Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 05, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-56371 | ||
Entity Registrant Name | BLUE OWL TECHNOLOGY FINANCE CORP. II | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 87-2993019 | ||
Entity Address, Address Line One | 399 Park Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10022 | ||
City Area Code | 212 | ||
Local Phone Number | 419-3000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | true | ||
Entity Small Business | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 0 | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 118,906,960 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001889668 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 185 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Investments at fair value | $ 3,807,639 | [1],[2],[3],[4],[5] | $ 2,464,534 | [6],[7],[8] |
Cash | 64,899 | 28,065 | ||
Interest receivable | 29,019 | 19,616 | ||
Dividend income receivable | 11,821 | 173 | ||
Subscription receivable | 0 | 880 | ||
Prepaid expenses and other assets | 408 | 564 | ||
Total Assets | 3,913,786 | 2,513,832 | ||
Liabilities | ||||
Debt (net of unamortized debt issuance costs of $26,047 and $17,589, respectively) | 2,025,308 | 1,228,803 | ||
Management fee payable | 13,179 | 8,986 | ||
Distribution payable | 35,184 | 13,527 | [9] | |
Incentive fee payable | 7,661 | 2,622 | ||
Payable for investments purchased | 0 | 27,731 | ||
Accrued expenses and other liabilities | 14,027 | 5,555 | ||
Total Liabilities | 2,096,207 | 1,289,254 | ||
Commitments and contingencies (Note 7) | ||||
Net Assets | ||||
Common shares $0.01 par value, 500,000,000 shares authorized; 118,624,729 and 84,656,386 shares issued and outstanding, respectively | 1,186 | 847 | ||
Additional paid-in-capital | 1,729,540 | 1,218,582 | ||
Total accumulated undistributed earnings | 86,853 | 5,149 | ||
Total Net Assets | 1,817,579 | 1,224,578 | [10] | |
Total Liabilities and Net Assets | $ 3,913,786 | $ 2,513,832 | ||
Net Asset Value Per Share (in USD per share) | $ 15.32 | $ 14.47 | ||
Affiliated Entity | ||||
Liabilities | ||||
Payables to affiliates | $ 848 | $ 2,030 | ||
Non-Control/Non-Affiliate Investments | ||||
Assets | ||||
Investments at fair value | 3,695,692 | 2,432,901 | ||
Non-Control/Affiliate Investments | ||||
Assets | ||||
Investments at fair value | $ 111,947 | $ 31,633 | ||
[1] Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Cost | $ 3,785,797 | [1],[2],[3],[4],[5] | $ 2,479,629 | [6],[7],[8],[9],[10] |
Deferred financing costs, net | $ 26,047 | $ 17,589 | ||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | ||
Common stock, shares, issued (in shares) | 118,624,729 | 84,656,386 | ||
Common stock, shares, outstanding (in shares) | 118,624,729 | 84,656,386 | ||
Non-Control/Non-Affiliate Investments | ||||
Cost | $ 3,673,336 | [11],[12] | $ 2,447,946 | |
Non-Control/Affiliate Investments | ||||
Cost | $ 112,461 | [11],[12] | $ 31,683 | |
[1] Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. As of December 31, 2022, the net estimated unrealized loss for U.S. federal income tax purposes was $3.5 million based on a tax cost basis of $2.5 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $10.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $6.6 million. Certain portfolio company investments are subject to contractual restrictions on sales. The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. Unless otherwise indicated, all investments are considered Level 3 investments. As of December 31, 2023, the net estimated unrealized gain for U.S. federal income tax purposes was $63.7 million based on a tax cost basis of $3.7 billion. As of December 31, 2023, there was no estimated aggregate gross unrealized loss for U.S. federal income tax purposes and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $63.7 million. The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Investment Income | |||||
Payment-in-kind interest income | $ 20,900 | ||||
Payment-in-kind dividend income | 29,400 | ||||
Total Investment Income | 376,539 | $ 97,453 | $ 0 | ||
Expenses | |||||
Interest expense | 129,772 | 29,448 | 0 | ||
Management fees | 48,655 | 22,264 | 394 | ||
Incentive fees | 20,664 | 3,945 | 0 | ||
Offering expenses | 112 | 353 | 7 | ||
Professional fees | 4,801 | 2,186 | 83 | ||
Directors' fees | 905 | 1,053 | 83 | ||
Initial organization | 0 | 0 | 381 | ||
Other general and administrative | 3,993 | 2,518 | 35 | ||
Total Expenses | 208,902 | 61,767 | 983 | ||
Net Investment Income (Loss) Before Taxes | 167,637 | 35,686 | (983) | ||
Income tax expense (benefit), including excise tax expense (benefit) | 506 | 61 | 0 | ||
Net Investment Income (Loss) After Taxes | 167,131 | 35,625 | [2] | (983) | |
Net Change in Unrealized Gain (Loss) | |||||
Net change in unrealized gain (loss) | 29,492 | (13,404) | [3] | 0 | |
Translation of assets and liabilities in foreign currencies | 3,457 | (173) | 0 | ||
Income tax (provision) benefit | (4) | 0 | 0 | ||
Total Net Change in Unrealized Gain (Loss) | 32,945 | (13,577) | |||
Net Realized Gain (Loss): | |||||
Non-controlled, non-affiliated investments | 983 | 128 | [3] | 0 | |
Foreign currency transactions | (1,730) | 97 | 0 | ||
Total Net Realized Gain (Loss) | (747) | 225 | |||
Total Net Realized and Change in Unrealized Gain (Loss) | 32,198 | (13,352) | 0 | ||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 199,329 | $ 22,273 | [2] | $ (983) | |
Earnings (Loss) Per Share - Basic (in USD per share) | $ 1.96 | $ 0.59 | $ (5.24) | ||
Earnings (Loss) Per Share - Diluted (in USD per share) | $ 1.96 | $ 0.59 | $ (5.24) | ||
Weighted Average Shares Outstanding - Basic (in shares) | 101,564,882 | 37,548,440 | 187,600 | ||
Weighted Average Shares Outstanding - Diluted (in shares) | 101,564,882 | 37,548,440 | 187,600 | ||
Non-Control/Non-Affiliate Investments | |||||
Investment Income | |||||
Interest income | $ 308,652 | $ 72,318 | $ 0 | ||
Payment-in-kind interest income | 20,569 | 4,361 | 0 | ||
Dividend income | 13,251 | 0 | 0 | ||
Payment-in-kind dividend income | 29,426 | 17,151 | 0 | ||
Other income | 2,441 | 3,557 | 0 | ||
Total Investment Income | 374,339 | 97,387 | 0 | ||
Net Change in Unrealized Gain (Loss) | |||||
Net change in unrealized gain (loss) | 28,346 | (13,404) | 0 | ||
Non-Control/Affiliate Investments | |||||
Investment Income | |||||
Interest income | 254 | 0 | 0 | ||
Other income | 0 | ||||
Payment-in-kind interest income | 305 | 0 | 0 | ||
Dividend income | 1,641 | 66 | 0 | ||
Total Investment Income | 2,200 | 66 | 0 | ||
Net Change in Unrealized Gain (Loss) | |||||
Net change in unrealized gain (loss) | $ 1,146 | $ 0 | $ 0 | ||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Consolidated Schedule of Invest
Consolidated Schedule of Investments € in Thousands, £ in Thousands | Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 GBP (£) shares | Dec. 31, 2023 EUR (€) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | |||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 3,785,797,000 | [1],[2],[3],[4],[5] | $ 2,479,629,000 | [6],[7],[8],[9],[10] | ||||||
Fair Value | $ 3,807,639,000 | [1],[2],[3],[4],[5] | $ 2,464,534,000 | [6],[8],[10] | ||||||
Percentage of Net Assets | 209.50% | [1],[2],[3],[4],[5] | 209.50% | [1],[2],[3],[4],[5] | 209.50% | [1],[2],[3],[4],[5] | 201.30% | [6],[8],[10] | ||
Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 3,673,336,000 | [11],[12] | $ 2,447,946,000 | |||||||
Fair Value | $ 3,695,692,000 | $ 2,432,901,000 | ||||||||
Percentage of Net Assets | 203.30% | 203.30% | 203.30% | 198.70% | ||||||
Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 112,461,000 | [11],[12] | $ 31,683,000 | |||||||
Fair Value | $ 111,947,000 | $ 31,633,000 | $ 0 | |||||||
Percentage of Net Assets | 6.20% | 6.20% | 6.20% | 2.60% | ||||||
Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 2,112,265,000 | |||||||||
Amortized Cost | $ 3,286,141,000 | [11],[12] | 2,062,714,000 | |||||||
Fair Value | $ 3,308,090,000 | $ 2,055,924,000 | ||||||||
Percentage of Net Assets | 181.90% | 181.90% | 181.90% | 167.90% | ||||||
Debt Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Fair Value | $ 20,921,000 | |||||||||
Percentage of Net Assets | 1.20% | 1.20% | 1.20% | |||||||
Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 387,195,000 | [11],[12] | $ 385,232,000 | |||||||
Fair Value | $ 387,602,000 | $ 376,977,000 | ||||||||
Percentage of Net Assets | 21.40% | 21.40% | 21.40% | 30.80% | ||||||
Equity Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 91,540,000 | [11],[12] | $ 31,683,000 | |||||||
Fair Value | $ 91,026,000 | $ 31,633,000 | ||||||||
Percentage of Net Assets | 5% | 5% | 5% | 2.60% | ||||||
Aerospace & Defense | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 67,531,000 | |||||||||
Amortized Cost | $ 71,032,000 | 65,907,000 | ||||||||
Fair Value | $ 71,911,000 | $ 65,848,000 | ||||||||
Percentage of Net Assets | 4.10% | 4.10% | 4.10% | 5.40% | ||||||
Application Software | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 433,257,000 | |||||||||
Amortized Cost | $ 556,624,000 | 425,700,000 | ||||||||
Fair Value | $ 560,404,000 | $ 426,906,000 | ||||||||
Percentage of Net Assets | 31.10% | 31.10% | 31.10% | 34.70% | ||||||
Application Software | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 43,823,000 | $ 42,385,000 | ||||||||
Fair Value | $ 45,079,000 | $ 41,723,000 | ||||||||
Percentage of Net Assets | 2.50% | 2.50% | 2.50% | 3.50% | ||||||
Beverages | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 10,000,000 | |||||||||
Amortized Cost | $ 9,872,000 | 9,836,000 | ||||||||
Fair Value | $ 9,875,000 | $ 9,800,000 | ||||||||
Percentage of Net Assets | 0.50% | 0.50% | 0.50% | 0.90% | ||||||
Building products | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 9,625,000 | |||||||||
Fair Value | $ 9,762,000 | |||||||||
Percentage of Net Assets | 0.50% | 0.50% | 0.50% | |||||||
Capital Markets | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 10,985,000 | $ 10,455,000 | ||||||||
Fair Value | $ 10,502,000 | $ 10,359,000 | ||||||||
Percentage of Net Assets | 0.60% | 0.60% | 0.60% | 0.80% | ||||||
Commercial Services & Supplies | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 20,473,000 | |||||||||
Amortized Cost | $ 20,627,000 | 20,081,000 | ||||||||
Fair Value | $ 20,741,000 | $ 20,211,000 | ||||||||
Percentage of Net Assets | 1.10% | 1.10% | 1.10% | 1.70% | ||||||
Construction & Engineering | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 9,950,000 | |||||||||
Amortized Cost | $ 9,734,000 | 9,815,000 | ||||||||
Fair Value | $ 7,584,000 | $ 8,458,000 | ||||||||
Percentage of Net Assets | 0.40% | 0.40% | 0.40% | 0.70% | ||||||
Consumer Finance | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 25,000,000 | |||||||||
Amortized Cost | $ 19,180,000 | 17,491,000 | ||||||||
Fair Value | $ 20,455,000 | $ 13,735,000 | ||||||||
Percentage of Net Assets | 1.10% | 1.10% | 1.10% | 1.10% | ||||||
Diversified Consumer Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 9,950,000 | |||||||||
Amortized Cost | $ 9,778,000 | 9,861,000 | ||||||||
Fair Value | $ 9,826,000 | $ 9,925,000 | ||||||||
Percentage of Net Assets | 0.50% | 0.50% | 0.50% | 0.80% | ||||||
Diversified Financial Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 170,979,000 | |||||||||
Amortized Cost | $ 324,533,000 | 168,836,000 | ||||||||
Fair Value | $ 328,187,000 | $ 167,605,000 | ||||||||
Percentage of Net Assets | 17.90% | 17.90% | 17.90% | 13.70% | ||||||
Diversified Financial Services | Debt Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 19,221,000 | |||||||||
Fair Value | $ 19,221,000 | |||||||||
Percentage of Net Assets | 1.10% | 1.10% | 1.10% | |||||||
Diversified Financial Services | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 238,000 | $ 238,000 | ||||||||
Fair Value | $ 214,000 | $ 238,000 | ||||||||
Percentage of Net Assets | 0% | 0% | 0% | 0% | ||||||
Diversified Financial Services | Equity Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 12,619,000 | $ 349,000 | ||||||||
Fair Value | $ 12,626,000 | $ 348,000 | ||||||||
Percentage of Net Assets | 0.70% | 0.70% | 0.70% | 0% | ||||||
Diversified Support Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 26,021,000 | |||||||||
Amortized Cost | $ 25,241,000 | 25,424,000 | ||||||||
Fair Value | $ 25,465,000 | $ 25,406,000 | ||||||||
Percentage of Net Assets | 1.40% | 1.40% | 1.40% | 2.10% | ||||||
Electrical Equipment | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 125,000,000 | |||||||||
Amortized Cost | $ 123,994,000 | 123,830,000 | ||||||||
Fair Value | $ 124,375,000 | $ 123,750,000 | ||||||||
Percentage of Net Assets | 6.90% | 6.90% | 6.90% | 10% | ||||||
Food & Staples Retailing | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 143,388,000 | |||||||||
Amortized Cost | $ 144,046,000 | 140,432,000 | ||||||||
Fair Value | $ 145,076,000 | $ 140,361,000 | ||||||||
Percentage of Net Assets | 8% | 8% | 8% | 11.50% | ||||||
Health Care Equipment & Supplies | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 44,621,000 | |||||||||
Fair Value | $ 45,441,000 | |||||||||
Percentage of Net Assets | 2.50% | 2.50% | 2.50% | |||||||
Health Care Equipment & Supplies | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 5,917,000 | |||||||||
Fair Value | $ 5,916,000 | |||||||||
Percentage of Net Assets | 0.30% | 0.30% | 0.30% | |||||||
Health Care Providers & Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 123,108,000 | |||||||||
Amortized Cost | $ 199,228,000 | 120,869,000 | ||||||||
Fair Value | $ 200,821,000 | $ 120,805,000 | ||||||||
Percentage of Net Assets | 11% | 11% | 11% | 9.90% | ||||||
Health Care Technology | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 155,964,000 | |||||||||
Amortized Cost | $ 276,111,000 | 152,986,000 | ||||||||
Fair Value | $ 277,395,000 | $ 152,578,000 | ||||||||
Percentage of Net Assets | 15.20% | 15.20% | 15.20% | 12.50% | ||||||
Health Care Technology | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 62,936,000 | $ 56,709,000 | ||||||||
Fair Value | $ 61,997,000 | $ 52,289,000 | ||||||||
Percentage of Net Assets | 3.50% | 3.50% | 3.50% | 4.20% | ||||||
Insurance | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 49,139,000 | |||||||||
Amortized Cost | $ 112,334,000 | 47,450,000 | ||||||||
Fair Value | $ 113,855,000 | $ 47,879,000 | ||||||||
Percentage of Net Assets | 6.20% | 6.20% | 6.20% | 3.90% | ||||||
Insurance | Debt Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 1,700,000 | |||||||||
Fair Value | $ 1,700,000 | |||||||||
Percentage of Net Assets | 0.10% | 0.10% | 0.10% | |||||||
Insurance | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 354,000 | $ 16,342,000 | ||||||||
Fair Value | $ 417,000 | $ 15,776,000 | ||||||||
Percentage of Net Assets | 0% | 0% | 0% | 1.30% | ||||||
Insurance | Equity Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 59,917,000 | $ 25,110,000 | ||||||||
Fair Value | $ 58,412,000 | $ 25,110,000 | ||||||||
Percentage of Net Assets | 3.20% | 3.20% | 3.20% | 2.10% | ||||||
IT Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 78,050,000 | |||||||||
Amortized Cost | $ 78,757,000 | 76,446,000 | ||||||||
Fair Value | $ 79,993,000 | $ 77,223,000 | ||||||||
Percentage of Net Assets | 4.40% | 4.40% | 4.40% | 6.30% | ||||||
IT Services | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 68,887,000 | $ 61,015,000 | ||||||||
Fair Value | $ 70,035,000 | $ 61,719,000 | ||||||||
Percentage of Net Assets | 3.90% | 3.90% | 3.90% | 5% | ||||||
Life Sciences Tools & Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 65,645,000 | |||||||||
Fair Value | $ 67,042,000 | |||||||||
Percentage of Net Assets | 3.70% | 3.70% | 3.70% | |||||||
Pharmaceuticals | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 17,234,000 | |||||||||
Amortized Cost | $ 38,566,000 | 17,019,000 | ||||||||
Fair Value | $ 38,898,000 | $ 17,009,000 | ||||||||
Percentage of Net Assets | 2.10% | 2.10% | 2.10% | 1.40% | ||||||
Pharmaceuticals | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 82,000 | |||||||||
Fair Value | $ 82,000 | |||||||||
Percentage of Net Assets | 0% | 0% | 0% | |||||||
Pharmaceuticals | Equity Securities | Non-Control/Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 19,004,000 | $ 6,224,000 | ||||||||
Fair Value | $ 19,988,000 | $ 6,175,000 | ||||||||
Percentage of Net Assets | 1.10% | 1.10% | 1.10% | 0.50% | ||||||
Real Estate Management & Development | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 3,000,000 | |||||||||
Fair Value | $ 3,000,000 | |||||||||
Percentage of Net Assets | 0.20% | 0.20% | 0.20% | |||||||
Professional Services | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 22,982,000 | |||||||||
Amortized Cost | $ 143,157,000 | 22,441,000 | ||||||||
Fair Value | $ 143,781,000 | $ 21,270,000 | ||||||||
Percentage of Net Assets | 8% | 8% | 8% | 1.80% | ||||||
Real Estate Management & Development | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 29,925,000 | |||||||||
Amortized Cost | $ 44,147,000 | 29,136,000 | ||||||||
Fair Value | $ 44,122,000 | $ 29,473,000 | ||||||||
Percentage of Net Assets | 2.40% | 2.40% | 2.40% | 2.40% | ||||||
Systems Software | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 594,314,000 | |||||||||
Amortized Cost | $ 875,555,000 | 579,154,000 | ||||||||
Fair Value | $ 879,347,000 | $ 577,682,000 | ||||||||
Percentage of Net Assets | 48.20% | 48.20% | 48.20% | 47.10% | ||||||
Systems Software | Equity Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 190,973,000 | $ 198,088,000 | ||||||||
Fair Value | $ 190,360,000 | $ 194,873,000 | ||||||||
Percentage of Net Assets | 10.40% | 10.40% | 10.40% | 16% | ||||||
Banks | Debt Securities | Non-Control/Non-Affiliate Investments | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Amortized Cost | $ 83,734,000 | |||||||||
Fair Value | $ 83,734,000 | |||||||||
Percentage of Net Assets | 4.70% | 4.70% | 4.70% | |||||||
Investment, Identifier [Axis]: 6Sense Insights, Inc., Series E-1 Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 316,128 | [13],[14] | 316,128 | [13],[14] | 316,128 | [13],[14] | 316,000 | [15],[16],[17] | ||
Amortized Cost | $ 10,001,000 | [13],[14] | $ 10,001,000 | [15],[16],[17] | ||||||
Fair Value | $ 8,364,000 | [13],[14] | $ 9,344,000 | [15],[16],[17] | ||||||
Percentage of Net Assets | 0.50% | [13],[14] | 0.50% | [13],[14] | 0.50% | [13],[14] | 0.80% | [15],[16],[17] | ||
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Fair Value | $ 14,409,000 | [18] | $ 0 | [18],[19] | 0 | [19] | ||||
