Cover
Cover - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Dec. 15, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Current Fiscal Year End Date | --09-30 | |
Document Transition Report | false | |
Securities Act File Number | 814-01471 | |
Entity Registrant Name | Oaktree Strategic Credit Fund | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-6827742 | |
Entity Address, Address Line One | 333 South Grand Avenue | |
Entity Address, Address Line Two | 28th Floor | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90071 | |
City Area Code | 213 | |
Local Phone Number | 830-6300 | |
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 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001872371 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Public Float | $ 0 | |
Class I shares of beneficial interest, $0.01 par value | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 52,142,452 | |
Class S shares of beneficial interest, $0.01 par value | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 25,600,199 | |
Class D shares of beneficial interest, $0.01 par value | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 13,871 |
Audit Information
Audit Information | 12 Months Ended |
Sep. 30, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Los Angeles, CA |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 | ||
Assets: | ||||
Investments – Non-control/Non-affiliate, at fair value (cost September 30, 2023: $1,922,218; cost September 30, 2022: $444,725) | $ 1,927,237 | $ 428,556 | ||
Cash and cash equivalents | 145,499 | 58,443 | ||
Restricted cash | 5,637 | 0 | ||
Due from affiliates | 861 | 1,402 | ||
Interest receivable | 12,591 | 3,297 | ||
Receivables from unsettled transactions | 11,579 | 3,920 | ||
Deferred financing costs | 13,887 | 3,295 | ||
Deferred offering costs | 270 | 2,132 | ||
Derivative asset at fair value | 2,041 | 13 | ||
Other assets | 533 | 438 | ||
Total assets | 2,120,135 | 501,496 | ||
Liabilities: | ||||
Accounts payable, accrued expenses and other liabilities | 2,291 | 1,107 | ||
Dividends payable | 12,026 | 3,657 | ||
Base management fee and incentive fee payable | 7,543 | 0 | ||
Payable for share repurchases | 5,336 | 0 | ||
Due to affiliates | 8,175 | 2,926 | ||
Interest payable | 4,676 | 469 | ||
Payables from unsettled transactions | 105,883 | 51,566 | ||
Deferred tax liability | 0 | 44 | ||
Credit facilities payable | 445,000 | 75,000 | ||
Total liabilities | 590,930 | 134,769 | ||
Commitments and contingencies (Note 11) | ||||
Net assets: | ||||
Common shares, $0.01 par value per share; unlimited shares authorized, 64,896 and 15,628 shares issued and outstanding as of September 30, 2023 and September 30, 2022, respectively | 649 | 156 | ||
Additional paid-in-capital | 1,536,305 | 380,646 | ||
Accumulated distributable earnings (loss) | (7,749) | (14,075) | ||
Total net assets (equivalent to $23.56 and $23.47 per common share as of September 30, 2023 and September 30, 2022, respectively) (Note 10) | 1,529,205 | 366,727 | ||
Total liabilities and net assets | 2,120,135 | 501,496 | ||
Non-control/Non-affiliate | ||||
Assets: | ||||
Investments – Non-control/Non-affiliate, at fair value (cost September 30, 2023: $1,922,218; cost September 30, 2022: $444,725) | $ 1,927,237 | [1] | $ 428,556 | [2] |
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities - Parenthetical 1 - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 | Feb. 03, 2022 | ||
Investment owned, at cost | $ 1,922,218 | $ 444,725 | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, shares issued (in shares) | 64,896,000 | 15,628,000 | |||
Common stock, shares outstanding (in shares) | 64,896,000 | 15,628,000 | |||
Net asset value per common share (in dollars per share) | $ 23.56 | $ 23.47 | |||
Non-control/Non-affiliate | |||||
Investment owned, at cost | $ 1,922,218 | [1] | $ 444,725 | [2] | |
[1] Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. |
Consolidated Statements of As_3
Consolidated Statements of Assets and Liabilities - Parenthetical 2 - USD ($) $ in Thousands | Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Feb. 03, 2022 | Dec. 09, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||
Common shares outstanding at end of period (in shares) | 64,896,000 | 15,628,000 | |||||||||||||||||
Net asset value per common share (in dollars per share) | $ 23.56 | $ 23.47 | |||||||||||||||||
Common Class I | |||||||||||||||||||
Net assets | $ 1,039,238 | $ 305,989 | $ 25,000 | ||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||||||
Common shares outstanding at end of period (in shares) | 44,103,000 | 13,040,000 | 1,000,000 | ||||||||||||||||
Net asset value per common share (in dollars per share) | $ 23.56 | $ 23.60 | $ 23.54 | $ 23.48 | $ 23.23 | $ 23.40 | $ 23.42 | $ 23.56 | $ 23.64 | $ 23.23 | $ 23.46 | $ 23.33 | $ 23.47 | $ 24.03 | $ 23.98 | $ 23.71 | $ 24.32 | $ 0 | |
Common Class S | |||||||||||||||||||
Net assets | $ 489,821 | $ 60,738 | $ 0 | ||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||||||
Common shares outstanding at end of period (in shares) | 20,787,000 | 2,588,000 | 0 | ||||||||||||||||
Net asset value per common share (in dollars per share) | $ 23.56 | 23.60 | 23.54 | 23.48 | $ 23.23 | $ 23.40 | $ 23.42 | $ 23.56 | $ 23.64 | $ 23.23 | $ 23.46 | $ 23.33 | $ 23.47 | $ 24.03 | $ 23.98 | $ 0 | |||
Common Class D | |||||||||||||||||||
Net assets | $ 146 | $ 0 | |||||||||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||||||||||||
Common shares outstanding at end of period (in shares) | 6,000 | 0 | |||||||||||||||||
Net asset value per common share (in dollars per share) | $ 23.56 | $ 23.60 | $ 23.54 | $ 23.48 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Revenues [Abstract] | ||
Interest on cash and cash equivalents | $ 173 | $ 3,058 |
Total interest income | 13,352 | 114,984 |
Interest income, PIK | 591 | 3,178 |
Fee income | 178 | 1,072 |
Total investment income | 14,121 | 119,234 |
Expenses: | ||
Base management fee | 1,359 | 10,518 |
Investment income incentive fee | 763 | 10,042 |
Capital gains incentive fee | 0 | 278 |
Professional fees | 732 | 2,076 |
Class S and Class D distribution and shareholder servicing fees | 92 | 2,024 |
Board of trustees fees | 216 | 289 |
Organization expenses | 550 | 4 |
Amortization of continuous offering costs | 1,036 | 2,737 |
Interest expense | 2,541 | 21,814 |
Administrator expense | 207 | 939 |
General and administrative expenses | 348 | 1,402 |
Total expenses | 7,844 | 52,123 |
Management and incentive fees waived | (2,122) | (1,642) |
Expense reimbursements (support) | (1,586) | 541 |
Net expenses | 4,136 | 51,022 |
Net investment income | 9,985 | 68,212 |
Unrealized appreciation (depreciation): | ||
Foreign currency forward contracts | 13 | 2,028 |
Net unrealized appreciation (depreciation) | (16,155) | 22,685 |
Realized gains (losses): | ||
Foreign currency forward contracts | 0 | (963) |
Net realized gains (losses) | 90 | (4,050) |
Provision for income tax (expense) benefit | (123) | (227) |
Net realized and unrealized gains (losses), net of taxes | (16,188) | 18,408 |
Net increase (decrease) in net assets resulting from operations | (6,203) | 86,620 |
Non-control/Non-affiliate | ||
Revenues [Abstract] | ||
Interest income | 13,179 | 111,926 |
Interest income, PIK | 591 | 3,178 |
Unrealized appreciation (depreciation): | ||
Net unrealized appreciation (depreciation) | (16,168) | 20,657 |
Realized gains (losses): | ||
Realized gain (loss) | $ 90 | $ (3,087) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Operations: | ||
Net investment income | $ 9,985 | $ 68,212 |
Net unrealized appreciation (depreciation) | (16,155) | 22,685 |
Net realized gains (losses) | 90 | (4,050) |
Provision for income tax (expense) benefit | (123) | (227) |
Net increase (decrease) in net assets resulting from operations | (6,203) | 86,620 |
Distributions to common shareholders: | ||
Distributions to common shareholders | (7,872) | (80,294) |
Share transactions: | ||
Issuance of Common shares in public offering | 380,207 | 1,145,700 |
Issuance of Common shares under dividend reinvestment plan | 595 | 15,828 |
Repurchased shares, net of early repurchase deduction | (5,376) | |
Total increase (decrease) in net assets | 366,727 | 1,162,478 |
Net assets | $ 366,727 | $ 1,529,205 |
Net asset value per common share (in dollars per share) | $ 23.47 | $ 23.56 |
Common shares outstanding at end of period (in shares) | 15,628,000 | 64,896,000 |
Common Class I | ||
Distributions to common shareholders: | ||
Distributions to common shareholders | $ (7,053) | $ (59,032) |
Share transactions: | ||
Issuance of Common shares in public offering | 318,578 | 726,878 |
Issuance of Common shares under dividend reinvestment plan | 393 | 7,328 |
Repurchased shares, net of early repurchase deduction | 0 | (5,309) |
Net increase from share transactions | $ 318,971 | $ 728,897 |
Net asset value per common share (in dollars per share) | $ 23.47 | $ 23.56 |
Common shares outstanding at end of period (in shares) | 13,040,000 | 44,103,000 |
Common Class S | ||
Distributions to common shareholders: | ||
Distributions to common shareholders | $ (819) | $ (21,259) |
Share transactions: | ||
Issuance of Common shares in public offering | 61,629 | 418,677 |
Issuance of Common shares under dividend reinvestment plan | 202 | 8,500 |
Repurchased shares, net of early repurchase deduction | 0 | (67) |
Net increase from share transactions | $ 61,831 | $ 427,110 |
Net asset value per common share (in dollars per share) | $ 23.47 | $ 23.56 |
Common shares outstanding at end of period (in shares) | 2,588,000 | 20,787,000 |
Common Class D | ||
Distributions to common shareholders: | ||
Distributions to common shareholders | $ 0 | $ (3) |
Share transactions: | ||
Issuance of Common shares in public offering | 0 | 145 |
Issuance of Common shares under dividend reinvestment plan | 0 | |
Repurchased shares, net of early repurchase deduction | 0 | |
Net increase from share transactions | $ 0 | $ 145 |
Net asset value per common share (in dollars per share) | $ 0 | $ 23.56 |
Common shares outstanding at end of period (in shares) | 0 | 6,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Operating activities: | ||
Net increase (decrease) in net assets resulting from operations | $ (6,203) | $ 86,620 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||
Net unrealized (appreciation) depreciation | 16,155 | (22,685) |
Net realized (gains) losses | (90) | 4,050 |
PIK interest income | (591) | (3,178) |
Accretion of original issue discount on investments | (1,272) | (9,507) |
Amortization of deferred financing costs | 362 | 1,492 |
Amortization of deferred offering costs | 1,036 | 2,737 |
Deferred taxes | 44 | (44) |
Purchases of investments | (480,031) | (1,703,474) |
Proceeds from the sales and repayments of investments | 37,380 | 234,750 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in due from affiliates | (1,402) | 541 |
(Increase) decrease in interest receivable | (3,407) | (9,173) |
(Increase) decrease in receivables from unsettled transactions | (3,920) | (7,659) |
(Increase) decrease in other assets | (438) | (95) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 393 | 684 |
Increase (decrease) in base management fee and incentive fees payable | 0 | 7,543 |
Increase (decrease) in due to affiliates | 1,574 | 4,517 |
Increase (decrease) in interest payable | 469 | 4,207 |
Increase (decrease) in payables from unsettled transactions | 51,566 | 54,317 |
Net cash used in operating activities | (388,375) | (1,354,357) |
Financing activities: | ||
Distributions paid in cash | (3,619) | (56,093) |
Borrowings under credit facilities | 105,000 | 625,000 |
Repayments of borrowings under credit facilities | (30,000) | (255,000) |
Borrowings of secured borrowings | 44,588 | 0 |
Proceeds from secured borrowings | (44,588) | 0 |
Proceeds from issuance of common shares | 380,207 | 1,145,700 |
Deferred financing costs paid | (3,658) | (11,586) |
Deferred offering costs paid | (1,102) | (143) |
Repurchased shares | 0 | (40) |
Net cash provided by financing activities | 446,828 | 1,447,838 |
Effect of exchange rate changes on foreign currency | (10) | (788) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 58,443 | 92,693 |
Cash and cash equivalents and restricted cash, beginning of period | 0 | 58,443 |
Cash and cash equivalents and restricted cash, end of period | 58,443 | 151,136 |
Supplemental information: | ||
Cash paid for interest | 1,710 | 16,115 |
Non-cash financing activities: | ||
Deferred financing costs incurred | 0 | 497 |
Deferred offering costs incurred | 2,066 | 732 |
Distribution payable | 3,657 | 12,026 |
Reinvestment of dividends during the period | 595 | 15,828 |
Shares repurchases accrued but not yet paid | 0 | 5,336 |
Reconciliation to the Statement of Assets and Liabilities | ||
Cash and cash equivalents | 58,443 | 145,499 |
Restricted cash | 0 | 5,637 |
Total cash and cash equivalents and restricted cash | $ 58,443 | $ 151,136 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments € in Thousands, £ in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) shares | Sep. 30, 2023 EUR (€) shares | Sep. 30, 2023 GBP (£) shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2022 EUR (€) shares | ||||||
Investment owned, at cost | $ 1,922,218 | $ 444,725 | |||||||||
Fair value | 1,927,237 | 428,556 | |||||||||
Money market funds, at carrying value | 58,443 | ||||||||||
Total investment owned, at cost and money market funds, at carrying value | 2,073,354 | [1],[2],[3] | 503,168 | [4],[5],[6] | |||||||
Total investment owned, at fair value and money market funds, at carrying value | $ 2,078,373 | [1],[2],[3] | $ 486,999 | [4],[5],[6] | |||||||
% of Net Assets | 126.03% | 126.03% | 126.03% | 116.86% | 116.86% | ||||||
Money market funds, percent of net assets | 9.90% | 9.90% | 9.90% | 15.90% | 15.90% | ||||||
Total portfolio investments, percent of net assets | 135.90% | 135.90% | 135.90% | 132.80% | 132.80% | ||||||
Non-control/Non-affiliate | |||||||||||
Investment owned, at cost | $ 1,922,218 | [7] | $ 444,725 | [8] | |||||||
Fair value | 1,927,237 | [7] | $ 428,556 | [8] | |||||||
Money market funds, at carrying value | $ 151,136 | ||||||||||
% of Net Assets | 126% | 126% | 126% | 116.90% | 116.90% | ||||||
Investment, Identifier [Axis]: 107 Fair Street LLC, First Lien Term Loan | |||||||||||
Investment interest rate | [9],[10],[11],[12],[13] | 12.50% | 12.50% | 12.50% | |||||||
Investment owned, principal | [9],[10],[12],[14] | $ 1,031 | |||||||||
Investment owned, at cost | [9],[10],[12] | 1,007 | |||||||||
Fair value | [9],[10],[12] | $ 987 | |||||||||
Investment, Identifier [Axis]: 107-109 Beech OAK22 LLC, First Lien Revolver | |||||||||||
Investment interest rate | [10],[11],[12],[13] | 11% | 11% | 11% | |||||||
Investment owned, principal | [10],[12],[14] | $ 11,883 | |||||||||
Investment owned, at cost | [10],[12] | 11,768 | |||||||||
Fair value | [10],[12] | $ 11,614 | |||||||||
Investment, Identifier [Axis]: 112-126 Van Houten Real22 LLC, First Lien Term Loan | |||||||||||
Investment interest rate | [9],[10],[11],[12],[13] | 12% | 12% | 12% | |||||||
Investment owned, principal | [9],[10],[12],[14] | $ 3,287 | |||||||||
Investment owned, at cost | [9],[10],[12] | 3,261 | |||||||||
Fair value | [9],[10],[12] | $ 3,248 | |||||||||
Investment, Identifier [Axis]: AB BSL CLO 4, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 5.50% | 5.50% | 5.50% | |||||||
Investment interest rate | [11],[13],[15] | 10.46% | 10.46% | 10.46% | |||||||
Investment owned, principal | [13],[14],[15] | $ 3,800 | |||||||||
Investment owned, at cost | [13],[15] | 3,800 | |||||||||
Fair value | [13],[15] | $ 3,815 | |||||||||
Investment, Identifier [Axis]: ACP Falcon Buyer Inc, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[12],[13] | ||||||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (156) | |||||||||
Fair value | [10],[12],[13] | $ (149) | |||||||||
Investment, Identifier [Axis]: ACP Falcon Buyer Inc, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.80% | 11.80% | 11.80% | |||||||
Investment owned, principal | [10],[13],[14] | $ 34,667 | |||||||||
Investment owned, at cost | [10],[13] | 33,656 | |||||||||
Fair value | [10],[13] | $ 33,696 | |||||||||
Investment, Identifier [Axis]: ADC Therapeutics SA, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | 7.50% | [10],[13],[15] | 7.50% | [10],[13],[15] | 7.50% | [10],[13],[15] | 7.50% | [16],[17],[18] | 7.50% | [16],[17],[18] | |
Investment interest rate | 13.04% | [10],[11],[13],[15] | 13.04% | [10],[11],[13],[15] | 13.04% | [10],[11],[13],[15] | 11.20% | [16],[17],[18],[19] | 11.20% | [16],[17],[18],[19] | |
Investment owned, principal | $ 10,406 | [10],[13],[14],[15] | $ 10,406 | [16],[17],[18],[20] | |||||||
Investment owned, at cost | 9,957 | [10],[13],[15] | 9,881 | [16],[17],[18] | |||||||
Fair value | $ 9,912 | [10],[13],[15] | $ 9,890 | [16],[17],[18] | |||||||
Investment, Identifier [Axis]: ADC Therapeutics SA, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | 7.50% | [10],[12],[13],[15] | 7.50% | [10],[12],[13],[15] | 7.50% | [10],[12],[13],[15] | 7.50% | [16],[17],[18],[21] | 7.50% | [16],[17],[18],[21] | |
Investment owned, principal | $ 0 | [10],[12],[13],[14],[15] | $ 0 | [16],[17],[18],[20],[21] | |||||||
Investment owned, at cost | (60) | [10],[12],[13],[15] | (60) | [16],[17],[18],[21] | |||||||
Fair value | $ (60) | [10],[12],[13],[15] | $ (58) | [16],[17],[18],[21] | |||||||
Investment, Identifier [Axis]: ADC Therapeutics SA, Warrants | |||||||||||
Investment owned, balance (in shares) | shares | 45,727 | [10],[15] | 45,727 | [10],[15] | 45,727 | [10],[15] | 45,727 | [16],[17] | 45,727 | [16],[17] | |
Investment owned, at cost | $ 275 | [10],[15] | $ 275 | [16],[17] | |||||||
Fair value | $ 9 | [10],[15] | $ 115 | [16],[17] | |||||||
Investment, Identifier [Axis]: AI Sirona (Luxembourg) Acquisition S.a.r.l., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 5% | 5% | 5% | |||||||
Investment interest rate | [11],[13],[15] | 8.86% | 8.86% | 8.86% | |||||||
Investment owned, principal | € | [13],[14],[15] | € 21,000 | |||||||||
Investment owned, at cost | [13],[15] | $ 23,002 | |||||||||
Fair value | [13],[15] | $ 22,242 | |||||||||
Investment, Identifier [Axis]: AIP RD Buyer Corp. Common Stock | |||||||||||
Investment owned, balance (in shares) | shares | [17] | 4,560 | 4,560 | ||||||||
Investment owned, at cost | [17] | $ 428 | |||||||||
Fair value | [17] | $ 409 | |||||||||
Investment, Identifier [Axis]: AIP RD Buyer Corp., Common Stock | |||||||||||
Investment owned, balance (in shares) | shares | [10] | 4,560 | 4,560 | 4,560 | |||||||
Investment owned, at cost | [10] | $ 428 | |||||||||
Fair value | [10] | $ 721 | |||||||||
Investment, Identifier [Axis]: AIP RD Buyer Corp., Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 7.75% | [10],[13] | 7.75% | [10],[13] | 7.75% | [10],[13] | 7.75% | [17],[18] | 7.75% | [17],[18] | |
Investment interest rate | 13.17% | [10],[11],[13] | 13.17% | [10],[11],[13] | 13.17% | [10],[11],[13] | 10.88% | [17],[18],[19] | 10.88% | [17],[18],[19] | |
Investment owned, principal | $ 4,563 | [10],[13],[14] | $ 4,563 | [17],[18],[20] | |||||||
Investment owned, at cost | 4,492 | [10],[13] | 4,481 | [17],[18] | |||||||
Fair value | $ 4,516 | [10],[13] | $ 4,403 | [17],[18] | |||||||
Investment, Identifier [Axis]: APX Group Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 3.50% | 3.50% | ||||||||
Investment interest rate | [16],[18],[19] | 6.24% | 6.24% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 1,995 | |||||||||
Investment owned, at cost | [16],[18] | 1,881 | |||||||||
Fair value | [16],[18] | $ 1,891 | |||||||||
Investment, Identifier [Axis]: APX Group Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | [16],[18],[19] | 5.75% | 5.75% | ||||||||
Investment owned, principal | [16],[20] | $ 275 | |||||||||
Investment owned, at cost | [16] | 229 | |||||||||
Fair value | [16] | $ 218 | |||||||||
Investment, Identifier [Axis]: ARES LXIV CLO, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 3.75% | 3.75% | 3.75% | |||||||
Investment interest rate | [11],[13],[15] | 9.06% | 9.06% | 9.06% | |||||||
Investment owned, principal | [13],[14],[15] | $ 2,200 | |||||||||
Investment owned, at cost | [13],[15] | 2,051 | |||||||||
Fair value | [13],[15] | $ 2,128 | |||||||||
Investment, Identifier [Axis]: ARES LXVIII CLO, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 5.75% | 5.75% | 5.75% | |||||||
Investment interest rate | [11],[13],[15] | 10.83% | 10.83% | 10.83% | |||||||
Investment owned, principal | [13],[14],[15] | $ 5,000 | |||||||||
Investment owned, at cost | [13],[15] | 5,000 | |||||||||
Fair value | [13],[15] | $ 5,112 | |||||||||
Investment, Identifier [Axis]: ASP Unifrax Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 3.75% | 3.75% | ||||||||
Investment interest rate | [18],[19] | 7.42% | 7.42% | ||||||||
Investment owned, principal | [18],[20] | $ 4,098 | |||||||||
Investment owned, at cost | [18] | 3,951 | |||||||||
Fair value | [18] | $ 3,797 | |||||||||
Investment, Identifier [Axis]: ASP Unifrax Holdings, Inc., Fixed Rate Bond 1 | |||||||||||
Investment interest rate | [18],[19] | 7.50% | 7.50% | ||||||||
Investment owned, principal | [20] | $ 1,200 | |||||||||
Investment owned, at cost | 1,158 | ||||||||||
Fair value | $ 794 | ||||||||||
Investment, Identifier [Axis]: ASP Unifrax Holdings, Inc., Fixed Rate Bond 2 | |||||||||||
Investment interest rate | [18],[19] | 5.25% | 5.25% | ||||||||
Investment owned, principal | [20] | $ 250 | |||||||||
Investment owned, at cost | 222 | ||||||||||
Fair value | $ 193 | ||||||||||
Investment, Identifier [Axis]: ASP-R-PAC Acquisition Co LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | 6% | [10],[12],[13],[15] | 6% | [10],[12],[13],[15] | 6% | [10],[12],[13],[15] | 6% | [16],[17],[18],[21] | 6% | [16],[17],[18],[21] | |
Investment owned, principal | $ 0 | [10],[12],[13],[14],[15] | $ 0 | [16],[17],[18],[20],[21] | |||||||
Investment owned, at cost | (8) | [10],[12],[13],[15] | (10) | [16],[17],[18],[21] | |||||||
Fair value | $ (34) | [10],[12],[13],[15] | $ (14) | [16],[17],[18],[21] | |||||||
Investment, Identifier [Axis]: ASP-R-PAC Acquisition Co LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 6% | [10],[13],[15] | 6% | [10],[13],[15] | 6% | [10],[13],[15] | 6% | [16],[17],[18] | 6% | [16],[17],[18] | |
Investment interest rate | 11.63% | [10],[11],[13],[15] | 11.63% | [10],[11],[13],[15] | 11.63% | [10],[11],[13],[15] | 9.67% | [16],[17],[18],[19] | 9.67% | [16],[17],[18],[19] | |
Investment owned, principal | $ 4,862 | [10],[13],[14],[15] | $ 4,911 | [16],[17],[18],[20] | |||||||
Investment owned, at cost | 4,793 | [10],[13],[15] | 4,825 | [16],[17],[18] | |||||||
Fair value | $ 4,577 | [10],[13],[15] | $ 4,798 | [16],[17],[18] | |||||||
Investment, Identifier [Axis]: Access CIG, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5% | [13] | 5% | [13] | 5% | [13] | 3.75% | [18] | 3.75% | [18] | |
Investment interest rate | 10.32% | [11],[13] | 10.32% | [11],[13] | 10.32% | [11],[13] | 6.82% | [18],[19] | 6.82% | [18],[19] | |
Investment owned, principal | $ 24,500 | [13],[14] | $ 3,984 | [18],[20] | |||||||
Investment owned, at cost | 23,956 | [13] | 3,870 | [18] | |||||||
Fair value | $ 24,224 | [13] | $ 3,826 | [18] | |||||||
Investment, Identifier [Axis]: Access CIG, LLC, Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 7.75% | 7.75% | ||||||||
Investment interest rate | [18],[19] | 10.82% | 10.82% | ||||||||
Investment owned, principal | [18],[20] | $ 4,000 | |||||||||
Investment owned, at cost | [18] | 3,982 | |||||||||
Fair value | [18] | $ 3,815 | |||||||||
Investment, Identifier [Axis]: Altice France S.A., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4% | [13],[15] | 4% | [13],[15] | 4% | [13],[15] | 4% | [16],[18] | 4% | [16],[18] | |
Investment interest rate | 9.63% | [11],[13],[15] | 9.63% | [11],[13],[15] | 9.63% | [11],[13],[15] | 6.91% | [16],[18],[19] | 6.91% | [16],[18],[19] | |
Investment owned, principal | $ 8,940 | [13],[14],[15] | $ 1,995 | [16],[18],[20] | |||||||
Investment owned, at cost | 8,728 | [13],[15] | 1,905 | [16],[18] | |||||||
Fair value | $ 8,459 | [13],[15] | $ 1,815 | [16],[18] | |||||||
Investment, Identifier [Axis]: Altice France S.A., Fixed Rate Bond | |||||||||||
Investment interest rate | 5.50% | [11],[13],[15] | 5.50% | [11],[13],[15] | 5.50% | [11],[13],[15] | 5.50% | [16],[18],[19] | 5.50% | [16],[18],[19] | |
Investment owned, principal | $ 7,200 | [14],[15] | $ 3,200 | [16],[20] | |||||||
Investment owned, at cost | 6,007 | [15] | 2,685 | [16] | |||||||
Fair value | $ 5,188 | [15] | $ 2,416 | [16] | |||||||
Investment, Identifier [Axis]: Alto Pharmacy Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 11.50% | 11.50% | 11.50% | |||||||
Investment interest rate | [10],[11],[13] | 5% | 5% | 5% | |||||||
Investment, interest rate, paid in kind | [10],[13] | 11.99% | 11.99% | 11.99% | |||||||
Investment owned, principal | [10],[13],[14] | $ 13,299 | |||||||||
Investment owned, at cost | [10],[13] | 12,386 | |||||||||
Fair value | [10],[13] | $ 12,236 | |||||||||
Investment, Identifier [Axis]: Alto Pharmacy Holdings, Inc., Warrants | |||||||||||
Investment owned, balance (in shares) | shares | [10] | 878,545 | 878,545 | 878,545 | |||||||
Investment owned, at cost | [10] | $ 943 | |||||||||
Fair value | [10] | $ 2,811 | |||||||||
Investment, Identifier [Axis]: American Auto Auction Group, LLC, Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 8.75% | [10],[13] | 8.75% | [10],[13] | 8.75% | [10],[13] | 8.75% | [17],[18] | 8.75% | [17],[18] | |
Investment interest rate | 14.14% | [10],[11],[13] | 14.14% | [10],[11],[13] | 14.14% | [10],[11],[13] | 12.30% | [17],[18],[19] | 12.30% | [17],[18],[19] | |
Investment owned, principal | $ 6,901 | [10],[13],[14] | $ 6,901 | [17],[18],[20] | |||||||
Investment owned, at cost | 6,796 | [10],[13] | 6,776 | [17],[18] | |||||||
Fair value | $ 6,107 | [10],[13] | $ 6,211 | [17],[18] | |||||||
Investment, Identifier [Axis]: American Rock Salt Company LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4% | [13] | 4% | [13] | 4% | [13] | 4% | [18] | 4% | [18] | |
Investment interest rate | 9.43% | [11],[13] | 9.43% | [11],[13] | 9.43% | [11],[13] | 7.12% | [18],[19] | 7.12% | [18],[19] | |
Investment owned, principal | $ 20,324 | [13],[14] | $ 3,990 | [18],[20] | |||||||
Investment owned, at cost | 19,504 | [13] | 3,817 | [18] | |||||||
Fair value | $ 18,918 | [13] | $ 3,706 | [18] | |||||||
Investment, Identifier [Axis]: American Tire Distributors, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 6.25% | [13] | 6.25% | [13] | 6.25% | [13] | 6.25% | [18] | 6.25% | [18] | |
Investment interest rate | 11.81% | [11],[13] | 11.81% | [11],[13] | 11.81% | [11],[13] | 9.03% | [18],[19] | 9.03% | [18],[19] | |
Investment owned, principal | $ 22,602 | [13],[14] | $ 3,980 | [18],[20] | |||||||
Investment owned, at cost | 20,490 | [13] | 3,960 | [18] | |||||||
Fair value | $ 19,863 | [13] | $ 3,738 | [18] | |||||||
Investment, Identifier [Axis]: Amynta Agency Borrower Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 5% | 5% | 5% | |||||||
Investment interest rate | [11],[13] | 10.42% | 10.42% | 10.42% | |||||||
Investment owned, principal | [13],[14] | $ 11,970 | |||||||||
Investment owned, at cost | [13] | 11,651 | |||||||||
Fair value | [13] | $ 11,989 | |||||||||
Investment, Identifier [Axis]: Anastasia Parent, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 3.75% | [13] | 3.75% | [13] | 3.75% | [13] | 3.75% | [18] | 3.75% | [18] | |
Investment interest rate | 9.40% | [11],[13] | 9.40% | [11],[13] | 9.40% | [11],[13] | 7.42% | [18],[19] | 7.42% | [18],[19] | |
Investment owned, principal | $ 6,840 | [13],[14] | $ 6,912 | [18],[20] | |||||||
Investment owned, at cost | 5,742 | [13] | 5,802 | [18] | |||||||
Fair value | $ 4,934 | [13] | $ 5,530 | [18] | |||||||
Investment, Identifier [Axis]: Apex Group Treasury LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 5% | 5% | ||||||||
Investment interest rate | [16],[18],[19] | 9.13% | 9.13% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 6,000 | |||||||||
Investment owned, at cost | [16],[18] | 5,610 | |||||||||
Fair value | [16],[18] | $ 5,865 | |||||||||
Investment, Identifier [Axis]: Ardonagh Midco 3 PLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [16],[17],[18],[21] | 6.50% | 6.50% | ||||||||
Investment owned, principal | € | [16],[17],[18],[20],[21] | € 0 | |||||||||
Investment owned, at cost | [16],[17],[18],[21] | $ (280) | |||||||||
Fair value | [16],[17],[18],[21] | $ 0 | |||||||||
Investment, Identifier [Axis]: Ardonagh Midco 3 PLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13],[15] | 10.45% | 10.45% | 10.45% | |||||||
Investment owned, principal | € | [10],[13],[14],[15] | € 9,600 | |||||||||
Investment owned, at cost | [10],[13],[15] | $ 9,626 | |||||||||
Fair value | [10],[13],[15] | $ 10,266 | |||||||||
Investment, Identifier [Axis]: Ardonagh Midco 3 PLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 6.75% | 6.75% | 6.75% | |||||||
Investment interest rate | [10],[11],[12],[13],[15] | 12.57% | 12.57% | 12.57% | |||||||
Investment owned, principal | [10],[12],[13],[14],[15] | $ 3,520 | |||||||||
Investment owned, at cost | [10],[12],[13],[15] | 3,353 | |||||||||
Fair value | [10],[12],[13],[15] | $ 3,591 | |||||||||
Investment, Identifier [Axis]: Arsenal AIC Parent LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 4.50% | 4.50% | 4.50% | |||||||
Investment interest rate | [11],[13] | 9.88% | 9.88% | 9.88% | |||||||
Investment owned, principal | [13],[14] | $ 10,000 | |||||||||
Investment owned, at cost | [13] | 9,900 | |||||||||
Fair value | [13] | $ 9,994 | |||||||||
Investment, Identifier [Axis]: Astra Acquisition Corp., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5.25% | [13] | 5.25% | [13] | 5.25% | [13] | 5.25% | [18] | 5.25% | [18] | |
Investment interest rate | 10.90% | [11],[13] | 10.90% | [11],[13] | 10.90% | [11],[13] | 8.37% | [18],[19] | 8.37% | [18],[19] | |
Investment owned, principal | $ 4,848 | [13],[14] | $ 4,848 | [18],[20] | |||||||
Investment owned, at cost | 4,620 | [13] | 4,577 | [18] | |||||||
Fair value | $ 3,663 | [13] | $ 4,145 | [18] | |||||||
Investment, Identifier [Axis]: Asurion, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 4% | 4% | ||||||||
Investment interest rate | [18],[19] | 7.65% | 7.65% | ||||||||
Investment owned, principal | [18],[20] | $ 4,000 | |||||||||
Investment owned, at cost | [18] | 3,803 | |||||||||
Fair value | [18] | $ 3,423 | |||||||||
Investment, Identifier [Axis]: Asurion, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [13] | 4% | 4% | 4% | |||||||
Investment interest rate | [11],[13] | 9.42% | 9.42% | 9.42% | |||||||
Investment owned, principal | [13],[14] | $ 7,950 | |||||||||
Investment owned, at cost | [13] | 7,673 | |||||||||
Fair value | [13] | $ 7,724 | |||||||||
Investment, Identifier [Axis]: Asurion, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [13] | 4.25% | 4.25% | 4.25% | |||||||
Investment interest rate | [11],[13] | 9.67% | 9.67% | 9.67% | |||||||
Investment owned, principal | [13],[14] | $ 15,945 | |||||||||
Investment owned, at cost | [13] | 15,192 | |||||||||
Fair value | [13] | $ 15,518 | |||||||||
Investment, Identifier [Axis]: Asurion, LLC, Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5.25% | [13] | 5.25% | [13] | 5.25% | [13] | 5.25% | [18] | 5.25% | [18] | |
Investment interest rate | 10.68% | [11],[13] | 10.68% | [11],[13] | 10.68% | [11],[13] | 8.37% | [18],[19] | 8.37% | [18],[19] | |
Investment owned, principal | $ 7,500 | [13],[14] | $ 8,500 | [18],[20] | |||||||
Investment owned, at cost | 6,883 | [13] | 7,628 | [18] | |||||||
Fair value | $ 6,680 | [13] | $ 6,545 | [18] | |||||||
Investment, Identifier [Axis]: Avalara, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (40) | |||||||||
Fair value | [10],[12],[13] | $ (29) | |||||||||
Investment, Identifier [Axis]: Avalara, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[13] | 12.64% | 12.64% | 12.64% | |||||||
Investment owned, principal | [10],[13],[14] | $ 19,029 | |||||||||
Investment owned, at cost | [10],[13] | 18,629 | |||||||||
Fair value | [10],[13] | $ 18,734 | |||||||||
Investment, Identifier [Axis]: BYJU's Alpha, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 6% | 6% | ||||||||
Investment interest rate | [16],[18],[19] | 8.98% | 8.98% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 4,975 | |||||||||
Investment owned, at cost | [16],[18] | 4,925 | |||||||||
Fair value | [16],[18] | $ 3,646 | |||||||||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (156) | |||||||||
Fair value | [10],[12],[13] | $ (156) | |||||||||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.32% | 11.32% | 11.32% | |||||||
Investment owned, principal | [10],[13],[14] | $ 24,960 | |||||||||
Investment owned, at cost | [10],[13] | 24,212 | |||||||||
Fair value | [10],[13] | $ 24,211 | |||||||||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 9.97% | 9.97% | 9.97% | |||||||
Investment owned, principal | € | [10],[13],[14] | € 15,530 | |||||||||
Investment owned, at cost | [10],[13] | $ 15,949 | |||||||||
Fair value | [10],[13] | $ 15,949 | |||||||||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (59) | |||||||||
Fair value | [10],[12],[13] | $ (59) | |||||||||
Investment, Identifier [Axis]: Battery Park CLO II Ltd, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 8.36% | 8.36% | ||||||||
Investment interest rate | [16],[18],[19] | 12.41% | 12.41% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 1,500 | |||||||||
Investment owned, at cost | [16],[18] | 1,326 | |||||||||
Fair value | [16],[18] | 1,326 | |||||||||
Investment, Identifier [Axis]: Bausch + Lomb Corp, Fixed Rate Bond | |||||||||||
Investment interest rate | [11],[13],[15] | 8.38% | 8.38% | 8.38% | |||||||
Investment owned, principal | [14],[15] | $ 6,000 | |||||||||
Investment owned, at cost | [15] | 6,000 | |||||||||
Fair value | [15] | $ 6,025 | |||||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 4 | |||||||||||
Investment owned, principal | [16],[17],[20],[21],[22] | 0 | |||||||||
Investment owned, at cost | [16],[17],[21],[22] | 0 | |||||||||
Fair value | [16],[17],[21],[22] | $ 0 | |||||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 1 | |||||||||||
Investment interest rate | 8% | [10],[11],[13],[15] | 8% | [10],[11],[13],[15] | 8% | [10],[11],[13],[15] | 10.25% | [16],[17],[18],[19],[21] | 10.25% | [16],[17],[18],[19],[21] | |
Investment, interest rate, paid in kind | [10],[15] | 2.25% | 2.25% | 2.25% | |||||||
Investment owned, principal | $ 3,220 | [10],[14],[15] | $ 3,130 | [16],[17],[20] | |||||||
Investment owned, at cost | 3,123 | [10],[15] | 3,005 | [16],[17] | |||||||
Fair value | 2,967 | [10],[15] | 3,007 | [16],[17] | |||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 2 | |||||||||||
Investment owned, principal | 1,580 | [10],[12],[14],[15],[23] | 0 | [16],[17],[20],[21] | |||||||
Investment owned, at cost | 1,580 | [10],[12],[15],[23] | 0 | [16],[17],[21] | |||||||
Fair value | $ 1,510 | [10],[12],[15],[23] | 0 | [16],[17],[21] | |||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 3 | |||||||||||
Investment interest rate | [10],[11],[12],[13],[15] | 8% | 8% | 8% | |||||||
Investment, interest rate, paid in kind | [10],[12],[15] | 2.25% | 2.25% | 2.25% | |||||||
Investment owned, principal | $ 0 | [10],[12],[14],[15] | 1,384 | [16],[17],[20],[22] | |||||||
Investment owned, at cost | 0 | [10],[12],[15] | 1,384 | [16],[17],[22] | |||||||
Fair value | 0 | [10],[12],[15] | $ 1,384 | [16],[17],[22] | |||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 4 | |||||||||||
Investment owned, principal | [10],[12],[14],[15],[23] | 0 | |||||||||
Investment owned, at cost | [10],[12],[15],[23] | 0 | |||||||||
Fair value | [10],[12],[15],[23] | $ 0 | |||||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 5 | |||||||||||
Investment interest rate | [10],[11],[12],[13],[15] | 8% | 8% | 8% | |||||||
Investment, interest rate, paid in kind | [10],[12],[15] | 2.25% | 2.25% | 2.25% | |||||||
Investment owned, principal | [10],[12],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[15] | 0 | |||||||||
Fair value | [10],[12],[15] | 0 | |||||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., First Lien Term Loan 6 | |||||||||||
Investment owned, principal | [10],[12],[14],[15],[23] | 0 | |||||||||
Investment owned, at cost | [10],[12],[15],[23] | 0 | |||||||||
Fair value | [10],[12],[15],[23] | $ 0 | |||||||||
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc., Warrants | |||||||||||
Investment owned, balance (in shares) | shares | 12,453 | [10],[15] | 12,453 | [10],[15] | 12,453 | [10],[15] | 12,453 | [16],[17] | 12,453 | [16],[17] | |
Investment owned, at cost | $ 74 | [10],[15] | $ 74 | [16],[17] | |||||||
Fair value | $ 1 | [10],[15] | $ 58 | [16],[17] | |||||||
Investment, Identifier [Axis]: Blackhawk Network Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 3% | 3% | ||||||||
Investment interest rate | [18],[19] | 6.03% | 6.03% | ||||||||
Investment owned, principal | [18],[20] | $ 7,020 | |||||||||
Investment owned, at cost | [18] | 6,780 | |||||||||
Fair value | [18] | $ 6,581 | |||||||||
Investment, Identifier [Axis]: Boxer Parent Company Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 3.75% | 3.75% | ||||||||
Investment interest rate | [18],[19] | 6.87% | 6.87% | ||||||||
Investment owned, principal | [18],[20] | $ 7,965 | |||||||||
Investment owned, at cost | [18] | 7,644 | |||||||||
Fair value | [18] | $ 7,570 | |||||||||
Investment, Identifier [Axis]: Boxer Parent Company Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | [18],[19] | 7.13% | 7.13% | ||||||||
Investment owned, principal | [20] | $ 500 | |||||||||
Investment owned, at cost | 483 | ||||||||||
Fair value | $ 491 | ||||||||||
Investment, Identifier [Axis]: CCO Holdings LLC, Fixed Rate Bond | |||||||||||
Investment interest rate | 4.50% | [11],[13],[15] | 4.50% | [11],[13],[15] | 4.50% | [11],[13],[15] | 4.50% | [16],[18],[19] | 4.50% | [16],[18],[19] | |
Investment owned, principal | $ 12,281 | [14],[15] | $ 1,281 | [16],[20] | |||||||
Investment owned, at cost | 10,034 | [15] | 1,064 | [16] | |||||||
Fair value | $ 9,651 | [15] | $ 979 | [16] | |||||||
Investment, Identifier [Axis]: CD&R Firefly Bidco Limited, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 6% | 6% | 6% | |||||||
Investment interest rate | [11],[13],[15] | 11.29% | 11.29% | 11.29% | |||||||
Investment owned, principal | £ | [13],[14],[15] | £ 21,086 | |||||||||
Investment owned, at cost | [13],[15] | $ 25,375 | |||||||||
Fair value | [13],[15] | $ 25,215 | |||||||||
Investment, Identifier [Axis]: CITGO Petroleum Corp., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 6.25% | 6.25% | ||||||||
Investment interest rate | [18],[19] | 9.37% | 9.37% | ||||||||
Investment owned, principal | [18],[20] | $ 3,979 | |||||||||
Investment owned, at cost | [18] | 3,950 | |||||||||
Fair value | [18] | $ 3,990 | |||||||||
Investment, Identifier [Axis]: CVAUSA Management, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (72) | |||||||||
Fair value | [10],[12],[13] | $ (70) | |||||||||
Investment, Identifier [Axis]: CVAUSA Management, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.93% | 11.93% | 11.93% | |||||||
Investment owned, principal | [10],[13],[14] | $ 18,059 | |||||||||
Investment owned, at cost | [10],[13] | 17,673 | |||||||||
Fair value | [10],[13] | $ 17,562 | |||||||||
Investment, Identifier [Axis]: CVAUSA Management, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (149) | |||||||||
Fair value | [10],[12],[13] | $ (152) | |||||||||
Investment, Identifier [Axis]: CVAUSA Management, LLC, First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (117) | |||||||||
Fair value | [10],[12],[13] | $ (63) | |||||||||
Investment, Identifier [Axis]: Carvana Co., Fixed Rate Bond | |||||||||||
Investment interest rate | [16],[18],[19] | 5.63% | 5.63% | ||||||||
Investment owned, principal | [16],[20] | $ 800 | |||||||||
Investment owned, at cost | [16] | 696 | |||||||||
Fair value | [16] | $ 564 | |||||||||
Investment, Identifier [Axis]: Cengage Learning, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 4.75% | 4.75% | ||||||||
Investment interest rate | [18],[19] | 7.81% | 7.81% | ||||||||
Investment owned, principal | [18],[20] | $ 7,592 | |||||||||
Investment owned, at cost | [18] | 7,265 | |||||||||
Fair value | [18] | $ 6,893 | |||||||||
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 3.50% | 3.50% | 3.50% | |||||||
Investment interest rate | [11],[13],[15] | 9.13% | 9.13% | 9.13% | |||||||
Investment owned, principal | [13],[14],[15] | $ 6,915 | |||||||||
Investment owned, at cost | [13],[15] | 6,523 | |||||||||
Fair value | [13],[15] | $ 6,732 | |||||||||
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 3.50% | 3.50% | ||||||||
Investment interest rate | [16],[18],[19] | 6.31% | 6.31% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 6,969 | |||||||||
Investment owned, at cost | [16],[18] | 6,438 | |||||||||
Fair value | [16],[18] | $ 6,246 | |||||||||
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Fixed Rate Bond 1 | |||||||||||
Investment interest rate | 5.13% | [11],[13],[15] | 5.13% | [11],[13],[15] | 5.13% | [11],[13],[15] | 5.13% | [16],[18],[19] | 5.13% | [16],[18],[19] | |
Investment owned, principal | $ 726 | [14],[15] | $ 726 | [16],[20] | |||||||
Investment owned, at cost | 644 | [15] | 627 | [16] | |||||||
Fair value | $ 645 | [15] | $ 614 | [16] | |||||||
Investment, Identifier [Axis]: Clear Channel Outdoor Holdings, Inc., Fixed Rate Bond 2 | |||||||||||
Investment interest rate | 9% | [11],[13],[15] | 9% | [11],[13],[15] | 9% | [11],[13],[15] | 7.75% | [16],[18],[19] | 7.75% | [16],[18],[19] | |
Investment owned, principal | $ 4,000 | [14],[15] | $ 174 | [16],[20] | |||||||
Investment owned, at cost | 4,000 | [15] | 167 | [16] | |||||||
Fair value | $ 3,966 | [15] | $ 132 | [16] | |||||||
Investment, Identifier [Axis]: Colony Holding Corporation, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.97% | 11.97% | 11.97% | |||||||
Investment owned, principal | [10],[13],[14] | $ 12,117 | |||||||||
Investment owned, at cost | [10],[13] | 11,825 | |||||||||
Fair value | [10],[13] | $ 11,834 | |||||||||
Investment, Identifier [Axis]: Colony Holding Corporation, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.97% | 11.97% | 11.97% | |||||||
Investment owned, principal | [10],[13],[14] | $ 3,940 | |||||||||
Investment owned, at cost | [10],[13] | 3,872 | |||||||||
Fair value | [10],[13] | $ 3,848 | |||||||||
Investment, Identifier [Axis]: Condor Merger Sub Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | 7.38% | [11],[13] | 7.38% | [11],[13] | 7.38% | [11],[13] | 7.38% | [18],[19] | 7.38% | [18],[19] | |
Investment owned, principal | $ 4,527 | [14] | $ 4,527 | [20] | |||||||
Investment owned, at cost | 4,505 | 4,502 | |||||||||
Fair value | $ 3,795 | $ 3,710 | |||||||||
Investment, Identifier [Axis]: Convergeone Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 5% | 5% | ||||||||
Investment interest rate | [18],[19] | 8.12% | 8.12% | ||||||||
Investment owned, principal | [18],[20] | $ 4,974 | |||||||||
Investment owned, at cost | [18] | 4,534 | |||||||||
Fair value | [18] | $ 3,589 | |||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (21) | |||||||||
Fair value | [10],[12],[13] | $ (21) | |||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment interest rate | [10],[11],[13] | 12.82% | 12.82% | 12.82% | |||||||
Investment owned, principal | [10],[13],[14] | $ 13,464 | |||||||||
Investment owned, at cost | [10],[13] | 13,155 | |||||||||
Fair value | [10],[13] | $ 13,158 | |||||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (15) | |||||||||
Fair value | [10],[12],[13] | $ (13) | |||||||||
Investment, Identifier [Axis]: Covetrus, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5% | [13] | 5% | [13] | 5% | [13] | 5% | [18] | 5% | [18] | |
Investment interest rate | 10.39% | [11],[13] | 10.39% | [11],[13] | 10.39% | [11],[13] | 7.65% | [18],[19] | 7.65% | [18],[19] | |
Investment owned, principal | $ 23,976 | [13],[14] | $ 7,589 | [18],[20] | |||||||
Investment owned, at cost | 22,737 | [13] | 7,134 | [18] | |||||||
Fair value | $ 23,758 | [13] | $ 7,108 | [18] | |||||||
Investment, Identifier [Axis]: Cuppa Bidco BV, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 4.75% | 4.75% | 4.75% | |||||||
