject to substantial risks, including, but not limited to, the risk that the laws and regulations governing the business of health care companies, and interpretations thereof, may change frequently. Current or future laws and regulations could force our portfolio companies engaged in health care, to change their policies related to how they operate, restrict revenue, change costs, change reserve levels and change business practices. We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. We do not generally hold controlling equity positions in our portfolio companies. While we are obligated as a BDC to offer to make managerial assistance available to our portfolio companies, we can offer no assurance that management personnel of our portfolio companies will accept or rely on such assistance. To the extent that we do not hold a controlling equity interest in a portfolio company, we are subject to the risk that such portfolio company may make business decisions with which we disagree, and the stockholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity for the debt and equity investments that we typically hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of our investments. In addition, we may not be in a position to control any portfolio company by investing in its debt securities. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. We may be subject to risks associated with subordinated debt. We may acquire and/or originate junior lien or subordinated debt investments. If a borrower defaults on a junior lien or subordinated loan or on debt senior in right of payment or as to the proceeds of collateral to our debt investment, or in the event of the bankruptcy of a borrower, the debt investment will be satisfied only after, in the case of junior lien debt, the proceeds of collateral are applied to repay senior lien debt or, in the case of subordinated debt, the senior debt is repaid in full. Under the terms of typical intercreditor or subordination agreements, senior creditors may be able to block the exercise of remedies or the acceleration of the subordinated debt or the exercise by holders of junior lien or subordinated debt of other rights they may have as creditors or in respect of collateral. Accordingly, we may not be able to take the steps necessary or sufficient to protect our investments in a timely manner or at all. In addition, junior lien or subordinated debt may not always be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency. If a borrower declares bankruptcy, we may not have full or any recourse to the assets of the borrower, or the assets of the borrower may not be sufficient to satisfy the loan. Further, the Investment Adviser’s ability to amend the terms of our loans, assign its loans, accept prepayments, exercise its remedies and control decisions made in bankruptcy proceedings may be limited by intercreditor arrangements. In addition, the risks associated with junior lien or subordinated debt include a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including a sustained period of rising interest rates or an economic downturn) may adversely affect the borrower’s ability to pay principal and interest on its debt. Many obligors on junior lien or subordinated loan securities are highly leveraged, and specific developments affecting such obligors, including reduced cash flow from operations or the inability to refinance debt at maturity, may also adversely affect such obligors’ ability to meet debt service obligations. The level of risk associated with investments in subordinated debt increases if such investments are debt of distressed or below investment grade issuers. Default rates for junior lien or subordinated debt securities have historically been higher than has been the case for investment grade securities. We may be subject to risks associated with unsecured debt. We may invest in unsecure | ||||
Our Securities [Member] | |||||
General Description of Registrant [Abstract] | |||||
Risk [Text Block] | Our Securities Investing in our securities involves an above-average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive. Therefore, an investment in our common stock may not be suitable for an investor with a lower risk tolerance. Investors could receive fewer shares of our common stock than anticipated. The purchase price per share of our common stock on each Drawdown Date is expected to be determined to ensure that such price is equal to our then-current NAV per share. As a result, in the event of an increase in our NAV per share, the purchase price for shares purchased on any Drawdown Date may be higher than the purchase price on a previous Drawdown Date, and therefore an investor may receive a smaller number of shares than in a prior drawdown. A stockholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us. Stockholders do not have preemptive rights to any shares we issue in the future. We may decide, at a Subsequent Closing Date and in accordance with the process described below, to issue additional shares at or below the NAV per share. To the extent we issue additional shares, a stockholder’s percentage ownership interest in us may be diluted. In addition, if such shares are issued below NAV, existing stockholders may also experience dilution in the book value and fair value of their shares. We are generally not able to issue and sell our common stock at a price per share below NAV per share. We may, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current NAV per share of our common stock (i) with the consent of a majority of our common stockholders (and a majority of our common stockholders who are not affiliates of ours) and (ii) if, among other things, a majority of our Independent Directors and a majority of our directors who have no financial interest in the transaction determine that a sale is in the best interests of us and our stockholders. We have the right to call Commitments from each investor subscribing at a Subsequent Closing Date to purchase shares in an amount such that the percentage of Commitment contributed by each stockholder in us will be the same (excluding any Defaulting Stockholder). If our NAV has decreased between the Initial Closing Date and such Subsequent Closing Date, the investors subscribing on the Subsequent Closing Date will receive more shares than they would have received had they subscribed for shares on the Initial Closing Date and accordingly, stockholders who subscribed on the Initial Closing Date would have their percentage ownership interest in us further diluted. We may in the future determine to issue preferred stock, which could adversely affect the value of our common stock. The issuance of shares of preferred stock with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred stock could adversely affect the value of our common stock by making an investment in the common stock less attractive. In addition, the dividends on any preferred stock we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred stock must take preference over any distributions or other payments to our common stockholders, and holders of preferred stock are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred stock that converts into common stock). In addition, under the Investment Company Act, preferred stock would constitute a “senior security” for purposes of the 150% asset coverage test. See “ —Regulations governing our operations as a BDC affect our ability to, and the way in which we, raise additional capital. These constraints may hinder our Investment Adviser’s ability to take advantage of attractive investment opportunities and to achieve our investment objective. ” We may not be able to pay distributions to holders of our common stock, distributions to holders of our common stock may not grow over time, and a portion of our distributions may be a return of capital to holders of our common stock for U.S. federal income tax purposes. All distributions will be paid at the discretion of the Board of Directors and will depend on such factors as the Board determines to be relevant from time to time, including our earnings, financial condition and compliance with any debt covenants we may be subject to. Accordingly, we may not pay distributions to stockholders. The distributions we pay to our stockholders in a year may exceed our net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes that would reduce a stockholder’s adjusted tax basis in its common stock and correspondingly increase such stockholder’s gain, or reduce such stockholder’s loss, on disposition of such common stock. Distributions in excess of a stockholder’s adjusted tax basis in its common stock will generally constitute capital gains to such stockholder. Stockholders who periodically receive the payment of a distribution from a RIC consisting of a return of capital for U.S. federal income tax purposes may be under the impression that they are receiving a distribution of the RIC’s net ordinary income or capital gains when they are not. Accordingly, stockholders should read carefully any written disclosure accompanying a distribution from us and the information about the specific tax characteristics of our distributions provided to stockholders after the end of each calendar year, and should not assume that the source of any distribution is our net ordinary income or capital gains. The tax treatment of a non-U.S. stockholder in its jurisdiction of tax residence will depend entirely on the laws of such jurisdiction, and may vary considerably from jurisdiction to jurisdiction. Depending on (i) the laws of such non-U.S. stockholder’s jurisdiction of tax residence, (ii) how we, the investments and/or any other investment vehicles through which we directly or indirectly invest are treated in such jurisdiction, and (iii) the activities of any such entities, an investment in us could result in such non-U.S. stockholder recognizing adverse tax consequences in its jurisdiction of tax residence, including (a) with respect to any generally required or additional tax filings and/or additional disclosure required in such filings in relation to the treatment for tax purposes in the relevant jurisdiction of an interest in us, the investments and/or any other investment vehicles through which we directly or indirectly invest and/or of distributions from such entities and any uncertainties arising in that respect (such entities not being established under the laws of the relevant jurisdiction), (b) the possibility of taxable income significantly in excess of cash distributed to a non-U.S. stockholder, and possibly in excess of our actual economic income, (c) the possibilities of losing deductions or the ability to utilize tax basis and of sums invested being returned in the form of taxable income or gains, and (d) the possibility of being subject to tax at unfavorable tax rates. A non-U.S. stockholder may also be subject to restrictions on the use of its share of our deductions and losses in its jurisdiction of tax residence. Each prospective investor is urged to consult its own tax advisors with respect to the tax and tax filing consequences, if any, in its jurisdiction of tax residence of an investment in us, as well as any other jurisdiction in which such prospective investor is subject to taxation. We may have difficulty paying our required distributions if we recognize taxable income before or without receiving cash representing such income. For U.S. federal income tax purposes, we will include in our taxable income certain amounts that we have not yet received in cash, such as OID, which may occur if we receive warrants in connection with the origination of a loan or possibly in other circumstances or contracted PIK interest, which generally represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment assets, and increases in loan balances as a result of PIK interest will be included in our taxable income before we receive any corresponding cash payments. We also may be required to include in our taxable income certain other amounts that we have not yet received or will not receive in cash, such as accruals on a contingent payment debt instrument, accruals of interest income and/or OID on defaulted debt, or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Moreover, we generally will be required to take certain amounts into income no later than the time such amounts are reflected on our financial statements. The credit risk associated with the collectability of deferred payments may be increased as and when a portfolio company increases the amount of interest on which it is deferring cash payment through deferred interest features. Our investments with a deferred interest feature may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is scheduled to occur upon maturity of the obligation. Because in certain cases we may recognize taxable income before or without receiving cash representing such income, we may have difficulty making distributions to our stockholders that will be sufficient to enable us to meet the Annual Distribution Requirement necessary for us to maintain our qualification for tax treatment as a RIC. Accordingly, we may need to sell some of our assets at times and/or at prices that we would not consider advantageous, we may need to raise additional equity or debt capital, or we may need to forego new investment opportunities or otherwise take actions that are disadvantageous to our business (or be unable to take actions that are advantageous to our business) to enable us to make distributions to our stockholders that will be sufficient to enable us to meet the Annual Distribution Requirement. If we are unable to obtain cash in the amount required for us to make, or if we are restricted from making, sufficient distributions to our stockholders to meet the Annual Distribution Requirement, we may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes). Our stockholders may receive shares of our common stock as distributions, which could result in adverse tax consequences to them. In order to satisfy the Annual Distribution Requirement applicable to RICs, we have the ability to declare a large portion of a distribution in shares of our common stock instead of in cash. We are not subject to restrictions on the circumstances in which we may declare a portion of a distribution in shares of our common stock but would generally anticipate doing so only in unusual situations, such as, for example, if we do not have sufficient cash to meet our RIC distribution requirements under the Code. Generally, were we to declare such a distribution, we would allow stockholders to elect payment in cash and/or shares of our common stock of equivalent value. Under published IRS guidance, the entire distribution by a publicly offered RIC will generally be treated as a taxable distribution for U.S. federal income tax purposes, and count towards our RIC distribution requirements under the Code, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all stockholders is required to be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, the cash available for distribution is required to be allocated among the stockholders electing to receive cash (with the balance of the distribution paid in stock) under a formula provided in the applicable IRS guidance. The number of shares of our stock distributed would thus depend on the applicable percentage limitation on cash available for distribution, the stockholders’ individual elections to receive cash or stock, and the value of the shares of our stock. Each stockholder generally would be treated as having received a taxable distribution (including for purposes of the withholding tax rules applicable to a Non-U.S. stockholder) on the date the distribution is received in an amount equal to the cash that such stockholder would have received if the entire distribution had been paid in cash, even if the stockholder received all or most of the distribution in shares of our common stock. We currently do not intend to pay distributions in shares of our common stock, but we can offer no assurance that we will not do so in the future. Our common stock is subject to significant transfer restrictions, and an investment in our common stock generally will be illiquid. Shares of our common stock are subject to the restrictions on transfer described herein and as set forth in our certificate of incorporation. Purchasers of shares of our common stock prior to an IPO and listing (including purchasers in the offering) will not be permitted to transfer their shares after the consummation of such IPO and listing, including a transfer of solely an economic interest, without our prior written consent until a date to be established by us. If we undergo a Merger, similar restrictions may be imposed on our common stock or shares of another entity received by our stockholders in connection with such transaction. If a listing does not occur, our common stockholders will be prohibited from transferring their shares without our prior written consent. An investment in our common stock is of further limited liquidity since our common stock is not freely transferable under the securities laws. Each investor in our common stock must be prepared to bear the economic risk of an investment in our common stock for an indefinite period. We have no obligation to conduct an Exit Event and can offer no assurances as to whether or when we may conduct an Exit Event. Even if we consummate an Exit Event, we can offer no assurances as to the price at which our common stock will be valued in an Exit Event, and it could be valued below the price in the offering or the then-current NAV. Additionally, pre-Exit Event stockholders are not expected to be able to sell their common stock in any IPO. Shares of our common stock have not been registered under the Securities Act and, therefore, under the securities laws, cannot be sold unless such shares are subsequently registered under the Securities Act or an exemption from such registration is available. Shares of our common stock are illiquid assets for which there is not a secondary market and there is no guarantee that a secondary market will develop in the future. An investment in our common stock is therefore suitable only for certain sophisticated investors that can bear the risks associated with the illiquidity of their common stock. You will have limited opportunities to sell your common stock and, to the extent you are able to sell your common stock, you may not be able to recover the amount of your investment in our common stock. Beginning with the end of the Investment Period, until an Exit Event, we expect that our Board of Directors will consider repurchase offers to allow you to tender your shares of common stock on a quarterly basis at a price per share we expect to reflect a recent NAV per share. Any such share repurchase offer will be at the discretion of our Board of Directors and subject to applicable law and that such repurchases do not give rise to adverse tax, ERISA or other regulatory consequences to us or our stockholders. Additionally, if we determine to make one or more repurchase offers, such offers are expected to include numerous restrictions that limit your ability to sell your shares of common stock pursuant to such offers. We expect to limit the number of shares of common stock repurchased pursuant to any share repurchase offer to 5% of our outstanding shares of common stock (with the exact amount to be set by our Board of Directors). Although we expect that our Board of Directors will consider repurchase offers on a quarterly basis beginning with the end of the Investment Period, our Board of Directors has complete and absolute discretion to determine whether we will engage in any share repurchases and, if so, the terms of such repurchases. Therefore, we may ultimately not engage in any share repurchases or may cease share repurchases at any time, and you may not be able to sell your shares of common stock at all. You should not assume or rely upon any expectation that we will offer to repurchase any of our shares of our common stock. The repurchase price per share of future repurchase offers, if any, may be lower than the price per share that stockholders paid for their shares of our common stock. In addition, in the event that a stockholder chooses to participate in a quarterly repurchase offer, the stockholder may be required to provide us with notice of intent to participate prior to knowing what the NAV per share will be on the repurchase date. A stockholder seeking to sell shares of our common stock to us as part of our quarterly share repurchase offer may be required to do so without knowledge of what the repurchase price per share of our common stock will be on the repurchase date. If we have not consummated an Exit Event by the Wind-down Determination Date, our Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider our potential wind down and/or liquidation and dissolution. If we have not consummated an Exit Event by the Wind-down Determination Date, our Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider our potential wind down and/or liquidation and dissolution. To the extent our Board determines to pursue a liquidation or dissolution, no assurances can be provided as to what price they will be able to obtain from selling or liquidating our investments and we could end up being liquidated below our then NAV per share or at a price per share below what stockholders paid. In the event of any liquidation, dissolution or winding up of our affairs, our common stockholders would receive any remaining net assets only after payment or provision or payment of our debts and other liabilities and subject to the prior rights of any outstanding preferred stock. In addition, we expect that we would incur certain costs associated with a liquidation or dissolution. Accordingly, to the extent our Board of Directors determines to proceed with our liquidation or dissolution, it could result in a loss for our common stockholders. Certain provisions of our certificate of incorporation and bylaws and the DGCL, as well as other aspects of our structure, could deter takeover attempts and have an adverse impact on the price of our common stock. Our certificate of incorporation and bylaws, as well as the DGCL, contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. Among other things, our certificate of incorporation and bylaws: • provide that our Board of Directors will be classified in the event of a listing, which may delay the ability of our stockholders to change the membership of a majority of our Board of Directors; • do not provide for cumulative voting; • provide that vacancies on our Board of Directors, including newly created directorships, may be filled only by a majority vote of directors then in office; • provide that our directors may be removed only for cause, and only by a supermajority vote of the stockholders entitled to elect such directors upon Board classification at the time of a listing; • provide that stockholders may only take action at an annual or special meeting of stockholders, and may not act by written consent; • restrict stockholders’ ability to call special meetings; and • require a supermajority vote of stockholders to effect certain amendments to our certificate of incorporation and bylaws. We have provisions comparable to those of Section 203 of the DGCL (other than with respect to GS Group Inc. and its affiliates and certain of its or their direct or indirect transferees and any group as to which such persons are a party). These provisions generally prohibit us from engaging in mergers, business combinations and certain other types of transactions with “interested stockholders” (generally defined as persons or entities that beneficially own 15% or more of our voting stock), other than the exempt parties as described above, for a period of three years following the date the person became an interested stockholder unless, prior to such stockholder becoming an interested stockholder, our Board of Directors has approved the “business combination” that would otherwise be restricted or the transaction that resulted in the interested stockholder becoming an interested stockholder or the subsequent transaction with the interested stockholder has been approved by our Board of Directors and 66 2/3% of our outstanding voting stock (other than voting stock owned by the interested stockholder). Such provisions may discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the value of our common stock. In addition, certain aspects of our structure, may have the effect of discouraging a third party from making an acquisition proposal for us. If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, U.S. stockholders that are individuals, trusts or estates will be taxed as though they received a distribution of some of our expenses. During the period when we have elected to be treated as a RIC, we expect to be treated as a “publicly offered regulated investment company” (within the meaning of Section 67 of the Code) as a result of shares of our common stock being held by at least 500 persons at all times during a taxable year. However, we cannot assure investors that we will be treated as a publicly offered regulated investment company for all years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. stockholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. stockholder’s allocable share of the management and incentive fees paid to our Investment Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. stockholder. Miscellaneous itemized deductions of a U.S. stockholder that is an individual, trust or estate are disallowed for tax years beginning before January 1, 2026, and thereafter generally are (i) deductible by such U.S. stockholders only to the extent that the aggregate of such U.S. stockholder’s miscellaneous itemized deductions exceeds 2% of such U.S. stockholder’s adjusted gross income for U.S. federal income tax purposes, (ii) not deductible for purposes of the alternative minimum tax and (iii) subject to the overall limitation on itemized deductions under the Code. In addition, if we are not treated as a publicly offered regulated investment company, we will be subject to limitations on the deductibility of certain “preferential dividends” that are distributed to stockholders on a non- pro-rata basis. Non-U.S. stockholders may be subject to withholding of U.S. federal income tax on distributions we pay. Distributions of our “investment company taxable income” to a non-U.S. stockholder that are not effectively connected with the non-U.S. stockholder’s conduct of a trade or business within the United States will generally be subject to withholding of U.S. federal income tax at a 30% rate (or lower rate provided by an applicable income tax treaty) to the extent paid out of our current or accumulated earnings and profits. Certain properly reported distributions are generally exempt from withholding of U.S. federal income tax where they are paid in respect of our (i) “qualified net interest income” (generally, our U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which we or the non-U.S. stockholder are at least a 10% stockholder, reduced by expenses that are allocable to such income) or (ii) “qualified short-term capital gains” (generally, the excess of our net short-term capital gain over our net long-term capital loss for such taxable year), and certain other requirements are satisfied. NO ASSURANCE CAN BE GIVEN AS TO WHETHER ANY OF OUR DISTRIBUTIONS WILL BE ELIGIBLE FOR THIS EXEMPTION FROM WITHHOLDING OF U.S. FEDERAL INCOME TAX. IN PARTICULAR, THIS EXEMPTION WILL NOT APPLY TO OUR DISTRIBUTIONS PAID IN RESPECT OF OUR NON-U.S. SOURCE INTEREST INCOME OR OUR DIVIDEND INCOME (OR ANY OTHER TYPE OF INCOME OTHER THAN GENERALLY OUR NON-CONTINGENT U.S.-SOURCE INTEREST INCOME RECEIVED FROM UNRELATED OBLIGORS AND OUR QUALIFIED SHORT-TERM CAPITAL GAINS). IN THE CASE OF OUR COMMON STOCK HELD THROUGH AN INTERMEDIARY, THE INTERMEDIARY MAY WITHHOLD U.S. FEDERAL INCOME TAX EVEN IF WE REPORT THE PAYMENT AS QUALIFIED NET INTEREST INCOME OR QUALIFIED SHORT-TERM CAPITAL GAIN. BECAUSE OUR COMMON STOCK WILL BE SUBJECT TO SIGNIFICANT TRANSFER RESTRICTIONS, AND AN INVESTMENT IN OUR COMMON STOCK WILL GENERALLY BE ILLIQUID, NON-U.S. STOCKHOLDERS WHOSE DISTRIBUTIONS ON OUR COMMON STOCK ARE SUBJECT TO WITHHOLDING OF U.S. FEDERAL INCOME TAX MAY NOT BE ABLE TO TRANSFER THEIR SHARES OF OUR COMMON STOCK EASILY OR QUICKLY OR AT ALL. The tax treatment of a Non-U.S. stockholder in its jurisdiction of tax residence will depend entirely on the laws of such jurisdiction, and may vary considerably from jurisdiction to jurisdiction. Depending on (i) the laws of such non-U.S. stockholder’s jurisdiction of tax residence, (ii) how the Company, the investments and/or any other investment vehicles through which we directly or indirectly invest are treated in such jurisdiction, and (iii) the activities of any such entities, an investment in us could result in such non-U.S. stockholder recognizing adverse tax consequences in its jurisdiction of tax residence, including (a) with respect to any generally required or additional tax filings and/or additional disclosure required in such filings in relation to the treatment for tax purposes in the relevant jurisdiction of an interest in the Company, the investments and/or any other investment vehicles through which we directly or indirectly invest and/or of distributions from such entities and any uncertainties arising in that respect (the Company not being established under the laws of the relevant jurisdiction), (b) the possibility of taxable income significantly in excess of cash distributed to a non-U.S. stockholder, and possibly in excess of our actual economic income, (c) the possibilities of losing deductions or the ability to utilize tax basis and of sums invested being returned in the form of taxable income or gains, and (d) the possibility of being subject to tax at unfavorable tax rates. A non-U.S. stockholder may also be subject to restrictions on the use of its share of our deductions and losses in its jurisdiction of tax residence. Each prospective investor is urged to consult its own tax advisors with respect to the tax and tax filing consequences, if any, in its jurisdiction of tax residence of an investment in us, as well as any other jurisdiction in which such prospective investor is subject to taxation. Beneficial owners of our equity securities may be subject to certain regulatory requirements based on their ownership percentages. A beneficial owner, either directly or indirectly, of more than 25% of our voting securities is presumed to control us under the Investment Company Act. Certain events beyond an investor’s control may result in an increase in the percentage of such investor’s beneficial ownership of our shares, including the repurchase by us of shares from other stockholders. Control of us would also arise under the Investment Company Act if a person has the power to exercise a controlling influence over our management or policies, unless that power is solely the result of an official position with us. In the event a stockholder is or becomes a person that controls us, it and certain of its affiliated persons will be subject to, among other things, prohibitions or restrictions on engaging in certain transactions with us and certain of our affiliated persons. A beneficial owner of a large number of our equity securities may also become subject to public reporting obligations when we become a public reporting company under the Exchange Act. Stockholders may be subject to filing requirements under the Exchange Act as a result of their investment in us. Ownership information for any person or group that beneficially owns more than 5% of our common stock will have to be disclosed in a Schedule 13D or Schedule 13G, as required by Regulation 13D-G under the Exchange Act, or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having or sharing voting or investment power over the securities. Although we will provide in our quarterly statements the amount of outstanding stock, the responsibility for determining the filing obligation and preparing the filing remains with the investor. In addition, beneficial owners of more than 10% of our common stock will be subject to Section 16 of the Exchange Act, including the reporting obligations of Section 16(a). Stockholders may be subject to the short-swing profits rules under the Exchange Act as a result of their investment in us. Persons with the right to appoint a director or who beneficially own more than 10% of our common stock may be subject to Section 16(b) of the Exchange Act, which recaptures for our benefit profits from the purchase and sale of registered stock within a six-month period. To the extent OID and PIK interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income. Our investments may include OID instruments and PIK interest arrangements, which represents contractual interest added to a loan balance and due at the end of such loan’s term. To the extent OID or PIK interest constitute a portion of our income, we are exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash, including the following: • The higher interest rates of OID and PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID and PIK instruments generally represent a significantly higher credit risk than coupon loans. • Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation. • OID and PIK instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID and PIK income may also create uncertainty about the source | ||||