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, First lien senior secured loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 12% | [20],[21],[22] | 12% | [20],[21],[22] | 12% | [20],[21],[22] | ||||
Par / Units | $ 8,784,000 | [20],[21],[22] | ||||||||
Amortized Cost | 8,784,000 | [20],[21],[22] | ||||||||
Fair Value | $ 8,784,000 | [20],[21],[22] | ||||||||
Percentage of Net Assets | 0.40% | [20],[21],[22] | 0.40% | [20],[21],[22] | 0.40% | [20],[21],[22] | ||||
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 5,795,000 | [13],[14],[21],[22],[23] | ||||||||
Units (in shares) | shares | 0 | [15],[16],[17],[24],[25],[26] | ||||||||
Amortized Cost | 5,795,000 | [13],[14],[21],[22],[23] | $ 0 | [15],[16],[17],[24],[25],[26] | ||||||
Fair Value | $ 5,625,000 | [13],[14],[21],[22],[23] | $ 0 | [15],[16],[17],[24],[25],[26] | ||||||
Percentage of Net Assets | 0.30% | [13],[14],[21],[22],[23] | 0.30% | [13],[14],[21],[22],[23] | 0.30% | [13],[14],[21],[22],[23] | 0% | [15],[16],[17],[24],[25],[26] | ||
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Fair Value | $ 17,438,000 | [18] | $ 348,000 | [18],[19] | 0 | [19] | ||||
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 12% | [20],[21],[22] | 12% | [20],[21],[22] | 12% | [20],[21],[22] | ||||
Par / Units | $ 10,438,000 | [20],[21],[22] | ||||||||
Amortized Cost | 10,437,000 | [20],[21],[22] | ||||||||
Fair Value | $ 10,437,000 | [20],[21],[22] | ||||||||
Percentage of Net Assets | 0.70% | [20],[21],[22] | 0.70% | [20],[21],[22] | 0.70% | [20],[21],[22] | ||||
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC, LLC Interest | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 6,824,000 | [13],[14],[21],[22],[23] | ||||||||
Units (in shares) | shares | 349,000 | [15],[16],[17],[24],[25],[26] | ||||||||
Amortized Cost | 6,824,000 | [13],[14],[21],[22],[23] | $ 349,000 | [15],[16],[17],[24],[25],[26] | ||||||
Fair Value | $ 7,001,000 | [13],[14],[21],[22],[23] | $ 348,000 | [15],[16],[17],[24],[25],[26] | ||||||
Percentage of Net Assets | 0.40% | [13],[14],[21],[22],[23] | 0.40% | [13],[14],[21],[22],[23] | 0.40% | [13],[14],[21],[22],[23] | 0% | [15],[16],[17],[24],[25],[26] | ||
Investment, Identifier [Axis]: Accelerate Topco Holdings, LLC, Common Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 12,822 | [13],[14] | 12,822 | [13],[14] | 12,822 | [13],[14] | 12,320 | [15],[16],[17] | ||
Amortized Cost | $ 354,000 | [13],[14] | $ 340,000 | [15],[16],[17] | ||||||
Fair Value | $ 417,000 | [13],[14] | $ 340,000 | [15],[16],[17] | ||||||
Percentage of Net Assets | 0% | [13],[14] | 0% | [13],[14] | 0% | [13],[14] | 0% | [15],[16],[17] | ||
Investment, Identifier [Axis]: Acorns Grow Incorporated, Series F Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 5% | [14],[20],[21],[27] | 5% | [14],[20],[21],[27] | 5% | [14],[20],[21],[27] | 5% | [17],[25],[28] | ||
Units (in shares) | shares | 572,135 | [14],[20],[21],[27] | 572,135 | [14],[20],[21],[27] | 572,135 | [14],[20],[21],[27] | 572,135 | [17],[25],[28] | ||
Amortized Cost | $ 10,985,000 | [14],[20],[21],[27] | $ 10,455,000 | [17],[25],[28] | ||||||
Fair Value | $ 10,502,000 | [14],[20],[21],[27] | $ 10,359,000 | [17],[25],[28] | ||||||
Percentage of Net Assets | 0.60% | [14],[20],[21],[27] | 0.60% | [14],[20],[21],[27] | 0.60% | [14],[20],[21],[27] | 0.80% | [17],[25],[28] | ||
Investment, Identifier [Axis]: Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [21],[29] | 6.75% | [21],[29] | 6.75% | [21],[29] | ||||
Par / Units | $ 39,640,000 | [21],[29] | ||||||||
Amortized Cost | 38,587,000 | [21],[29] | ||||||||
Fair Value | $ 38,649,000 | [21],[29] | ||||||||
Percentage of Net Assets | 2.10% | [21],[29] | 2.10% | [21],[29] | 2.10% | [21],[29] | ||||
Investment, Identifier [Axis]: Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [21],[23],[29] | 6.75% | [21],[23],[29] | 6.75% | [21],[23],[29] | ||||
Par / Units | $ 602,000 | [21],[23],[29] | ||||||||
Amortized Cost | 524,000 | [21],[23],[29] | ||||||||
Fair Value | $ 527,000 | [21],[23],[29] | ||||||||
Percentage of Net Assets | 0% | [21],[23],[29] | 0% | [21],[23],[29] | 0% | [21],[23],[29] | ||||
Investment, Identifier [Axis]: Affirm, Inc., Senior convertible notes | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 25,000,000 | [13],[21],[30] | $ 25,000,000 | [15],[16],[25],[31] | ||||||
Amortized Cost | 19,180,000 | [13],[21],[30] | 17,491,000 | [15],[16],[25],[31] | ||||||
Fair Value | $ 20,455,000 | [13],[21],[30] | $ 13,735,000 | [15],[16],[25],[31] | ||||||
Percentage of Net Assets | 1.10% | [13],[21],[30] | 1.10% | [13],[21],[30] | 1.10% | [13],[21],[30] | 1.10% | [15],[16],[25],[31] | ||
Investment, Identifier [Axis]: Amergin Asset Management, LLC, Class A Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 50,000,000 | [13],[14],[21] | 50,000,000 | [13],[14],[21] | 50,000,000 | [13],[14],[21] | 50,000,000 | [15],[16],[17],[25] | ||
Amortized Cost | $ 0 | [13],[14],[21] | $ 0 | [15],[16],[17],[25] | ||||||
Fair Value | $ 0 | [13],[14],[21] | $ 0 | [15],[16],[17],[25] | ||||||
Percentage of Net Assets | 0% | [13],[14],[21] | 0% | [13],[14],[21] | 0% | [13],[14],[21] | 0% | [15],[16],[17],[25] | ||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [16],[24],[32],[33],[34] | ||||||||
Par / Units | $ 3,030,000 | [16],[24],[32],[33],[34] | ||||||||
Amortized Cost | 2,958,000 | [16],[24],[32],[33],[34] | ||||||||
Fair Value | $ 2,966,000 | [16],[24],[32],[33],[34] | ||||||||
Percentage of Net Assets | 0.20% | [16],[24],[32],[33],[34] | ||||||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[29],[35] | 5.75% | [23],[29],[35] | 5.75% | [23],[29],[35] | ||||
Par / Units | $ 3,751,000 | [23],[29],[35] | ||||||||
Amortized Cost | 3,682,000 | [23],[29],[35] | ||||||||
Fair Value | $ 3,732,000 | [23],[29],[35] | ||||||||
Percentage of Net Assets | 0.20% | [23],[29],[35] | 0.20% | [23],[29],[35] | 0.20% | [23],[29],[35] | ||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[35],[36] | 5.75% | [23],[35],[36] | 5.75% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (37,000) | [23],[35],[36] | ||||||||
Fair Value | $ 0 | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [37] | 5.75% | [37] | 5.75% | [37] | 5.75% | [16],[34],[38] | ||
Par / Units | $ 18,000,000 | [37] | $ 18,182,000 | [16],[34],[38] | ||||||
Amortized Cost | 17,695,000 | [37] | 17,832,000 | [16],[34],[38] | ||||||
Fair Value | $ 17,910,000 | [37] | $ 17,864,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 1% | [37] | 1% | [37] | 1% | [37] | 1.50% | [16],[34],[38] | ||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[36] | 5.75% | [23],[36] | 5.75% | [23],[36] | 5.75% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (35,000) | [23],[36] | (43,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (11,000) | [23],[36] | $ (40,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Anaplan, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [29] | 6.50% | [29] | 6.50% | [29] | 6.50% | [16],[34],[40] | ||
Par / Units | $ 130,890,000 | [29] | $ 130,890,000 | [16],[34],[40] | ||||||
Amortized Cost | 129,804,000 | [29] | 129,654,000 | [16],[34],[40] | ||||||
Fair Value | $ 130,890,000 | [29] | $ 130,563,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 7.30% | [29] | 7.30% | [29] | 7.30% | [29] | 10.60% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Anaplan, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [23],[36] | 6.50% | [23],[36] | 6.50% | [23],[36] | 6.50% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (70,000) | [23],[36] | (86,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ 0 | [23],[36] | $ (24,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [23],[35],[36] | 5.50% | [23],[35],[36] | 5.50% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (49,000) | [23],[35],[36] | ||||||||
Fair Value | $ 0 | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [16],[24],[32],[34],[38] | ||||||||
Par / Units | $ 998,000 | [16],[24],[32],[34],[38] | ||||||||
Amortized Cost | 991,000 | [16],[24],[32],[34],[38] | ||||||||
Fair Value | $ 991,000 | [16],[24],[32],[34],[38] | ||||||||
Percentage of Net Assets | 0.10% | [16],[24],[32],[34],[38] | ||||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [16],[24],[32],[34],[39] | ||||||||
Par / Units | $ 0 | [16],[24],[32],[34],[39] | ||||||||
Amortized Cost | (61,000) | [16],[24],[32],[34],[39] | ||||||||
Fair Value | $ 0 | [16],[24],[32],[34],[39] | ||||||||
Percentage of Net Assets | 0% | [16],[24],[32],[34],[39] | ||||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [29] | 5.50% | [29] | 5.50% | [29] | ||||
Par / Units | $ 3,859,000 | [29] | ||||||||
Amortized Cost | 3,837,000 | [29] | ||||||||
Fair Value | $ 3,840,000 | [29] | ||||||||
Percentage of Net Assets | 0.20% | [29] | 0.20% | [29] | 0.20% | [29] | ||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [23],[29] | 5.50% | [23],[29] | 5.50% | [23],[29] | 5.50% | [16],[24],[34],[38] | ||
Par / Units | $ 187,000 | [23],[29] | $ 47,000 | [16],[24],[34],[38] | ||||||
Amortized Cost | 178,000 | [23],[29] | 36,000 | [16],[24],[34],[38] | ||||||
Fair Value | $ 183,000 | [23],[29] | $ 41,000 | [16],[24],[34],[38] | ||||||
Percentage of Net Assets | 0% | [23],[29] | 0% | [23],[29] | 0% | [23],[29] | 0% | [16],[24],[34],[38] | ||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.25% | [21],[35],[41] | 5.25% | [21],[35],[41] | 5.25% | [21],[35],[41] | ||||
Par / Units | £ | £ 2,773 | [21],[35],[41] | ||||||||
Amortized Cost | $ 3,339,000 | [21],[35],[41] | ||||||||
Fair Value | $ 3,508,000 | [21],[35],[41] | ||||||||
Percentage of Net Assets | 0.20% | [21],[35],[41] | 0.20% | [21],[35],[41] | 0.20% | [21],[35],[41] | ||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.25% | [21],[41] | 5.25% | [21],[41] | 5.25% | [21],[41] | ||||
Par / Units | £ | £ 5,314 | [21],[41] | ||||||||
Amortized Cost | $ 6,401,000 | [21],[41] | ||||||||
Fair Value | $ 6,724,000 | [21],[41] | ||||||||
Percentage of Net Assets | 0.40% | [21],[41] | 0.40% | [21],[41] | 0.40% | [21],[41] | ||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.25% | [16],[24],[25],[32],[34],[42] | ||||||||
Par / Units | $ 2,588,000 | [16],[24],[25],[32],[34],[42] | ||||||||
Amortized Cost | 2,583,000 | [16],[24],[25],[32],[34],[42] | ||||||||
Fair Value | $ 2,556,000 | [16],[24],[25],[32],[34],[42] | ||||||||
Percentage of Net Assets | 0.20% | [16],[24],[25],[32],[34],[42] | ||||||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.25% | [16],[25],[34],[42] | ||||||||
Par / Units | $ 6,392,000 | [16],[25],[34],[42] | ||||||||
Amortized Cost | 6,383,000 | [16],[25],[34],[42] | ||||||||
Fair Value | $ 6,312,000 | [16],[25],[34],[42] | ||||||||
Percentage of Net Assets | 0.50% | [16],[25],[34],[42] | ||||||||
Investment, Identifier [Axis]: Asurion, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.25% | [30],[37] | 4.25% | [30],[37] | 4.25% | [30],[37] | 3% | [16],[34],[43] | ||
Par / Units | $ 18,624,000 | [30],[37] | $ 27,927,000 | [16],[34],[43] | ||||||
Amortized Cost | 17,839,000 | [30],[37] | 26,703,000 | [16],[34],[43] | ||||||
Fair Value | $ 18,535,000 | [30],[37] | $ 27,089,000 | [16],[34],[43] | ||||||
Percentage of Net Assets | 1% | [30],[37] | 1% | [30],[37] | 1% | [30],[37] | 2.20% | [16],[34],[43] | ||
Investment, Identifier [Axis]: Athenahealth Group Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.50% | [16],[24],[31],[32],[34],[39] | ||||||||
Par / Units | $ 0 | [16],[24],[31],[32],[34],[39] | ||||||||
Amortized Cost | (36,000) | [16],[24],[31],[32],[34],[39] | ||||||||
Fair Value | $ (41,000) | [16],[24],[31],[32],[34],[39] | ||||||||
Percentage of Net Assets | 0% | [16],[24],[31],[32],[34],[39] | ||||||||
Investment, Identifier [Axis]: Athenahealth Group Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.25% | [30],[37] | 3.25% | [30],[37] | 3.25% | [30],[37] | 3.50% | [16],[31],[34],[40] | ||
Par / Units | $ 3,520,000 | [30],[37] | $ 3,556,000 | [16],[31],[34],[40] | ||||||
Amortized Cost | 3,262,000 | [30],[37] | 3,257,000 | [16],[31],[34],[40] | ||||||
Fair Value | $ 3,501,000 | [30],[37] | $ 3,202,000 | [16],[31],[34],[40] | ||||||
Percentage of Net Assets | 0.20% | [30],[37] | 0.20% | [30],[37] | 0.20% | [30],[37] | 0.30% | [16],[31],[34],[40] | ||
Investment, Identifier [Axis]: Avalara, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [29] | 7.25% | [29] | 7.25% | [29] | 7.25% | [16],[34],[38] | ||
Par / Units | $ 104,545,000 | [29] | $ 104,545,000 | [16],[34],[38] | ||||||
Amortized Cost | 103,224,000 | [29] | 103,017,000 | [16],[34],[38] | ||||||
Fair Value | $ 104,023,000 | [29] | $ 102,977,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 5.70% | [29] | 5.70% | [29] | 5.70% | [29] | 8.40% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Avalara, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [23],[36] | 7.25% | [23],[36] | 7.25% | [23],[36] | 7.25% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (125,000) | [23],[36] | (151,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (52,000) | [23],[36] | $ (157,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Axonius, Inc., Series E Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 1,733,274 | [13],[14],[27] | 1,733,274 | [13],[14],[27] | 1,733,274 | [13],[14],[27] | 1,733,274 | [15],[17] | ||
Amortized Cost | $ 10,033,000 | [13],[14],[27] | $ 10,032,000 | [15],[17] | ||||||
Fair Value | $ 8,775,000 | [13],[14],[27] | $ 10,000,000 | [15],[17] | ||||||
Percentage of Net Assets | 0.50% | [13],[14],[27] | 0.50% | [13],[14],[27] | 0.50% | [13],[14],[27] | 0.80% | [15],[17] | ||
Investment, Identifier [Axis]: BCPE Watson (DE) ORML, LP, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [21],[44],[45] | 6.50% | [21],[44],[45] | 6.50% | [21],[44],[45] | 6.50% | [16],[25],[33],[34],[46] | ||
Par / Units | $ 125,000,000 | [21],[44],[45] | $ 125,000,000 | [16],[25],[33],[34],[46] | ||||||
Amortized Cost | 123,994,000 | [21],[44],[45] | 123,830,000 | [16],[25],[33],[34],[46] | ||||||
Fair Value | $ 124,375,000 | [21],[44],[45] | $ 123,750,000 | [16],[25],[33],[34],[46] | ||||||
Percentage of Net Assets | 6.90% | [21],[44],[45] | 6.90% | [21],[44],[45] | 6.90% | [21],[44],[45] | 10% | [16],[25],[33],[34],[46] | ||
Investment, Identifier [Axis]: BEHP Co-Investor II, L.P., LP Interest | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 1,270,000 | [13],[14],[21] | ||||||||
Units (in shares) | shares | 1,270,000 | [15],[16],[17],[25] | ||||||||
Amortized Cost | 1,266,000 | [13],[14],[21] | $ 1,266,000 | [15],[16],[17],[25] | ||||||
Fair Value | $ 1,278,000 | [13],[14],[21] | $ 1,270,000 | [15],[16],[17],[25] | ||||||
Percentage of Net Assets | 0.10% | [13],[14],[21] | 0.10% | [13],[14],[21] | 0.10% | [13],[14],[21] | 0.10% | [15],[16],[17],[25] | ||
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8% | [23],[29],[35] | 8% | [23],[29],[35] | 8% | [23],[29],[35] | 8% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 2,607,000 | [23],[29],[35] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | 2,607,000 | [23],[29],[35] | 0 | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 2,527,000 | [23],[29],[35] | $ (148,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0.10% | [23],[29],[35] | 0.10% | [23],[29],[35] | 0.10% | [23],[29],[35] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8% | [29] | 8% | [29] | 8% | [29] | 8% | [16],[34],[38] | ||
Par / Units | $ 62,962,000 | [29] | $ 62,962,000 | [16],[34],[38] | ||||||
Amortized Cost | 61,250,000 | [29] | 61,083,000 | [16],[34],[38] | ||||||
Fair Value | $ 62,017,000 | [29] | $ 61,204,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 3.40% | [29] | 3.40% | [29] | 3.40% | [29] | 4.90% | [16],[34],[38] | ||
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [23],[29] | 7.25% | [23],[29] | 7.25% | [23],[29] | 8% | [16],[24],[34],[39] | ||
Par / Units | $ 1,679,000 | [23],[29] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | 1,513,000 | [23],[29] | (200,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ 1,578,000 | [23],[29] | $ (187,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0.10% | [23],[29] | 0.10% | [23],[29] | 0.10% | [23],[29] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured EUR term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [47] | 6.75% | [47] | 6.75% | [47] | ||||
Interest, PIK | 3.38% | [47] | 3.38% | [47] | 3.38% | [47] | ||||
Par / Units | € | € 12,252 | [47] | ||||||||
Amortized Cost | $ 12,593,000 | [47] | ||||||||
Fair Value | $ 13,128,000 | [47] | ||||||||
Percentage of Net Assets | 0.70% | [47] | 0.70% | [47] | 0.70% | [47] | ||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | 6.75% | 6.75% | |||||||
Interest, PIK | 3.38% | 3.38% | 3.38% | |||||||
Par / Units | $ 211,000 | [23],[35],[37] | ||||||||
Amortized Cost | 164,000 | [23],[35],[37] | ||||||||
Fair Value | $ 162,000 | [23],[35],[37] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[37] | 0% | [23],[35],[37] | 0% | [23],[35],[37] | ||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [29] | 6.75% | [29] | 6.75% | [29] | ||||
Interest, PIK | 3.38% | [29] | 3.38% | [29] | 3.38% | [29] | ||||
Par / Units | $ 19,692,000 | [29] | ||||||||
Amortized Cost | 19,116,000 | [29] | ||||||||
Fair Value | $ 19,102,000 | [29] | ||||||||
Percentage of Net Assets | 1.10% | [29] | 1.10% | [29] | 1.10% | [29] | ||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (118,000) | [23],[36] | ||||||||
Fair Value | $ (123,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Barracuda Networks, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.50% | [29],[30] | 4.50% | [29],[30] | 4.50% | [29],[30] | 4.50% | [16],[34],[38] | ||
Par / Units | $ 44,550,000 | [29],[30] | $ 45,000,000 | [16],[34],[38] | ||||||
Amortized Cost | 43,424,000 | [29],[30] | 43,707,000 | [16],[34],[38] | ||||||
Fair Value | $ 43,383,000 | [29],[30] | $ 43,313,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 2.40% | [29],[30] | 2.40% | [29],[30] | 2.40% | [29],[30] | 3.50% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Barracuda Networks, Inc., Second lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [29] | 7% | [29] | 7% | [29] | 7% | [16],[34],[38] | ||
Par / Units | $ 55,875,000 | [29] | $ 55,875,000 | [16],[34],[38] | ||||||
Amortized Cost | 54,385,000 | [29] | 54,248,000 | [16],[34],[38] | ||||||
Fair Value | $ 52,523,000 | [29] | $ 53,361,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 2.90% | [29] | 2.90% | [29] | 2.90% | [29] | 4.40% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Bracket Intermediate Holding Corp., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5% | [29],[30] | 5% | [29],[30] | 5% | [29],[30] | ||||
Par / Units | $ 34,825,000 | [29],[30] | ||||||||
Amortized Cost | 33,890,000 | [29],[30] | ||||||||