Investment interest rate | [11],[13],[15] | 8.68% | 8.68% | 8.68% | |||||||
Investment owned, principal | € | [13],[14],[15] | € 5,666 | |||||||||
Investment owned, at cost | [13],[15] | $ 4,958 | |||||||||
Fair value | [13],[15] | $ 5,542 | |||||||||
Investment, Identifier [Axis]: Curium Bidco S.à.r.l., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 4.50% | 4.50% | 4.50% | |||||||
Investment interest rate | [11],[13],[15] | 9.89% | 9.89% | 9.89% | |||||||
Investment owned, principal | [13],[14],[15] | $ 8,446 | |||||||||
Investment owned, at cost | [13],[15] | 8,316 | |||||||||
Fair value | [13],[15] | $ 8,446 | |||||||||
Investment, Identifier [Axis]: DTI Holdco, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4.75% | [13] | 4.75% | [13] | 4.75% | [13] | 4.75% | [18] | 4.75% | [18] | |
Investment interest rate | 10.12% | [11],[13] | 10.12% | [11],[13] | 10.12% | [11],[13] | 7.33% | [18],[19] | 7.33% | [18],[19] | |
Investment owned, principal | $ 21,702 | [13],[14] | $ 8,000 | [18],[20] | |||||||
Investment owned, at cost | 20,717 | [13] | 7,739 | [18] | |||||||
Fair value | $ 21,180 | [13] | $ 7,616 | [18] | |||||||
Investment, Identifier [Axis]: Dealer Tire Financial, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 4.50% | 4.50% | 4.50% | |||||||
Investment interest rate | [11],[13] | 9.82% | 9.82% | 9.82% | |||||||
Investment owned, principal | [13],[14] | $ 11,123 | |||||||||
Investment owned, at cost | [13] | 11,048 | |||||||||
Fair value | [13] | $ 11,157 | |||||||||
Investment, Identifier [Axis]: Dealer Tire, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 4.25% | 4.25% | ||||||||
Investment interest rate | [18],[19] | 7.37% | 7.37% | ||||||||
Investment owned, principal | [18],[20] | $ 3,985 | |||||||||
Investment owned, at cost | [18] | 3,833 | |||||||||
Fair value | [18] | $ 3,893 | |||||||||
Investment, Identifier [Axis]: Delivery Hero FinCo LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 5.75% | 5.75% | ||||||||
Investment interest rate | [16],[18],[19] | 8.49% | 8.49% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 4,988 | |||||||||
Investment owned, at cost | [16],[18] | 4,890 | |||||||||
Fair value | [16],[18] | $ 4,757 | |||||||||
Investment, Identifier [Axis]: Delta Leasing SPV II LLC, Common Equity | |||||||||||
Investment owned, balance (in shares) | shares | [16],[17] | 2 | 2 | ||||||||
Investment owned, at cost | [16],[17] | $ 2 | |||||||||
Fair value | [16],[17] | $ 2 | |||||||||
Investment, Identifier [Axis]: Delta Leasing SPV II LLC, Common Stock | |||||||||||
Investment owned, balance (in shares) | shares | [10],[15] | 2 | 2 | 2 | |||||||
Investment owned, at cost | [10],[15] | $ 2 | |||||||||
Fair value | [10],[15] | $ 2 | |||||||||
Investment, Identifier [Axis]: Delta Leasing SPV II LLC, Preferred Equity | |||||||||||
Investment owned, balance (in shares) | shares | 330 | [10],[15] | 330 | [10],[15] | 330 | [10],[15] | 330 | [16],[17] | 330 | [16],[17] | |
Investment owned, at cost | $ 330 | [10],[15] | $ 330 | [16],[17] | |||||||
Fair value | $ 330 | [10],[15] | $ 330 | [16],[17] | |||||||
Investment, Identifier [Axis]: Delta Leasing SPV II LLC, Subordinated Debt Term Loan | |||||||||||
Investment interest rate | [10],[11],[12],[13],[15] | 3% | 3% | 3% | |||||||
Investment, interest rate, paid in kind | [10],[12],[15] | 7% | 7% | 7% | |||||||
Investment owned, principal | [10],[12],[14],[15] | $ 13,792 | |||||||||
Investment owned, at cost | [10],[12],[15] | 13,792 | |||||||||
Fair value | [10],[12],[15] | $ 13,792 | |||||||||
Investment, Identifier [Axis]: Delta Leasing SPV II LLC, Subordinated Draw Term Loan | |||||||||||
Investment interest rate | [16],[17],[18],[19],[21] | 10% | 10% | ||||||||
Investment owned, principal | [16],[17],[20],[21] | $ 3,303 | |||||||||
Investment owned, at cost | [16],[17],[21] | 3,303 | |||||||||
Fair value | [16],[17],[21] | $ 3,303 | |||||||||
Investment, Identifier [Axis]: Delta Leasing SPV II LLC, Warrants | |||||||||||
Investment owned, balance (in shares) | shares | 25 | [10],[15] | 25 | [10],[15] | 25 | [10],[15] | 25 | [16],[17] | 25 | [16],[17] | |
Investment owned, at cost | $ 0 | [10],[15] | $ 0 | [16],[17] | |||||||
Fair value | $ 0 | [10],[15] | $ 0 | [16],[17] | |||||||
Investment, Identifier [Axis]: DirecTV Financing, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5% | [13] | 5% | [13] | 5% | [13] | 5% | [18] | 5% | [18] | |
Investment interest rate | 10.43% | [11],[13] | 10.43% | [11],[13] | 10.43% | [11],[13] | 8.12% | [18],[19] | 8.12% | [18],[19] | |
Investment owned, principal | $ 13,433 | [13],[14] | $ 7,623 | [18],[20] | |||||||
Investment owned, at cost | 13,051 | [13] | 7,321 | [18] | |||||||
Fair value | $ 13,159 | [13] | $ 7,120 | [18] | |||||||
Investment, Identifier [Axis]: DirecTV Financing, LLC, Fixed Rate Bond | |||||||||||
Investment interest rate | 5.88% | [11],[13] | 5.88% | [11],[13] | 5.88% | [11],[13] | 5.88% | [18],[19] | 5.88% | [18],[19] | |
Investment owned, principal | $ 1,750 | [14] | $ 750 | [20] | |||||||
Investment owned, at cost | 1,593 | 670 | |||||||||
Fair value | $ 1,550 | $ 648 | |||||||||
Investment, Identifier [Axis]: Domtar Corp, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 5.50% | 5.50% | ||||||||
Investment interest rate | [18],[19] | 8.26% | 8.26% | ||||||||
Investment owned, principal | [18],[20] | $ 2,977 | |||||||||
Investment owned, at cost | [18] | 2,953 | |||||||||
Fair value | [18] | $ 2,847 | |||||||||
Investment, Identifier [Axis]: Dukes Root Control Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[12],[13] | 12% | 12% | 12% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 580 | |||||||||
Investment owned, at cost | [10],[12],[13] | 552 | |||||||||
Fair value | [10],[12],[13] | $ 568 | |||||||||
Investment, Identifier [Axis]: Dukes Root Control Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 12.04% | 12.04% | 12.04% | |||||||
Investment owned, principal | [10],[13],[14] | $ 11,804 | |||||||||
Investment owned, at cost | [10],[13] | 11,575 | |||||||||
Fair value | [10],[13] | $ 11,705 | |||||||||
Investment, Identifier [Axis]: Dukes Root Control Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[12],[13] | 12.04% | 12.04% | 12.04% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 666 | |||||||||
Investment owned, at cost | [10],[12],[13] | 633 | |||||||||
Fair value | [10],[12],[13] | $ 641 | |||||||||
Investment, Identifier [Axis]: Eagle Parent Corp., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 4.25% | 4.25% | ||||||||
Investment interest rate | [18],[19] | 7.80% | 7.80% | ||||||||
Investment owned, principal | [18],[20] | $ 2,985 | |||||||||
Investment owned, at cost | [18] | 2,916 | |||||||||
Fair value | [18] | $ 2,912 | |||||||||
Investment, Identifier [Axis]: Entrata, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (124) | |||||||||
Fair value | [10],[12],[13] | $ (130) | |||||||||
Investment, Identifier [Axis]: Entrata, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.33% | 11.33% | 11.33% | |||||||
Investment owned, principal | [10],[13],[14] | $ 45,603 | |||||||||
Investment owned, at cost | [10],[13] | 44,500 | |||||||||
Fair value | [10],[13] | $ 44,463 | |||||||||
Investment, Identifier [Axis]: Establishment Labs Holdings Inc., First Lien Term Loan 1 | |||||||||||
Investment interest rate | 3% | [10],[11],[13],[15] | 3% | [10],[11],[13],[15] | 3% | [10],[11],[13],[15] | 3% | [16],[17],[18],[19],[21] | 3% | [16],[17],[18],[19],[21] | |
Investment, interest rate, paid in kind | 6% | [10],[15] | 6% | [10],[15] | 6% | [10],[15] | 6% | [16],[17],[21] | 6% | [16],[17],[21] | |
Investment owned, principal | $ 11,048 | [10],[14],[15] | $ 10,403 | [16],[17],[20] | |||||||
Investment owned, at cost | 10,937 | [10],[15] | 10,260 | [16],[17] | |||||||
Fair value | $ 10,662 | [10],[15] | 10,216 | [16],[17] | |||||||
Investment, Identifier [Axis]: Establishment Labs Holdings Inc., First Lien Term Loan 2 | |||||||||||
Investment interest rate | [10],[11],[13],[15] | 3% | 3% | 3% | |||||||
Investment, interest rate, paid in kind | [10],[15] | 6% | 6% | 6% | |||||||
Investment owned, principal | $ 1,769 | [10],[14],[15] | 0 | [16],[17],[20],[21] | |||||||
Investment owned, at cost | 1,745 | [10],[15] | 3 | [16],[17],[21] | |||||||
Fair value | $ 1,707 | [10],[15] | $ 0 | [16],[17],[21] | |||||||
Investment, Identifier [Axis]: Establishment Labs Holdings Inc., First Lien Term Loan 3 | |||||||||||
Investment interest rate | [10],[11],[12],[13],[15] | 3% | 3% | 3% | |||||||
Investment, interest rate, paid in kind | [10],[12],[15] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[15] | 1 | |||||||||
Fair value | [10],[12],[15] | $ 0 | |||||||||
Investment, Identifier [Axis]: Establishment Labs Holdings Inc., First Lien Term Loan 4 | |||||||||||
Investment interest rate | [10],[11],[12],[13],[15] | 3% | 3% | 3% | |||||||
Investment, interest rate, paid in kind | [10],[12],[15] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[15] | 1 | |||||||||
Fair value | [10],[12],[15] | $ 0 | |||||||||
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (100) | |||||||||
Fair value | [10],[12],[13] | $ (100) | |||||||||
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.32% | 11.32% | 11.32% | |||||||
Investment owned, principal | [10],[13],[14] | $ 36,306 | |||||||||
Investment owned, at cost | [10],[13] | 35,399 | |||||||||
Fair value | [10],[13] | $ 35,398 | |||||||||
Investment, Identifier [Axis]: Finastra USA, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[12],[13],[15] | 12.55% | 12.55% | 12.55% | |||||||
Investment owned, principal | [10],[12],[13],[14],[15] | $ 961 | |||||||||
Investment owned, at cost | [10],[12],[13],[15] | 871 | |||||||||
Fair value | [10],[12],[13],[15] | $ 871 | |||||||||
Investment, Identifier [Axis]: Finastra USA, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[13],[15] | 12.55% | 12.55% | 12.55% | |||||||
Investment owned, principal | [10],[13],[14],[15] | $ 43,732 | |||||||||
Investment owned, at cost | [10],[13],[15] | 42,864 | |||||||||
Fair value | [10],[13],[15] | $ 42,870 | |||||||||
Investment, Identifier [Axis]: Frontier Communications Holdings, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 3.75% | [13],[15] | 3.75% | [13],[15] | 3.75% | [13],[15] | 3.75% | [16],[18] | 3.75% | [16],[18] | |
Investment interest rate | 9.18% | [11],[13],[15] | 9.18% | [11],[13],[15] | 9.18% | [11],[13],[15] | 7.44% | [16],[18],[19] | 7.44% | [16],[18],[19] | |
Investment owned, principal | $ 20,853 | [13],[14],[15] | $ 1,995 | [16],[18],[20] | |||||||
Investment owned, at cost | 20,306 | [13],[15] | 1,953 | [16],[18] | |||||||
Fair value | $ 20,326 | [13],[15] | $ 1,864 | [16],[18] | |||||||
Investment, Identifier [Axis]: Frontier Communications Holdings, LLC, Fixed Rate Bond | |||||||||||
Investment interest rate | 6% | [11],[13],[15] | 6% | [11],[13],[15] | 6% | [11],[13],[15] | 6% | [16],[18],[19] | 6% | [16],[18],[19] | |
Investment owned, principal | $ 7,517 | [14],[15] | $ 4,017 | [16],[20] | |||||||
Investment owned, at cost | 6,311 | [15] | 3,493 | [16] | |||||||
Fair value | $ 5,508 | [15] | $ 3,164 | [16] | |||||||
Investment, Identifier [Axis]: Galileo Parent, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[12],[13] | 12.64% | 12.64% | 12.64% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 1,397 | |||||||||
Investment owned, at cost | [10],[12],[13] | 1,309 | |||||||||
Fair value | [10],[12],[13] | $ 1,309 | |||||||||
Investment, Identifier [Axis]: Galileo Parent, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[13] | 12.64% | 12.64% | 12.64% | |||||||
Investment owned, principal | [10],[13],[14] | $ 20,277 | |||||||||
Investment owned, at cost | [10],[13] | 19,711 | |||||||||
Fair value | [10],[13] | $ 19,711 | |||||||||
Investment, Identifier [Axis]: Gallatin CLO X 2023-1, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 5.41% | 5.41% | 5.41% | |||||||
Investment interest rate | [11],[13],[15] | 10.74% | 10.74% | 10.74% | |||||||
Investment owned, principal | [13],[14],[15] | $ 5,000 | |||||||||
Investment owned, at cost | [13],[15] | 4,913 | |||||||||
Fair value | [13],[15] | $ 4,932 | |||||||||
Investment, Identifier [Axis]: Gibson Brands, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5% | [10],[13] | 5% | [10],[13] | 5% | [10],[13] | 5% | [17],[18] | 5% | [17],[18] | |
Investment interest rate | 10.57% | [10],[11],[13] | 10.57% | [10],[11],[13] | 10.57% | [10],[11],[13] | 7.94% | [17],[18],[19] | 7.94% | [17],[18],[19] | |
Investment owned, principal | $ 4,917 | [10],[13],[14] | $ 4,967 | [17],[18],[20] | |||||||
Investment owned, at cost | 4,772 | [10],[13] | 4,793 | [17],[18] | |||||||
Fair value | $ 4,131 | [10],[13] | $ 4,024 | [17],[18] | |||||||
Investment, Identifier [Axis]: Global Aircraft Leasing Co Ltd, Fixed Rate Bond | |||||||||||
Investment interest rate | [11],[13],[15] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [14],[15] | $ 7,645 | |||||||||
Investment owned, at cost | [15] | 7,088 | |||||||||
Fair value | [15] | $ 7,294 | |||||||||
Investment, Identifier [Axis]: GoldenTree Loan Management EUR CLO 2 DAC, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 2.85% | 2.85% | 2.85% | |||||||
Investment interest rate | [11],[13],[15] | 6.56% | 6.56% | 6.56% | |||||||
Investment owned, principal | € | [13],[14],[15] | € 1,000 | |||||||||
Investment owned, at cost | [13],[15] | $ 875 | |||||||||
Fair value | [13],[15] | $ 963 | |||||||||
Investment, Identifier [Axis]: Grove Hotel Parcel Owner, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | 8% | [10],[12],[13] | 8% | [10],[12],[13] | 8% | [10],[12],[13] | 8% | [17],[18],[21] | 8% | [17],[18],[21] | |
Investment owned, principal | $ 0 | [10],[12],[13],[14] | $ 0 | [17],[18],[20],[21] | |||||||
Investment owned, at cost | (26) | [10],[12],[13] | (33) | [17],[18],[21] | |||||||
Fair value | $ (35) | [10],[12],[13] | $ (31) | [17],[18],[21] | |||||||
Investment, Identifier [Axis]: Grove Hotel Parcel Owner, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | 8% | [10],[13] | 8% | [10],[13] | 8% | [10],[13] | 8% | [17],[18] | 8% | [17],[18] | |
Investment interest rate | 13.42% | [10],[11],[13] | 13.42% | [10],[11],[13] | 13.42% | [10],[11],[13] | 11.04% | [17],[18],[19] | 11.04% | [17],[18],[19] | |
Investment owned, principal | $ 17,507 | [10],[13],[14] | $ 17,684 | [17],[18],[20] | |||||||
Investment owned, at cost | 17,246 | [10],[13] | 17,350 | [17],[18] | |||||||
Fair value | $ 17,157 | [10],[13] | $ 17,374 | [17],[18] | |||||||
Investment, Identifier [Axis]: Grove Hotel Parcel Owner, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | 8% | [10],[12],[13] | 8% | [10],[12],[13] | 8% | [10],[12],[13] | 8% | [17],[18],[21] | 8% | [17],[18],[21] | |
Investment owned, principal | $ 0 | [10],[12],[13],[14] | $ 0 | [17],[18],[20],[21] | |||||||
Investment owned, at cost | (53) | [10],[12],[13] | (67) | [17],[18],[21] | |||||||
Fair value | $ (71) | [10],[12],[13] | $ (62) | [17],[18],[21] | |||||||
Investment, Identifier [Axis]: HUB Pen Company, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 108 | |||||||||
Investment owned, at cost | [10],[12],[13] | 25 | |||||||||
Fair value | [10],[12],[13] | $ 26 | |||||||||
Investment, Identifier [Axis]: HUB Pen Company, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.93% | 11.93% | 11.93% | |||||||
Investment owned, principal | [10],[13],[14] | $ 27,335 | |||||||||
Investment owned, at cost | [10],[13] | 26,653 | |||||||||
Fair value | [10],[13] | $ 26,663 | |||||||||
Investment, Identifier [Axis]: Harbor Purchaser Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5.25% | [13] | 5.25% | [13] | 5.25% | [13] | 5.25% | [18] | 5.25% | [18] | |
Investment interest rate | 10.67% | [11],[13] | 10.67% | [11],[13] | 10.67% | [11],[13] | 8.38% | [18],[19] | 8.38% | [18],[19] | |
Investment owned, principal | $ 10,445 | [13],[14] | $ 8,550 | [18],[20] | |||||||
Investment owned, at cost | 10,057 | [13] | 8,197 | [18] | |||||||
Fair value | $ 9,914 | [13] | 7,813 | [18] | |||||||
Investment, Identifier [Axis]: Harrow, Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13],[15] | 11.89% | 11.89% | 11.89% | |||||||
Investment owned, principal | [10],[13],[14],[15] | $ 9,319 | |||||||||
Investment owned, at cost | [10],[13],[15] | 9,129 | |||||||||
Fair value | [10],[13],[15] | $ 9,135 | |||||||||
Investment, Identifier [Axis]: Harrow, Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13],[15] | 12.04% | 12.04% | 12.04% | |||||||
Investment owned, principal | [10],[13],[14],[15] | $ 1,792 | |||||||||
Investment owned, at cost | [10],[13],[15] | 1,750 | |||||||||
Fair value | [10],[13],[15] | $ 1,757 | |||||||||
Investment, Identifier [Axis]: Harrow, Inc., First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [10],[12],[13],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13],[15] | (103) | |||||||||
Fair value | [10],[12],[13],[15] | $ (99) | |||||||||
Investment, Identifier [Axis]: Hertz Vehicle Financing III, CLO Notes 1 | |||||||||||
Investment interest rate | [11],[13],[15] | 5.16% | 5.16% | 5.16% | |||||||
Investment owned, principal | [14],[15] | $ 7,500 | |||||||||
Investment owned, at cost | [15] | 6,496 | |||||||||
Fair value | [15] | $ 6,583 | |||||||||
Investment, Identifier [Axis]: Hertz Vehicle Financing III, CLO Notes 2 | |||||||||||
Investment interest rate | [15] | 6.78% | 6.78% | 6.78% | |||||||
Investment owned, principal | [15] | $ 17,377 | |||||||||
Investment owned, at cost | [15] | 15,825 | |||||||||
Fair value | [15] | $ 16,035 | |||||||||
Investment, Identifier [Axis]: Horizon Aircraft Finance I Ltd., CLO Notes | |||||||||||
Investment interest rate | [11],[13],[15] | 4.46% | 4.46% | 4.46% | |||||||
Investment owned, principal | [14],[15] | $ 6,770 | |||||||||
Investment owned, at cost | [15] | 5,658 | |||||||||
Fair value | [15] | $ 5,841 | |||||||||
Investment, Identifier [Axis]: Horizon Aircraft Finance II Ltd., CLO Notes | |||||||||||
Investment interest rate | [11],[13],[15] | 3.72% | 3.72% | 3.72% | |||||||
Investment owned, principal | [14],[15] | $ 2,300 | |||||||||
Investment owned, at cost | [15] | 1,969 | |||||||||
Fair value | [15] | $ 1,981 | |||||||||
Investment, Identifier [Axis]: IAMGOLD Corporation, Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 8.25% | 8.25% | 8.25% | |||||||
Investment interest rate | [10],[11],[13],[15] | 13.62% | 13.62% | 13.62% | |||||||
Investment owned, principal | [10],[13],[14],[15] | $ 28,394 | |||||||||
Investment owned, at cost | [10],[13],[15] | 27,607 | |||||||||
Fair value | [10],[13],[15] | $ 27,627 | |||||||||
Investment, Identifier [Axis]: IW Buyer LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.75% | 6.75% | 6.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (185) | |||||||||
Fair value | [10],[12],[13] | $ (177) | |||||||||
Investment, Identifier [Axis]: IW Buyer LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.75% | 6.75% | 6.75% | |||||||
Investment interest rate | [10],[11],[13] | 12.17% | 12.17% | 12.17% | |||||||
Investment owned, principal | [10],[13],[14] | $ 34,375 | |||||||||
Investment owned, at cost | [10],[13] | 33,388 | |||||||||
Fair value | [10],[13] | 33,429 | |||||||||
Investment, Identifier [Axis]: Impel Neuropharma, Inc., First Lien Term Loan 1 | |||||||||||
Investment owned, principal | [17],[20],[22] | 5,129 | |||||||||
Investment owned, at cost | [17],[22] | 5,129 | |||||||||
Fair value | [17],[22] | $ 5,129 | |||||||||
Investment, Identifier [Axis]: Impel Neuropharma, Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [17],[18] | 8.75% | 8.75% | ||||||||
Investment interest rate | [17],[18],[19] | 12.45% | 12.45% | ||||||||
Investment owned, principal | [17],[18],[20] | $ 4,768 | |||||||||
Investment owned, at cost | [17],[18] | 4,682 | |||||||||
Fair value | [17],[18] | $ 4,682 | |||||||||
Investment, Identifier [Axis]: Impel Pharmaceuticals Inc., First Lien Term Loan 1 | |||||||||||
Investment owned, principal | [10],[13],[14] | 9,679 | |||||||||
Investment owned, at cost | [10],[13] | 9,613 | |||||||||
Fair value | [10],[13] | $ 8,904 | |||||||||
Investment, Identifier [Axis]: Impel Pharmaceuticals Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [13] | 10.75% | 10.75% | 10.75% | |||||||
Investment, interest rate, paid in kind | [13] | 16.06% | 16.06% | 16.06% | |||||||
Investment owned, principal | [10],[13],[14] | $ 286 | |||||||||
Investment owned, at cost | [10],[13] | 281 | |||||||||
Fair value | [10],[13] | $ 286 | |||||||||
Investment, Identifier [Axis]: Impel Pharmaceuticals Inc., First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 10.75% | 10.75% | 10.75% | |||||||
Investment, interest rate, paid in kind | [10],[12],[13] | 16.05% | 16.05% | 16.05% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 250 | |||||||||
Investment owned, at cost | [10],[12],[13] | 250 | |||||||||
Fair value | [10],[12],[13] | $ 250 | |||||||||
Investment, Identifier [Axis]: Impel Pharmaceuticals Inc., Warrants | |||||||||||
Investment, basis spread, variable rate | 10.75% | 10.75% | 10.75% | ||||||||
Investment, interest rate, paid in kind | 16.06% | 16.06% | 16.06% | ||||||||
Investment owned, balance (in shares) | shares | 127,376 | 127,376 | 127,376 | ||||||||
Investment owned, at cost | $ 0 | ||||||||||
Fair value | $ 53 | ||||||||||
Investment, Identifier [Axis]: Innocoll Pharmaceuticals Limited, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 5.75% | 5.75% | 5.75% | |||||||
Investment interest rate | 11.14% | [10],[11],[13],[15] | 11.14% | [10],[11],[13],[15] | 11.14% | [10],[11],[13],[15] | 11% | [16],[17],[18],[19],[21] | 11% | [16],[17],[18],[19],[21] | |
Investment, interest rate, paid in kind | [10],[13],[15] | 2.75% | 2.75% | 2.75% | |||||||
Investment owned, principal | $ 3,665 | [10],[13],[14],[15] | $ 4,316 | [16],[17],[20] | |||||||
Investment owned, at cost | 3,557 | [10],[13],[15] | 4,149 | [16],[17] | |||||||
Fair value | $ 3,354 | [10],[13],[15] | 4,057 | [16],[17] | |||||||
Investment, Identifier [Axis]: Innocoll Pharmaceuticals Limited, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 5.75% | 5.75% | 5.75% | |||||||
Investment owned, principal | $ 0 | [10],[12],[13],[14],[15] | 0 | [16],[17],[20],[21] | |||||||
Investment owned, at cost | 0 | [10],[12],[13],[15] | 0 | [16],[17],[21] | |||||||
Fair value | $ 0 | [10],[12],[13],[15] | $ 0 | [16],[17],[21] | |||||||
Investment, Identifier [Axis]: Innocoll Pharmaceuticals Limited, First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 5.75% | 5.75% | 5.75% | |||||||
Investment owned, principal | [10],[12],[13],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13],[15] | 0 | |||||||||
Fair value | [10],[12],[13],[15] | $ 0 | |||||||||
Investment, Identifier [Axis]: Innocoll Pharmaceuticals Limited, Warrants | |||||||||||
Investment owned, balance (in shares) | shares | 36,087 | [10],[15] | 36,087 | [10],[15] | 36,087 | [10],[15] | 36,087 | [16],[17] | 36,087 | [16],[17] | |
Investment owned, at cost | $ 85 | [10],[15] | $ 85 | [16],[17] | |||||||
Fair value | $ 54 | [10],[15] | $ 385 | [16],[17] | |||||||
Investment, Identifier [Axis]: Inventus Power, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (130) | |||||||||
Fair value | [10],[12],[13] | $ (112) | |||||||||
Investment, Identifier [Axis]: Inventus Power, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment interest rate | [10],[11],[13] | 12.93% | 12.93% | 12.93% | |||||||
Investment owned, principal | [10],[13],[14] | $ 43,765 | |||||||||
Investment owned, at cost | [10],[13] | 42,619 | |||||||||
Fair value | [10],[13] | $ 42,776 | |||||||||
Investment, Identifier [Axis]: Iris Holding, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 4.75% | 4.75% | ||||||||
Investment interest rate | [16],[18],[19] | 7.89% | 7.89% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 8,000 | |||||||||
Investment owned, at cost | [16],[18] | 7,478 | |||||||||
Fair value | [16],[18] | $ 7,376 | |||||||||
Investment, Identifier [Axis]: Jamestown CLO XII Ltd., CLO Notes | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 7% | 7% | ||||||||
Investment interest rate | [16],[18],[19] | 9.71% | 9.71% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 500 | |||||||||
Investment owned, at cost | [16],[18] | 389 | |||||||||
Fair value | [16],[18] | $ 410 | |||||||||
Investment, Identifier [Axis]: KDC/ONE Development Corp Inc, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 5% | 5% | 5% | |||||||
Investment interest rate | [11],[13],[15] | 10.32% | 10.32% | 10.32% | |||||||
Investment owned, principal | [13],[14],[15] | $ 30,000 | |||||||||
Investment owned, at cost | [13],[15] | 29,118 | |||||||||
Fair value | [13],[15] | $ 28,995 | |||||||||
Investment, Identifier [Axis]: KKR Apple Bidco, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 4% | 4% | ||||||||
Investment interest rate | [18],[19] | 7.06% | 7.06% | ||||||||
Investment owned, principal | [18],[20] | $ 3,000 | |||||||||
Investment owned, at cost | [18] | 2,970 | |||||||||
Fair value | [18] | $ 2,949 | |||||||||
Investment, Identifier [Axis]: Kindercare Learning Centers Kindercare Portfolio, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 2.41% | 2.41% | 2.41% | |||||||
Investment interest rate | [11],[13],[15] | 7.75% | 7.75% | 7.75% | |||||||
Investment owned, principal | [13],[14],[15] | $ 4,964 | |||||||||
Investment owned, at cost | [13],[15] | 4,619 | |||||||||
Fair value | [13],[15] | $ 4,696 | |||||||||
Investment, Identifier [Axis]: Kings Buyer, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [17],[18],[21] | 6.50% | 6.50% | ||||||||
Investment interest rate | [17],[18],[19],[21] | 10.17% | 10.17% | ||||||||
Investment owned, principal | [17],[18],[20],[21] | $ 117 | |||||||||
Investment owned, at cost | [17],[18],[21] | 111 | |||||||||
Fair value | [17],[18],[21] | $ 104 | |||||||||
Investment, Identifier [Axis]: Kings Buyer, LLC, First Lien Revolver 1 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[12],[13] | 11.84% | 11.84% | 11.84% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 78 | |||||||||
Investment owned, at cost | [10],[12],[13] | 72 | |||||||||
Fair value | [10],[12],[13] | $ 68 | |||||||||
Investment, Identifier [Axis]: Kings Buyer, LLC, First Lien Revolver 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (73) | |||||||||
Fair value | [10],[12],[13] | $ (73) | |||||||||
Investment, Identifier [Axis]: Kings Buyer, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [17],[18] | 6.50% | 6.50% | ||||||||
Investment interest rate | [17],[18],[19] | 10.17% | 10.17% | ||||||||
Investment owned, principal | [17],[18],[20] | $ 4,852 | |||||||||
Investment owned, at cost | [17],[18] | 4,803 | |||||||||
Fair value | [17],[18] | $ 4,755 | |||||||||
Investment, Identifier [Axis]: Kings Buyer, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.84% | 11.84% | 11.84% | |||||||
Investment owned, principal | [10],[13],[14] | $ 4,811 | |||||||||
Investment owned, at cost | [10],[13] | 4,763 | |||||||||
Fair value | [10],[13] | $ 4,739 | |||||||||
Investment, Identifier [Axis]: Kings Buyer, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment interest rate | [10],[11],[13] | 11.80% | 11.80% | 11.80% | |||||||
Investment owned, principal | [10],[13],[14] | $ 58,992 | |||||||||
Investment owned, at cost | [10],[13] | 58,110 | |||||||||
Fair value | [10],[13] | $ 58,107 | |||||||||
Investment, Identifier [Axis]: LABL Inc, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 5% | 5% | ||||||||
Investment interest rate | [18],[19] | 8.12% | 8.12% | ||||||||
Investment owned, principal | [18],[20] | $ 8,786 | |||||||||
Investment owned, at cost | [18] | 8,366 | |||||||||
Fair value | [18] | $ 7,971 | |||||||||
Investment, Identifier [Axis]: LABL, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 5% | 5% | 5% | |||||||
Investment interest rate | [11],[13] | 10.42% | 10.42% | 10.42% | |||||||
Investment owned, principal | [13],[14] | $ 21,627 | |||||||||
Investment owned, at cost | [13] | 21,160 | |||||||||
Fair value | [13] | $ 21,588 | |||||||||
Investment, Identifier [Axis]: LSL Holdco, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | 6% | [10],[12],[13] | 6% | [10],[12],[13] | 6% | [10],[12],[13] | 6% | [17],[18],[21] | 6% | [17],[18],[21] | |
Investment interest rate | [17],[18],[19],[21] | 9.12% | 9.12% | ||||||||
Investment owned, principal | $ 0 | [10],[12],[13],[14] | $ 812 | [17],[18],[20],[21] | |||||||
Investment owned, at cost | (15) | [10],[12],[13] | 794 | [17],[18],[21] | |||||||
Fair value | $ (66) | [10],[12],[13] | $ 784 | [17],[18],[21] | |||||||
Investment, Identifier [Axis]: LSL Holdco, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [17],[18] | 6% | 6% | ||||||||
Investment interest rate | [17],[18],[19] | 9.12% | 9.12% | ||||||||
Investment owned, principal | [17],[18],[20] | $ 9,134 | |||||||||
Investment owned, at cost | [17],[18] | 8,972 | |||||||||
Fair value | [17],[18] | $ 8,883 | |||||||||
Investment, Identifier [Axis]: LSL Holdco, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.42% | 11.42% | 11.42% | |||||||
Investment owned, principal | [10],[13],[14] | $ 8,997 | |||||||||
Investment owned, at cost | [10],[13] | 8,867 | |||||||||
Fair value | [10],[13] | $ 8,412 | |||||||||
Investment, Identifier [Axis]: LSL Holdco, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.42% | 11.42% | 11.42% | |||||||
Investment owned, principal | [10],[13],[14] | $ 1,048 | |||||||||
Investment owned, at cost | [10],[13] | 986 | |||||||||
Fair value | [10],[13] | $ 979 | |||||||||
Investment, Identifier [Axis]: LTI Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 3.25% | 3.25% | ||||||||
Investment interest rate | [18],[19] | 6.37% | 6.37% | ||||||||
Investment owned, principal | [18],[20] | $ 6,964 | |||||||||
Investment owned, at cost | [18] | 6,650 | |||||||||
Fair value | [18] | $ 6,462 | |||||||||
Investment, Identifier [Axis]: Latam Airlines Group S.A., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 9.50% | 9.50% | 9.50% | |||||||
Investment interest rate | [11],[13],[15] | 14.95% | 14.95% | 14.95% | |||||||
Investment owned, principal | [13],[14],[15] | $ 12,032 | |||||||||
Investment owned, at cost | [13],[15] | 11,191 | |||||||||
Fair value | [13],[15] | $ 12,529 | |||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [17],[18] | 6.25% | 6.25% | ||||||||
Investment interest rate | [17],[18],[19] | 9.75% | 9.75% | ||||||||
Investment owned, principal | [17],[18],[20] | $ 8,197 | |||||||||
Investment owned, at cost | [17],[18] | 8,006 | |||||||||
Fair value | [17],[18] | $ 7,911 | |||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.25% | 6.25% | 6.25% | |||||||
Investment interest rate | [10],[11],[13] | 11.77% | 11.77% | 11.77% | |||||||
Investment owned, principal | [10],[13],[14] | $ 2,829 | |||||||||
Investment owned, at cost | [10],[13] | 2,763 | |||||||||
Fair value | [10],[13] | $ 2,807 | |||||||||
Investment, Identifier [Axis]: MHE Intermediate Holdings, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.52% | 11.52% | 11.52% | |||||||
Investment owned, principal | [10],[13],[14] | $ 5,286 | |||||||||
Investment owned, at cost | [10],[13] | 5,180 | |||||||||
Fair value | [10],[13] | $ 5,207 | |||||||||
Investment, Identifier [Axis]: MND Holdings III Corp, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment interest rate | [10],[11],[12],[13] | 12.83% | 12.83% | 12.83% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 1,500 | |||||||||
Investment owned, at cost | [10],[12],[13] | 1,243 | |||||||||
Fair value | [10],[12],[13] | $ 1,311 | |||||||||
Investment, Identifier [Axis]: MND Holdings III Corp, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.50% | 7.50% | 7.50% | |||||||
Investment interest rate | [10],[11],[13] | 12.89% | 12.89% | 12.89% | |||||||
Investment owned, principal | [10],[13],[14] | $ 41,483 | |||||||||
Investment owned, at cost | [10],[13] | 40,802 | |||||||||
Fair value | [10],[13] | $ 40,761 | |||||||||
Investment, Identifier [Axis]: MRI Software LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | 5.50% | [10],[13] | 5.50% | [10],[13] | 5.50% | [10],[13] | 5.50% | [17],[18] | 5.50% | [17],[18] | |
Investment interest rate | 10.99% | [10],[11],[13] | 10.99% | [10],[11],[13] | 10.99% | [10],[11],[13] | 9.17% | [17],[18],[19] | 9.17% | [17],[18],[19] | |
Investment owned, principal | $ 4,597 | [10],[13],[14] | $ 4,149 | [17],[18],[20] | |||||||
Investment owned, at cost | 4,462 | [10],[13] | 4,076 | [17],[18] | |||||||
Fair value | $ 4,502 | [10],[13] | $ 4,033 | [17],[18] | |||||||
Investment, Identifier [Axis]: MRI Software LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | 5.50% | [10],[13] | 5.50% | [10],[13] | 5.50% | [10],[13] | 5.50% | [17],[18],[21] | 5.50% | [17],[18],[21] | |
Investment interest rate | [10],[11],[13] | 10.99% | 10.99% | 10.99% | |||||||
Investment owned, principal | $ 7,204 | [10],[13],[14] | $ 0 | [17],[18],[20],[21] | |||||||
Investment owned, at cost | 7,197 | [10],[13] | (13) | [17],[18],[21] | |||||||
Fair value | $ 7,055 | [10],[13] | $ (134) | [17],[18],[21] | |||||||
Investment, Identifier [Axis]: Madison Park Funding LXIII, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 5.50% | 5.50% | 5.50% | |||||||
Investment interest rate | [11],[13],[15] | 10.58% | 10.58% | 10.58% | |||||||
Investment owned, principal | [13],[14],[15] | $ 5,000 | |||||||||
Investment owned, at cost | [13],[15] | 5,000 | |||||||||
Fair value | [13],[15] | $ 5,099 | |||||||||
Investment, Identifier [Axis]: Mauser Packaging Solutions Holding Company, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 4% | 4% | 4% | |||||||
Investment interest rate | [11],[13] | 9.33% | 9.33% | 9.33% | |||||||
Investment owned, principal | [13],[14] | $ 15,980 | |||||||||
Investment owned, at cost | [13] | 15,876 | |||||||||
Fair value | [13] | $ 15,992 | |||||||||
Investment, Identifier [Axis]: Mauser Packaging Solutions Holding Company, Fixed Rate Bond | |||||||||||
Investment interest rate | [11],[13] | 7.88% | 7.88% | 7.88% | |||||||
Investment owned, principal | [14] | $ 5,000 | |||||||||
Investment owned, at cost | 4,971 | ||||||||||
Fair value | $ 4,829 | ||||||||||
Investment, Identifier [Axis]: McAfee Corp., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 3.75% | [13] | 3.75% | [13] | 3.75% | [13] | 3.75% | [18] | 3.75% | [18] | |
Investment interest rate | 9.18% | [11],[13] | 9.18% | [11],[13] | 9.18% | [11],[13] | 6.36% | [18],[19] | 6.36% | [18],[19] | |
Investment owned, principal | $ 17,857 | [13],[14] | $ 6,983 | [18],[20] | |||||||
Investment owned, at cost | 17,074 | [13] | 6,561 | [18] | |||||||
Fair value | $ 17,472 | [13] | $ 6,388 | [18] | |||||||
Investment, Identifier [Axis]: Medline Borrower, LP, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 3.25% | 3.25% | 3.25% | |||||||
Investment interest rate | [11],[13] | 8.68% | 8.68% | 8.68% | |||||||
Investment owned, principal | [13],[14] | $ 22,886 | |||||||||
Investment owned, at cost | [13] | 22,388 | |||||||||
Fair value | [13] | $ 22,851 | |||||||||
Investment, Identifier [Axis]: Mesoblast, Inc, Warrants | |||||||||||
Investment owned, balance (in shares) | shares | [16],[17] | 66,347 | 66,347 | ||||||||
Investment owned, at cost | [16],[17] | $ 152 | |||||||||
Fair value | [16],[17] | $ 54 | |||||||||
Investment, Identifier [Axis]: Mesoblast, Inc., First Lien Term Loan 1 | |||||||||||
Investment interest rate | 8% | [10],[11],[13],[15] | 8% | [10],[11],[13],[15] | 8% | [10],[11],[13],[15] | 8% | [16],[17],[18],[19],[21] | 8% | [16],[17],[18],[19],[21] | |
Investment, interest rate, paid in kind | 1.75% | [10],[15] | 1.75% | [10],[15] | 1.75% | [10],[15] | 1.75% | [16],[17],[21] | 1.75% | [16],[17],[21] | |
Investment owned, principal | $ 2,325 | [10],[14],[15] | $ 2,284 | [16],[17],[20] | |||||||
Investment owned, at cost | 2,189 | [10],[15] | 2,105 | [16],[17] | |||||||
Fair value | $ 2,046 | [10],[15] | 2,039 | [16],[17] | |||||||
Investment, Identifier [Axis]: Mesoblast, Inc., First Lien Term Loan 2 | |||||||||||
Investment owned, principal | [16],[17],[20],[21] | 0 | |||||||||
Investment owned, at cost | [16],[17],[21] | 0 | |||||||||
Fair value | [16],[17],[21] | $ 0 | |||||||||
Investment, Identifier [Axis]: Mesoblast, Inc., Warrants 1 | |||||||||||
Investment owned, balance (in shares) | shares | [10],[15] | 66,347 | 66,347 | 66,347 | |||||||
Investment owned, at cost | [10],[15] | $ 152 | |||||||||
Fair value | [10],[15] | $ 20 | |||||||||
Investment, Identifier [Axis]: Mesoblast, Inc., Warrants 2 | |||||||||||
Investment owned, balance (in shares) | shares | [10],[15] | 17,058 | 17,058 | 17,058 | |||||||
Investment owned, at cost | [10],[15] | $ 0 | |||||||||
Fair value | [10],[15] | $ 9 | |||||||||
Investment, Identifier [Axis]: Mitchell International, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 3.75% | 3.75% | 3.75% | |||||||
Investment interest rate | [11],[13] | 9.18% | 9.18% | 9.18% | |||||||
Investment owned, principal | [13],[14] | $ 23,392 | |||||||||
Investment owned, at cost | [13] | 22,759 | |||||||||
Fair value | [13] | $ 23,048 | |||||||||
Investment, Identifier [Axis]: Mitchell International, Inc., Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 6.50% | [13] | 6.50% | [13] | 6.50% | [13] | 6.50% | [18] | 6.50% | [18] | |
Investment interest rate | 11.93% | [11],[13] | 11.93% | [11],[13] | 11.93% | [11],[13] | 9.57% | [18],[19] | 9.57% | [18],[19] | |
Investment owned, principal | $ 4,000 | [13],[14] | $ 4,000 | [18],[20] | |||||||
Investment owned, at cost | 3,816 | [13] | 3,786 | [18] | |||||||
Fair value | $ 3,696 | [13] | $ 3,690 | [18] | |||||||
Investment, Identifier [Axis]: NFP Corp., Fixed Rate Bond | |||||||||||
Investment interest rate | [18],[19] | 6.88% | 6.88% | ||||||||
Investment owned, principal | [20] | $ 2,284 | |||||||||
Investment owned, at cost | 2,155 | ||||||||||
Fair value | $ 1,785 | ||||||||||
Investment, Identifier [Axis]: NFP Corp., Fixed Rate Bond 1 | |||||||||||
Investment interest rate | [11],[13] | 4.88% | 4.88% | 4.88% | |||||||
Investment owned, principal | [14] | $ 8,550 | |||||||||
Investment owned, at cost | 7,672 | ||||||||||
Fair value | $ 7,537 | ||||||||||
Investment, Identifier [Axis]: NFP Corp., Fixed Rate Bond 2 | |||||||||||
Investment interest rate | [11],[13] | 6.88% | 6.88% | 6.88% | |||||||
Investment owned, principal | [14] | $ 3,784 | |||||||||
Investment owned, at cost | 3,473 | ||||||||||
Fair value | $ 3,246 | ||||||||||
Investment, Identifier [Axis]: NFP Corp., Fixed Rate Bond 3 | |||||||||||
Investment interest rate | [10],[11],[13] | 8.50% | 8.50% | 8.50% | |||||||
Investment owned, principal | [14] | $ 5,000 | |||||||||
Investment owned, at cost | 5,000 | ||||||||||
Fair value | $ 5,013 | ||||||||||
Investment, Identifier [Axis]: New Enterprise Stone & Lime Co Inc, Fixed Rate Bond | |||||||||||
Investment interest rate | [11] | 5.25% | 5.25% | 5.25% | |||||||
Investment owned, principal | [14] | $ 2,250 | |||||||||
Investment owned, at cost | 2,080 | ||||||||||
Fair value | $ 2,022 | ||||||||||
Investment, Identifier [Axis]: Nidda BondCo GmbH, Fixed Rate Bond | |||||||||||
Investment interest rate | [16],[18],[19] | 3.50% | 3.50% | ||||||||
Investment owned, principal | € | [16],[20] | € 500 | |||||||||
Investment owned, at cost | [16] | $ 462 | |||||||||
Fair value | [16] | $ 446 | |||||||||
Investment, Identifier [Axis]: North Star Acquisitionco, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (82) | |||||||||
Fair value | [10],[12],[13] | $ (81) | |||||||||
Investment, Identifier [Axis]: North Star Acquisitionco, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.39% | 11.39% | 11.39% | |||||||
Investment owned, principal | [10],[13],[14] | $ 36,625 | |||||||||
Investment owned, at cost | [10],[13] | 35,943 | |||||||||
Fair value | [10],[13] | $ 35,951 | |||||||||
Investment, Identifier [Axis]: North Star Acquisitionco, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6% | 6% | 6% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (33) | |||||||||
Fair value | [10],[12],[13] | $ (31) | |||||||||
Investment, Identifier [Axis]: OEConnection LLC, Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 7% | [10],[13] | 7% | [10],[13] | 7% | [10],[13] | 7% | [17],[18] | 7% | [17],[18] | |
Investment interest rate | 12.49% | [10],[11],[13] | 12.49% | [10],[11],[13] | 12.49% | [10],[11],[13] | 10.05% | [17],[18],[19] | 10.05% | [17],[18],[19] | |
Investment owned, principal | $ 5,355 | [10],[13],[14] | $ 5,355 | [17],[18],[20] | |||||||
Investment owned, at cost | 5,281 | [10],[13] | 5,263 | [17],[18] | |||||||
Fair value | $ 5,275 | [10],[13] | $ 5,154 | [17],[18] | |||||||
Investment, Identifier [Axis]: OFSI BSL CLO XI, Ltd., CLO Notes | |||||||||||
Investment, basis spread, variable rate | [16],[18] | 7.60% | 7.60% | ||||||||
Investment interest rate | [16],[18],[19] | 9.12% | 9.12% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 2,500 | |||||||||
Investment owned, at cost | [16],[18] | 2,156 | |||||||||
Fair value | [16],[18] | $ 2,265 | |||||||||
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.25% | 6.25% | 6.25% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (108) | |||||||||
Fair value | [10],[12],[13] | $ (106) | |||||||||
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.25% | 6.25% | 6.25% | |||||||
Investment interest rate | [10],[11],[13] | 11.64% | 11.64% | 11.64% | |||||||
Investment owned, principal | [10],[13],[14] | $ 22,885 | |||||||||
Investment owned, at cost | [10],[13] | 22,338 | |||||||||
Fair value | [10],[13] | $ 22,354 | |||||||||
Investment, Identifier [Axis]: OneOncology, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.25% | 6.25% | 6.25% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (107) | |||||||||
Fair value | [10],[12],[13] | $ (100) | |||||||||
Investment, Identifier [Axis]: Oranje Holdco, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.75% | 7.75% | 7.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (44) | |||||||||
Fair value | [10],[12],[13] | $ (37) | |||||||||
Investment, Identifier [Axis]: Oranje Holdco, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.75% | 7.75% | 7.75% | |||||||
Investment interest rate | [10],[11],[13] | 13.12% | 13.12% | 13.12% | |||||||
Investment owned, principal | [10],[13],[14] | $ 15,746 | |||||||||
Investment owned, at cost | [10],[13] | 15,396 | |||||||||
Fair value | [10],[13] | $ 15,450 | |||||||||
Investment, Identifier [Axis]: PFNY Holdings, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [17],[18],[21] | 7% | 7% | ||||||||
Investment owned, principal | [17],[18],[20],[21] | $ 0 | |||||||||
Investment owned, at cost | [17],[18],[21] | (7) | |||||||||
Fair value | [17],[18],[21] | $ (4) | |||||||||
Investment, Identifier [Axis]: PFNY Holdings, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [17],[18] | 7% | 7% | ||||||||
Investment interest rate | [17],[18],[19] | 9.28% | 9.28% | ||||||||
Investment owned, principal | [17],[18],[20] | $ 8,279 | |||||||||
Investment owned, at cost | [17],[18] | 8,139 | |||||||||
Fair value | [17],[18] | $ 8,196 | |||||||||
Investment, Identifier [Axis]: PFNY Holdings, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [17],[18],[21] | 7% | 7% | ||||||||
Investment interest rate | [17],[18],[19],[21] | 9.25% | 9.25% | ||||||||
Investment owned, principal | [17],[18],[20],[21] | $ 705 | |||||||||
Investment owned, at cost | [17],[18],[21] | 692 | |||||||||
Fair value | [17],[18],[21] | $ 697 | |||||||||
Investment, Identifier [Axis]: PPW Aero Buyer, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7% | 7% | 7% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (129) | |||||||||
Fair value | [10],[12],[13] | $ (132) | |||||||||
Investment, Identifier [Axis]: PPW Aero Buyer, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7% | 7% | 7% | |||||||
Investment interest rate | [10],[11],[13] | 12.32% | 12.32% | 12.32% | |||||||
Investment owned, principal | [10],[13],[14] | $ 26,758 | |||||||||
Investment owned, at cost | [10],[13] | 25,799 | |||||||||
Fair value | [10],[13] | $ 25,776 | |||||||||
Investment, Identifier [Axis]: Park Place Technologies, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 5% | [13] | 5% | [13] | 5% | [13] | 5% | [18] | 5% | [18] | |
Investment interest rate | 10.42% | [11],[13] | 10.42% | [11],[13] | 10.42% | [11],[13] | 8.13% | [18],[19] | 8.13% | [18],[19] | |
Investment owned, principal | $ 14,919 | [13],[14] | $ 1,995 | [18],[20] | |||||||