[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. ORGANIZATION Goldman Sachs Middle Market Lending LLC II ("MMLC LLC II") was formed on February 21, 2020. Effective November 23, 2021, MMLC LLC II converted from a Delaware limited liability company to a Delaware corporation named Goldman Sachs Middle Market Lending Corp. II (the “Company”, which term refers to either Goldman Sachs Middle Market Lending Corp. II or Goldman Sachs Middle Market Lending Corp. II together with its consolidated subsidiary, as the context may require), which, by operation of law, is deemed for purposes of Delaware law the same entity as MMLC LLC II. The Company commenced operations on October 29, 2021. On November 23, 2021, the Company's initial investors (other than the Initial Member (as defined below)) funded the initial portion of their capital commitment to purchase shares of common stock, at which time the Initial Member's initial capital contribution to MMLC LLC II was cancelled. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act. In addition, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien debt, unitranche debt, including last-out portions of such loans, and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. Goldman Sachs Asset Management, L.P. (“GSAM”), a Delaware limited partnership and an affiliate of Goldman Sachs & Co. LLC (including its predecessors, “GS & Co.”), is the investment adviser (the “Investment Adviser”) of the Company. The term “Goldman Sachs” refers to The Goldman Sachs Group, Inc. (“GS Group Inc.”), together with GS & Co., GSAM and its other subsidiaries. The Company is conducting an offering pursuant to which investors will make a capital commitment (a “Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company pursuant to which the investor will agree to purchase common stock for an aggregate purchase price equal to its Commitment. Each investor will be required to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice at least five business days (measured from the date we send such notice by mail or electronically, as applicable, rather than the date such notice is received) prior to the required funding date (the “Drawdown Date”). The offering and sale of common stock will be exempt from registration pursuant to Regulation D and Regulation S promulgated under the U.S. Securities Act of 1933, as amended, for offers and sales of securities that do not involve a public offering and for offers and sale of securities outside of the United States. GS & Co. and Goldman Sachs International will assist the Company in conducting its private placement offering pursuant to agreements between the Company and each of GS & Co. and Goldman Sachs International. On October 4, 2021 ("Initial Closing Date"), the Company began accepting subscription agreements ("Subscription Agreements") from investors acquiring shares of its common stock of the Company in the Company's private offering. Under the terms of the Subscription Agreements, investors are required to make capital contributions up to the undrawn amount of their capital commitment to purchase shares each time the Company delivers a drawdown notice. The final date on which the Company accepted Subscription Agreements occurred on March 24, 2023 (the “Final Closing Date”). The investment period commenced on the Initial Closing Date and will continue until the third anniversary of the Final Closing Date, provided that it may be extended by the board of directors of the Company (the “Board of Directors” or “Board”), in its discretion, for one additional twelve-month period, and, with the approval of a majority-in-interest of the stockholders, for up to one additional year thereafter (such period, including any extensions, the “Investment Period”). In addition, the Board of Directors may terminate the Investment Period at any time in its discretion. Following the end of the Investment Period, the Company will have the right to issue drawdowns only (i) to pay, and/or establish reserves for, actual or our anticipated expenses, liabilities, including the payment or repayment of indebtedness for borrowed money (including through the issuance of notes and other evidence of indebtedness), other indebtedness, financings or extensions of credit, or other obligations, contingent or otherwise, including the Management Fee (as defined below), whether incurred before or after the end of the Investment Period, (ii) to fulfill investment commitments made or approved by the BDC investment committee of Goldman Sachs Asset Management's Private Credit Team (the “BDC Investment Committee”) prior to the expiration of the Investment Period, (iii) to engage in hedging transactions, or (iv) to make additional investments in existing portfolio companies, which may include new financings of such portfolio companies (each, an “Additional Investment”) (including transactions to hedge interest rate or currency risks related to an Additional Investment). The Company will continue to operate as a private reporting company, until the earlier of the following events, each referred to as an “Exit Event”: (i) any listing of the Company’s shares of common stock on a national securities exchange (a “listing”), including in connection with an initial public offering (“IPO”), (ii) merger with another entity, including an affiliated company, subject to any limitations under the Investment Company Act or (iii) the sale of all or substantially all of the assets of the Company. If the Company has not consummated an Exit Event by the sixth anniversary of the Final Closing Date, the Board of Directors (to the extent consistent with its fiduciary duties and subject to any necessary stockholder approvals and applicable requirements of the Investment Company Act and the Code) will meet to consider the Company’s potential wind down and/or liquidation and dissolution. An affiliate of the Investment Adviser made a capital commitment to the Company of $ 0.10 on October 29, 2021 and served as the Company’s sole initial member (the “Initial Member”). The Company cancelled the Initial Member’s interest in the Company on November 23, 2021, the first date on which investors (other than the Initial Member) made their initial capital contribution to purchase shares of the Company’s common stock (the “Initial Drawdown Date”). The Company has formed a wholly owned subsidiary, which is structured as Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements. Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). Basis of Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly owned subsidiary, MMLC II Blocker I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation. Revenue Recognition The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Prepayment premiums $ 201 $ — $ — Accelerated amortization of upfront loan origination fees and unamortized discounts $ 671 $ — $ — Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another account managed by the Investment Adviser. Dividend income on preferred equity investments is recorded on an 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 investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively. Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time. Non-Accrual Investments Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of December 31, 2023 , the Company had an investment held in one portfolio company on non-accrual status, which represented 2.0 % and 1.6 % of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value, respectively. As of December 31, 2022 , the Company did not have any investments on non-accrual status. Investments The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee ("Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.” The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below: (1) The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment; (2) The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor; (3) The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process; (4) The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee; (5) The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and (6) Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. Money Market Funds Investments in money market funds are valued at net asset value (“NAV”) per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.” Cash Cash consists of deposits held at a custodian bank. As of December 31, 2023 and December 31, 2022, the Company held an aggregate cash balance of $ 8,543 and $ 3,675 . Foreign currency of $ 1,828 and $ 375 (acquisition cost of $ 1,811 and $ 371 ) is included in cash as of December 31, 2023 and December 31, 2022. Foreign Currency Translation Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates. The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations. Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. Income Taxes The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties under expenses in the Consolidated Statements of Operations. The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities. The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company. To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income as required. The Company’s consolidated subsidiary is subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. Distributions Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods. Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (the “BoA Revolving Credit Facility”) and the revolving credit facility between the Company and Truist Bank (the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities") . These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. Organization Costs Organization costs include costs relating to the formation and organization of the Company. These costs were expensed as incurred. Upon the Initial Drawdown Date, stockholders bore such costs. Stockholders making capital commitments after the Initial Drawdown Date will bear a pro rata portion of such costs at the time of their first investment in the Company. Offering Costs Offering costs consist primarily of fees and expenses incurred in connection with the continuous offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. New Accounting Pronouncements In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures.” This ASU requires enhanced disclosures about significant segment expenses. In addition, the ASU requires specific disclosures related to the title and position of the individual (or the name of the group or committee) identified as the Chief Operating Decision Maker (“CODM”); and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, under a retrospective approach. The Company is assessing the impact of the new ASU on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires additional disaggregation of income taxes paid, specific rate reconciliation categories, and disaggregation within those categories if a defined quantitative threshold is met. The ASU is effective for annual periods beginning after December 15, 2024. The Company is assessing the impact of the new ASU on its consolidated financial statements. |
Significant Agreements and Rela
Significant Agreements and Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Significant Agreements and Related Party Transactions | 3. SIGNIFICANT AGREEMENTS AND RELATED PARTY TRANSACTIONS Investment Management Agreement The Company entered into an investment management agreement effective as of November 1, 2021 (the “Investment Management Agreement”) with the Investment Adviser, pursuant to which the Investment Adviser manages the Company’s investment program and related activities. The Board approved the continuation of the Investment Management Agreement on August 2, 2023. Management Fee The Company pays the Investment Adviser a management fee (the “Management Fee”), accrued and payable quarterly in arrears. The Management Fee is equal to 0.1875 % (i.e., an annual rate of 0.75 %) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters. For the avoidance of doubt, the Management Fee for the Company's first quarter (i.e., the period beginning on the Initial Drawdown Date and ending on the last day of the quarter in which the Initial Drawdown Date occurred) will be equal to 0.1875 % (i.e., an annual rate of 0.75 %) of the Company's average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of such quarter. The Management Fee for any partial quarter will be appropriately prorated. The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests. Following the occurrence (if any) of a listing, the Management Fee will be equal to 0.25 % (i.e., an annual rate of 1.00 %) of the average of the values of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters (and, in the case of the Company's first quarter-end following any listing, the Company's gross assets as of such quarter-end). For the years ended December 31, 2023 and 2022 and for the period from October 29, 2021 (commencement of operations) to December 31, 2021, Management Fees amounted to $ 2,423 , $ 824 and $ 12 and the Investment Adviser waived $ 0 , $ 193 , and $ 12 . As of December 31, 2023, $ 771 remained payable. Incentive Fee Pursuant to the Investment Management Agreement, the Company pays to the Investment Adviser an incentive fee (the “Incentive Fee”) as follows: The Incentive Fee consists of two components that are determined 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 income and a portion is based on capital gains, each as described below. i. Quarterly Incentive Fee Based on Income For the portion of the Incentive Fee based on income, the Company’s Investment Adviser is entitled to receive the Incentive Fee based on Company income if the Company’s Ordinary Income (as defined below) exceeds a quarterly “hurdle rate” (as defined below) of 1.75 %. For this purpose, the hurdle is computed by reference to the Company’s NAV and does not take into account any changes in the market price of the Company’s common stock. The Incentive Fee based on income will be determined and paid quarterly in arrears at the end of each calendar quarter by reference to the Company’s aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters or if shorter, the number of quarters that have occurred since the Initial Drawdown Date (in either case, the “Trailing Twelve Quarters”). However, following the occurrence (if any) of a listing, the Trailing Twelve Quarters will be “reset” so as to include, as of the end of any quarter, the calendar quarter then ending and the eleven preceding calendar quarters (or if shorter, the number of quarters that have occurred since the listing, rather than the number of quarters that have occurred since the Initial Drawdown Date). The “hurdle amount” for the Incentive Fee based on income is determined on a quarterly basis, and is equal to 1.75 % multiplied by the Company’s NAV at the beginning of each applicable calendar quarter in the relevant Trailing Twelve Quarters. The hurdle amount is calculated after making appropriate adjustments for subscriptions (which shall include all issuances by the Company of shares of its common stock) and distributions that occurred during the relevant Trailing Twelve Quarters. The Incentive Fee for any partial period will be appropriately prorated. For the portion of the Incentive Fee based on income, the Company pays the Investment Adviser a quarterly Incentive Fee based on the amount by which (A) Ordinary Income in respect of the relevant Trailing Twelve Quarters exceeds (B) the hurdle amount for such Trailing Twelve Quarters. The amount of the excess of (A) over (B) described in this paragraph for such Trailing Twelve Quarters is referred to as the “Excess Income Amount.” The Incentive Fee based on income for each quarter is determined as follows: • No Incentive Fee based on income is payable to the Investment Adviser for any calendar quarter for which there is no Excess Income Amount; • 100 % of the Ordinary Income (as defined below), if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the “Catch-up Amount,” determined as the sum of 2.0588 % (or 2.1875 % in the event of a listing) multiplied by the Company’s NAV at the beginning of each applicable calendar quarter included in the relevant Trailing Twelve Quarters is included in the calculation of the Incentive Fee based on income; and • 15 % (which will be increased to 20 % in the event of a listing, from the date of such listing) of the Ordinary Income that exceeds the Catch-up Amount is included in the calculation of the Incentive Fee based on income. The amount of the Incentive Fee based on income that will be paid to the Investment Adviser for a particular quarter will equal the excess of the Incentive Fee so calculated minus the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but will not exceed the Incentive Fee Cap (as described below, and subject to the limitations set forth in Section 205(b)(3) of the Advisers Act). The Incentive Fee based on income that is paid to the Investment Adviser for a particular quarter is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap for any quarter is an amount equal to (a) 15 % (which will be increased to 20 % in the event of a listing, from the date of such listing) of the Cumulative Net Return (as defined below) during the relevant Trailing Twelve Quarters minus (b) the aggregate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters. “Ordinary Income” means interest income, dividend income and any other income (including any accrued income that we have not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter minus our operating expenses accrued during the calendar quarter (including the Management Fee, administrative expenses and any interest expense and dividends paid on issued and outstanding preferred stock, but excluding the Incentive Fee). “Cumulative Net Return” means (x) the Ordinary Income in respect of the relevant Trailing Twelve Quarters minus (y) any Net Capital Loss (as defined below), if any, in respect of the relevant Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company will pay no Incentive Fee based on income to the Investment Adviser for such quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap for such quarter is equal to or greater than the Incentive Fee based on income that is payable to the Investment Adviser for such quarter (before giving effect to the Incentive Fee Cap) calculated as described above, the Company will pay an Incentive Fee based on income to the Investment Adviser equal to the Incentive Fee calculated as described above for such quarter without regard to the Incentive Fee Cap. In certain limited circumstances, an Incentive Fee based on income will be payable to the Investment Adviser although the net income for such quarter did not exceed the hurdle rate or the Incentive Fee will be higher than it would have been if calculated based on the Company’s performance for the applicable quarter without taking into account the Trailing Twelve Quarters. “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. For the years ended December 31, 2023 and 2022 and for the period from October 29, 2021 (commencement of operations) to December 31, 2021, Incentive Fees based on income amounted to $ 3,152 , $ 0 and $ 0 . As of December 31, 2023, $ 3,152 remained payable. ii. Annual Incentive Fee Based on Capital Gains The portion of Incentive Fee based on capital gains is determined and paid annually in arrears at the end of each calendar year or, in the event of a listing, the date on which such event occurs. At the end of each calendar year (or the occurrence of a listing), the Company will pay the Investment Adviser an Incentive Fee equal to (A) 15 % (which will be increased to 20 % in the event of a listing, from the date of such listing) of the difference, if positive, of the sum of the Company’s aggregate realized capital gains, if any, computed net of the Company’s aggregate realized capital losses, if any, and the Company’s aggregate unrealized capital depreciation, in each case from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) until the end of such calendar year or listing, as applicable, minus (B) the cumulative amount of Incentive Fees based on capital gains previously paid to the Investment Adviser from the Initial Drawdown Date (or, following the occurrence (if any) of a listing, from the date on which such event occurs) through the end of such calendar ye ar or listing, as applicable. For the avoidance of doubt, unrealized capital appreciation is excluded from the calculation in clause (A), above. The Company accrues, but does not pay, a portion of the Incentive Fee based on capital gains with respect to net unrealized appreciation. Under GAAP, the Company is required to accrue an Incentive Fee base d on capital gains that includes net realized capital gains and losses and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the accrual for the Incentive Fee based on capital gains, the Company considers the cumulative aggregate unrealized capital appreciation in the calculation, since an Incentive Fee based on capital gains would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Management Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and aggregate cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company records a capital gains incentive fee equal to 15 % (which will be increased to 20 % in the event of a listing, from the date of such listing) of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods (or, following the occurrence (if any) of a listing, in all prior periods beginning with the date on which such event occurs). If such amount is negative, then there is no accrual for such period. There can be no assurance that such unrealized capital appreciation will be realized in the future. 0 , $( 31 ) and $ 31 , which was not realized. Administration and Custodian Fees The Company has entered into an administration agreement with State Street Bank and Trust Company (the “Administrator”) under which the Administrator provides various accounting and administrative services to the Company. The Company pays the Administrator fees for its services as it determines to be commercially reasonable in its sole discretion. The Company also reimburses the Administrator for all reasonable expenses. To the extent that the Administrator outsources any of its functions, the Administrator pays any compensation associated with such functions. The Administrator also serves as the Company’s custodian (the “Custodian”). For the years ended December 31, 2023 and 2022 and for the period from October 29, 2021 (commencement of operations) to December 31, 2021, the Company incurred expenses for services provided by the Administrator and the Custodian of $ 394 , $ 310 and $ 48 . As of December 31, 2023, $ 103 remained payable. Transfer Agent Fees The Company has entered into a transfer agency agreement (the “Transfer Agency Agreement”), with GS & Co. pursuant to which GS & Co. serves as the Company’s transfer agent (“Transfer Agent”), registrar and disbursing agent. The Company pays the Transfer Agent fees at an annual rate of 0.15 % of the average of the NAV of the Company at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company’s first quarter, the Company’s NAV as of such quarter-end). For the year ended December 31, 2023 and 2022 and for the period from October 29, 2021 (commencement of operations) to December 31, 2021, the Company incurred expenses for services provided by the Transfer Agent of $ 296 , $ 126 and $ 7 . As of December 31, 2023, $ 90 remained payable. Affiliates The table below presents the Company’s affiliated investments: Beginning Fair Value Balance Gross (1) Gross (2) Net Realized Net Change in Ending Dividend, For the Year Ended December 31, 2023 Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund $ — $ 174,325 $ ( 173,420 ) $ — $ — $ 905 $ 162 Southeast Mechanical, LLC (dba. SEM Holdings, LLC) 3,843 1,268 ( 34 ) — 233 5,310 474 Total Non-Controlled Affiliates $ 3,843 $ 175,593 $ ( 173,454 ) $ — $ 233 $ 6,215 $ 636 For the Year Ended December 31, 2022 Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund $ 23,067 $ 135,038 $ ( 158,105 ) $ — $ — $ — $ 47 Southeast Mechanical, LLC (dba. SEM Holdings, LLC) — 3,803 ( 18 ) — 58 3,843 174 Total Non-Controlled Affiliates $ 23,067 $ 138,841 $ ( 158,123 ) $ — $ 58 $ 3,843 $ 221 (1) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. Due to Affiliates The Investment Adviser pays certain general and administrative expenses, including legal expenses, on behalf of the Company in the ordinary course of business. As of December 31, 2023 and December 31, 2022, there were $ 161 and $ 335 , respectively, included within accrued expenses and other liabilities, and $ 0 and $ 19 , respectively, included within interest and other debt expenses payable that were paid by the Investment Adviser and its affiliates on behalf of the Company. Co-Investment Activity In certain circumstances, the Company can make negotiated co-investments pursuant to an exemptive order from the SEC permitting it to do so. On November 16, 2022, the SEC granted to the Investment Adviser, the BDCs advised by the Investment Adviser and certain other affiliated applicants exemptive relief on which the Company expects to rely to co-invest alongside certain other client accounts managed by the Investment Adviser (collectively with the Company, the “Accounts”), which may include proprietary accounts of Goldman Sachs, in a manner consistent with the Company's investment objectives and strategies, certain Board-established criteria, the conditions of such exemptive relief and other pertinent factors (the “Relief”). Additionally, if the Investment Adviser forms other funds in the future, the Company may co-invest alongside such other affiliates, subject to compliance with the Relief, applicable regulations and regulatory guidance, as well as applicable allocation procedures. As a result of the Relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of other Accounts, including, in some cases, proprietary accounts of Goldman Sachs. The Goldman Sachs Asset Management Private Credit Team is composed of investment professionals dedicated to the Company’s investment strategy and to other funds that share a similar investment strategy with the Company. The Goldman Sachs Asset Management Private Credit Team is responsible for identifying investment opportunities, conducting research and due diligence on prospective investments, negotiating and structuring the Company’s investments, and monitoring and servicing the Company’s investments. The team works together with investment professionals who are primarily focused on investment strategies in syndicated, liquid credit. Under the terms of the Relief a “required majority” (as defined in Section 57(o) of the Investment Company Act) of the Company’s independent directors must make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to the Company and the Company’s stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s stockholders and is consistent with the then-current investment objectives and strategies of the Company. In addition, the Company has filed an application to amend the Relief to permit the Company to participate in follow-on investments in the Company's existing portfolio companies with certain affiliates covered by the Relief if such affiliates, that are not BDCs or registered investment companies, did not have an investment in such existing portfolio company. There can be no assurance if and when the Company will receive the amended exemptive order. Placement Agent Agreement The Company has entered into an agreement with each of Goldman Sachs & Co. LLC and Goldman Sachs International pursuant to which Goldman Sachs & Co. LLC and Goldman Sachs International will assist the Company in conducting private placement offerings. Goldman Sachs & Co. LLC and Goldman Sachs International have entered into or will enter into sub-placement agreements (together with the agreements with Goldman Sachs & Co. LLC and Goldman Sachs International, the “Placement Agent Agreements”) with various sub-placement agents to assist in conducting the private placement offering. The placement agents are not expected to be compensated by the Company for their services, but may charge investors a placement fee with respect to their investments in the Company. The placement agents may also be compensated by the Investment Adviser, in its discretion, for certain services including promotional and marketing support, stockholder servicing, operational and recordkeeping, sub-accounting, networking or administrative services. These payments are made out of the Investment Adviser’s own resources and/or assets, including from the revenues or profits derived from the advisory fees the Investment Adviser receives from the Company. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments | 4. INVESTMENTS The Company’s investments (excluding investments in money market funds, if any) consisted of the following: December 31, 2023 December 31, 2022 Investment Type Cost Fair Value Cost Fair Value 1st Lien/Senior Secured Debt $ 428,177 $ 427,084 $ 240,889 $ 239,700 1st Lien/Last-Out Unitranche 33,627 33,588 6,352 6,295 Preferred Stock 2,711 3,316 2,711 2,826 Common Stock 670 954 670 768 Warrants 216 28 216 71 Total investments $ 465,401 $ 464,970 $ 250,838 $ 249,660 The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows: December 31, 2023 December 31, 2022 Industry Fair Value Net Assets Fair Value Net Assets Software 19.9 % 36.2 % 16.2 % 23.6 % Financial Services 12.9 23.4 19.7 28.7 Diversified Consumer Services 9.0 16.3 17.1 24.9 Health Care Providers & Services 7.4 13.4 9.2 13.4 IT Services 7.0 12.8 9.2 13.4 Health Care Technology 6.5 11.8 8.9 12.8 Professional Services 6.2 11.3 8.4 12.2 Wireless Telecommunication Services 5.7 10.4 — — Chemicals 3.8 7.0 — — Aerospace & Defense 2.9 5.2 — — Automobiles 2.7 4.9 4.9 7.1 Insurance 2.3 4.2 — — Real Estate Mgmt. & Development 2.1 3.8 3.6 5.2 Commercial Services & Supplies 2.0 3.6 1.4 2.0 Media 1.9 3.5 — — Consumer Staples Distribution & Retail 1.9 3.4 — — Trading Companies & Distributors 1.7 3.1 — — Textiles, Apparel & Luxury Goods 1.2 2.2 — — Leisure Products 1.2 2.2 — — Distributors 0.9 1.7 — — Entertainment 0.8 1.4 1.4 2.1 Total 100.0 % 181.8 % 100.0 % 145.4 % The geographic composition of the Company’s investments at fair value was as follows: Geographic December 31, 2023 December 31, 2022 United States 88.8 % 80.4 % Canada 6.2 4.9 United Kingdom 5.0 14.7 Total 100.0 % 100.0 % |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 5. FAIR VALUE MEASUREMENT The fair value of a financial instrument is the amount that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these securities. The three levels of the fair value hierarchy are as follows: Basis of Fair Value Measurement Level 1 – Inputs to the valuation methodology are quoted prices available in active markets for identical instruments as of the reporting date. The types of financial instruments included in Level 1 include unrestricted securities, including equities and derivatives, listed in active markets. Level 2 – Inputs to the valuation methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date. The types of financial instruments in this category include less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities and certain over-the-counter derivatives where the fair value is based on observable inputs. Level 3 – Inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category include investments in privately held entities and certain over-the-counter derivatives where the fair value is based on unobservable inputs. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Note 2 “Significant Accounting Policies” should be read in conjunction with the information outlined below. The table below presents the valuation techniques and the nature of significant inputs generally used in determining the fair value of Level 2 and Level 3 Instruments. Level 2 Instruments Valuation Techniques and Significant Inputs Equity and Fixed Income The types of instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include commercial paper, most government agency obligations, most corporate debt securities, certain mortgage-backed securities, certain bank loans, less liquid publicly listed equities, certain state and municipal obligations, certain money market instruments and certain loan commitments. Valuations of Level 2 Equity and Fixed Income instruments can be verified to quoted prices, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. Consideration is given to the nature of the quotations (e.g. indicative or firm) and the relationship of recent market activity to the prices provided from alternative pricing sources. Derivative Contracts Over-the-counter ("OTC") derivatives (both centrally cleared and bilateral) are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence. Level 3 Instruments Valuation Techniques and Significant Inputs Bank Loans, Corporate Debt, and Other Debt Obligations Valuations are generally based on discounted cash flow techniques, for which the significant inputs are the amount and timing of expected future cash flows, market yields and recovery assumptions. The significant inputs are generally determined based on relative value analyses, which incorporate comparisons both to credit default swaps that reference the same underlying credit risk and to other debt instruments for the same issuer for which observable prices or broker quotes are available. Other valuation methodologies are used as appropriate including market comparables, transactions in similar instruments and recovery/liquidation analysis. Equity Recent third-party investments or pending transactions are considered to be the best evidence for any change in fair value. When these are not available, the following valuation methodologies are used, as appropriate and available: (i) Transactions in similar instruments; (ii) Discounted cash flow techniques; (iii) Third party appraisals; and (iv) Industry multiples and public comparables. Evidence includes recent or pending reorganizations (for example, merger proposals, tender offers and debt restructurings) and significant changes in financial metrics, including: (i) Current financial performance as compared to projected performance; (ii) Capitalization rates and multiples; and (iii) Market yields implied by transactions of similar or related assets. The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2023 and December 31, 2022 . These ranges represent the significant unobservable inputs that were used in the valuation of each type of instrument, but they do not represent a range of values for any one instrument. For example, the lowest discount rate in 1st Lien/Senior Secured Debt is appropriate for valuing that specific debt investment, but may not be appropriate for valuing any other debt investments in this asset class. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 assets. Level 3 Instruments Fair (1) (2) Valuation (3) Significant Range of Significant (4) Weighted (5) As of December 31, 2023 Bank Loans, Corporate Debt, and Other Debt Obligations 1st Lien/Senior Secured Debt $ 307,011 Discounted cash flows Discount Rate 8.9 % - 11.8 % 10.5 % $ 7,603 Comparable multiples EV/EBITDA (6) — 10.0 x 1st Lien/Last-Out Unitranche $ 16,988 Discounted cash flows Discount Rate 8.9 % - 11.7 % 10.7 % Equity Preferred Stock $ 1,496 Comparable multiples EV/EBITDA (6) — 31.2 x $ 1,820 Comparable multiples EV/Revenue — 4.0 x Common Stock $ 954 Comparable multiples EV/EBITDA (6) 9.3 x - 16.0 x 11.1 x Warrants $ 28 Comparable multiples EV/Revenue — 4.0 x As of December 31, 2022 Bank Loans, Corporate Debt, and Other Debt Obligations 1st Lien/Senior Secured Debt $ 168,648 Discounted cash flows Discount Rate 7.4 % - 11.5 % 9.9 % 1st Lien/Last-Out Unitranche $ 6,295 Discounted cash flows Discount Rate — 10.9 % Equity Preferred Stock $ 1,349 Comparable multiples EV/EBITDA (6) — 27.9 x $ 1,477 Comparable multiples EV/Revenue — 4.0 x Common Stock $ 768 Comparable multiples EV/EBITDA (6) 9.1 x - 18.3 x 12.4 x Warrants $ 71 Comparable multiples EV/Revenue — 4.0 x (1) As of December 31, 2023, included within Level 3 assets of $ 464,970 is an amount of $ 129,070 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $ 323,999 or 70.3 % of Level 3 bank loans, corporate debt, and other debt obligations. (2) As of December 31, 2022, included within Level 3 assets of $ 249,660 is an amount of $ 71,052 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $ 174,943 or 71.1 % of Level 3 bank loans, corporate debt, and other debt obligations. (3) The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques. (4) The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded. (5) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment. (6) Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). As noted above, the income and market approaches were used in the determination of fair value of certain Level 3 assets as of December 31, 2023 and December 31, 2022. The significant unobservable inputs used in the income approach are the discount rate or market yield used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. An increase in the discount rate or market yield would result in a decrease in the fair value. Included in the consideration and selection of discount rates or market yields is risk of default, rating of the investment, call provisions and comparable company investments. The significant unobservable inputs used in the market approach are based on market comparable transactions and market multiples of publicly traded comparable companies. Increases or decreases in market comparable transactions or market multiples would result in an increase or decrease, in the fair value. The following is a summary of the Company’s assets categorized within the fair value hierarchy: December 31, 2023 December 31, 2022 Assets Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 1st Lien/Senior Secured Debt $ — $ — $ 427,084 $ 427,084 $ — $ — $ 239,700 $ 239,700 1st Lien/Last-Out Unitranche — — 33,588 33,588 — — 6,295 6,295 Preferred Stock — — 3,316 3,316 — — 2,826 2,826 Common Stock — — 954 954 — — 768 768 Warrants — — 28 28 — — 71 71 Investments in Affiliated Money Market Fund 905 — — 905 — — — — Total $ 905 $ — $ 464,970 $ 465,875 $ — $ — $ 249,660 $ 249,660 The below table presents a summary of changes in fair value of Level 3 assets by investment type: Assets Beginning Purchases (1) Net Net Change in Sales and (1) Net Transfers (2) Transfers (2) Ending Balance Net Change in For the Year Ended December 31, 2023 1st Lien/Senior Secured Debt $ 239,700 $ 218,415 $ 1,348 $ 95 $ ( 34,186 ) $ 1,712 $ — $ — $ 427,084 $ 177 1st Lien/Last-Out Unitranche 6,295 27,239 — 19 — 35 — — 33,588 18 Preferred Stock 2,826 — — 490 — — — — 3,316 490 Common Stock 768 — — 186 — — — — 954 186 Warrants 71 — — ( 43 ) — — — — 28 ( 43 ) Total assets $ 249,660 $ 245,654 $ 1,348 $ 747 $ ( 34,186 ) $ 1,747 $ — $ — $ 464,970 $ 828 For the Year Ended December 31, 2022 1st Lien/Senior Secured Debt $ 26,413 $ 221,955 $ — $ ( 1,414 ) $ ( 7,602 ) $ 348 $ — $ — $ 239,700 $ ( 1,414 ) 1st Lien/Last-Out Unitranche — 6,344 — ( 57 ) — 8 — — 6,295 ( 57 ) Preferred Stock 2,711 — — 115 — — — — 2,826 115 Common Stock 270 400 — 98 — — — — 768 98 Warrants 216 — — ( 145 ) — — — — 71 ( 145 ) Total assets $ 29,610 $ 228,699 $ — $ ( 1,403 ) $ ( 7,602 ) $ 356 $ — $ — $ 249,660 $ ( 1,403 ) (1) Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments. (2) Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser. Debt Not Carried at Fair Value The fair value of the Company’s debt, which would have been categorized as Level 3 within the fair value hierarchy as of December 31, 2023 and December 31, 2022 , approximates its carrying value because the Revolving Credit Facilities have variable interest based on selected short-term rates. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 6. DEBT On November 1, 2021, the Initial Member approved the application of the reduced asset coverage requirements in Section 61(a)(2) of the Investment Company Act to the Company and such election became effective the following day. As a result of this approval, the Company is currently allowed to borrow amounts such that its asset coverage ratio, as defined in the Investment Company Act, is at least 150 % after such borrowing (if certain requirements are met) . As of December 31, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 219 % and 316 %. The Company’s outstanding debt was as follows: December 31, 2023 December 31, 2022 Aggregate Amount Carrying Aggregate Amount Carrying BoA Revolving Credit Facility (1) $ 95,000 $ 95,000 $ — $ 156,586 $ 76,796 $ 79,443 Truist Revolving Credit Facility (2) 305,000 91,805 214,459 — — — Total debt $ 400,000 $ 186,805 $ 214,459 $ 156,586 $ 76,796 $ 79,443 (1) Provides, under certain circumstances, a total borrowing capacity of $ 300,000 . The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2023 , the Company had outstanding borrowings of $ 0 . As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $ 30,000 and in GBP of £ 30,665 and in CAD of 16,750 . (2) Provides, under certain circumstances, a total borrowing capacity of $ 750,000 . As of December 31, 2023, the Company had outstanding borrowings denominated in USD of $ 179,000 , in GBP of £ 13,165 and in CAD of CAD 24,750 . The combined weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2023 was 7.46 % and the weighted average interest rate of the aggregate borrowings outstanding for the year ended December 31, 2022 was 5.30 %. The combined weighted average debt of the aggregate borrowings outstanding for the year ended December 31, 2023 was $ 134,147 and the weighted average debt of the aggregate borrowings outstanding for the year ended December 31, 2022 was $ 33,710 . BoA Revolving Credit Facility The Company entered into the BoA Revolving Credit Facility on November 26, 2021 with Bank of America, N.A., as administrative agent (the “Administrative Agent”), lead arranger, letter of credit issuer and lender. Subject to availability under the “Borrowing Base,” the maximum principal amount of the BoA Revolving Credit Facility was $ 95,000 as of December 31, 2023 . The Borrowing Base is calculated based on the unfunded capital commitments of the investors meeting various eligibility requirements (subject to investor concentration limits) multiplied by specified advance rates. The stated maturity date of the BoA Revolving Credit Facility is May 24, 2024, subject to one option to extend the stated maturity date to November 22, 2024, upon the satisfaction of certain customary conditions (including payment of an extension fee equal to 0.20 % of the aggregate principal amount of loans and commitments extended). The Company amended the BoA Revolving Credit Facility on July 26, 2022, November 14, 2022 and November 9, 2023. Proceeds from the BoA Revolving Credit Facility may be used for investments, working capital, expenses and general corporate purposes (including to pay dividends or distributions). Under the BoA Revolving Credit Facility, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which is zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.95 % per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.95 % per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.95 % per annum, and (iii) Term SOFR with a one-month tenor plus 1.00 %). In connection with the closing of the amendment on November 9, 2023, the Company paid at closing an upfront fee to each lender under the BoA Revolving Credit Facility equal to 0.40 % of the aggregate principal amount of loans and commitments. The Company pays (x) a 0.35 % annualized fee if the facility utilization is equal to or greater than 50 % of the maximum commitment and (y) a 0.45 % annualized fee if the facility utilization is less than 50 % of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility. Amounts drawn under the BoA Revolving Credit Facility may be prepaid at any time without premium or penalty, subject to applicable breakage costs. Loans are subject to mandatory prepayment for amounts exceeding the Borrowing Base or the lenders’ aggregate commitment and to the extent required to comply with the Investment Company Act, as applied to BDCs. Transfers of interests in the Company by investors are subject to certain restrictions under the BoA Revolving Credit Facility. In addition, any transfer of shares from a stockholder whose undrawn commitments are included in the Borrowing Base to a stockholder that is not eligible to be included in the Borrowing Base (or that is eligible to be included in the Borrowing Base at a lower advance rate) may trigger mandatory prepayment obligations. The BoA Revolving Credit Facility is secured by a perfected first priority security interest in the unfunded capital commitments of the Company’s investors (with certain exceptions) and the proceeds thereof, including an assignment of the right to make capital calls, receive and apply capital contributions, and enforce remedies and claims related thereto, and a pledge of the collateral account into which capital call proceeds are deposited. Additionally, under the BoA Revolving Credit Facility, in certain circumstances after an event of default, the Administrative Agent will be able to require investors to fund their capital commitments directly to the Administrative Agent for the purposes of repaying the loans, but lenders cannot seek recourse against a stockholder in excess of such stockholder's obligation to contribute capital to the Company. The BoA Revolving Credit Facility contains customary representations, warranties, and affirmative and negative covenants, including without limitation, representations and covenants regarding treatment as a RIC under the Code and as a BDC under the Investment Company Act and restrictions on the Company’s ability to make certain distributions, to incur additional indebtedness, to incur any liens on the collateral and to permit certain transfers of stockholders’ ownership interest in the shares. The BoA Revolving Credit Facility includes customary conditions precedent to the draw-down of loans and customary events of default. As of December 31, 2023, the Company was in compliance with these covenants. Costs of $ 1,352 were incurred in connection with obtaining and amending the BoA Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the BoA Revolving Credit Facility using the straight-line method. As of December 31, 2023 and December 31, 2022, outstanding deferred financing costs were $ 314 and $ 484 . The below table presents the summary information of the BoA Revolving Credit Facility: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Borrowing interest expense $ 3,775 $ 1,787 $ 18 Facility fees 299 227 19 Amortization of financing costs 619 398 22 Total $ 4,693 $ 2,412 $ 59 Weighted average interest rate 7.48 % 5.30 % 3.00 % Average outstanding balance $ 50,446 $ 33,710 $ 6,308 * * Average outstanding debt balance was calculated beginning on November 26, 2021, the date on which the Company entered into the BoA Revolving Credit Facility . Truist Revolving Credit Facility The Company entered into the Truist Revolving Credit Facility on February 28, 2023 with Truist Bank, as administrative agent, lead arranger, letter of credit issuer and lender. The Truist Revolving Credit Facility is a multicurrency facility, and as of December 31, 2023 , total commitments under the Truist Revolving Credit Facility were $ 305,000 . The Truist Revolving Credit Facility also has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Truist Revolving Credit Facility to $ 750,000 . Any amounts borrowed under the Truist Revolving Credit Facility will mature, and all accrued and unpaid interest will be due and payable, on February 28, 2028. Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10 % credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326 % credit adjustment spread or 0.1193 % credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. The Company’s obligations to the lenders under the Truist Revolving Credit Facility are secured by a first priority security interest in substantially all of the Company’s portfolio of investments and cash, with certain exceptions. The Truist Revolving Credit Facility contains certain covenants, including: (i) maintaining a minimum shareholders’ equity, (ii) maintaining an asset coverage ratio of at least 1.50 to 1 and (iii) restrictions on industry concentrations in the Company’s investment portfolio. As of December 31, 2023, the Company was in compliance with these covenants. The Truist Revolving Credit Facility may be guaranteed by certain of the Company’s subsidiaries that are formed or acquired by the Company in the future (collectively, the “Subsidiary Guarantors”). The Truist Revolving Credit Facility also includes representations and warranties, conditions precedent to funding of draws and events of default (including a change in control event of default trigger). Costs of $ 3,070 were incurred in connection with obtaining the Truist Revolving Credit Facility, which have been recorded as deferred financing costs on the Consolidated Statements of Assets and Liabilities and are being amortized over the life of the Truist Revolving Credit Facility using the straight-line method. As of December 31, 2023, outstanding deferred financing costs were $ 2,560 . The below table presents the summary information of the Truist Revolving Credit Facility: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Borrowing interest expense $ 6,231 N/A N/A Facility fees 732 N/A N/A Amortization of financing costs 510 N/A N/A Total $ 7,473 N/A N/A Weighted average interest rate 7.44 % N/A N/A Average outstanding balance $ 83,701 N/A N/A |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Capital Commitments The Company had aggregate capital commitments and undrawn capital commitments from investors as follows: December 31, 2023 December 31, 2022 Capital Unfunded % of Capital Capital Unfunded % of Capital Common Stock $ 546,425 $ 287,410 47 % $ 543,340 $ 367,875 32 % Portfolio Company Commitments The Company may enter into investment commitments through executed credit agreements or commitment letters. In many circumstances for executed commitment letters, borrower acceptance and final terms are subject to transaction-related contingencies. As of December 31, 2023 , the Company believed that it had adequate financial resources to satisfy its unfunded commitments. The Company had the following unfunded commitments by investment types: Unfunded Commitment Balances (1) December 31, 2023 December 31, 2022 1st Lien/Senior Secured Debt Admiral Buyer, Inc. (dba Fidelity Payment Services) $ 2,810 $ 2,810 Amspec Parent, LLC 1,968 — AQ Sunshine, Inc. (dba Relation Insurance) 3,155 — Arrow Buyer, Inc. (dba Archer Technologies) 679 — ASM Buyer, Inc. 9,757 — Bigchange Group Limited 357 402 Blast Bidco Inc. (dba Bazooka Candy Brands) 1,045 — BSI3 Menu Buyer, Inc (dba Kydia) 249 249 Businessolver.com, Inc. 268 536 Checkmate Finance Merger Sub, LLC 367 367 Circustrix Holdings, LLC (dba SkyZone) 1,092 — Clearcourse Partnership Acquireco Finance Limited 6,612 7,832 Coding Solutions Acquisition, Inc. 10,891 1,786 Coretrust Purchasing Group LLC 3,863 3,864 Crewline Buyer, Inc. (dba New Relic) 1,161 — CST Buyer Company (dba Intoxalock) 574 574 DFS Holding Company, Inc. 564 7,102 Formulations Parent Corporation (dba Chase Corp) 1,742 — Frontgrade Technologies Holdings Inc. 1,981 — Fullsteam Operations LLC 4,068 — Governmentjobs.com, Inc. (dba NeoGov) 2,062 2,268 GPS Phoenix Buyer, Inc. (dba Guidepoint) 2,553 — Groundworks, LLC 205 — Harrington Industrial Plastics, LLC 679 — HealthEdge Software, Inc. 400 7,500 Highfive Dental Holdco, LLC 3,240 — iCIMS, Inc. 5,223 6,454 Intelligent Medical Objects, Inc. 951 1,224 iWave Information Systems, Inc. 4,380 1,087 Kaseya Inc. 591 700 MerchantWise Solutions, LLC (dba HungerRush) 953 1,414 Millstone Medical Outsourcing, LLC 259 207 NAVEX TopCo, Inc. 810 — Ncontracts, LLC 2,894 — NFM & J, L.P. (dba the Facilities Group) 349 707 Onyx CenterSource, Inc. 270 — PDDS Holdco, Inc. (dba Planet DDS) 1,305 1,958 Recochem, Inc 2,442 — Recorded Books Inc. (dba RBMedia) 749 — Rubrik, Inc. 1,367 732 Singlewire Software, LLC 1,251 — Solaris (dba Urology Management Holdings, Inc.) 706 — Southeast Mechanical, LLC (dba. SEM Holdings, LLC) 1,740 3,000 SpendMend, LLC 1,148 1,302 Superior Environmental Solutions 1,059 — Trader Corporation 965 945 UP Acquisition Corp. (dba Unified Power) 689 — VASA Fitness Buyer, Inc. 1,466 — WebPT, Inc. 255 449 Whitewater Holding Company LLC 1,533 5,741 Zarya Intermediate, LLC (dba iOFFICE) 134 938 CloudBees, Inc. — 86 HumanState Limited (dba PayProp) — 10,591 LCG Vardiman Black, LLC (dba Specialty Dental Brands) — 1,097 Qualawash Holdings, LLC — 865 Spotless Brands, LLC — 1,650 Total 1st Lien/Senior Secured Debt $ 95,831 $ 76,437 1st Lien/Last-Out Unitranche EDB Parent, LLC (dba Enterprise DB) $ 1,313 $ 2,061 EIP Consolidated, LLC (dba Everest Infrastructure) 3,745 — K2 Towers III, LLC 2,607 — Skyway Towers Intermediate LLC 2,005 — Thor FinanceCo LLC (dba Harmoni Towers) 3,778 — Towerco IV Holdings, LLC 2,778 — Total 1st Lien/Last-Out Unitranche $ 16,226 $ 2,061 Total $ 112,057 $ 78,498 (1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. Contingencies In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. |
Net Assets
Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Net Assets | 8. NET ASSETS Capital Drawdowns The following table summarizes the total shares issued and proceeds related to capital drawdowns: Share Issue Date Shares Issued Proceeds Received For the Year Ended December 31, 2023 February 21, 2023 62,172 $ 1,145 June 20, 2023 54,300 1,003 August 21, 2023 2,212,911 40,615 October 18, 2023 2,186,854 40,787 Total capital drawdowns 4,516,237 $ 83,550 For the Year Ended December 31, 2022 March 16, 2022 1,823,817 $ 34,051 July 27, 2022 856,930 15,811 September 19, 2022 2,069,029 38,195 October 19, 2022 3,024,805 55,547 November 16, 2022 193,341 ** 3,575 Total capital drawdowns 7,967,922 $ 147,179 For the period from October 29, 2021 (commencement of operations) to December 31, 2021 November 23, 2021 944,320 $ 18,886 December 20, 2021 493,254 9,400 Total capital drawdowns 1,437,574 $ 28,286 ** Inclusive of 476 shares that were cancelled as a result of defaulting stockholders. Distributions The Company did not declare any distributions for the year ended December 31, 2021. The following table reflects the distributions declared on the Company’s common stock: Date Declared Record Date Payment Date Amount Per Share For the Year Ended December 31, 2023 February 28, 2023 April 5, 2023 April 27, 2023 $ 0.50 May 3, 2023 July 6, 2023 July 28, 2023 $ 0.50 August 2, 2023 October 3, 2023 October 28, 2023 $ 0.39 November 1, 2023 December 29, 2023 January 29, 2024 $ 0.35 For the Year Ended December 31, 2022 May 2, 2022 July 5, 2022 July 28, 2022 $ 0.02 August 3, 2022 October 3, 2022 October 28, 2022 $ 0.12 November 2, 2022 December 30, 2022 January 27, 2023 $ 0.38 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 9. EARNINGS (LOSS) PER SHARE The following information sets forth the computation of basic and diluted earnings per share: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Net increase (decrease) in net assets from operations $ 19,506 $ 1,923 $ ( 1,358 ) Weighted average shares outstanding 10,743,693 4,489,749 667,932 Basic and diluted earnings (loss) per share $ 1.82 $ 0.43 $ ( 2.03 ) Diluted earnings per share equal basic earnings per share because there were no common share equivalents outstanding during the period presented. |
Tax Information