Fair Value | $ 34,773,000 | [29],[30] | ||||||||
Percentage of Net Assets | 1.90% | [29],[30] | 1.90% | [29],[30] | 1.90% | [29],[30] | ||||
Investment, Identifier [Axis]: CDK Global, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.50% | [16],[31],[34],[38] | ||||||||
Par / Units | $ 20,000,000 | [16],[31],[34],[38] | ||||||||
Amortized Cost | 19,432,000 | [16],[31],[34],[38] | ||||||||
Fair Value | $ 19,796,000 | [16],[31],[34],[38] | ||||||||
Percentage of Net Assets | 1.60% | [16],[31],[34],[38] | ||||||||
Investment, Identifier [Axis]: CVET Midco 2, L.P., Second lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 9.25% | [16],[34],[38] | ||||||||
Par / Units | $ 75,000,000 | [16],[34],[38] | ||||||||
Amortized Cost | 73,494,000 | [16],[34],[38] | ||||||||
Fair Value | $ 73,470,000 | [16],[34],[38] | ||||||||
Percentage of Net Assets | 6% | [16],[34],[38] | ||||||||
Investment, Identifier [Axis]: Certinia, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [45] | 7.25% | [45] | 7.25% | [45] | ||||
Par / Units | $ 44,118,000 | [45] | ||||||||
Amortized Cost | 43,285,000 | [45] | ||||||||
Fair Value | $ 43,235,000 | [45] | ||||||||
Percentage of Net Assets | 2.40% | [45] | 2.40% | [45] | 2.40% | [45] | ||||
Investment, Identifier [Axis]: Certinia, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [23],[36] | 7.25% | [23],[36] | 7.25% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (110,000) | [23],[36] | ||||||||
Fair Value | $ (118,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [37] | 6.25% | [37] | 6.25% | [37] | ||||
Interest, PIK | 2.75% | [37] | 2.75% | [37] | 2.75% | [37] | ||||
Par / Units | $ 144,986,000 | [37] | ||||||||
Amortized Cost | 142,548,000 | [37] | ||||||||
Fair Value | $ 143,536,000 | [37] | ||||||||
Percentage of Net Assets | 7.90% | [37] | 7.90% | [37] | 7.90% | [37] | ||||
Investment, Identifier [Axis]: Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[37] | 5.75% | [23],[37] | 5.75% | [23],[37] | ||||
Par / Units | $ 1,631,000 | [23],[37] | ||||||||
Amortized Cost | 1,498,000 | [23],[37] | ||||||||
Fair Value | $ 1,540,000 | [23],[37] | ||||||||
Percentage of Net Assets | 0.10% | [23],[37] | 0.10% | [23],[37] | 0.10% | [23],[37] | ||||
Investment, Identifier [Axis]: Coherent Group Inc. | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Fair Value | $ 16,204,000 | $ 0 | ||||||||
Investment, Identifier [Axis]: Coherent Group Inc., Convertible notes | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | 1,700,000 | [21],[22],[27] | ||||||||
Amortized Cost | 1,700,000 | [21],[22],[27] | ||||||||
Fair Value | $ 1,700,000 | [21],[22],[27] | ||||||||
Percentage of Net Assets | 0.10% | [21],[22],[27] | 0.10% | [21],[22],[27] | 0.10% | [21],[22],[27] | ||||
Investment, Identifier [Axis]: Coherent Group Inc., Series B Preferred Shares | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 323,095 | [13],[14],[21],[22],[27] | 323,095 | [13],[14],[21],[22],[27] | 323,095 | [13],[14],[21],[22],[27] | ||||
Amortized Cost | $ 16,013,000 | [13],[14],[21],[22],[27] | ||||||||
Fair Value | $ 14,504,000 | [13],[14],[21],[22],[27] | ||||||||
Percentage of Net Assets | 0.80% | [13],[14],[21],[22],[27] | 0.80% | [13],[14],[21],[22],[27] | 0.80% | [13],[14],[21],[22],[27] | ||||
Investment, Identifier [Axis]: Coherent Group Limited, Series B Preferred Shares | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 153,095 | [15],[17],[25] | ||||||||
Amortized Cost | $ 16,002,000 | [15],[17],[25] | ||||||||
Fair Value | $ 15,436,000 | [15],[17],[25] | ||||||||
Percentage of Net Assets | 1.30% | [15],[17],[25] | ||||||||
Investment, Identifier [Axis]: Color Intermediate, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [29] | 5.50% | [29] | 5.50% | [29] | 5.50% | [16],[34],[38] | ||
Par / Units | $ 48,394,000 | [29] | $ 48,759,000 | [16],[34],[38] | ||||||
Amortized Cost | 47,535,000 | [29] | 47,809,000 | [16],[34],[38] | ||||||
Fair Value | $ 47,910,000 | [29] | $ 47,784,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 2.60% | [29] | 2.60% | [29] | 2.60% | [29] | 3.90% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [23],[35],[36] | 5.50% | [23],[35],[36] | 5.50% | [23],[35],[36] | 5.75% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 0 | [23],[35],[36] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | (10,000) | [23],[35],[36] | (13,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 0 | [23],[35],[36] | $ (8,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [37] | 5.50% | [37] | 5.50% | [37] | 5.75% | [16],[34],[40] | ||
Par / Units | $ 12,527,000 | [37] | $ 12,654,000 | [16],[34],[40] | ||||||
Amortized Cost | 12,344,000 | [37] | 12,433,000 | [16],[34],[40] | ||||||
Fair Value | $ 12,402,000 | [37] | $ 12,465,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 0.70% | [37] | 0.70% | [37] | 0.70% | [37] | 1% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [23],[36] | 5.50% | [23],[36] | 5.50% | [23],[36] | 5.75% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (10,000) | [23],[36] | (13,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (8,000) | [23],[36] | $ (11,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Computer Services, Inc. (dba CSI), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [16],[34],[38] | ||||||||
Par / Units | $ 125,000,000 | [16],[34],[38] | ||||||||
Amortized Cost | 122,537,000 | [16],[34],[38] | ||||||||
Fair Value | $ 122,500,000 | [16],[34],[38] | ||||||||
Percentage of Net Assets | 9.90% | [16],[34],[38] | ||||||||
Investment, Identifier [Axis]: Computer Services, Inc. (dba CSI), First lien senior secured loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [29] | 6.75% | [29] | 6.75% | [29] | ||||
Par / Units | $ 124,063,000 | [29] | ||||||||
Amortized Cost | 121,840,000 | [29] | ||||||||
Fair Value | $ 124,063,000 | [29] | ||||||||
Percentage of Net Assets | 6.80% | [29] | 6.80% | [29] | 6.80% | [29] | ||||
Investment, Identifier [Axis]: Computer Services, Inc. (dba CSI), First lien senior secured loan 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [29] | 6% | [29] | 6% | [29] | ||||
Par / Units | € | € 20,883 | [29] | ||||||||
Amortized Cost | $ 20,675,000 | [29] | ||||||||
Fair Value | $ 20,674,000 | [29] | ||||||||
Percentage of Net Assets | 1.10% | [29] | 1.10% | [29] | 1.10% | [29] | ||||
Investment, Identifier [Axis]: ConnectWise, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.50% | [29],[30] | 3.50% | [29],[30] | 3.50% | [29],[30] | 3.50% | [16],[31],[34],[43] | ||
Par / Units | $ 3,089,000 | [29],[30] | $ 3,120,000 | [16],[31],[34],[43] | ||||||
Amortized Cost | 2,997,000 | [29],[30] | 3,011,000 | [16],[31],[34],[43] | ||||||
Fair Value | $ 3,078,000 | [29],[30] | $ 2,957,000 | [16],[31],[34],[43] | ||||||
Percentage of Net Assets | 0.20% | [29],[30] | 0.20% | [29],[30] | 0.20% | [29],[30] | 0.20% | [16],[31],[34],[43] | ||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [23],[35],[36] | 6.75% | [23],[35],[36] | 6.75% | [23],[35],[36] | 6.75% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 0 | [23],[35],[36] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | (16,000) | [23],[35],[36] | (18,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 0 | [23],[35],[36] | $ (19,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [37] | 6.75% | [37] | 6.75% | [37] | 6.75% | [16],[34],[38] | ||
Par / Units | $ 25,761,000 | [37] | $ 26,021,000 | [16],[34],[38] | ||||||
Amortized Cost | 25,313,000 | [37] | 25,514,000 | [16],[34],[38] | ||||||
Fair Value | $ 25,503,000 | [37] | $ 25,501,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 1.40% | [37] | 1.40% | [37] | 1.40% | [37] | 2.10% | [16],[34],[38] | ||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [23],[36] | 6.75% | [23],[36] | 6.75% | [23],[36] | 6.75% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (56,000) | [23],[36] | (72,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (38,000) | [23],[36] | $ (76,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [23],[35],[36] | 7.50% | [23],[35],[36] | 7.50% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (83,000) | [23],[35],[36] | ||||||||
Fair Value | $ (57,000) | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [37] | 7.50% | [37] | 7.50% | [37] | ||||
Par / Units | $ 84,811,000 | [37] | ||||||||
Amortized Cost | 82,823,000 | [37] | ||||||||
Fair Value | $ 83,115,000 | [37] | ||||||||
Percentage of Net Assets | 4.60% | [37] | 4.60% | [37] | 4.60% | [37] | ||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [23],[36] | 7.50% | [23],[36] | 7.50% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (125,000) | [23],[36] | ||||||||
Fair Value | $ (116,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Covetrus, Inc., Second lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 9.25% | [29] | 9.25% | [29] | 9.25% | [29] | ||||
Par / Units | $ 75,000,000 | [29] | ||||||||
Amortized Cost | 73,608,000 | [29] | ||||||||
Fair Value | $ 74,813,000 | [29] | ||||||||
Percentage of Net Assets | 4.10% | [29] | 4.10% | [29] | 4.10% | [29] | ||||
Investment, Identifier [Axis]: Crewline Buyer, Inc., First lien senior secured loan, S, 0.0675, 47795, 114805000, 113107000, 113083000, 0.064 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [29] | 6.75% | [29] | 6.75% | [29] | ||||
Par / Units | $ 114,805,000 | [29] | ||||||||
Amortized Cost | 113,107,000 | [29] | ||||||||
Fair Value | $ 113,083,000 | [29] | ||||||||
Percentage of Net Assets | 6.20% | [29] | 6.20% | [29] | 6.20% | [29] | ||||
Investment, Identifier [Axis]: Crewline Buyer, Inc., First lien senior secured revolving loan, S, 0.0675, 47795, 0, -176000, -179000, 0 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [23],[36] | 6.75% | [23],[36] | 6.75% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (176,000) | [23],[36] | ||||||||
Fair Value | $ (179,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [16],[34],[38] | ||||||||
Par / Units | $ 24,464,000 | [16],[34],[38] | ||||||||
Amortized Cost | 21,410,000 | [16],[34],[38] | ||||||||
Fair Value | $ 22,751,000 | [16],[34],[38] | ||||||||
Percentage of Net Assets | 1.90% | [16],[34],[38] | ||||||||
Investment, Identifier [Axis]: Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan, S, 0.0725, 47088, 24464000, 21758000, 24464000, 0.014 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [45] | 7.25% | [45] | 7.25% | [45] | ||||
Par / Units | $ 24,464,000 | [45] | ||||||||
Amortized Cost | 21,758,000 | [45] | ||||||||
Fair Value | $ 24,463,000 | [45] | ||||||||
Percentage of Net Assets | 1.30% | [45] | 1.30% | [45] | 1.30% | [45] | ||||
Investment, Identifier [Axis]: Diagnostic Services Holdings, Inc. (dba Rayus Radiology), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [37] | 5.50% | [37] | 5.50% | [37] | 5.50% | [16],[34],[43] | ||
Par / Units | $ 9,956,000 | [37] | $ 9,981,000 | [16],[34],[43] | ||||||
Amortized Cost | 9,956,000 | [37] | 9,982,000 | [16],[34],[43] | ||||||
Fair Value | $ 9,931,000 | [37] | $ 9,881,000 | [16],[34],[43] | ||||||
Percentage of Net Assets | 0.60% | [37] | 0.60% | [37] | 0.60% | [37] | 0.90% | [16],[34],[43] | ||
Investment, Identifier [Axis]: Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [29] | 7.50% | [29] | 7.50% | [29] | ||||
Par / Units | $ 37,324,000 | [29] | ||||||||
Amortized Cost | 36,433,000 | [29] | ||||||||
Fair Value | $ 36,764,000 | [29] | ||||||||
Percentage of Net Assets | 2% | [29] | 2% | [29] | 2% | [29] | ||||
Investment, Identifier [Axis]: Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [23],[36] | 7.50% | [23],[36] | 7.50% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (82,000) | [23],[36] | ||||||||
Fair Value | $ (56,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Dodge Construction Network LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.75% | [29],[30] | 4.75% | [29],[30] | 4.75% | [29],[30] | ||||
Par / Units | $ 9,850,000 | [29],[30] | ||||||||
Amortized Cost | 9,734,000 | [29],[30] | ||||||||
Fair Value | $ 7,584,000 | [29],[30] | ||||||||
Percentage of Net Assets | 0.40% | [29],[30] | 0.40% | [29],[30] | 0.40% | [29],[30] | ||||
Investment, Identifier [Axis]: Dodge Construction Network, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.75% | [16],[33],[34] | ||||||||
Par / Units | $ 9,950,000 | [16],[33],[34] | ||||||||
Amortized Cost | 9,815,000 | [16],[33],[34] | ||||||||
Fair Value | $ 8,458,000 | [16],[33],[34] | ||||||||
Percentage of Net Assets | 0.70% | [16],[33],[34] | ||||||||
Investment, Identifier [Axis]: EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [29] | 6.50% | [29] | 6.50% | [29] | ||||
Par / Units | $ 9,602,000 | [29] | ||||||||
Amortized Cost | 9,475,000 | [29] | ||||||||
Fair Value | $ 9,602,000 | [29] | ||||||||
Percentage of Net Assets | 0.50% | [29] | 0.50% | [29] | 0.50% | [29] | ||||
Investment, Identifier [Axis]: EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [23],[45] | 6.50% | [23],[45] | 6.50% | [23],[45] | ||||
Par / Units | $ 160,000 | [23],[45] | ||||||||
Amortized Cost | 150,000 | [23],[45] | ||||||||
Fair Value | $ 160,000 | [23],[45] | ||||||||
Percentage of Net Assets | 0% | [23],[45] | 0% | [23],[45] | 0% | [23],[45] | ||||
Investment, Identifier [Axis]: Elliott Alto Co-Investor Aggregator L.P., LP Interest | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 13,060 | [13],[14],[21] | 13,060 | [13],[14],[21] | 13,060 | [13],[14],[21] | 13,060 | [15],[16],[17],[25] | ||
Amortized Cost | $ 13,137,000 | [13],[14],[21] | $ 13,098,000 | [15],[16],[17],[25] | ||||||
Fair Value | $ 13,107,000 | [13],[14],[21] | $ 13,060,000 | [15],[16],[17],[25] | ||||||
Percentage of Net Assets | 0.70% | [13],[14],[21] | 0.70% | [13],[14],[21] | 0.70% | [13],[14],[21] | 1.10% | [15],[16],[17],[25] | ||
Investment, Identifier [Axis]: Engage Debtco Limited, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [21],[29] | 5.75% | [21],[29] | 5.75% | [21],[29] | 5.75% | [16],[25],[34],[38] | ||
Interest, PIK | 2.25% | [21],[29] | 2.25% | [21],[29] | 2.25% | [21],[29] | ||||
Par / Units | $ 20,128,000 | [21],[29] | $ 20,000,000 | [16],[25],[34],[38] | ||||||
Amortized Cost | 19,712,000 | [21],[29] | 19,526,000 | [16],[25],[34],[38] | ||||||
Fair Value | $ 19,776,000 | [21],[29] | $ 19,550,000 | [16],[25],[34],[38] | ||||||
Percentage of Net Assets | 1.10% | [21],[29] | 1.10% | [21],[29] | 1.10% | [21],[29] | 1.60% | [16],[25],[34],[38] | ||
Investment, Identifier [Axis]: Entrata, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [37] | 6% | [37] | 6% | [37] | ||||
Par / Units | $ 44,872,000 | [37] | ||||||||
Amortized Cost | 44,217,000 | [37] | ||||||||
Fair Value | $ 44,199,000 | [37] | ||||||||
Percentage of Net Assets | 2.40% | [37] | 2.40% | [37] | 2.40% | [37] | ||||
Investment, Identifier [Axis]: Entrata, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (70,000) | [23],[36] | ||||||||
Fair Value | $ (77,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Fifth Season Investments LLC | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Fair Value | $ 43,908,000 | $ 25,110,000 | 0 | |||||||
Investment, Identifier [Axis]: Fifth Season Investments LLC, Class A Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 8 | [14],[22],[44] | 8 | [14],[22],[44] | 8 | [14],[22],[44] | 8 | [15],[16],[17],[26] | ||
Amortized Cost | $ 43,904,000 | [14],[22],[44] | $ 25,110,000 | [15],[16],[17],[26] | ||||||
Fair Value | $ 43,908,000 | [14],[22],[44] | $ 25,110,000 | [15],[16],[17],[26] | ||||||
Percentage of Net Assets | 2.40% | [14],[22],[44] | 2.40% | [14],[22],[44] | 2.40% | [14],[22],[44] | 2.10% | [15],[16],[17],[26] | ||
Investment, Identifier [Axis]: Finastra USA, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [21],[45] | 7.25% | [21],[45] | 7.25% | [21],[45] | ||||
Par / Units | $ 82,382,000 | [21],[45] | ||||||||
Amortized Cost | 81,558,000 | [21],[45] | ||||||||
Fair Value | $ 81,558,000 | [21],[45] | ||||||||
Percentage of Net Assets | 4.60% | [21],[45] | 4.60% | [21],[45] | 4.60% | [21],[45] | ||||
Investment, Identifier [Axis]: Finastra USA, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [21],[23],[37] | 7.25% | [21],[23],[37] | 7.25% | [21],[23],[37] | ||||
Par / Units | $ 2,262,000 | [21],[23],[37] | ||||||||
Amortized Cost | 2,176,000 | [21],[23],[37] | ||||||||
Fair Value | $ 2,176,000 | [21],[23],[37] | ||||||||
Percentage of Net Assets | 0.10% | [21],[23],[37] | 0.10% | [21],[23],[37] | 0.10% | [21],[23],[37] | ||||
Investment, Identifier [Axis]: Fortra, LLC (f/k/a Help/Systems Holdings, Inc.), Second lien senior secured loan, S, 0.0675, 46710, 20000000, 19803000, 17350000, 0.01 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [45] | 6.75% | [45] | 6.75% | [45] | ||||
Par / Units | $ 20,000,000 | [45] | ||||||||
Amortized Cost | 19,803,000 | [45] | ||||||||
Fair Value | $ 17,350,000 | [45] | ||||||||
Percentage of Net Assets | 1% | [45] | 1% | [45] | 1% | [45] | ||||
Investment, Identifier [Axis]: Foundation Consumer Brands, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [29] | 6.25% | [29] | 6.25% | [29] | 5.50% | [16],[34],[48] | ||
Par / Units | $ 17,567,000 | [29] | $ 8,644,000 | [16],[34],[48] | ||||||
Amortized Cost | 17,316,000 | [29] | 8,646,000 | [16],[34],[48] | ||||||
Fair Value | $ 17,567,000 | [29] | $ 8,622,000 | [16],[34],[48] | ||||||
Percentage of Net Assets | 0.90% | [29] | 0.90% | [29] | 0.90% | [29] | 0.70% | [16],[34],[48] | ||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [16],[24],[32],[34],[48] | ||||||||
Interest, PIK | 3% | [16],[24],[32],[34],[48] | ||||||||
Par / Units | $ 30,606,000 | [16],[24],[32],[34],[48] | ||||||||
Amortized Cost | 29,699,000 | [16],[24],[32],[34],[48] | ||||||||
Fair Value | $ 29,971,000 | [16],[24],[32],[34],[48] | ||||||||
Percentage of Net Assets | 2.40% | [16],[24],[32],[34],[48] | ||||||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8.25% | [23],[29],[35] | 8.25% | [23],[29],[35] | 8.25% | [23],[29],[35] | ||||
Par / Units | $ 1,009,000 | [23],[29],[35] | ||||||||
Amortized Cost | 945,000 | [23],[29],[35] | ||||||||
Fair Value | $ 944,000 | [23],[29],[35] | ||||||||
Percentage of Net Assets | 0.10% | [23],[29],[35] | 0.10% | [23],[29],[35] | 0.10% | [23],[29],[35] | ||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8.25% | [23],[35],[36] | 8.25% | [23],[35],[36] | 8.25% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (22,000) | [23],[35],[36] | ||||||||
Fair Value | $ (22,000) | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8.25% | [29] | 8.25% | [29] | 8.25% | [29] | ||||
Par / Units | $ 10,593,000 | [29] | ||||||||
Amortized Cost | 10,278,000 | [29] | ||||||||
Fair Value | $ 10,275,000 | [29] | ||||||||