Investment owned, at cost | 14,556 | [13] | 1,936 | [18] | |||||||
Fair value | $ 14,726 | [13] | $ 1,899 | [18] | |||||||
Investment, Identifier [Axis]: Peloton Interactive, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 6.50% | 6.50% | |||||||||
Investment interest rate | [16],[18],[19] | 8.35% | 8.35% | ||||||||
Investment owned, principal | [16],[18],[20] | $ 7,980 | |||||||||
Investment owned, at cost | [16],[18] | 7,674 | |||||||||
Fair value | [16],[18] | $ 7,813 | |||||||||
Investment, Identifier [Axis]: Peraton Corp., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 3.75% | 3.75% | 3.75% | |||||||
Investment interest rate | [11],[13] | 9.17% | 9.17% | 9.17% | |||||||
Investment owned, principal | [13],[14] | $ 19,890 | |||||||||
Investment owned, at cost | [13] | 19,794 | |||||||||
Fair value | [13] | $ 19,874 | |||||||||
Investment, Identifier [Axis]: PetSmart LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 3.75% | [13] | 3.75% | [13] | 3.75% | [13] | 3.75% | [18] | 3.75% | [18] | |
Investment interest rate | 9.17% | [11],[13] | 9.17% | [11],[13] | 9.17% | [11],[13] | 6.87% | [18],[19] | 6.87% | [18],[19] | |
Investment owned, principal | $ 10,901 | [13],[14] | $ 1,995 | [18],[20] | |||||||
Investment owned, at cost | 10,689 | [13] | 1,875 | [18] | |||||||
Fair value | $ 10,885 | [13] | $ 1,895 | [18] | |||||||
Investment, Identifier [Axis]: Pluralsight, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 8% | 8% | 8% | |||||||
Investment interest rate | [10],[11],[12],[13] | 13.45% | 13.45% | 13.45% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 1,028 | |||||||||
Investment owned, at cost | [10],[12],[13] | 798 | |||||||||
Fair value | [10],[12],[13] | $ 959 | |||||||||
Investment, Identifier [Axis]: Pluralsight, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 8% | 8% | 8% | |||||||
Investment interest rate | [10],[11],[13] | 13.45% | 13.45% | 13.45% | |||||||
Investment owned, principal | [10],[13],[14] | $ 26,144 | |||||||||
Investment owned, at cost | [10],[13] | 22,474 | |||||||||
Fair value | [10],[13] | $ 25,041 | |||||||||
Investment, Identifier [Axis]: Profrac Holdings II, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [17],[18] | 8.50% | 8.50% | ||||||||
Investment interest rate | [17],[18],[19] | 10.01% | 10.01% | ||||||||
Investment owned, principal | [17],[18],[20] | $ 6,387 | |||||||||
Investment owned, at cost | [17],[18] | 6,235 | |||||||||
Fair value | [17],[18] | $ 6,259 | |||||||||
Investment, Identifier [Axis]: Profrac Holdings II, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[13] | 12.78% | 12.78% | 12.78% | |||||||
Investment owned, principal | [10],[13],[14] | $ 5,449 | |||||||||
Investment owned, at cost | [10],[13] | 5,372 | |||||||||
Fair value | [10],[13] | $ 5,355 | |||||||||
Investment, Identifier [Axis]: Profrac Holdings II, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment interest rate | [10],[11],[13] | 12.78% | 12.78% | 12.78% | |||||||
Investment owned, principal | [10],[13],[14] | $ 627 | |||||||||
Investment owned, at cost | [10],[13] | 620 | |||||||||
Fair value | [10],[13] | $ 616 | |||||||||
Investment, Identifier [Axis]: Quantum Bidco Limited, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 5.75% | 5.75% | 5.75% | |||||||
Investment interest rate | [10],[11],[13],[15] | 11.21% | 11.21% | 11.21% | |||||||
Investment owned, principal | £ | [10],[13],[14],[15] | £ 5,470 | |||||||||
Investment owned, at cost | [10],[13],[15] | $ 6,111 | |||||||||
Fair value | [10],[13],[15] | $ 6,109 | |||||||||
Investment, Identifier [Axis]: RP Escrow Issuer LLC, Fixed Rate Bond | |||||||||||
Investment interest rate | [18],[19] | 5.25% | 5.25% | ||||||||
Investment owned, principal | [20] | $ 333 | |||||||||
Investment owned, at cost | 306 | ||||||||||
Fair value | $ 276 | ||||||||||
Investment, Identifier [Axis]: Radiology Partners Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 4.25% | 4.25% | ||||||||
Investment interest rate | [18],[19] | 7.33% | 7.33% | ||||||||
Investment owned, principal | [18],[20] | $ 6,253 | |||||||||
Investment owned, at cost | [18] | 5,873 | |||||||||
Fair value | [18] | $ 5,297 | |||||||||
Investment, Identifier [Axis]: Radiology Partners Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | [18],[19] | 9.25% | 9.25% | ||||||||
Investment owned, principal | [20] | $ 1,950 | |||||||||
Investment owned, at cost | 1,938 | ||||||||||
Fair value | $ 1,275 | ||||||||||
Investment, Identifier [Axis]: Renaissance Holding Corp., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4.75% | [13] | 4.75% | [13] | 4.75% | [13] | 3.25% | [18] | 3.25% | [18] | |
Investment interest rate | 10.07% | [11],[13] | 10.07% | [11],[13] | 10.07% | [11],[13] | 6.37% | [18],[19] | 6.37% | [18],[19] | |
Investment owned, principal | $ 16,000 | [13],[14] | $ 2,238 | [18],[20] | |||||||
Investment owned, at cost | 15,552 | [13] | 2,134 | [18] | |||||||
Fair value | $ 15,900 | [13] | $ 2,135 | [18] | |||||||
Investment, Identifier [Axis]: Resistance Acquisition, Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 7.75% | 7.75% | 7.75% | |||||||
Investment interest rate | [10],[13] | 13.06% | 13.06% | 13.06% | |||||||
Investment owned, principal | [10],[13],[14] | $ 18,387 | |||||||||
Investment owned, at cost | [10],[13] | 17,930 | |||||||||
Fair value | [10],[13] | $ 17,927 | |||||||||
Investment, Identifier [Axis]: Resistance Acquisition, Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.75% | 7.75% | 7.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | 0 | |||||||||
Fair value | [10],[12],[13] | $ 0 | |||||||||
Investment, Identifier [Axis]: SCIH Salt Holdings Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 4% | 4% | 4% | |||||||
Investment interest rate | [11],[13] | 9.63% | 9.63% | 9.63% | |||||||
Investment owned, principal | [13],[14] | $ 22,904 | |||||||||
Investment owned, at cost | [13] | 22,626 | |||||||||
Fair value | [13] | $ 22,801 | |||||||||
Investment, Identifier [Axis]: SCIH Salt Holdings Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | [11],[13] | 4.88% | 4.88% | 4.88% | |||||||
Investment owned, principal | [14] | $ 5,000 | |||||||||
Investment owned, at cost | 4,516 | ||||||||||
Fair value | $ 4,418 | ||||||||||
Investment, Identifier [Axis]: SCP Eye Care Services, LLC, Common Stock | |||||||||||
Investment owned, balance (in shares) | shares | [10] | 761 | 761 | 761 | |||||||
Investment owned, at cost | [10] | $ 761 | |||||||||
Fair value | [10] | $ 698 | |||||||||
Investment, Identifier [Axis]: SCP Eye Care Services, LLC, Second Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 8.75% | 8.75% | 8.75% | |||||||
Investment interest rate | [10],[11],[13] | 14.18% | 14.18% | 14.18% | |||||||
Investment owned, principal | [10],[13],[14] | $ 5,881 | |||||||||
Investment owned, at cost | [10],[13] | 5,726 | |||||||||
Fair value | [10],[13] | $ 5,710 | |||||||||
Investment, Identifier [Axis]: SCP Eye Care Services, LLC, Second Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 8.75% | 8.75% | 8.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (26) | |||||||||
Fair value | [10],[12],[13] | $ (50) | |||||||||
Investment, Identifier [Axis]: SEI Holding I Corporation, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.75% | 6.75% | 6.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (40) | |||||||||
Fair value | [10],[12],[13] | $ (41) | |||||||||
Investment, Identifier [Axis]: SEI Holding I Corporation, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.75% | 6.75% | 6.75% | |||||||
Investment interest rate | [10],[11],[13] | 12.14% | 12.14% | 12.14% | |||||||
Investment owned, principal | [10],[13],[14] | $ 17,420 | |||||||||
Investment owned, at cost | [10],[13] | 16,951 | |||||||||
Fair value | [10],[13] | $ 16,949 | |||||||||
Investment, Identifier [Axis]: SEI Holding I Corporation, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.75% | 6.75% | 6.75% | |||||||
Investment interest rate | [10],[11],[12],[13] | 12.15% | 12.15% | 12.15% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 1,368 | |||||||||
Investment owned, at cost | [10],[12],[13] | 1,329 | |||||||||
Fair value | [10],[12],[13] | $ 1,334 | |||||||||
Investment, Identifier [Axis]: SM Wellness Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4.75% | [10],[13] | 4.75% | [10],[13] | 4.75% | [10],[13] | 4.75% | [17],[18] | 4.75% | [17],[18] | |
Investment interest rate | 10.38% | [10],[11],[13] | 10.38% | [10],[11],[13] | 10.38% | [10],[11],[13] | 7.49% | [17],[18],[19] | 7.49% | [17],[18],[19] | |
Investment owned, principal | $ 12,818 | [10],[13],[14] | $ 6,430 | [17],[18],[20] | |||||||
Investment owned, at cost | 11,979 | [10],[13] | 6,223 | [17],[18] | |||||||
Fair value | $ 12,049 | [10],[13] | $ 6,108 | [17],[18] | |||||||
Investment, Identifier [Axis]: SPX Flow, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4.50% | [13] | 4.50% | [13] | 4.50% | [13] | 4.50% | [18] | 4.50% | [18] | |
Investment interest rate | 9.92% | [11],[13] | 9.92% | [11],[13] | 9.92% | [11],[13] | 7.63% | [18],[19] | 7.63% | [18],[19] | |
Investment owned, principal | $ 24,496 | [13],[14] | $ 9,500 | [18],[20] | |||||||
Investment owned, at cost | 23,683 | [13] | 9,105 | [18] | |||||||
Fair value | $ 24,477 | [13] | $ 8,823 | [18] | |||||||
Investment, Identifier [Axis]: Salus Workers' Compensation, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 10% | 10% | 10% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (58) | |||||||||
Fair value | [10],[12],[13] | $ (57) | |||||||||
Investment, Identifier [Axis]: Salus Workers' Compensation, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 10% | 10% | 10% | |||||||
Investment interest rate | [10],[11],[13] | 15.24% | 15.24% | 15.24% | |||||||
Investment owned, principal | [10],[13],[14] | $ 15,595 | |||||||||
Investment owned, at cost | [10],[13] | 15,118 | |||||||||
Fair value | [10],[13] | $ 15,127 | |||||||||
Investment, Identifier [Axis]: Salus Workers' Compensation, LLC, Warrants | |||||||||||
Investment owned, balance (in shares) | shares | [10] | 606,357 | 606,357 | 606,357 | |||||||
Investment owned, at cost | [10] | $ 200 | |||||||||
Fair value | [10] | $ 994 | |||||||||
Investment, Identifier [Axis]: Seres Therapeutics, Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 7.88% | 7.88% | 7.88% | |||||||
Investment interest rate | [10],[11],[13],[15] | 12.88% | 12.88% | 12.88% | |||||||
Investment owned, principal | [10],[13],[14],[15] | $ 11,547 | |||||||||
Investment owned, at cost | [10],[13],[15] | 11,135 | |||||||||
Fair value | [10],[13],[15] | $ 11,139 | |||||||||
Investment, Identifier [Axis]: Seres Therapeutics, Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[15] | 7.88% | 7.88% | 7.88% | |||||||
Investment interest rate | [10],[11],[13],[15] | 12.88% | 12.88% | 12.88% | |||||||
Investment owned, principal | [10],[13],[14],[15] | $ 4,330 | |||||||||
Investment owned, at cost | [10],[13],[15] | 4,176 | |||||||||
Fair value | [10],[13],[15] | $ 4,177 | |||||||||
Investment, Identifier [Axis]: Seres Therapeutics, Inc., First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 7.88% | 7.88% | 7.88% | |||||||
Investment owned, principal | [10],[12],[13],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13],[15] | 0 | |||||||||
Fair value | [10],[12],[13],[15] | $ 0 | |||||||||
Investment, Identifier [Axis]: Seres Therapeutics, Inc., First Lien Term Loan 4 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[15] | 7.88% | 7.88% | 7.88% | |||||||
Investment owned, principal | [10],[12],[13],[14],[15] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13],[15] | 0 | |||||||||
Fair value | [10],[12],[13],[15] | $ 0 | |||||||||
Investment, Identifier [Axis]: Seres Therapeutics, Inc., Warrants | |||||||||||
Investment owned, balance (in shares) | shares | [10],[15] | 93,470 | 93,470 | 93,470 | |||||||
Investment owned, at cost | [10],[15] | $ 293 | |||||||||
Fair value | [10],[15] | $ 140 | |||||||||
Investment, Identifier [Axis]: Southern Veterinary Partners, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4% | [13] | 4% | [13] | 4% | [13] | 4% | [18] | 4% | [18] | |
Investment interest rate | 9.43% | [11],[13] | 9.43% | [11],[13] | 9.43% | [11],[13] | 7.12% | [18],[19] | 7.12% | [18],[19] | |
Investment owned, principal | $ 20,664 | [13],[14] | $ 3,242 | [18],[20] | |||||||
Investment owned, at cost | 20,456 | [13] | 3,096 | [18] | |||||||
Fair value | $ 20,564 | [13] | $ 3,076 | [18] | |||||||
Investment, Identifier [Axis]: Star Parent, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 4% | 4% | 4% | |||||||
Investment interest rate | [11],[13] | 9.33% | 9.33% | 9.33% | |||||||
Investment owned, principal | [13],[14] | $ 28,000 | |||||||||
Investment owned, at cost | [13] | 27,580 | |||||||||
Fair value | [13] | $ 27,419 | |||||||||
Investment, Identifier [Axis]: Sunshine Luxembourg VII Sarl, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 3.75% | 3.75% | 3.75% | |||||||
Investment interest rate | [11],[13],[15] | 9.24% | 9.24% | 9.24% | |||||||
Investment owned, principal | [13],[14],[15] | $ 10,360 | |||||||||
Investment owned, at cost | [13],[15] | 10,108 | |||||||||
Fair value | [13],[15] | $ 10,355 | |||||||||
Investment, Identifier [Axis]: Superior Industries International, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 8% | 8% | 8% | |||||||
Investment interest rate | [10],[11],[13] | 13.32% | 13.32% | 13.32% | |||||||
Investment owned, principal | [10],[13],[14] | $ 33,311 | |||||||||
Investment owned, at cost | [10],[13] | 32,444 | |||||||||
Fair value | [10],[13] | $ 33,061 | |||||||||
Investment, Identifier [Axis]: Supreme Fitness Group NY Holdings, LLC, First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | [10],[13],[24] | 7% | 7% | 7% | |||||||
Investment interest rate | [10],[11],[13],[24] | 12.44% | 12.44% | 12.44% | |||||||
Investment owned, principal | [10],[13],[14],[24] | $ 396 | |||||||||
Investment owned, at cost | [10],[13],[24] | 391 | |||||||||
Fair value | [10],[13],[24] | $ 377 | |||||||||
Investment, Identifier [Axis]: Supreme Fitness Group NY Holdings, LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[24] | 7% | 7% | 7% | |||||||
Investment interest rate | [10],[11],[13],[24] | 12.51% | 12.51% | 12.51% | |||||||
Investment owned, principal | [10],[13],[14],[24] | $ 8,196 | |||||||||
Investment owned, at cost | [10],[13],[24] | 8,090 | |||||||||
Fair value | [10],[13],[24] | $ 7,807 | |||||||||
Investment, Identifier [Axis]: Supreme Fitness Group NY Holdings, LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[13],[24] | 7% | 7% | 7% | |||||||
Investment interest rate | [10],[11],[13],[24] | 12.51% | 12.51% | 12.51% | |||||||
Investment owned, principal | [10],[13],[14],[24] | $ 702 | |||||||||
Investment owned, at cost | [10],[13],[24] | 693 | |||||||||
Fair value | [10],[13],[24] | $ 668 | |||||||||
Investment, Identifier [Axis]: Supreme Fitness Group NY Holdings, LLC, First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13],[24] | 7% | 7% | 7% | |||||||
Investment interest rate | [10],[11],[13],[24] | 12.51% | 12.51% | 12.51% | |||||||
Investment owned, principal | [10],[12],[13],[14],[24] | $ 281 | |||||||||
Investment owned, at cost | [10],[12],[13],[24] | 271 | |||||||||
Fair value | [10],[12],[13],[24] | $ 241 | |||||||||
Investment, Identifier [Axis]: Surgery Center Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 3.75% | 3.75% | ||||||||
Investment interest rate | [18],[19] | 6.51% | 6.51% | ||||||||
Investment owned, principal | [18],[20] | $ 6,977 | |||||||||
Investment owned, at cost | [18] | 6,724 | |||||||||
Fair value | [18] | $ 6,639 | |||||||||
Investment, Identifier [Axis]: THL Zinc Ventures Ltd, First Lien Term Loan | |||||||||||
Investment interest rate | [10],[11],[13],[15] | 13% | 13% | 13% | |||||||
Investment owned, principal | [10],[14],[15] | $ 39,751 | |||||||||
Investment owned, at cost | [10],[15] | 39,296 | |||||||||
Fair value | [10],[15] | $ 39,318 | |||||||||
Investment, Identifier [Axis]: TIBCO Software Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4.50% | [13] | 4.50% | [13] | 4.50% | [13] | 4.50% | [18] | 4.50% | [18] | |
Investment interest rate | 9.99% | [11],[13] | 9.99% | [11],[13] | 9.99% | [11],[13] | 8.15% | [18],[19] | 8.15% | [18],[19] | |
Investment owned, principal | $ 17,755 | [13],[14] | $ 8,834 | [18],[20] | |||||||
Investment owned, at cost | 16,613 | [13] | 8,039 | [18] | |||||||
Fair value | $ 17,103 | [13] | $ 7,949 | [18] | |||||||
Investment, Identifier [Axis]: Tacala, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 3.50% | 3.50% | 3.50% | |||||||
Investment interest rate | [11],[13] | 9.43% | 9.43% | 9.43% | |||||||
Investment owned, principal | [13],[14] | $ 11,945 | |||||||||
Investment owned, at cost | [13] | 11,703 | |||||||||
Fair value | [13] | $ 11,919 | |||||||||
Investment, Identifier [Axis]: Tacala, LLC, Second Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 8% | [13] | 8% | [13] | 8% | [13] | 7.50% | [18] | 7.50% | [18] | |
Investment interest rate | 13.43% | [11],[13] | 13.43% | [11],[13] | 13.43% | [11],[13] | 10.62% | [18],[19] | 10.62% | [18],[19] | |
Investment owned, principal | $ 7,310 | [13],[14] | $ 7,310 | [18],[20] | |||||||
Investment owned, at cost | 7,129 | [13] | 7,090 | [18] | |||||||
Fair value | $ 7,094 | [13] | $ 6,725 | [18] | |||||||
Investment, Identifier [Axis]: Ten-X LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6% | 6% | 6% | |||||||
Investment interest rate | [10],[11],[13] | 11.32% | 11.32% | 11.32% | |||||||
Investment owned, principal | [10],[13],[14] | $ 24,934 | |||||||||
Investment owned, at cost | [10],[13] | 23,766 | |||||||||
Fair value | [10],[13] | $ 23,999 | |||||||||
Investment, Identifier [Axis]: Touchstone Acquisition, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 6% | [10],[13] | 6% | [10],[13] | 6% | [10],[13] | 6% | [17],[18] | 6% | [17],[18] | |
Investment interest rate | 11.42% | [10],[11],[13] | 11.42% | [10],[11],[13] | 11.42% | [10],[11],[13] | 9.12% | [17],[18],[19] | 9.12% | [17],[18],[19] | |
Investment owned, principal | $ 8,485 | [10],[13],[14] | $ 8,571 | [17],[18],[20] | |||||||
Investment owned, at cost | 8,357 | [10],[13] | 8,417 | [17],[18] | |||||||
Fair value | $ 8,261 | [10],[13] | $ 8,400 | [17],[18] | |||||||
Investment, Identifier [Axis]: Transit Buyer LLC, First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 6.25% | 6.25% | 6.25% | |||||||
Investment interest rate | [10],[11],[13] | 11.70% | 11.70% | 11.70% | |||||||
Investment owned, principal | [10],[13],[14] | $ 8,427 | |||||||||
Investment owned, at cost | [10],[13] | 8,277 | |||||||||
Fair value | [10],[13] | $ 8,309 | |||||||||
Investment, Identifier [Axis]: Transit Buyer LLC, First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 6.25% | 6.25% | 6.25% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | (69) | |||||||||
Fair value | [10],[12],[13] | $ (54) | |||||||||
Investment, Identifier [Axis]: Trident TPI Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 4% | 4% | 4% | |||||||
Investment interest rate | [11],[13] | 9.65% | 9.65% | 9.65% | |||||||
Investment owned, principal | [13],[14] | $ 4,987 | |||||||||
Investment owned, at cost | [13] | 4,987 | |||||||||
Fair value | [13] | $ 4,978 | |||||||||
Investment, Identifier [Axis]: Trinitas CLO XII, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 4.26% | 4.26% | 4.26% | |||||||
Investment interest rate | [13],[15] | 9.61% | 9.61% | 9.61% | |||||||
Investment owned, principal | [13],[14],[15] | $ 4,500 | |||||||||
Investment owned, at cost | [13],[15] | 4,394 | |||||||||
Fair value | [13],[15] | $ 4,403 | |||||||||
Investment, Identifier [Axis]: Trinitas CLO XV DAC, CLO Notes | |||||||||||
Investment, basis spread, variable rate | [13],[15] | 7.71% | 7.71% | 7.71% | |||||||
Investment interest rate | [11],[13],[15] | 13.06% | 13.06% | 13.06% | |||||||
Investment owned, principal | [13],[14],[15] | $ 1,000 | |||||||||
Investment owned, at cost | [13],[15] | 816 | |||||||||
Fair value | [13],[15] | $ 917 | |||||||||
Investment, Identifier [Axis]: Uniti Group LP, Fixed Rate Bond 1 | |||||||||||
Investment interest rate | 6.50% | [11],[13],[15] | 6.50% | [11],[13],[15] | 6.50% | [11],[13],[15] | 6.50% | [16],[18],[19] | 6.50% | [16],[18],[19] | |
Investment owned, principal | $ 1,750 | [14],[15] | $ 1,750 | [16],[20] | |||||||
Investment owned, at cost | 1,630 | [15] | 1,613 | [16] | |||||||
Fair value | $ 1,148 | [15] | $ 1,177 | [16] | |||||||
Investment, Identifier [Axis]: Uniti Group LP, Fixed Rate Bond 2 | |||||||||||
Investment interest rate | 4.75% | [11],[13],[15] | 4.75% | [11],[13],[15] | 4.75% | [11],[13],[15] | 4.75% | [16],[18],[19] | 4.75% | [16],[18],[19] | |
Investment owned, principal | $ 2,200 | [14],[15] | $ 2,200 | [16],[20] | |||||||
Investment owned, at cost | 1,944 | [15] | 1,899 | [16] | |||||||
Fair value | $ 1,799 | [15] | $ 1,743 | [16] | |||||||
Investment, Identifier [Axis]: Vertiv Group Corporation, Fixed Rate Bond | |||||||||||
Investment interest rate | [16],[18],[19] | 4.13% | 4.13% | ||||||||
Investment owned, principal | [16],[20] | $ 1,500 | |||||||||
Investment owned, at cost | [16] | 1,258 | |||||||||
Fair value | [16] | $ 1,210 | |||||||||
Investment, Identifier [Axis]: WAVE 2019-1, CLO Notes | |||||||||||
Investment interest rate | [11],[13] | 3.60% | 3.60% | 3.60% | |||||||
Investment owned, principal | [14] | $ 5,183 | |||||||||
Investment owned, at cost | 4,282 | ||||||||||
Fair value | $ 4,251 | ||||||||||
Investment, Identifier [Axis]: WP CPP Holdings, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 3.75% | [13] | 3.75% | [13] | 3.75% | [13] | 3.75% | [18] | 3.75% | [18] | |
Investment interest rate | 9.27% | [11],[13] | 9.27% | [11],[13] | 9.27% | [11],[13] | 6.56% | [18],[19] | 6.56% | [18],[19] | |
Investment owned, principal | $ 9,633 | [13],[14] | $ 5,730 | [18],[20] | |||||||
Investment owned, at cost | 9,108 | [13] | 5,388 | [18] | |||||||
Fair value | $ 9,090 | [13] | $ 5,147 | [18] | |||||||
Investment, Identifier [Axis]: WWEX Uni Topco Holdings, LLC, First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | 4% | [13] | 4% | [13] | 4% | [13] | 4% | [18] | 4% | [18] | |
Investment interest rate | 9.65% | [11],[13] | 9.65% | [11],[13] | 9.65% | [11],[13] | 7.67% | [18],[19] | 7.67% | [18],[19] | |
Investment owned, principal | $ 6,895 | [13],[14] | $ 6,965 | [18],[20] | |||||||
Investment owned, at cost | 6,590 | [13] | 6,585 | [18] | |||||||
Fair value | $ 6,800 | [13] | $ 6,363 | [18] | |||||||
Investment, Identifier [Axis]: Wellfleet CLO 2022-2, Ltd., CLO Notes | |||||||||||
Investment, basis spread, variable rate | 8.56% | [13],[15] | 8.56% | [13],[15] | 8.56% | [13],[15] | 8.56% | [16],[18] | 8.56% | [16],[18] | |
Investment interest rate | 13.87% | [11],[13],[15] | 13.87% | [11],[13],[15] | 13.87% | [11],[13],[15] | 12.17% | [16],[18],[19] | 12.17% | [16],[18],[19] | |
Investment owned, principal | $ 1,500 | [13],[14],[15] | $ 1,500 | [16],[18],[20] | |||||||
Investment owned, at cost | 1,444 | [13],[15] | 1,440 | [16],[18] | |||||||
Fair value | $ 1,494 | [13],[15] | $ 1,440 | [16],[18] | |||||||
Investment, Identifier [Axis]: Zayo Group Holdings, Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [18] | 3% | 3% | ||||||||
Investment interest rate | [18],[19] | 6.12% | 6.12% | ||||||||
Investment owned, principal | [18],[20] | $ 7,000 | |||||||||
Investment owned, at cost | [18] | 6,467 | |||||||||
Fair value | [18] | $ 5,882 | |||||||||
Investment, Identifier [Axis]: Zayo Group Holdings, Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | [18],[19] | 4% | 4% | ||||||||
Investment owned, principal | [20] | $ 1,700 | |||||||||
Investment owned, at cost | 1,427 | ||||||||||
Fair value | $ 1,368 | ||||||||||
Investment, Identifier [Axis]: athenahealth Group Inc., Preferred Equity | |||||||||||
Investment owned, balance (in shares) | shares | [17] | 5,809 | 5,809 | ||||||||
Investment owned, at cost | [17] | $ 5,693 | |||||||||
Fair value | [17] | $ 5,167 | |||||||||
Investment, Identifier [Axis]: athenahealth Group Inc., First Lien Term Loan | |||||||||||
Investment, basis spread, variable rate | [13] | 3.25% | 3.25% | 3.25% | |||||||
Investment interest rate | [11],[13] | 8.57% | 8.57% | 8.57% | |||||||
Investment owned, principal | [13],[14] | $ 24,240 | |||||||||
Investment owned, at cost | [13] | 23,056 | |||||||||
Fair value | [13] | $ 23,854 | |||||||||
Investment, Identifier [Axis]: athenahealth Group Inc., Fixed Rate Bond | |||||||||||
Investment interest rate | [11],[13] | 6.50% | 6.50% | 6.50% | |||||||
Investment owned, principal | [14] | $ 3,000 | |||||||||
Investment owned, at cost | 2,597 | ||||||||||
Fair value | $ 2,513 | ||||||||||
Investment, Identifier [Axis]: athenahealth Group Inc., Preferred Equity | |||||||||||
Investment owned, balance (in shares) | shares | [10] | 5,809 | 5,809 | 5,809 | |||||||
Investment owned, at cost | [10] | $ 5,693 | |||||||||
Fair value | [10] | $ 5,418 | |||||||||
Investment, Identifier [Axis]: iCIMs, Inc., First Lien Revolver | |||||||||||
Investment, basis spread, variable rate | 6.75% | [10],[12],[13] | 6.75% | [10],[12],[13] | 6.75% | [10],[12],[13] | 6.75% | [17],[18],[21] | 6.75% | [17],[18],[21] | |
Investment interest rate | [10],[11],[12],[13] | 12.14% | 12.14% | 12.14% | |||||||
Investment owned, principal | $ 241 | [10],[12],[13],[14] | $ 0 | [17],[18],[20],[21] | |||||||
Investment owned, at cost | 221 | [10],[12],[13] | (25) | [17],[18],[21] | |||||||
Fair value | $ 189 | [10],[12],[13] | $ (25) | [17],[18],[21] | |||||||
Investment, Identifier [Axis]: iCIMs, Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | 7.25% | [10],[13] | 7.25% | [10],[13] | 7.25% | [10],[13] | 6.75% | [17],[18] | 6.75% | [17],[18] | |
Investment interest rate | 12.63% | [10],[11],[13] | 12.63% | [10],[11],[13] | 12.63% | [10],[11],[13] | 9.49% | [17],[18],[19] | 9.49% | [17],[18],[19] | |
Investment owned, principal | $ 15,621 | [10],[13],[14] | $ 15,164 | [17],[18],[20] | |||||||
Investment owned, at cost | 15,411 | [10],[13] | 14,904 | [17],[18] | |||||||
Fair value | $ 15,059 | [10],[13] | $ 14,899 | [17],[18] | |||||||
Investment, Identifier [Axis]: iCIMs, Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | 7.25% | [10],[13] | 7.25% | [10],[13] | 7.25% | [10],[13] | 6.75% | [17],[18],[21] | 6.75% | [17],[18],[21] | |
Investment interest rate | [10],[11],[13] | 12.63% | 12.63% | 12.63% | |||||||
Investment owned, principal | $ 2,325 | [10],[13],[14] | $ 0 | [17],[18],[20],[21] | |||||||
Investment owned, at cost | 2,291 | [10],[13] | 0 | [17],[18],[21] | |||||||
Fair value | $ 2,286 | [10],[13] | $ 0 | [17],[18],[21] | |||||||
Investment, Identifier [Axis]: iCIMs, Inc., First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 7.25% | 7.25% | 7.25% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | 0 | |||||||||
Fair value | [10],[12],[13] | $ 0 | |||||||||
Investment, Identifier [Axis]: scPharmaceuticals Inc., First Lien Term Loan 1 | |||||||||||
Investment, basis spread, variable rate | [10],[13] | 8.75% | 8.75% | 8.75% | |||||||
Investment interest rate | [10],[11],[13] | 11.75% | 11.75% | 11.75% | |||||||
Investment owned, principal | [10],[13],[14] | $ 7,654 | |||||||||
Investment owned, at cost | [10],[13] | 7,323 | |||||||||
Fair value | [10],[13] | $ 7,329 | |||||||||
Investment, Identifier [Axis]: scPharmaceuticals Inc., First Lien Term Loan 2 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 8.75% | 8.75% | 8.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | 0 | |||||||||
Fair value | [10],[12],[13] | $ 0 | |||||||||
Investment, Identifier [Axis]: scPharmaceuticals Inc., First Lien Term Loan 3 | |||||||||||
Investment, basis spread, variable rate | [10],[12],[13] | 8.75% | 8.75% | 8.75% | |||||||
Investment owned, principal | [10],[12],[13],[14] | $ 0 | |||||||||
Investment owned, at cost | [10],[12],[13] | 0 | |||||||||
Fair value | [10],[12],[13] | $ 0 | |||||||||
Investment, Identifier [Axis]: scPharmaceuticals Inc., Warrants | |||||||||||
Investment owned, balance (in shares) | shares | [10] | 79,075 | 79,075 | 79,075 | |||||||
Investment owned, at cost | [10] | $ 258 | |||||||||
Fair value | [10] | $ 380 | |||||||||
[1] All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. Each of the Company's investments is pledged as collateral under one or more of its credit facilities. A single investment may be divided into parts that are individually pledged as collateral to separate credit facilities. See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. All debt investments are income producing unless otherwise noted. All equity investments are non-income producing unless otherwise noted. Each of the Company's investments is pledged as collateral under the Company's senior secured credit facility. See Note 3 in the accompanying notes to the Consolidated Financial Statements for portfolio composition by geographic region. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. Non-Control/Non-Affiliate Investments are investments that are neither Control Investments nor Affiliate Investments. Control Investments generally are defined by the Investment Company Act of 1940, as amended (the "Investment Company Act"), as investments in companies in which the Company owns more than 25% of the voting securities and/or has the power to exercise control over the management or policies of the company. Affiliate Investments generally are defined by the Investment Company Act as investments in companies in which the Company owns between 5% and 25% of the voting securities. This investment represents a participation interest in the underlying securities shown. As of September 30, 2023, these investments are categorized as Level 3 within the fair value hierarchy established by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures ("ASC 820") and were valued using significant unobservable inputs. Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. The interest rate on the principal balance outstanding for most floating rate loans is indexed to the secured overnight financing rate ("SOFR"), the London Interbank Offered Rate ("LIBOR" or "L"), the sterling overnight index average ("SONIA") and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over the reference rate or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2023, the reference rates for the Company's variable rate loans were the 30-day SOFR at 5.32%, the 90-day SOFR at 5.39%, the 180-day SOFR at 5.47%, the 90-day LIBOR at 5.65%, the SONIA at 5.19%, the 30-day EURIBOR at 3.42%, the 90-day EURIBOR at 3.82% and the 180-day EURIBOR at 3.95%. Most loans include an interest floor, which generally ranges from 0% to 2.75%. SOFR and SONIA based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. Principal includes accumulated payment in kind ("PIK") interest and is net of repayments, if any. "€" signifies the investment is denominated in Euros. “£” signifies the investment is denominated in British Pounds. All other investments are denominated in U.S. dollars. Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2023, qualifying assets represented 78.1% of the Company's total assets and non-qualifying assets represented 21.9% of the Company's total assets. Investment is not a qualifying asset as defined under Section 55(a) of the Investment Company Act. Under the Investment Company Act, the Company may not acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company's total assets. As of September 30, 2022, qualifying assets represented 80.0% of the Company's total assets and non-qualifying assets represented 20.0% of the Company's total assets. As of September 30, 2022, these investments are categorized as Level 3 within the fair value hierarchy established by ASC 820 and were valued using significant unobservable inputs. The interest rate on the principal balance outstanding for most floating rate loans is indexed to LIBOR, SOFR and/or an alternate base rate (e.g., prime rate), which typically resets semi-annually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the Company has provided the applicable margin over LIBOR or the alternate base rate based on each respective credit agreement and the cash interest rate as of period end. All LIBOR shown above is in U.S. dollars unless otherwise noted. As of September 30, 2022, the reference rates for the Company's variable rate loans were the 30-day LIBOR at 3.12%, the 90-day LIBOR at 3.67%, the 180-day LIBOR at 4.17%, the 360-day LIBOR at 4.78%, the 30-day SOFR at 3.03%, the 90-day SOFR at 3.55% and the 180-day SOFR at 3.98% . Most loans include an interest floor, which generally ranges from 0% to 1%. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. Interest rates may be adjusted from period to period on certain term loans and revolvers. These rate adjustments may be either temporary in nature due to tier pricing arrangements or financial or payment covenant violations in the original credit agreements or permanent in nature per loan amendment or waiver documents. Principal includes accumulated PIK interest and is net of repayments, if any. Investment has undrawn commitments. Unamortized fees are classified as unearned income which reduces cost basis, which may result in a negative cost basis. A negative fair value may result from the unfunded commitment being valued below par. This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan. This investment represents a revenue interest financing term loan in which the Company receives periodic interest payments based on a percentage of revenues earned at the respective portfolio company over the life of the loan. This investment was renamed during the three months ended March 31, 2023. For periods prior to March 31, 2023, this investment was referenced as PFNY Holdings, LLC. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments - Derivatives € in Thousands, £ in Thousands, $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2023 EUR (€) | Sep. 30, 2023 GBP (£) | Sep. 30, 2022 USD ($) |
Schedule of Investments [Line Items] | ||||
Derivative asset at fair value | $ 2,041 | $ 13 | ||
Open Forward Foreign Currency Contract, Identifier [Axis]: Bank of New York Mellon, Settlement Date 11/10/2022 | ||||
Schedule of Investments [Line Items] | ||||
Notional Amount to be Purchased | 187 | |||
Notional Amount to be Sold | 178 | |||
Derivative asset at fair value | $ 13 | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Bank of New York Mellon, Settlement Date 11/9/2023 - 1 | ||||
Schedule of Investments [Line Items] | ||||
Notional Amount to be Purchased | 47,642 | |||
Notional Amount to be Sold | € | € 43,834 | |||
Derivative asset at fair value | 1,164 | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Bank of New York Mellon, Settlement Date 11/9/2023 - 2 | ||||
Schedule of Investments [Line Items] | ||||
Notional Amount to be Purchased | 20,888 | |||
Notional Amount to be Sold | £ | £ 16,392 | |||
Derivative asset at fair value | $ 877 |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments - Parenthetical | Sep. 30, 2023 | Sep. 30, 2022 |
Percentage of total assets representing qualifying assets | 78.10% | 80% |
Percentage of total assets representing non-qualifying assets | 21.90% | 20% |
Minimum | ||
Interest floor | 0% | |
Maximum | ||
Interest floor | 2.75% |
Organization
Organization | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Oaktree Strategic Credit Fund (the “Company”) is a Delaware statutory trust formed on November 24, 2021 and is structured as a non-diversified, closed-end management investment company. On February 3, 2022, the Company elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company has elected to be treated, and intends to qualify annually to be treated, as a registered investment company (a “RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). Effective as of February 3, 2022, the Company is externally managed by Oaktree Fund Advisors, LLC (the "Adviser") pursuant to an investment advisory agreement (as amended and restated, the “Investment Advisory Agreement”), between the Company and the Adviser. The Adviser is an entity under common control with Oaktree Capital Group, LLC ("OCG"). In 2019, Brookfield Corporation (formerly known as Brookfield Asset Management, Inc., collectively with its affiliates, "Brookfield") acquired a majority economic interest in OCG. OCG operates as an independent business within Brookfield, with its own product offerings and investment, marketing and support teams. The Company’s investment objective is to generate stable current income and long-term capital appreciation. The Company seeks to meet its investment objective by primarily investing in private debt opportunities. In connection with its formation, the Company has the authority to issue an unlimited number of common shares of beneficial interest, par value $0.01 per share (“Common Shares”). The Company offers on a continuous basis up to $5.0 billion aggregate offering price of Common Shares (the “Maximum Offering Amount”) pursuant to an offering registered with the Securities and Exchange Commission. The Company offers to sell any combination of three classes of Common Shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the Maximum Offering Amount. The share classes have different ongoing distribution and/or shareholder servicing fees. The Company accepted purchase orders and held investors’ funds in an interest-bearing escrow account until the Company received purchase orders for Common Shares of at least $100.0 million, excluding subscriptions by Oaktree Fund GP I, L.P. in respect of the Class I shares purchased by Oaktree Fund GP I, L.P. prior to March 31, 2022. As of June 1, 2022, the Company had satisfied the minimum offering requirement and the Board had authorized the release of proceeds from escrow. As of September 30, 2023, the Company has issued and sold 43,994,524 Class I shares for an aggregate purchase price of $1,045.4 million of which $100.0 million was purchased by an affiliate of the Adviser. As of September 30, 2023, the Company has issued and sold 20,419,084 Class S shares for an aggregate purchase price of $480.3 million. As of September 30, 2023, the Company has issued and sold 6,177 Class D shares for an aggregate purchase price of $0.1 million. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X. The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, Financial Services - Investment Companies ("ASC 946"). Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition. Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated subsidiaries are wholly-owned and, as such, consolidated into the consolidated financial statements. The assets of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of the Company. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statement of Assets and Liabilities as investments at fair value. Fair Value Measurements: The Adviser, as the valuation designee of the Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of the Company's assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that reflect the Adviser's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser's set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Adviser also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Adviser performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. Generally, the Adviser does not adjust any of the prices received from these sources. If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. the Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The Adviser estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates. In December 2020, the SEC adopted Rule 2a-5 under the Investment Company Act. Rule 2a-5 permits boards of registered investment companies and Business Development Companies to either (i) choose to continue to determine fair value in good faith, or (ii) designate a valuation designee tasked with determining fair value in good faith, subject to the board’s oversight. The Company's Board of Trustees has designated the Adviser to serve as its valuation designee effective September 8, 2022. The Adviser undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments: • The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser's valuation team; • Preliminary valuations are then reviewed and discussed with management of the Adviser; • Separately, independent valuation firms prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser; • The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; • The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and • The Adviser, as valuation designee, determines the fair value of each investment in the Company's portfolio. The fair value of the Company's investments as of September 30, 2023 and September 30, 2022 was determined by the Adviser, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. When the Company determines its net asset value as of the last day of a month that is not also the last day of a calendar quarter, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, pursuant to the Company's valuation policy, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation or, in the case of securities acquired after such date, cost, unless, in either case, the Adviser determines that since the most recent quarter end or the date of acquisition for securities acquired after quarter end, as the case may be, a significant observable change has occurred with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company's valuation policy. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm. With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "deferred tax liability," and "credit facilities payable," which are reported at amortized cost, all assets and liabilities on the Consolidated Statements of Assets and Liabilities approximate fair value. The carrying value of the line items titled "due from affiliates," "interest receivable," "receivables from unsettled transactions," "accounts payable, accrued expenses and other liabilities," "dividends payable," "base management fee and incentive fee payable," "interest payable," "payables from unsettled transactions" and "due to affiliates" approximate fair value due to their short maturities. Foreign Currency Translation: The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company. Derivative Instruments: Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statement of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Secured Borrowings: Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying Consolidated Statement of Assets and Liabilities as secured borrowings. Premiums payable are separately reported as accrued interest. Investment Income: Interest Income Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of September 30, 2023 and September 30, 2022, there were no investments on non-accrual status. In connection with its investment in a portfolio company, the Company sometimes receives nominal cost equity that is valued as part of the negotiation process with the portfolio company. When the Company receives nominal cost equity, the Company allocates its cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan. For the Company's secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the Consolidated Statements of Operations. PIK Interest Income The Company's investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost bases of these investments in the consolidated financial statements including for purposes of computing the capital gains incentive fee payable by the Company to the Adviser. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed to the Company’s shareholders, even though the Company has not yet collected the cash and may never do so. Fee Income The Adviser or its affiliates may provide financial advisory services to portfolio companies in connection with structuring a transaction and in return the Company may receive fees for capital structuring services. These fees are generally nonrecurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered. Dividend Income The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less, when acquired. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets. As of September 30, 2023, included in restricted cash was $5.6 million that was held at Citibank, N.A. in connection with the Company’s JPM Agreements (defined below). Pursuant to the terms of the JPM Agreements, the Company was restricted in terms of access to the $5.6 million until the occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the JPM Agreements. Receivables/Payables from Unsettled Transactions: Receivables/payables from unsettled transactions consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. Deferred Financing Costs: Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities. Deferred financing costs incurred in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs incurred in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Company's Consolidated Statement of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. Organization and Offering Costs: Costs associated with the organization of the Company will be expensed as incurred. Costs associated with the offering of Common Shares of the Company are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. For the fiscal year ended September 30, 2023, the Company incurred organization costs of $4. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company expensed organization costs of $550. As of September 30, 2023 and September 30, 2022, $270 and $2,132, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the fiscal year ended September 30, 2023, the Company amortized offering costs of $2,737. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company amortized offering costs of $1,036. Allocation of Income, Expenses, Gains and Losses: Income, expenses (other than those attributable to a specific class), gains and losses are allocated to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class. Distributions: To the extent that the Company has taxable income available, the Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board and will depend on the Company’s earnings, financial condition, maintenance of the Company's tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any. Income Taxes: On February 3, 2022, the Company elected to be regulated as a BDC under the Investment Company Act. The Company has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year 2022. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur a U.S. federal excise tax for calendar year 2022 and does not expect to incur a U.S. federal excise tax for calendar year 2023. The Company holds certain portfolio investments through a taxable subsidiary. The purpose of the Company's taxable subsidiary is to permit the Company to hold equity investments in portfolio companies which are "pass through" entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiary is consolidated for financial reporting purposes, and portfolio investments held by it are included in the Company’s consolidated financial statements as portfolio investments and recorded at fair value. The taxable subsidiary is not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Company's Consolidated Statement of Operations. The Company uses the liability method to account for its taxable subsidiary's income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. |