Tax Information | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Tax Information | 10. TAX INFORMATION The below table presents the tax character of distributions: December 31, 2023 December 31, 2022 For the period from October 29, 2021 (commencement of operations) to December 31, 2021 Distributions paid from: Ordinary Income $ 18,943 $ 4,374 $ — Net Long-Term Capital Gains 1 — — Total Taxable Distributions $ 18,944 $ 4,374 $ — As of the date indicated, the components of Accumulated Earnings (Losses) on a tax basis were as follows: December 31, 2023 December 31, 2022 December 31, 2021 Undistributed Ordinary Income - net $ 81 $ 14 $ — Undistributed Long-Term Capital Gains 569 1 — Total Undistributed Earnings $ 650 $ 15 $ — Capital Loss Carryforward Perpetual Long-Term $ — $ — $ — Perpetual Short-Term — — — Timing Differences (Organizational Costs/Late Year Ordinary Loss Deferral/Post-October Capital Loss Deferral) ( 442 ) ( 454 ) ( 474 ) Unrealized Earnings (Losses)—net ( 1,546 ) ( 1,469 ) 182 Total Accumulated Earnings (Losses)—net $ ( 1,338 ) $ ( 1,908 ) $ ( 292 ) As of the date indicated, the Company’s aggregate unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: December 31, 2023 December 31, 2022 December 31, 2021 Tax cost $ 466,307 $ 250,838 $ 52,452 Gross unrealized appreciation 4,128 746 237 Gross unrealized depreciation ( 5,674 ) ( 2,215 ) ( 55 ) Net unrealized investment appreciation (depreciation) $ ( 1,546 ) $ ( 1,469 ) $ 182 In order to present certain components of the Company's capital accounts on a tax-basis, certain reclassifications have been recorded to the Company's accounts. These reclassifications have no impact on the net asset value of the Company and result primarily from certain non-deductible expenses, net operating losses and differences in the tax treatment of underlying investments. For the years ended December 31, 2023, 2022 and 2021, the Company reclassified ($ 8 ), ($ 835 ), and ($ 1,066 ) from total distributable earnings (loss) to paid-in capital in excess of par. The following table reconciles net increase in net assets resulting from operations to taxable income: December 31, 2023 December 31, 2022 December 31, 2021 Net increase (decrease) in net assets resulting from operations $ 19,506 $ 1,923 $ ( 1,358 ) Adjustments: Net unrealized losses (gains) 77 1,651 ( 182 ) Income not currently taxable 8 11 — Income for tax but not for book 22 — — Expenses not currently deductible — 837 605 Expenses for tax but not for book ( 33 ) ( 33 ) ( 5 ) Taxable income net of capital loss carryforward $ 19,580 $ 4,389 $ ( 940 ) Nondeductible net investment loss — — 940 Taxable income (1) $ 19,580 $ 4,389 $ — (1) Taxable income is an estimate and is not fully determined until the Company’s tax return is filed. ASC Topic 740 Accounting for Uncertainty in Income Taxes (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. Such open tax years remain subject to examination and adjustment by tax authorities. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Statement of Financial Position [Abstract] | |
Financial Highlights | 11. FINANCIAL HIGHLIGHTS The below table presents the schedule of financial highlights of the Company: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Per Share Data: (1) NAV, beginning of period $ 18.25 $ 18.73 $ 20.00 Net investment income (loss) 1.86 0.80 ( 2.35 ) Net realized and unrealized gains (losses) (2) — ( 0.76 ) 1.08 Net increase (decrease) in net assets from operations (2) $ 1.86 $ 0.04 $ ( 1.27 ) Distributions declared from net investment income ( 1.74 ) ( 0.52 ) — Total increase (decrease) in net assets $ 0.12 $ ( 0.48 ) $ ( 1.27 ) NAV, end of period $ 18.37 $ 18.25 $ 18.73 Shares outstanding, end of period 13,921,733 9,405,496 1,437,574 Weighted average shares outstanding 10,743,693 4,489,749 667,932 Total return based on NAV (3) 10.19 % 0.21 % ( 6.35 %) Supplemental Data/Ratio (4) : Net assets, end of period $ 255,768 $ 171,656 $ 26,928 Ratio of net expenses to average net assets 10.44 % 8.20 % 59.58 % Ratio of expenses (without incentive fees and interest and other debt expenses) 2.76 % 5.32 % 56.51 % Ratio of interest and other debt expenses to average net assets 6.10 % 2.92 % 2.81 % Ratio of incentive fees to average net assets 1.58 % ( 0.04 %) 0.26 % Ratio of total expenses to average net assets 10.44 % 8.43 % 60.17 % Ratio of net investment income to average net assets 10.04 % 4.37 % ( 54.18 %) Portfolio turnover 10 % 7 % 0 % (1) The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period. (2) The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions. (3) Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share. (4) Ratios for the period from October 29, 2021 (commencement of operations) to December 31, 2021 are annualized, except for, as applicable, unvested Incentive Fees and organization costs. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS Subsequent events after the date of the Consolidated Statements of Assets and Liabilities have been evaluated through the date the consolidated financial statements were issued. Other than the items discussed below, the Company has concluded that there is no impact requiring adjustment or disclosure in the consolidated financial statements. On February 27, 2024 , the Board of Directors declared a distribution equal to an amount up to the Company's taxable earnings per share, including net investment income (if positive) for the period January 1, 2024 through March 31, 2024, payable on or about April 29, 2024 to shareholders of record as of April 2, 2024 . Goldman Sachs Middle Market Lending Corp II. – Tax Information (unaudited) During the year ended December 31, 2023, the Company designated 79.54 % of its distributions from net investment income as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code. During the year ended December 31, 2023, the Company designated 98.61 % of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends. Pursuant to Section 852 of the Internal Revenue Code, the Company designated $ 522 , or if different, the maximum amount allowable, as capital gain dividends paid during the year ended December 31, 2023. During the year ended December 31, 2023, the Company designated $ 23,569 as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s functional currency is USD and these consolidated financial statements have been prepared in that currency. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to Regulation S-X. This requires the Company to make certain estimates and assumptions that may affect the amounts reported in the consolidated financial statements and accompanying notes. These consolidated financial statements reflect normal and recurring adjustments that in the opinion of the Company are necessary for the fair statement of the results for the periods presented. Actual results may differ from the estimates and assumptions included in the consolidated financial statements. Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported. As an investment company, the Company applies the accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies (“ASC 946”) issued by the Financial Accounting Standards Board (“FASB”). |
Basis of Consolidation | Basis of Consolidation As provided under ASC 946, the Company will not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the financial position and results of operations of its wholly owned subsidiary, MMLC II Blocker I, LLC. All significant intercompany transactions and balances have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition The Company records its investment transactions on a trade date basis, which is the date when the Company assumes the risks for gains and losses related to that instrument. Realized gains and losses are based on the specific identification method. Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Discounts and premiums to par value on investments purchased are accreted and amortized, respectively, into interest income over the life of the respective investment using the effective interest method. Loan origination fees, original issue discount (“OID”) and market discounts or premiums are capitalized and amortized into interest income using the effective interest method or straight-line method, as applicable. Exit fees that are receivable upon repayment of a loan or debt security are amortized into interest income over the life of the respective investment. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Prepayment premiums $ 201 $ — $ — Accelerated amortization of upfront loan origination fees and unamortized discounts $ 671 $ — $ — Fees received from portfolio companies (directors’ fees, consulting fees, administrative fees, tax advisory fees and other similar compensation) are paid to the Company, unless, to the extent required by applicable law or exemptive relief, if any, therefrom, the Company only receives its allocable portion of such fees when invested in the same portfolio company as another account managed by the Investment Adviser. Dividend income on preferred equity investments is recorded on an 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 investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Interest and dividend income are presented net of withholding tax, if any. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK represents accrued interest or accumulated dividends that are added to the principal amount or shares (if equity) of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or upon the investment being called by the issuer. PIK is recorded as interest or dividend income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively. Certain structuring fees, amendment fees, syndication fees and commitment fees are recorded as other income when earned. Administrative agent fees received by the Company are recorded as other income when the services are rendered over time. |
Non-Accrual Investments | Non-Accrual Investments Investments are placed on non-accrual status when it is probable that principal, interest or dividends will not be collected according to contractual terms. Accrued interest or dividends generally are reversed when an investment is placed on non-accrual status. Interest or dividend payments received on non-accrual investments may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual investments are restored to accrual status when past due principal and interest or dividends are paid and, in management’s judgment, principal and interest or dividend payments are likely to remain current. The Company may make exceptions to this treatment if an investment has sufficient collateral value and is in the process of collection. As of December 31, 2023 , the Company had an investment held in one portfolio company on non-accrual status, which represented 2.0 % and 1.6 % of the total investments (excluding investments in money market funds, if any) at amortized cost and at fair value, respectively. As of December 31, 2022 , the Company did not have any investments on non-accrual status. |
Investments | Investments The Company carries its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), issued by the FASB, which defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. Fair value is generally based on quoted market prices provided by independent price sources. In the absence of quoted market prices, investments are measured at fair value as determined by the Investment Adviser, as the valuation designee ("Valuation Designee") designated by the Board of Directors, pursuant to Rule 2a-5 under the Investment Company Act. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 5 “Fair Value Measurement.” The Company generally invests in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has designated to the Investment Adviser day-to-day responsibilities for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. Under valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, market quotations are generally used to assess the value of the investments for which market quotations are readily available (as defined in Rule 2a-5). The Investment Adviser obtains these market quotations from independent pricing sources. If market quotations are not readily available, the Investment Adviser prices securities at the bid prices obtained from at least two brokers or dealers, if available; otherwise, the Investment Adviser obtains prices from a principal market maker or a primary market dealer. To assess the continuing appropriateness of pricing sources and methodologies, the Investment Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing sources or brokers, and any differences are reviewed in accordance with the valuation procedures. If the Valuation Designee believes any such market quotation does not reflect the fair value of an investment, it may independently value such investment in accordance with valuation procedures for investments for which market quotations are not readily available. With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures approved by the Board of Directors and adopted by the Valuation Designee, contemplate a multi-step valuation process conducted by the Investment Adviser each quarter and more frequently as needed. As the Valuation Designee, the Investment Adviser is primarily responsible for the valuation of the Company’s assets, subject to the oversight of the Board of Directors, as described below: (1) The quarterly valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Investment Adviser responsible for the valuation of the portfolio investment; (2) The Valuation Designee also engages independent valuation firms (the “Independent Valuation Advisors”) to provide independent valuations of the investments for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of an investment. The Independent Valuation Advisors independently value such investments using quantitative and qualitative information. The Independent Valuation Advisors also provide analyses to support their valuation methodology and calculations. The Independent Valuation Advisors provide an opinion on a final range of values on such investments to the Valuation Designee. The Independent Valuation Advisors define fair value in accordance with ASC 820 and utilize valuation approaches including the market approach, the income approach or both. A portion of the portfolio is reviewed on a quarterly basis, and all investments in the portfolio for which market quotations are not readily available, or are readily available, but deemed not reflective of the fair value of an investment, are reviewed at least annually by an Independent Valuation Advisor; (3) The Independent Valuation Advisors’ preliminary valuations are reviewed by the Investment Adviser and the Valuation Oversight Group (“VOG”), a team that is part of the controllers group of Goldman Sachs. The Independent Valuation Advisors’ valuation ranges are compared to the Investment Adviser’s valuations to ensure the Investment Adviser’s valuations are reasonable. VOG presents the valuations to the Asset Management Private Investment Valuation and Side Pocket Working Group of the Asset Management Valuation Committee (the “Asset Management Private Investment Valuation and Side Pocket Working Group”), which is comprised of a number of representatives from different functions and areas of expertise related to GSAM’s business and controls who are independent of the investment decision making process; (4) The Asset Management Private Investment Valuation and Side Pocket Working Group reviews and preliminarily approves the fair valuations and makes fair valuation recommendations to the Asset Management Valuation Committee; (5) The Asset Management Valuation Committee reviews the valuation information provided by the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. The Asset Management Valuation Committee then assesses such valuation recommendations; and (6) Through the Asset Management Valuation Committee, the Valuation Designee discusses the valuations, provides written reports to the Board of Directors on at least a quarterly basis, and, within the meaning of the Investment Company Act, determines the fair value of the investments in good faith, based on the inputs of the Asset Management Valuation Committee, the Asset Management Private Investment Valuation and Side Pocket Working Group, the VOG, the investment professionals of the Investment Adviser responsible for valuations, and the Independent Valuation Advisors. |
Money Market Funds | Money Market Funds Investments in money market funds are valued at net asset value (“NAV”) per share and are considered cash equivalents for the purposes of the management fee paid to the Investment Adviser. See Note 3 “Significant Agreements and Related Party Transactions.” |
Cash | Cash Cash consists of deposits held at a custodian bank. As of December 31, 2023 and December 31, 2022, the Company held an aggregate cash balance of $ 8,543 and $ 3,675 . Foreign currency of $ 1,828 and $ 375 (acquisition cost of $ 1,811 and $ 371 ) is included in cash as of December 31, 2023 and December 31, 2022. |
Foreign Currency Translation | Foreign Currency Translation Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates. The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gains or losses on investments. Fluctuations arising from the translation of non-investment assets and liabilities, if any, are included with the net change in unrealized gains (losses) on foreign currency translations in the Consolidated Statements of Operations. Foreign securities and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices to be more volatile than those of comparable U.S. companies or U.S. government securities. |
Income Taxes | Income Taxes The Company recognizes tax positions in its consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized upon settlement. The Company reports any interest expense related to income tax matters in income tax expense and any income tax penalties under expenses in the Consolidated Statements of Operations. The Company’s tax positions have been reviewed based on applicable statutes of limitation for tax assessments, which may vary by jurisdiction, and based on such review, the Company has concluded that no additional provision for income tax is required in the consolidated financial statements. The Company is subject to potential examination by certain taxing authorities in various jurisdictions. The Company’s tax positions are subject to ongoing interpretation of laws and regulations by taxing authorities. The Company has elected to be treated as a RIC commencing with its taxable year ended December 31, 2021. So long as the Company maintains its qualification for tax treatment as a RIC, it will generally not be required to pay corporate-level U.S. federal income tax on any ordinary income or capital gains that it distributes at least annually to its stockholders as dividends. As a result, any U.S. federal income tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the consolidated financial statements of the Company. To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income (generally, its net ordinary income plus the excess of its realized net short-term capital gains over realized net long-term capital losses, determined without regard to the dividends paid deduction). In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income as required. The Company’s consolidated subsidiary is subject to U.S. federal and state corporate level income taxes. Income tax expense, if any, is included under the income category for which it applies in the Consolidated Statements of Operations. |
Distributions | Distributions Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce a stockholder’s tax basis in its shares. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par, accumulated undistributed net investment income or accumulated net realized gain (loss), as appropriate, in the period that the differences arise. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company’s annual RIC tax return. Distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a distribution is determined by the Board of Directors each quarter and is generally based upon the earnings estimated by the Investment Adviser. The Company may pay distributions to its stockholders in a year in excess of its net ordinary income and capital gains for that year and, accordingly, a portion of such distributions may constitute a return of capital for U.S. federal income tax purposes. The Company intends to timely distribute to its stockholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and, depending upon the level of the Company’s taxable income earned in a year, the Company may choose to carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company’s distributions will be reported to stockholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing of and amendments to the revolving credit facility with Bank of America, N.A (the “BoA Revolving Credit Facility”) and the revolving credit facility between the Company and Truist Bank (the "Truist Revolving Credit Facility" and together with the BoA Revolving Credit Facility, the "Revolving Credit Facilities") . These costs are amortized using the straight-line method over the respective terms of the Revolving Credit Facilities. Deferred financing costs related to the Revolving Credit Facilities are presented separately as an asset on the Company’s Consolidated Statements of Assets and Liabilities. |
Organization Costs | Organization Costs Organization costs include costs relating to the formation and organization of the Company. These costs were expensed as incurred. Upon the Initial Drawdown Date, stockholders bore such costs. Stockholders making capital commitments after the Initial Drawdown Date will bear a pro rata portion of such costs at the time of their first investment in the Company. |
Offering Costs | Offering Costs Offering costs consist primarily of fees and expenses incurred in connection with the continuous offering of shares, including legal, printing and other costs, as well as costs associated with the preparation and filing of the Company’s registration statement on Form 10. Offering costs are recognized as a deferred charge and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. |
New Accounting Pronouncements | New Accounting Pronouncements In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, “Improvements to Reportable Segment Disclosures.” This ASU requires enhanced disclosures about significant segment expenses. In addition, the ASU requires specific disclosures related to the title and position of the individual (or the name of the group or committee) identified as the Chief Operating Decision Maker (“CODM”); and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, under a retrospective approach. The Company is assessing the impact of the new ASU on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures.” This ASU requires additional disaggregation of income taxes paid, specific rate reconciliation categories, and disaggregation within those categories if a defined quantitative threshold is met. The ASU is effective for annual periods beginning after December 15, 2024. The Company is assessing the impact of the new ASU on its consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Interest Income | Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income, for which the Company has earned the following: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Prepayment premiums $ 201 $ — $ — Accelerated amortization of upfront loan origination fees and unamortized discounts $ 671 $ — $ — |
Significant Agreements and Re_2
Significant Agreements and Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Affiliated Investments | The table below presents the Company’s affiliated investments: Beginning Fair Value Balance Gross (1) Gross (2) Net Realized Net Change in Ending Dividend, For the Year Ended December 31, 2023 Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund $ — $ 174,325 $ ( 173,420 ) $ — $ — $ 905 $ 162 Southeast Mechanical, LLC (dba. SEM Holdings, LLC) 3,843 1,268 ( 34 ) — 233 5,310 474 Total Non-Controlled Affiliates $ 3,843 $ 175,593 $ ( 173,454 ) $ — $ 233 $ 6,215 $ 636 For the Year Ended December 31, 2022 Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund $ 23,067 $ 135,038 $ ( 158,105 ) $ — $ — $ — $ 47 Southeast Mechanical, LLC (dba. SEM Holdings, LLC) — 3,803 ( 18 ) — 58 3,843 174 Total Non-Controlled Affiliates $ 23,067 $ 138,841 $ ( 158,123 ) $ — $ 58 $ 3,843 $ 221 (1) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category. (2) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investments Excluding Investments in Money Market Funds | The Company’s investments (excluding investments in money market funds, if any) consisted of the following: December 31, 2023 December 31, 2022 Investment Type Cost Fair Value Cost Fair Value 1st Lien/Senior Secured Debt $ 428,177 $ 427,084 $ 240,889 $ 239,700 1st Lien/Last-Out Unitranche 33,627 33,588 6,352 6,295 Preferred Stock 2,711 3,316 2,711 2,826 Common Stock 670 954 670 768 Warrants 216 28 216 71 Total investments $ 465,401 $ 464,970 $ 250,838 $ 249,660 |
Schedule of Investments as a Percentage of Fair Value and Net Assets | The industry composition of the Company’s investments as a percentage of fair value and net assets was as follows: December 31, 2023 December 31, 2022 Industry Fair Value Net Assets Fair Value Net Assets Software 19.9 % 36.2 % 16.2 % 23.6 % Financial Services 12.9 23.4 19.7 28.7 Diversified Consumer Services 9.0 16.3 17.1 24.9 Health Care Providers & Services 7.4 13.4 9.2 13.4 IT Services 7.0 12.8 9.2 13.4 Health Care Technology 6.5 11.8 8.9 12.8 Professional Services 6.2 11.3 8.4 12.2 Wireless Telecommunication Services 5.7 10.4 — — Chemicals 3.8 7.0 — — Aerospace & Defense 2.9 5.2 — — Automobiles 2.7 4.9 4.9 7.1 Insurance 2.3 4.2 — — Real Estate Mgmt. & Development 2.1 3.8 3.6 5.2 Commercial Services & Supplies 2.0 3.6 1.4 2.0 Media 1.9 3.5 — — Consumer Staples Distribution & Retail 1.9 3.4 — — Trading Companies & Distributors 1.7 3.1 — — Textiles, Apparel & Luxury Goods 1.2 2.2 — — Leisure Products 1.2 2.2 — — Distributors 0.9 1.7 — — Entertainment 0.8 1.4 1.4 2.1 Total 100.0 % 181.8 % 100.0 % 145.4 % |
Schedule of Geographic Composition of Investments at Fair Value | The geographic composition of the Company’s investments at fair value was as follows: Geographic December 31, 2023 December 31, 2022 United States 88.8 % 80.4 % Canada 6.2 4.9 United Kingdom 5.0 14.7 Total 100.0 % 100.0 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets | The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 assets as of December 31, 2023 and December 31, 2022 . Level 3 Instruments Fair (1) (2) Valuation (3) Significant Range of Significant (4) Weighted (5) As of December 31, 2023 Bank Loans, Corporate Debt, and Other Debt Obligations 1st Lien/Senior Secured Debt $ 307,011 Discounted cash flows Discount Rate 8.9 % - 11.8 % 10.5 % $ 7,603 Comparable multiples EV/EBITDA (6) — 10.0 x 1st Lien/Last-Out Unitranche $ 16,988 Discounted cash flows Discount Rate 8.9 % - 11.7 % 10.7 % Equity Preferred Stock $ 1,496 Comparable multiples EV/EBITDA (6) — 31.2 x $ 1,820 Comparable multiples EV/Revenue — 4.0 x Common Stock $ 954 Comparable multiples EV/EBITDA (6) 9.3 x - 16.0 x 11.1 x Warrants $ 28 Comparable multiples EV/Revenue — 4.0 x As of December 31, 2022 Bank Loans, Corporate Debt, and Other Debt Obligations 1st Lien/Senior Secured Debt $ 168,648 Discounted cash flows Discount Rate 7.4 % - 11.5 % 9.9 % 1st Lien/Last-Out Unitranche $ 6,295 Discounted cash flows Discount Rate — 10.9 % Equity Preferred Stock $ 1,349 Comparable multiples EV/EBITDA (6) — 27.9 x $ 1,477 Comparable multiples EV/Revenue — 4.0 x Common Stock $ 768 Comparable multiples EV/EBITDA (6) 9.1 x - 18.3 x 12.4 x Warrants $ 71 Comparable multiples EV/Revenue — 4.0 x (1) As of December 31, 2023, included within Level 3 assets of $ 464,970 is an amount of $ 129,070 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $ 323,999 or 70.3 % of Level 3 bank loans, corporate debt, and other debt obligations. (2) As of December 31, 2022, included within Level 3 assets of $ 249,660 is an amount of $ 71,052 for which the Investment Adviser did not develop the unobservable inputs (examples include single source broker quotations, third party pricing, and prior transactions). The income approach was used in the determination of fair value for $ 174,943 or 71.1 % of Level 3 bank loans, corporate debt, and other debt obligations. (3) The fair value of any one instrument may be determined using multiple valuation techniques. For example, market comparable and discounted cash flows may be used together to determine fair value. Therefore, the Level 3 balance encompasses both of these techniques. (4) The range for an asset category consisting of a single investment, if any, is not meaningful and therefore has been excluded. (5) Weighted average for an asset category consisting of multiple investments is calculated by weighting the significant unobservable input by the relative fair value of the investment. Weighted average for an asset category consisting of a single investment represents the significant unobservable input used in the fair value of the investment. (6) Enterprise value of portfolio company as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). |
Summary of Assets Categorized Within Fair Value Hierarchy | The following is a summary of the Company’s assets categorized within the fair value hierarchy: December 31, 2023 December 31, 2022 Assets Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total 1st Lien/Senior Secured Debt $ — $ — $ 427,084 $ 427,084 $ — $ — $ 239,700 $ 239,700 1st Lien/Last-Out Unitranche — — 33,588 33,588 — — 6,295 6,295 Preferred Stock — — 3,316 3,316 — — 2,826 2,826 Common Stock — — 954 954 — — 768 768 Warrants — — 28 28 — — 71 71 Investments in Affiliated Money Market Fund 905 — — 905 — — — — Total $ 905 $ — $ 464,970 $ 465,875 $ — $ — $ 249,660 $ 249,660 |