Percentage of Net Assets | 0.60% | [29] | 0.60% | [29] | 0.60% | [29] | ||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8.25% | [23],[36] | 8.25% | [23],[36] | 8.25% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (17,000) | [23],[36] | ||||||||
Fair Value | $ (18,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Grayshift, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8% | [21],[37] | 8% | [21],[37] | 8% | [21],[37] | 7.50% | [16],[34],[40] | ||
Par / Units | $ 112,931,000 | [21],[37] | $ 53,923,000 | [16],[34],[40] | ||||||
Amortized Cost | 111,437,000 | [21],[37] | 53,418,000 | [16],[34],[40] | ||||||
Fair Value | $ 111,237,000 | [21],[37] | $ 53,518,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 6.10% | [21],[37] | 6.10% | [21],[37] | 6.10% | [21],[37] | 4.40% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Grayshift, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8% | [21],[23],[36] | 8% | [21],[23],[36] | 8% | [21],[23],[36] | 7.50% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [21],[23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (43,000) | [21],[23],[36] | (53,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (87,000) | [21],[23],[36] | $ (44,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [21],[23],[36] | 0% | [21],[23],[36] | 0% | [21],[23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Greenway Health, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [45] | 6.75% | [45] | 6.75% | [45] | ||||
Par / Units | $ 10,300,000 | [45] | ||||||||
Amortized Cost | 9,993,000 | [45] | ||||||||
Fair Value | $ 9,991,000 | [45] | ||||||||
Percentage of Net Assets | 0.50% | [45] | 0.50% | [45] | 0.50% | [45] | ||||
Investment, Identifier [Axis]: Halo Parent Newco, LLC, Class H PIK Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 11% | [14],[20] | 11% | [14],[20] | 11% | [14],[20] | 11% | [17],[28] | ||
Units (in shares) | shares | 40,000 | [14],[20] | 40,000 | [14],[20] | 40,000 | [14],[20] | 43,621 | [17],[28] | ||
Amortized Cost | $ 46,643,000 | [14],[20] | $ 42,864,000 | [17],[28] | ||||||
Fair Value | $ 38,202,000 | [14],[20] | $ 39,901,000 | [17],[28] | ||||||
Percentage of Net Assets | 2.10% | [14],[20] | 2.10% | [14],[20] | 2.10% | [14],[20] | 3.30% | [17],[28] | ||
Investment, Identifier [Axis]: Help/Systems Holdings, Inc., Second lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [16],[34],[38] | ||||||||
Par / Units | $ 20,000,000 | [16],[34],[38] | ||||||||
Amortized Cost | 19,802,000 | [16],[34],[38] | ||||||||
Fair Value | $ 18,000,000 | [16],[34],[38] | ||||||||
Percentage of Net Assets | 1.50% | [16],[34],[38] | ||||||||
Investment, Identifier [Axis]: Hg Genesis 9 SumoCo Limited, Unsecured EUR facility | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 7% | [21],[47] | 7% | [21],[47] | 7% | [21],[47] | ||||
Par / Units | € | € 46,773 | [21],[47] | ||||||||
Amortized Cost | $ 51,217,000 | [21],[47] | ||||||||
Fair Value | $ 51,668,000 | [21],[47] | ||||||||
Percentage of Net Assets | 2.80% | [21],[47] | 2.80% | [21],[47] | 2.80% | [21],[47] | ||||
Investment, Identifier [Axis]: Hg Genesis 9 SumoCo Limited, Unsecured facility | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [16],[25],[34],[49] | ||||||||
Par / Units | $ 45,124,000 | [16],[25],[34],[49] | ||||||||
Amortized Cost | 46,324,000 | [16],[25],[34],[49] | ||||||||
Fair Value | $ 45,124,000 | [16],[25],[34],[49] | ||||||||
Percentage of Net Assets | 3.70% | [16],[25],[34],[49] | ||||||||
Investment, Identifier [Axis]: Hyland Software, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [37] | 6% | [37] | 6% | [37] | 3.50% | [16],[31],[34],[43] | ||
Par / Units | $ 65,438,000 | [37] | $ 13,811,000 | [16],[31],[34],[43] | ||||||
Amortized Cost | 64,484,000 | [37] | 13,611,000 | [16],[31],[34],[43] | ||||||
Fair Value | $ 64,456,000 | [37] | $ 13,608,000 | [16],[31],[34],[43] | ||||||
Percentage of Net Assets | 3.50% | [37] | 3.50% | [37] | 3.50% | [37] | 1.10% | [16],[31],[34],[43] | ||
Investment, Identifier [Axis]: Hyland Software, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (44,000) | [23],[36] | ||||||||
Fair Value | $ (47,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[35],[45] | 6% | [23],[35],[45] | 6% | [23],[35],[45] | 6% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 1,825,000 | [23],[35],[45] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | 1,770,000 | [23],[35],[45] | (45,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 1,816,000 | [23],[35],[45] | $ (12,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0.10% | [23],[35],[45] | 0.10% | [23],[35],[45] | 0.10% | [23],[35],[45] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [29] | 6% | [29] | 6% | [29] | 6% | [16],[33],[34] | ||
Par / Units | $ 20,585,000 | [29] | $ 20,794,000 | [16],[33],[34] | ||||||
Amortized Cost | 20,247,000 | [29] | 20,407,000 | [16],[33],[34] | ||||||
Fair Value | $ 20,482,000 | [29] | $ 20,534,000 | [16],[33],[34] | ||||||
Percentage of Net Assets | 1.10% | [29] | 1.10% | [29] | 1.10% | [29] | 1.70% | [16],[33],[34] | ||
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[29] | 6% | [23],[29] | 6% | [23],[29] | 6% | [16],[24],[33],[34] | ||
Par / Units | $ 99,000 | [23],[29] | $ 472,000 | [16],[24],[33],[34] | ||||||
Amortized Cost | 63,000 | [23],[29] | 427,000 | [16],[24],[33],[34] | ||||||
Fair Value | $ 87,000 | [23],[29] | $ 440,000 | [16],[24],[33],[34] | ||||||
Percentage of Net Assets | 0% | [23],[29] | 0% | [23],[29] | 0% | [23],[29] | 0% | [16],[24],[33],[34] | ||
Investment, Identifier [Axis]: Imprivata, Inc., Second lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [29] | 6.25% | [29] | 6.25% | [29] | 6.25% | [16],[34],[40] | ||
Par / Units | $ 17,647,000 | [29] | $ 17,647,000 | [16],[34],[40] | ||||||
Amortized Cost | 17,470,000 | [29] | 17,470,000 | [16],[34],[40] | ||||||
Fair Value | $ 17,647,000 | [29] | $ 17,206,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 1% | [29] | 1% | [29] | 1% | [29] | 1.40% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[35],[36] | 6% | [23],[35],[36] | 6% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (80,000) | [23],[35],[36] | ||||||||
Fair Value | $ (62,000) | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [37] | 6% | [37] | 6% | [37] | ||||
Par / Units | $ 56,374,000 | [37] | ||||||||
Amortized Cost | 55,110,000 | [37] | ||||||||
Fair Value | $ 55,106,000 | [37] | ||||||||
Percentage of Net Assets | 3% | [37] | 3% | [37] | 3% | [37] | ||||
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (158,000) | [23],[36] | ||||||||
Fair Value | $ (159,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Innovation Ventures HoldCo, LLC (dba 5 Hour Energy), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [16],[34],[40] | ||||||||
Par / Units | $ 10,000,000 | [16],[34],[40] | ||||||||
Amortized Cost | 9,836,000 | [16],[34],[40] | ||||||||
Fair Value | $ 9,800,000 | [16],[34],[40] | ||||||||
Percentage of Net Assets | 0.90% | [16],[34],[40] | ||||||||
Investment, Identifier [Axis]: Innovation Ventures HoldCo, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [37] | 6.25% | [37] | 6.25% | [37] | ||||
Par / Units | $ 10,000,000 | [37] | ||||||||
Amortized Cost | 9,872,000 | [37] | ||||||||
Fair Value | $ 9,875,000 | [37] | ||||||||
Percentage of Net Assets | 0.50% | [37] | 0.50% | [37] | 0.50% | [37] | ||||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[35],[36] | 6% | [23],[35],[36] | 6% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (8,000) | [23],[35],[36] | ||||||||
Fair Value | $ (3,000) | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [29] | 6% | [29] | 6% | [29] | ||||
Par / Units | $ 5,603,000 | [29] | ||||||||
Amortized Cost | 5,523,000 | [29] | ||||||||
Fair Value | $ 5,519,000 | [29] | ||||||||
Percentage of Net Assets | 0.30% | [29] | 0.30% | [29] | 0.30% | [29] | ||||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (8,000) | [23],[36] | ||||||||
Fair Value | $ (9,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[29],[35] | 6% | [23],[29],[35] | 6% | [23],[29],[35] | ||||
Par / Units | $ 796,000 | [23],[29],[35] | ||||||||
Amortized Cost | 742,000 | [23],[29],[35] | ||||||||
Fair Value | $ 796,000 | [23],[29],[35] | ||||||||
Percentage of Net Assets | 0% | [23],[29],[35] | 0% | [23],[29],[35] | 0% | [23],[29],[35] | ||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.86% | [29] | 5.86% | [29] | 5.86% | [29] | ||||
Par / Units | $ 30,678,000 | [29] | ||||||||
Amortized Cost | 30,601,000 | [29] | ||||||||
Fair Value | $ 30,678,000 | [29] | ||||||||
Percentage of Net Assets | 1.70% | [29] | 1.70% | [29] | 1.70% | [29] | ||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [23],[36] | 6.50% | [23],[36] | 6.50% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (11,000) | [23],[36] | ||||||||
Fair Value | $ 0 | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [29] | 7% | [29] | 7% | [29] | 7% | [16],[34],[38] | ||
Par / Units | $ 28,193,000 | [29] | $ 28,480,000 | [16],[34],[38] | ||||||
Amortized Cost | 28,074,000 | [29] | 28,324,000 | [16],[34],[38] | ||||||
Fair Value | $ 27,771,000 | [29] | $ 28,267,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 1.60% | [29] | 1.60% | [29] | 1.60% | [29] | 2.30% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [23],[29] | 7% | [23],[29] | 7% | [23],[29] | 7% | [16],[24],[34],[48] | ||
Par / Units | $ 948,000 | [23],[29] | $ 652,000 | [16],[24],[34],[48] | ||||||
Amortized Cost | 937,000 | [23],[29] | 647,000 | [16],[24],[34],[48] | ||||||
Fair Value | $ 914,000 | [23],[29] | $ 642,000 | [16],[24],[34],[48] | ||||||
Percentage of Net Assets | 0.10% | [23],[29] | 0.10% | [23],[29] | 0.10% | [23],[29] | 0.10% | [16],[24],[34],[48] | ||
Investment, Identifier [Axis]: Juniper Square, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 9.50% | [29] | 9.50% | [29] | 9.50% | [29] | 8.50% | [16],[34],[40] | ||
Interest, PIK | 4.75% | [29] | 4.75% | [29] | 4.75% | [29] | ||||
Par / Units | $ 37,384,000 | [29] | $ 33,750,000 | [16],[34],[40] | ||||||
Amortized Cost | 36,575,000 | [29] | 32,839,000 | [16],[34],[40] | ||||||
Fair Value | $ 36,636,000 | [29] | $ 32,837,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 2% | [29] | 2% | [29] | 2% | [29] | 2.70% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Juniper Square, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 8.50% | [23],[36] | 8.50% | [23],[36] | 8.50% | [23],[36] | 8.50% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (34,000) | [23],[36] | (45,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (45,000) | [23],[36] | $ (61,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Juniper Square, Inc., Warrants | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 40,984 | [13],[14] | 40,984 | [13],[14] | 40,984 | [13],[14] | 40,984 | [15],[16],[17] | ||
Amortized Cost | $ 238,000 | [13],[14] | $ 238,000 | [15],[16],[17] | ||||||
Fair Value | $ 214,000 | [13],[14] | $ 238,000 | [15],[16],[17] | ||||||
Percentage of Net Assets | 0% | [13],[14] | 0% | [13],[14] | 0% | [13],[14] | 0% | [15],[16],[17] | ||
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), Common stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 159 | [13],[14],[35] | 159 | [13],[14],[35] | 159 | [13],[14],[35] | ||||
Amortized Cost | $ 1,585,000 | [13],[14],[35] | ||||||||
Fair Value | $ 1,585,000 | [13],[14],[35] | ||||||||
Percentage of Net Assets | 0.10% | [13],[14],[35] | 0.10% | [13],[14],[35] | 0.10% | [13],[14],[35] | ||||
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [45] | 6.25% | [45] | 6.25% | [45] | ||||
Par / Units | $ 21,635,000 | [45] | ||||||||
Amortized Cost | 21,209,000 | [45] | ||||||||
Fair Value | $ 21,206,000 | [45] | ||||||||
Percentage of Net Assets | 1.20% | [45] | 1.20% | [45] | 1.20% | [45] | ||||
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[45] | 6.25% | [23],[45] | 6.25% | [23],[45] | ||||
Par / Units | $ 881,000 | [23],[45] | ||||||||
Amortized Cost | 824,000 | [23],[45] | ||||||||
Fair Value | $ 823,000 | [23],[45] | ||||||||
Percentage of Net Assets | 0% | [23],[45] | 0% | [23],[45] | 0% | [23],[45] | ||||
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[29],[35] | 6.25% | [23],[29],[35] | 6.25% | [23],[29],[35] | 5.75% | [16],[24],[32],[34],[39] | ||
Interest, PIK | 2.50% | [23],[29],[35] | 2.50% | [23],[29],[35] | 2.50% | [23],[29],[35] | ||||
Par / Units | $ 291,000 | [23],[29],[35] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | 251,000 | [23],[29],[35] | (44,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 290,000 | [23],[29],[35] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[29],[35] | 0% | [23],[29],[35] | 0% | [23],[29],[35] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [29] | 6.25% | [29] | 6.25% | [29] | 5.75% | [16],[34],[38] | ||
Interest, PIK | 2.50% | [29] | 2.50% | [29] | 2.50% | [29] | ||||
Par / Units | $ 78,718,000 | [29] | $ 78,050,000 | [16],[34],[38] | ||||||
Amortized Cost | 77,386,000 | [29] | 76,577,000 | [16],[34],[38] | ||||||
Fair Value | $ 78,521,000 | [29] | $ 77,270,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 4.30% | [29] | 4.30% | [29] | 4.30% | [29] | 6.30% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [23],[37] | 5.50% | [23],[37] | 5.50% | [23],[37] | 5.75% | [16],[24],[34],[39] | ||
Par / Units | $ 1,194,000 | [23],[37] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | 1,120,000 | [23],[37] | (87,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ 1,182,000 | [23],[37] | $ (47,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0.10% | [23],[37] | 0.10% | [23],[37] | 0.10% | [23],[37] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 11.75% | [14],[20] | 11.75% | [14],[20] | 11.75% | [14],[20] | 11.75% | [16],[17],[28] | ||
Units (in shares) | shares | 62,500 | [14],[20] | 62,500 | [14],[20] | 62,500 | [14],[20] | 62,500 | [16],[17],[28] | ||
Amortized Cost | $ 68,887,000 | [14],[20] | $ 61,015,000 | [16],[17],[28] | ||||||
Fair Value | $ 70,035,000 | [14],[20] | $ 61,719,000 | [16],[17],[28] | ||||||
Percentage of Net Assets | 3.90% | [14],[20] | 3.90% | [14],[20] | 3.90% | [14],[20] | 5% | [16],[17],[28] | ||
Investment, Identifier [Axis]: LSI Financing 1 DAC | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Fair Value | $ 19,988,000 | $ 6,175,000 | $ 0 | |||||||
Investment, Identifier [Axis]: LSI Financing 1 DAC, Preferred Equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | 18,950,000 | [14],[21],[22] | ||||||||
Amortized Cost | 19,004,000 | [14],[21],[22] | ||||||||
Fair Value | $ 19,988,000 | [14],[21],[22] | ||||||||
Percentage of Net Assets | 1.10% | [14],[21],[22] | 1.10% | [14],[21],[22] | 1.10% | [14],[21],[22] | ||||
Investment, Identifier [Axis]: LSI Financing 1 DAC, Preferred equity | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 6,174,611 | [15],[16],[17],[25],[26] | ||||||||
Amortized Cost | $ 6,224,000 | [15],[16],[17],[25],[26] | ||||||||
Fair Value | $ 6,175,000 | [15],[16],[17],[25],[26] | ||||||||
Percentage of Net Assets | 0.50% | [15],[16],[17],[25],[26] | ||||||||
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[29],[35] | 5.75% | [23],[29],[35] | 5.75% | [23],[29],[35] | 5.75% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 5,668,000 | [23],[29],[35] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | 5,484,000 | [23],[29],[35] | (153,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 5,625,000 | [23],[29],[35] | $ (160,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0.30% | [23],[29],[35] | 0.30% | [23],[29],[35] | 0.30% | [23],[29],[35] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [29] | 5.75% | [29] | 5.75% | [29] | 5.75% | [16],[34],[38] | ||
Par / Units | $ 66,854,000 | [29] | $ 67,531,000 | [16],[34],[38] | ||||||
Amortized Cost | 65,683,000 | [29] | 66,223,000 | [16],[34],[38] | ||||||
Fair Value | $ 66,351,000 | [29] | $ 66,180,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 3.80% | [29] | 3.80% | [29] | 3.80% | [29] | 5.40% | [16],[34],[38] | ||
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[36] | 5.75% | [23],[36] | 5.75% | [23],[36] | 5.75% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (135,000) | [23],[36] | (163,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (65,000) | [23],[36] | $ (172,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Minerva Holdco, Inc., Series A Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 10.75% | [14],[20] | 10.75% | [14],[20] | 10.75% | [14],[20] | 10.75% | [16],[17],[28] | ||
Units (in shares) | shares | 50,000 | [14],[20] | 50,000 | [14],[20] | 50,000 | [14],[20] | 50,000 | [16],[17],[28] | ||
Amortized Cost | $ 58,753,000 | [14],[20] | $ 52,526,000 | [16],[17],[28] | ||||||
Fair Value | $ 57,797,000 | [14],[20] | $ 48,102,000 | [16],[17],[28] | ||||||
Percentage of Net Assets | 3.20% | [14],[20] | 3.20% | [14],[20] | 3.20% | [14],[20] | 3.90% | [16],[17],[28] | ||
Investment, Identifier [Axis]: Natural Partners, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.50% | [21],[29] | 4.50% | [21],[29] | 4.50% | [21],[29] | 6% | [16],[25],[34],[50] | ||
Par / Units | $ 9,150,000 | [21],[29] | $ 9,243,000 | [16],[25],[34],[50] | ||||||
Amortized Cost | 9,017,000 | [21],[29] | 9,082,000 | [16],[25],[34],[50] | ||||||
Fair Value | $ 9,105,000 | [21],[29] | $ 9,059,000 | [16],[25],[34],[50] | ||||||
Percentage of Net Assets | 0.50% | [21],[29] | 0.50% | [21],[29] | 0.50% | [21],[29] | 0.70% | [16],[25],[34],[50] | ||
Investment, Identifier [Axis]: Natural Partners, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.50% | [21],[23],[36] | 4.50% | [21],[23],[36] | 4.50% | [21],[23],[36] | 6% | [16],[24],[25],[34],[39] | ||
Par / Units | $ 0 | [21],[23],[36] | $ 0 | [16],[24],[25],[34],[39] | ||||||
Amortized Cost | (9,000) | [21],[23],[36] | (12,000) | [16],[24],[25],[34],[39] | ||||||
Fair Value | $ (3,000) | [21],[23],[36] | $ (14,000) | [16],[24],[25],[34],[39] | ||||||
Percentage of Net Assets | 0% | [21],[23],[36] | 0% | [21],[23],[36] | 0% | [21],[23],[36] | 0% | [16],[24],[25],[34],[39] | ||
Investment, Identifier [Axis]: Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [45] | 6% | [45] | 6% | [45] | ||||
Par / Units | $ 6,618,000 | [45] | ||||||||
Amortized Cost | 6,459,000 | [45] | ||||||||
Fair Value | $ 6,452,000 | [45] | ||||||||
Percentage of Net Assets | 0.40% | [45] | 0.40% | [45] | 0.40% | [45] | ||||
Investment, Identifier [Axis]: Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (21,000) | [23],[36] | ||||||||
Fair Value | $ (22,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[35],[36] | 6.25% | [23],[35],[36] | 6.25% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (17,000) | [23],[35],[36] | ||||||||