Portfolio Investments
Portfolio Investments | 12 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Portfolio Investments | Portfolio Investments Portfolio Composition As of September 30, 2023, the fair value of the Company's investment portfolio was $1,927.2 million and was composed of investments in 123 portfolio companies. As of September 30, 2022, the fair value of the Company's investment portfolio was $428.6 million and was composed of investments in 81 portfolio companies. As of September 30, 2023 and September 30, 2022, the Company's investment portfolio consisted of the following: September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments Senior Secured Debt $ 1,814,372 94.39 % $ 415,550 93.44 % Subordinated Debt 98,352 5.12 % 22,136 4.98 % Preferred Equity 6,023 0.31 % 6,023 1.35 % Common Equity and Warrants 3,471 0.18 % 1,016 0.23 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior Secured Debt $ 1,817,981 94.32 % 118.88 % $ 402,658 93.96 % 109.80 % Subordinated Debt 97,616 5.07 % 6.38 % 19,378 4.52 % 5.28 % Common Equity and Warrants 5,892 0.31 % 0.39 % 1,023 0.24 % 0.28 % Preferred Equity 5,748 0.30 % 0.38 % 5,497 1.28 % 1.50 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % The composition of the Company's debt investments as of September 30, 2023 and September 30, 2022 by floating rates and fixed rates was as follows: September 30, 2023 September 30, 2022 Fair Value % of Debt Investments Fair Value % of Debt Investments Floating rate $ 1,716,908 89.63 % $ 369,698 87.60 % Fixed rate 198,689 10.37 % 52,338 12.40 % Total $ 1,915,597 100.00 % $ 422,036 100.00 % The geographic composition of the Company's portfolio is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company's business. The following tables show the portfolio composition by geographic region at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets: September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments United States $ 1,673,820 87.08 % $ 404,169 90.88 % Canada 56,725 2.95 % — — % United Kingdom 44,465 2.31 % (280) (0.06) % Luxembourg 41,426 2.16 % — — % India 39,296 2.04 % 4,925 1.11 % France 14,735 0.77 % 4,590 1.03 % Cayman Islands 12,746 0.66 % — — % Costa Rica 12,684 0.66 % 10,263 2.31 % Chile 11,191 0.58 % — — % Switzerland 10,172 0.53 % 10,096 2.27 % Netherlands 4,958 0.26 % — — % Germany — — % 5,352 1.20 % Ireland — — % 5,610 1.26 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets United States $ 1,677,990 87.07 % 109.75 % $ 389,448 90.88 % 106.20 % Canada 56,622 2.94 % 3.70 % — — % — % United Kingdom 45,181 2.34 % 2.95 % — — % — % Luxembourg 41,043 2.13 % 2.68 % — — % — % India 39,318 2.04 % 2.57 % 3,646 0.85 % 0.99 % France 13,647 0.71 % 0.89 % 4,231 0.99 % 1.15 % Cayman Islands 13,135 0.68 % 0.86 % — — % — % Chile 12,529 0.65 % 0.82 % — — % — % Costa Rica 12,369 0.64 % 0.81 % 10,216 2.38 % 2.79 % Switzerland 9,861 0.51 % 0.64 % 9,947 2.32 % 2.71 % Netherlands 5,542 0.29 % 0.36 % — — % — % Germany — — % — % 5,203 1.21 % 1.42 % Ireland — — % — % 5,865 1.37 % 1.60 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % The composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of September 30, 2023 and September 30, 2022 was as follows: September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments Application Software $ 261,061 13.60 % $ 45,532 10.21 % Other Specialty Retail 104,787 5.45 % 1,875 0.42 % Diversified Metals & Mining 95,842 4.99 % 3,817 0.86 % Electrical Components & Equipment 75,692 3.94 % 3,368 0.76 % Environmental & Facilities Services 75,632 3.93 % 4,914 1.10 % Aerospace & Defense 75,592 3.93 % 5,388 1.21 % Health Care Technology 71,145 3.70 % 30,001 6.75 % Systems Software 70,431 3.66 % 19,190 4.32 % Pharmaceuticals 64,066 3.33 % 4,463 1.00 % Education Services 61,437 3.20 % 15,462 3.48 % Health Care Services 57,898 3.01 % 6,685 1.50 % Distributors 52,155 2.71 % 12,702 2.86 % Specialized Finance 48,354 2.52 % 3,635 0.82 % Personal Care Products 44,968 2.34 % 5,802 1.30 % Property & Casualty Insurance 41,399 2.15 % 11,431 2.57 % Integrated Telecommunication Services 41,352 2.15 % 10,036 2.26 % Diversified Support Services 40,107 2.09 % 15,858 3.57 % Health Care Equipment 39,946 2.08 % — — % Health Care Supplies 36,745 1.91 % 8,417 1.89 % Biotechnology 36,433 1.90 % 12,353 2.78 % Health Care Distributors 32,575 1.69 % 25,017 5.63 % Auto Parts & Equipment 32,444 1.69 % — — % Diversified Financial Services 31,405 1.63 % 7,765 1.75 % Industrial Machinery & Supplies & Components 29,675 1.54 % 18,256 4.11 % Multi-Sector Holdings 28,293 1.47 % 5,311 1.19 % Gold 27,607 1.44 % — — % Life Sciences Tools & Services 27,580 1.43 % — — % Metal, Glass & Plastic Containers 25,834 1.34 % 7,478 1.68 % Trading Companies & Distributors 25,328 1.32 % 5,331 1.20 % Cable & Satellite 24,678 1.28 % 9,055 2.04 % Interactive Media & Services 23,766 1.24 % — — % Office Services & Supplies 21,160 1.10 % 8,366 1.88 % Research & Consulting Services 20,717 1.08 % 7,739 1.74 % Health Care Facilities 20,456 1.06 % 9,820 2.21 % Restaurants 18,832 0.98 % 7,090 1.59 % Hotels, Resorts & Cruise Lines 17,167 0.89 % 17,250 3.88 % Real Estate Development 16,036 0.83 % — — % Internet Services & Infrastructure 14,556 0.76 % 1,936 0.44 % Insurance Brokers 12,979 0.68 % (280) (0.06) % Passenger Airlines 11,191 0.58 % — — % Advertising 11,167 0.58 % 7,232 1.63 % Leisure Facilities 9,445 0.49 % 8,824 1.98 % Consumer Finance 6,796 0.35 % 6,776 1.52 % Air Freight & Logistics 6,590 0.34 % 6,585 1.48 % Food Distributors 6,111 0.32 % — — % Soft Drinks & Non-alcoholic Beverages 4,958 0.26 % — — % Paper & Plastic Packaging Products & Materials 4,785 0.25 % 4,815 1.08 % Leisure Products 4,772 0.25 % 12,467 2.80 % Diversified Real Estate Activities 4,619 0.24 % — — % Other Specialized REITs 3,574 0.19 % 3,512 0.79 % Construction Materials 2,080 0.11 % — — % Alternative Carriers — — % 7,894 1.78 % Data Processing & Outsourced Services — — % 6,780 1.52 % Electronic Components — — % 6,650 1.50 % Internet & Direct Marketing Retail — — % 4,890 1.10 % IT Consulting & Other Services — — % 4,534 1.02 % Oil & Gas Refining & Marketing — — % 3,950 0.89 % Airport Services — — % 2,970 0.67 % Paper Products — — % 2,953 0.66 % Diversified Banks — — % 2,134 0.48 % Automotive Retail — — % 696 0.16 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Application Software $ 263,077 13.67 % 17.23 % $ 43,357 10.12 % 11.84 % Other Specialty Retail 104,861 5.44 % 6.86 % 1,895 0.44 % 0.52 % Diversified Metals & Mining 95,449 4.95 % 6.24 % 3,706 0.86 % 1.01 % Electrical Components & Equipment 75,916 3.94 % 4.96 % 3,319 0.77 % 0.91 % Environmental & Facilities Services 75,755 3.93 % 4.95 % 4,859 1.13 % 1.32 % Aerospace & Defense 75,628 3.92 % 4.95 % 5,147 1.20 % 1.40 % Health Care Technology 72,102 3.74 % 4.71 % 29,636 6.92 % 8.08 % Systems Software 70,227 3.64 % 4.59 % 18,159 4.24 % 4.95 % Pharmaceuticals 63,149 3.28 % 4.13 % 4,449 1.04 % 1.21 % Education Services 61,653 3.20 % 4.03 % 14,706 3.43 % 4.01 % Health Care Services 57,832 3.00 % 3.78 % 6,554 1.53 % 1.79 % Distributors 51,939 2.69 % 3.40 % 12,443 2.90 % 3.39 % Specialized Finance 48,815 2.53 % 3.19 % 3,635 0.85 % 0.99 % Personal Care Products 44,284 2.30 % 2.90 % 5,530 1.29 % 1.51 % Property & Casualty Insurance 41,911 2.17 % 2.74 % 9,968 2.33 % 2.72 % Diversified Support Services 40,493 2.10 % 2.65 % 15,552 3.63 % 4.24 % Health Care Equipment 39,945 2.07 % 2.61 % — — % — % Integrated Telecommunication Services 39,481 2.05 % 2.58 % 9,259 2.16 % 2.52 % Health Care Supplies 37,137 1.93 % 2.43 % 8,400 1.96 % 2.29 % Biotechnology 35,838 1.86 % 2.34 % 12,040 2.81 % 3.28 % Health Care Distributors 33,083 1.72 % 2.16 % 23,623 5.51 % 6.44 % Auto Parts & Equipment 33,061 1.72 % 2.16 % — — % — % Diversified Financial Services 31,860 1.65 % 2.08 % 7,650 1.79 % 2.09 % Industrial Machinery & Supplies & Components 30,448 1.58 % 1.99 % 17,994 4.20 % 4.91 % Multi-Sector Holdings 28,863 1.50 % 1.89 % 5,441 1.27 % 1.48 % Gold 27,627 1.43 % 1.81 % — — % — % Life Sciences Tools & Services 27,419 1.42 % 1.79 % — — % — % Metal, Glass & Plastic Containers 25,799 1.34 % 1.69 % 7,376 1.72 % 2.01 % Trading Companies & Distributors 25,536 1.33 % 1.67 % 4,784 1.12 % 1.30 % Cable & Satellite 24,360 1.26 % 1.59 % 8,747 2.04 % 2.39 % Interactive Media & Services 23,999 1.25 % 1.57 % — — % — % Office Services & Supplies 21,588 1.12 % 1.41 % 7,971 1.86 % 2.17 % Research & Consulting Services 21,180 1.10 % 1.39 % 7,616 1.78 % 2.08 % Health Care Facilities 20,564 1.07 % 1.34 % 9,715 2.27 % 2.65 % Restaurants 19,013 0.99 % 1.24 % 6,725 1.57 % 1.83 % Hotels, Resorts & Cruise Lines 17,051 0.88 % 1.12 % 17,281 4.03 % 4.71 % Real Estate Development 15,849 0.82 % 1.04 % — — % — % Internet Services & Infrastructure 14,726 0.76 % 0.96 % 1,899 0.44 % 0.52 % Insurance Brokers 13,857 0.72 % 0.91 % — — % — % Passenger Airlines 12,529 0.65 % 0.82 % — — % — % Advertising 11,343 0.59 % 0.74 % 6,992 1.63 % 1.91 % Leisure Facilities 9,093 0.47 % 0.59 % 8,889 2.07 % 2.42 % Air Freight & Logistics 6,800 0.35 % 0.44 % 6,363 1.48 % 1.74 % Food Distributors 6,109 0.32 % 0.40 % — — % — % Consumer Finance 6,107 0.32 % 0.40 % 6,211 1.45 % 1.69 % Soft Drinks & Non-alcoholic Beverages 5,542 0.29 % 0.36 % — — % — % Diversified Real Estate Activities 4,696 0.24 % 0.31 % — — % — % Paper & Plastic Packaging Products & Materials 4,543 0.24 % 0.30 % 4,784 1.12 % 1.30 % Leisure Products 4,131 0.21 % 0.27 % 11,837 2.76 % 3.23 % Other Specialized REITs 2,947 0.15 % 0.19 % 2,920 0.68 % 0.80 % Construction Materials 2,022 0.10 % 0.13 % — — % — % Alternative Carriers — — % — % 7,250 1.69 % 1.98 % Data Processing & Outsourced Services — — % — % 6,581 1.54 % 1.79 % Electronic Components — — % — % 6,462 1.51 % 1.76 % Internet & Direct Marketing Retail — — % — % 4,757 1.11 % 1.30 % Oil & Gas Refining & Marketing — — % — % 3,990 0.93 % 1.09 % IT Consulting & Other Services — — % — % 3,589 0.84 % 0.98 % Airport Services — — % — % 2,949 0.69 % 0.80 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Paper Products $ — — % — % $ 2,847 0.66 % 0.78 % Diversified Banks — — % — % 2,135 0.50 % 0.58 % Automotive Retail — — % — % 564 0.13 % 0.15 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % Fair Value Measurements The following table presents the financial instruments carried at fair value as of September 30, 2023 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ 754,220 $ 1,063,761 $ 1,817,981 Subordinated debt — 83,824 13,792 97,616 Common equity and warrants — 53 5,839 5,892 Preferred equity — — 5,748 5,748 Total investments at fair value $ — $ 838,097 $ 1,089,140 $ 1,927,237 Derivative assets $ — $ 2,041 $ — $ 2,041 Total assets at fair value $ — $ 840,138 $ 1,089,140 $ 1,929,278 The following table presents the financial instruments carried at fair value as of September 30, 2022 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ 249,589 $ 153,069 $ 402,658 Subordinated debt — 16,075 3,303 19,378 Common equity and warrants — — 1,023 1,023 Preferred equity — — 5,497 5,497 Total investments at fair value $ — $ 265,664 $ 162,892 $ 428,556 Derivative assets $ — $ 13 $ — $ 13 Total assets at fair value $ — $ 265,677 $ 162,892 $ 428,569 When a determination is made to classify a financial instrument within Level 3 of the valuation hierarchy, the determination is based upon the fact that the unobservable factors are significant to the overall fair value measurement. However, Level 3 financial instruments typically have both unobservable or Level 3 components and observable components (i.e. components that are actively quoted and can be validated by external sources). Accordingly, the appreciation (depreciation) in the tables below includes changes in fair value due in part to observable factors that are part of the valuation methodology. The principal value of the borrowings outstanding under the ING Credit Agreement (as defined below), the JPM Loan and Security Agreement (as defined below) and the SMBC Loan and Security Agreement (as defined below) approximates fair value due to its variable rate and is included in Level 3 of the hierarchy. The following table provides a roll-forward of the changes in fair value from September 30, 2022 to September 30, 2023, for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Subordinated Debt Preferred Equity Common Equity and Warrants Total Fair value as of September 30, 2022 $ 153,069 $ 3,303 $ 5,497 $ 1,023 $ 162,892 Purchases 913,877 9,909 — 2,454 926,240 Sales and repayments (14,717) — — — (14,717) Transfers in (a) 3,815 — — — 3,815 Capitalized PIK interest income 2,477 580 — — 3,057 Accretion of OID 3,793 — — — 3,793 Net unrealized appreciation (depreciation) 2,144 — 251 2,362 4,757 Net realized gains (losses) (697) — — — (697) Fair value as of September 30, 2023 $ 1,063,761 $ 13,792 $ 5,748 $ 5,839 $ 1,089,140 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at September 30, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2023 $ 1,854 $ — $ 251 $ 2,362 $ 4,467 __________ (a) There were transfers into Level 3 from Level 2 for certain investments during the fiscal year ended September 30, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity. The following table provides a roll-forward of the changes in fair value from December 10, 2021 (commencement of operations) to September 30, 2022, for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Subordinated Debt Preferred Equity Common Equity Total Purchases $ 168,491 $ 3,303 $ 6,024 $ 1,045 $ 178,863 Sales and repayments (14,701) — — (28) (14,729) Capitalized PIK interest income 701 — — — 701 Accretion of OID 471 — — — 471 Net unrealized appreciation (depreciation) (1,893) — (527) 6 (2,414) Fair value as of September 30, 2022 $ 153,069 $ 3,303 $ 5,497 $ 1,023 $ 162,892 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at September 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the period from December 10, 2021 (commencement of operations) to September 30, 2022 $ (1,893) $ — $ (527) $ 6 $ (2,414) Significant Unobservable Inputs for Level 3 Investments The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2023: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 906,639 Market Yield Market Yield (b) 10.0% - 32.0% 13.3% 93,170 Transaction Precedent NA (c) N/A - N/A N/A 63,952 Broker Quotations Broker Quoted Price (d) N/A - N/A N/A Subordinated debt 13,792 Market Yield Market Yield (b) 9.0% - 11.0% 10.0% Common equity and warrants & preferred equity 3,424 Enterprise Value Revenue Multiple (e) 0.7x - 3.2x 0.7x 7,831 Enterprise Value EBITDA Multiple (e) 6.0x - 15.1x 12.9x 332 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 1,089,140 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. (d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. (e) Used when a market participant would use such multiple when pricing the investment. The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2022: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 132,827 Market Yield Market Yield (b) 11.0% - 16.0% 12.5% 20,242 Broker Quotations Broker Quoted Price (d) N/A - N/A N/A Subordinated debt 3,303 Market Yield Market Yield (b) 9.0% - 11.0% 10.0% Common equity and warrants & preferred equity 612 Enterprise Value Revenue Multiple (e) 7.6x - 10.1x 8.1x 5,576 Enterprise Value EBITDA Multiple (e) 9.8x - 15.5x 15.1x 332 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 162,892 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. (d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. (e) Used when a market participant would use such multiple when pricing the investment. |
Fee Income
Fee Income | 12 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Fee Income | Fee Income For the fiscal year ended September 30, 2023, the Company recorded total fee income of $1,072, of which $218, was recurring in nature. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company recorded total fee income of $178, of which $75 was recurring in nature. Recurring fee income consisted of servicing fees and certain exit fees. |
Share Data and Distributions
Share Data and Distributions | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Share Data and Distributions | Share Data and Distributions Changes in Net Assets The following table presents the changes in net assets for the fiscal year ended September 30, 2023: Common Shares (Share amounts in thousands) Shares Par Value Additional Paid-in-Capital Accumulated Distributable Earnings (Loss) Total Net Assets Balance at September 30, 2022 15,628 $ 156 $ 380,646 $ (14,075) $ 366,727 Issuance of Common Shares in public offering 48,821 488 1,145,212 — 1,145,700 Issuance of Common Shares under dividend reinvestment plan 675 7 15,821 — 15,828 Shares repurchased, net of early repurchase deduction (228) (2) (5,374) — (5,376) Net investment income — — — 68,212 68,212 Net unrealized appreciation (depreciation) — — — 22,685 22,685 Net realized gains (losses) — — — (4,050) (4,050) Provision for income tax (expense) benefit — — — (227) (227) Distributions to shareholders — — — (80,294) (80,294) Balance at September 30, 2023 64,896 $ 649 $ 1,536,305 $ (7,749) $ 1,529,205 The following table presents the changes in net assets for the period from December 10, 2021 (commencement of operations) to September 30, 2022: Common Shares (Share amounts in thousands) Shares Par Value Additional Paid-in-Capital Accumulated Distributable Earnings (Loss) Total Net Assets Issuance of Common Shares in public and private offerings 15,598 $ 156 $ 380,051 $ — $ 380,207 Issuance of Common Shares under dividend reinvestment plan 30 — 595 — 595 Net investment income — — — 9,985 9,985 Net unrealized appreciation (depreciation) — — — (16,155) (16,155) Net realized gains (losses) — — — 90 90 Provision for income tax (expense) benefit — — — (123) (123) Distributions to shareholders (7,872) (7,872) Balance at September 30, 2022 15,628 $ 156 $ 380,646 $ (14,075) $ 366,727 Capital Activity In connection with its formation, the Company has the authority to issue an unlimited number of Class I, Class S and Class D common shares of beneficial interest at $0.01 per share par value. As of September 30, 2023, the Company has issued and sold 43,994,524 Class I shares for an aggregate purchase price of $1,045.4 million. As of September 30, 2023, the Company has issued and sold 20,419,084 Class S shares for an aggregate purchase price of $480.3 million. As of September 30, 2023, the Company has issued and sold 6,177 Class D shares for an aggregate purchase price of $0.1 million. As of September 30, 2023, the Company has issued 333,633 Class I shares, 370,885 Class S shares and 17 Class D shares pursuant to its distribution reinvestment plan. The following table summarizes transactions in common shares of beneficial interest for the fiscal year ended September 30, 2023: Shares Amount Class I Issuance of Common Shares in public offering 30,975,834 $ 726,878 Issuance of Common Shares under dividend reinvestment plan 312,297 7,328 Share repurchases, net of early repurchase deduction (225,337) (5,309) Net increase (decrease) 31,062,794 $ 728,897 Class S Issuance of Common Shares in public offering 17,839,100 $ 418,677 Issuance of Common Shares under dividend reinvestment plan 362,467 8,500 Share repurchases, net of early repurchase deduction (2,830) (67) Net increase (decrease) 18,198,737 $ 427,110 Class D Issuance of Common Shares in public offering 6,177 $ 145 Issuance of Common Shares under dividend reinvestment plan 17 — Share repurchases, net of early repurchase deduction — — Net increase (decrease) 6,194 $ 145 Total net increase (decrease) 49,267,725 $ 1,156,152 The following table summarizes transactions in common shares of beneficial interest for the period from December 10, 2021 (commencement of operations) to September 30, 2022: Shares Amount Class I Issuance of Common Shares in public and private offerings 13,018,689 $ 318,578 Issuance of Common Shares under dividend reinvestment plan 21,337 393 Net increase (decrease) 13,040,026 $ 318,971 Class S Issuance of Common Shares in public offering 2,579,984 $ 61,629 Issuance of Common Shares under dividend reinvestment plan 8,418 202 Net increase (decrease) 2,588,402 $ 61,831 Total net increase (decrease) 15,628,428 $ 380,802 On December 10, 2021, an affiliate of the Adviser purchased 1,000,000 Class I shares for $25.0 million, or $25.00 per share, to provide the necessary capital to commence investing activities prior to the release of proceeds from escrow and the initial public offering. Net Asset Value per Share and Offering Price The Company determines NAV per share for each class of shares as of the last calendar day of each month. Share issuances pursuant to accepted monthly subscriptions are effective the first calendar day of each month. Shares are issued and sold at a purchase price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table summarizes each month-end NAV per share for Class I, Class S and Class D shares utilized as the purchase price for shares issued and sold after the Company broke escrow: Class I Shares Class S Shares Class D Shares May 31, 2022 $ 24.32 — — June 30, 2022 $ 23.71 — — July 31, 2022 $ 23.98 $ 23.98 — August 31, 2022 $ 24.03 $ 24.03 — September 30, 2022 $ 23.47 $ 23.47 — October 31, 2022 $ 23.33 $ 23.33 — November 30, 2022 $ 23.46 $ 23.46 — December 31, 2022 $ 23.23 $ 23.23 — January 31, 2023 $ 23.64 $ 23.64 — February 28, 2023 $ 23.56 $ 23.56 — March 31, 2023 $ 23.42 $ 23.42 — April 30, 2023 $ 23.40 $ 23.40 — May 31, 2023 $ 23.23 $ 23.23 — June 30, 2023 $ 23.48 $ 23.48 $ 23.48 July 31, 2023 $ 23.54 $ 23.54 $ 23.54 August 31, 2023 $ 23.60 $ 23.60 $ 23.60 September 30, 2023 $ 23.56 $ 23.56 $ 23.56 Distributions The Board authorizes and declares monthly distribution amounts per share of outstanding Common Shares. The following table presents distributions that were declared during the fiscal year ended September 30, 2023: Class I Date Declared Record Date Payment Date Distribution Per Share Distribution Amount October 26, 2022 October 31, 2022 November 28, 2022 $ 0.1800 $ 2,470 November 21, 2022 November 30, 2022 December 28, 2022 0.1900 2,818 December 21, 2022 December 31, 2022 January 30, 2023 0.1900 3,171 December 21, 2022 December 31, 2022 January 30, 2023 0.0400 668 January 24, 2023 January 31, 2023 February 24, 2023 0.1900 3,351 February 22, 2023 February 28, 2023 March 29, 2023 0.1900 3,834 March 22, 2023 March 31, 2023 April 27, 2023 0.1900 4,252 April 25, 2023 April 30, 2023 May 26, 2023 0.1900 4,568 May 22, 2023 May 31, 2023 June 28, 2023 0.1900 5,068 June 26, 2023 June 30, 2023 July 27, 2023 0.1900 5,605 July 24,2023 July 31, 2023 August 29, 2023 0.1900 7,094 August 22, 2023 August 31, 2023 September 27,2023 0.1900 7,710 September 27, 2023 September 30, 2023 October 27, 2023 0.1900 8,423 $ 2.3100 $ 59,032 Class S Date Declared Record Date Payment Date Distribution Per Share Distribution Amount October 26, 2022 October 31, 2022 November 28, 2022 $ 0.1634 $ 574 November 21, 2022 November 30, 2022 December 28, 2022 0.1735 684 December 21, 2022 December 31, 2022 January 30, 2023 0.1734 789 December 21, 2022 December 31, 2022 January 30, 2023 0.0400 182 January 24, 2023 January 31, 2023 February 24, 2023 0.1735 916 February 22, 2023 February 28, 2023 March 29, 2023 0.1733 1,024 March 22, 2023 March 31, 2023 April 27, 2023 0.1733 1,486 April 25, 2023 April 30, 2023 May 26, 2023 0.1734 1,764 May 22, 2023 May 31, 2023 June 28, 2023 0.1734 2,036 June 26, 2023 June 30, 2023 July 27, 2023 0.1735 2,381 July 24,2023 July 31, 2023 August 29, 2023 0.1734 2,749 August 22, 2023 August 31, 2023 September 27, 2023 0.1733 3,071 September 27, 2023 September 30, 2023 October 27, 2023 0.1733 3,603 $ 2.1107 $ 21,259 Class D Date Declared Record Date Payment Date Distribution Per Share Distribution Amount June 26, 2023 June 30, 2023 July 27, 2023 $ 0.1852 $ — July 24,2023 July 31, 2023 August 29, 2023 0.1851 1 August 22, 2023 August 31, 2023 September 27, 2023 0.1851 1 September 27, 2023 September 30, 2023 October 27, 2023 0.1851 1 $ 0.7405 $ 3 Distribution Reinvestment Plan The Company has adopted a distribution reinvestment plan, pursuant to which the Company will reinvest all cash dividends declared by the Board on behalf of its shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or other distribution, then shareholders who have not opted out of the Company's distribution reinvestment plan will have their cash distributions automatically reinvested in additional shares, rather than receiving the cash dividend or other distribution. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. Character of Distributions The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from the Adviser, which is subject to recoupment. Through September 30, 2023, a portion of the Company’s distributions resulted from expense support from the Adviser, and future distributions may result from expense support from the Adviser, each of which is subject to repayment by the Company within three years from the date of payment. The purpose of this arrangement is to avoid distributions being characterized as a return of capital for U.S. federal income tax purposes. Shareholders should understand that any such distribution is not based solely on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or the Adviser continues to provide expense support. Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive. There can be no assurance that the Company will achieve the performance necessary to sustain these distributions, or be able to pay distributions at all. Sources of distributions, other than net investment income and realized gains on a U.S. GAAP basis, include required adjustments to U.S. GAAP net investment income in the current period to determine taxable income available for distributions. The following tables reflect the sources of cash distributions on a U.S. GAAP basis that the Company has declared on its Common Shares for the fiscal year ended September 30, 2023: Class I Class S Class D Source of Distribution Per Share Amount Per Share Amount Per Share Amount Net investment income $ 2.1005 $ 52,482 $ 1.7872 $ 17,826 $ 0.6325 $ 2 Distributions in excess of net investment income 0.2095 6,550 0.3235 3,433 0.1080 1 Total $ 2.3100 $ 59,032 $ 2.1107 $ 21,259 $ 0.7405 $ 3 Share Repurchase Program At the discretion of the Board of Trustees, during the quarter ended September 30, 2022 the Company commenced a share repurchase program pursuant to which the Company intends to offer to repurchase, in each quarter, up to 5% of Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program at any time if it deems such action to be in the best interest of shareholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers pursuant to tender offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the Investment Company Act. All shares purchased pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. Under the share repurchase program, to the extent the Company offers to repurchase shares in any particular quarter, it is expected to repurchase shares at the expiration of the tender offer at a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter (the “Valuation Date”), except that shares that have a prospective repurchase date that is within the one-year period following the original issue date of the shares will be subject to an early repurchase deduction of 2% of such NAV (an “Early Repurchase Deduction”). The one-year holding period will be deemed satisfied if the shares to be repurchased would have been outstanding for one year or longer as of the subscription closing date immediately following the applicable Valuation Date, which subscription closing date the Company deems the prospective repurchase date for the applicable offer. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. On September 12, 2022, the Company’s initial tender offer under its share repurchase program expired. The Company has conducted quarterly tender offers each quarter thereafter. During the fiscal year ended September 30, 2023, the Company repurchased pursuant to such tender offers an aggregate of 225,337 Class I and 2,830 Class S shares. The following table presents the share repurchases completed during the fiscal year ended September 30, 2023: Repurchase Pricing Date Total Number of Shares Repurchased (all classes) Percentage of Outstanding Shares Repurchased (1) Price Paid Per Share Amount Repurchased (all classes) (2) June 30, 2023 1,692 0.01 % $ 23.48 $ 39 September 30, 2023 226,475 0.52 % $ 23.56 $ 5,336 _____________________ (1) Percentage is based on total shares as of the close of the previous calendar quarter. (2) Amounts shown net of Early Repurchase Deduction, where applicable. |
Borrowings
Borrowings | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings ING Credit Agreement On March 25, 2022 (the “ING Closing Date”), the Company entered into a senior secured revolving credit agreement (the “ING Credit Agreement”) among the Company, as borrower, the lenders party thereto, and ING Capital LLC (“ING”), as administrative agent. Effective on and as of May 25, 2022, the Company entered into an incremental commitment and assumption agreement (the “Incremental Commitment and Assumption Agreement”) among the Company, as borrower, the subsidiary guarantor party thereto (the “Subsidiary Guarantor”), ING, as administrative agent and issuing bank, Sumitomo Mitsui Banking Corporation and MUFG Bank, LTD, (together with Sumitomo Mitsui Banking Corporation, the “Assuming Lenders”). Pursuant to the Incremental Commitment and Assumption Agreement, among other things, each Assuming Lender (i) became a Lender (as defined in the ING Credit Agreement) under the ING Credit Agreement and (ii) agreed to make a Commitment (as defined in the ING Credit Agreement) to the Company in the amount of $150 million. The Incremental Commitment and Assumption Agreement increased the aggregate amount of Commitments under the ING Credit Agreement from $150 million to $450 million (the "Maximum Commitment"), subject to the lesser of (i) a borrowing base and (ii) the Maximum Commitment, and provided that, with respect to any lender, its individual commitment is not exceeded. The revolving credit facility has a four year availability period (the “Availability Period”) during which loans may be made and the ING Credit Agreement has a stated maturity dated that is five years from the ING Closing Date (the “Maturity Date”). Following the Availability Period the Company will be required in certain circumstances to prepay loans prior to the Maturity Date. The ING Credit Agreement provides for the issuance of letters of credit during the Availability Period in an aggregate amount of $25 million. Borrowings under the ING Credit Agreement may be used for general corporate purposes, including making investments and permitted distributions. Effective on and as of October 6, 2022, the Company entered into a subsequent incremental commitment and assumption agreement (the “Subsequent Incremental Commitment and Assumption Agreement”) among the Company, as borrower, the Subsidiary Guarantor, ING, as administrative agent and issuing bank, and Apple Bank For Savings, as an Assuming Lender. Pursuant to the Subsequent Incremental Commitment and Assumption Agreement, Apple Bank For Savings (i) became a Lender under the ING Credit Agreement and (ii) agreed to make a Commitment to the Company in the amount of $40 million. The Subsequent Incremental Commitment and Assumption Agreement increased the aggregate amount of Commitments under the ING Credit Agreement from $450 million to $490 million. Effective on and as of June 28, 2023 (the “New Effective Date”), the Company entered into Amendment No. 1 (the “ING Credit Agreement Amendment”) to the ING Credit Agreement. As a result of the ING Credit Agreement Amendment, the ING Credit Agreement provides for a senior secured revolving credit facility of up to $1,110 million (the “Increased Maximum Commitment”), increased from $490 million, subject to the lesser of (i) a borrowing base and (ii) the Increased Maximum Commitment, and provided that, with respect to any lender, its individual commitment is not exceeded. The revolving credit facility has a four year availability period (the “New Availability Period”) commencing from the New Effective Date during which loans may be made and a stated maturity date that is five years from the New Effective Date (the “New Maturity Date”). Following the New Availability Period, the Company will be required in certain circumstances to prepay loans prior to the New Maturity Date. The ING Credit Agreement provides for the issuance of letters of credit during the New Availability Period in an aggregate amount of $25 million. Borrowings under the ING Credit Agreement may be used for general corporate purposes, including making investments and permitted distributions. Effective on and as of August 15, 2023, the Company entered into a subsequent incremental commitment and assumption agreement (the “Second Subsequent Incremental Commitment and Assumption Agreement 2”) among the Company, as borrower, the Subsidiary Guarantor, ING, as administrative agent and issuing bank, and Deutsche Bank AG, New York Branch and US Bank National Association, as Assuming Lenders. Pursuant to the Subsequent Incremental Commitment and Assumption Agreement, the Assuming Lenders (i) became Lenders under the ING Credit Agreement and (ii) agreed to make a Commitment to the Company in the aggregate amount of $75 million. The Second Subsequent Incremental Commitment and Assumption Agreement increased the aggregate amount of Commitments under the ING Credit Agreement from $1,110 million to $1,185 million. All obligations under the ING Credit Agreement are secured by a first-priority security interest (subject to certain exceptions) in substantially all of the present and future property and assets of the Company and of the sole current and certain future subsidiaries of the Company and guaranteed by such subsidiaries. Borrowings under the ING Credit Agreement shall be denominated in U.S. Dollars and bore, prior to the New Effective Date, interest at a rate per annum equal to either (1) SOFR, as adjusted, plus 1.875% per annum or (2) the alternative base rate (which is the greatest of the (a) prime rate, (b) the federal funds effective rate plus ½ of 1%, (c) the overnight bank funding rate plus ½ of 1%, (d) certain rates based on SOFR and (e) 0) (“ABR”) plus 0.875% per annum. On and after the New Effective Date, borrowings under the ING Credit Agreement bear interest at a rate per annum equal to either (1) the SOFR, as adjusted, plus 2.15% per annum, or, following the first year after the New Effective Date, plus 2.05% per annum if the Company has and maintains an investment grade credit rating or (2) the alternative base rate (which is the greatest of the (a) prime rate, (b) the federal funds effective rate plus ½ of 1%, (c) the overnight bank funding rate plus ½ of 1%, (d) certain rates based on SOFR and (e) 0) (“ABR”) plus 1.15% per annum or, following the first year after the New Effective Date, plus 1.05% per annum if the Company has and maintains investment grade credit rating. The Company may elect either an ABR or SOFR borrowing at each drawdown request, and loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Prior to the New Effective Date, the Company paid a commitment fee at a rate of 0.375% per annum on the daily unused portion of the aggregate commitments under the ING Credit Agreement. On and after the New Effective Date, the Company will pay a commitment fee at a rate of 0.375% per annum on the daily unused portion of the aggregate commitments under the ING Credit Agreement, subject to increase to 1.00% per annum on the daily unused amount if the daily unused amount is greater than or equal to 65% of the aggregate commitments under the ING Credit Agreement. At any time during the New Availability Period, the Company may propose an increase in the Increased Maximum Commitment to an amount not to exceed the greater of (a) $1,250.0 million and (b) 150% of shareholders’ equity as of the date on which such increased amount is to be effective, subject to certain conditions, including the consent of the lenders to increase their commitments and of ING. The Company has made customary representations and warranties and is required to comply with various affirmative and negative covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the ING Credit Agreement are subject to the leverage restrictions contained in the Investment Company Act. The ING Credit Agreement contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, ING may terminate the commitments and declare the outstanding loans and all other obligations under the ING Credit Agreement immediately due and payable. As of September 30, 2023 and September 30, 2022, the Company had $320.0 million and $75.0 million outstanding under the ING Credit Agreement. For the fiscal year ended September 30, 2023, the Company’s borrowings under the ING Credit Agreement bore interest at a weighted average rate of 6.93%. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company’s borrowings under the ING Facility bore interest at a weighted average rate of 3.76%. The Company recorded $18,066 of interest expense (inclusive of fees), related to the ING Credit Agreement for the fiscal year ended September 30, 2023. The Company recorded $2,285 of interest expense (inclusive of fees) related to the ING Facility for the period from December 10, 2021 (commencement of operations) to September 30, 2022. JPM SPV Facility On February 24, 2023 (the “JPM Closing Date”), the Company entered into a loan and security agreement (as amended, the “JPM Loan and Security Agreement”) among OSCF Lending SPV, LLC (“OSCF Lending SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as parent and servicer, Citibank, N.A., as collateral agent and securities intermediary, Virtus Group, LP, as collateral administrator, the lenders party thereto, and JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, pursuant to which JPM agreed to extend credit to OSCF Lending SPV in an aggregate principal amount up to $150 million at any one time outstanding. Effective on and as of July 5, 2023, the Company entered into Amendment No. 1 (the “JPM Loan and Security Agreement Amendment”) to the JPM Loan and Security Agreement, pursuant to which JPM has increased its commitment to extend credit to OSCF Lending SPV to an aggregate principal amount up to $300 million (the “JPM Maximum Commitment”). The JPM Loan and Security Agreement provides for a senior secured revolving credit facility that has a three-year reinvestment period (the “JPM Availability Period”) and a stated maturity date that is five years after the JPM Closing Date. Subject to certain conditions, including consent of the lenders and JPM, as administrative agent, at any time during the JPM Availability Period, OSCF Lending SPV may propose one or more increases in the JPM Maximum Commitment up to an amount not to exceed $500 million. Borrowings under the JPM Loan and Security Agreement shall be denominated in U.S. Dollars and bear interest at a rate per annum equal to the forward-looking term rate with a three-month tenor, based on the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator), and as published by CME Group Benchmark Administration Limited (or a successor administrator), plus 2.95%. The obligations of OSCF Lending SPV under the JPM Loan and Security Agreement are secured by all of the assets held by OSCF Lending SPV, including certain loans sold or to be sold or transferred or to be transferred by the Company to OSCF Lending SPV (such loans, the “Loans”) pursuant to the terms of the Sale and Participation Agreement, dated as of the JPM Closing Date (the “JPM Sale Agreement” and, together with the JPM Loan and Security Agreement, the “JPM Agreements”), between OSCF Lending SPV, as buyer, and the Company, as seller, pursuant to which the Company will sell Loans to OSCF Lending SPV from time to time. Under the Agreements, the Company and OSCF Lending SPV, as applicable, have made representations and warranties regarding the Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on the disposition of Loans, reporting requirements and other customary requirements for similar revolving funding facilities. Borrowings under the JPM Loan and Security Agreement are subject to various covenants under the JPM Agreements as well as the asset coverage requirement contained in the Investment Company Act. As of September 30, 2023, OSCF Lending SPV had $125.0 million outstanding under the JPM Loan and Security Agreement. For the fiscal year ended September 30, 2023, OSCF Lending SPV’s borrowings under the JPM Loan and Security Agreement bore interest at a weighted average rate of 8.17%. The Company recorded $3,740 of interest expense (inclusive of fees), related to the JPM Loan and Security Agreement for the fiscal year ended September 30, 2023. SMBC SPV Facility Effective on and as of September 29, 2023 (the “SMBC Closing Date”), the Company entered into a loan and security agreement (as amended, the “SMBC Loan and Security Agreement”) among OSCF Lending III SPV, LLC (“OSCF Lending III SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Citibank, N.A., as the account bank, Virtus Group, LP, as collateral custodian, the lenders party thereto, and Sumitomo Mitsui Banking Corporation (“SMBC”), as administrative agent and collateral agent, pursuant to which SMBC agreed to extend credit to OSCF Lending III SPV in an aggregate principal amount up to $150 million at any one time outstanding. The SMBC Loan and Security Agreement provides for a senior secured revolving credit facility that has a three-year reinvestment period (the “SMBC Availability Period”) and a stated maturity date that is five years after the SMBC Closing Date. Borrowings under the SMBC Loan and Servicing Agreement shall be denominated in U.S. Dollars and bear interest at a rate per annum equal to, at the request of OSCF Lending III SPV, either (1) SOFR plus 2.45% up to and including 3.00% depending on the collateral securing the facility or (2) the base rate (which is the greatest of the (a) prime rate, (b) federal funds effective rate plus 1/2 of 1%, (c) zero (0%) and (d) one month SOFR plus 1%) plus 1.45% up to and including 2.00% depending on the collateral securing the facility. The Company is required to pay a non-usage fee of 0.50% on undrawn borrowings during the first three months of the facility and thereafter 0.50% or 0.75% during the remainder of the SMBC Availability Period depending on amounts borrowed by the Company under the facility. The obligations of OSCF Lending III SPV under the SMBC Loan and Security Agreement are secured by all of the assets held by OSCF Lending III SPV, including certain loans sold or to be sold or transferred or to be transferred by the Company to OSCF Lending SPV (such loans, the “SMBC Transferred Loans”) pursuant to the terms of the Sale and Participation Agreement, dated as of the SMBC Closing Date (the “SMBC Sale Agreement” and, together with the SMBC Loan and Security Agreement, the “SMBC Agreements”), between OSCF Lending III SPV, as buyer, and the Company, as seller, pursuant to which the Company will sell SMBC Transferred Loans to OSCF Lending III SPV from time to time. Under the SMBC Agreements, the Company and OSCF Lending SPV, as applicable, have made representations and warranties regarding the SMBC Transferred Loans, as well as their businesses, and are required to comply with various covenants, servicing procedures, limitations on the disposition of SMBC Transferred Loans, reporting requirements and other customary requirements for similar revolving funding facilities. Borrowings under the SMBC Loan and Security Agreement are subject to various covenants under the SMBC Agreements as well as the asset coverage requirement contained in the Investment Company Act. As of September 30, 2023, there were no borrowings outstanding under the SMBC Loan and Security Agreement. The Company recorded $8 of interest expense (inclusive of fees) related to the SMBC Loan and Security Agreement for the fiscal year ended September 30, 2023. Secured Borrowings As of September 30, 2023 and September 30, 2022, there were no secured borrowings outstanding. The Company did not record any interest expense in connection with secured borrowings for the fiscal year ended September 30, 2023. The Company recorded $256 of interest expense in connection with secured borrowings for the period from December 10, 2021 (commencement of operations) to September 30, 2022. The Company's secured borrowings bore interest at a weighted average rate of 3.00% for the period from December 10, 2021 (commencement of operations) to September 30, 2022. |