Summary of Changes in Fair Value of Level 3 Assets By Investment Type | The below table presents a summary of changes in fair value of Level 3 assets by investment type: Assets Beginning Purchases (1) Net Net Change in Sales and (1) Net Transfers (2) Transfers (2) Ending Balance Net Change in For the Year Ended December 31, 2023 1st Lien/Senior Secured Debt $ 239,700 $ 218,415 $ 1,348 $ 95 $ ( 34,186 ) $ 1,712 $ — $ — $ 427,084 $ 177 1st Lien/Last-Out Unitranche 6,295 27,239 — 19 — 35 — — 33,588 18 Preferred Stock 2,826 — — 490 — — — — 3,316 490 Common Stock 768 — — 186 — — — — 954 186 Warrants 71 — — ( 43 ) — — — — 28 ( 43 ) Total assets $ 249,660 $ 245,654 $ 1,348 $ 747 $ ( 34,186 ) $ 1,747 $ — $ — $ 464,970 $ 828 For the Year Ended December 31, 2022 1st Lien/Senior Secured Debt $ 26,413 $ 221,955 $ — $ ( 1,414 ) $ ( 7,602 ) $ 348 $ — $ — $ 239,700 $ ( 1,414 ) 1st Lien/Last-Out Unitranche — 6,344 — ( 57 ) — 8 — — 6,295 ( 57 ) Preferred Stock 2,711 — — 115 — — — — 2,826 115 Common Stock 270 400 — 98 — — — — 768 98 Warrants 216 — — ( 145 ) — — — — 71 ( 145 ) Total assets $ 29,610 $ 228,699 $ — $ ( 1,403 ) $ ( 7,602 ) $ 356 $ — $ — $ 249,660 $ ( 1,403 ) (1) Purchases may include PIK, securities received in corporate actions and restructurings. Sales and Settlements may include securities delivered in corporate actions and restructuring of investments. (2) Transfers in (out) of Level 3, if any, are due to a decrease (increase) in the quantity and reliability of broker quotes obtained by the Investment Adviser. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Instrument [Line Items] | |
Schedule of Outstanding Debt | The Company’s outstanding debt was as follows: December 31, 2023 December 31, 2022 Aggregate Amount Carrying Aggregate Amount Carrying BoA Revolving Credit Facility (1) $ 95,000 $ 95,000 $ — $ 156,586 $ 76,796 $ 79,443 Truist Revolving Credit Facility (2) 305,000 91,805 214,459 — — — Total debt $ 400,000 $ 186,805 $ 214,459 $ 156,586 $ 76,796 $ 79,443 (1) Provides, under certain circumstances, a total borrowing capacity of $ 300,000 . The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2023 , the Company had outstanding borrowings of $ 0 . As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $ 30,000 and in GBP of £ 30,665 and in CAD of 16,750 . (2) Provides, under certain circumstances, a total borrowing capacity of $ 750,000 . As of December 31, 2023, the Company had outstanding borrowings denominated in USD of $ 179,000 , in GBP of £ 13,165 and in CAD of CAD 24,750 . |
BoA Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Schedule of Revolving Credit Facility | The below table presents the summary information of the BoA Revolving Credit Facility: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Borrowing interest expense $ 3,775 $ 1,787 $ 18 Facility fees 299 227 19 Amortization of financing costs 619 398 22 Total $ 4,693 $ 2,412 $ 59 Weighted average interest rate 7.48 % 5.30 % 3.00 % Average outstanding balance $ 50,446 $ 33,710 $ 6,308 * * Average outstanding debt balance was calculated beginning on November 26, 2021, the date on which the Company entered into the BoA Revolving Credit Facility . |
Truist Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Schedule of Revolving Credit Facility | The below table presents the summary information of the Truist Revolving Credit Facility: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Borrowing interest expense $ 6,231 N/A N/A Facility fees 732 N/A N/A Amortization of financing costs 510 N/A N/A Total $ 7,473 N/A N/A Weighted average interest rate 7.44 % N/A N/A Average outstanding balance $ 83,701 N/A N/A |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Capital Commitments and Undrawn Capital Commitments from Investors | Capital Commitments The Company had aggregate capital commitments and undrawn capital commitments from investors as follows: December 31, 2023 December 31, 2022 Capital Unfunded % of Capital Capital Unfunded % of Capital Common Stock $ 546,425 $ 287,410 47 % $ 543,340 $ 367,875 32 % |
Schedule of Unfunded Commitments by Investment Types | The Company had the following unfunded commitments by investment types: Unfunded Commitment Balances (1) December 31, 2023 December 31, 2022 1st Lien/Senior Secured Debt Admiral Buyer, Inc. (dba Fidelity Payment Services) $ 2,810 $ 2,810 Amspec Parent, LLC 1,968 — AQ Sunshine, Inc. (dba Relation Insurance) 3,155 — Arrow Buyer, Inc. (dba Archer Technologies) 679 — ASM Buyer, Inc. 9,757 — Bigchange Group Limited 357 402 Blast Bidco Inc. (dba Bazooka Candy Brands) 1,045 — BSI3 Menu Buyer, Inc (dba Kydia) 249 249 Businessolver.com, Inc. 268 536 Checkmate Finance Merger Sub, LLC 367 367 Circustrix Holdings, LLC (dba SkyZone) 1,092 — Clearcourse Partnership Acquireco Finance Limited 6,612 7,832 Coding Solutions Acquisition, Inc. 10,891 1,786 Coretrust Purchasing Group LLC 3,863 3,864 Crewline Buyer, Inc. (dba New Relic) 1,161 — CST Buyer Company (dba Intoxalock) 574 574 DFS Holding Company, Inc. 564 7,102 Formulations Parent Corporation (dba Chase Corp) 1,742 — Frontgrade Technologies Holdings Inc. 1,981 — Fullsteam Operations LLC 4,068 — Governmentjobs.com, Inc. (dba NeoGov) 2,062 2,268 GPS Phoenix Buyer, Inc. (dba Guidepoint) 2,553 — Groundworks, LLC 205 — Harrington Industrial Plastics, LLC 679 — HealthEdge Software, Inc. 400 7,500 Highfive Dental Holdco, LLC 3,240 — iCIMS, Inc. 5,223 6,454 Intelligent Medical Objects, Inc. 951 1,224 iWave Information Systems, Inc. 4,380 1,087 Kaseya Inc. 591 700 MerchantWise Solutions, LLC (dba HungerRush) 953 1,414 Millstone Medical Outsourcing, LLC 259 207 NAVEX TopCo, Inc. 810 — Ncontracts, LLC 2,894 — NFM & J, L.P. (dba the Facilities Group) 349 707 Onyx CenterSource, Inc. 270 — PDDS Holdco, Inc. (dba Planet DDS) 1,305 1,958 Recochem, Inc 2,442 — Recorded Books Inc. (dba RBMedia) 749 — Rubrik, Inc. 1,367 732 Singlewire Software, LLC 1,251 — Solaris (dba Urology Management Holdings, Inc.) 706 — Southeast Mechanical, LLC (dba. SEM Holdings, LLC) 1,740 3,000 SpendMend, LLC 1,148 1,302 Superior Environmental Solutions 1,059 — Trader Corporation 965 945 UP Acquisition Corp. (dba Unified Power) 689 — VASA Fitness Buyer, Inc. 1,466 — WebPT, Inc. 255 449 Whitewater Holding Company LLC 1,533 5,741 Zarya Intermediate, LLC (dba iOFFICE) 134 938 CloudBees, Inc. — 86 HumanState Limited (dba PayProp) — 10,591 LCG Vardiman Black, LLC (dba Specialty Dental Brands) — 1,097 Qualawash Holdings, LLC — 865 Spotless Brands, LLC — 1,650 Total 1st Lien/Senior Secured Debt $ 95,831 $ 76,437 1st Lien/Last-Out Unitranche EDB Parent, LLC (dba Enterprise DB) $ 1,313 $ 2,061 EIP Consolidated, LLC (dba Everest Infrastructure) 3,745 — K2 Towers III, LLC 2,607 — Skyway Towers Intermediate LLC 2,005 — Thor FinanceCo LLC (dba Harmoni Towers) 3,778 — Towerco IV Holdings, LLC 2,778 — Total 1st Lien/Last-Out Unitranche $ 16,226 $ 2,061 Total $ 112,057 $ 78,498 (1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. |
Net Assets (Tables)
Net Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Shares Issued and Proceeds Related to Capital Drawdowns | The following table summarizes the total shares issued and proceeds related to capital drawdowns: Share Issue Date Shares Issued Proceeds Received For the Year Ended December 31, 2023 February 21, 2023 62,172 $ 1,145 June 20, 2023 54,300 1,003 August 21, 2023 2,212,911 40,615 October 18, 2023 2,186,854 40,787 Total capital drawdowns 4,516,237 $ 83,550 For the Year Ended December 31, 2022 March 16, 2022 1,823,817 $ 34,051 July 27, 2022 856,930 15,811 September 19, 2022 2,069,029 38,195 October 19, 2022 3,024,805 55,547 November 16, 2022 193,341 ** 3,575 Total capital drawdowns 7,967,922 $ 147,179 For the period from October 29, 2021 (commencement of operations) to December 31, 2021 November 23, 2021 944,320 $ 18,886 December 20, 2021 493,254 9,400 Total capital drawdowns 1,437,574 $ 28,286 ** Inclusive of 476 shares that were cancelled as a result of defaulting stockholders. |
Schedule of Distributions Declared on Common Stock | The following table reflects the distributions declared on the Company’s common stock: Date Declared Record Date Payment Date Amount Per Share For the Year Ended December 31, 2023 February 28, 2023 April 5, 2023 April 27, 2023 $ 0.50 May 3, 2023 July 6, 2023 July 28, 2023 $ 0.50 August 2, 2023 October 3, 2023 October 28, 2023 $ 0.39 November 1, 2023 December 29, 2023 January 29, 2024 $ 0.35 For the Year Ended December 31, 2022 May 2, 2022 July 5, 2022 July 28, 2022 $ 0.02 August 3, 2022 October 3, 2022 October 28, 2022 $ 0.12 November 2, 2022 December 30, 2022 January 27, 2023 $ 0.38 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share | The following information sets forth the computation of basic and diluted earnings per share: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Net increase (decrease) in net assets from operations $ 19,506 $ 1,923 $ ( 1,358 ) Weighted average shares outstanding 10,743,693 4,489,749 667,932 Basic and diluted earnings (loss) per share $ 1.82 $ 0.43 $ ( 2.03 ) |
Tax Information (Tables)
Tax Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Tax Character of Distributions | The below table presents the tax character of distributions: December 31, 2023 December 31, 2022 For the period from October 29, 2021 (commencement of operations) to December 31, 2021 Distributions paid from: Ordinary Income $ 18,943 $ 4,374 $ — Net Long-Term Capital Gains 1 — — Total Taxable Distributions $ 18,944 $ 4,374 $ — |
Components of Accumulated Earnings (Losses) on Tax Basis | As of the date indicated, the components of Accumulated Earnings (Losses) on a tax basis were as follows: December 31, 2023 December 31, 2022 December 31, 2021 Undistributed Ordinary Income - net $ 81 $ 14 $ — Undistributed Long-Term Capital Gains 569 1 — Total Undistributed Earnings $ 650 $ 15 $ — Capital Loss Carryforward Perpetual Long-Term $ — $ — $ — Perpetual Short-Term — — — Timing Differences (Organizational Costs/Late Year Ordinary Loss Deferral/Post-October Capital Loss Deferral) ( 442 ) ( 454 ) ( 474 ) Unrealized Earnings (Losses)—net ( 1,546 ) ( 1,469 ) 182 Total Accumulated Earnings (Losses)—net $ ( 1,338 ) $ ( 1,908 ) $ ( 292 ) |
Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments | As of the date indicated, the Company’s aggregate unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: December 31, 2023 December 31, 2022 December 31, 2021 Tax cost $ 466,307 $ 250,838 $ 52,452 Gross unrealized appreciation 4,128 746 237 Gross unrealized depreciation ( 5,674 ) ( 2,215 ) ( 55 ) Net unrealized investment appreciation (depreciation) $ ( 1,546 ) $ ( 1,469 ) $ 182 |
Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income | The following table reconciles net increase in net assets resulting from operations to taxable income: December 31, 2023 December 31, 2022 December 31, 2021 Net increase (decrease) in net assets resulting from operations $ 19,506 $ 1,923 $ ( 1,358 ) Adjustments: Net unrealized losses (gains) 77 1,651 ( 182 ) Income not currently taxable 8 11 — Income for tax but not for book 22 — — Expenses not currently deductible — 837 605 Expenses for tax but not for book ( 33 ) ( 33 ) ( 5 ) Taxable income net of capital loss carryforward $ 19,580 $ 4,389 $ ( 940 ) Nondeductible net investment loss — — 940 Taxable income (1) $ 19,580 $ 4,389 $ — (1) Taxable income is an estimate and is not fully determined until the Company’s tax return is filed. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Statement of Financial Position [Abstract] | |
Schedule of Financial Highlights of the Company | The below table presents the schedule of financial highlights of the Company: For the Year Ended December 31, For the Year Ended December 31, For the period from October 29, 2021 (commencement of operations) to December 31, 2023 2022 2021 Per Share Data: (1) NAV, beginning of period $ 18.25 $ 18.73 $ 20.00 Net investment income (loss) 1.86 0.80 ( 2.35 ) Net realized and unrealized gains (losses) (2) — ( 0.76 ) 1.08 Net increase (decrease) in net assets from operations (2) $ 1.86 $ 0.04 $ ( 1.27 ) Distributions declared from net investment income ( 1.74 ) ( 0.52 ) — Total increase (decrease) in net assets $ 0.12 $ ( 0.48 ) $ ( 1.27 ) NAV, end of period $ 18.37 $ 18.25 $ 18.73 Shares outstanding, end of period 13,921,733 9,405,496 1,437,574 Weighted average shares outstanding 10,743,693 4,489,749 667,932 Total return based on NAV (3) 10.19 % 0.21 % ( 6.35 %) Supplemental Data/Ratio (4) : Net assets, end of period $ 255,768 $ 171,656 $ 26,928 Ratio of net expenses to average net assets 10.44 % 8.20 % 59.58 % Ratio of expenses (without incentive fees and interest and other debt expenses) 2.76 % 5.32 % 56.51 % Ratio of interest and other debt expenses to average net assets 6.10 % 2.92 % 2.81 % Ratio of incentive fees to average net assets 1.58 % ( 0.04 %) 0.26 % Ratio of total expenses to average net assets 10.44 % 8.43 % 60.17 % Ratio of net investment income to average net assets 10.04 % 4.37 % ( 54.18 %) Portfolio turnover 10 % 7 % 0 % (1) The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period. (2) The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions. (3) Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share. (4) Ratios for the period from October 29, 2021 (commencement of operations) to December 31, 2021 are annualized, except for, as applicable, unvested Incentive Fees and organization costs. |
Organization - Additional Infor
Organization - Additional Information (Details) | Oct. 29, 2021 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Investment Adviser commitment | $ 100 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Significant Accounting Policy [Line Items] | ||
Cash | $ 8,543 | $ 3,675 |
Percentage of non-accrual investment at amortized cost | 2% | |
Percentage of non-accrual investment at fair value | 1.60% | |
Foreign currency | ||
Significant Accounting Policy [Line Items] | ||
Cash | $ 1,828 | 375 |
Acquisition costs | $ 1,811 | $ 371 |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Interest Income - (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Prepayment premiums | $ 201 |
Accelerated amortization of upfront loan origination fees and unamortized discounts | $ 671 |
Significant Agreements and Re_3
Significant Agreements and Related Party Transactions - Additional Information (Details) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Component | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||
Management fee percentage per quarter | 0.001875 | |||
Annual management fee percentage | 0.75% | |||
Management fees | $ 12,000 | $ 2,423,000 | $ 824,000 | |
Investment adviser voluntary agreed waive of management fees | 12,000 | 0 | 193,000 | |
Management fees payable | $ 771,000 | $ 771,000 | 393,000 | |
Number of components included in incentive fees | Component | 2 | |||
Hurdle rate for incentive fee purpose | 1.75% | |||
Incentive fee if no excess income amount | $ 0 | |||
Incentive fees based on income | 0 | 3,152,000 | 0 | |
Incentive Fee Payable | 3,152,000 | 3,152,000 | 0 | |
Accrued incentive fees on capital gains | 31,000 | 0 | (31,000) | |
Incurred expenses for services provided by administrator and custodian fees | 48,000 | 394,000 | 310,000 | |
Administration and custodian fees payable | $ 103,000 | 103,000 | ||
Percentage of transfer agent fees | 0.15% | |||
Incurred expenses for services provided by transfer agent | $ 7,000 | 296,000 | 126,000 | |
Transfer agent fees payable | $ 90,000 | $ 90,000 | ||
Ordinary Income Exceeds Hurdle Amount | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ordinary income considered for incentive If that exceeds hurdle amount | 100% | |||
Catch-up Amount Multiplied by NAV | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ordinary income considered for incentive If that exceeds hurdle amount | 2.0588% | |||
Catch-up Amount Multiplied by NAV Event of Listing | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ordinary income considered for incentive If that exceeds hurdle amount | 2.1875% | |||
Ordinary Income Exceeds Catch-up Amount | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ordinary income considered for incentive If that exceeds hurdle amount | 15% | |||
Incentive Fee Cap Equal to Cumulative Net Return | ||||
Related Party Transaction [Line Items] | ||||
Hurdle rate for incentive fee purpose | 15% | |||
If Positive of Sum of Realized Capital Gains | ||||
Related Party Transaction [Line Items] | ||||
Management and service fees, incentive rate | 15% | |||
Hurdle rate for incentive fee purpose | 15% | |||
Affiliated Entity [Member] | Accrued Expenses And Other Liabilities | ||||
Related Party Transaction [Line Items] | ||||
Other liabilities | 161,000 | $ 161,000 | 335,000 | |
Affiliated Entity [Member] | Interest and Other Debt Expenses | ||||
Related Party Transaction [Line Items] | ||||
Other liabilities | $ 0 | $ 0 | $ 19,000 | |
Maximum | Ordinary Income Exceeds Catch-up Amount | ||||
Related Party Transaction [Line Items] | ||||
Percentage of ordinary income considered for incentive If that exceeds hurdle amount | 20% | |||
Maximum | Incentive Fee Cap Equal to Cumulative Net Return | ||||
Related Party Transaction [Line Items] | ||||
Hurdle rate for incentive fee purpose | 20% | |||
Maximum | If Positive of Sum of Realized Capital Gains | ||||
Related Party Transaction [Line Items] | ||||
Management and service fees, incentive rate | 20% | |||
Hurdle rate for incentive fee purpose | 20% | |||
Average end of such quarter | ||||
Related Party Transaction [Line Items] | ||||
Management fee percentage per quarter | 0.001875 | |||
Annual management fee percentage | 0.75% | |||
Average end of two recently completed quarters | ||||
Related Party Transaction [Line Items] | ||||
Management fee percentage per quarter | 0.0025 | |||
Annual management fee percentage | 1% |
Significant Agreements and Re_4
Significant Agreements and Related Party Transactions - Schedule of Affiliated Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | $ 249,660 | ||||
Ending Fair Value Balance | 464,970 | $ 249,660 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 10.92% Reference Rate and Spread S + 6.50% Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2] | 10,403 | |||
Ending Fair Value Balance | [1],[2] | 10,403 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Trader Corporation Industry Automobiles Interest Rate 11.40% Reference Rate and Spread C + 6.75% Maturity 12/21/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3] | 12,276 | |||
Ending Fair Value Balance | [1],[2],[3] | 12,276 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc. Industry Health Care Technology Reference Rate and Spread L + 6.75% Maturity 01/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (8) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (8) | |||
Investment, Identifier [Axis]: Investment Common Stock - 0.45% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/22 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[6],[7] | 490 | |||
Ending Fair Value Balance | [1],[2],[4],[6],[7] | 490 | |||
Investment, Identifier [Axis]: Investments and Investments in Affiliated Money Market Fund - 182.15% | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 465,875 | |||
Investment, Identifier [Axis]: 1st Lien/Last-Out Unitranche | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1] | 6,295 | |||
Ending Fair Value Balance | 33,588 | [8],[9] | 6,295 | [1] | |
Investment, Identifier [Axis]: 1st Lien/Senior Secured Debt | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1] | 239,700 | |||
Ending Fair Value Balance | [1] | 239,700 | |||
Investment, Identifier [Axis]: Canada | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 28,713 | |||
Investment, Identifier [Axis]: Canada 1st Lien/Senior Secured Debt | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 28,713 | |||
Investment, Identifier [Axis]: Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1] | 768 | |||
Ending Fair Value Balance | 954 | [8],[9] | 768 | [1] | |
Investment, Identifier [Axis]: Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 460,672 | |||
Investment, Identifier [Axis]: Equity Securities | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 4,298 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (5)- 3.67% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.58% Reference Rate and Spread S + 7.00% Maturity 07/07/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 6,015 | |||
Ending Fair Value Balance | [1],[2],[4] | 6,015 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Last-Out Unitranche (5)- 3.67% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 11.58% Reference Rate and Spread S + 7.00% Maturity 07/07/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 280 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 280 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 1,969 | |||
Ending Fair Value Balance | [1],[2],[4] | 1,969 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 661 | |||
Ending Fair Value Balance | [1],[2],[4] | 661 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.48% Reference Rate and Spread L + 5.75% Maturity 12/21/27 Two | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 657 | |||
Ending Fair Value Balance | [1],[2],[4] | 657 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.50% Reference Rate and Spread L + 5.75% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 87 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 87 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 10.54% Reference Rate and Spread L + 6.00% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 511 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 511 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 10.90% Reference Rate and Spread S + 6.50% Maturity 07/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 8,971 | |||
Ending Fair Value Balance | [1],[2],[4] | 8,971 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64 Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Reference Rate and Spread S + 6.50% Maturity 07/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (9) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (9) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 10.08% Reference Rate and Spread S + 5.50% Maturity 05/08/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 7,508 | |||
Ending Fair Value Balance | [1],[2],[4] | 7,508 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 05/08/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (41) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (41) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 05/08/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (15) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (15) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Service Reference Rate and Spread S + 6.00% Maturity 01/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (10) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (10) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 01/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 5,979 | |||
Ending Fair Value Balance | [1],[2],[4] | 5,979 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Interest Rate 9.43% Reference Rate and Spread SN+6.00% Maturity 12/23/26 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[4],[5] | 55 | |||
Ending Fair Value Balance | [1],[2],[3],[4],[5] | 55 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Interest Rate 9.43% Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[4] | 1,654 | |||
Ending Fair Value Balance | [1],[2],[3],[4] | 1,654 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Bigchange Group Limited Industry Software Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[4],[5] | (8) | |||
Ending Fair Value Balance | [1],[2],[3],[4],[5] | (8) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Businessolver.com, Inc.Industry Health Care Technology Interest Rate 9.67% Reference Rate and Spread L + 5.50% Maturity 12/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 2,141 | |||
Ending Fair Value Balance | [1],[2],[4] | 2,141 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Businessolver.com, Inc.Industry Health Care Technology Interest Rate 9.88% Reference Rate and Spread L + 5.50% Maturity 12/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 44 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 44 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 10.97% Reference Rate and Spread S + 6.75% Maturity 11/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2] | 6,562 | |||
Ending Fair Value Balance | [1],[2] | 6,562 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 10.97% Reference Rate and Spread S + 6.75% Maturity 11/01/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[5] | 45 | |||
Ending Fair Value Balance | [1],[2],[5] | 45 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 11.23% Reference Rate and Spread L + 6.50% Maturity 12/31/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 3,529 | |||
Ending Fair Value Balance | [1],[2],[4] | 3,529 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread L + 6.50% Maturity 12/31/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (11) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (11) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 10.69% Reference Rate and Spread SN + 7.25% (Incl. 0.75% PIK) Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[4] | 13,315 | |||
Ending Fair Value Balance | [1],[2],[3],[4] | 13,315 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 9.55% Reference Rate and Spread SN + 7.25% PIK Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[4],[5] | 3,977 | |||
Ending Fair Value Balance | [1],[2],[3],[4],[5] | 3,977 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CloudBees, Inc. Industry Software Interest Rate 11.39% Reference Rate and Spread L + 7.00% (incl. 2.50% PIK) Maturity 11/24/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 3,293 | |||
Ending Fair Value Balance | [1],[2],[4] | 3,293 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% CloudBees, Inc. Industry Software Interest Rate 11.39% Reference Rate and Spread L + 7.00% (incl. 2.50% PIK) Maturity 11/24/26 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 1,411 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 1,411 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 4,196 | |||
Ending Fair Value Balance | [1],[2],[4] | 4,196 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Interest Rate 9.82% Reference Rate and Spread S + 5.50% Maturity 05/11/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 108 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 108 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coding Solutions Acquisition, Inc. Industry Health Care Providers & Services Reference Rate and Spread S + 5.50% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (32) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (32) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Computer Services, Inc. Industry Financial Services Interest Rate 11.15% Reference Rate and Spread S + 6.75% Maturity 11/15/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2] | 15,391 | |||
Ending Fair Value Balance | [1],[2] | 15,391 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 10.84% Reference Rate and Spread S + 6.75% Maturity 10/01/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 12,871 | |||
Ending Fair Value Balance | [1],[2],[4] | 12,871 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (58) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (58) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (58) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (58) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 9.88% Reference Rate and Spread L + 5.50% Maturity 12/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 4,824 | |||
Ending Fair Value Balance | [1],[2],[4] | 4,824 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread L + 5.50% Maturity 12/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (10) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (10) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread L + 5.50% Maturity 12/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (30) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (30) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.74% Reference Rate and Spread L + 7.00% Maturity 04/09/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 4,008 | |||
Ending Fair Value Balance | [1],[2],[4] | 4,008 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.74% Reference Rate and Spread L + 7.00% Maturity 04/09/26 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 378 | |||
Ending Fair Value Balance | [1],[2],[4] | 378 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (9) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (9) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (25) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (25) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread L + 7.00% Maturity 04/09/26 Two | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (135) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (135) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Interest Rate 9.43% Reference Rate and Spread SN + 6.00% Maturity 11/23/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3] | 17,862 | |||
Ending Fair Value Balance | [1],[2],[3] | 17,862 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN + 6.00% Maturity 11/23/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[5] | (42) | |||
Ending Fair Value Balance | [1],[2],[3],[5] | (42) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% HumanState Limited (dba PayProp) Industry Diversified Consumer Services Reference Rate and Spread SN + 6.00% Maturity 11/23/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[5] | (59) | |||
Ending Fair Value Balance | [1],[2],[3],[5] | (59) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Interest Rate 10.61% Reference Rate and Spread S + 6.00% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 68 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 68 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Interest Rate 10.62% Reference Rate and Spread S + 6.00% Maturity 05/11/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 3,544 | |||
Ending Fair Value Balance | [1],[2],[4] | 3,544 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Intelligent Medical Objects, Inc Industry Health Care Technology Reference Rate and Spread S + 6.00% Maturity 05/11/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (18) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (18) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Interest Rate 10.33% Reference Rate and Spread S + 5.75% Maturity 06/25/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 5,713 | |||