Fair Value | $ 0 | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [29] | 6.25% | [29] | 6.25% | [29] | ||||
Par / Units | $ 7,917,000 | [29] | ||||||||
Amortized Cost | 7,804,000 | [29] | ||||||||
Fair Value | $ 7,877,000 | [29] | ||||||||
Percentage of Net Assets | 0.40% | [29] | 0.40% | [29] | 0.40% | [29] | ||||
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[36] | 6.25% | [23],[36] | 6.25% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (22,000) | [23],[36] | ||||||||
Fair Value | $ (8,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Orange Blossom Parent, Inc., Common Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 16,667 | [13],[14] | 16,667 | [13],[14] | 16,667 | [13],[14] | 16,667 | [15],[16],[17] | ||
Amortized Cost | $ 1,667,000 | [13],[14] | $ 1,667,000 | [15],[16],[17] | ||||||
Fair Value | $ 1,664,000 | [13],[14] | $ 1,667,000 | [15],[16],[17] | ||||||
Percentage of Net Assets | 0.10% | [13],[14] | 0.10% | [13],[14] | 0.10% | [13],[14] | 0.10% | [15],[16],[17] | ||
Investment, Identifier [Axis]: Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan, S, 0.075, 47150, 106818000, 105334000, 105750000, 0.059 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.50% | [29] | 7.50% | [29] | 7.50% | [29] | ||||
Par / Units | $ 106,818,000 | [29] | ||||||||
Amortized Cost | 105,334,000 | [29] | ||||||||
Fair Value | $ 105,750,000 | [29] | ||||||||
Percentage of Net Assets | 5.80% | [29] | 5.80% | [29] | 5.80% | [29] | ||||
Investment, Identifier [Axis]: Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan, S, 0.0775, 47150, 0, -170000, -134000, 0 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.75% | [23],[36] | 7.75% | [23],[36] | 7.75% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (170,000) | [23],[36] | ||||||||
Fair Value | $ (134,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Pacific BidCo Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [21],[23],[35],[36] | 5.75% | [21],[23],[35],[36] | 5.75% | [21],[23],[35],[36] | 5.75% | [16],[24],[25],[32],[34],[39] | ||
Par / Units | $ 0 | [21],[23],[35],[36] | $ 0 | [16],[24],[25],[32],[34],[39] | ||||||
Amortized Cost | (10,000) | [21],[23],[35],[36] | (11,000) | [16],[24],[25],[32],[34],[39] | ||||||
Fair Value | $ 0 | [21],[23],[35],[36] | $ (10,000) | [16],[24],[25],[32],[34],[39] | ||||||
Percentage of Net Assets | 0% | [21],[23],[35],[36] | 0% | [21],[23],[35],[36] | 0% | [21],[23],[35],[36] | 0% | [16],[24],[25],[32],[34],[39] | ||
Investment, Identifier [Axis]: Pacific BidCo Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [21],[45] | 5.75% | [21],[45] | 5.75% | [21],[45] | 5.75% | [16],[25],[34],[38] | ||
Interest, PIK | 3.11% | [21],[45] | 3.11% | [21],[45] | 3.11% | [21],[45] | ||||
Par / Units | $ 8,733,000 | [21],[45] | $ 8,590,000 | [16],[25],[34],[38] | ||||||
Amortized Cost | 8,550,000 | [21],[45] | 8,384,000 | [16],[25],[34],[38] | ||||||
Fair Value | $ 8,646,000 | [21],[45] | $ 8,397,000 | [16],[25],[34],[38] | ||||||
Percentage of Net Assets | 0.50% | [21],[45] | 0.50% | [21],[45] | 0.50% | [21],[45] | 0.70% | [16],[25],[34],[38] | ||
Investment, Identifier [Axis]: PerkinElmer U.S. LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.75% | [37] | 6.75% | [37] | 6.75% | [37] | ||||
Par / Units | $ 45,441,000 | [37] | ||||||||
Amortized Cost | 44,621,000 | [37] | ||||||||
Fair Value | $ 45,441,000 | [37] | ||||||||
Percentage of Net Assets | 2.50% | [37] | 2.50% | [37] | 2.50% | [37] | ||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[35],[36] | 6% | [23],[35],[36] | 6% | [23],[35],[36] | ||||
Par / Units | $ 0 | [23],[35],[36] | ||||||||
Amortized Cost | (25,000) | [23],[35],[36] | ||||||||
Fair Value | $ (3,000) | [23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | ||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [37] | 6% | [37] | 6% | [37] | ||||
Par / Units | $ 39,250,000 | [37] | ||||||||
Amortized Cost | 38,863,000 | [37] | ||||||||
Fair Value | $ 38,838,000 | [37] | ||||||||
Percentage of Net Assets | 2.10% | [37] | 2.10% | [37] | 2.10% | [37] | ||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (57,000) | [23],[36] | ||||||||
Fair Value | $ (56,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Picard Holdco, Inc., Series A Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 12% | [14],[29] | 12% | [14],[29] | 12% | [14],[29] | ||||
Units (in shares) | shares | 88,080 | [14],[29] | 88,080 | [14],[29] | 88,080 | [14],[29] | ||||
Amortized Cost | $ 93,099,000 | [14],[29] | ||||||||
Fair Value | $ 102,546,000 | [14],[29] | ||||||||
Percentage of Net Assets | 5.60% | [14],[29] | 5.60% | [14],[29] | 5.60% | [14],[29] | ||||
Investment, Identifier [Axis]: Picard Holdco, LLC, Series A Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 12.50% | [16],[17],[28] | ||||||||
Units (in shares) | shares | 102,985 | [16],[17],[28] | ||||||||
Amortized Cost | $ 104,033,000 | [16],[17],[28] | ||||||||
Fair Value | $ 103,858,000 | [16],[17],[28] | ||||||||
Percentage of Net Assets | 8.50% | [16],[17],[28] | ||||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [16],[34],[40] | ||||||||
Par / Units | $ 90,909,000 | [16],[34],[40] | ||||||||
Amortized Cost | 89,575,000 | [16],[34],[40] | ||||||||
Fair Value | $ 89,545,000 | [16],[34],[40] | ||||||||
Percentage of Net Assets | 7.30% | [16],[34],[40] | ||||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured loan, S, 0.07, 47408, 90909000, 89723000, 90455000, 0.051 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [37] | 7% | [37] | 7% | [37] | ||||
Par / Units | $ 90,909,000 | [37] | ||||||||
Amortized Cost | 89,723,000 | [37] | ||||||||
Fair Value | $ 90,455,000 | [37] | ||||||||
Percentage of Net Assets | 5% | [37] | 5% | [37] | 5% | [37] | ||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [16],[24],[34],[39] | ||||||||
Par / Units | $ 0 | [16],[24],[34],[39] | ||||||||
Amortized Cost | (132,000) | [16],[24],[34],[39] | ||||||||
Fair Value | $ (136,000) | [16],[24],[34],[39] | ||||||||
Percentage of Net Assets | 0% | [16],[24],[34],[39] | ||||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured revolving loan, S, 0.07, 47043, 0, -109000, -45000, 0 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [23],[36] | 7% | [23],[36] | 7% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (109,000) | [23],[36] | ||||||||
Fair Value | $ (45,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: PointClickCare Technologies, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4% | [21],[29] | 4% | [21],[29] | 4% | [21],[29] | 4% | [16],[25],[34],[38] | ||
Par / Units | $ 9,825,000 | [21],[29] | $ 9,925,000 | [16],[25],[34],[38] | ||||||
Amortized Cost | 9,717,000 | [21],[29] | 9,793,000 | [16],[25],[34],[38] | ||||||
Fair Value | $ 9,825,000 | [21],[29] | $ 9,751,000 | [16],[25],[34],[38] | ||||||
Percentage of Net Assets | 0.50% | [21],[29] | 0.50% | [21],[29] | 0.50% | [21],[29] | 0.80% | [16],[25],[34],[38] | ||
Investment, Identifier [Axis]: Project Alpine Co-Invest Fund, LP, LP Interest | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 9,695,000 | [13],[14],[21] | ||||||||
Units (in shares) | shares | 9,695,168 | [15],[16],[17],[25] | ||||||||
Amortized Cost | 9,695,000 | [13],[14],[21] | $ 9,695,000 | [15],[16],[17],[25] | ||||||
Fair Value | $ 11,450,000 | [13],[14],[21] | $ 9,690,000 | [15],[16],[17],[25] | ||||||
Percentage of Net Assets | 0.60% | [13],[14],[21] | 0.60% | [13],[14],[21] | 0.60% | [13],[14],[21] | 0.80% | [15],[16],[17],[25] | ||
Investment, Identifier [Axis]: Project Hotel California Co-Invest Fund, L.P., LP Interest | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Par / Units | $ 8,061,000 | [13],[14],[21] | ||||||||
Units (in shares) | shares | 8,060,655 | [15],[16],[17],[25] | ||||||||
Amortized Cost | 8,061,000 | [13],[14],[21] | $ 8,061,000 | [15],[16],[17],[25] | ||||||
Fair Value | $ 9,134,000 | [13],[14],[21] | $ 8,054,000 | [15],[16],[17],[25] | ||||||
Percentage of Net Assets | 0.50% | [13],[14],[21] | 0.50% | [13],[14],[21] | 0.50% | [13],[14],[21] | 0.70% | [15],[16],[17],[25] | ||
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.25% | [30],[37] | 3.25% | [30],[37] | 3.25% | [30],[37] | 3.25% | [16],[31],[34],[43] | ||
Par / Units | $ 11,748,000 | [30],[37] | $ 11,868,000 | [16],[31],[34],[43] | ||||||
Amortized Cost | 11,293,000 | [30],[37] | 11,322,000 | [16],[31],[34],[43] | ||||||
Fair Value | $ 11,727,000 | [30],[37] | $ 11,197,000 | [16],[31],[34],[43] | ||||||
Percentage of Net Assets | 0.60% | [30],[37] | 0.60% | [30],[37] | 0.60% | [30],[37] | 0.90% | [16],[31],[34],[43] | ||
Investment, Identifier [Axis]: Proofpoint, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.25% | [30],[37] | 3.25% | [30],[37] | 3.25% | [30],[37] | 3.25% | [16],[31],[34],[48] | ||
Par / Units | $ 3,199,000 | [30],[37] | $ 3,232,000 | [16],[31],[34],[48] | ||||||
Amortized Cost | 3,106,000 | [30],[37] | 3,122,000 | [16],[31],[34],[48] | ||||||
Fair Value | $ 3,196,000 | [30],[37] | $ 3,100,000 | [16],[31],[34],[48] | ||||||
Percentage of Net Assets | 0.20% | [30],[37] | 0.20% | [30],[37] | 0.20% | [30],[37] | 0.30% | [16],[31],[34],[48] | ||
Investment, Identifier [Axis]: Quartz Acquireco, LLC (dba Qualtrics), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.50% | [37] | 3.50% | [37] | 3.50% | [37] | ||||
Par / Units | $ 4,988,000 | [37] | ||||||||
Amortized Cost | 4,942,000 | [37] | ||||||||
Fair Value | $ 4,950,000 | [37] | ||||||||
Percentage of Net Assets | 0.30% | [37] | 0.30% | [37] | 0.30% | [37] | ||||
Investment, Identifier [Axis]: Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 15% | [14],[20] | 15% | [14],[20] | 15% | [14],[20] | ||||
Units (in shares) | shares | 4,419 | [14],[20] | 4,419 | [14],[20] | 4,419 | [14],[20] | ||||
Amortized Cost | $ 4,332,000 | [14],[20] | ||||||||
Fair Value | $ 4,331,000 | [14],[20] | ||||||||
Percentage of Net Assets | 0.20% | [14],[20] | 0.20% | [14],[20] | 0.20% | [14],[20] | ||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [16],[24],[34],[38] | ||||||||
Par / Units | $ 1,374,000 | [16],[24],[34],[38] | ||||||||
Amortized Cost | 1,374,000 | [16],[24],[34],[38] | ||||||||
Fair Value | $ 1,342,000 | [16],[24],[34],[38] | ||||||||
Percentage of Net Assets | 0.10% | [16],[24],[34],[38] | ||||||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured delayed draw term loan, S, 0.07, 46982, 660000, 600000, 595000, 0 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [23],[29] | 7% | [23],[29] | 7% | [23],[29] | ||||
Par / Units | $ 660,000 | [23],[29] | ||||||||
Amortized Cost | 600,000 | [23],[29] | ||||||||
Fair Value | $ 595,000 | [23],[29] | ||||||||
Percentage of Net Assets | 0% | [23],[29] | 0% | [23],[29] | 0% | [23],[29] | ||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [16],[34],[38] | ||||||||
Par / Units | $ 28,269,000 | [16],[34],[38] | ||||||||
Amortized Cost | 27,755,000 | [16],[34],[38] | ||||||||
Fair Value | $ 27,987,000 | [16],[34],[38] | ||||||||
Percentage of Net Assets | 2.30% | [16],[34],[38] | ||||||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured loan, S, 0.07, 46982, 46771000, 46190000, 46303000, 0.026 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [29] | 7% | [29] | 7% | [29] | ||||
Par / Units | $ 46,771,000 | [29] | ||||||||
Amortized Cost | 46,190,000 | [29] | ||||||||
Fair Value | $ 46,303,000 | [29] | ||||||||
Percentage of Net Assets | 2.50% | [29] | 2.50% | [29] | 2.50% | [29] | ||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [16],[34],[40] | ||||||||
Par / Units | $ 136,920,000 | [16],[34],[40] | ||||||||
Amortized Cost | 134,139,000 | [16],[34],[40] | ||||||||
Fair Value | $ 134,182,000 | [16],[34],[40] | ||||||||
Percentage of Net Assets | 10.90% | [16],[34],[40] | ||||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured loan, S, 0.06, 47346, 136920000, 134464000, 135893000, 0.076 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [37] | 6% | [37] | 6% | [37] | ||||
Par / Units | $ 136,920,000 | [37] | ||||||||
Amortized Cost | 134,464,000 | [37] | ||||||||
Fair Value | $ 135,893,000 | [37] | ||||||||
Percentage of Net Assets | 7.50% | [37] | 7.50% | [37] | 7.50% | [37] | ||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [16],[24],[34],[39] | ||||||||
Par / Units | $ 0 | [16],[24],[34],[39] | ||||||||
Amortized Cost | (245,000) | [16],[24],[34],[39] | ||||||||
Fair Value | $ (261,000) | [16],[24],[34],[39] | ||||||||
Percentage of Net Assets | 0% | [16],[24],[34],[39] | ||||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan, S, 0.0625, 46981, 0, -201000, -98000, 0 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | ||||
Par / Units | $ 0 | [23],[36] | ||||||||
Amortized Cost | (201,000) | [23],[36] | ||||||||
Fair Value | $ (98,000) | [23],[36] | ||||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | ||||
Investment, Identifier [Axis]: Securiti, Inc., Series C Preferred Shares | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 2,525,571 | [13],[14] | 2,525,571 | [13],[14] | 2,525,571 | [13],[14] | 2,526,000 | [15],[16],[17] | ||
Amortized Cost | $ 20,000,000 | [13],[14] | $ 20,000,000 | [15],[16],[17] | ||||||
Fair Value | $ 18,596,000 | [13],[14] | $ 20,000,000 | [15],[16],[17] | ||||||
Percentage of Net Assets | 1% | [13],[14] | 1% | [13],[14] | 1% | [13],[14] | 1.60% | [15],[16],[17] | ||
Investment, Identifier [Axis]: Securonix, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [29] | 6% | [29] | 6% | [29] | 6.50% | [16],[34],[38] | ||
Par / Units | $ 19,774,000 | [29] | $ 19,774,000 | [16],[34],[38] | ||||||
Amortized Cost | 19,625,000 | [29] | 19,596,000 | [16],[34],[38] | ||||||
Fair Value | $ 18,538,000 | [29] | $ 19,576,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 1% | [29] | 1% | [29] | 1% | [29] | 1.60% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Securonix, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6% | [23],[36] | 6% | [23],[36] | 6% | [23],[36] | 6.50% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (25,000) | [23],[36] | (31,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (222,000) | [23],[36] | $ (36,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.25% | [47] | 7.25% | [47] | 7.25% | [47] | ||||
Interest, PIK | 2.25% | [47] | 2.25% | [47] | 2.25% | [47] | ||||
Par / Units | € | € 11,318 | [47] | ||||||||
Amortized Cost | $ 12,220,000 | [47] | ||||||||
Fair Value | $ 12,471,000 | [47] | ||||||||
Percentage of Net Assets | 0.70% | [47] | 0.70% | [47] | 0.70% | [47] | ||||
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [29] | 7% | [29] | 7% | [29] | ||||
Interest, PIK | 2% | [29] | 2% | [29] | 2% | [29] | ||||
Par / Units | $ 62,791,000 | [29] | ||||||||
Amortized Cost | 62,411,000 | [29] | ||||||||
Fair Value | $ 62,634,000 | [29] | ||||||||
Percentage of Net Assets | 3.40% | [29] | 3.40% | [29] | 3.40% | [29] | ||||
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.50% | [23],[29] | 6.50% | [23],[29] | 6.50% | [23],[29] | ||||
Par / Units | $ 3,094,000 | [23],[29] | ||||||||
Amortized Cost | 3,061,000 | [23],[29] | ||||||||
Fair Value | $ 3,080,000 | [23],[29] | ||||||||
Percentage of Net Assets | 0.20% | [23],[29] | 0.20% | [23],[29] | 0.20% | [23],[29] | ||||
Investment, Identifier [Axis]: SimpliSafe Holding Corporation, First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[35],[37] | 6.25% | [23],[35],[37] | 6.25% | [23],[35],[37] | 6.25% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 682,000 | [23],[35],[37] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | 658,000 | [23],[35],[37] | (23,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ 676,000 | [23],[35],[37] | $ (6,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[35],[37] | 0% | [23],[35],[37] | 0% | [23],[35],[37] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: SimpliSafe Holding Corporation, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [37] | 6.25% | [37] | 6.25% | [37] | 6.25% | [16],[34],[40] | ||
Par / Units | $ 20,267,000 | [37] | $ 20,473,000 | [16],[34],[40] | ||||||
Amortized Cost | 19,969,000 | [37] | 20,104,000 | [16],[34],[40] | ||||||
Fair Value | $ 20,065,000 | [37] | $ 20,217,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 1.10% | [37] | 1.10% | [37] | 1.10% | [37] | 1.70% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Sitecore Holding III A/S, First lien senior secured EUR term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.75% | [47] | 7.75% | [47] | 7.75% | [47] | ||||
Interest, PIK | 6.29% | [47] | 6.29% | [47] | 6.29% | [47] | ||||
Par / Units | € | € 61,542 | [47] | ||||||||
Amortized Cost | $ 64,371,000 | [47] | ||||||||
Fair Value | $ 67,472,000 | [47] | ||||||||
Percentage of Net Assets | 3.70% | [47] | 3.70% | [47] | 3.70% | [47] | ||||
Investment, Identifier [Axis]: Sitecore Holding III A/S, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.75% | [45] | 7.75% | [45] | 7.75% | [45] | ||||
Interest, PIK | 7.07% | [45] | 7.07% | [45] | 7.07% | [45] | ||||
Par / Units | $ 10,475,000 | [45] | ||||||||
Amortized Cost | 10,397,000 | [45] | ||||||||
Fair Value | $ 10,396,000 | [45] | ||||||||
Percentage of Net Assets | 0.60% | [45] | 0.60% | [45] | 0.60% | [45] | ||||
Investment, Identifier [Axis]: Sitecore USA, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.75% | [45] | 7.75% | [45] | 7.75% | [45] | ||||
Interest, PIK | 7.07% | [45] | 7.07% | [45] | 7.07% | [45] | ||||
Par / Units | $ 63,151,000 | [45] | ||||||||
Amortized Cost | 62,683,000 | [45] | ||||||||
Fair Value | $ 62,677,000 | [45] | ||||||||
Percentage of Net Assets | 3.40% | [45] | 3.40% | [45] | 3.40% | [45] | ||||
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[29],[35] | 5.75% | [23],[29],[35] | 5.75% | [23],[29],[35] | 6.50% | [16],[24],[32],[33],[34] | ||
Par / Units | $ 3,238,000 | [23],[29],[35] | $ 3,238,000 | [16],[24],[32],[33],[34] | ||||||
Amortized Cost | 3,188,000 | [23],[29],[35] | 3,178,000 | [16],[24],[32],[33],[34] | ||||||
Fair Value | $ 3,230,000 | [23],[29],[35] | $ 3,206,000 | [16],[24],[32],[33],[34] | ||||||
Percentage of Net Assets | 0.20% | [23],[29],[35] | 0.20% | [23],[29],[35] | 0.20% | [23],[29],[35] | 0.30% | [16],[24],[32],[33],[34] | ||
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [29] | 5.75% | [29] | 5.75% | [29] | 6.50% | [16],[33],[34] | ||
Par / Units | $ 25,905,000 | [29] | $ 25,905,000 | [16],[33],[34] | ||||||
Amortized Cost | 25,704,000 | [29] | 25,671,000 | [16],[33],[34] | ||||||
Fair Value | $ 25,840,000 | [29] | $ 25,646,000 | [16],[33],[34] | ||||||
Percentage of Net Assets | 1.40% | [29] | 1.40% | [29] | 1.40% | [29] | 2.10% | [16],[33],[34] | ||