Taxable_Distributable Income
Taxable/Distributable Income | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxable/Distributable Income | Taxable/Distributable Income Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized, (2) organizational and deferred offering costs and (3) the capital gains incentive fee accrual. Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022: Year ended For the period from December 10, 2021 (commencement of operations) to Net increase (decrease) in net assets resulting from operations $ 86,620 $ (6,203) Net unrealized (appreciation) depreciation (22,685) 16,155 Book/tax difference due to capital gains incentive fees 278 — Other book/tax differences 7,115 (219) Taxable income (1) $ 71,328 $ 9,733 __________________ (1) The Company's taxable income for the year ended September 30, 2023 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2023. The final taxable income may be different than the estimate. For the year ended September 30, 2023, the Company recognized a total provision for income tax expense of $227, which was comprised of a current tax expense of $271 and a deferred income tax benefit of $44 that resulted from unrealized depreciation on investments held by the Company’s wholly-owned taxable subsidiaries. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company recognized a total provision for income tax expense of $123, which was comprised of a deferred income tax expense of $44 that resulted from unrealized appreciation on an investment held by a wholly-owned taxable subsidiary and a current tax expense of $79. As of September 30, 2023, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows: Undistributed ordinary income, net $ (7,672) Net realized capital losses (2,585) Unrealized gains, net 2,508 Accumulated overdistributed earnings $ (7,749) The aggregate cost of investments for U.S. federal income tax purposes was $1,926.3 million as of September 30, 2023. As of September 30, 2023, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $23.8 million. As of September 30, 2023, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $21.3 million. Net unrealized appreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $2.5 million. |
Concentration of Credit Risks
Concentration of Credit Risks | 12 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risks | Concentration of Credit Risks The Company deposits its cash with financial institutions and at times such balances may be in excess of the FDIC insurance limit. The Company limits its exposure to credit loss by depositing its cash with high credit quality financial institutions and monitoring their financial stability. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Investment Advisory Agreement Effective as of February 3, 2022, the Company has entered into the Investment Advisory Agreement with the Adviser. The Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. Management Fee Under the Investment Advisory Agreement, the management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month. For purposes of calculating the management fee, net assets means the Company's total net assets determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as of June 1, 2022, the date on which the Company broke escrow. In addition, the Adviser waived its management fee through November 2022, the first six months following June 1, 2022, the date on which the Company broke escrow for its continuous offering. For the fiscal year ended September 30, 2023, base management fees were $10,518, of which $877 was waived. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, base management fees representing $1,359 were fully waived. Incentive Fee The Incentive Fee consists of two parts: the Investment Income Incentive Fee and the Capital Gains Incentive Fee (each defined below) (collectively referred to as the "Incentive Fee"). Investment Income Incentive Fee The Investment Income Incentive Fee is calculated based on the Company’s Pre-Incentive Fee Net Investment Income, which means consolidated interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between the Company and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the Incentive Fee and any distribution and/or shareholder servicing fees). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that has not yet been received in cash. For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of any expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding quarter, is compared to a hurdle of 1.25% per quarter (5.0% annualized) (the “Hurdle Rate”). The Company will pay the Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • Hurdle Rate Return: No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate; • Catch-Up: 100% of the Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than a 1.4286% (5.714% annualized) rate of return in any such calendar quarter (the “Catch-Up”), which is intended to provide the Adviser with approximately 12.5% of the Pre-Incentive Fee Net Investment Income as if the Hurdle Rate did not apply, if the Pre-Incentive Fee Net Investment Income exceeds the Hurdle Rate in any calendar quarter; and • 87.5/12.5 Split: 12.5% of the Pre-Incentive Fee Net Investment Income, if any, that exceeds a 1.4286% (5.714% annualized) rate of return in such calendar quarter so that once the Hurdle Rate is reached and the Catch-Up is achieved, 12.5% of the Pre-Incentive Fee Net Investment Income thereafter is allocated to the Adviser. The Adviser waived the Investment Income Incentive Fee through November 2022, the first six months following June 1, 2022, the date on which the Company broke escrow for its continuous offering. For the fiscal year ended September 30, 2023, the Investment Income Incentive Fee was $10,042, of which $765 was waived. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Investment Income Incentive Fee representing $763 was fully waived. Capital Gains Incentive Fee In addition to the Investment Income Incentive Fee described above, commencing on September 30, 2022, the Adviser is entitled to receive a Capital Gains Incentive Fee (as defined below) under the Investment Advisory Agreement. The Capital Gains Incentive Fee is determined and payable in arrears as of the end of each fiscal year. The Capital Gains Incentive Fee is equal to 12.5% of the realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, provided, that the Capital Gains Incentive Fee determined as of September 30, 2022 is calculated for a period of shorter than 12 calendar months to take into account any realized capital gains computed net of all realized capital losses and unrealized capital depreciation from the date of inception through the end of the fiscal year 2022 (the “Capital Gains Incentive Fee”). The payment obligation with respect to the Capital Gains Incentive Fee is allocated in the same manner across the Class S shares, Class D shares and Class I shares. For the fiscal year ended September 30, 2023, the Company did not incur any Capital Gains Incentive Fees under the Investment Advisory Agreement. Although the Capital Gains Incentive Fee due to the Adviser is not payable until it is contractually due based on the Investment Advisory Agreement, the Company accrues this component at the end of each reporting period based on the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each reporting period, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, as contractually included in the calculation of the Capital Gains Incentive Fee, plus the cumulative amount of unrealized capital appreciation. If such amount is positive at the end of a period, then the Company will accrue an incentive fee equal to 12.5% of such amount. If such amount is negative, then there will be no accrual for such period or an appropriate reduction in any amount previously accrued. U.S. GAAP requires that the Capital Gains Incentive Fee accrual consider cumulative unrealized capital appreciation in the calculation, as a Capital Gains Incentive Fee would be payable if such unrealized capital appreciation were realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. For the fiscal year ended September 30, 2023, there were $278 of accrued Capital Gains Incentive Fees. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, there were no accrued Capital Gains Incentive Fees. Administration Agreement Effective as of February 3, 2022, the Company has entered into an Administration Agreement (as amended and restated, the “Administration Agreement”) with Oaktree Fund Administration, LLC (the “Administrator”), an affiliate of the Adviser. Pursuant to the Administration Agreement, the Administrator furnishes the Company with office facilities (certain of which are located in buildings owned by a Brookfield affiliate), equipment and clerical, bookkeeping and recordkeeping services at such facilities. Under the Administration Agreement, the Administrator performs, or oversees the performance of, the Company’s required administrative services, which include, among other things, providing assistance in accounting, legal, compliance, operations, technology and investor relations, and being responsible for the financial records that the Company is required to maintain and preparing reports to shareholders and reports filed with the SEC. In addition, the Administrator assists the Company in determining and publishing the NAV, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to the Company’s shareholders, and generally overseeing the payment of expenses and the performance of administrative and professional services rendered to the Company by others. Payments under the Administration Agreement are equal to an amount that reimburses the Administrator for its costs and expenses incurred in performing its obligations under the Administration Agreement and providing personnel and facilities. The Company bears all of the costs and expenses of any sub-administration agreements that the Administrator enters into. For the avoidance of doubt, the Company bears its allocable portion of the costs of the compensation, benefits, and related administrative expenses (including travel expenses) of the Company’s officers who provide operational and administrative services under the Administration Agreement, their respective staffs and other professionals who provide services to the Company (including, in each case, employees of the Administrator or an affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company. The Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator (or its affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the Company’s business and affairs and to acting on the Company’s behalf). The Company's Board reviews the fees payable under the Administration Agreement to determine that these fees are reasonable and comparable to administrative services charged by unaffiliated third parties. For the fiscal year ended September 30, 2023, the Company incurred $1,207 of expenses under the Administration Agreement, of which $939 was included in administrator expense, $192 was included in general and administrative expenses and $76, was included in organization expenses and amortization of continuous offering costs on the Consolidated Statements of Operations. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company incurred $332 under the Administration Agreement, of which $207, was included in administrator expense, $44 was included in general and administrative expenses and $81 was included in organization expenses and amortization of offering costs on the Consolidated Statements of Operations. Certain Terms of the Investment Advisory Agreement and Administration Agreement Each of the Investment Advisory Agreement and the Administration Agreement is effective as of February 3, 2022. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first becomes effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent Trustees. The Company may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days’ written notice. In addition, without payment of any penalty, the Adviser may terminate the Investment Advisory Agreement upon 120 days’ written notice and the Administrator may terminate the Administration Agreement upon 60 days’ written notice. The Investment Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the Investment Company Act and related SEC guidance and interpretations. Distribution Manager Agreement Effective as of February 3, 2022, the Company has entered into a Distribution Manager Agreement (as amended and restated, the “Distribution Manager Agreement”) with Brookfield Oaktree Wealth Solutions LLC (the “Distribution Manager”), an affiliate of the Adviser. Under the terms of the Distribution Manager Agreement, the Distribution Manager serves as the distribution manager for the Company’s initial offering of Common Shares. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.85% of the value of the Company’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Distribution Manager is entitled to receive distribution and/or shareholder servicing fees monthly in arrears at an annual rate of 0.25% of the value of the Company’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholding servicing fees are paid with respect to Class I shares. The distribution and/or shareholder servicing fees are payable to the Distribution Manager, but the Distribution Manager anticipates that all or a portion of the shareholder servicing fees will be retained by, or reallowed (paid) to, participating broker-dealers. The Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) a merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of the Company's assets or (iii) the date following the completion of the primary portion of the initial offering on which, in the aggregate, underwriting compensation from all sources in connection with the initial offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from the initial offering. In addition, consistent with the exemptive relief allowing the Company to offer multiple classes of shares, at the end of the month in which the Distribution Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder’s account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Distribution Manager or the applicable selling agent), the Company will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder’s account. Compensation paid with respect to the shares in a shareholder’s account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. The Company may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the applicable Class S shares or Class D shares in such shareholder’s account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares. The Distribution Manager is a broker-dealer registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”). Either party may terminate the Distribution Manager Agreement upon 60 days’ written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Distribution Manager Agreement. The Company's obligations under the Distribution Manager Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S and Class D shares will survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above). Distribution and Servicing Plan Effective as of February 3, 2022, the Company established a distribution and servicing plan (the “Distribution and Servicing Plan”). The following table shows the shareholder servicing and/or distribution fees the Company pays the Distribution Manager with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company’s NAV for such class. Shareholder Servicing and/or Distribution Fee as a % of NAV Class I shares — % Class S shares 0.85 % Class D shares 0.25 % The shareholder servicing and/or distribution fees is paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month and subject to FINRA and other limitations on underwriting compensation. Class I shares are not subject to a shareholder servicing and/or distribution fee. The Distribution Manager reallows (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under the Company’s distribution reinvestment plan. Broker eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding the Company, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. The shareholder servicing and/or distribution fees are ongoing fees that are not paid at the time of purchase. For the fiscal year ended September 30, 2023, the Company recorded distribution and shareholder servicing fees of $2,024, primarily all of which were attributable to Class S shares. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company recorded distribution and shareholder servicing fees of $92, primarily all of which were attributable to Class S shares.. Expense Support and Conditional Reimbursement Agreement Effective as of February 3, 2022, the Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”) with the Adviser. The Adviser may elect to pay certain expenses (each, an “Expense Payment”), provided that no portion of the payment will be used to pay any interest or distribution and/or shareholder servicing fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The Company’s obligation to make a Reimbursement Payment shall automatically become a liability of the Company on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. For the fiscal year ended September 30, 2023, the Adviser made Expense Payments in the amount of $852. For the fiscal year ended September 30, 2023, the Company made reimbursement payments of $1,393 to the Adviser. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Adviser made Expense Payments in the amount of $1,586. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Adviser waived its right to receive a Reimbursement Payment from the Company and as of September 30, 2022 no Reimbursement Payments were made to the Adviser. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights (Share amounts in thousands) For the fiscal year ended For the period from December 10, 2021 (commencement of operations) to Class I Class S Class D Class I Class S Net asset value at beginning of period $ 23.47 $ 23.47 $ — $ — $ — Capital Contribution — — 23.23 25.00 23.71 Net investment income (1) 1.98 1.78 0.64 1.37 0.46 Net unrealized appreciation (depreciation) (1)(2) 0.55 0.55 0.43 (2.07) (0.25) Net realized gains (losses) (1) (0.13) (0.13) — 0.01 0.01 (Provision) benefit for taxes on realized and unrealized gains (losses) (1) — — — (0.02) (0.01) Net increase (decrease) in net assets resulting from operations 2.40 2.20 1.07 (0.71) 0.21 Distributions of net investment income to shareholders (2.10) (1.79) (0.63) (0.82) (0.45) Distributions in excess of net investment income (0.21) (0.32) (0.11) — — Net asset value at end of period $ 23.56 $ 23.56 $ 23.56 $ 23.47 $ 23.47 Total return (3) 10.73 % 9.80 % 4.65 % (2.91) % 0.87 % Common shares outstanding at beginning of the period or the commencement date 13,040 2,588 — 1,000 — Common shares outstanding at end of period 44,103 20,787 6 13,040 2,588 Net assets at the beginning of the period or the commencement date $ 305,989 $ 60,738 $ — $ 25,000 $ — Net assets at end of period $ 1,039,238 $ 489,821 $ 146 $ 305,989 $ 60,738 Average net assets (4) $ 606,222 $ 239,563 $ 101 $ 160,162 $ 42,587 Ratio of net investment income to average net assets (5) 8.31 % 7.45 % 2.63 % 5.72 % 1.93 % Ratio of total expenses to average net assets (5)(7) 5.93 % 6.74 % 2.06 % 4.47 % 1.61 % Ratio of net expenses to average net assets (5) 5.77 % 6.71 % 2.16 % 2.37 % 0.80 % Ratio of portfolio turnover to average investments at fair value (5) 23.61 % 23.61 % 23.61 % 20.48 % 20.48 % Weighted average outstanding debt $ 230,288 $ 230,288 $ 230,288 $ 53,565 $ 53,565 Average debt per share (1) $ 6.42 $ 6.42 $ 6.42 $ 7.39 $ 7.39 Asset coverage ratio (6) 443.64 % 443.64 % 443.64 % 588.97 % 588.97 % (1) Calculated based upon weighted average shares outstanding for the period. (2) The amount shown may not correspond with the net unrealized appreciation on investments for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 as it includes the effect of the timing of equity issuances. (3) Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. (4) Calculated based upon the weighted average net assets for the period. (5) Financial results for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 have not been annualized for purposes of this ratio. (6) Based on outstanding senior securities of $445.0 million and $75.0 million as of September 30, 2023 and 2022. (7) Total expenses to average net assets is prior to management fee waivers and expense support/reimbursements provided by the Adviser. Senior Securities Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of the fiscal years ended September 30 for the periods indicated below. Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage Per Unit(2) Involuntary Liquidating Preference Per Unit(3) Average Market Value Per Unit(4) ING Credit Agreement For the period from December 10, 2021 (commencement of operations) to September 30, 2022 $ 75,000 5,890 — N/A Fiscal 2023 320,000 4,436 — N/A JPM SPV Facility Fiscal 2023 $ 125,000 4,436 — N/A SMBC SPV Facility Fiscal 2023 $ — 4,436 — N/A Total Senior Securities For the period from December 10, 2021 (commencement of operations) to September 30, 2022 $ 75,000 5,890 — Fiscal 2023 445,000 4,436 — ______________ (1) Total amount of each class of senior securities outstanding at the end of the period, presented in thousands. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company's consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.” (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information that the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities. (4) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of its portfolio companies. As indicated in the table below, as of September 30, 2023, off-balance sheet arrangements consisted of $224,611 of unfunded commitments to provide debt financing to certain of the Company's portfolio companies. As of September 30, 2022, off-balance sheet arrangements consisted of $68,962 of unfunded commitments to provide debt financing to certain of the Company's portfolio companies. Such commitments are subject to the portfolio company's satisfaction of certain financial and nonfinancial covenants and may involve, to varying degrees, elements of credit risk in excess of the amount recognized in the Consolidated Statements of Assets and Liabilities. A list of unfunded commitments by investment as of September 30, 2023 and September 30, 2022 is shown in the table below: September 30, 2023 September 30, 2022 CVAUSA Management, LLC $ 17,469 $ — 107-109 Beech OAK22 LLC 16,983 — OneOncology, LLC 13,159 — Seres Therapeutics, Inc. 12,990 — Delta Leasing SPV II LLC 11,560 21,469 Resistance Acquisition, Inc. 10,507 — MND Holdings III Corp 9,331 — Bamboo US Bidco LLC 9,100 — North Star Acquisitionco, LLC 7,732 — scPharmaceuticals Inc. 7,654 — BioXcel Therapeutics, Inc. 6,932 6,930 IW Buyer LLC 6,432 — Kings Buyer, LLC 5,471 547 ACP Falcon Buyer Inc 5,333 — Grove Hotel Parcel Owner, LLC 5,305 5,305 Entrata, Inc. 5,211 — Harrow, Inc. 5,018 — Inventus Power, Inc. 4,967 — iCIMs, Inc. 4,774 5,472 ADC Therapeutics SA 4,770 4,770 Evergreen IX Borrower 2023, LLC 4,006 — Transit Buyer LLC 3,850 — PPW Aero Buyer, Inc. 3,603 — Finastra USA, Inc. 3,577 — Ardonagh Midco 3 PLC 3,520 9,592 107 Fair Street LLC 3,434 — Establishment Labs Holdings Inc. 3,378 5,068 HUB Pen Company, LLC 3,213 — Dukes Root Control Inc. 3,104 — Innocoll Pharmaceuticals Limited 2,656 2,656 SEI Holding I Corporation 2,633 — Coupa Holdings, LLC 2,122 — Oranje Holdco, Inc. 1,968 — Avalara, Inc. 1,903 — Salus Workers' Compensation, LLC 1,898 — 112-126 Van Houten Real22 LLC 1,892 — Galileo Parent, Inc. 1,757 — SCP Eye Care Services, LLC 1,730 — LSL Holdco, LLC 1,015 203 Impel Pharmaceuticals Inc. 894 — Pluralsight, LLC 611 — ASP-R-PAC Acquisition Co LLC 588 588 Supreme Fitness Group NY Holdings, LLC 561 — MRI Software LLC — 4,754 Mesoblast, Inc. — 1,125 PFNY Holdings, LLC — 483 $ 224,611 $ 68,962 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of and for the three months ended September 30, 2023, except as discussed below. Share Issuance On October 1, 2023, the Company issued and sold pursuant to its continuous public offering 4,399,222 Class I shares for proceeds of $103.6 million, 2,669,259 Class S shares for proceeds of $62.9 million and 1,698 Class D shares for proceeds of $0.0 million. On November 1, 2023, the Company issued and sold pursuant to its continuous public offering 3,514,902 Class I shares for proceeds of $82.2 million, 1,983,663 Class S shares for proceeds of $46.4 million and 5,932 Class D shares for proceeds of $0.1 million. Distributions On October 25, 2023, the Board of Trustees of the Company declared a regular distribution on its outstanding common shares of beneficial interest in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I shares $ 0.1900 $ — $ 0.1900 Class S shares $ 0.1900 $ 0.0167 $ 0.1733 Class D shares $ 0.1900 $ 0.0049 $ 0.1851 The distribution is payable to shareholders of record as of October 31, 2023 and will be paid on or about November 28, 2023. The distribution will be paid in cash or reinvested in Common Shares for shareholders participating in the Company’s distribution reinvestment plan. On November 27, 2023, the Board of Trustees of the Company declared a regular distribution on the Company's outstanding common shares of beneficial interest in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I shares $ 0.1900 $ — $ 0.1900 Class S shares $ 0.1900 $ 0.0166 $ 0.1734 Class D shares $ 0.1900 $ 0.0049 $ 0.1851 The distribution is payable to shareholders of record as of November 30, 2023 and will be paid on or about December 27, 2023. The distribution will be paid in cash or reinvested in Shares for shareholders participating in the Company's distribution reinvestment plan. On December 14, 2023, the Board of Trustees declared a special distribution of $0.04 per share on its common shares of beneficial interest. The special distribution is payable to shareholders of record as of December 15, 2023 and will be paid on or about December 27, 2023. CIBC SPV Facility Effective on and as of November 21, 2023 (the “CIBC Closing Date”), the Company entered into a loan and servicing agreement (as amended, the “CIBC Loan and Servicing Agreement”) among OSCF Lending V SPV, LLC (“OSCF Lending V SPV”), a wholly owned subsidiary of the Company, as borrower, the Company, as transferor and servicer, Computershare Trust Company, N.A., as securities intermediary, collateral custodian, collateral agent and collateral administrator, the lenders party thereto, and Canadian Imperial Bank of Commerce (“CIBC”), as administrative agent, pursuant to which CIBC agreed to extend credit to OSCF Lending V SPV in an aggregate principal amount up to $150 million (the “ CIBC Maximum Commitment”) at any one time outstanding. The CIBC Loan and Servicing Agreement provides for a senior secured revolving credit facility that has a two-year reinvestment period (the “CIBC Availability Period”) and a stated maturity date that is two years after the CIBC Closing Date. Subject to certain conditions, including consent of the lenders and CIBC as administrative agent, during the CIBC Availability Period, OSCF Lending V SPV may propose up to four increases in the CIBC Maximum Commitment up to an amount not to exceed $500 million in the aggregate. Borrowings under the CIBC Loan and Servicing Agreement shall be denominated in U.S. Dollars and bear interest at a rate per annum equal to, at the request of OSCF Lending V SPV, as borrower, either (1) the SOFR, plus 1.95% or (2) the base rate (which is the greatest of the (a) prime rate, (b) federal funds effective rate plus 1/2 of 1%, (c) zero (0%) and (d) one month SOFR plus 1%) plus 0.95%. The applicable spread otherwise in effect shall be increased by 2% per annum after the stated maturity date or when an event of default has occurred and is continuing. The Company is required to pay a non-usage fee of 0.50% on undrawn borrowings beginning six months after the CIBC Closing Date. The obligations of OSCF Lending V SPV under the CIBC Loan and Security Agreement are secured by all of the assets held by OSCF Lending V SPV, including loans it has made or acquired (the “OSCF Lending V SPV Loans”). Under the Loan and Servicing Agreement, OSCF Lending V SPV, as borrower, and the Company, as servicer, have made representations and warranties regarding the OSCF Lending V SPV Loans, as well as the borrower’s and servicer’s businesses, and are required to comply with various covenants, servicing procedures, limitations on the disposition of the OSCF Lending V SPV Loans, reporting requirements and other customary requirements for similar revolving funding facilities. The CIBC Loan and Servicing Agreement contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, CIBC, as administrative agent, may terminate the commitments and declare the outstanding borrowings and all other obligations under the CIBC Loan and Servicing Agreement immediately due and payable. Borrowings under the CIBC Loan and Servicing Agreement are subject to various covenants as well as the asset coverage requirement contained in the Investment Company Act. 2028 Unsecured Notes On November 14, 2023, the Company issued $350 million aggregate principal amount of its 8.400% Notes due 2028 (the “2028 Unsecured Notes”) in a transaction exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act pursuant to an indenture, dated as of November 14, 2023 (the “Base Indenture”), between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Notes Trustee”), and (2) a first supplemental indenture (the “First Supplemental Indenture” and together with the Base Indenture, the “Indenture”) to the Base Indenture. The 2028 Unsecured Notes mature on November 14, 2028, unless previously redeemed or repurchased in accordance with their terms. The 2028 Unsecured Notes bear interest at a rate of 8.400% per year payable semiannually in arrears on May 14 and November 14 of each year, commencing on May 14, 2024. The 2028 Unsecured Notes are the Company’s direct, unsecured obligations and rank senior in right of payment to its future indebtedness that is expressly subordinated in right of payment to the 2028 Unsecured Notes; equal in right of payment to its existing and future unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of its secured indebtedness (including existing unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness; and structurally junior to all existing and future indebtedness (including trade payables) incurred by its subsidiaries, financing vehicles or similar facilities. The Indenture contains certain covenants, including a covenant requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(1) and (2) of the Investment Company Act, or any successor provisions, but giving effect to any exemptive relief granted to the Company by the SEC and to provide financial information to the holders of the 2028 Unsecured Notes and the Notes Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are set forth in the Indenture. In connection with the 2028 Unsecured Notes, the Company entered into an interest rate swap to more closely align the interest rate payable on the 2028 Unsecured Notes with its investment portfolio, which consists of predominately floating rate |
N-2
N-2 - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||||
Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Dec. 09, 2021 | |
Cover [Abstract] | ||||||||||||||||||
Entity Central Index Key | 0001872371 | |||||||||||||||||
Amendment Flag | false | |||||||||||||||||
Securities Act File Number | 814-01471 | |||||||||||||||||
Document Type | 10-K | |||||||||||||||||
Entity Registrant Name | Oaktree Strategic Credit Fund | |||||||||||||||||
Entity Address, Address Line One | 333 South Grand Avenue | |||||||||||||||||
Entity Address, Address Line Two | 28th Floor | |||||||||||||||||
Entity Address, City or Town | Los Angeles | |||||||||||||||||
Entity Address, State or Province | CA | |||||||||||||||||
Entity Address, Postal Zip Code | 90071 | |||||||||||||||||
City Area Code | 213 | |||||||||||||||||
Local Phone Number | 830-6300 | |||||||||||||||||
Entity Well-known Seasoned Issuer | No | |||||||||||||||||
Entity Emerging Growth Company | true | |||||||||||||||||
Entity Ex Transition Period | true | |||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities [Table Text Block] | Information about our senior securities (including debt securities and other indebtedness) is shown in the following table as of the fiscal years ended September 30 for the periods indicated below. Class and Year Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage Per Unit(2) Involuntary Liquidating Preference Per Unit(3) Average Market Value Per Unit(4) ING Credit Agreement For the period from December 10, 2021 (commencement of operations) to September 30, 2022 $ 75,000 5,890 — N/A Fiscal 2023 320,000 4,436 — N/A JPM SPV Facility Fiscal 2023 $ 125,000 4,436 — N/A SMBC SPV Facility Fiscal 2023 $ — 4,436 — N/A Total Senior Securities For the period from December 10, 2021 (commencement of operations) to September 30, 2022 $ 75,000 5,890 — Fiscal 2023 445,000 4,436 — ______________ (1) Total amount of each class of senior securities outstanding at the end of the period, presented in thousands. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the Company's consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by total senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per Unit.” (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “-” indicates information that the Securities and Exchange Commission expressly does not require to be disclosed for certain types of senior securities. (4) | |||||||||||||||||
Senior Securities Amount | $ 445,000 | $ 75,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 4,436 | $ 5,890 | ||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||
NAV Per Share | $ 23.56 | $ 23.47 | ||||||||||||||||
ING Credit Agreement [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 320,000 | $ 75,000 | ||||||||||||||||
Senior Securities Coverage per Unit | $ 4,436 | $ 5,890 | ||||||||||||||||
JPM SPV Facility [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 125,000 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 4,436 | |||||||||||||||||
SMBC SPV Facility [Member] | ||||||||||||||||||
Financial Highlights [Abstract] | ||||||||||||||||||
Senior Securities Amount | $ 0 | |||||||||||||||||
Senior Securities Coverage per Unit | $ 4,436 | |||||||||||||||||
Common Class I [Member] | ||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||
NAV Per Share | 23.56 | $ 23.60 | $ 23.54 | $ 23.48 | $ 23.23 | $ 23.40 | $ 23.42 | $ 23.56 | $ 23.64 | $ 23.23 | $ 23.46 | $ 23.33 | 23.47 | $ 24.03 | $ 23.98 | $ 23.71 | $ 24.32 | $ 0 |
Common Class S [Member] | ||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||
NAV Per Share | 23.56 | 23.60 | 23.54 | 23.48 | $ 23.23 | $ 23.40 | $ 23.42 | $ 23.56 | $ 23.64 | $ 23.23 | $ 23.46 | $ 23.33 | 23.47 | $ 24.03 | $ 23.98 | $ 0 | ||
Common Class D [Member] | ||||||||||||||||||
General Description of Registrant [Abstract] | ||||||||||||||||||
NAV Per Share | $ 23.56 | $ 23.60 | $ 23.54 | $ 23.48 | $ 0 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Regulation S-X. The Company is an investment company following the accounting and reporting guidance in FASB ASC Topic 946, Financial Services - Investment Companies ("ASC 946"). |
Use of Estimates | Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions affecting amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Changes in the economic and political environments, financial markets and any other parameters used in determining these estimates could cause actual results to differ and such differences could be material. Significant estimates include the valuation of investments and revenue recognition. |
Consolidation | Consolidation: The accompanying consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The consolidated subsidiaries are wholly-owned and, as such, consolidated into the consolidated financial statements. The assets of the consolidated subsidiaries are not directly available to satisfy the claims of the creditors of the Company. As an investment company, portfolio investments held by the Company are not consolidated into the consolidated financial statements but rather are included on the Consolidated Statement of Assets and Liabilities as investments at fair value. |
Fair Value Measurements | Fair Value Measurements: The Adviser, as the valuation designee of the Board pursuant to Rule 2a-5 under the Investment Company Act, determines the fair value of the Company's assets on at least a quarterly basis in accordance with ASC 820. ASC 820 defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A liability's fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. ASC 820 prioritizes the use of observable market prices over entity-specific inputs. Where observable prices or inputs are not available or reliable, valuation techniques are applied. These valuation techniques involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. Hierarchical levels, defined by ASC 820 and directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities, are as follows: • Level 1 — Unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data at the measurement date for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that reflect the Adviser's best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. If inputs used to measure fair value fall into different levels of the fair value hierarchy, an investment's level is based on the lowest level of input that is significant to the fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. This includes investment securities that are valued using "bid" and "ask" prices obtained from independent third party pricing services or directly from brokers. These investments may be classified as Level 3 because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustments for investment-specific factors or restrictions. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Adviser obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company's investments for which quotations are available. In determining the fair value of a particular investment, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. The Adviser seeks to obtain at least two quotations for the subject or similar securities, typically from pricing vendors. If the Adviser is unable to obtain two quotes from pricing vendors, or if the prices obtained from pricing vendors are not within the Adviser's set threshold, the Adviser seeks to obtain a quote directly from a broker making a market for the asset. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Adviser also performs back-testing of valuation information obtained from pricing vendors and brokers against actual prices received in transactions. In addition to ongoing monitoring and back-testing, the Adviser performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process. Generally, the Adviser does not adjust any of the prices received from these sources. If the quotations obtained from pricing vendors or brokers are determined not to be reliable or are not readily available, the Adviser values such investments using any of three different valuation techniques. The first valuation technique is the transaction precedent technique, which utilizes recent or expected future transactions of the investment to determine fair value, to the extent applicable. The second valuation technique is an analysis of the enterprise value ("EV") of the portfolio company. EV means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The EV analysis is typically performed to determine (i) the value of equity investments, (ii) whether there is credit impairment for debt investments and (iii) the value for debt investments that the Company is deemed to control under the Investment Company Act. To estimate the EV of a portfolio company, the Adviser analyzes various factors, including the portfolio company’s historical and projected financial results, macroeconomic impacts on the company and competitive dynamics in the company’s industry. the Adviser also utilizes some or all of the following information based on the individual circumstances of the portfolio company: (i) valuations of comparable public companies, (ii) recent sales of private and public comparable companies in similar industries or having similar business or earnings characteristics, (iii) purchase prices as a multiple of their earnings or cash flow, (iv) the portfolio company’s ability to meet its forecasts and its business prospects, (v) a discounted cash flow analysis, (vi) estimated liquidation or collateral value of the portfolio company's assets and (vii) offers from third parties to buy the portfolio company. The Adviser may probability weight potential sale outcomes with respect to a portfolio company when uncertainty exists as of the valuation date. The third valuation technique is a market yield technique, which is typically performed for non-credit impaired debt investments. In the market yield technique, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk, and the Adviser considers the current contractual interest rate, the capital structure and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the EV of the portfolio company. As debt investments held by the Company are substantially illiquid with no active transaction market, the Adviser depends on primary market data, including newly funded transactions and industry specific market movements, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The Adviser estimates the fair value of certain privately held warrants using a Black Scholes pricing model, which includes an analysis of various factors and subjective assumptions, including the current stock price (by using an EV analysis as described above), the expected period until exercise, expected volatility of the underlying stock price, expected dividends and the risk free rate. Changes in the subjective input assumptions can materially affect the fair value estimates. In December 2020, the SEC adopted Rule 2a-5 under the Investment Company Act. Rule 2a-5 permits boards of registered investment companies and Business Development Companies to either (i) choose to continue to determine fair value in good faith, or (ii) designate a valuation designee tasked with determining fair value in good faith, subject to the board’s oversight. The Company's Board of Trustees has designated the Adviser to serve as its valuation designee effective September 8, 2022. The Adviser undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Company's investments: • The quarterly valuation process begins with each portfolio company or investment being initially valued by the Adviser's valuation team; • Preliminary valuations are then reviewed and discussed with management of the Adviser; • Separately, independent valuation firms prepare valuations of the Company's investments, on a selected basis, for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment, and submit the reports to the Company and provide such reports to the Adviser; • The Adviser compares and contrasts its preliminary valuations to the valuations of the independent valuation firms and prepares a valuation report for the Audit Committee; • The Audit Committee reviews the valuation report with the Adviser, and the Adviser responds and supplements the valuation report to reflect any discussions between the Adviser and the Audit Committee; and • The Adviser, as valuation designee, determines the fair value of each investment in the Company's portfolio. The fair value of the Company's investments as of September 30, 2023 and September 30, 2022 was determined by the Adviser, as the Company's valuation designee. The Company has and will continue to engage independent valuation firms each quarter to provide assistance regarding the determination of the fair value of a portion of its portfolio securities for which market quotations are not readily available or are readily available but deemed not reflective of the fair value of the investment. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material. When the Company determines its net asset value as of the last day of a month that is not also the last day of a calendar quarter, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, pursuant to the Company's valuation policy, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation or, in the case of securities acquired after such date, cost, unless, in either case, the Adviser determines that since the most recent quarter end or the date of acquisition for securities acquired after quarter end, as the case may be, a significant observable change has occurred with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Company's valuation policy. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Company using a range of values from an independent valuation firm. With the exception of the line items entitled "deferred financing costs," "deferred offering costs," "other assets," "deferred tax liability," and "credit facilities payable," which are reported at amortized cost, all assets and liabilities on the Consolidated Statements of Assets and Liabilities approximate fair value. The carrying value of the line items titled "due from affiliates," "interest receivable," "receivables from unsettled transactions," "accounts payable, accrued expenses and other liabilities," "dividends payable," "base management fee and incentive fee payable," "interest payable," "payables from unsettled transactions" and "due to affiliates" approximate fair value due to their short maturities. |