Ending Fair Value Balance | [1],[2],[4] | 5,713 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Reference Rate and Spread S + 5.75% Maturity 06/25/29 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (5) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (5) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Kaseya Inc. Industry IT Services Reference Rate and Spread S + 5.75% Maturity 06/25/29 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (5) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (5) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Interest Rate 11.22% Reference Rate and Spread S + 7.00% Maturity 03/18/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 8,442 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 8,442 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 10.63% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 1,106 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 1,106 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 9.31% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 6,620 | |||
Ending Fair Value Balance | [1],[2],[4] | 6,620 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 06/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (26) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (26) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 12/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 5,076 | |||
Ending Fair Value Balance | [1],[2],[4] | 5,076 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 10.87% Reference Rate and Spread S + 6.00% Maturity 12/15/27 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 1,172 | |||
Ending Fair Value Balance | [1],[2],[4] | 1,172 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 12.5% Reference Rate and Spread P + 5.00% Maturity 12/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 47 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 47 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.13% Reference Rate and Spread L + 5.75% Maturity 11/30/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 1,934 | |||
Ending Fair Value Balance | [1],[2],[4] | 1,934 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 10.27% Reference Rate and Spread L + 5.75% Maturity 11/30/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 1,606 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 1,606 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread L + 5.75% Maturity 11/30/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (11) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (11) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.53% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 389 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 389 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.54% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 7,654 | |||
Ending Fair Value Balance | [1],[2],[4] | 7,654 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.54% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 755 | |||
Ending Fair Value Balance | [1],[2],[4] | 755 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.75% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (12) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (12) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Reference Rate and Spread S + 6.75% Maturity 07/18/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (18) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (18) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Interest Rate 9.44% Reference Rate and Spread L + 5.50% Maturity 08/31/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 2,857 | |||
Ending Fair Value Balance | [1],[2],[4] | 2,857 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Interest Rate 9.89% Reference Rate and Spread L + 5.50% Maturity 08/31/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 591 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 591 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Qualawash Holdings, LLC Industry Commercial Services & Supplies Reference Rate and Spread L + 5.50% Maturity 08/31/26 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (15) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (15) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Rubrik,Inc Industry Software Interest Rate 10.75% Reference Rate and Spread S + 6.50% Maturity 06/10/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 10,903 | |||
Ending Fair Value Balance | [1],[2],[4] | 10,903 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Rubrik,Inc Industry Software Interest Rate 11.45% Reference Rate and Spread S + 7.00% Maturity 06/10/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 515 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 515 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 10.44% Reference Rate and Spread S + 6.00% Maturity 07/06/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[6] | 3,413 | |||
Ending Fair Value Balance | [1],[2],[4],[6] | 3,413 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5],[6] | (12) | |||
Ending Fair Value Balance | [1],[2],[4],[5],[6] | (12) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5],[6] | (48) | |||
Ending Fair Value Balance | [1],[2],[4],[5],[6] | (48) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 3,386 | |||
Ending Fair Value Balance | [1],[2],[4] | 3,386 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 One | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 574 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 574 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 10.17% Reference Rate and Spread S + 5.75% Maturity 03/01/28 Two | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 49 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 49 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Spotless Brands, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[5] | (25) | |||
Ending Fair Value Balance | [1],[2],[5] | (25) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% Trader Corporation Industry Automobiles Reference Rate and Spread C + 6.75% Maturity 12/22/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[5] | (24) | |||
Ending Fair Value Balance | [1],[2],[3],[5] | (24) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Interest Rate 11.52% Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 17,572 | |||
Ending Fair Value Balance | [1],[2],[4] | 17,572 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (30) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (30) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 7.25% Maturity 08/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | (83) | |||
Ending Fair Value Balance | [1],[2],[4],[5] | (83) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Interest Rate 11.22% Reference Rate and Spread S + 6.75% Maturity 11/23/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3] | 8,690 | |||
Ending Fair Value Balance | [1],[2],[3] | 8,690 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S + 6.75% Maturity 11/23/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[3],[5] | (27) | |||
Ending Fair Value Balance | [1],[2],[3],[5] | (27) | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc. Industry Health Care Technology Interest Rate 10.98% Reference Rate and Spread L + 6.75% Maturity 01/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4] | 3,158 | |||
Ending Fair Value Balance | [1],[2],[4] | 3,158 | |||
Investment, Identifier [Axis]: Investment 1st Lien/Senior Secured Debt - 139.64%, WebPT, Inc. Industry Health Care Technology Interest Rate 11.26% Reference Rate and Spread L + 6.75% Maturity 01/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[5] | 99 | |||
Ending Fair Value Balance | [1],[2],[4],[5] | 99 | |||
Investment, Identifier [Axis]: Investment Common Stock - 0.45% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/21 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[7] | 278 | |||
Ending Fair Value Balance | [1],[2],[4],[7] | 278 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Interest Rate 11.14% Reference Rate and Spread C + 5.75% Maturity 11/01/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11] | 1,727 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Interest Rate 11.58% Reference Rate and Spread C + 5.750% Maturity 11/01/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11] | 5,895 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Reference Rate and Spread C + 5.75% Maturity 11/01/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[12] | 15 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Recochem, Inc Industry Chemicals Reference Rate and Spread C + 5.75% Maturity 11/01/30 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[12] | (20) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Trader Corporation Industry Automobiles Interest Rate 12.19% Reference Rate and Spread C + 6.75% Maturity 12/21/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[13] | 12,642 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% Trader Corporation Industry Automobiles Reference Rate and Spread C + 6.75% Maturity 12/22/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[12],[13] | (10) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 11.23% iWave Information Systems, Inc. Industry Software Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 11/23/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[13] | 8,603 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% Canada - 11.23% 1st Lien/Senior Secured Debt - 139.64% iWave Information Systems, Inc. Industry Software Reference Rate and Spread S + 6.75% Maturity 11/23/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[12],[13] | (109) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Bigchange Group Limited Industry Software Interest Rate 11.19% Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[13] | 1,749 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Bigchange Group Limited Industry Software Interest Rate 11.19% Reference Rate and Spread SN + 6.00% Maturity 12/23/26 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[13] | 266 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Bigchange Group Limited Industry Software Reference Rate and Spread SN + 6.00% Maturity 12/23/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[12],[13] | (7) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 12.69% Reference Rate and Spread SN+8.50% (Incl. 8.50% PIK) Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[12],[13] | 6,393 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United Kingdom - 9.20% 1st Lien/Senior Secured Debt - 9.20% Clearcourse Partnership Acquireco Finance Limited Industry IT Services Interest Rate 13.69% Reference Rate and Spread SN+8.50% (Incl. 8.50% PIK) Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[11],[13] | 15,135 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States - 159.68% 1st Lien/Senior Secured Debt - 146.55% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 01/29/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 0 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States - 159.68% 1st Lien/Senior Secured Debt - 146.55% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 01/29/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 0 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States - 159.68% 1st Lien/Senior Secured Debt - 146.55% ASM Buyer, Inc. Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 01/29/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 0 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 07/07/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 6,015 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EDB Parent, LLC (dba Enterprise DB) Industry Software Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 07/07/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 1,028 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Interest Rate 11.61% Reference Rate and Spread S + 6.25% Maturity 12/07/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 6,193 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% EIP Consolidated, LLC (dba Everest Infrastructure) Industry Wireless Telecommunication Services Reference Rate and Spread S + 6.25% Maturity 12/07/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (37) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% K2 Towers III, LLC Industry Wireless Telecommunication Services Interest Rate 11.91% Reference Rate and Spread S + 6.55% Maturity 12/06/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 7,293 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Interest Rate 11.73% Reference Rate and Spread S + 6.37% Maturity 12/22/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 3,171 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Skyway Towers Intermediate LLC Industry Wireless Telecommunication Services Reference Rate and Spread S + 6.37% Maturity 12/22/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (20) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Interest Rate 12.46% Reference Rate and Spread S + 7.00% Maturity 08/24/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 6,160 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Thor FinanceCo LLC (dba Harmoni Towers) Industry Wireless Telecommunication Services Reference Rate and Spread S + 7.00% Maturity 08/24/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (38) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Last-Out Unitranche (11) - 13.13% Towerco IV Holdings, LLC Industry Wireless Telecommunication Services Interest Rate 9.71% Reference Rate and Spread S + 4.25% Maturity 08/31/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 3,823 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.64% Reference Rate and Spread S + 6.25% Maturity 04/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 513 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.75% Reference Rate and Spread S + 6.25% Maturity 04/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 2,730 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.79% Reference Rate and Spread S + 6.25% Maturity 04/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 492 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.79% Reference Rate and Spread S + 6.25% Maturity 04/15/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 1,959 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Interest Rate 11.79% Reference Rate and Spread S + 6.25% Maturity 04/15/27 Two | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 5,014 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 6.25% Maturity 04/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (6) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% AQ Sunshine, Inc. (dba Relation Insurance) Industry Insurance Reference Rate and Spread S + 6.25% Maturity 04/15/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (28) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Interest Rate 10.85% Reference Rate and Spread S + 5.50% Maturity 05/08/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 7,546 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (4) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Admiral Buyer, Inc. (dba Fidelity Payment Services) Industry Financial Services Reference Rate and Spread S + 5.50% Maturity 05/08/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (10) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Amspec Parent, LLC Industry Professional Services Interest Rate 11.10% Reference Rate and Spread S+5.75% Maturity 12/05/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[12] | 6,870 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Amspec Parent, LLC Industry Professional Services Reference Rate and Spread S+5.75% Maturity 12/05/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [9] | (24) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Amspec Parent, LLC Industry Professional Services Reference Rate and Spread S+5.75% Maturity 12/05/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (13) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Interest Rate 11.85% Reference Rate and Spread S + 6.50% Maturity 07/01/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 2,898 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Arrow Buyer, Inc. (dba Archer Technologies) Industry Software Reference Rate and Spread S + 6.50% Maturity 07/01/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (10) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Interest Rate 11.47% Reference Rate and Spread S + 6.00% Maturity 01/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,792 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% BSI3 Menu Buyer, Inc (dba Kydia) Industry Financial Services Reference Rate and Spread S + 6.00% Maturity 01/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (17) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail 11.35% Reference Rate and Spread S + 6.00% Maturity 10/05/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [9] | (26) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Blast Bidco Inc. (dba Bazooka Candy Brands) Industry Consumer Staples Distribution & Retail Interest Rate 11.35% Reference Rate and Spread S + 6.00% Maturity 10/04/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [9] | 8,731 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 2,119 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Businessolver.com, Inc. Industry Health Care Technology Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 46 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 11.86% Reference Rate and Spread S + 6.50% Maturity 11/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 6,630 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CST Buyer Company (dba Intoxalock) Industry Diversified Consumer Services Interest Rate 11.96% Reference Rate and Spread S + 6.50% Maturity 11/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 57 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Checkmate Finance Merger Sub, LLC Industry Entertainment Interest Rate 11.95% Reference Rate and Spread S + 6.50% Maturity 12/31/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 3,530 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Checkmate Finance Merger Sub, LLC Industry Entertainment Reference Rate and Spread S + 6.50% Maturity 12/31/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (7) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Interest Rate 12.11% Reference Rate and Spread S + 6.75%Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,552 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Reference Rate and Spread S + 6.75% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (15) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Circustrix Holdings, LLC (dba SkyZone) Industry Leisure Products Reference Rate and Spread S + 6.75% Maturity 07/18/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (7) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CloudBees, Inc. Industry Software Interest Rate 12.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,460 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% CloudBees, Inc. Industry Software Interest Rate 12.47% Reference Rate and Spread S + 7.00% (Incl. 2.50% PIK) Maturity 11/24/26 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 3,403 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 4,133 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 05/11/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,255 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 05/11/28 Two | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 197 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Interest Rate 11.36% Reference Rate and Spread S + 6.00% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 2,850 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coding Solutions Acquisition, Inc Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (210) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Computer Services, Inc Industry Financial Services Interest Rate 12.13% Reference Rate and Spread S + 6.75% Maturity 11/15/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 15,590 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coretrust Purchasing Group LLC Industry Financial Services Interest Rate 12.11% Reference Rate and Spread S + 6.75% Maturity 10/01/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 12,972 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (24) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Coretrust Purchasing Group LLC Industry Financial Services Reference Rate and Spread S + 6.75% Maturity 10/01/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (24) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Crewline Buyer, Inc. (dba New Relic) Industry Software Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 11/08/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 10,863 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Crewline Buyer, Inc. (dba New Relic) Industry Software Reference Rate and Spread S + 6.75% Maturity 11/08/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (29) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% DFS Holding Company, Inc. Industry Distributors Interest Rate 12.46% Reference Rate and Spread S + 7.00% Maturity 01/31/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 4,071 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% DFS Holding Company, Inc. Industry Distributors Interest Rate 12.46% Reference Rate and Spread S + 7.00% Maturity 01/31/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 290 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Interest Rate 12.10% Reference Rate and Spread S + 5.75% Maturity 11/15/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 10,251 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Formulations Parent Corporation (dba Chase Corp) Industry Chemicals Reference Rate and Spread S + 5.75% Maturity 11/15/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (35) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 01/09/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 7,542 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 01/09/30 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,762 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Frontgrade Technologies Holdings Inc. Industry Aerospace & Defense Reference Rate and Spread S + 6.75% Maturity 01/09/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (40) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Interest Rate 13.78% Reference Rate and Spread S + 8.25% Maturity 11/27/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 9,504 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Interest Rate 13.78% Reference Rate and Spread S + 8.25% Maturity 11/27/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 887 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (16) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Fullsteam Operations LLC Industry Financial Services Reference Rate and Spread S + 8.25% Maturity 11/27/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (21) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Interest Rate 11.38% Reference Rate and Spread S + 6.00% Maturity 10/02/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 5,375 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (14) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% GPS Phoenix Buyer, Inc. (dba Guidepoint) Industry IT Services Reference Rate and Spread S + 6.00% Maturity 10/02/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (23) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 203 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Interest Rate 10.96% Reference Rate and Spread S + 5.50% Maturity 12/01/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 4,800 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.50% Maturity 12/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (19) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Reference Rate and Spread S + 5.50% Maturity 12/02/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (7) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Groundworks, LLC Industry Diversified Consumer Services Interest Rate 11.90% Reference Rate and Spread S + 6.50% Maturity 03/14/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 2,059 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Groundworks, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 03/14/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | (2) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Groundworks, LLC Industry Diversified Consumer Services Reference Rate and Spread S + 6.50% Maturity 03/14/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | (2) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 10/07/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 1,527 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Harrington Industrial Plastics, LLC Industry Trading Companies & Distributors Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 10/07/30 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 6,471 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.71% Reference Rate and Spread S + 6.25% Maturity 04/09/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 386 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.71% Reference Rate and Spread S + 6.25% Maturity 04/09/26 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 4,094 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Interest Rate 11.71% Reference Rate and Spread S + 6.25% Maturity 04/09/26 Two | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,990 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% HealthEdge Software, Inc. Industry Health Care Technology Reference Rate and Spread S + 6.25% Maturity 04/09/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (6) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Interest Rate 12.45% Reference Rate and Spread S + 6.75% Maturity 06/13/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 4,041 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 06/13/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (69) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Highfive Dental Holdco, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 6.75% Maturity 06/13/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (12) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.39% Reference Rate and Spread S + 6.00% Maturity 05/11/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 304 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.40% Reference Rate and Spread S + 6.00% Maturity 05/11/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 3,472 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Intelligent Medical Objects, Inc. Industry Health Care Technology Interest Rate 11.41% Reference Rate and Spread S + 6.00% Maturity 05/11/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 4 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Kaseya Inc. Industry IT Services Interest Rate 10.86% Reference Rate and Spread S + 6.00% (Incl. 2.50% PIK) Maturity 06/25/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 85 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Kaseya Inc. Industry IT Services Interest Rate 11.38% Reference Rate and Spread S + 6.00% (Incl. 2.50% PIK) Maturity 06/25/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,791 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Kaseya Inc. Industry IT Services Interest Rate 11.38% Reference Rate and Spread S + 6.00% (Incl. 2.50% PIK) Maturity 06/25/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 18 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% LCG Vardiman Black, LLC (dba Specialty Dental Brands) Industry Health Care Providers & Services Reference Rate and Spread S + 7.00% Maturity 03/18/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13],[14] | 7,603 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.35% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 6,351 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.36% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 1,376 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% MerchantWise Solutions, LLC (dba HungerRush) Industry Financial Services Interest Rate 11.40% Reference Rate and Spread S + 6.00% Maturity 06/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 77 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 11.35% Reference Rate and Spread S + 5.75% Maturity 12/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,160 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Interest Rate 11.35% Reference Rate and Spread S + 5.75% Maturity 12/15/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,025 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Millstone Medical Outsourcing, LLC Industry Health Care Providers & Services Reference Rate and Spread S + 5.75% Maturity 12/15/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (5) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NAVEX TopCo, Inc. Industry Software Interest Rate 11.11% Reference Rate and Spread S + 5.75% Maturity 11/09/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 9,006 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NAVEX TopCo, Inc. Industry Software Reference Rate and Spread S + 5.75% Maturity 11/09/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (16) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.23% Reference Rate and Spread S + 5.75% Maturity 11/30/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,934 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Interest Rate 11.24% Reference Rate and Spread S + 5.75% Maturity 11/30/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,966 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% NFM & J, L.P. (dba the Facilities Group) Industry Professional Services Reference Rate and Spread S + 5.75% Maturity 11/30/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (7) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ncontracts, LLC Industry Software Interest Rate 11.80% Reference Rate and Spread S + 6.50% Maturity 12/11/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 15,285 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ncontracts, LLC Industry Software Reference Rate and Spread S + 6.50% Maturity 12/11/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (36) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ncontracts, LLC Industry Software Reference Rate and Spread S + 6.50% Maturity 12/11/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (18) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Onyx CenterSource, Inc Industry Software Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 12/15/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | 126 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Onyx CenterSource, Inc Industry Software Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 12/15/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 5,280 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Ortholite, LLC Industry Textiles, Apparel & Luxury Goods Interest Rate 11.61% Reference Rate and Spread S + 6.25% Maturity 09/29/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 5,694 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.92% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 1,677 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.93% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 7,732 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 12.93% Reference Rate and Spread S + 7.50% Maturity 07/18/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 762 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% PDDS Holdco, Inc. (dba Planet DDS) Industry Health Care Technology Interest Rate 13.10% Reference Rate and Spread S + 7.50% Maturity 07/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 175 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Recorded Books Inc. (dba RBMedia) Industry Media Interest Rate 11.64% Reference Rate and Spread S + 6.25% Maturity 09/03/30 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 9,066 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Recorded Books Inc. (dba RBMedia) Industry Media Reference Rate and Spread S + 6.25% Maturity 08/31/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (15) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Rubrik, Inc. Industry Software Interest Rate 12.52% Reference Rate and Spread S + 7.00% Maturity 08/17/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 10,768 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Rubrik, Inc. Industry Software Interest Rate 12.52% Reference Rate and Spread S + 7.00% Maturity 08/17/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 138 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Singlewire Software, LLC Industry Software Interest Rate 11.35% Reference Rate and Spread S + 6.00% Maturity 05/10/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 7,622 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Singlewire Software, LLC Industry Software Reference Rate and Spread S + 6.00% Maturity 05/10/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (25) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 12.04% Reference Rate and Spread S + 6.50% Maturity 06/15/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 933 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 11.47% Reference Rate and Spread S + 6.00% Maturity 07/06/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13],[15] | 3,396 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Reference Rate and Spread S + 6.00% Maturity 07/06/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13],[15] | (9) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.00% Reference Rate and Spread S + 5.50% Maturity 03/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 3,351 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.00% Reference Rate and Spread S + 5.50% Maturity 03/01/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 600 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% SpendMend, LLC Industry Health Care Providers & Services Interest Rate 11.02% Reference Rate and Spread S + 5.50% Maturity 03/01/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 171 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,621 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Spotless Brands, LLC Industry Diversified Consumer Services Interest Rate 12.27% Reference Rate and Spread S + 6.75% Maturity 07/25/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 10,458 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 11.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 4,703 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Superior Environmental Solutions Industry Commercial Services & Supplies Interest Rate 11.96% Reference Rate and Spread S + 6.50% Maturity 08/01/29 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 135 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Superior Environmental Solutions Industry Commercial Services & Supplies Reference Rate and Spread S + 6.50% Maturity 08/01/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (14) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% UP Acquisition Corp. (dba Unified Power) Industry Commercial Services & Supplies Interest Rate 11.38% Reference Rate and Spread S + 6.00% Maturity 10/31/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10] | 4,320 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% UP Acquisition Corp. (dba Unified Power) Industry Commercial Services & Supplies Reference Rate and Spread S + 6.00% Maturity 10/31/29 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12] | (16) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Interest Rate 13.33% Reference Rate and Spread S + 7.88% (Incl. 3.88% PIK) Maturity 08/14/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 7,175 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.88% (Incl. 3.88% PIK) Maturity 08/14/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 25 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% VASA Fitness Buyer, Inc. Industry Diversified Consumer Services Reference Rate and Spread S + 7.88% (Incl. 3.88% PIK) Maturity 08/14/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (4) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% WebPT, Inc. Industry Health Care Technology Interest Rate 12.22% Reference Rate and Spread S + 6.75% Maturity 01/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 3,190 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% WebPT, Inc. Industry Health Care Technology Interest Rate 12.22% Reference Rate and Spread S + 6.75% Maturity 01/18/28 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 61 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% WebPT, Inc. Industry Health Care Technology Interest Rate 12.25% Reference Rate and Spread S + 6.75% Maturity 01/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 229 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.25% Reference Rate and Spread S + 5.75% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 1,964 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.25% Reference Rate and Spread S + 5.75% Maturity 12/21/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 655 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.26% Reference Rate and Spread S + 5.75% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 55 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.28% Reference Rate and Spread S + 5.75% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 660 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Whitewater Holding Company LLC Industry Diversified Consumer Services Interest Rate 11.52% Reference Rate and Spread S + 6.00% Maturity 12/21/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 4,774 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.89% Reference Rate and Spread S + 6.50% Maturity 07/01/27 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | 795 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% Zarya Intermediate, LLC (dba iOFFICE) Industry Real Estate Mgmt. & Development Interest Rate 11.89% Reference Rate and Spread S + 6.50% Maturity 07/01/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 8,971 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% iCIMS, Inc. Industry Professional Services Interest Rate 12.10% Reference Rate and Spread S + 6.75% Maturity 08/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [10],[12],[13] | 229 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% iCIMS, Inc. Industry Professional Services Interest Rate 12.62% Reference Rate and Spread S + 7.25% (Incl. 3.88% PIK) Maturity 08/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 18,002 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.68% 1st Lien/Senior Secured Debt - 146.55% iCIMS, Inc. Industry Professional Services Reference Rate and Spread S + 3.38% Maturity 08/18/28 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13] | (124) | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.69% 1st Lien/Senior Secured Debt - 146.55% Solaris (dba Urology Management Holdings, Inc.) Industry Health Care Providers & Services Interest Rate 11.93% Reference Rate and Spread S + 6.50% Maturity 06/15/26 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13] | 3,245 | |||
Investment, Identifier [Axis]: Investment Debt Investments - 180.11% United States 159.69% 1st Lien/Senior Secured Debt - 146.55% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Interest Rate 11.47% Reference Rate and Spread S + 6.00% Maturity 07/06/27 One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[12],[13],[15] | 1,224 | |||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Common Stock - 0.37% Southeast Mechanical, LLC (dba. SEM Holdings, LLC) Industry Diversified Consumer Services Initial Acquisition Date 07/06/22 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13],[15],[16] | 699 | |||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Common Stock - 0.37% Whitewater Holding Company LLC Industry Diversified Consumer Services Initial Acquisition Date 12/21/21 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[13],[16],[17] | 255 | |||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Preferred Stock - 1.30% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[16] | 1,820 | |||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Preferred Stock - 1.30% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/21 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[16] | 1,496 | |||
Investment, Identifier [Axis]: Investment Equity Securities - 1.68% United States - 1.68% Warrants - 0.01% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[10],[16] | 28 | |||
Investment, Identifier [Axis]: Investment Preferred Stock - 1.65% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[7] | 1,477 | |||
Ending Fair Value Balance | [1],[2],[4],[7] | 1,477 | |||
Investment, Identifier [Axis]: Investment Preferred Stock - 1.65% Governmentjobs.com, Inc. (dba NeoGov) Industry Software Initial Acquisition Date 12/02/21 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[7] | 1,349 | |||
Ending Fair Value Balance | [1],[2],[4],[7] | 1,349 | |||
Investment, Identifier [Axis]: Investment Warrants - 0.04% CloudBees, Inc. Industry Software Initial Acquisition Date 11/24/21 | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1],[2],[4],[7] | 71 | |||
Ending Fair Value Balance | [1],[2],[4],[7] | 71 | |||
Investment, Identifier [Axis]: Investments - 145.45% | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1] | 249,660 | |||
Ending Fair Value Balance | [1] | 249,660 | |||
Investment, Identifier [Axis]: Investments - 181.79% | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 464,970 | |||
Investment, Identifier [Axis]: Investments in Affiliated Money Market Fund | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 905 | |||
Investment, Identifier [Axis]: Investments in Affiliated Money Market Fund - 0.36% Goldman Sachs Financial Square Government Fund - Institutional Shares | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9],[18],[19] | 905 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliates | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | 3,843 | 23,067 | |||
Gross Additions | 175,593 | 138,841 | |||
Gross Reductions | (173,454) | (158,123) | |||
Non-controlled affiliated investments | 233 | 58 | |||
Ending Fair Value Balance | 6,215 | 3,843 | |||
Interest Income Operating | 636 | 221 | |||
Dividend, Interest and Other Income | 636 | 221 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliates Goldman Sachs Financial Square Government Fund | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | 23,067 | ||||
Gross Additions | 174,325 | 135,038 | |||
Gross Reductions | (173,420) | (158,105) | |||
Ending Fair Value Balance | 905 | ||||
Interest Income Operating | 162 | 47 | |||
Dividend, Interest and Other Income | 162 | 47 | |||
Investment, Identifier [Axis]: Non-Controlled Affiliates Southeast Mechanical LLC Dba SEM Holdings LLC | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | 3,843 | ||||
Gross Additions | 1,268 | 3,803 | |||
Gross Reductions | (34) | (18) | |||
Non-controlled affiliated investments | 233 | 58 | |||
Ending Fair Value Balance | 5,310 | 3,843 | |||
Interest Income Operating | 474 | 174 | |||
Dividend, Interest and Other Income | 474 | 174 | |||
Investment, Identifier [Axis]: Preferred Stock | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1] | 2,826 | |||
Ending Fair Value Balance | 3,316 | [8],[9] | 2,826 | [1] | |
Investment, Identifier [Axis]: United Kingdom | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 23,536 | |||
Investment, Identifier [Axis]: United Kingdom 1st Lien/Senior Secured Debt | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 23,536 | |||
Investment, Identifier [Axis]: United States | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 408,423 | |||
Investment, Identifier [Axis]: United States 1st Lien/Senior Secured Debt | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 374,835 | |||
Investment, Identifier [Axis]: United States One | |||||
Schedule of Investments [Line Items] | |||||
Ending Fair Value Balance | [8],[9] | 4,298 | |||
Investment, Identifier [Axis]: Warrants | |||||
Schedule of Investments [Line Items] | |||||
Beginning Fair Value Balance | [1] | 71 | |||
Ending Fair Value Balance | $ 28 | [8],[9] | $ 71 | [1] | |
[1] # Percentages are based on net assets. (1) Represents co-investments made with in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”. (4) The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2022, the aggregate fair value of these securities is $ 57,669 or 22.51 % of the Company’s total assets. (2) The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”. (3) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies". ^ As defined in the Investment Company Act, the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”. (7) Non-income producing security. For Industry subtotal and percentage, see Note 4 "Investments." Percentages are based on net assets. Represents co-investments made in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3 “Significant Agreements and Related Party Transactions”. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of December 31, 2023, the aggregate fair value of these securities is $ 52,249 or 10.86 % of the Company’s total assets. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. The negative cost, if applicable, is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value, if applicable, is the result of the capitalized discount on the loan. See Note 7 "Commitments and Contingencies". The fair value of the investment was determined using significant unobservable inputs. See Note 5 “Fair Value Measurement”. The investment is on non-accrual status. See Note 2 "Significant Accounting Policies". As defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”), the investment is deemed to be an “affiliated person” of the Company because the Company owns, either directly or indirectly, 5 % or more of the portfolio company’s outstanding voting securities. See Note 3 “Significant Agreements and Related Party Transactions”. Non-income producing security. Securities exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"), and may be deemed to be “restricted securities”. As of December 31, 2023, the aggregate fair value of these securities is $ 4,298 or 1.68 % of the Company's net assets. The initial acquisition dates have been included for such securities. The annualized seven-day yield as of December 31, 2023 is 5.25 %. The investment is otherwise deemed to be an “affiliated person” of the Company. See Note 3 “Significant Agreements and Related Party Transactions”. |
Investments - Schedule of Inves
Investments - Schedule of Investments Excluding Investments in Money Market Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Cost | $ 465,401 | $ 250,838 |
Fair Value | 464,970 | 249,660 |
1st Lien/Senior Secured Debt | ||
Schedule of Investments [Line Items] | ||
Cost | 428,177 | 240,889 |
Fair Value | 427,084 | 239,700 |
1st Lien/Last-Out Unitranche | ||
Schedule of Investments [Line Items] | ||
Cost | 33,627 | 6,352 |
Fair Value | 33,588 | 6,295 |
Preferred Stock | ||
Schedule of Investments [Line Items] | ||
Cost | 2,711 | 2,711 |
Fair Value | 3,316 | 2,826 |
Common Stock | ||
Schedule of Investments [Line Items] | ||
Cost | 670 | 670 |
Fair Value | 954 | 768 |
Warrant | ||
Schedule of Investments [Line Items] | ||
Cost | 216 | 216 |
Fair Value | $ 28 | $ 71 |
Investments - Schedule of Inv_2
Investments - Schedule of Investments as a Percentage of Fair Value and Net Assets (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Net Assets | 181.80% | 145.40% |
Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 100% | 100% |
Software | ||
Schedule of Investments [Line Items] | ||
Net Assets | 36.20% | 23.60% |
Software | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 19.90% | 16.20% |
Financial Services | ||
Schedule of Investments [Line Items] | ||
Net Assets | 23.40% | 28.70% |
Financial Services | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 12.90% | 19.70% |
Diversified Consumer Services | ||
Schedule of Investments [Line Items] | ||
Net Assets | 16.30% | 24.90% |
Diversified Consumer Services | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 9% | 17.10% |
Health Care Providers & Services | ||
Schedule of Investments [Line Items] | ||
Net Assets | 13.40% | 13.40% |
Health Care Providers & Services | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 7.40% | 9.20% |
IT Services | ||
Schedule of Investments [Line Items] | ||
Net Assets | 12.80% | 13.40% |
IT Services | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 7% | 9.20% |
Health Care Technology | ||
Schedule of Investments [Line Items] | ||
Net Assets | 11.80% | 12.80% |
Health Care Technology | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 6.50% | 8.90% |
Professional Services | ||
Schedule of Investments [Line Items] | ||
Net Assets | 11.30% | 12.20% |
Professional Services | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 6.20% | 8.40% |
Wireless Telecommunication Services | ||
Schedule of Investments [Line Items] | ||
Net Assets | 10.40% | |
Wireless Telecommunication Services | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 5.70% | |
Chemicals | ||
Schedule of Investments [Line Items] | ||
Net Assets | 7% | |
Chemicals | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 3.80% | |
Aerospace and Defense | ||
Schedule of Investments [Line Items] | ||
Net Assets | 5.20% | |
Aerospace and Defense | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 2.90% | |
Automobiles | ||
Schedule of Investments [Line Items] | ||
Net Assets | 4.90% | 7.10% |
Automobiles | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 2.70% | 4.90% |
Insurance | ||
Schedule of Investments [Line Items] | ||
Net Assets | 4.20% | |
Insurance | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 2.30% | |
Real Estate Mgmt. & Development | ||
Schedule of Investments [Line Items] | ||
Net Assets | 3.80% | 5.20% |
Real Estate Mgmt. & Development | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 2.10% | 3.60% |
Commercial Services & Supplies | ||
Schedule of Investments [Line Items] | ||
Net Assets | 3.60% | 2% |
Commercial Services & Supplies | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 2% | 1.40% |
Media | ||
Schedule of Investments [Line Items] | ||
Net Assets | 3.50% | |
Media | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 1.90% | |
Consumer Staples Distribution & Retail | ||
Schedule of Investments [Line Items] | ||
Net Assets | 3.40% | |
Consumer Staples Distribution & Retail | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 1.90% | |
Trading Companies & Distributors | ||
Schedule of Investments [Line Items] | ||
Net Assets | 3.10% | |
Trading Companies & Distributors | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 1.70% | |
Textiles, Apparel & Luxury Goods | ||
Schedule of Investments [Line Items] | ||
Net Assets | 2.20% | |
Textiles, Apparel & Luxury Goods | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 1.20% | |
Leisure Products | ||
Schedule of Investments [Line Items] | ||
Net Assets | 2.20% | |
Leisure Products | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 1.20% | |
Distributors | ||
Schedule of Investments [Line Items] | ||
Net Assets | 1.70% | |
Distributors | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 0.90% | |
Entertainment | ||
Schedule of Investments [Line Items] | ||
Net Assets | 1.40% | 2.10% |
Entertainment | Investments at Fair Value | Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 0.80% | 1.40% |
Investments - Schedule of Geogr
Investments - Schedule of Geographic Composition of Investments at Fair Value (Details) - Investments at Fair Value - Geographic Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 100% | 100% |
United States | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 88.80% | 80.40% |
Canada | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 6.20% | 4.90% |
United Kingdom | ||
Schedule of Investments [Line Items] | ||
Composition of investments, percentage | 5% | 14.70% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 464,970 | $ 249,660 |
1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 427,084 | 239,700 |
1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 33,588 | 6,295 |
Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 3,316 | 2,826 |
Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 954 | 768 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 464,970 | 249,660 |
Level 3 | 1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 427,084 | 239,700 |
Level 3 | 1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 33,588 | 6,295 |
Level 3 | Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 3,316 | 2,826 |
Level 3 | Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 954 | $ 768 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | 1st Lien/Senior Secured Debt | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 0.089 | 0.074 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | 1st Lien/Senior Secured Debt | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 0.118 | 0.115 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | 1st Lien/Last-Out Unitranche | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 0.089 | |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | 1st Lien/Last-Out Unitranche | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 0.117 | |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 307,011 | $ 168,648 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Senior Secured Debt | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 0.105 | 0.099 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 16,988 | $ 6,295 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | 1st Lien/Last-Out Unitranche | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 0.107 | 0.109 |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | 1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 7,603 | |
Bank Loans, Corporate Debt and Other Debt Obligations | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | 1st Lien/Senior Secured Debt | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt Investments, Range of Significant Unobservable Inputs | 10 | |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Preferred Stock | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Fair Value | $ 1,496 | $ 1,349 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Preferred Stock | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Range of Significant Unobservable Inputs | 31.2 | 27.9 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Common Stock | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Fair Value | $ 954 | $ 768 |
Equity, Range of Significant Unobservable Inputs | 9.3 | 9.1 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Common Stock | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Range of Significant Unobservable Inputs | 16 | 18.3 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, EV/EBITDA | Common Stock | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Range of Significant Unobservable Inputs | 11.1 | 12.4 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, Fair Value | $ 28 | $ 71 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Warrants, Range of Significant Unobservable Inputs | 4 | 4 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | Preferred Stock | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Fair Value | $ 1,820 | $ 1,477 |
Equity | Level 3 | Valuation, Comparable Multiples | Measurement Input, Revenue Multiple | Preferred Stock | Weighted Average | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Equity, Range of Significant Unobservable Inputs | 4 | 4 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Ranges of Significant Unobservable Inputs Used to Value Level 3 Assets (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 464,970 | $ 249,660 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | 464,970 | 249,660 |
Income Approach | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 323,999 | $ 174,943 |
Fair value of debt investments percentage using income approach | 70.30% | 71.10% |
Investment Adviser did not Develop Unobservable Inputs | Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt investments, Fair Value | $ 129,070 | $ 71,052 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Assets Categorized Within Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | $ 464,970 | $ 249,660 |
1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 427,084 | 239,700 |
1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 33,588 | 6,295 |
Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 3,316 | 2,826 |
Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 954 | 768 |
Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 28 | 71 |
Investments in Affiliated Money Market Fund | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 905 | |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 465,875 | 249,660 |
Level 1 | Investments in Affiliated Money Market Fund | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 905 | |
Level 1 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 905 | |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 464,970 | 249,660 |
Level 3 | 1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 427,084 | 239,700 |
Level 3 | 1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 33,588 | 6,295 |
Level 3 | Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 3,316 | 2,826 |
Level 3 | Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 954 | 768 |
Level 3 | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | 28 | 71 |
Level 3 | Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt investments, Fair Value | $ 464,970 | $ 249,660 |
Fair Value Measurement - Summ_4
Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Assets By Investment Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax |
Net Change in Unrealized Appreciation (Depreciation) for assets still held | $ 828 | $ (1,403) |
1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net Change in Unrealized Appreciation (Depreciation) for assets still held | 177 | (1,414) |
1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net Change in Unrealized Appreciation (Depreciation) for assets still held | 18 | (57) |
Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net Change in Unrealized Appreciation (Depreciation) for assets still held | 490 | 115 |
Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net Change in Unrealized Appreciation (Depreciation) for assets still held | 186 | 98 |
Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Net Change in Unrealized Appreciation (Depreciation) for assets still held | (43) | (145) |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 249,660 | 29,610 |
Purchases | 245,654 | 228,699 |
Net Realized Gain (Loss) | 1,348 | |
Net Change in Unrealized Appreciation (Depreciation) | 747 | (1,403) |
Sales and Settlements | (34,186) | (7,602) |
Net Amortization of Premium/Discount | 1,747 | 356 |
Ending Balance | 464,970 | 249,660 |
Level 3 | 1st Lien/Senior Secured Debt | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 239,700 | 26,413 |
Purchases | 218,415 | 221,955 |
Net Realized Gain (Loss) | 1,348 | |
Net Change in Unrealized Appreciation (Depreciation) | 95 | (1,414) |
Sales and Settlements | (34,186) | (7,602) |
Net Amortization of Premium/Discount | 1,712 | 348 |
Ending Balance | 427,084 | 239,700 |
Level 3 | 1st Lien/Last-Out Unitranche | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 6,295 | |
Purchases | 27,239 | 6,344 |