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [23],[36] | 5.75% | [23],[36] | 5.75% | [23],[36] | 6.50% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (2,000) | [23],[36] | (14,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (1,000) | [23],[36] | $ (16,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Sophia, L.P., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.25% | [30],[37] | 4.25% | [30],[37] | 4.25% | [30],[37] | 4.25% | [16],[34],[40] | ||
Par / Units | $ 9,850,000 | [30],[37] | $ 9,950,000 | [16],[34],[40] | ||||||
Amortized Cost | 9,778,000 | [30],[37] | 9,861,000 | [16],[34],[40] | ||||||
Fair Value | $ 9,826,000 | [30],[37] | $ 9,925,000 | [16],[34],[40] | ||||||
Percentage of Net Assets | 0.50% | [30],[37] | 0.50% | [30],[37] | 0.50% | [30],[37] | 0.80% | [16],[34],[40] | ||
Investment, Identifier [Axis]: Sophos Holdings, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 3.50% | [21],[30],[37] | 3.50% | [21],[30],[37] | 3.50% | [21],[30],[37] | 3.50% | [16],[25],[34],[48] | ||
Par / Units | $ 14,770,000 | [21],[30],[37] | $ 14,923,000 | [16],[25],[34],[48] | ||||||
Amortized Cost | 14,325,000 | [21],[30],[37] | 14,350,000 | [16],[25],[34],[48] | ||||||
Fair Value | $ 14,790,000 | [21],[30],[37] | $ 14,438,000 | [16],[25],[34],[48] | ||||||
Percentage of Net Assets | 0.80% | [21],[30],[37] | 0.80% | [21],[30],[37] | 0.80% | [21],[30],[37] | 1.20% | [16],[25],[34],[48] | ||
Investment, Identifier [Axis]: Sovos Compliance, LLC, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 4.50% | [30],[37] | 4.50% | [30],[37] | 4.50% | [30],[37] | 4.50% | [16],[34],[43] | ||
Par / Units | $ 19,551,000 | [30],[37] | $ 19,750,000 | [16],[34],[43] | ||||||
Amortized Cost | 19,184,000 | [30],[37] | 19,319,000 | [16],[34],[43] | ||||||
Fair Value | $ 19,283,000 | [30],[37] | $ 18,170,000 | [16],[34],[43] | ||||||
Percentage of Net Assets | 1.10% | [30],[37] | 1.10% | [30],[37] | 1.10% | [30],[37] | 1.50% | [16],[34],[43] | ||
Investment, Identifier [Axis]: TC Holdings, LLC (dba TrialCard), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5% | [29] | 5% | [29] | 5% | [29] | 5% | [16],[34],[38] | ||
Par / Units | $ 8,795,000 | [29] | $ 8,884,000 | [16],[34],[38] | ||||||
Amortized Cost | 8,733,000 | [29] | 8,806,000 | [16],[34],[38] | ||||||
Fair Value | $ 8,795,000 | [29] | $ 8,862,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 0.50% | [29] | 0.50% | [29] | 0.50% | [29] | 0.70% | [16],[34],[38] | ||
Investment, Identifier [Axis]: TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5% | [23],[36] | 5% | [23],[36] | 5% | [23],[36] | 5% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (7,000) | [23],[36] | (9,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ 0 | [23],[36] | $ (3,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.69% | [16],[24],[25],[32],[34],[39] | ||||||||
Par / Units | $ 0 | [16],[24],[25],[32],[34],[39] | ||||||||
Amortized Cost | 0 | [16],[24],[25],[32],[34],[39] | ||||||||
Fair Value | $ (2,000) | [16],[24],[25],[32],[34],[39] | ||||||||
Percentage of Net Assets | 0% | [16],[24],[25],[32],[34],[39] | ||||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.69% | [21],[23],[35],[36] | 7.69% | [21],[23],[35],[36] | 7.69% | [21],[23],[35],[36] | ||||
Par / Units | $ 0 | [21],[23],[35],[36] | ||||||||
Amortized Cost | 0 | [21],[23],[35],[36] | ||||||||
Fair Value | $ (2,000) | [21],[23],[35],[36] | ||||||||
Percentage of Net Assets | 0% | [21],[23],[35],[36] | 0% | [21],[23],[35],[36] | 0% | [21],[23],[35],[36] | ||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [21],[23],[36] | 7% | [21],[23],[36] | 7% | [21],[23],[36] | ||||
Par / Units | $ 0 | [21],[23],[36] | ||||||||
Amortized Cost | (21,000) | [21],[23],[36] | ||||||||
Fair Value | $ (17,000) | [21],[23],[36] | ||||||||
Percentage of Net Assets | 0% | [21],[23],[36] | 0% | [21],[23],[36] | 0% | [21],[23],[36] | ||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.69% | [16],[25],[33],[34] | ||||||||
Par / Units | $ 27,641,000 | [16],[25],[33],[34] | ||||||||
Amortized Cost | 27,118,000 | [16],[25],[33],[34] | ||||||||
Fair Value | $ 27,157,000 | [16],[25],[33],[34] | ||||||||
Percentage of Net Assets | 2.20% | [16],[25],[33],[34] | ||||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured loan 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.69% | [21],[29] | 7.69% | [21],[29] | 7.69% | [21],[29] | ||||
Par / Units | $ 28,420,000 | [21],[29] | ||||||||
Amortized Cost | 27,977,000 | [21],[29] | ||||||||
Fair Value | $ 28,064,000 | [21],[29] | ||||||||
Percentage of Net Assets | 1.50% | [21],[29] | 1.50% | [21],[29] | 1.50% | [21],[29] | ||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured loan 2 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7.69% | [21],[29] | 7.69% | [21],[29] | 7.69% | [21],[29] | ||||
Par / Units | $ 2,058,000 | [21],[29] | ||||||||
Amortized Cost | 2,017,000 | [21],[29] | ||||||||
Fair Value | $ 2,032,000 | [21],[29] | ||||||||
Percentage of Net Assets | 0.10% | [21],[29] | 0.10% | [21],[29] | 0.10% | [21],[29] | ||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 7% | [16],[24],[25],[34],[39] | ||||||||
Par / Units | $ 0 | [16],[24],[25],[34],[39] | ||||||||
Amortized Cost | (26,000) | [16],[24],[25],[34],[39] | ||||||||
Fair Value | $ (24,000) | [16],[24],[25],[34],[39] | ||||||||
Percentage of Net Assets | 0% | [16],[24],[25],[34],[39] | ||||||||
Investment, Identifier [Axis]: The NPD Group, L.P., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [16],[34],[40] | ||||||||
Interest, PIK | 2.75% | [16],[34],[40] | ||||||||
Par / Units | $ 142,301,000 | [16],[34],[40] | ||||||||
Amortized Cost | 139,512,000 | [16],[34],[40] | ||||||||
Fair Value | $ 139,455,000 | [16],[34],[40] | ||||||||
Percentage of Net Assets | 11.40% | [16],[34],[40] | ||||||||
Investment, Identifier [Axis]: The NPD Group, L.P., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.75% | [16],[24],[34],[40] | ||||||||
Par / Units | $ 1,087,000 | [16],[24],[34],[40] | ||||||||
Amortized Cost | 920,000 | [16],[24],[34],[40] | ||||||||
Fair Value | $ 906,000 | [16],[24],[34],[40] | ||||||||
Percentage of Net Assets | 0.10% | [16],[24],[34],[40] | ||||||||
Investment, Identifier [Axis]: Vermont Aus Pty Ltd, First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 5.50% | [21],[29] | 5.50% | [21],[29] | 5.50% | [21],[29] | 5.50% | [16],[25],[34],[38] | ||
Par / Units | $ 9,825,000 | [21],[29] | $ 9,925,000 | [16],[25],[34],[38] | ||||||
Amortized Cost | 9,639,000 | [21],[29] | 9,704,000 | [16],[25],[34],[38] | ||||||
Fair Value | $ 9,727,000 | [21],[29] | $ 9,677,000 | [16],[25],[34],[38] | ||||||
Percentage of Net Assets | 0.50% | [21],[29] | 0.50% | [21],[29] | 0.50% | [21],[29] | 0.80% | [16],[25],[34],[38] | ||
Investment, Identifier [Axis]: Vestwell Holdings, Inc., Series D Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 152,175 | [13],[14] | 152,175 | [13],[14] | 152,175 | [13],[14] | ||||
Amortized Cost | $ 3,000,000 | [13],[14] | ||||||||
Fair Value | $ 3,000,000 | [13],[14] | ||||||||
Percentage of Net Assets | 0.20% | [13],[14] | 0.20% | [13],[14] | 0.20% | [13],[14] | ||||
Investment, Identifier [Axis]: WP Irving Co-Invest, L.P., Partnership Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 1,250,000 | [13],[14],[21] | 1,250,000 | [13],[14],[21] | 1,250,000 | [13],[14],[21] | 1,250,000 | [15],[16],[17],[25] | ||
Amortized Cost | $ 1,250,000 | [13],[14],[21] | $ 1,250,000 | [15],[16],[17],[25] | ||||||
Fair Value | $ 1,258,000 | [13],[14],[21] | $ 1,250,000 | [15],[16],[17],[25] | ||||||
Percentage of Net Assets | 0.10% | [13],[14],[21] | 0.10% | [13],[14],[21] | 0.10% | [13],[14],[21] | 0.10% | [15],[16],[17],[25] | ||
Investment, Identifier [Axis]: XOMA Corporation, Warrants 1 | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 12,000 | [13],[14] | 12,000 | [13],[14] | 12,000 | [13],[14] | ||||
Amortized Cost | $ 82,000 | [13],[14] | ||||||||
Fair Value | $ 82,000 | [13],[14] | ||||||||
Percentage of Net Assets | 0% | [13],[14] | 0% | [13],[14] | 0% | [13],[14] | ||||
Investment, Identifier [Axis]: XRL 1 LLC (dba XOMA), First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 9.88% | [20],[23],[36] | 9.88% | [20],[23],[36] | 9.88% | [20],[23],[36] | ||||
Par / Units | $ 0 | [20],[23],[36] | ||||||||
Amortized Cost | (15,000) | [20],[23],[36] | ||||||||
Fair Value | $ (23,000) | [20],[23],[36] | ||||||||
Percentage of Net Assets | 0% | [20],[23],[36] | 0% | [20],[23],[36] | 0% | [20],[23],[36] | ||||
Investment, Identifier [Axis]: XRL 1 LLC (dba XOMA), First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 9.88% | [20] | 9.88% | [20] | 9.88% | [20] | ||||
Par / Units | € | € 13,000 | [20] | ||||||||
Amortized Cost | $ 12,725,000 | [20] | ||||||||
Fair Value | $ 12,708,000 | [20] | ||||||||
Percentage of Net Assets | 0.70% | [20] | 0.70% | [20] | 0.70% | [20] | ||||
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured delayed draw term loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[35],[36] | 6.25% | [23],[35],[36] | 6.25% | [23],[35],[36] | 6.50% | [16],[24],[32],[34],[39] | ||
Par / Units | $ 0 | [23],[35],[36] | $ 0 | [16],[24],[32],[34],[39] | ||||||
Amortized Cost | (695,000) | [23],[35],[36] | (837,000) | [16],[24],[32],[34],[39] | ||||||
Fair Value | $ (57,000) | [23],[35],[36] | $ (344,000) | [16],[24],[32],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [23],[35],[36] | 0% | [16],[24],[32],[34],[39] | ||
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [29] | 6.25% | [29] | 6.25% | [29] | 6.50% | [16],[34],[38] | ||
Interest, PIK | 3.25% | [29] | 3.25% | [29] | 3.25% | [29] | ||||
Par / Units | $ 94,047,000 | [29] | $ 91,659,000 | [16],[34],[38] | ||||||
Amortized Cost | 92,441,000 | [29] | 89,851,000 | [16],[34],[38] | ||||||
Fair Value | $ 92,871,000 | [29] | $ 89,368,000 | [16],[34],[38] | ||||||
Percentage of Net Assets | 5.10% | [29] | 5.10% | [29] | 5.10% | [29] | 7.20% | [16],[34],[38] | ||
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured revolving loan | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 6.25% | [23],[36] | 6.25% | [23],[36] | 6.25% | [23],[36] | 6.50% | [16],[24],[34],[39] | ||
Par / Units | $ 0 | [23],[36] | $ 0 | [16],[24],[34],[39] | ||||||
Amortized Cost | (154,000) | [23],[36] | (185,000) | [16],[24],[34],[39] | ||||||
Fair Value | $ (118,000) | [23],[36] | $ (236,000) | [16],[24],[34],[39] | ||||||
Percentage of Net Assets | 0% | [23],[36] | 0% | [23],[36] | 0% | [23],[36] | 0% | [16],[24],[34],[39] | ||
Investment, Identifier [Axis]: Zoro TopCo, Inc., Class A Common Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 1,051,383 | [15],[16],[17] | ||||||||
Amortized Cost | $ 10,514,000 | [15],[16],[17] | ||||||||
Fair Value | $ 10,514,000 | [15],[16],[17] | ||||||||
Percentage of Net Assets | 0.90% | [15],[16],[17] | ||||||||
Investment, Identifier [Axis]: Zoro TopCo, Inc., Series A Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest, PIK | 12.50% | [14],[20] | 12.50% | [14],[20] | 12.50% | [14],[20] | ||||
Units (in shares) | shares | 12,617 | [14],[20] | 12,617 | [14],[20] | 12,617 | [14],[20] | ||||
Amortized Cost | $ 13,613,000 | [14],[20] | ||||||||
Fair Value | $ 13,818,000 | [14],[20] | ||||||||
Percentage of Net Assets | 0.80% | [14],[20] | 0.80% | [14],[20] | 0.80% | [14],[20] | ||||
Investment, Identifier [Axis]: Zoro TopCo, L.P., Class A Common Units | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Units (in shares) | shares | 1,051,383 | [13],[14] | 1,051,383 | [13],[14] | 1,051,383 | [13],[14] | ||||
Amortized Cost | $ 10,514,000 | [13],[14] | ||||||||
Fair Value | $ 11,447,000 | [13],[14] | ||||||||
Percentage of Net Assets | 0.60% | [13],[14] | 0.60% | [13],[14] | 0.60% | [13],[14] | ||||
Investment, Identifier [Axis]: Zoro TopCo, L.P., Series A Preferred Stock | ||||||||||
Schedule of Investments [Line Items] | ||||||||||
Interest | 12.50% | [16],[17],[28] | ||||||||
Units (in shares) | shares | 12,617 | [16],[17],[28] | ||||||||
Amortized Cost | $ 12,175,000 | [16],[17],[28] | ||||||||
Fair Value | $ 12,175,000 | [16],[17],[28] | ||||||||
Percentage of Net Assets | 1% | [16],[17],[28] | ||||||||
[1] Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. As of December 31, 2022, the net estimated unrealized loss for U.S. federal income tax purposes was $3.5 million based on a tax cost basis of $2.5 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $10.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $6.6 million. Certain portfolio company investments are subject to contractual restrictions on sales. The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. Unless otherwise indicated, all investments are considered Level 3 investments. As of December 31, 2023, the net estimated unrealized gain for U.S. federal income tax purposes was $63.7 million based on a tax cost basis of $3.7 billion. As of December 31, 2023, there was no estimated aggregate gross unrealized loss for U.S. federal income tax purposes and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $63.7 million. The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. Investment is non-income producing. Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $478.6 million or 26.3% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: Portfolio Company Investment Acquisition Date 6Sense Insights, Inc. Series E-1 Preferred Stock January 20, 2022 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest July 01, 2022 AAM Series 2.1 Aviation Feeder, LLC LLC Interest July 01, 2022 Accelerate Topco Holdings, LLC Common Units September 01, 2022 Acorns Grow Incorporated Series F Preferred Stock March 08, 2022 Amergin Asset Management, LLC Class A Units July 01, 2022 Axonius, Inc. Series E Preferred Stock March 11, 2022 BEHP Co-Investor II, L.P. LP Interest May 06, 2022 Coherent Group Inc. Series B Preferred Shares April 21, 2022 Coherent Group Inc. Series B Preferred Shares December 28, 2023 Elliott Alto Co-Investor Aggregator L.P. LP Interest September 28, 2022 Fifth Season Investments LLC Class A Units October 17, 2022 Halo Parent Newco, LLC Class H PIK Preferred Equity February 22, 2022 Juniper Square, Inc. Warrants December 29, 2022 Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) Perpetual Preferred Stock June 23, 2022 LSI Financing 1 DAC Preferred Equity December 14, 2022 Minerva Holdco, Inc. Series A Preferred Stock February 15, 2022 Orange Blossom Parent, Inc. Common Stock July 29, 2022 Picard Holdco, Inc. Series A Preferred Stock September 29, 2022 Project Alpine Co-Invest Fund, L.P. LP Interest June 13, 2022 Project Hotel California Co-Invest Fund, L.P. LP Interest August 09, 2022 Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) Series A Preferred Stock November 15, 2023 Securiti, Inc. Series C Preferred Shares July 29, 2022 Vestwell Holdings, Inc. Series D Preferred Stock December 20, 2023 KWOL Acquisition Inc. (dba Worldwide Clinical Trials) Class A Interest November 30, 2023 WP Irving Co-Invest, L.P. Partnership Units May 18, 2022 XOMA Corporation Warrants December 15, 2023 Zoro TopCo, L.P. Class A Common Units November 22, 2022 Zoro TopCo, Inc. Series A Preferred Stock November 22, 2022 Investment is non-income producing. Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $408.6 million or 33.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: Portfolio Company Investment Acquisition Date 6Sense Insights, Inc. Series E-1 Preferred Stock January 20, 2022 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest July 01, 2022 AAM Series 2.1 Aviation Feeder, LLC LLC Interest July 01, 2022 Accelerate Topco Holdings, LLC Common Units September 01, 2022 Acorns Grow Incorporated Series F Preferred Stock March 08, 2022 Amergin Asset Management, LLC Class A Units July 01, 2022 Axonius, Inc. Series E Preferred Stock March 11, 2022 BEHP Co-Investor II, L.P. LP Interest May 06, 2022 Coherent Group Limited Series B Preferred Shares April 21, 2022 Elliott Alto Co-Investor Aggregator L.P. LP Interest September 28, 2022 Fifth Season Investments LLC Class A Units October 17, 2022 Halo Parent Newco, LLC Class H PIK Preferred Equity February 22, 2022 Juniper Square, Inc. Warrants December 29, 2022 Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) Perpetual Preferred Stock June 23, 2022 LSI Financing 1 DAC Preferred equity December 14, 2022 Minerva Holdco, Inc. Series A Preferred Stock February 15, 2022 Orange Blossom Parent, Inc. Common Stock July 29, 2022 Picard Holdco, LLC Series A Preferred Stock September 29, 2022 Project Alpine Co-Invest Fund, LP LP Interest June 13, 2022 Project Hotel California Co-Invest Fund, L.P. LP Interest August 09, 2022 Securiti, Inc. Series C Preferred Shares July 29, 2022 WP Irving Co-Invest, L.P. Partnership Units May 18, 2022 Zoro TopCo, Inc. Class A Common Units November 22, 2022 Zoro TopCo, L.P. Series A Preferred Stock November 22, 2022 Contains a fixed-rate structure. This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2023, non-qualifying assets represented 16.7% of total assets as calculated in accordance with the regulatory requirements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement. Transactions during the year ended December 31, 2023 in which the Company was an Affiliated Person of the portfolio company are as follows: Company Fair Value at December 31, 2022 Gross Additions (a) Gross Reductions (b) Net Change in Unrealized Gain/(Loss) Transfers Fair Value at December 31, 2023 Interest Income Dividend Income Other Income Non-Controlled Affiliates AAM Series 2.1 Aviation Feeder, LLC (c) $ 348 $ 16,913 $ — $ 177 $ — $ 17,438 $ 136 $ — $ — AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c) — 14,579 — (170) — 14,409 423 — — Coherent Group Inc. — 1,711 — 102 14,391 16,204 — — — Fifth Season Investments LLC 25,110 18,794 — 4 — 43,908 — 1,390 — LSI Financing 1 DAC 6,175 14,694 (1,914) 1,033 — 19,988 — 251 — Total Non-Controlled Affiliates $ 31,633 $ 66,691 $ (1,914) $ 1,146 $ 14,391 $ 111,947 $ 559 $ 1,641 $ — _______________ (a) Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable. (b) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable. (c) Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2022, non-qualifying assets represented 14.0% of total assets as calculated in accordance with the regulatory requirements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement. Transactions during the year ended December 31, 2022 in which the Company was an Affiliated Person of the portfolio company are as follows: Company Fair Value at December 31, 2021 Gross Additions (a) Gross Reductions(b) Net Change in Unrealized Gain/(Loss) Fair Value at December 31, 2022 Interest Income Dividend Income Other Income Non-Controlled Affiliates AAM Series 2.1 Aviation Feeder, LLC (c) $ — $ 349 $ — $ (1) $ 348 $ — $ — $ — AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c) — — — — — — — — Fifth Season Investments LLC — 25,110 — — 25,110 — 66 — LSI Financing 1 DAC — 6,224 — (49) 6,175 — — — Total Non-Controlled Affiliates $ — $ 31,683 $ — $ (50) $ 31,633 $ — $ 66 $ — _______________ (a) Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable. (b) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable. (c) Not a co-investment made with the Company’s affiliates Contains a fixed-rate structure. The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%. Level 2 investment. Level 2 investment. The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%. The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%. The interest rate on this loan is subject to SONIA, which as of December 31, 2023 was 5.19%. The interest rate on this loan is subject to SONIA, which as of December 31, 2022 was 3.43%. The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. Investment is not pledged as collateral for the credit facilities. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%. Investment is not pledged as collateral for the credit facilities. The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2023 was 3.91%. The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13%. The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||||