Foreign Currency Translation | Foreign Currency Translation: The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the prevailing foreign exchange rate on the reporting date. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. The Company’s investments in foreign securities may involve certain risks, including foreign exchange restrictions, expropriation, taxation or other political, social or economic risks, all of which could affect the market and/or credit risk of the investment. In addition, changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company. |
Derivative Instruments | Derivative Instruments: Foreign Currency Forward Contracts The Company uses foreign currency forward contracts to reduce the Company's exposure to fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another at a pre-determined price at a future date. Foreign currency forward contracts are marked-to-market at the applicable forward rate. Unrealized appreciation (depreciation) on foreign currency forward contracts is recorded within derivative assets or derivative liabilities on the Consolidated Statement of Assets and Liabilities by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting with respect to foreign currency forward contracts and as such, the Company recognizes its foreign currency forward contracts at fair value with changes included in the net unrealized appreciation (depreciation) on the Consolidated Statement of Operations. |
Secured Borrowings | Secured Borrowings: Securities sold and simultaneously repurchased at a premium are reported as financing transactions in accordance with FASB ASC Topic 860, Transfers and Servicing ("ASC 860"). Amounts payable to the counterparty are due on the repurchase settlement date and, excluding accrued interest, such amounts are presented in the accompanying Consolidated Statement of Assets and Liabilities as secured borrowings. Premiums payable are separately reported as accrued interest. |
Investment Income | Investment Income: Interest Income Interest income, adjusted for accretion of original issue discount ("OID"), is recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company stops accruing interest on investments when it is determined that interest is no longer collectible. Investments that are expected to pay regularly scheduled interest in cash are generally placed on non-accrual status when there is reasonable doubt that principal or interest cash payments will be collected. Cash interest payments received on investments may be recognized as income or a return of capital depending upon management’s judgment. A non-accrual investment is restored to accrual status if past due principal and interest are paid in cash, and the portfolio company, in management’s judgment, is likely to continue timely payment of its remaining obligations. As of September 30, 2023 and September 30, 2022, there were no investments on non-accrual status. In connection with its investment in a portfolio company, the Company sometimes receives nominal cost equity that is valued as part of the negotiation process with the portfolio company. When the Company receives nominal cost equity, the Company allocates its cost basis in the investment between debt securities and the nominal cost equity at the time of origination. Any resulting discount from recording the loan, or otherwise purchasing a security at a discount, is accreted into interest income over the life of the loan. For the Company's secured borrowings, the interest earned on the entire loan balance is recorded within interest income and the interest earned by the counterparty is recorded within interest expense in the Consolidated Statements of Operations. PIK Interest Income The Company's investments in debt securities may contain PIK interest provisions. PIK interest, which generally represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on the accrual basis to the extent such amounts are expected to be collected. The Company generally ceases accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect the portfolio company to be able to pay all principal and interest due. The Company's decision to cease accruing PIK interest on a loan or debt security involves subjective judgments and determinations based on available information about a particular portfolio company, including whether the portfolio company is current with respect to its payment of principal and interest on its loans and debt securities; financial statements and financial projections for the portfolio company; the Company's assessment of the portfolio company's business development success; information obtained by the Company in connection with periodic formal update interviews with the portfolio company's management and, if appropriate, the private equity sponsor; and information about the general economic and market conditions in which the portfolio company operates. The Company's determination to cease accruing PIK interest is generally made well before the Company's full write-down of a loan or debt security. In addition, if it is subsequently determined that the Company will not be able to collect any previously accrued PIK interest, the fair value of the loans or debt securities would be reduced by the amount of such previously accrued, but uncollectible, PIK interest. The accrual of PIK interest on the Company’s debt investments increases the recorded cost bases of these investments in the consolidated financial statements including for purposes of computing the capital gains incentive fee payable by the Company to the Adviser. To maintain its status as a RIC, certain income from PIK interest may be required to be distributed to the Company’s shareholders, even though the Company has not yet collected the cash and may never do so. Fee Income The Adviser or its affiliates may provide financial advisory services to portfolio companies in connection with structuring a transaction and in return the Company may receive fees for capital structuring services. These fees are generally nonrecurring and are recognized by the Company upon the investment closing date. The Company may also receive additional fees in the ordinary course of business, including servicing, amendment, exit and prepayment fees, which are classified as fee income and recognized as they are earned or the services are rendered. Dividend Income The Company generally recognizes dividend income on the ex-dividend date for public securities and the record date for private equity investments. Distributions received from private equity investments are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from private equity investments as dividend income unless there are sufficient earnings at the portfolio company prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consist of demand deposits and highly liquid investments with maturities of three months or less, when acquired. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in bank accounts may exceed the Federal Deposit Insurance Corporation ("FDIC") insurance limit. Cash and cash equivalents are included on the Company's Consolidated Schedule of Investments and cash equivalents are classified as Level 1 assets. As of September 30, 2023, included in restricted cash was $5.6 million that was held at Citibank, N.A. in connection with the Company’s JPM Agreements (defined below). Pursuant to the terms of the JPM Agreements, the Company was restricted in terms of access to the $5.6 million until the occurrence of the periodic distribution dates and, in connection therewith, the Company’s submission of its required periodic reporting schedules and verifications of the Company’s compliance with the terms of the JPM Agreements. |
Receivables/Payables from Unsettled Transactions | Receivables/Payables from Unsettled Transactions: Receivables/payables from unsettled transactions consist of amounts receivable to or payable by the Company for transactions that have not settled at the reporting date. |
Deferred Financing Costs | Deferred Financing Costs: Deferred financing costs consist of fees and expenses paid in connection with the closing or amending of credit facilities. Deferred financing costs incurred in connection with credit facilities are capitalized as an asset when incurred. Deferred financing costs incurred in connection with all other debt arrangements are a direct deduction from the related debt liability when incurred. Deferred financing costs are amortized using the effective interest method over the term of the respective debt arrangement. This amortization expense is included in interest expense in the Company's Consolidated Statement of Operations. Upon early termination or modification of a credit facility, all or a portion of unamortized fees related to such facility may be accelerated into interest expense. |
Organization and Offering Costs | Organization and Offering Costs: Costs associated with the organization of the Company will be expensed as incurred. Costs associated with the offering of Common Shares of the Company are capitalized as "deferred offering costs" on the Consolidated Statements of Assets and Liabilities and amortized over a twelve-month period from incurrence. For the fiscal year ended September 30, 2023, the Company incurred organization costs of $4. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company expensed organization costs of $550. As of September 30, 2023 and September 30, 2022, $270 and $2,132, respectively, of offering costs were capitalized on the Consolidated Statements of Assets and Liabilities. For the fiscal year ended September 30, 2023, the Company amortized offering costs of $2,737. For the period from December 10, 2021 (commencement of operations) to September 30, 2022, the Company amortized offering costs of $1,036. |
Income Taxes | Income Taxes: On February 3, 2022, the Company elected to be regulated as a BDC under the Investment Company Act. The Company has elected to be treated as a RIC under the Code. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. Management has analyzed the Company's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year 2022. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses. In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company did not incur a U.S. federal excise tax for calendar year 2022 and does not expect to incur a U.S. federal excise tax for calendar year 2023. The Company holds certain portfolio investments through a taxable subsidiary. The purpose of the Company's taxable subsidiary is to permit the Company to hold equity investments in portfolio companies which are "pass through" entities for U.S. federal income tax purposes in order to comply with the RIC tax requirements. The taxable subsidiary is consolidated for financial reporting purposes, and portfolio investments held by it are included in the Company’s consolidated financial statements as portfolio investments and recorded at fair value. The taxable subsidiary is not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. This income tax expense, if any, would be reflected in the Company's Consolidated Statement of Operations. The Company uses the liability method to account for its taxable subsidiary's income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net operating loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. |
Portfolio Investments (Tables)
Portfolio Investments (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Portfolio Composition | As of September 30, 2023 and September 30, 2022, the Company's investment portfolio consisted of the following: September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments Senior Secured Debt $ 1,814,372 94.39 % $ 415,550 93.44 % Subordinated Debt 98,352 5.12 % 22,136 4.98 % Preferred Equity 6,023 0.31 % 6,023 1.35 % Common Equity and Warrants 3,471 0.18 % 1,016 0.23 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior Secured Debt $ 1,817,981 94.32 % 118.88 % $ 402,658 93.96 % 109.80 % Subordinated Debt 97,616 5.07 % 6.38 % 19,378 4.52 % 5.28 % Common Equity and Warrants 5,892 0.31 % 0.39 % 1,023 0.24 % 0.28 % Preferred Equity 5,748 0.30 % 0.38 % 5,497 1.28 % 1.50 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments United States $ 1,673,820 87.08 % $ 404,169 90.88 % Canada 56,725 2.95 % — — % United Kingdom 44,465 2.31 % (280) (0.06) % Luxembourg 41,426 2.16 % — — % India 39,296 2.04 % 4,925 1.11 % France 14,735 0.77 % 4,590 1.03 % Cayman Islands 12,746 0.66 % — — % Costa Rica 12,684 0.66 % 10,263 2.31 % Chile 11,191 0.58 % — — % Switzerland 10,172 0.53 % 10,096 2.27 % Netherlands 4,958 0.26 % — — % Germany — — % 5,352 1.20 % Ireland — — % 5,610 1.26 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets United States $ 1,677,990 87.07 % 109.75 % $ 389,448 90.88 % 106.20 % Canada 56,622 2.94 % 3.70 % — — % — % United Kingdom 45,181 2.34 % 2.95 % — — % — % Luxembourg 41,043 2.13 % 2.68 % — — % — % India 39,318 2.04 % 2.57 % 3,646 0.85 % 0.99 % France 13,647 0.71 % 0.89 % 4,231 0.99 % 1.15 % Cayman Islands 13,135 0.68 % 0.86 % — — % — % Chile 12,529 0.65 % 0.82 % — — % — % Costa Rica 12,369 0.64 % 0.81 % 10,216 2.38 % 2.79 % Switzerland 9,861 0.51 % 0.64 % 9,947 2.32 % 2.71 % Netherlands 5,542 0.29 % 0.36 % — — % — % Germany — — % — % 5,203 1.21 % 1.42 % Ireland — — % — % 5,865 1.37 % 1.60 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % (Share amounts in thousands) For the fiscal year ended For the period from December 10, 2021 (commencement of operations) to Class I Class S Class D Class I Class S Net asset value at beginning of period $ 23.47 $ 23.47 $ — $ — $ — Capital Contribution — — 23.23 25.00 23.71 Net investment income (1) 1.98 1.78 0.64 1.37 0.46 Net unrealized appreciation (depreciation) (1)(2) 0.55 0.55 0.43 (2.07) (0.25) Net realized gains (losses) (1) (0.13) (0.13) — 0.01 0.01 (Provision) benefit for taxes on realized and unrealized gains (losses) (1) — — — (0.02) (0.01) Net increase (decrease) in net assets resulting from operations 2.40 2.20 1.07 (0.71) 0.21 Distributions of net investment income to shareholders (2.10) (1.79) (0.63) (0.82) (0.45) Distributions in excess of net investment income (0.21) (0.32) (0.11) — — Net asset value at end of period $ 23.56 $ 23.56 $ 23.56 $ 23.47 $ 23.47 Total return (3) 10.73 % 9.80 % 4.65 % (2.91) % 0.87 % Common shares outstanding at beginning of the period or the commencement date 13,040 2,588 — 1,000 — Common shares outstanding at end of period 44,103 20,787 6 13,040 2,588 Net assets at the beginning of the period or the commencement date $ 305,989 $ 60,738 $ — $ 25,000 $ — Net assets at end of period $ 1,039,238 $ 489,821 $ 146 $ 305,989 $ 60,738 Average net assets (4) $ 606,222 $ 239,563 $ 101 $ 160,162 $ 42,587 Ratio of net investment income to average net assets (5) 8.31 % 7.45 % 2.63 % 5.72 % 1.93 % Ratio of total expenses to average net assets (5)(7) 5.93 % 6.74 % 2.06 % 4.47 % 1.61 % Ratio of net expenses to average net assets (5) 5.77 % 6.71 % 2.16 % 2.37 % 0.80 % Ratio of portfolio turnover to average investments at fair value (5) 23.61 % 23.61 % 23.61 % 20.48 % 20.48 % Weighted average outstanding debt $ 230,288 $ 230,288 $ 230,288 $ 53,565 $ 53,565 Average debt per share (1) $ 6.42 $ 6.42 $ 6.42 $ 7.39 $ 7.39 Asset coverage ratio (6) 443.64 % 443.64 % 443.64 % 588.97 % 588.97 % (1) Calculated based upon weighted average shares outstanding for the period. (2) The amount shown may not correspond with the net unrealized appreciation on investments for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 as it includes the effect of the timing of equity issuances. (3) Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. (4) Calculated based upon the weighted average net assets for the period. (5) Financial results for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 have not been annualized for purposes of this ratio. (6) Based on outstanding senior securities of $445.0 million and $75.0 million as of September 30, 2023 and 2022. (7) Total expenses to average net assets is prior to management fee waivers and expense support/reimbursements provided by the Adviser. |
Schedule of Investment Holdings | The composition of the Company's debt investments as of September 30, 2023 and September 30, 2022 by floating rates and fixed rates was as follows: September 30, 2023 September 30, 2022 Fair Value % of Debt Investments Fair Value % of Debt Investments Floating rate $ 1,716,908 89.63 % $ 369,698 87.60 % Fixed rate 198,689 10.37 % 52,338 12.40 % Total $ 1,915,597 100.00 % $ 422,036 100.00 % The composition of the Company's portfolio by industry at cost as a percentage of total investments and at fair value as a percentage of total investments and net assets as of September 30, 2023 and September 30, 2022 was as follows: September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments Application Software $ 261,061 13.60 % $ 45,532 10.21 % Other Specialty Retail 104,787 5.45 % 1,875 0.42 % Diversified Metals & Mining 95,842 4.99 % 3,817 0.86 % Electrical Components & Equipment 75,692 3.94 % 3,368 0.76 % Environmental & Facilities Services 75,632 3.93 % 4,914 1.10 % Aerospace & Defense 75,592 3.93 % 5,388 1.21 % Health Care Technology 71,145 3.70 % 30,001 6.75 % Systems Software 70,431 3.66 % 19,190 4.32 % Pharmaceuticals 64,066 3.33 % 4,463 1.00 % Education Services 61,437 3.20 % 15,462 3.48 % Health Care Services 57,898 3.01 % 6,685 1.50 % Distributors 52,155 2.71 % 12,702 2.86 % Specialized Finance 48,354 2.52 % 3,635 0.82 % Personal Care Products 44,968 2.34 % 5,802 1.30 % Property & Casualty Insurance 41,399 2.15 % 11,431 2.57 % Integrated Telecommunication Services 41,352 2.15 % 10,036 2.26 % Diversified Support Services 40,107 2.09 % 15,858 3.57 % Health Care Equipment 39,946 2.08 % — — % Health Care Supplies 36,745 1.91 % 8,417 1.89 % Biotechnology 36,433 1.90 % 12,353 2.78 % Health Care Distributors 32,575 1.69 % 25,017 5.63 % Auto Parts & Equipment 32,444 1.69 % — — % Diversified Financial Services 31,405 1.63 % 7,765 1.75 % Industrial Machinery & Supplies & Components 29,675 1.54 % 18,256 4.11 % Multi-Sector Holdings 28,293 1.47 % 5,311 1.19 % Gold 27,607 1.44 % — — % Life Sciences Tools & Services 27,580 1.43 % — — % Metal, Glass & Plastic Containers 25,834 1.34 % 7,478 1.68 % Trading Companies & Distributors 25,328 1.32 % 5,331 1.20 % Cable & Satellite 24,678 1.28 % 9,055 2.04 % Interactive Media & Services 23,766 1.24 % — — % Office Services & Supplies 21,160 1.10 % 8,366 1.88 % Research & Consulting Services 20,717 1.08 % 7,739 1.74 % Health Care Facilities 20,456 1.06 % 9,820 2.21 % Restaurants 18,832 0.98 % 7,090 1.59 % Hotels, Resorts & Cruise Lines 17,167 0.89 % 17,250 3.88 % Real Estate Development 16,036 0.83 % — — % Internet Services & Infrastructure 14,556 0.76 % 1,936 0.44 % Insurance Brokers 12,979 0.68 % (280) (0.06) % Passenger Airlines 11,191 0.58 % — — % Advertising 11,167 0.58 % 7,232 1.63 % Leisure Facilities 9,445 0.49 % 8,824 1.98 % Consumer Finance 6,796 0.35 % 6,776 1.52 % Air Freight & Logistics 6,590 0.34 % 6,585 1.48 % Food Distributors 6,111 0.32 % — — % Soft Drinks & Non-alcoholic Beverages 4,958 0.26 % — — % Paper & Plastic Packaging Products & Materials 4,785 0.25 % 4,815 1.08 % Leisure Products 4,772 0.25 % 12,467 2.80 % Diversified Real Estate Activities 4,619 0.24 % — — % Other Specialized REITs 3,574 0.19 % 3,512 0.79 % Construction Materials 2,080 0.11 % — — % Alternative Carriers — — % 7,894 1.78 % Data Processing & Outsourced Services — — % 6,780 1.52 % Electronic Components — — % 6,650 1.50 % Internet & Direct Marketing Retail — — % 4,890 1.10 % IT Consulting & Other Services — — % 4,534 1.02 % Oil & Gas Refining & Marketing — — % 3,950 0.89 % Airport Services — — % 2,970 0.67 % Paper Products — — % 2,953 0.66 % Diversified Banks — — % 2,134 0.48 % Automotive Retail — — % 696 0.16 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Application Software $ 263,077 13.67 % 17.23 % $ 43,357 10.12 % 11.84 % Other Specialty Retail 104,861 5.44 % 6.86 % 1,895 0.44 % 0.52 % Diversified Metals & Mining 95,449 4.95 % 6.24 % 3,706 0.86 % 1.01 % Electrical Components & Equipment 75,916 3.94 % 4.96 % 3,319 0.77 % 0.91 % Environmental & Facilities Services 75,755 3.93 % 4.95 % 4,859 1.13 % 1.32 % Aerospace & Defense 75,628 3.92 % 4.95 % 5,147 1.20 % 1.40 % Health Care Technology 72,102 3.74 % 4.71 % 29,636 6.92 % 8.08 % Systems Software 70,227 3.64 % 4.59 % 18,159 4.24 % 4.95 % Pharmaceuticals 63,149 3.28 % 4.13 % 4,449 1.04 % 1.21 % Education Services 61,653 3.20 % 4.03 % 14,706 3.43 % 4.01 % Health Care Services 57,832 3.00 % 3.78 % 6,554 1.53 % 1.79 % Distributors 51,939 2.69 % 3.40 % 12,443 2.90 % 3.39 % Specialized Finance 48,815 2.53 % 3.19 % 3,635 0.85 % 0.99 % Personal Care Products 44,284 2.30 % 2.90 % 5,530 1.29 % 1.51 % Property & Casualty Insurance 41,911 2.17 % 2.74 % 9,968 2.33 % 2.72 % Diversified Support Services 40,493 2.10 % 2.65 % 15,552 3.63 % 4.24 % Health Care Equipment 39,945 2.07 % 2.61 % — — % — % Integrated Telecommunication Services 39,481 2.05 % 2.58 % 9,259 2.16 % 2.52 % Health Care Supplies 37,137 1.93 % 2.43 % 8,400 1.96 % 2.29 % Biotechnology 35,838 1.86 % 2.34 % 12,040 2.81 % 3.28 % Health Care Distributors 33,083 1.72 % 2.16 % 23,623 5.51 % 6.44 % Auto Parts & Equipment 33,061 1.72 % 2.16 % — — % — % Diversified Financial Services 31,860 1.65 % 2.08 % 7,650 1.79 % 2.09 % Industrial Machinery & Supplies & Components 30,448 1.58 % 1.99 % 17,994 4.20 % 4.91 % Multi-Sector Holdings 28,863 1.50 % 1.89 % 5,441 1.27 % 1.48 % Gold 27,627 1.43 % 1.81 % — — % — % Life Sciences Tools & Services 27,419 1.42 % 1.79 % — — % — % Metal, Glass & Plastic Containers 25,799 1.34 % 1.69 % 7,376 1.72 % 2.01 % Trading Companies & Distributors 25,536 1.33 % 1.67 % 4,784 1.12 % 1.30 % Cable & Satellite 24,360 1.26 % 1.59 % 8,747 2.04 % 2.39 % Interactive Media & Services 23,999 1.25 % 1.57 % — — % — % Office Services & Supplies 21,588 1.12 % 1.41 % 7,971 1.86 % 2.17 % Research & Consulting Services 21,180 1.10 % 1.39 % 7,616 1.78 % 2.08 % Health Care Facilities 20,564 1.07 % 1.34 % 9,715 2.27 % 2.65 % Restaurants 19,013 0.99 % 1.24 % 6,725 1.57 % 1.83 % Hotels, Resorts & Cruise Lines 17,051 0.88 % 1.12 % 17,281 4.03 % 4.71 % Real Estate Development 15,849 0.82 % 1.04 % — — % — % Internet Services & Infrastructure 14,726 0.76 % 0.96 % 1,899 0.44 % 0.52 % Insurance Brokers 13,857 0.72 % 0.91 % — — % — % Passenger Airlines 12,529 0.65 % 0.82 % — — % — % Advertising 11,343 0.59 % 0.74 % 6,992 1.63 % 1.91 % Leisure Facilities 9,093 0.47 % 0.59 % 8,889 2.07 % 2.42 % Air Freight & Logistics 6,800 0.35 % 0.44 % 6,363 1.48 % 1.74 % Food Distributors 6,109 0.32 % 0.40 % — — % — % Consumer Finance 6,107 0.32 % 0.40 % 6,211 1.45 % 1.69 % Soft Drinks & Non-alcoholic Beverages 5,542 0.29 % 0.36 % — — % — % Diversified Real Estate Activities 4,696 0.24 % 0.31 % — — % — % Paper & Plastic Packaging Products & Materials 4,543 0.24 % 0.30 % 4,784 1.12 % 1.30 % Leisure Products 4,131 0.21 % 0.27 % 11,837 2.76 % 3.23 % Other Specialized REITs 2,947 0.15 % 0.19 % 2,920 0.68 % 0.80 % Construction Materials 2,022 0.10 % 0.13 % — — % — % Alternative Carriers — — % — % 7,250 1.69 % 1.98 % Data Processing & Outsourced Services — — % — % 6,581 1.54 % 1.79 % Electronic Components — — % — % 6,462 1.51 % 1.76 % Internet & Direct Marketing Retail — — % — % 4,757 1.11 % 1.30 % Oil & Gas Refining & Marketing — — % — % 3,990 0.93 % 1.09 % IT Consulting & Other Services — — % — % 3,589 0.84 % 0.98 % Airport Services — — % — % 2,949 0.69 % 0.80 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Paper Products $ — — % — % $ 2,847 0.66 % 0.78 % Diversified Banks — — % — % 2,135 0.50 % 0.58 % Automotive Retail — — % — % 564 0.13 % 0.15 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % |
Schedule of Financial Instruments Carried at Fair Value | The following table presents the financial instruments carried at fair value as of September 30, 2023 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ 754,220 $ 1,063,761 $ 1,817,981 Subordinated debt — 83,824 13,792 97,616 Common equity and warrants — 53 5,839 5,892 Preferred equity — — 5,748 5,748 Total investments at fair value $ — $ 838,097 $ 1,089,140 $ 1,927,237 Derivative assets $ — $ 2,041 $ — $ 2,041 Total assets at fair value $ — $ 840,138 $ 1,089,140 $ 1,929,278 The following table presents the financial instruments carried at fair value as of September 30, 2022 on the Company's Consolidated Statement of Assets and Liabilities for each of the three levels of hierarchy established by ASC 820: Level 1 Level 2 Level 3 Total Senior secured debt $ — $ 249,589 $ 153,069 $ 402,658 Subordinated debt — 16,075 3,303 19,378 Common equity and warrants — — 1,023 1,023 Preferred equity — — 5,497 5,497 Total investments at fair value $ — $ 265,664 $ 162,892 $ 428,556 Derivative assets $ — $ 13 $ — $ 13 Total assets at fair value $ — $ 265,677 $ 162,892 $ 428,569 |
Schedule of Roll-Forward in the Changes in Fair Value | The following table provides a roll-forward of the changes in fair value from September 30, 2022 to September 30, 2023, for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Subordinated Debt Preferred Equity Common Equity and Warrants Total Fair value as of September 30, 2022 $ 153,069 $ 3,303 $ 5,497 $ 1,023 $ 162,892 Purchases 913,877 9,909 — 2,454 926,240 Sales and repayments (14,717) — — — (14,717) Transfers in (a) 3,815 — — — 3,815 Capitalized PIK interest income 2,477 580 — — 3,057 Accretion of OID 3,793 — — — 3,793 Net unrealized appreciation (depreciation) 2,144 — 251 2,362 4,757 Net realized gains (losses) (697) — — — (697) Fair value as of September 30, 2023 $ 1,063,761 $ 13,792 $ 5,748 $ 5,839 $ 1,089,140 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at September 30, 2023 and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations for the year ended September 30, 2023 $ 1,854 $ — $ 251 $ 2,362 $ 4,467 __________ (a) There were transfers into Level 3 from Level 2 for certain investments during the fiscal year ended September 30, 2023 as a result of a change in the number of market quotes available and/or a change in market liquidity. The following table provides a roll-forward of the changes in fair value from December 10, 2021 (commencement of operations) to September 30, 2022, for all investments for which the Company determined fair value using unobservable (Level 3) factors: Senior Secured Debt Subordinated Debt Preferred Equity Common Equity Total Purchases $ 168,491 $ 3,303 $ 6,024 $ 1,045 $ 178,863 Sales and repayments (14,701) — — (28) (14,729) Capitalized PIK interest income 701 — — — 701 Accretion of OID 471 — — — 471 Net unrealized appreciation (depreciation) (1,893) — (527) 6 (2,414) Fair value as of September 30, 2022 $ 153,069 $ 3,303 $ 5,497 $ 1,023 $ 162,892 Net unrealized appreciation (depreciation) relating to Level 3 assets still held at September 30, 2022 and reported within net unrealized appreciation (depreciation) in the Consolidated Statements of Operations for the period from December 10, 2021 (commencement of operations) to September 30, 2022 $ (1,893) $ — $ (527) $ 6 $ (2,414) |
Schedule of Significant Unobservable Inputs for Level 3 Investments | The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2023: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 906,639 Market Yield Market Yield (b) 10.0% - 32.0% 13.3% 93,170 Transaction Precedent NA (c) N/A - N/A N/A 63,952 Broker Quotations Broker Quoted Price (d) N/A - N/A N/A Subordinated debt 13,792 Market Yield Market Yield (b) 9.0% - 11.0% 10.0% Common equity and warrants & preferred equity 3,424 Enterprise Value Revenue Multiple (e) 0.7x - 3.2x 0.7x 7,831 Enterprise Value EBITDA Multiple (e) 6.0x - 15.1x 12.9x 332 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 1,089,140 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. (d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. (e) Used when a market participant would use such multiple when pricing the investment. The following table provides quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of September 30, 2022: Asset Fair Value Valuation Technique Unobservable Input Range Weighted Senior secured debt $ 132,827 Market Yield Market Yield (b) 11.0% - 16.0% 12.5% 20,242 Broker Quotations Broker Quoted Price (d) N/A - N/A N/A Subordinated debt 3,303 Market Yield Market Yield (b) 9.0% - 11.0% 10.0% Common equity and warrants & preferred equity 612 Enterprise Value Revenue Multiple (e) 7.6x - 10.1x 8.1x 5,576 Enterprise Value EBITDA Multiple (e) 9.8x - 15.5x 15.1x 332 Transaction Precedent Transaction Price (c) N/A - N/A N/A Total $ 162,892 _____________________ (a) Weighted averages are calculated based on fair value of investments. (b) Used when a market participant would take into account market yield when pricing the investment. (c) Used when there is an observable transaction or pending event for the investment. (d) The Adviser generally uses prices provided by an independent pricing service which are non-binding indicative prices on or near the valuation date as the primary basis for the fair value determinations for quoted senior secured debt investments. Since these prices are non-binding, they may not be indicative of fair value. The Adviser evaluates the quotations provided by pricing vendors and brokers based on available market information, including trading activity of the subject or similar securities, or by performing a comparable security analysis to ensure that fair values are reasonably estimated. (e) Used when a market participant would use such multiple when pricing the investment. |
Share Data and Distributions (T
Share Data and Distributions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Changes in Net Assets | The following table presents the changes in net assets for the fiscal year ended September 30, 2023: Common Shares (Share amounts in thousands) Shares Par Value Additional Paid-in-Capital Accumulated Distributable Earnings (Loss) Total Net Assets Balance at September 30, 2022 15,628 $ 156 $ 380,646 $ (14,075) $ 366,727 Issuance of Common Shares in public offering 48,821 488 1,145,212 — 1,145,700 Issuance of Common Shares under dividend reinvestment plan 675 7 15,821 — 15,828 Shares repurchased, net of early repurchase deduction (228) (2) (5,374) — (5,376) Net investment income — — — 68,212 68,212 Net unrealized appreciation (depreciation) — — — 22,685 22,685 Net realized gains (losses) — — — (4,050) (4,050) Provision for income tax (expense) benefit — — — (227) (227) Distributions to shareholders — — — (80,294) (80,294) Balance at September 30, 2023 64,896 $ 649 $ 1,536,305 $ (7,749) $ 1,529,205 The following table presents the changes in net assets for the period from December 10, 2021 (commencement of operations) to September 30, 2022: Common Shares (Share amounts in thousands) Shares Par Value Additional Paid-in-Capital Accumulated Distributable Earnings (Loss) Total Net Assets Issuance of Common Shares in public and private offerings 15,598 $ 156 $ 380,051 $ — $ 380,207 Issuance of Common Shares under dividend reinvestment plan 30 — 595 — 595 Net investment income — — — 9,985 9,985 Net unrealized appreciation (depreciation) — — — (16,155) (16,155) Net realized gains (losses) — — — 90 90 Provision for income tax (expense) benefit — — — (123) (123) Distributions to shareholders (7,872) (7,872) Balance at September 30, 2022 15,628 $ 156 $ 380,646 $ (14,075) $ 366,727 The following table summarizes transactions in common shares of beneficial interest for the fiscal year ended September 30, 2023: Shares Amount Class I Issuance of Common Shares in public offering 30,975,834 $ 726,878 Issuance of Common Shares under dividend reinvestment plan 312,297 7,328 Share repurchases, net of early repurchase deduction (225,337) (5,309) Net increase (decrease) 31,062,794 $ 728,897 Class S Issuance of Common Shares in public offering 17,839,100 $ 418,677 Issuance of Common Shares under dividend reinvestment plan 362,467 8,500 Share repurchases, net of early repurchase deduction (2,830) (67) Net increase (decrease) 18,198,737 $ 427,110 Class D Issuance of Common Shares in public offering 6,177 $ 145 Issuance of Common Shares under dividend reinvestment plan 17 — Share repurchases, net of early repurchase deduction — — Net increase (decrease) 6,194 $ 145 Total net increase (decrease) 49,267,725 $ 1,156,152 The following table summarizes transactions in common shares of beneficial interest for the period from December 10, 2021 (commencement of operations) to September 30, 2022: Shares Amount Class I Issuance of Common Shares in public and private offerings 13,018,689 $ 318,578 Issuance of Common Shares under dividend reinvestment plan 21,337 393 Net increase (decrease) 13,040,026 $ 318,971 Class S Issuance of Common Shares in public offering 2,579,984 $ 61,629 Issuance of Common Shares under dividend reinvestment plan 8,418 202 Net increase (decrease) 2,588,402 $ 61,831 Total net increase (decrease) 15,628,428 $ 380,802 Class I Shares Class S Shares Class D Shares May 31, 2022 $ 24.32 — — June 30, 2022 $ 23.71 — — July 31, 2022 $ 23.98 $ 23.98 — August 31, 2022 $ 24.03 $ 24.03 — September 30, 2022 $ 23.47 $ 23.47 — October 31, 2022 $ 23.33 $ 23.33 — November 30, 2022 $ 23.46 $ 23.46 — December 31, 2022 $ 23.23 $ 23.23 — January 31, 2023 $ 23.64 $ 23.64 — February 28, 2023 $ 23.56 $ 23.56 — March 31, 2023 $ 23.42 $ 23.42 — April 30, 2023 $ 23.40 $ 23.40 — May 31, 2023 $ 23.23 $ 23.23 — June 30, 2023 $ 23.48 $ 23.48 $ 23.48 July 31, 2023 $ 23.54 $ 23.54 $ 23.54 August 31, 2023 $ 23.60 $ 23.60 $ 23.60 September 30, 2023 $ 23.56 $ 23.56 $ 23.56 |
Schedule of Distributions | The following table presents distributions that were declared during the fiscal year ended September 30, 2023: Class I Date Declared Record Date Payment Date Distribution Per Share Distribution Amount October 26, 2022 October 31, 2022 November 28, 2022 $ 0.1800 $ 2,470 November 21, 2022 November 30, 2022 December 28, 2022 0.1900 2,818 December 21, 2022 December 31, 2022 January 30, 2023 0.1900 3,171 December 21, 2022 December 31, 2022 January 30, 2023 0.0400 668 January 24, 2023 January 31, 2023 February 24, 2023 0.1900 3,351 February 22, 2023 February 28, 2023 March 29, 2023 0.1900 3,834 March 22, 2023 March 31, 2023 April 27, 2023 0.1900 4,252 April 25, 2023 April 30, 2023 May 26, 2023 0.1900 4,568 May 22, 2023 May 31, 2023 June 28, 2023 0.1900 5,068 June 26, 2023 June 30, 2023 July 27, 2023 0.1900 5,605 July 24,2023 July 31, 2023 August 29, 2023 0.1900 7,094 August 22, 2023 August 31, 2023 September 27,2023 0.1900 7,710 September 27, 2023 September 30, 2023 October 27, 2023 0.1900 8,423 $ 2.3100 $ 59,032 Class S Date Declared Record Date Payment Date Distribution Per Share Distribution Amount October 26, 2022 October 31, 2022 November 28, 2022 $ 0.1634 $ 574 November 21, 2022 November 30, 2022 December 28, 2022 0.1735 684 December 21, 2022 December 31, 2022 January 30, 2023 0.1734 789 December 21, 2022 December 31, 2022 January 30, 2023 0.0400 182 January 24, 2023 January 31, 2023 February 24, 2023 0.1735 916 February 22, 2023 February 28, 2023 March 29, 2023 0.1733 1,024 March 22, 2023 March 31, 2023 April 27, 2023 0.1733 1,486 April 25, 2023 April 30, 2023 May 26, 2023 0.1734 1,764 May 22, 2023 May 31, 2023 June 28, 2023 0.1734 2,036 June 26, 2023 June 30, 2023 July 27, 2023 0.1735 2,381 July 24,2023 July 31, 2023 August 29, 2023 0.1734 2,749 August 22, 2023 August 31, 2023 September 27, 2023 0.1733 3,071 September 27, 2023 September 30, 2023 October 27, 2023 0.1733 3,603 $ 2.1107 $ 21,259 Class D Date Declared Record Date Payment Date Distribution Per Share Distribution Amount June 26, 2023 June 30, 2023 July 27, 2023 $ 0.1852 $ — July 24,2023 July 31, 2023 August 29, 2023 0.1851 1 August 22, 2023 August 31, 2023 September 27, 2023 0.1851 1 September 27, 2023 September 30, 2023 October 27, 2023 0.1851 1 $ 0.7405 $ 3 Class I Class S Class D Source of Distribution Per Share Amount Per Share Amount Per Share Amount Net investment income $ 2.1005 $ 52,482 $ 1.7872 $ 17,826 $ 0.6325 $ 2 Distributions in excess of net investment income 0.2095 6,550 0.3235 3,433 0.1080 1 Total $ 2.3100 $ 59,032 $ 2.1107 $ 21,259 $ 0.7405 $ 3 On October 25, 2023, the Board of Trustees of the Company declared a regular distribution on its outstanding common shares of beneficial interest in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I shares $ 0.1900 $ — $ 0.1900 Class S shares $ 0.1900 $ 0.0167 $ 0.1733 Class D shares $ 0.1900 $ 0.0049 $ 0.1851 On November 27, 2023, the Board of Trustees of the Company declared a regular distribution on the Company's outstanding common shares of beneficial interest in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I shares $ 0.1900 $ — $ 0.1900 Class S shares $ 0.1900 $ 0.0166 $ 0.1734 Class D shares $ 0.1900 $ 0.0049 $ 0.1851 |
Schedule of Share Repurchases | The following table presents the share repurchases completed during the fiscal year ended September 30, 2023: Repurchase Pricing Date Total Number of Shares Repurchased (all classes) Percentage of Outstanding Shares Repurchased (1) Price Paid Per Share Amount Repurchased (all classes) (2) June 30, 2023 1,692 0.01 % $ 23.48 $ 39 September 30, 2023 226,475 0.52 % $ 23.56 $ 5,336 _____________________ (1) Percentage is based on total shares as of the close of the previous calendar quarter. (2) Amounts shown net of Early Repurchase Deduction, where applicable. |
Taxable_Distributable Income (T
Taxable/Distributable Income (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations | Presented below is a reconciliation of net increase (decrease) in net assets resulting from operations to taxable income for the year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022: Year ended For the period from December 10, 2021 (commencement of operations) to Net increase (decrease) in net assets resulting from operations $ 86,620 $ (6,203) Net unrealized (appreciation) depreciation (22,685) 16,155 Book/tax difference due to capital gains incentive fees 278 — Other book/tax differences 7,115 (219) Taxable income (1) $ 71,328 $ 9,733 __________________ (1) The Company's taxable income for the year ended September 30, 2023 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2023. The final taxable income may be different than the estimate. |