Net Change in Unrealized Appreciation (Depreciation) | 19 | (57) |
Net Amortization of Premium/Discount | 35 | 8 |
Ending Balance | 33,588 | 6,295 |
Level 3 | Preferred Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 2,826 | 2,711 |
Net Change in Unrealized Appreciation (Depreciation) | 490 | 115 |
Ending Balance | 3,316 | 2,826 |
Level 3 | Common Stock | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 768 | 270 |
Purchases | 400 | |
Net Change in Unrealized Appreciation (Depreciation) | 186 | 98 |
Ending Balance | 954 | 768 |
Level 3 | Warrants | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Beginning Balance | 71 | 216 |
Net Change in Unrealized Appreciation (Depreciation) | (43) | (145) |
Ending Balance | $ 28 | $ 71 |
Debt - Additional Information (
Debt - Additional Information (Details) £ in Thousands, $ in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Nov. 09, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 CAD ($) | ||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate Borrowing Amount Committed | $ 400,000 | $ 400,000 | $ 156,586 | |||||||
Deferred financing costs | 2,874 | $ 2,874 | $ 484 | |||||||
Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Combined weighted average interest rates | 7.46% | 7.46% | 7.46% | 5.30% | 5.30% | 5.30% | ||||
Average outstanding balance | $ 134,147 | $ 33,710 | ||||||||
Asset Coverage Ratio Requirement Description | Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of December 31, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 219% and 316%. | Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of December 31, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 219% and 316%. | Investment Company Act, is at least 150% after such borrowing (if certain requirements are met). As of December 31, 2023 and December 31, 2022, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 219% and 316%. | |||||||
BoA Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Combined weighted average interest rates | 3% | 7.48% | 7.48% | 7.48% | 5.30% | 5.30% | 5.30% | |||
Average outstanding balance | $ 6,308 | $ 50,446 | $ 33,710 | |||||||
Aggregate Borrowing Amount Committed | [1] | 95,000 | 95,000 | 156,586 | ||||||
Maximum borrowing capacity | 95,000 | $ 95,000 | ||||||||
Revolving credit facility interest rate description | Under the BoA Revolving Credit Facility, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which is zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.95% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.95% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.95% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%).In connection with the closing of the amendment on November 9, 2023, the Company paid at closing an upfront fee to each lender under the BoA Revolving Credit Facility equal to 0.40% of the aggregate principal amount of loans and commitments. The Company pays (x) a 0.35% annualized fee if the facility utilization is equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization is less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility. | Under the BoA Revolving Credit Facility, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which is zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.95% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.95% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.95% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%).In connection with the closing of the amendment on November 9, 2023, the Company paid at closing an upfront fee to each lender under the BoA Revolving Credit Facility equal to 0.40% of the aggregate principal amount of loans and commitments. The Company pays (x) a 0.35% annualized fee if the facility utilization is equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization is less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility. | Under the BoA Revolving Credit Facility, the Company has the ability to elect Daily Simple SOFR, Term SOFR, the applicable alternative currency rate, or the alternate base rate at the time of drawdown, and loans may be converted from one rate to another at any time, subject to certain conditions. The interest rate on obligations under the BoA Revolving Credit Facility is (A) the prevailing Daily Simple SOFR, Term SOFR for the applicable interest period or the applicable alternative currency rate, in each case, plus any applicable credit spread adjustment (which is zero for Daily Simple SOFR and 1-month Term SOFR), plus 2.95% per annum, or (B) an alternate base rate (the greatest of (i) the Prime Rate plus 1.95% per annum, (ii) the Federal Funds Rate plus 0.50% plus 1.95% per annum, and (iii) Term SOFR with a one-month tenor plus 1.00%).In connection with the closing of the amendment on November 9, 2023, the Company paid at closing an upfront fee to each lender under the BoA Revolving Credit Facility equal to 0.40% of the aggregate principal amount of loans and commitments. The Company pays (x) a 0.35% annualized fee if the facility utilization is equal to or greater than 50% of the maximum commitment and (y) a 0.45% annualized fee if the facility utilization is less than 50% of the maximum commitment, in each case, on a quarterly basis on committed but undrawn amounts under the BoA Revolving Credit Facility. | |||||||
Additional credit adjustment | 0.40% | 0.20% | 0.20% | 0.20% | ||||||
Cost incurred in obtaining revolving credit facility | 1,352 | $ 1,352 | ||||||||
Deferred financing costs | 314 | $ 314 | 484 | |||||||
Basis spread on variable rate, percent | 0.40% | 0.20% | 0.20% | 0.20% | ||||||
BoA Revolving Credit Facility | 0.35% Annualized Fee | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, commitment fee percentage | 0.35% | |||||||||
BoA Revolving Credit Facility | 0.45% Annualized Fee | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, commitment fee percentage | 0.45% | |||||||||
BoA Revolving Credit Facility | Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Average outstanding balance | $ 30,000 | £ 30,665 | $ 16,750 | |||||||
Maximum borrowing capacity | 300,000 | $ 300,000 | ||||||||
BoA Revolving Credit Facility | Federal Funds Effective Swap Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Additional credit adjustment | 1.95% | 1.95% | 1.95% | |||||||
Basis spread on variable rate, percent | 1.95% | 1.95% | 1.95% | |||||||
BoA Revolving Credit Facility | Prime Rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Additional credit adjustment | 1.95% | 1.95% | 1.95% | |||||||
Basis spread on variable rate, percent | 1.95% | 1.95% | 1.95% | |||||||
BoA Revolving Credit Facility | SOFR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Additional credit adjustment | 1% | 1% | 1% | |||||||
Basis spread on variable rate, percent | 1% | 1% | 1% | |||||||
BoA Revolving Credit Facility | Daily Simple SOFR and 1-month Term SOFR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Additional credit adjustment | 2.95% | 2.95% | 2.95% | |||||||
Basis spread on variable rate, percent | 2.95% | 2.95% | 2.95% | |||||||
Truist Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Combined weighted average interest rates | 7.44% | 7.44% | 7.44% | |||||||
Average outstanding balance | $ 83,701 | |||||||||
Aggregate Borrowing Amount Committed | [2] | 305,000 | 305,000 | |||||||
Maximum borrowing capacity | $ 750,000 | $ 750,000 | ||||||||
Revolving credit facility interest rate description | Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. | Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. | Borrowings denominated in USD, including amounts drawn in respect of letters of credit, bear interest (at the Company's election) of either (i) term SOFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus an additional 0.10% credit adjustment spread, (ii) an alternate base rate, which is the highest of (x) Prime Rate in effect on such day, (y) Federal Funds Effective Rate for such day plus 1/2 of 1.00% and (z) term SOFR for an interest period of one (1) month plus 1.00%, plus a margin of either 1.00% or 0.75% (subject to certain gross borrowing base conditions). Borrowings denominated in non-USD bear interest of the applicable term benchmark rate or daily simple RFR plus a margin of either 2.00% or 1.75% (subject to certain gross borrowing base conditions), plus, in the case of borrowings denominated in Pound Sterling (GBP) only, an additional 0.0326% credit adjustment spread or 0.1193% credit adjustment spread, for 1-month tenor and 3-months tenor borrowings, respectively. With respect to borrowings denominated in USD, the Company may elect either term SOFR, or an alternative base rate at the time of borrowing, and such borrowings may be converted from one benchmark to another at any time, subject to certain conditions. | |||||||
Additional credit adjustment | 0.0326% | 0.10% | 0.10% | 0.10% | ||||||
Cost incurred in obtaining revolving credit facility | $ 3,070 | $ 3,070 | ||||||||
Deferred financing costs | $ 2,560 | $ 2,560 | ||||||||
Basis spread on variable rate, percent | 0.0326% | 0.10% | 0.10% | 0.10% | ||||||
Truist Revolving Credit Facility | Debt [Member] | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Average outstanding balance | $ 179,000 | £ 13,165 | $ 24,750 | |||||||
Maximum borrowing capacity | $ 750,000 | $ 750,000 | ||||||||
Truist Revolving Credit Facility | SOFR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Additional credit adjustment | 0.1193% | 0.1193% | 0.1193% | |||||||
Basis spread on variable rate, percent | 0.1193% | 0.1193% | 0.1193% | |||||||
Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument asset coverage ratio | 219% | 219% | 316% | |||||||
Minimum | BoA Revolving Credit Facility | 0.35% Annualized Fee | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, commitment fee percentage | 50% | |||||||||
Minimum | Truist Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument asset coverage ratio | 100% | 100% | ||||||||
Minimum | Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument asset coverage ratio | 150% | 150% | ||||||||
Maximum | BoA Revolving Credit Facility | 0.45% Annualized Fee | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Line of credit facility, commitment fee percentage | 50% | |||||||||
Maximum | Truist Revolving Credit Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt instrument asset coverage ratio | 150% | 150% | ||||||||
[1] Provides, under certain circumstances, a total borrowing capacity of $ 300,000 . The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2023 , the Company had outstanding borrowings of $ 0 . As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $ 30,000 and in GBP of £ 30,665 and in CAD of 16,750 . Provides, under certain circumstances, a total borrowing capacity of $ 750,000 . As of December 31, 2023, the Company had outstanding borrowings denominated in USD of $ 179,000 , in GBP of £ 13,165 and in CAD of CAD 24,750 . |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Aggregate Borrowing Amount Committed | $ 400,000 | $ 156,586 | |
Amount Available | 186,805 | 76,796 | |
Carrying Value | 214,459 | 79,443 | |
BoA Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Aggregate Borrowing Amount Committed | [1] | 95,000 | 156,586 |
Amount Available | [1] | 95,000 | 76,796 |
Carrying Value | [1] | $ 79,443 | |
Truist Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Aggregate Borrowing Amount Committed | [2] | 305,000 | |
Amount Available | [2] | 91,805 | |
Carrying Value | [2] | $ 214,459 | |
[1] Provides, under certain circumstances, a total borrowing capacity of $ 300,000 . The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2023 , the Company had outstanding borrowings of $ 0 . As of December 31, 2022, the Company had outstanding borrowings denominated in USD of $ 30,000 and in GBP of £ 30,665 and in CAD of 16,750 . Provides, under certain circumstances, a total borrowing capacity of $ 750,000 . As of December 31, 2023, the Company had outstanding borrowings denominated in USD of $ 179,000 , in GBP of £ 13,165 and in CAD of CAD 24,750 . |
Debt - Schedule of Outstandin_2
Debt - Schedule of Outstanding Debt (Parenthetical) (Details) £ in Thousands, $ in Thousands, $ in Thousands | 2 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 CAD ($) | |
Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Outstanding borrowings | $ 134,147 | $ 33,710 | |||||
BoA Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 95,000 | ||||||
Outstanding borrowings | $ 6,308 | 50,446 | 33,710 | ||||
BoA Revolving Credit Facility [Member] | Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 300,000 | ||||||
Outstanding borrowings | $ 30,000 | £ 30,665 | $ 16,750 | ||||
Outstanding borrowings | 0 | ||||||
Truist Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 750,000 | ||||||
Outstanding borrowings | 83,701 | ||||||
Truist Revolving Credit Facility [Member] | Debt | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 750,000 | ||||||
Outstanding borrowings | $ 179,000 | £ 13,165 | $ 24,750 |
Debt - Schedule of Revolving Cr
Debt - Schedule of Revolving Credit Facility (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | |||
Amortization of financing costs | $ 22 | $ 1,129 | $ 398 |
BoA Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Borrowing interest expense | 18 | 3,775 | 1,787 |
Facility fees | 19 | 299 | 227 |
Amortization of financing costs | 22 | 619 | 398 |
Total | $ 59 | $ 4,693 | $ 2,412 |
Weighted average interest rate | 3% | 7.48% | 5.30% |
Average outstanding balance | $ 6,308 | $ 50,446 | $ 33,710 |
Truist Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | |||
Borrowing interest expense | 6,231 | ||
Facility fees | 732 | ||
Amortization of financing costs | 510 | ||
Total | $ 7,473 | ||
Weighted average interest rate | 7.44% | ||
Average outstanding balance | $ 83,701 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Aggregate Capital Commitments and Undrawn Capital Commitments from Investors (Details) - USD ($) | 12 Months Ended | ||
Oct. 29, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | |||
Capital Commitments | $ 100 | ||
Common Stock [Member] | |||
Loss Contingencies [Line Items] | |||
Capital Commitments | $ 546,425,000 | $ 543,340,000 | |
Unfunded Capital Commitments | $ 287,410,000 | $ 367,875,000 | |
Percentage of Capital Commitments Funded | 47% | 32% |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Unfunded Commitments by Investment Types (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | $ 112,057 | $ 78,498 |
1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 95,831 | 76,437 |
1st Lien/Last-Out Unitranche | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 16,226 | 2,061 |
Admiral Buyer, Inc. (dba Fidelity Payment Services) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 2,810 | 2,810 |
Amspec Parent, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 1,968 | |
AQ Sunshine, Inc. (dba Relation Insurance) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 3,155 | |
Arrow Buyer, Inc. (dba Archer Technologies) [Member] | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 679 | |
ASM Buyer, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 9,757 | |
Bigchange Group Limited | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 357 | 402 |
Blast Bidco Inc. (dba Bazooka Candy Brands) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 1,045 | |
BSI3 Menu Buyer, Inc (dba Kydia) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 249 | 249 |
Businessolver.com, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 268 | 536 |
Checkmate Finance Merger Sub, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 367 | 367 |
Circustrix Holdings, LLC (dba SkyZone) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,092 | |
Clearcourse Partnership Acquireco Finance Limited | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 6,612 | 7,832 |
Coding Solutions Acquisition, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 10,891 | 1,786 |
Coretrust Purchasing Group LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 3,863 | 3,864 |
Crewline Buyer, Inc. (dba New Relic) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,161 | |
CST Buyer Company (dba Intoxalock) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 574 | 574 |
DFS Holding Company, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 564 | 7,102 |
Formulations Parent Corporation (dba Chase Corp) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 1,742 | |
Frontgrade Technologies (dba Cobham Holdings Inc) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,981 | |
Fullsteam Operations LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 4,068 | |
Governmentjobs.com, Inc. (dba NeoGov) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 2,062 | 2,268 |
GPS Phoenix Buyer, Inc. (dba Guidepoint) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 2,553 | |
Groundworks, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 205 | |
Harrington Industrial Plastics, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 679 | |
HealthEdge Software, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 400 | 7,500 |
Highfive Dental Holdco, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 3,240 | |
iCIMS, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 5,223 | 6,454 |
Intelligent Medical Objects, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 951 | 1,224 |
iWave Information Systems, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 4,380 | 1,087 |
Kaseya Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 591 | 700 |
MerchantWise Solutions, LLC (dba HungerRush) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 953 | 1,414 |
Millstone Medical Outsourcing, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 259 | 207 |
NAVEX TopCo, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 810 | |
Ncontracts, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 2,894 | |
NFM & J, L.P. (dba the Facilities Group) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 349 | 707 |
Onyx Center Source, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 270 | |
PDDS Holdco, Inc. (dba Planet DDS) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,305 | 1,958 |
Recochem, Inc | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 2,442 | |
Recorded Books Inc. (dba RBMedia) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 749 | |
Rubrik,Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,367 | 732 |
Singlewire Software, LLC [Member] | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,251 | |
Solaris (dba Urology Management Holdings, Inc.) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 706 | |
Southeast Mechanical, LLC (dba. SEM Holdings, LLC) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,740 | 3,000 |
SpendMend, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,148 | 1,302 |
Superior Environmental Solutions [Member] | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,059 | |
Trader Corporation | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 965 | 945 |
UP Acquisition Corp. (dba Unified Power) | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 689 | |
VASA Fitness Buyer, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,466 | |
WebPT, Inc. | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 255 | 449 |
Whitewater Holding Company LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,533 | 5,741 |
Zarya Intermediate, LLC (dba iOFFICE) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 134 | 938 |
CloudBees, Inc | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 86 | |
HumanState Limited (dba PayProp) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 10,591 | |
LCG Vardiman Black, LLC (dba Specialty Dental Brands) | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,097 | |
Qualawash Holdings, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 865 | |
Spotless Brands, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,650 | |
EDB Parent, LLC (dba Enterprise DB) | 1st Lien/Last-Out Unitranche | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 1,313 | $ 2,061 |
EIP Consolidated, LLC (dba Everest Infrastructure) | 1st Lien/Last-Out Unitranche | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 3,745 | |
K2 Towers III, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 2,607 | |
Skyway Towers Intermediate LLC | 1st Lien/Last-Out Unitranche | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 2,005 | |
Thor FinanceCo LLC (dba Harmoni Towers) | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | 3,778 | |
Towerco IV Holdings, LLC | 1st Lien/Senior Secured Debt | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment Balances | $ 2,778 |
Net Assets - Summary of Shares
Net Assets - Summary of Shares Issued and Proceeds Related to Capital Drawdowns (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Class of Stock [Line Items] | ||||
Shares Issued | 1,437,574 | 4,516,237 | 7,967,922 | |
Proceeds Received | $ 28,286 | $ 83,550 | $ 147,179 | |
February 21, 2023 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 62,172 | |||
Proceeds Received | $ 1,145 | |||
June 20, 2023 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 54,300 | |||
Proceeds Received | $ 1,003 | |||
August 21, 2023 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 2,212,911 | |||
Proceeds Received | $ 40,615 | |||
October 18, 2023 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 2,186,854 | |||
Proceeds Received | $ 40,787 | |||
March 16, 2022 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 1,823,817 | |||
Proceeds Received | $ 34,051 | |||
July 27, 2022 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 856,930 | |||
Proceeds Received | $ 15,811 | |||
September 19, 2022 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 2,069,029 | |||
Proceeds Received | $ 38,195 | |||
October 19, 2022 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 3,024,805 | |||
Proceeds Received | $ 55,547 | |||
November 16, 2022 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | [1] | 193,341 | ||
Proceeds Received | $ 3,575 | |||
November 23, 2021 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 944,320 | |||
Proceeds Received | $ 18,886 | |||
December 20, 2021 | ||||
Class of Stock [Line Items] | ||||
Shares Issued | 493,254 | |||
Proceeds Received | $ 9,400 | |||
[1] Inclusive of 476 shares that were cancelled as a result of defaulting stockholders. |
Net Assets - Summary of Share_2
Net Assets - Summary of Shares Issued and Proceeds Related to Capital Drawdowns (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2022 shares | |
November 16, 2022 | |
Class of Stock [Line Items] | |
Share cancelled | 476 |
Net Assets - Schedule of Distri
Net Assets - Schedule of Distributions Declared on Common Stock (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
February 28, 2023 | ||
Class of Stock [Line Items] | ||
Date Declared | Feb. 28, 2023 | |
Record Date | Apr. 05, 2023 | |
Payment Date | Apr. 27, 2023 | |
Amount Per Share | $ 0.5 | |
May 3, 2023 | ||
Class of Stock [Line Items] | ||
Date Declared | May 03, 2023 | |
Record Date | Jul. 06, 2023 | |
Payment Date | Jul. 28, 2023 | |
Amount Per Share | $ 0.5 | |
August 2, 2023 | ||
Class of Stock [Line Items] | ||
Date Declared | Aug. 02, 2023 | |
Record Date | Oct. 03, 2023 | |
Payment Date | Oct. 28, 2023 | |
Amount Per Share | $ 0.39 | |
November 1, 2023 | ||
Class of Stock [Line Items] | ||
Date Declared | Nov. 01, 2023 | |
Record Date | Dec. 29, 2023 | |
Payment Date | Jan. 29, 2024 | |
Amount Per Share | $ 0.35 | |
May 2, 2022 | ||
Class of Stock [Line Items] | ||
Date Declared | May 02, 2022 | |
Record Date | Jul. 05, 2022 | |
Payment Date | Jul. 28, 2022 | |
Amount Per Share | $ 0.02 | |
August 3, 2022 | ||
Class of Stock [Line Items] | ||
Date Declared | Aug. 03, 2022 | |
Record Date | Oct. 03, 2022 | |
Payment Date | Oct. 28, 2022 | |
Amount Per Share | $ 0.12 | |
November 2, 2022 | ||
Class of Stock [Line Items] | ||
Date Declared | Nov. 02, 2022 | |
Record Date | Dec. 30, 2022 | |
Payment Date | Jan. 27, 2023 | |
Amount Per Share | $ 0.38 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Basic and Diluted Earning Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |||
Net increase (decrease) in net assets from operations | $ (1,358) | $ 19,506 | $ 1,923 |
Weighted average shares outstanding, basic | 667,932 | 10,743,693 | 4,489,749 |
Weighted average shares outstanding, diluted | 667,932 | 10,743,693 | 4,489,749 |
Basic earnings (loss) per share | $ (2.03) | $ 1.82 | $ 0.43 |
Diluted earnings (loss) per share | $ (2.03) | $ 1.82 | $ 0.43 |
Tax Information - Schedule of T
Tax Information - Schedule of Tax Character of Distributions (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Partners' Capital Account, Distributions [Abstract] | |||
Ordinary Income | $ 18,943 | $ 4,374 | |
Net Long-Term Capital Gains | 1 | ||
Total Taxable Distributions | $ 0 | $ 18,944 | $ 4,374 |
Tax Information - Components of
Tax Information - Components of Accumulated Earnings (Losses) on Tax Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Retained Earnings (Accumulated Deficit) [Abstract] | |||
Undistributed Ordinary Income - net | $ 81 | $ 14 | |
Undistributed Long-Term Capital Gains | 569 | 1 | |
Total Undistributed Earnings | 650 | 15 | |
Capital Loss Carryforwards [Abstract] | |||
Timing Differences (Organizational Costs/Late Year Ordinary Loss Deferral/Post-October Capital Loss Deferral) | (442) | (454) | $ (474) |
Unrealized Earnings (Losses)-net | (1,546) | (1,469) | 182 |
Total Accumulated Earnings (Losses) - net | $ (1,338) | $ (1,908) | $ (292) |
Tax Information - Schedule of A
Tax Information - Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net [Abstract] | |||
Tax cost | $ 466,307 | $ 250,838 | $ 52,452 |
Gross unrealized appreciation | 4,128 | 746 | 237 |
Gross unrealized depreciation | (5,674) | (2,215) | (55) |
Net unrealized investment appreciation (depreciation) | $ (1,546) | $ (1,469) | $ 182 |
Tax Information - Additional In
Tax Information - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Distributable earnings (loss) to paid-in capital in excess of par | $ (8) | $ (835) | $ (1,066) |
Tax Information - Schedule of R
Tax Information - Schedule of Reconciles Net Increase in Net Assets Resulting from Operations to Taxable Income (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Income Tax Disclosure [Abstract] | ||||
Net increase (decrease) in net assets from operations | $ (1,358) | $ 19,506 | $ 1,923 | |
Adjustments: | ||||
Net unrealized losses (gains) | (182) | 77 | 1,651 | |
Income not currently taxable | 8 | 11 | ||
Income for tax but not for book | 22 | |||
Expenses not currently deductible | 605 | 837 | ||
Expenses for tax but not for book | (5) | (33) | (33) | |
Taxable income net of capital loss carryforward | (940) | 19,580 | 4,389 | |
Nondeductible net investment loss | $ 940 | |||
Taxable income | [1] | $ 19,580 | $ 4,389 | |
[1] Taxable income is an estimate and is not fully determined until the Company’s tax return is filed. |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights of the Company (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Per Share Data: | ||||
NAV, beginning of period | [1] | $ 20 | $ 18.25 | $ 18.73 |
Net investment income (loss) | [1] | (2.35) | 1.86 | 0.8 |
Net realized and unrealized gains (losses) | [1],[2] | 1.08 | 0 | (0.76) |
Net increase (decrease) in net assets from operations | [1],[2] | (1.27) | 1.86 | 0.04 |
Distributions declared from net investment income | [1] | (1.74) | (0.52) | |
Total increase (decrease) in net assets | [1] | (1.27) | 0.12 | (0.48) |
NAV, end of period | [1] | $ 18.73 | $ 18.37 | $ 18.25 |
Shares outstanding, end of period | 1,437,574 | 13,921,733 | 9,405,496 | |
Weighted average shares outstanding, basic | 667,932 | 10,743,693 | 4,489,749 | |
Weighted average shares outstanding, diluted | 667,932 | 10,743,693 | 4,489,749 | |
Total return based on NAV | [3] | (6.35%) | 10.19% | 0.21% |
Supplemental Data/Ratio: | ||||
Net assets, end of period | [4] | $ 26,928 | $ 255,768 | $ 171,656 |
Ratio of net expenses to average net assets | [4] | 59.58% | 10.44% | 8.20% |
Ratio of expenses (without incentive fees and interest and other debt expenses) to average net assets | [4] | 56.51% | 2.76% | 5.32% |
Ratio of interest and other debt expenses to average net assets | [4] | 2.81% | 6.10% | 2.92% |
Ratio of incentive fees to average net assets | [4] | (0.26%) | (1.58%) | 0.04% |
Ratio of total expenses to average net assets | [4] | 60.17% | 10.44% | 8.43% |
Ratio of net investment income to average net assets | [4] | (54.18%) | 10.04% | 4.37% |
Portfolio turnover | [4] | 0% | 10% | 7% |
[1] The per share data was derived by using the weighted average share outstanding during the applicable period, except for distributions declared, which reflects the actual amount of distributions declared per share for the applicable period. The amount shown may not correspond for the period as it includes the effect of the timing of capital drawdowns and distributions. Calculated as the change in NAV per share during the period plus dividends declared per share, divided by the beginning NAV per share. Ratios for the period from October 29, 2021 (commencement of operations) to December 31, 2021 are annualized, except for, as applicable, unvested Incentive Fees and organization costs. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 27, 2024 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | ||
Designated long term capital gain dividends | $ 1 | |
Internal Revenue Service (IRS) | ||
Subsequent Event [Line Items] | ||
Percentage of designated disributions | 79.54% | |
Percentage of designated dividends | 98.61% | |
Designated long term capital gain dividends | $ 522 | |
Designated short term capital gain dividends | $ 23,569 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Quarterly distribution, declared date | Feb. 27, 2024 | |
Quarterly distribution, payable date | Apr. 29, 2024 | |
Quarterly distribution, date of record | Apr. 02, 2024 |