Schedule of Investments [Line Items] | |||||||||
Unrealized gain (loss) for U.S. federal income tax purposes | $ 63,700,000 | $ (3,500,000) | |||||||
Cost for income tax purposes | 3,700,000,000 | 2,500,000,000 | |||||||
Unrealized loss for U.S. federal income tax purposes | 0 | 10,100,000 | |||||||
Unrealized gain for U.S. federal income tax purposes | 63,700,000 | 6,600,000 | |||||||
Restricted investments, fair value | $ 478,600,000 | $ 408,600,000 | |||||||
Restricted investments as a percentage of net assets | 26.30% | 33.40% | |||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [1],[2],[3] | $ 2,464,534,000 | $ 2,464,534,000 | ||||||
Net change in unrealized gain (loss) | 29,492,000 | $ (13,404,000) | [4] | $ 0 | [5] | ||||
Ending balance | $ 3,807,639,000 | [6],[7],[8],[9],[10] | $ 2,464,534,000 | [1],[2],[3] | |||||
Non-qualifying assets as a percent of total assets | 16.70% | 14% | |||||||
Non-Control/Affiliate Investments | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | 31,633,000 | $ 31,633,000 | $ 0 | ||||||
Gross Additions | 31,683,000 | [11] | 66,691,000 | [12] | |||||
Gross Reductions | 0 | [13] | (1,914,000) | [14] | |||||
Net change in unrealized gain (loss) | (50,000) | 1,146,000 | 0 | 0 | [5] | ||||
Transfers | 14,391,000 | ||||||||
Ending balance | 111,947,000 | 31,633,000 | 0 | ||||||
Interest Income | 0 | 559,000 | |||||||
Dividend income | 66,000 | 1,641,000 | 66,000 | 0 | [5] | ||||
Other income | 0 | 0 | |||||||
Investment, Identifier [Axis]: 6Sense Insights, Inc., Series E-1 Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17] | 9,344,000 | 9,344,000 | ||||||
Ending balance | 8,364,000 | [18],[19] | 9,344,000 | [15],[16],[17] | |||||
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [20] | 0 | [21] | 0 | [21] | 0 | |||
Gross Additions | 0 | [11],[20] | 14,579,000 | [12],[21] | |||||
Gross Reductions | 0 | [13],[20] | 0 | [14],[21] | |||||
Net change in unrealized gain (loss) | 0 | [20] | (170,000) | [21] | |||||
Transfers | 0 | ||||||||
Ending balance | 14,409,000 | [21] | 0 | [20],[21] | 0 | [20] | |||
Interest Income | 0 | [20] | 423,000 | [21] | |||||
Dividend income | 0 | [20] | 0 | [21] | |||||
Other income | 0 | [20] | 0 | [21] | |||||
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, First lien senior secured loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [22],[23],[24] | 8,784,000 | |||||||
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[25],[26],[27] | 0 | 0 | ||||||
Ending balance | 5,625,000 | [18],[19],[23],[24],[28] | 0 | [15],[16],[17],[25],[26],[27] | |||||
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [20] | 348,000 | [21] | 348,000 | [21] | 0 | |||
Gross Additions | 349,000 | [11],[20] | 16,913,000 | [12],[21] | |||||
Gross Reductions | 0 | [13],[20] | 0 | [14],[21] | |||||
Net change in unrealized gain (loss) | (1,000) | [20] | 177,000 | [21] | |||||
Transfers | 0 | ||||||||
Ending balance | 17,438,000 | [21] | 348,000 | [20],[21] | 0 | [20] | |||
Interest Income | 0 | [20] | 136,000 | [21] | |||||
Dividend income | 0 | [20] | 0 | [21] | |||||
Other income | 0 | [20] | 0 | [21] | |||||
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [22],[23],[24] | 10,437,000 | |||||||
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC, LLC Interest | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[25],[26],[27] | 348,000 | 348,000 | ||||||
Ending balance | 7,001,000 | [18],[19],[23],[24],[28] | 348,000 | [15],[16],[17],[25],[26],[27] | |||||
Investment, Identifier [Axis]: Accelerate Topco Holdings, LLC, Common Units | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17] | 340,000 | 340,000 | ||||||
Ending balance | 417,000 | [18],[19] | 340,000 | [15],[16],[17] | |||||
Investment, Identifier [Axis]: Acorns Grow Incorporated, Series F Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [17],[26],[29] | 10,359,000 | 10,359,000 | ||||||
Ending balance | 10,502,000 | [19],[22],[23],[30] | 10,359,000 | [17],[26],[29] | |||||
Investment, Identifier [Axis]: Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[31] | 38,649,000 | |||||||
Investment, Identifier [Axis]: Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[28],[31] | 527,000 | |||||||
Investment, Identifier [Axis]: Affirm, Inc., Senior convertible notes | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[26],[32] | 13,735,000 | 13,735,000 | ||||||
Ending balance | 20,455,000 | [18],[23],[33] | 13,735,000 | [15],[16],[26],[32] | |||||
Investment, Identifier [Axis]: Amergin Asset Management, LLC, Class A Units | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26] | 0 | 0 | ||||||
Ending balance | 0 | [18],[19],[23] | 0 | [15],[16],[17],[26] | |||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[35],[36] | 2,966,000 | 2,966,000 | ||||||
Ending balance | [16],[25],[34],[35],[36] | 2,966,000 | |||||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[31],[37] | 3,732,000 | |||||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 2 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | 0 | |||||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 17,864,000 | 17,864,000 | ||||||
Ending balance | 17,910,000 | [40] | 17,864,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (40,000) | (40,000) | ||||||
Ending balance | (11,000) | [28],[38] | (40,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Anaplan, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 130,563,000 | 130,563,000 | ||||||
Ending balance | 130,890,000 | [31] | 130,563,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Anaplan, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (24,000) | (24,000) | ||||||
Ending balance | 0 | [28],[38] | (24,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | 0 | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[39] | 991,000 | 991,000 | ||||||
Ending balance | [16],[25],[34],[36],[39] | 991,000 | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan 2 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | 0 | 0 | ||||||
Ending balance | [16],[25],[34],[36],[41] | 0 | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 3,840,000 | |||||||
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[39] | 41,000 | 41,000 | ||||||
Ending balance | 183,000 | [28],[31] | 41,000 | [16],[25],[36],[39] | |||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[37],[43] | 3,508,000 | |||||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[43] | 6,724,000 | |||||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[26],[34],[36],[44] | 2,556,000 | 2,556,000 | ||||||
Ending balance | [16],[25],[26],[34],[36],[44] | 2,556,000 | |||||||
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[44] | 6,312,000 | 6,312,000 | ||||||
Ending balance | [16],[26],[36],[44] | 6,312,000 | |||||||
Investment, Identifier [Axis]: Asurion, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[45] | 27,089,000 | 27,089,000 | ||||||
Ending balance | 18,535,000 | [33],[40] | 27,089,000 | [16],[36],[45] | |||||
Investment, Identifier [Axis]: Athenahealth Group Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[32],[34],[36],[41] | (41,000) | (41,000) | ||||||
Ending balance | [16],[25],[32],[34],[36],[41] | (41,000) | |||||||
Investment, Identifier [Axis]: Athenahealth Group Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[32],[36],[42] | 3,202,000 | 3,202,000 | ||||||
Ending balance | 3,501,000 | [33],[40] | 3,202,000 | [16],[32],[36],[42] | |||||
Investment, Identifier [Axis]: Avalara, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 102,977,000 | 102,977,000 | ||||||
Ending balance | 104,023,000 | [31] | 102,977,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Avalara, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (157,000) | (157,000) | ||||||
Ending balance | (52,000) | [28],[38] | (157,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Axonius, Inc., Series E Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[17] | 10,000,000 | 10,000,000 | ||||||
Ending balance | 8,775,000 | [18],[19],[30] | 10,000,000 | [15],[17] | |||||
Investment, Identifier [Axis]: BCPE Watson (DE) ORML, LP, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[35],[36],[46] | 123,750,000 | 123,750,000 | ||||||
Ending balance | 124,375,000 | [23],[47],[48] | 123,750,000 | [16],[26],[35],[36],[46] | |||||
Investment, Identifier [Axis]: BEHP Co-Investor II, L.P., LP Interest | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26] | 1,270,000 | 1,270,000 | ||||||
Ending balance | 1,278,000 | [18],[19],[23] | 1,270,000 | [15],[16],[17],[26] | |||||
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (148,000) | (148,000) | ||||||
Ending balance | 2,527,000 | [28],[31],[37] | (148,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 61,204,000 | 61,204,000 | ||||||
Ending balance | 62,017,000 | [31] | 61,204,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (187,000) | (187,000) | ||||||
Ending balance | 1,578,000 | [28],[31] | (187,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured EUR term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [49] | 13,128,000 | |||||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[40] | 162,000 | |||||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 19,102,000 | |||||||
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (123,000) | |||||||
Investment, Identifier [Axis]: Barracuda Networks, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 43,313,000 | 43,313,000 | ||||||
Ending balance | 43,383,000 | [31],[33] | 43,313,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Barracuda Networks, Inc., Second lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 53,361,000 | 53,361,000 | ||||||
Ending balance | 52,523,000 | [31] | 53,361,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Bracket Intermediate Holding Corp., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31],[33] | 34,773,000 | |||||||
Investment, Identifier [Axis]: CDK Global, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[32],[36],[39] | 19,796,000 | 19,796,000 | ||||||
Ending balance | [16],[32],[36],[39] | 19,796,000 | |||||||
Investment, Identifier [Axis]: CVET Midco 2, L.P., Second lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 73,470,000 | 73,470,000 | ||||||
Ending balance | [16],[36],[39] | 73,470,000 | |||||||
Investment, Identifier [Axis]: Certinia, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 43,235,000 | |||||||
Investment, Identifier [Axis]: Certinia, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (118,000) | |||||||
Investment, Identifier [Axis]: Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 143,536,000 | |||||||
Investment, Identifier [Axis]: Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[40] | 1,540,000 | |||||||
Investment, Identifier [Axis]: Coherent Group Inc. | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | 0 | 0 | |||||||
Gross Additions | 1,711,000 | ||||||||
Gross Reductions | 0 | ||||||||
Net change in unrealized gain (loss) | 102,000 | ||||||||
Transfers | 14,391,000 | ||||||||
Ending balance | 16,204,000 | 0 | |||||||
Interest Income | 0 | ||||||||
Dividend income | 0 | ||||||||
Other income | 0 | ||||||||
Investment, Identifier [Axis]: Coherent Group Inc., Convertible notes | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[24],[30] | 1,700,000 | |||||||
Investment, Identifier [Axis]: Coherent Group Inc., Series B Preferred Shares | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [18],[19],[23],[24],[30] | 14,504,000 | |||||||
Investment, Identifier [Axis]: Coherent Group Limited, Series B Preferred Shares | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[17],[26] | 15,436,000 | 15,436,000 | ||||||
Ending balance | [15],[17],[26] | 15,436,000 | |||||||
Investment, Identifier [Axis]: Color Intermediate, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 47,784,000 | 47,784,000 | ||||||
Ending balance | 47,910,000 | [31] | 47,784,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (8,000) | (8,000) | ||||||
Ending balance | 0 | [28],[37],[38] | (8,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 12,465,000 | 12,465,000 | ||||||
Ending balance | 12,402,000 | [40] | 12,465,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (11,000) | (11,000) | ||||||
Ending balance | (8,000) | [28],[38] | (11,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Computer Services, Inc. (dba CSI), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 122,500,000 | 122,500,000 | ||||||
Ending balance | [16],[36],[39] | 122,500,000 | |||||||
Investment, Identifier [Axis]: Computer Services, Inc. (dba CSI), First lien senior secured loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 124,063,000 | |||||||
Investment, Identifier [Axis]: Computer Services, Inc. (dba CSI), First lien senior secured loan 2 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 20,674,000 | |||||||
Investment, Identifier [Axis]: ConnectWise, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[32],[36],[45] | 2,957,000 | 2,957,000 | ||||||
Ending balance | 3,078,000 | [31],[33] | 2,957,000 | [16],[32],[36],[45] | |||||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (19,000) | (19,000) | ||||||
Ending balance | 0 | [28],[37],[38] | (19,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 25,501,000 | 25,501,000 | ||||||
Ending balance | 25,503,000 | [40] | 25,501,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (76,000) | (76,000) | ||||||
Ending balance | (38,000) | [28],[38] | (76,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | (57,000) | |||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 83,115,000 | |||||||
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (116,000) | |||||||
Investment, Identifier [Axis]: Covetrus, Inc., Second lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 74,813,000 | |||||||
Investment, Identifier [Axis]: Crewline Buyer, Inc., First lien senior secured loan, S, 0.0675, 47795, 114805000, 113107000, 113083000, 0.064 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 113,083,000 | |||||||
Investment, Identifier [Axis]: Crewline Buyer, Inc., First lien senior secured revolving loan, S, 0.0675, 47795, 0, -176000, -179000, 0 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (179,000) | |||||||
Investment, Identifier [Axis]: Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 22,751,000 | 22,751,000 | ||||||
Ending balance | [16],[36],[39] | 22,751,000 | |||||||
Investment, Identifier [Axis]: Delta TopCo, Inc. (dba Infoblox, Inc.), Second lien senior secured loan, S, 0.0725, 47088, 24464000, 21758000, 24464000, 0.014 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 24,463,000 | |||||||
Investment, Identifier [Axis]: Diagnostic Services Holdings, Inc. (dba Rayus Radiology), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[45] | 9,881,000 | 9,881,000 | ||||||
Ending balance | 9,931,000 | [40] | 9,881,000 | [16],[36],[45] | |||||
Investment, Identifier [Axis]: Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 36,764,000 | |||||||
Investment, Identifier [Axis]: Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (56,000) | |||||||
Investment, Identifier [Axis]: Dodge Construction Network LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31],[33] | 7,584,000 | |||||||
Investment, Identifier [Axis]: Dodge Construction Network, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[35],[36] | 8,458,000 | 8,458,000 | ||||||
Ending balance | [16],[35],[36] | 8,458,000 | |||||||
Investment, Identifier [Axis]: EET Buyer, Inc. (dba e-Emphasys), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 9,602,000 | |||||||
Investment, Identifier [Axis]: EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[48] | 160,000 | |||||||
Investment, Identifier [Axis]: Elliott Alto Co-Investor Aggregator L.P., LP Interest | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26] | 13,060,000 | 13,060,000 | ||||||
Ending balance | 13,107,000 | [18],[19],[23] | 13,060,000 | [15],[16],[17],[26] | |||||
Investment, Identifier [Axis]: Engage Debtco Limited, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[39] | 19,550,000 | 19,550,000 | ||||||
Ending balance | 19,776,000 | [23],[31] | 19,550,000 | [16],[26],[36],[39] | |||||
Investment, Identifier [Axis]: Entrata, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 44,199,000 | |||||||
Investment, Identifier [Axis]: Entrata, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (77,000) | |||||||
Investment, Identifier [Axis]: Fifth Season Investments LLC | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | 25,110,000 | 25,110,000 | 0 | ||||||
Gross Additions | 25,110,000 | [11] | 18,794,000 | [12] | |||||
Gross Reductions | 0 | [13] | 0 | [14] | |||||
Net change in unrealized gain (loss) | 0 | 4,000 | |||||||
Transfers | 0 | ||||||||
Ending balance | 43,908,000 | 25,110,000 | 0 | ||||||
Interest Income | 0 | 0 | |||||||
Dividend income | 66,000 | 1,390,000 | |||||||
Other income | 0 | 0 | |||||||
Investment, Identifier [Axis]: Fifth Season Investments LLC, Class A Units | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[27] | 25,110,000 | 25,110,000 | ||||||
Ending balance | 43,908,000 | [19],[24],[47] | 25,110,000 | [15],[16],[17],[27] | |||||
Investment, Identifier [Axis]: Finastra USA, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[48] | 81,558,000 | |||||||