Schedule of Components of Accumulated Overdistributed Earnings | As of September 30, 2023, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows: Undistributed ordinary income, net $ (7,672) Net realized capital losses (2,585) Unrealized gains, net 2,508 Accumulated overdistributed earnings $ (7,749) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Shareholder Servicing and/or Distribution Fees | The following table shows the shareholder servicing and/or distribution fees the Company pays the Distribution Manager with respect to the Class S, Class D and Class I on an annualized basis as a percentage of the Company’s NAV for such class. Shareholder Servicing and/or Distribution Fee as a % of NAV Class I shares — % Class S shares 0.85 % Class D shares 0.25 % |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | As of September 30, 2023 and September 30, 2022, the Company's investment portfolio consisted of the following: September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments Senior Secured Debt $ 1,814,372 94.39 % $ 415,550 93.44 % Subordinated Debt 98,352 5.12 % 22,136 4.98 % Preferred Equity 6,023 0.31 % 6,023 1.35 % Common Equity and Warrants 3,471 0.18 % 1,016 0.23 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets Senior Secured Debt $ 1,817,981 94.32 % 118.88 % $ 402,658 93.96 % 109.80 % Subordinated Debt 97,616 5.07 % 6.38 % 19,378 4.52 % 5.28 % Common Equity and Warrants 5,892 0.31 % 0.39 % 1,023 0.24 % 0.28 % Preferred Equity 5,748 0.30 % 0.38 % 5,497 1.28 % 1.50 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % September 30, 2023 September 30, 2022 Cost: % of Total Investments % of Total Investments United States $ 1,673,820 87.08 % $ 404,169 90.88 % Canada 56,725 2.95 % — — % United Kingdom 44,465 2.31 % (280) (0.06) % Luxembourg 41,426 2.16 % — — % India 39,296 2.04 % 4,925 1.11 % France 14,735 0.77 % 4,590 1.03 % Cayman Islands 12,746 0.66 % — — % Costa Rica 12,684 0.66 % 10,263 2.31 % Chile 11,191 0.58 % — — % Switzerland 10,172 0.53 % 10,096 2.27 % Netherlands 4,958 0.26 % — — % Germany — — % 5,352 1.20 % Ireland — — % 5,610 1.26 % Total $ 1,922,218 100.00 % $ 444,725 100.00 % September 30, 2023 September 30, 2022 Fair Value: % of Total Investments % of Net Assets % of Total Investments % of Net Assets United States $ 1,677,990 87.07 % 109.75 % $ 389,448 90.88 % 106.20 % Canada 56,622 2.94 % 3.70 % — — % — % United Kingdom 45,181 2.34 % 2.95 % — — % — % Luxembourg 41,043 2.13 % 2.68 % — — % — % India 39,318 2.04 % 2.57 % 3,646 0.85 % 0.99 % France 13,647 0.71 % 0.89 % 4,231 0.99 % 1.15 % Cayman Islands 13,135 0.68 % 0.86 % — — % — % Chile 12,529 0.65 % 0.82 % — — % — % Costa Rica 12,369 0.64 % 0.81 % 10,216 2.38 % 2.79 % Switzerland 9,861 0.51 % 0.64 % 9,947 2.32 % 2.71 % Netherlands 5,542 0.29 % 0.36 % — — % — % Germany — — % — % 5,203 1.21 % 1.42 % Ireland — — % — % 5,865 1.37 % 1.60 % Total $ 1,927,237 100.00 % 126.03 % $ 428,556 100.00 % 116.86 % (Share amounts in thousands) For the fiscal year ended For the period from December 10, 2021 (commencement of operations) to Class I Class S Class D Class I Class S Net asset value at beginning of period $ 23.47 $ 23.47 $ — $ — $ — Capital Contribution — — 23.23 25.00 23.71 Net investment income (1) 1.98 1.78 0.64 1.37 0.46 Net unrealized appreciation (depreciation) (1)(2) 0.55 0.55 0.43 (2.07) (0.25) Net realized gains (losses) (1) (0.13) (0.13) — 0.01 0.01 (Provision) benefit for taxes on realized and unrealized gains (losses) (1) — — — (0.02) (0.01) Net increase (decrease) in net assets resulting from operations 2.40 2.20 1.07 (0.71) 0.21 Distributions of net investment income to shareholders (2.10) (1.79) (0.63) (0.82) (0.45) Distributions in excess of net investment income (0.21) (0.32) (0.11) — — Net asset value at end of period $ 23.56 $ 23.56 $ 23.56 $ 23.47 $ 23.47 Total return (3) 10.73 % 9.80 % 4.65 % (2.91) % 0.87 % Common shares outstanding at beginning of the period or the commencement date 13,040 2,588 — 1,000 — Common shares outstanding at end of period 44,103 20,787 6 13,040 2,588 Net assets at the beginning of the period or the commencement date $ 305,989 $ 60,738 $ — $ 25,000 $ — Net assets at end of period $ 1,039,238 $ 489,821 $ 146 $ 305,989 $ 60,738 Average net assets (4) $ 606,222 $ 239,563 $ 101 $ 160,162 $ 42,587 Ratio of net investment income to average net assets (5) 8.31 % 7.45 % 2.63 % 5.72 % 1.93 % Ratio of total expenses to average net assets (5)(7) 5.93 % 6.74 % 2.06 % 4.47 % 1.61 % Ratio of net expenses to average net assets (5) 5.77 % 6.71 % 2.16 % 2.37 % 0.80 % Ratio of portfolio turnover to average investments at fair value (5) 23.61 % 23.61 % 23.61 % 20.48 % 20.48 % Weighted average outstanding debt $ 230,288 $ 230,288 $ 230,288 $ 53,565 $ 53,565 Average debt per share (1) $ 6.42 $ 6.42 $ 6.42 $ 7.39 $ 7.39 Asset coverage ratio (6) 443.64 % 443.64 % 443.64 % 588.97 % 588.97 % (1) Calculated based upon weighted average shares outstanding for the period. (2) The amount shown may not correspond with the net unrealized appreciation on investments for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 as it includes the effect of the timing of equity issuances. (3) Total return is calculated as the change in NAV per share during the period, plus distributions per share or capital activity, if any, divided by the beginning NAV per share, assuming a dividend reinvestment price equal to the NAV per share at the beginning of the period. (4) Calculated based upon the weighted average net assets for the period. (5) Financial results for the fiscal year ended September 30, 2023 and the period from December 10, 2021 (commencement of operations) to September 30, 2022 have not been annualized for purposes of this ratio. (6) Based on outstanding senior securities of $445.0 million and $75.0 million as of September 30, 2023 and 2022. (7) Total expenses to average net assets is prior to management fee waivers and expense support/reimbursements provided by the Adviser. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Commitments | A list of unfunded commitments by investment as of September 30, 2023 and September 30, 2022 is shown in the table below: September 30, 2023 September 30, 2022 CVAUSA Management, LLC $ 17,469 $ — 107-109 Beech OAK22 LLC 16,983 — OneOncology, LLC 13,159 — Seres Therapeutics, Inc. 12,990 — Delta Leasing SPV II LLC 11,560 21,469 Resistance Acquisition, Inc. 10,507 — MND Holdings III Corp 9,331 — Bamboo US Bidco LLC 9,100 — North Star Acquisitionco, LLC 7,732 — scPharmaceuticals Inc. 7,654 — BioXcel Therapeutics, Inc. 6,932 6,930 IW Buyer LLC 6,432 — Kings Buyer, LLC 5,471 547 ACP Falcon Buyer Inc 5,333 — Grove Hotel Parcel Owner, LLC 5,305 5,305 Entrata, Inc. 5,211 — Harrow, Inc. 5,018 — Inventus Power, Inc. 4,967 — iCIMs, Inc. 4,774 5,472 ADC Therapeutics SA 4,770 4,770 Evergreen IX Borrower 2023, LLC 4,006 — Transit Buyer LLC 3,850 — PPW Aero Buyer, Inc. 3,603 — Finastra USA, Inc. 3,577 — Ardonagh Midco 3 PLC 3,520 9,592 107 Fair Street LLC 3,434 — Establishment Labs Holdings Inc. 3,378 5,068 HUB Pen Company, LLC 3,213 — Dukes Root Control Inc. 3,104 — Innocoll Pharmaceuticals Limited 2,656 2,656 SEI Holding I Corporation 2,633 — Coupa Holdings, LLC 2,122 — Oranje Holdco, Inc. 1,968 — Avalara, Inc. 1,903 — Salus Workers' Compensation, LLC 1,898 — 112-126 Van Houten Real22 LLC 1,892 — Galileo Parent, Inc. 1,757 — SCP Eye Care Services, LLC 1,730 — LSL Holdco, LLC 1,015 203 Impel Pharmaceuticals Inc. 894 — Pluralsight, LLC 611 — ASP-R-PAC Acquisition Co LLC 588 588 Supreme Fitness Group NY Holdings, LLC 561 — MRI Software LLC — 4,754 Mesoblast, Inc. — 1,125 PFNY Holdings, LLC — 483 $ 224,611 $ 68,962 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Distributions | The following table presents distributions that were declared during the fiscal year ended September 30, 2023: Class I Date Declared Record Date Payment Date Distribution Per Share Distribution Amount October 26, 2022 October 31, 2022 November 28, 2022 $ 0.1800 $ 2,470 November 21, 2022 November 30, 2022 December 28, 2022 0.1900 2,818 December 21, 2022 December 31, 2022 January 30, 2023 0.1900 3,171 December 21, 2022 December 31, 2022 January 30, 2023 0.0400 668 January 24, 2023 January 31, 2023 February 24, 2023 0.1900 3,351 February 22, 2023 February 28, 2023 March 29, 2023 0.1900 3,834 March 22, 2023 March 31, 2023 April 27, 2023 0.1900 4,252 April 25, 2023 April 30, 2023 May 26, 2023 0.1900 4,568 May 22, 2023 May 31, 2023 June 28, 2023 0.1900 5,068 June 26, 2023 June 30, 2023 July 27, 2023 0.1900 5,605 July 24,2023 July 31, 2023 August 29, 2023 0.1900 7,094 August 22, 2023 August 31, 2023 September 27,2023 0.1900 7,710 September 27, 2023 September 30, 2023 October 27, 2023 0.1900 8,423 $ 2.3100 $ 59,032 Class S Date Declared Record Date Payment Date Distribution Per Share Distribution Amount October 26, 2022 October 31, 2022 November 28, 2022 $ 0.1634 $ 574 November 21, 2022 November 30, 2022 December 28, 2022 0.1735 684 December 21, 2022 December 31, 2022 January 30, 2023 0.1734 789 December 21, 2022 December 31, 2022 January 30, 2023 0.0400 182 January 24, 2023 January 31, 2023 February 24, 2023 0.1735 916 February 22, 2023 February 28, 2023 March 29, 2023 0.1733 1,024 March 22, 2023 March 31, 2023 April 27, 2023 0.1733 1,486 April 25, 2023 April 30, 2023 May 26, 2023 0.1734 1,764 May 22, 2023 May 31, 2023 June 28, 2023 0.1734 2,036 June 26, 2023 June 30, 2023 July 27, 2023 0.1735 2,381 July 24,2023 July 31, 2023 August 29, 2023 0.1734 2,749 August 22, 2023 August 31, 2023 September 27, 2023 0.1733 3,071 September 27, 2023 September 30, 2023 October 27, 2023 0.1733 3,603 $ 2.1107 $ 21,259 Class D Date Declared Record Date Payment Date Distribution Per Share Distribution Amount June 26, 2023 June 30, 2023 July 27, 2023 $ 0.1852 $ — July 24,2023 July 31, 2023 August 29, 2023 0.1851 1 August 22, 2023 August 31, 2023 September 27, 2023 0.1851 1 September 27, 2023 September 30, 2023 October 27, 2023 0.1851 1 $ 0.7405 $ 3 Class I Class S Class D Source of Distribution Per Share Amount Per Share Amount Per Share Amount Net investment income $ 2.1005 $ 52,482 $ 1.7872 $ 17,826 $ 0.6325 $ 2 Distributions in excess of net investment income 0.2095 6,550 0.3235 3,433 0.1080 1 Total $ 2.3100 $ 59,032 $ 2.1107 $ 21,259 $ 0.7405 $ 3 On October 25, 2023, the Board of Trustees of the Company declared a regular distribution on its outstanding common shares of beneficial interest in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I shares $ 0.1900 $ — $ 0.1900 Class S shares $ 0.1900 $ 0.0167 $ 0.1733 Class D shares $ 0.1900 $ 0.0049 $ 0.1851 On November 27, 2023, the Board of Trustees of the Company declared a regular distribution on the Company's outstanding common shares of beneficial interest in the amount per share set forth below: Gross Distribution Shareholder Servicing and/or Distribution Fee Net Distribution Class I shares $ 0.1900 $ — $ 0.1900 Class S shares $ 0.1900 $ 0.0166 $ 0.1734 Class D shares $ 0.1900 $ 0.0049 $ 0.1851 |
Organization (Details)
Organization (Details) - USD ($) $ / shares in Units, $ in Millions | 20 Months Ended | |||
Feb. 03, 2022 | Dec. 10, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Aggregate offering price | $ 5,000 | |||
Maximum amount of common stock purchase order | $ 100 | |||
Common Class I | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | 0.01 | ||
Shares issued and sold (in shares) | 43,994,524 | |||
Aggregate purchase price (less than for class D shares) | $ 1,045.4 | |||
Common Class I | Affiliated Entity | ||||
Class of Stock [Line Items] | ||||
Shares issued and sold (in shares) | 1,000,000 | |||
Aggregate purchase price (less than for class D shares) | $ 25 | $ 100 | ||
Common Class S | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | 0.01 | ||
Shares issued and sold (in shares) | 20,419,084 | |||
Aggregate purchase price (less than for class D shares) | $ 480.3 | |||
Common Class D | ||||
Class of Stock [Line Items] | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Shares issued and sold (in shares) | 6,177 | |||
Aggregate purchase price (less than for class D shares) | $ 0.1 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Accounting Policies [Abstract] | ||
Restricted cash | $ 0 | $ 5,637 |
Amortization period | 12 months | |
Organization expenses | 550 | $ 4 |
Deferred offering costs | 2,132 | 270 |
Amortization of deferred financing costs | $ 1,036 | $ 2,737 |
Portfolio Investments - Narrati
Portfolio Investments - Narrative (Details) $ in Thousands | Sep. 30, 2023 USD ($) borrower | Sep. 30, 2022 USD ($) borrower |
Schedule of Investments [Abstract] | ||
Fair value | $ | $ 1,927,237 | $ 428,556 |
Number of borrowers | borrower | 123 | 81 |
Portfolio Investments - Portfol
Portfolio Investments - Portfolio Composition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 1,922,218 | $ 444,725 |
Fair value | $ 1,927,237 | $ 428,556 |
% of Net Assets | 126.03% | 116.86% |
United States | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 1,673,820 | $ 404,169 |
Fair value | 1,677,990 | 389,448 |
Canada | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 56,725 | 0 |
Fair value | 56,622 | 0 |
United Kingdom | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 44,465 | (280) |
Fair value | 45,181 | 0 |
Luxembourg | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 41,426 | 0 |
Fair value | 41,043 | 0 |
India | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 39,296 | 4,925 |
Fair value | 39,318 | 3,646 |
France | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 14,735 | 4,590 |
Fair value | 13,647 | 4,231 |
Cayman Islands | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 12,746 | 0 |
Fair value | 13,135 | 0 |
Costa Rica | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 12,684 | 10,263 |
Fair value | 12,369 | 10,216 |
Chile | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 11,191 | 0 |
Fair value | 12,529 | 0 |
Switzerland | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 10,172 | 10,096 |
Fair value | 9,861 | 9,947 |
Netherlands | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 4,958 | 0 |
Fair value | 5,542 | 0 |
Germany | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 0 | 5,352 |
Fair value | 0 | 5,203 |
Ireland | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | 0 | 5,610 |
Fair value | $ 0 | $ 5,865 |
Investment Owned, At Cost | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 100% | 100% |
Investment Owned, At Cost | Geographic Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 100% | 100% |
Investment Owned, At Cost | Geographic Concentration Risk | United States | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 87.08% | 90.88% |
Investment Owned, At Cost | Geographic Concentration Risk | Canada | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.95% | 0% |
Investment Owned, At Cost | Geographic Concentration Risk | United Kingdom | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.31% | (0.06%) |
Investment Owned, At Cost | Geographic Concentration Risk | Luxembourg | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.16% | 0% |
Investment Owned, At Cost | Geographic Concentration Risk | India | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.04% | 1.11% |
Investment Owned, At Cost | Geographic Concentration Risk | France | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.77% | 1.03% |
Investment Owned, At Cost | Geographic Concentration Risk | Cayman Islands | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.66% | 0% |
Investment Owned, At Cost | Geographic Concentration Risk | Costa Rica | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.66% | 2.31% |
Investment Owned, At Cost | Geographic Concentration Risk | Chile | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.58% | 0% |
Investment Owned, At Cost | Geographic Concentration Risk | Switzerland | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.53% | 2.27% |
Investment Owned, At Cost | Geographic Concentration Risk | Netherlands | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.26% | 0% |
Investment Owned, At Cost | Geographic Concentration Risk | Germany | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.20% |
Investment Owned, At Cost | Geographic Concentration Risk | Ireland | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.26% |
Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 100% | 100% |
Investment Owned, At Fair Value | Geographic Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 100% | 100% |
% of Net Assets | 126.03% | 116.86% |
Investment Owned, At Fair Value | Geographic Concentration Risk | United States | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 87.07% | 90.88% |
% of Net Assets | 109.75% | 106.20% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Canada | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.94% | 0% |
% of Net Assets | 3.70% | 0% |
Investment Owned, At Fair Value | Geographic Concentration Risk | United Kingdom | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.34% | 0% |
% of Net Assets | 2.95% | 0% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Luxembourg | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.13% | 0% |
% of Net Assets | 2.68% | 0% |
Investment Owned, At Fair Value | Geographic Concentration Risk | India | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.04% | 0.85% |
% of Net Assets | 2.57% | 0.99% |
Investment Owned, At Fair Value | Geographic Concentration Risk | France | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.71% | 0.99% |
% of Net Assets | 0.89% | 1.15% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Cayman Islands | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.68% | 0% |
% of Net Assets | 0.86% | 0% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Costa Rica | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.64% | 2.38% |
% of Net Assets | 0.81% | 2.79% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Chile | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.65% | 0% |
% of Net Assets | 0.82% | 0% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Switzerland | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.51% | 2.32% |
% of Net Assets | 0.64% | 2.71% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Netherlands | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.29% | 0% |
% of Net Assets | 0.36% | 0% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Germany | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.21% |
% of Net Assets | 0% | 1.42% |
Investment Owned, At Fair Value | Geographic Concentration Risk | Ireland | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.37% |
% of Net Assets | 0% | 1.60% |
Senior secured debt | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 1,814,372 | $ 415,550 |
Fair value | $ 1,817,981 | $ 402,658 |
% of Net Assets | 118.88% | 109.80% |
Senior secured debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 94.39% | 93.44% |
Senior secured debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 94.32% | 93.96% |
Subordinated Debt | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 98,352 | $ 22,136 |
Fair value | $ 97,616 | $ 19,378 |
% of Net Assets | 6.38% | 5.28% |
Subordinated Debt | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 5.12% | 4.98% |
Subordinated Debt | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 5.07% | 4.52% |
Preferred equity | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 6,023 | $ 6,023 |
Fair value | $ 5,748 | $ 5,497 |
% of Net Assets | 0.38% | 1.50% |
Preferred equity | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.31% | 1.35% |
Preferred equity | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.30% | 1.28% |
Common Equity and Warrants | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 3,471 | $ 1,016 |
Fair value | $ 5,892 | $ 1,023 |
% of Net Assets | 0.39% | 0.28% |
Common Equity and Warrants | Investment Owned, At Cost | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.18% | 0.23% |
Common Equity and Warrants | Investment Owned, At Fair Value | Investment Type Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.31% | 0.24% |
Portfolio Investments - Composi
Portfolio Investments - Composition of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,915,597 | $ 422,036 |
% of Debt Investments | 100% | 100% |
Floating rate | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 1,716,908 | $ 369,698 |
% of Debt Investments | 89.63% | 87.60% |
Fixed rate | ||
Schedule of Investments [Line Items] | ||
Fair Value | $ 198,689 | $ 52,338 |
% of Debt Investments | 10.37% | 12.40% |
Portfolio Investments - Portf_2
Portfolio Investments - Portfolio of Investments by Industry (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 1,922,218 | $ 444,725 |
Fair value | $ 1,927,237 | $ 428,556 |
% of Net Assets | 126.03% | 116.86% |
Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 100% | 100% |
Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 100% | 100% |
Application Software | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 261,061 | $ 45,532 |
Fair value | $ 263,077 | $ 43,357 |
% of Net Assets | 17.23% | 11.84% |
Application Software | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 13.60% | 10.21% |
Application Software | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 13.67% | 10.12% |
Other Specialty Retail | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 104,787 | $ 1,875 |
Fair value | $ 104,861 | $ 1,895 |
% of Net Assets | 6.86% | 0.52% |
Other Specialty Retail | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 5.45% | 0.42% |
Other Specialty Retail | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 5.44% | 0.44% |
Diversified Metals & Mining | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 95,842 | $ 3,817 |
Fair value | $ 95,449 | $ 3,706 |
% of Net Assets | 6.24% | 1.01% |
Diversified Metals & Mining | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 4.99% | 0.86% |
Diversified Metals & Mining | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 4.95% | 0.86% |
Electrical Components & Equipment | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 75,692 | $ 3,368 |
Fair value | $ 75,916 | $ 3,319 |
% of Net Assets | 4.96% | 0.91% |
Electrical Components & Equipment | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.94% | 0.76% |
Electrical Components & Equipment | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.94% | 0.77% |
Environmental & Facilities Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 75,632 | $ 4,914 |
Fair value | $ 75,755 | $ 4,859 |
% of Net Assets | 4.95% | 1.32% |
Environmental & Facilities Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.93% | 1.10% |
Environmental & Facilities Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.93% | 1.13% |
Aerospace & Defense | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 75,592 | $ 5,388 |
Fair value | $ 75,628 | $ 5,147 |
% of Net Assets | 4.95% | 1.40% |
Aerospace & Defense | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.93% | 1.21% |
Aerospace & Defense | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.92% | 1.20% |
Health Care Technology | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 71,145 | $ 30,001 |
Fair value | $ 72,102 | $ 29,636 |
% of Net Assets | 4.71% | 8.08% |
Health Care Technology | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.70% | 6.75% |
Health Care Technology | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.74% | 6.92% |
Systems Software | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 70,431 | $ 19,190 |
Fair value | $ 70,227 | $ 18,159 |
% of Net Assets | 4.59% | 4.95% |
Systems Software | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.66% | 4.32% |
Systems Software | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.64% | 4.24% |
Pharmaceuticals | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 64,066 | $ 4,463 |
Fair value | $ 63,149 | $ 4,449 |
% of Net Assets | 4.13% | 1.21% |
Pharmaceuticals | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.33% | 1% |
Pharmaceuticals | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.28% | 1.04% |
Education Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 61,437 | $ 15,462 |
Fair value | $ 61,653 | $ 14,706 |
% of Net Assets | 4.03% | 4.01% |
Education Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.20% | 3.48% |
Education Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.20% | 3.43% |
Health Care Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 57,898 | $ 6,685 |
Fair value | $ 57,832 | $ 6,554 |
% of Net Assets | 3.78% | 1.79% |
Health Care Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3.01% | 1.50% |
Health Care Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 3% | 1.53% |
Distributors | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 52,155 | $ 12,702 |
Fair value | $ 51,939 | $ 12,443 |
% of Net Assets | 3.40% | 3.39% |
Distributors | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.71% | 2.86% |
Distributors | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.69% | 2.90% |
Specialized Finance | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 48,354 | $ 3,635 |
Fair value | $ 48,815 | $ 3,635 |
% of Net Assets | 3.19% | 0.99% |
Specialized Finance | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.52% | 0.82% |
Specialized Finance | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.53% | 0.85% |
Personal Care Products | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 44,968 | $ 5,802 |
Fair value | $ 44,284 | $ 5,530 |
% of Net Assets | 2.90% | 1.51% |
Personal Care Products | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.34% | 1.30% |
Personal Care Products | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.30% | 1.29% |
Property & Casualty Insurance | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 41,399 | $ 11,431 |
Fair value | $ 41,911 | $ 9,968 |
% of Net Assets | 2.74% | 2.72% |
Property & Casualty Insurance | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.15% | 2.57% |
Property & Casualty Insurance | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.17% | 2.33% |
Integrated Telecommunication Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 41,352 | $ 10,036 |
Fair value | $ 39,481 | $ 9,259 |
% of Net Assets | 2.58% | 2.52% |
Integrated Telecommunication Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.15% | 2.26% |
Integrated Telecommunication Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.05% | 2.16% |
Diversified Support Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 40,107 | $ 15,858 |
Fair value | $ 40,493 | $ 15,552 |
% of Net Assets | 2.65% | 4.24% |
Diversified Support Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.09% | 3.57% |
Diversified Support Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.10% | 3.63% |
Health Care Equipment | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 39,946 | $ 0 |
Fair value | $ 39,945 | $ 0 |
% of Net Assets | 2.61% | 0% |
Health Care Equipment | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.08% | 0% |
Health Care Equipment | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 2.07% | 0% |
Health Care Supplies | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 36,745 | $ 8,417 |
Fair value | $ 37,137 | $ 8,400 |
% of Net Assets | 2.43% | 2.29% |
Health Care Supplies | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.91% | 1.89% |
Health Care Supplies | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.93% | 1.96% |
Biotechnology | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 36,433 | $ 12,353 |
Fair value | $ 35,838 | $ 12,040 |
% of Net Assets | 2.34% | 3.28% |
Biotechnology | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.90% | 2.78% |
Biotechnology | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.86% | 2.81% |
Health Care Distributors | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 32,575 | $ 25,017 |
Fair value | $ 33,083 | $ 23,623 |
% of Net Assets | 2.16% | 6.44% |
Health Care Distributors | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.69% | 5.63% |
Health Care Distributors | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.72% | 5.51% |
Auto Parts & Equipment | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 32,444 | $ 0 |
Fair value | $ 33,061 | $ 0 |
% of Net Assets | 2.16% | 0% |
Auto Parts & Equipment | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.69% | 0% |
Auto Parts & Equipment | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.72% | 0% |
Diversified Financial Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 31,405 | $ 7,765 |
Fair value | $ 31,860 | $ 7,650 |
% of Net Assets | 2.08% | 2.09% |
Diversified Financial Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.63% | 1.75% |
Diversified Financial Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.65% | 1.79% |
Industrial Machinery & Supplies & Components | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 29,675 | $ 18,256 |
Fair value | $ 30,448 | $ 17,994 |
% of Net Assets | 1.99% | 4.91% |
Industrial Machinery & Supplies & Components | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.54% | 4.11% |
Industrial Machinery & Supplies & Components | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.58% | 4.20% |
Multi-Sector Holdings | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 28,293 | $ 5,311 |
Fair value | $ 28,863 | $ 5,441 |
% of Net Assets | 1.89% | 1.48% |
Multi-Sector Holdings | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.47% | 1.19% |
Multi-Sector Holdings | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.50% | 1.27% |
Gold | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 27,607 | $ 0 |
Fair value | $ 27,627 | $ 0 |
% of Net Assets | 1.81% | 0% |
Gold | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.44% | 0% |
Gold | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.43% | 0% |
Life Sciences Tools & Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 27,580 | $ 0 |
Fair value | $ 27,419 | $ 0 |
% of Net Assets | 1.79% | 0% |
Life Sciences Tools & Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.43% | 0% |
Life Sciences Tools & Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.42% | 0% |
Metal, Glass & Plastic Containers | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 25,834 | $ 7,478 |
Fair value | $ 25,799 | $ 7,376 |
% of Net Assets | 1.69% | 2.01% |
Metal, Glass & Plastic Containers | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.34% | 1.68% |
Metal, Glass & Plastic Containers | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.34% | 1.72% |
Trading Companies & Distributors | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 25,328 | $ 5,331 |
Fair value | $ 25,536 | $ 4,784 |
% of Net Assets | 1.67% | 1.30% |
Trading Companies & Distributors | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.32% | 1.20% |
Trading Companies & Distributors | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.33% | 1.12% |
Cable & Satellite | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 24,678 | $ 9,055 |
Fair value | $ 24,360 | $ 8,747 |
% of Net Assets | 1.59% | 2.39% |
Cable & Satellite | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.28% | 2.04% |
Cable & Satellite | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.26% | 2.04% |
Interactive Media & Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 23,766 | $ 0 |
Fair value | $ 23,999 | $ 0 |
% of Net Assets | 1.57% | 0% |
Interactive Media & Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.24% | 0% |
Interactive Media & Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.25% | 0% |
Office Services & Supplies | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 21,160 | $ 8,366 |
Fair value | $ 21,588 | $ 7,971 |
% of Net Assets | 1.41% | 2.17% |
Office Services & Supplies | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.10% | 1.88% |
Office Services & Supplies | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.12% | 1.86% |
Research & Consulting Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 20,717 | $ 7,739 |
Fair value | $ 21,180 | $ 7,616 |
% of Net Assets | 1.39% | 2.08% |
Research & Consulting Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.08% | 1.74% |
Research & Consulting Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.10% | 1.78% |
Health Care Facilities | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 20,456 | $ 9,820 |
Fair value | $ 20,564 | $ 9,715 |
% of Net Assets | 1.34% | 2.65% |
Health Care Facilities | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.06% | 2.21% |
Health Care Facilities | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 1.07% | 2.27% |
Restaurants | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 18,832 | $ 7,090 |
Fair value | $ 19,013 | $ 6,725 |
% of Net Assets | 1.24% | 1.83% |
Restaurants | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.98% | 1.59% |
Restaurants | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.99% | 1.57% |
Hotels, Resorts & Cruise Lines | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 17,167 | $ 17,250 |
Fair value | $ 17,051 | $ 17,281 |
% of Net Assets | 1.12% | 4.71% |
Hotels, Resorts & Cruise Lines | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.89% | 3.88% |
Hotels, Resorts & Cruise Lines | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.88% | 4.03% |
Real Estate Development | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 16,036 | $ 0 |
Fair value | $ 15,849 | $ 0 |
% of Net Assets | 1.04% | 0% |
Real Estate Development | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.83% | 0% |
Real Estate Development | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.82% | 0% |
Internet Services & Infrastructure | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 14,556 | $ 1,936 |
Fair value | $ 14,726 | $ 1,899 |
% of Net Assets | 0.96% | 0.52% |
Internet Services & Infrastructure | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.76% | 0.44% |
Internet Services & Infrastructure | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.76% | 0.44% |
Insurance Brokers | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 12,979 | $ (280) |
Fair value | $ 13,857 | $ 0 |
% of Net Assets | 0.91% | 0% |
Insurance Brokers | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.68% | (0.06%) |
Insurance Brokers | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.72% | 0% |
Passenger Airlines | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 11,191 | $ 0 |
Fair value | $ 12,529 | $ 0 |
% of Net Assets | 0.82% | 0% |
Passenger Airlines | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.58% | 0% |
Passenger Airlines | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.65% | 0% |
Advertising | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 11,167 | $ 7,232 |
Fair value | $ 11,343 | $ 6,992 |
% of Net Assets | 0.74% | 1.91% |
Advertising | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.58% | 1.63% |
Advertising | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.59% | 1.63% |
Leisure Facilities | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 9,445 | $ 8,824 |
Fair value | $ 9,093 | $ 8,889 |
% of Net Assets | 0.59% | 2.42% |
Leisure Facilities | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.49% | 1.98% |
Leisure Facilities | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.47% | 2.07% |
Consumer Finance | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 6,796 | $ 6,776 |
Fair value | $ 6,107 | $ 6,211 |
% of Net Assets | 0.40% | 1.69% |
Consumer Finance | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.35% | 1.52% |
Consumer Finance | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.32% | 1.45% |
Air Freight & Logistics | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 6,590 | $ 6,585 |
Fair value | $ 6,800 | $ 6,363 |
% of Net Assets | 0.44% | 1.74% |
Air Freight & Logistics | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.34% | 1.48% |
Air Freight & Logistics | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.35% | 1.48% |
Food Distributors | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 6,111 | $ 0 |
Fair value | $ 6,109 | $ 0 |
% of Net Assets | 0.40% | 0% |
Food Distributors | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.32% | 0% |
Food Distributors | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.32% | 0% |
Soft Drinks & Non-alcoholic Beverages | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 4,958 | $ 0 |
Fair value | $ 5,542 | $ 0 |
% of Net Assets | 0.36% | 0% |
Soft Drinks & Non-alcoholic Beverages | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.26% | 0% |
Soft Drinks & Non-alcoholic Beverages | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.29% | 0% |
Paper & Plastic Packaging Products & Materials | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 4,785 | $ 4,815 |
Fair value | $ 4,543 | $ 4,784 |
% of Net Assets | 0.30% | 1.30% |
Paper & Plastic Packaging Products & Materials | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.25% | 1.08% |
Paper & Plastic Packaging Products & Materials | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.24% | 1.12% |
Leisure Products | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 4,772 | $ 12,467 |
Fair value | $ 4,131 | $ 11,837 |
% of Net Assets | 0.27% | 3.23% |
Leisure Products | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.25% | 2.80% |
Leisure Products | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.21% | 2.76% |
Diversified Real Estate Activities | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 4,619 | $ 0 |
Fair value | $ 4,696 | $ 0 |
% of Net Assets | 0.31% | 0% |
Diversified Real Estate Activities | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.24% | 0% |
Diversified Real Estate Activities | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.24% | 0% |
Other Specialized REITs | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 3,574 | $ 3,512 |
Fair value | $ 2,947 | $ 2,920 |
% of Net Assets | 0.19% | 0.80% |
Other Specialized REITs | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.19% | 0.79% |
Other Specialized REITs | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.15% | 0.68% |
Construction Materials | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 2,080 | $ 0 |
Fair value | $ 2,022 | $ 0 |
% of Net Assets | 0.13% | 0% |
Construction Materials | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.11% | 0% |
Construction Materials | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0.10% | 0% |
Alternative Carriers | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 7,894 |
Fair value | $ 0 | $ 7,250 |
% of Net Assets | 0% | 1.98% |
Alternative Carriers | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.78% |
Alternative Carriers | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.69% |
Data Processing & Outsourced Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 6,780 |
Fair value | $ 0 | $ 6,581 |
% of Net Assets | 0% | 1.79% |
Data Processing & Outsourced Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.52% |
Data Processing & Outsourced Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.54% |
Electronic Components | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 6,650 |
Fair value | $ 0 | $ 6,462 |
% of Net Assets | 0% | 1.76% |
Electronic Components | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.50% |
Electronic Components | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.51% |
Internet & Direct Marketing Retail | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 4,890 |
Fair value | $ 0 | $ 4,757 |
% of Net Assets | 0% | 1.30% |
Internet & Direct Marketing Retail | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.10% |
Internet & Direct Marketing Retail | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.11% |
IT Consulting & Other Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 4,534 |
Fair value | $ 0 | $ 3,589 |
% of Net Assets | 0% | 0.98% |
IT Consulting & Other Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 1.02% |
IT Consulting & Other Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.84% |
Oil & Gas Refining & Marketing | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 3,950 |
Fair value | $ 0 | $ 3,990 |
% of Net Assets | 0% | 1.09% |
Oil & Gas Refining & Marketing | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.89% |
Oil & Gas Refining & Marketing | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.93% |
Airport Services | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 2,970 |
Fair value | $ 0 | $ 2,949 |
% of Net Assets | 0% | 0.80% |
Airport Services | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.67% |
Airport Services | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.69% |
Paper Products | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 2,953 |
Fair value | $ 0 | $ 2,847 |
% of Net Assets | 0% | 0.78% |
Paper Products | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.66% |
Paper Products | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.66% |
Diversified Banks | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 2,134 |
Fair value | $ 0 | $ 2,135 |
% of Net Assets | 0% | 0.58% |
Diversified Banks | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.48% |
Diversified Banks | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.50% |
Automotive Retail | ||
Schedule of Investments [Line Items] | ||
Investment owned, at cost | $ 0 | $ 696 |
Fair value | $ 0 | $ 564 |
% of Net Assets | 0% | 0.15% |
Automotive Retail | Investment Owned, At Cost | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.16% |
Automotive Retail | Investment Owned, At Fair Value | Investment Sector Concentration Risk | ||
Schedule of Investments [Line Items] | ||
% of Total Investments | 0% | 0.13% |
Portfolio Investments - Schedul
Portfolio Investments - Schedule of Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Schedule of Investments [Line Items] | ||
Fair value | $ 1,927,237 | $ 428,556 |
Derivative assets | 2,041 | 13 |
Total assets at fair value | 1,929,278 | 428,569 |
Senior secured debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 1,817,981 | 402,658 |
Subordinated Debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 97,616 | 19,378 |
Common Equity and Warrants | ||
Schedule of Investments [Line Items] | ||
Fair value | 5,892 | 1,023 |
Preferred equity | ||
Schedule of Investments [Line Items] | ||
Fair value | 5,748 | 5,497 |
Level 1 | ||
Schedule of Investments [Line Items] | ||
Fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 1 | Senior secured debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 0 | 0 |
Level 1 | Subordinated Debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 0 | 0 |
Level 1 | Common Equity and Warrants | ||
Schedule of Investments [Line Items] | ||
Fair value | 0 | 0 |
Level 1 | Preferred equity | ||
Schedule of Investments [Line Items] | ||
Fair value | 0 | 0 |
Level 2 | ||
Schedule of Investments [Line Items] | ||
Fair value | 838,097 | 265,664 |
Derivative assets | 2,041 | 13 |
Total assets at fair value | 840,138 | 265,677 |
Level 2 | Senior secured debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 754,220 | 249,589 |
Level 2 | Subordinated Debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 83,824 | 16,075 |
Level 2 | Common Equity and Warrants | ||
Schedule of Investments [Line Items] | ||
Fair value | 53 | 0 |
Level 2 | Preferred equity | ||
Schedule of Investments [Line Items] | ||
Fair value | 0 | 0 |
Level 3 | ||
Schedule of Investments [Line Items] | ||
Fair value | 1,089,140 | 162,892 |
Derivative assets | 0 | 0 |
Total assets at fair value | 1,089,140 | 162,892 |
Level 3 | Senior secured debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 1,063,761 | 153,069 |
Level 3 | Subordinated Debt | ||
Schedule of Investments [Line Items] | ||
Fair value | 13,792 | 3,303 |
Level 3 | Common Equity and Warrants | ||
Schedule of Investments [Line Items] | ||
Fair value | 5,839 | 1,023 |
Level 3 | Preferred equity | ||
Schedule of Investments [Line Items] | ||
Fair value | $ 5,748 | $ 5,497 |
Portfolio Investments - Roll-Fo
Portfolio Investments - Roll-Forward in the Changes in Fair Value (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | $ 162,892 | |
Purchases | $ 178,863 | 926,240 |
Sales and repayments | (14,729) | (14,717) |
Transfers in | 3,815 | |
Capitalized PIK interest income | 701 | 3,057 |
Accretion of OID | 471 | 3,793 |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | (2,414) | |
Fair value, ending balance | $ 162,892 | $ 1,089,140 |
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, after Tax | Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, after Tax |
Net unrealized appreciation (depreciation) relating to Level 3 assets still held and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations | $ (2,414) | $ 4,467 |
Net unrealized appreciation (depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net unrealized appreciation (depreciation) | Net unrealized appreciation (depreciation) |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | $ 4,757 | |
Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized gain (loss) | |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | $ (697) | |
Senior secured debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 153,069 | |
Purchases | $ 168,491 | 913,877 |
Sales and repayments | (14,701) | (14,717) |
Transfers in | 3,815 | |
Capitalized PIK interest income | 701 | 2,477 |
Accretion of OID | 471 | 3,793 |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | (1,893) | |
Fair value, ending balance | 153,069 | 1,063,761 |
Net unrealized appreciation (depreciation) relating to Level 3 assets still held and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations | (1,893) | 1,854 |
Senior secured debt | Net unrealized appreciation (depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 2,144 | |
Senior secured debt | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | (697) | |
Subordinated Debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 3,303 | |
Purchases | 3,303 | 9,909 |
Sales and repayments | 0 | 0 |
Transfers in | 0 | |
Capitalized PIK interest income | 0 | 580 |
Accretion of OID | 0 | 0 |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 0 | |
Fair value, ending balance | 3,303 | 13,792 |
Net unrealized appreciation (depreciation) relating to Level 3 assets still held and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations | 0 | 0 |
Subordinated Debt | Net unrealized appreciation (depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 0 | |
Subordinated Debt | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 0 | |
Preferred equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 5,497 | |
Purchases | 6,024 | 0 |
Sales and repayments | 0 | 0 |
Transfers in | 0 | |
Capitalized PIK interest income | 0 | 0 |
Accretion of OID | 0 | 0 |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | (527) | |
Fair value, ending balance | 5,497 | 5,748 |
Net unrealized appreciation (depreciation) relating to Level 3 assets still held and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations | (527) | 251 |
Preferred equity | Net unrealized appreciation (depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 251 | |
Preferred equity | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 0 | |
Common Equity and Warrants | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning balance | 1,023 | |
Purchases | 1,045 | 2,454 |
Sales and repayments | (28) | 0 |
Transfers in | 0 | |
Capitalized PIK interest income | 0 | 0 |
Accretion of OID | 0 | 0 |
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 6 | |
Fair value, ending balance | 1,023 | 5,839 |
Net unrealized appreciation (depreciation) relating to Level 3 assets still held and reported within net unrealized appreciation (depreciation) in the Consolidated Statement of Operations | $ 6 | 2,362 |
Common Equity and Warrants | Net unrealized appreciation (depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | 2,362 | |
Common Equity and Warrants | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net unrealized appreciation (depreciation)/Net realized gains (losses) | $ 0 |
Portfolio Investments - Signifi
Portfolio Investments - Significant Unobservable Inputs for Level 3 Investments (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 1,927,237 | $ 428,556 |
Senior secured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | 1,817,981 | 402,658 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | 1,089,140 | 162,892 |
Level 3 | Senior secured debt | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | 1,063,761 | 153,069 |
Level 3 | Senior secured debt | Market Yield | Market Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 906,639 | $ 132,827 |
Level 3 | Senior secured debt | Market Yield | Market Yield | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.100 | 0.110 |
Level 3 | Senior secured debt | Market Yield | Market Yield | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.320 | 0.160 |
Level 3 | Senior secured debt | Market Yield | Market Yield | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.133 | 0.125 |
Level 3 | Senior secured debt | Transaction Precedent | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 93,170 | |
Level 3 | Senior secured debt | Broker Quotations | Broker Quoted Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | 63,952 | $ 20,242 |
Level 3 | Subordinated debt | Market Yield | Market Yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 13,792 | $ 3,303 |
Level 3 | Subordinated debt | Market Yield | Market Yield | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.090 | 0.090 |
Level 3 | Subordinated debt | Market Yield | Market Yield | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.110 | 0.110 |
Level 3 | Subordinated debt | Market Yield | Market Yield | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.100 | 0.100 |
Level 3 | Common equity and warrants & preferred equity | Transaction Precedent | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 332 | $ 332 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | Revenue Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 3,424 | $ 612 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | Revenue Multiple | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.7 | 7.6 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | Revenue Multiple | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 3.2 | 10.1 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | Revenue Multiple | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.7 | 8.1 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value | $ 7,831 | $ 5,576 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | EBITDA Multiple | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 6 | 9.8 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | EBITDA Multiple | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 15.1 | 15.5 |
Level 3 | Common equity and warrants & preferred equity | Enterprise Value | EBITDA Multiple | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 12.9 | 15.1 |
Fee Income (Details)
Fee Income (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Fee income | $ 178 | $ 1,072 |
Recurring fee income | $ 75 | $ 218 |
Share Data and Distributions -
Share Data and Distributions - Schedule of Changes in Net Assets (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | 22 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | |
Investment Company, Net Assets [Roll Forward] | |||
Beginning of period (in shares) | 15,628,000 | ||
Net assets at beginning of period | $ 0 | $ 366,727 | $ 0 |
Issuance of Common shares | 380,207 | 1,145,700 | |
Issuance of Common shares under dividend reinvestment plan | 595 | 15,828 | |
Shares repurchased, net of early repurchase deduction | (5,376) | ||
Net investment income | 9,985 | 68,212 | |
Net unrealized appreciation (depreciation) | (16,155) | 22,685 | |
Net realized gains (losses) | 90 | (4,050) | |
Provision for income tax (expense) benefit | (123) | (227) | |
Distributions to shareholders | $ (7,872) | $ (80,294) | |
End of period (in shares) | 15,628,000 | 64,896,000 | 64,896,000 |
Net assets at end of period | $ 366,727 | $ 1,529,205 | $ 1,529,205 |
Common Shares | |||
Investment Company, Net Assets [Roll Forward] | |||
Beginning of period (in shares) | 15,628 | ||
Net assets at beginning of period | $ 156 | ||
Issuance of Common Shares (in shares) | 15,598 | 48,821 | |
Issuance of Common shares | $ 156 | $ 488 | |
Issuance of Common Shares under dividend reinvestment plan (in shares) | 30 | 675 | |
Issuance of Common shares under dividend reinvestment plan | $ 7 | ||
Shares repurchased, net of early repurchase deduction (in shares) | (228) | ||
Shares repurchased, net of early repurchase deduction | $ (2) | ||
End of period (in shares) | 15,628 | 64,896 | 64,896 |
Net assets at end of period | $ 156 | $ 649 | $ 649 |
Additional Paid-in-Capital | |||
Investment Company, Net Assets [Roll Forward] | |||
Net assets at beginning of period | 380,646 | ||
Issuance of Common shares | 380,051 | 1,145,212 | |
Issuance of Common shares under dividend reinvestment plan | 595 | 15,821 | |
Shares repurchased, net of early repurchase deduction | (5,374) | ||
Net assets at end of period | 380,646 | 1,536,305 | 1,536,305 |
Accumulated Distributable Earnings (Loss) | |||
Investment Company, Net Assets [Roll Forward] | |||
Net assets at beginning of period | (14,075) | ||
Issuance of Common shares | 0 | ||
Net investment income | 9,985 | 68,212 | |
Net unrealized appreciation (depreciation) | (16,155) | 22,685 | |
Net realized gains (losses) | 90 | (4,050) | |
Provision for income tax (expense) benefit | (123) | (227) | |
Distributions to shareholders | (7,872) | (80,294) | |
Net assets at end of period | $ (14,075) | $ (7,749) | $ (7,749) |
Share Data and Distributions _2
Share Data and Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 10 Months Ended | 12 Months Ended | 20 Months Ended | 22 Months Ended | ||
Dec. 10, 2021 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Feb. 03, 2022 | |
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Percent of common shares outstanding | 5% | |||||
Holding period | 1 year | |||||
Early repurchase deduction | 2% | |||||
Common Class I | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Shares issued and sold (in shares) | 43,994,524 | |||||
Aggregate purchase price (less than for class D shares) | $ 1,045.4 | |||||
Common share (in shares) | 21,337,000 | 312,297 | 333,633 | |||
Shares repurchased (in shares) | 225,337 | |||||
Common Class I | Affiliated Entity | ||||||
Class of Stock [Line Items] | ||||||
Shares issued and sold (in shares) | 1,000,000 | |||||
Aggregate purchase price (less than for class D shares) | $ 25 | $ 100 | ||||
Shares issued and sold, price per share (in dollars per share) | $ 25 | |||||
Common Class S | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Shares issued and sold (in shares) | 20,419,084 | |||||
Aggregate purchase price (less than for class D shares) | $ 480.3 | |||||
Common share (in shares) | 8,418,000 | 362,467 | 370,885 | |||
Shares repurchased (in shares) | 2,830 | |||||
Common Class D | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Shares issued and sold (in shares) | 6,177 | |||||
Aggregate purchase price (less than for class D shares) | $ 0.1 | |||||
Common share (in shares) | 17 | 17 | ||||
Shares repurchased (in shares) | 0 |
Share Data and Distributions _3
Share Data and Distributions - Summary of Transactions in Common Shares (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended | 22 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2023 | |
Class of Stock [Line Items] | |||
Issuance of Common shares | $ 380,207 | $ 1,145,700 | |
Issuance of Common shares under dividend reinvestment plan | $ 595 | 15,828 | |
Shares repurchased, net of early repurchase deduction | $ (5,376) | ||
Net increase (decrease) (in shares) | 15,628,428,000 | 49,267,725 | |
Net increase (decrease) | $ 380,802 | $ 1,156,152 | |
Common Class I | |||
Class of Stock [Line Items] | |||
Issuance of Common Shares (in shares) | 13,018,689,000 | 30,975,834 | |
Issuance of Common shares | $ 318,578 | $ 726,878 | |
Issuance of Common Shares under dividend reinvestment plan (in shares) | 21,337,000 | 312,297 | 333,633 |
Issuance of Common shares under dividend reinvestment plan | $ 393 | $ 7,328 | |
Shares repurchased, net of early repurchase deduction (in shares) | (225,337) | ||
Shares repurchased, net of early repurchase deduction | $ 0 | $ (5,309) | |
Net increase (decrease) (in shares) | 13,040,026,000 | 31,062,794 | |
Net increase (decrease) | $ 318,971 | $ 728,897 | |
Common Class S | |||
Class of Stock [Line Items] | |||
Issuance of Common Shares (in shares) | 2,579,984,000 | 17,839,100 | |
Issuance of Common shares | $ 61,629 | $ 418,677 | |
Issuance of Common Shares under dividend reinvestment plan (in shares) | 8,418,000 | 362,467 | 370,885 |
Issuance of Common shares under dividend reinvestment plan | $ 202 | $ 8,500 | |
Shares repurchased, net of early repurchase deduction (in shares) | (2,830) | ||
Shares repurchased, net of early repurchase deduction | $ 0 | $ (67) | |
Net increase (decrease) (in shares) | 2,588,402,000 | 18,198,737 | |
Net increase (decrease) | $ 61,831 | $ 427,110 | |
Common Class D | |||
Class of Stock [Line Items] | |||
Issuance of Common Shares (in shares) | 6,177 | ||
Issuance of Common shares | $ 0 | $ 145 | |
Issuance of Common Shares under dividend reinvestment plan (in shares) | 17 | 17 | |
Issuance of Common shares under dividend reinvestment plan | $ 0 | ||
Shares repurchased, net of early repurchase deduction (in shares) | 0 | ||
Shares repurchased, net of early repurchase deduction | $ 0 | ||
Net increase (decrease) (in shares) | 6,194 | ||
Net increase (decrease) | $ 145 |
Share Data and Distributions _4
Share Data and Distributions - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | ||||||||||||||
Nov. 27, 2023 | Oct. 27, 2023 | Oct. 25, 2023 | Sep. 27, 2023 | Aug. 29, 2023 | Jul. 27, 2023 | Jun. 28, 2023 | May 26, 2023 | Apr. 27, 2023 | Mar. 29, 2023 | Feb. 24, 2023 | Jan. 30, 2023 | Dec. 28, 2022 | Nov. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | |
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Total | $ 7,872 | $ 80,294 | ||||||||||||||
Common Class I | ||||||||||||||||
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Net investment income (in dollars per share) | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1900 | $ 0.1800 | $ 0.82 | $ 2.1005 | |||
Distributions in excess of net investment income (in dollars per share) | $ 0.0400 | 0 | 0.2095 | |||||||||||||
Amount per share (dollars per share) | $ 2.3100 | |||||||||||||||
Net investment income | $ 7,710 | $ 7,094 | $ 5,605 | $ 5,068 | $ 4,568 | $ 4,252 | $ 3,834 | $ 3,351 | $ 3,171 | $ 2,818 | $ 2,470 | $ 52,482 | ||||
Distributions in excess of net investment income | $ 668 | 6,550 | ||||||||||||||
Total | $ 59,032 | |||||||||||||||
Common Class I | Subsequent Event | ||||||||||||||||
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Net investment income (in dollars per share) | $ 0.1900 | |||||||||||||||
Amount per share (dollars per share) | $ 0.1900 | $ 0.1900 | ||||||||||||||
Net investment income | $ 8,423 | |||||||||||||||
Common Class S | ||||||||||||||||
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Net investment income (in dollars per share) | $ 0.1733 | $ 0.1734 | $ 0.1735 | $ 0.1734 | $ 0.1734 | $ 0.1733 | $ 0.1733 | $ 0.1735 | $ 0.1734 | $ 0.1735 | $ 0.1634 | 0.45 | $ 1.7872 | |||
Distributions in excess of net investment income (in dollars per share) | $ 0.0400 | $ 0 | 0.3235 | |||||||||||||
Amount per share (dollars per share) | $ 2.1107 | |||||||||||||||
Net investment income | $ 3,071 | $ 2,749 | $ 2,381 | $ 2,036 | $ 1,764 | $ 1,486 | $ 1,024 | $ 916 | $ 789 | $ 684 | $ 574 | $ 17,826 | ||||
Distributions in excess of net investment income | $ 182 | 3,433 | ||||||||||||||
Total | $ 21,259 | |||||||||||||||
Common Class S | Subsequent Event | ||||||||||||||||
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Net investment income (in dollars per share) | $ 0.1733 | |||||||||||||||
Amount per share (dollars per share) | 0.1900 | 0.1900 | ||||||||||||||
Net investment income | $ 3,603 | |||||||||||||||
Common Class D | ||||||||||||||||
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Net investment income (in dollars per share) | $ 0.1851 | $ 0.1851 | $ 0.1852 | $ 0.6325 | ||||||||||||
Distributions in excess of net investment income (in dollars per share) | 0.1080 | |||||||||||||||
Amount per share (dollars per share) | $ 0.7405 | |||||||||||||||
Net investment income | $ 1 | $ 1 | $ 0 | $ 2 | ||||||||||||
Distributions in excess of net investment income | 1 | |||||||||||||||
Total | $ 3 | |||||||||||||||
Common Class D | Subsequent Event | ||||||||||||||||
Investment Company, Changes in Net Assets [Line Items] | ||||||||||||||||
Net investment income (in dollars per share) | $ 0.1851 | |||||||||||||||
Amount per share (dollars per share) | $ 0.1900 | $ 0.1900 | ||||||||||||||
Net investment income | $ 1 |
Share Data and Distributions _5
Share Data and Distributions - Schedule of Share Repurchases (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Class of Stock [Line Items] | |
Amount Repurchased (all classes) | $ 5,376 |
June 30, 2023 | |
Class of Stock [Line Items] | |
Total Number of Shares Repurchased (all classes) (in shares) | shares | 1,692 |
Percentage of Outstanding Shares Repurchased | 0.01% |
Price Paid Per Share (in dollars per share) | $ / shares | $ 23.48 |
Amount Repurchased (all classes) | $ 39 |
September 30, 2023 | |
Class of Stock [Line Items] | |
Total Number of Shares Repurchased (all classes) (in shares) | shares | 226,475 |
Percentage of Outstanding Shares Repurchased | 0.52% |
Price Paid Per Share (in dollars per share) | $ / shares | $ 23.56 |
Amount Repurchased (all classes) | $ 5,336 |
Borrowings (Details)
Borrowings (Details) - USD ($) | 10 Months Ended | 12 Months Ended | |||||||||
Sep. 29, 2023 | Jun. 28, 2023 | Feb. 24, 2023 | May 25, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Aug. 15, 2023 | Aug. 14, 2023 | Jul. 05, 2023 | Oct. 06, 2022 | May 24, 2022 | |
Line of Credit Facility [Line Items] | |||||||||||
Borrowings outstanding | $ 75,000,000 | $ 445,000,000 | |||||||||
Line of Credit | ING Credit Agreement | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | $ 450,000,000 | $ 1,185,000,000 | $ 1,110,000,000 | $ 490,000,000 | $ 150,000,000 | ||||||
Availability period | 4 years | ||||||||||
Maturity date period | 5 years | ||||||||||
Increase in borrowing capacity | $ 75,000,000 | $ 40,000,000 | |||||||||
Unused capacity, commitment fee | 0.375% | 0.375% | |||||||||
Unused capacity, commitment fee, potential increase, percentage | 1% | ||||||||||
Line of credit facility, unused capacity, percentage threshold | 65% | ||||||||||
Accordion feature, increase limit | $ 1,250,000,000 | ||||||||||
Accordion feature, increase limit, percentage of shareholders' equity | 150% | ||||||||||
Borrowings outstanding | $ 75,000,000 | $ 320,000,000 | |||||||||
Weighted average interest rate | 3.76% | 6.93% | |||||||||
Interest expense inclusive of fees | $ 2,285,000 | $ 18,066,000 | |||||||||
Line of Credit | ING Credit Agreement | Secured Overnight Financing Rate (SOFR) | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 2.15% | 1.875% | |||||||||
Line of Credit | ING Credit Agreement | Secured Overnight Financing Rate (SOFR) | External Credit Rating, Investment Grade | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 2.05% | ||||||||||
Line of Credit | ING Credit Agreement | Base Rate | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 1.15% | 0.875% | |||||||||
Line of Credit | ING Credit Agreement | Base Rate | External Credit Rating, Investment Grade | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 1.05% | ||||||||||
Line of Credit | ING Credit Agreement | Federal Funds Effective Rate | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 0.50% | 0.50% | |||||||||
Line of Credit | ING Credit Agreement | Overnight Bank Funding Rate | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 0.50% | 0.50% | |||||||||
Line of Credit | ING Credit Agreement Amendment | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | $ 1,110,000,000 | ||||||||||
Availability period | 4 years | ||||||||||
Maturity date period | 5 years | ||||||||||
Line of Credit | JPM SPV Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | $ 150,000,000 | $ 300,000,000 | |||||||||
Maturity date period | 5 years | ||||||||||
Accordion feature, increase limit | $ 500,000,000 | ||||||||||
Borrowings outstanding | $ 125,000,000 | ||||||||||
Weighted average interest rate | 8.17% | ||||||||||
Interest expense inclusive of fees | $ 3,740,000 | ||||||||||
Reinvestment period | 3 years | ||||||||||
Tenor | 3 months | ||||||||||
Line of Credit | JPM SPV Facility | Secured Overnight Financing Rate (SOFR) | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 2.95% | ||||||||||
Line of Credit | SMBC SPV Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | $ 150,000,000 | ||||||||||
Availability period | 3 years | ||||||||||
Unused capacity, commitment fee | 0.50% | ||||||||||
Line of credit facility, unused capacity, percentage threshold | 0.50% | ||||||||||
Borrowings outstanding | 0 | ||||||||||
Interest expense inclusive of fees | 8,000 | ||||||||||
Term | 5 years | ||||||||||
Interest rate | 0.75% | ||||||||||
Line of Credit | SMBC SPV Facility | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario One | Minimum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 2.45% | ||||||||||
Line of Credit | SMBC SPV Facility | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario Two | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 1% | ||||||||||
Line of Credit | SMBC SPV Facility | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario Two | Minimum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, additional basis spread, variable rate | 1.45% | ||||||||||
Line of Credit | SMBC SPV Facility | Secured Overnight Financing Rate (SOFR) | Collateral Credit Facility | Interest Rate Scenario One | Maximum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 3% | ||||||||||
Line of Credit | SMBC SPV Facility | Secured Overnight Financing Rate (SOFR) | Collateral Credit Facility | Interest Rate Scenario Two | Maximum | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, additional basis spread, variable rate | 2% | ||||||||||
Line of Credit | SMBC SPV Facility | Base Rate | Interest Rate Scenario Two | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 0% | ||||||||||
Line of Credit | SMBC SPV Facility | Federal Funds Effective Rate | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt instrument, basis spread, variable rate | 50% | ||||||||||
Letter of Credit | ING Credit Agreement | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | $ 25,000,000 | ||||||||||
Letter of Credit | ING Credit Agreement Amendment | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Aggregate principal amount | $ 25,000,000 | ||||||||||
Secured Debt | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Weighted average interest rate | 3% | ||||||||||
Interest expense inclusive of fees | $ 256,000 | $ 0 |
Taxable_Distributable Income -
Taxable/Distributable Income - Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
Net increase (decrease) in net assets resulting from operations | $ (6,203) | $ 86,620 |
Net unrealized (appreciation) depreciation | 16,155 | (22,685) |
Book/tax difference due to capital gains incentive fees | 0 | 278 |
Other book/tax differences | (219) | 7,115 |
Taxable income | $ 9,733 | $ 71,328 |
Taxable_Distributable Income _2
Taxable/Distributable Income - Narrative (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||
(Provision) benefit for taxes on realized and unrealized gains (losses) | $ 123 | $ 227 |
Income tax expense (benefit) | 123 | 271 |
Deferred income tax expense (benefit) | 44 | (44) |
Current tax expense | 79 | |
Cost of investments | 1,926,300 | |
Unrealized appreciation | $ 23,800 | |
Unrealized depreciation | 21,300 | |
Unrealized appreciation (depreciation) | $ (2,500) |
Taxable_Distributable Income _3
Taxable/Distributable Income - Components of Accumulated Overdistributed Earnings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Undistributed ordinary income, net | $ (7,672) | |
Net realized capital losses | (2,585) | |
Unrealized gains, net | 2,508 | |
Accumulated overdistributed earnings | $ (7,749) | $ (14,075) |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands | 10 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Related Party Transaction [Line Items] | ||
Base management fee | $ 1,359 | $ 10,518 |
Management and incentive fees waived | 2,122 | 1,642 |
Investment income incentive fee | 763 | 10,042 |
Administrator expense | 207 | 939 |
Class S and Class D distribution and shareholder servicing fees | 92 | $ 2,024 |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Base management fee rate (as a percent) | 1.25% | |
Reimbursement expense | 1,586 | $ 852 |
Reimbursement payments | 1,393 | |
Affiliated Entity | Management Fee | ||
Related Party Transaction [Line Items] | ||
Base management fee | 10,518 | |
Management and incentive fees waived | 1,359 | $ 877 |
Affiliated Entity | Investment Income Incentive Fee, Hurdle Rate, Quarterly | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 1.25% | |
Affiliated Entity | Investment Income Incentive Fee, Hurdle Rate, Annualized | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 5% | |
Affiliated Entity | Investment Income Incentive Fee, Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 100% | |
Affiliated Entity | Investment Income Incentive Fee, Incentive Rate, Quarterly Catch-Up Threshold | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 1.4286% | |
Affiliated Entity | Investment Income Incentive Fee, Incentive Rate, Annualized Catch-Up Threshold | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 5.714% | |
Affiliated Entity | Investment Income Incentive Fee, Incentive Rate, Pre-Incentive Fee Net Investment Income | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 12.50% | |
Management and incentive rate, not allocated | 87.50% | |
Affiliated Entity | Incentive Fee | ||
Related Party Transaction [Line Items] | ||
Management and incentive fees waived | $ 765 | |
Investment income incentive fee | 763 | $ 10,042 |
Affiliated Entity | Incentive Rate, Capital Gains Incentive Fee | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 12.50% | |
Affiliated Entity | Investment Advisory Agreement and Administration Agreement | ||
Related Party Transaction [Line Items] | ||
Agreement term | 2 years | |
Agreement termination, written notice period | 60 days | |
Affiliated Entity | Investment Advisory Agreement | ||
Related Party Transaction [Line Items] | ||
Incentive fee payable | 0 | $ 278 |
Affiliated Entity | Investment Advisory Agreement | Adviser | ||
Related Party Transaction [Line Items] | ||
Agreement termination, written notice period | 120 days | |
Affiliated Entity | Administration Agreement | ||
Related Party Transaction [Line Items] | ||
Administrator expense | 332 | $ 1,207 |
General and administrative expenses | 192 | |
Organization expenses | $ 76 | |
Affiliated Entity | Administration Agreement | Admnistrator | ||
Related Party Transaction [Line Items] | ||
Agreement termination, written notice period | 60 days | |
Affiliated Entity | Administration Agreement | Administrator Expense | ||
Related Party Transaction [Line Items] | ||
Administrator expense | 207 | $ 939 |
Affiliated Entity | Administration Agreement | General and Administrative Expense | ||
Related Party Transaction [Line Items] | ||
Administrator expense | 44 | |
Affiliated Entity | Administration Agreement | Organization Expense and Amortization of Offering Costs | ||
Related Party Transaction [Line Items] | ||
Administrator expense | $ 81 | |
Affiliated Entity | Distribution Manager Agreement | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 10% | |
Agreement termination, written notice period | 60 days | |
Affiliated Entity | Distribution Manager Agreement | Common Class I | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 0% | |
Affiliated Entity | Distribution Manager Agreement | Common Class S | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 0.85% | |
Affiliated Entity | Distribution Manager Agreement | Common Class D | ||
Related Party Transaction [Line Items] | ||
Management incentive rate | 0.25% | |
Affiliated Entity | Expense Support and Conditional Reimbursement Agreement | ||
Related Party Transaction [Line Items] | ||
Expense payments by Adviser, period | 45 days | |
Reimbursement payments, period | 3 years |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Shareholder Servicing and/or Distribution Fees (Details) - Distribution Manager Agreement - Affiliated Entity | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transaction [Line Items] | |
Management incentive rate | 10% |
Common Class I | |
Related Party Transaction [Line Items] | |
Management incentive rate | 0% |
Common Class S | |
Related Party Transaction [Line Items] | |
Management incentive rate | 0.85% |
Common Class D | |
Related Party Transaction [Line Items] | |
Management incentive rate | 0.25% |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 10 Months Ended | 12 Months Ended | |||||||||||
Sep. 27, 2023 | Aug. 29, 2023 | Jul. 27, 2023 | Jun. 28, 2023 | May 26, 2023 | Apr. 27, 2023 | Mar. 29, 2023 | Feb. 24, 2023 | Jan. 30, 2023 | Dec. 28, 2022 | Nov. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | |
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||
Net asset value at beginning of period (in dollars per share) | $ 23.47 | ||||||||||||
Net asset value at end of period (in dollars per share) | $ 23.47 | $ 23.56 | |||||||||||
Common shares outstanding at beginning of period (in shares) | 15,628,000 | ||||||||||||
Common shares outstanding at end of period (in shares) | 15,628,000 | 64,896,000 | |||||||||||
Credit facilities payable | $ 75,000 | $ 445,000 | |||||||||||
Common Class I | |||||||||||||
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||
Net asset value at beginning of period (in dollars per share) | $ 0 | $ 23.47 | |||||||||||
Capital Contribution (in dollars per share) | 25 | 0 | |||||||||||
Net investment income (in dollars per share) | 1.37 | 1.98 | |||||||||||
Net unrealized appreciation (depreciation) (in dollars per share) | (2.07) | 0.55 | |||||||||||
Net realized gains (losses) (in dollars per share) | 0.01 | (0.13) | |||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (in dollars per share) | (0.02) | 0 | |||||||||||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | (0.71) | 2.40 | |||||||||||
Distributions of net investment income to shareholders (in dollars per share) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1900) | $ (0.1800) | (0.82) | (2.1005) |
Distributions in excess of net investment income (in dollars per share) | (0.0400) | 0 | (0.2095) | ||||||||||
Net asset value at end of period (in dollars per share) | $ 23.47 | $ 23.56 | |||||||||||
Total return | (2.91%) | 10.73% | |||||||||||
Common shares outstanding at beginning of period (in shares) | 1,000,000 | 13,040,000 | |||||||||||
Common shares outstanding at end of period (in shares) | 13,040,000 | 44,103,000 | |||||||||||
Net assets at beginning of period | $ 25,000 | $ 305,989 | |||||||||||
Net assets at end of period | 305,989 | 1,039,238 | |||||||||||
Average net assets | $ 160,162 | $ 606,222 | |||||||||||
Ratio of net investment income to average net assets | 5.72% | 8.31% | |||||||||||
Ratio of total expenses to average net assets | 4.47% | 5.93% | |||||||||||
Ratio of net expenses to average net assets | 2.37% | 5.77% | |||||||||||
Ratio of portfolio turnover to average investments at fair value | 20.48% | 23.61% | |||||||||||
Weighted average outstanding debt | $ 53,565 | $ 230,288 | |||||||||||
Average debt per share (in dollars per share) | $ 7.39 | $ 6.42 | |||||||||||
Asset coverage ratio | 588.97% | 443.64% | |||||||||||
Common Class S | |||||||||||||
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||
Net asset value at beginning of period (in dollars per share) | $ 0 | $ 23.47 | |||||||||||
Capital Contribution (in dollars per share) | 23.71 | 0 | |||||||||||
Net investment income (in dollars per share) | 0.46 | 1.78 | |||||||||||
Net unrealized appreciation (depreciation) (in dollars per share) | (0.25) | 0.55 | |||||||||||
Net realized gains (losses) (in dollars per share) | 0.01 | (0.13) | |||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (in dollars per share) | (0.01) | 0 | |||||||||||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 0.21 | 2.20 | |||||||||||
Distributions of net investment income to shareholders (in dollars per share) | (0.1733) | (0.1734) | (0.1735) | $ (0.1734) | $ (0.1734) | $ (0.1733) | $ (0.1733) | $ (0.1735) | (0.1734) | $ (0.1735) | $ (0.1634) | (0.45) | (1.7872) |
Distributions in excess of net investment income (in dollars per share) | $ (0.0400) | 0 | (0.3235) | ||||||||||
Net asset value at end of period (in dollars per share) | $ 23.47 | $ 23.56 | |||||||||||
Total return | 0.87% | 9.80% | |||||||||||
Common shares outstanding at beginning of period (in shares) | 0 | 2,588,000 | |||||||||||
Common shares outstanding at end of period (in shares) | 2,588,000 | 20,787,000 | |||||||||||
Net assets at beginning of period | $ 0 | $ 60,738 | |||||||||||
Net assets at end of period | 60,738 | 489,821 | |||||||||||
Average net assets | $ 42,587 | $ 239,563 | |||||||||||
Ratio of net investment income to average net assets | 1.93% | 7.45% | |||||||||||
Ratio of total expenses to average net assets | 1.61% | 6.74% | |||||||||||
Ratio of net expenses to average net assets | 0.80% | 6.71% | |||||||||||
Ratio of portfolio turnover to average investments at fair value | 20.48% | 23.61% | |||||||||||
Weighted average outstanding debt | $ 53,565 | $ 230,288 | |||||||||||
Average debt per share (in dollars per share) | $ 7.39 | $ 6.42 | |||||||||||
Asset coverage ratio | 588.97% | 443.64% | |||||||||||
Common Class D | |||||||||||||
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||
Net asset value at beginning of period (in dollars per share) | $ 0 | ||||||||||||
Capital Contribution (in dollars per share) | 23.23 | ||||||||||||
Net investment income (in dollars per share) | 0.64 | ||||||||||||
Net unrealized appreciation (depreciation) (in dollars per share) | 0.43 | ||||||||||||
Net realized gains (losses) (in dollars per share) | 0 | ||||||||||||
(Provision) benefit for taxes on realized and unrealized gains (losses) (in dollars per share) | 0 | ||||||||||||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 1.07 | ||||||||||||
Distributions of net investment income to shareholders (in dollars per share) | $ (0.1851) | $ (0.1851) | $ (0.1852) | (0.6325) | |||||||||
Distributions in excess of net investment income (in dollars per share) | (0.1080) | ||||||||||||
Net asset value at end of period (in dollars per share) | $ 0 | $ 23.56 | |||||||||||
Total return | 4.65% | ||||||||||||
Common shares outstanding at beginning of period (in shares) | 0 | ||||||||||||
Common shares outstanding at end of period (in shares) | 0 | 6,000 | |||||||||||
Net assets at beginning of period | $ 0 | ||||||||||||
Net assets at end of period | $ 0 | 146 | |||||||||||
Average net assets | $ 101 | ||||||||||||
Ratio of net investment income to average net assets | 2.63% | ||||||||||||
Ratio of total expenses to average net assets | 2.06% | ||||||||||||
Ratio of net expenses to average net assets | 2.16% | ||||||||||||
Ratio of portfolio turnover to average investments at fair value | 23.61% | ||||||||||||
Weighted average outstanding debt | $ 230,288 | ||||||||||||
Average debt per share (in dollars per share) | $ 6.42 | ||||||||||||
Asset coverage ratio | 443.64% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded commitments | $ 224,611 | $ 68,962 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Unfunded Commitments by Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | $ 224,611 | $ 68,962 |
Investment, Identifier [Axis]: 107 Fair Street LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,434 | 0 |
Investment, Identifier [Axis]: 107-109 Beech OAK22 LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 16,983 | 0 |
Investment, Identifier [Axis]: 112-126 Van Houten Real22 LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,892 | 0 |
Investment, Identifier [Axis]: ACP Falcon Buyer Inc | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 5,333 | 0 |
Investment, Identifier [Axis]: ADC Therapeutics SA | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 4,770 | 4,770 |
Investment, Identifier [Axis]: ASP-R-PAC Acquisition Co LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 588 | 588 |
Investment, Identifier [Axis]: Ardonagh Midco 3 PLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,520 | 9,592 |
Investment, Identifier [Axis]: Avalara, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,903 | 0 |
Investment, Identifier [Axis]: Bamboo US Bidco LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 9,100 | 0 |
Investment, Identifier [Axis]: BioXcel Therapeutics, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 6,932 | 6,930 |
Investment, Identifier [Axis]: CVAUSA Management, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 17,469 | 0 |
Investment, Identifier [Axis]: Coupa Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 2,122 | 0 |
Investment, Identifier [Axis]: Delta Leasing SPV II LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 11,560 | 21,469 |
Investment, Identifier [Axis]: Dukes Root Control Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,104 | 0 |
Investment, Identifier [Axis]: Entrata, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 5,211 | 0 |
Investment, Identifier [Axis]: Establishment Labs Holdings Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,378 | 5,068 |
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 4,006 | 0 |
Investment, Identifier [Axis]: Finastra USA, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,577 | 0 |
Investment, Identifier [Axis]: Galileo Parent, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,757 | 0 |
Investment, Identifier [Axis]: Grove Hotel Parcel Owner, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 5,305 | 5,305 |
Investment, Identifier [Axis]: HUB Pen Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,213 | 0 |
Investment, Identifier [Axis]: Harrow, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 5,018 | 0 |
Investment, Identifier [Axis]: IW Buyer LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 6,432 | 0 |
Investment, Identifier [Axis]: Impel Pharmaceuticals Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 894 | 0 |
Investment, Identifier [Axis]: Innocoll Pharmaceuticals Limited | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 2,656 | 2,656 |
Investment, Identifier [Axis]: Inventus Power, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 4,967 | 0 |
Investment, Identifier [Axis]: Kings Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 5,471 | 547 |
Investment, Identifier [Axis]: LSL Holdco, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,015 | 203 |
Investment, Identifier [Axis]: MND Holdings III Corp | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 9,331 | 0 |
Investment, Identifier [Axis]: MRI Software LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 0 | 4,754 |
Investment, Identifier [Axis]: Mesoblast, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 0 | 1,125 |
Investment, Identifier [Axis]: North Star Acquisitionco, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 7,732 | 0 |
Investment, Identifier [Axis]: OneOncology, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 13,159 | 0 |
Investment, Identifier [Axis]: Oranje Holdco, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,968 | 0 |
Investment, Identifier [Axis]: PFNY Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 0 | 483 |
Investment, Identifier [Axis]: PPW Aero Buyer, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,603 | 0 |
Investment, Identifier [Axis]: Pluralsight, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 611 | 0 |
Investment, Identifier [Axis]: Resistance Acquisition, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 10,507 | 0 |
Investment, Identifier [Axis]: SCP Eye Care Services, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,730 | 0 |
Investment, Identifier [Axis]: SEI Holding I Corporation | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 2,633 | 0 |
Investment, Identifier [Axis]: Salus Workers' Compensation, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 1,898 | 0 |
Investment, Identifier [Axis]: Seres Therapeutics, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 12,990 | 0 |
Investment, Identifier [Axis]: Supreme Fitness Group NY Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 561 | 0 |
Investment, Identifier [Axis]: Transit Buyer LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 3,850 | 0 |
Investment, Identifier [Axis]: iCIMs, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | 4,774 | 5,472 |
Investment, Identifier [Axis]: scPharmaceuticals Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments | $ 7,654 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 12 Months Ended | 20 Months Ended | ||||||||
Dec. 14, 2023 | Nov. 27, 2023 | Nov. 21, 2023 | Nov. 01, 2023 | Oct. 25, 2023 | Oct. 01, 2023 | Sep. 29, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | Nov. 14, 2023 | |
Line of Credit | SMBC SPV Facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate principal amount | $ 150,000,000 | |||||||||
Term | 5 years | |||||||||
Unused capacity, commitment fee | 0.50% | |||||||||
Line of Credit | SMBC SPV Facility | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario Two | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 1% | |||||||||
Line of Credit | SMBC SPV Facility | Federal Funds Effective Rate | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 50% | |||||||||
Line of Credit | SMBC SPV Facility | Base Rate | Interest Rate Scenario Two | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 0% | |||||||||
Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Derivative interest rate | 8.40% | |||||||||
Notional amount | $ 350,000,000 | |||||||||
Subsequent Event | Secured Overnight Financing Rate (SOFR) | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Floating interest rate | 4.0405% | |||||||||
Subsequent Event | Line of Credit | CIBC Loan and Servicing Agreement | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Aggregate principal amount | $ 150,000,000 | |||||||||
Reinvestment period | 2 years | |||||||||
Term | 2 years | |||||||||
Accordion feature, increase limit | $ 500,000,000 | |||||||||
Applicable spread increase after stated maturity date or event of default | 2% | |||||||||
Unused capacity, commitment fee | 0.50% | |||||||||
Subsequent Event | Line of Credit | CIBC Loan and Servicing Agreement | Interest Rate Scenario Two | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, additional basis spread, variable rate | 0.95% | |||||||||
Subsequent Event | Line of Credit | CIBC Loan and Servicing Agreement | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario One | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 1.95% | |||||||||
Subsequent Event | Line of Credit | CIBC Loan and Servicing Agreement | Secured Overnight Financing Rate (SOFR) | Interest Rate Scenario Two | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 1% | |||||||||
Subsequent Event | Line of Credit | CIBC Loan and Servicing Agreement | Federal Funds Effective Rate | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 0.50% | |||||||||
Subsequent Event | Line of Credit | SMBC SPV Facility | Base Rate | Interest Rate Scenario Two | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, basis spread, variable rate | 0% | |||||||||
Subsequent Event | Unsecured Notes | Notes due 2028 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Principal amount | $ 350,000,000 | |||||||||
Debt interest rate | 8.40% | |||||||||
Common Class I | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued and sold (in shares) | 43,994,524 | |||||||||
Aggregate purchase price | $ 1,045,400,000 | |||||||||
Amount per share (dollars per share) | $ 2.3100 | |||||||||
Common Class I | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued and sold (in shares) | 3,514,902 | 4,399,222 | ||||||||
Aggregate purchase price | $ 82,200,000 | $ 103,600,000 | ||||||||
Amount per share (dollars per share) | $ 0.1900 | $ 0.1900 | ||||||||
Shareholder servicing and/or distribution fee (in dollars per share) | 0 | 0 | ||||||||
Net distributions per share (in dollars per share) | 0.1900 | 0.1900 | ||||||||
Common Class S | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued and sold (in shares) | 20,419,084 | |||||||||
Aggregate purchase price | $ 480,300,000 | |||||||||
Amount per share (dollars per share) | 2.1107 | |||||||||
Common Class S | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued and sold (in shares) | 1,983,663 | 2,669,259 | ||||||||
Aggregate purchase price | $ 46,400,000 | $ 62,900,000 | ||||||||
Amount per share (dollars per share) | 0.1900 | 0.1900 | ||||||||
Shareholder servicing and/or distribution fee (in dollars per share) | 0.0166 | 0.0167 | ||||||||
Net distributions per share (in dollars per share) | 0.1734 | 0.1733 | ||||||||
Common Class D | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued and sold (in shares) | 6,177 | |||||||||
Aggregate purchase price | $ 100,000 | |||||||||
Amount per share (dollars per share) | $ 0.7405 | |||||||||
Common Class D | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Shares issued and sold (in shares) | 5,932 | 1,698 | ||||||||
Aggregate purchase price | $ 100,000 | $ 0 | ||||||||
Amount per share (dollars per share) | 0.1900 | 0.1900 | ||||||||
Shareholder servicing and/or distribution fee (in dollars per share) | 0.0049 | 0.0049 | ||||||||
Net distributions per share (in dollars per share) | $ 0.1851 | $ 0.1851 | ||||||||
Common shares of beneficial interest | Subsequent Event | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Amount per share (dollars per share) | $ 0.04 |