Investment, Identifier [Axis]: Finastra USA, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[28],[40] | 2,176,000 | |||||||
Investment, Identifier [Axis]: Fortra, LLC (f/k/a Help/Systems Holdings, Inc.), Second lien senior secured loan, S, 0.0675, 46710, 20000000, 19803000, 17350000, 0.01 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 17,350,000 | |||||||
Investment, Identifier [Axis]: Foundation Consumer Brands, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[50] | 8,622,000 | 8,622,000 | ||||||
Ending balance | 17,567,000 | [31] | 8,622,000 | [16],[36],[50] | |||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[50] | 29,971,000 | 29,971,000 | ||||||
Ending balance | [16],[25],[34],[36],[50] | 29,971,000 | |||||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[31],[37] | 944,000 | |||||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 2 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | (22,000) | |||||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 10,275,000 | |||||||
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (18,000) | |||||||
Investment, Identifier [Axis]: Grayshift, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 53,518,000 | 53,518,000 | ||||||
Ending balance | 111,237,000 | [23],[40] | 53,518,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Grayshift, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (44,000) | (44,000) | ||||||
Ending balance | (87,000) | [23],[28],[38] | (44,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Greenway Health, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 9,991,000 | |||||||
Investment, Identifier [Axis]: Halo Parent Newco, LLC, Class H PIK Preferred Equity | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [17],[29] | 39,901,000 | 39,901,000 | ||||||
Ending balance | 38,202,000 | [19],[22] | 39,901,000 | [17],[29] | |||||
Investment, Identifier [Axis]: Help/Systems Holdings, Inc., Second lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 18,000,000 | 18,000,000 | ||||||
Ending balance | [16],[36],[39] | 18,000,000 | |||||||
Investment, Identifier [Axis]: Hg Genesis 9 SumoCo Limited, Unsecured EUR facility | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[49] | 51,668,000 | |||||||
Investment, Identifier [Axis]: Hg Genesis 9 SumoCo Limited, Unsecured facility | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[51] | 45,124,000 | 45,124,000 | ||||||
Ending balance | [16],[26],[36],[51] | 45,124,000 | |||||||
Investment, Identifier [Axis]: Hyland Software, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[32],[36],[45] | 13,608,000 | 13,608,000 | ||||||
Ending balance | 64,456,000 | [40] | 13,608,000 | [16],[32],[36],[45] | |||||
Investment, Identifier [Axis]: Hyland Software, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (47,000) | |||||||
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (12,000) | (12,000) | ||||||
Ending balance | 1,816,000 | [28],[37],[48] | (12,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[35],[36] | 20,534,000 | 20,534,000 | ||||||
Ending balance | 20,482,000 | [31] | 20,534,000 | [16],[35],[36] | |||||
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[35],[36] | 440,000 | 440,000 | ||||||
Ending balance | 87,000 | [28],[31] | 440,000 | [16],[25],[35],[36] | |||||
Investment, Identifier [Axis]: Imprivata, Inc., Second lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 17,206,000 | 17,206,000 | ||||||
Ending balance | 17,647,000 | [31] | 17,206,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | (62,000) | |||||||
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 55,106,000 | |||||||
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (159,000) | |||||||
Investment, Identifier [Axis]: Innovation Ventures HoldCo, LLC (dba 5 Hour Energy), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 9,800,000 | 9,800,000 | ||||||
Ending balance | [16],[36],[42] | 9,800,000 | |||||||
Investment, Identifier [Axis]: Innovation Ventures HoldCo, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 9,875,000 | |||||||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | (3,000) | |||||||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 5,519,000 | |||||||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (9,000) | |||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[31],[37] | 796,000 | |||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 30,678,000 | |||||||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | 0 | |||||||
Investment, Identifier [Axis]: Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 28,267,000 | 28,267,000 | ||||||
Ending balance | 27,771,000 | [31] | 28,267,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[50] | 642,000 | 642,000 | ||||||
Ending balance | 914,000 | [28],[31] | 642,000 | [16],[25],[36],[50] | |||||
Investment, Identifier [Axis]: Juniper Square, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 32,837,000 | 32,837,000 | ||||||
Ending balance | 36,636,000 | [31] | 32,837,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Juniper Square, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (61,000) | (61,000) | ||||||
Ending balance | (45,000) | [28],[38] | (61,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Juniper Square, Inc., Warrants | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17] | 238,000 | 238,000 | ||||||
Ending balance | 214,000 | [18],[19] | 238,000 | [15],[16],[17] | |||||
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), Common stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [18],[19],[37] | 1,585,000 | |||||||
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 21,206,000 | |||||||
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[48] | 823,000 | |||||||
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | 0 | 0 | ||||||
Ending balance | 290,000 | [28],[31],[37] | 0 | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 77,270,000 | 77,270,000 | ||||||
Ending balance | 78,521,000 | [31] | 77,270,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (47,000) | (47,000) | ||||||
Ending balance | 1,182,000 | [28],[40] | (47,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.), Perpetual Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[17],[29] | 61,719,000 | 61,719,000 | ||||||
Ending balance | 70,035,000 | [19],[22] | 61,719,000 | [16],[17],[29] | |||||
Investment, Identifier [Axis]: LSI Financing 1 DAC | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | 6,175,000 | 6,175,000 | 0 | ||||||
Gross Additions | 6,224,000 | [11] | 14,694,000 | [12] | |||||
Gross Reductions | 0 | [13] | (1,914,000) | [14] | |||||
Net change in unrealized gain (loss) | (49,000) | 1,033,000 | |||||||
Transfers | 0 | ||||||||
Ending balance | 19,988,000 | 6,175,000 | $ 0 | ||||||
Interest Income | 0 | 0 | |||||||
Dividend income | 0 | 251,000 | |||||||
Other income | 0 | 0 | |||||||
Investment, Identifier [Axis]: LSI Financing 1 DAC, Preferred Equity | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [19],[23],[24] | 19,988,000 | |||||||
Investment, Identifier [Axis]: LSI Financing 1 DAC, Preferred equity | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26],[27] | 6,175,000 | 6,175,000 | ||||||
Ending balance | [15],[16],[17],[26],[27] | 6,175,000 | |||||||
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (160,000) | (160,000) | ||||||
Ending balance | 5,625,000 | [28],[31],[37] | (160,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 66,180,000 | 66,180,000 | ||||||
Ending balance | 66,351,000 | [31] | 66,180,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (172,000) | (172,000) | ||||||
Ending balance | (65,000) | [28],[38] | (172,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Minerva Holdco, Inc., Series A Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[17],[29] | 48,102,000 | 48,102,000 | ||||||
Ending balance | 57,797,000 | [19],[22] | 48,102,000 | [16],[17],[29] | |||||
Investment, Identifier [Axis]: Natural Partners, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[52] | 9,059,000 | 9,059,000 | ||||||
Ending balance | 9,105,000 | [23],[31] | 9,059,000 | [16],[26],[36],[52] | |||||
Investment, Identifier [Axis]: Natural Partners, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[26],[36],[41] | (14,000) | (14,000) | ||||||
Ending balance | (3,000) | [23],[28],[38] | (14,000) | [16],[25],[26],[36],[41] | |||||
Investment, Identifier [Axis]: Neptune Holdings, Inc. (dba NexTech), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 6,452,000 | |||||||
Investment, Identifier [Axis]: Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (22,000) | |||||||
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | 0 | |||||||
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 7,877,000 | |||||||
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (8,000) | |||||||
Investment, Identifier [Axis]: Orange Blossom Parent, Inc., Common Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17] | 1,667,000 | 1,667,000 | ||||||
Ending balance | 1,664,000 | [18],[19] | 1,667,000 | [15],[16],[17] | |||||
Investment, Identifier [Axis]: Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured loan, S, 0.075, 47150, 106818000, 105334000, 105750000, 0.059 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 105,750,000 | |||||||
Investment, Identifier [Axis]: Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan, S, 0.0775, 47150, 0, -170000, -134000, 0 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (134,000) | |||||||
Investment, Identifier [Axis]: Pacific BidCo Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[26],[34],[36],[41] | (10,000) | (10,000) | ||||||
Ending balance | 0 | [23],[28],[37],[38] | (10,000) | [16],[25],[26],[34],[36],[41] | |||||
Investment, Identifier [Axis]: Pacific BidCo Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[39] | 8,397,000 | 8,397,000 | ||||||
Ending balance | 8,646,000 | [23],[48] | 8,397,000 | [16],[26],[36],[39] | |||||
Investment, Identifier [Axis]: PerkinElmer U.S. LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 45,441,000 | |||||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[37],[38] | (3,000) | |||||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 38,838,000 | |||||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (56,000) | |||||||
Investment, Identifier [Axis]: Picard Holdco, Inc., Series A Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [19],[31] | 102,546,000 | |||||||
Investment, Identifier [Axis]: Picard Holdco, LLC, Series A Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[17],[29] | 103,858,000 | 103,858,000 | ||||||
Ending balance | [16],[17],[29] | 103,858,000 | |||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 89,545,000 | 89,545,000 | ||||||
Ending balance | [16],[36],[42] | 89,545,000 | |||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured loan, S, 0.07, 47408, 90909000, 89723000, 90455000, 0.051 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 90,455,000 | |||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (136,000) | (136,000) | ||||||
Ending balance | [16],[25],[36],[41] | (136,000) | |||||||
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured revolving loan, S, 0.07, 47043, 0, -109000, -45000, 0 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (45,000) | |||||||
Investment, Identifier [Axis]: PointClickCare Technologies, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[39] | 9,751,000 | 9,751,000 | ||||||
Ending balance | 9,825,000 | [23],[31] | 9,751,000 | [16],[26],[36],[39] | |||||
Investment, Identifier [Axis]: Project Alpine Co-Invest Fund, LP, LP Interest | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26] | 9,690,000 | 9,690,000 | ||||||
Ending balance | 11,450,000 | [18],[19],[23] | 9,690,000 | [15],[16],[17],[26] | |||||
Investment, Identifier [Axis]: Project Hotel California Co-Invest Fund, L.P., LP Interest | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26] | 8,054,000 | 8,054,000 | ||||||
Ending balance | 9,134,000 | [18],[19],[23] | 8,054,000 | [15],[16],[17],[26] | |||||
Investment, Identifier [Axis]: Project Ruby Ultimate Parent Corp. (dba Wellsky), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[32],[36],[45] | 11,197,000 | 11,197,000 | ||||||
Ending balance | 11,727,000 | [33],[40] | 11,197,000 | [16],[32],[36],[45] | |||||
Investment, Identifier [Axis]: Proofpoint, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[32],[36],[50] | 3,100,000 | 3,100,000 | ||||||
Ending balance | 3,196,000 | [33],[40] | 3,100,000 | [16],[32],[36],[50] | |||||
Investment, Identifier [Axis]: Quartz Acquireco, LLC (dba Qualtrics), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 4,950,000 | |||||||
Investment, Identifier [Axis]: Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers), Series A Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [19],[22] | 4,331,000 | |||||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[39] | 1,342,000 | 1,342,000 | ||||||
Ending balance | [16],[25],[36],[39] | 1,342,000 | |||||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured delayed draw term loan, S, 0.07, 46982, 660000, 600000, 595000, 0 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[31] | 595,000 | |||||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 27,987,000 | 27,987,000 | ||||||
Ending balance | [16],[36],[39] | 27,987,000 | |||||||
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured loan, S, 0.07, 46982, 46771000, 46190000, 46303000, 0.026 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 46,303,000 | |||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 134,182,000 | 134,182,000 | ||||||
Ending balance | [16],[36],[42] | 134,182,000 | |||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured loan, S, 0.06, 47346, 136920000, 134464000, 135893000, 0.076 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [40] | 135,893,000 | |||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (261,000) | (261,000) | ||||||
Ending balance | [16],[25],[36],[41] | (261,000) | |||||||
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan, S, 0.0625, 46981, 0, -201000, -98000, 0 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[38] | (98,000) | |||||||
Investment, Identifier [Axis]: Securiti, Inc., Series C Preferred Shares | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17] | 20,000,000 | 20,000,000 | ||||||
Ending balance | 18,596,000 | [18],[19] | 20,000,000 | [15],[16],[17] | |||||
Investment, Identifier [Axis]: Securonix, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 19,576,000 | 19,576,000 | ||||||
Ending balance | 18,538,000 | [31] | 19,576,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Securonix, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (36,000) | (36,000) | ||||||
Ending balance | (222,000) | [28],[38] | (36,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured EUR term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [49] | 12,471,000 | |||||||
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [31] | 62,634,000 | |||||||
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [28],[31] | 3,080,000 | |||||||
Investment, Identifier [Axis]: SimpliSafe Holding Corporation, First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (6,000) | (6,000) | ||||||
Ending balance | 676,000 | [28],[37],[40] | (6,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: SimpliSafe Holding Corporation, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 20,217,000 | 20,217,000 | ||||||
Ending balance | 20,065,000 | [40] | 20,217,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Sitecore Holding III A/S, First lien senior secured EUR term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [49] | 67,472,000 | |||||||
Investment, Identifier [Axis]: Sitecore Holding III A/S, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 10,396,000 | |||||||
Investment, Identifier [Axis]: Sitecore USA, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [48] | 62,677,000 | |||||||
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[35],[36] | 3,206,000 | 3,206,000 | ||||||
Ending balance | 3,230,000 | [28],[31],[37] | 3,206,000 | [16],[25],[34],[35],[36] | |||||
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[35],[36] | 25,646,000 | 25,646,000 | ||||||
Ending balance | 25,840,000 | [31] | 25,646,000 | [16],[35],[36] | |||||
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (16,000) | (16,000) | ||||||
Ending balance | (1,000) | [28],[38] | (16,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Sophia, L.P., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 9,925,000 | 9,925,000 | ||||||
Ending balance | 9,826,000 | [33],[40] | 9,925,000 | [16],[36],[42] | |||||
Investment, Identifier [Axis]: Sophos Holdings, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[50] | 14,438,000 | 14,438,000 | ||||||
Ending balance | 14,790,000 | [23],[33],[40] | 14,438,000 | [16],[26],[36],[50] | |||||
Investment, Identifier [Axis]: Sovos Compliance, LLC, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[45] | 18,170,000 | 18,170,000 | ||||||
Ending balance | 19,283,000 | [33],[40] | 18,170,000 | [16],[36],[45] | |||||
Investment, Identifier [Axis]: TC Holdings, LLC (dba TrialCard), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 8,862,000 | 8,862,000 | ||||||
Ending balance | 8,795,000 | [31] | 8,862,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (3,000) | (3,000) | ||||||
Ending balance | 0 | [28],[38] | (3,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[26],[34],[36],[41] | (2,000) | (2,000) | ||||||
Ending balance | [16],[25],[26],[34],[36],[41] | (2,000) | |||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[28],[37],[38] | (2,000) | |||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan 2 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[28],[38] | (17,000) | |||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[35],[36] | 27,157,000 | 27,157,000 | ||||||
Ending balance | [16],[26],[35],[36] | 27,157,000 | |||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured loan 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[31] | 28,064,000 | |||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured loan 2 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [23],[31] | 2,032,000 | |||||||
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[26],[36],[41] | (24,000) | (24,000) | ||||||
Ending balance | [16],[25],[26],[36],[41] | (24,000) | |||||||
Investment, Identifier [Axis]: The NPD Group, L.P., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[42] | 139,455,000 | 139,455,000 | ||||||
Ending balance | [16],[36],[42] | 139,455,000 | |||||||
Investment, Identifier [Axis]: The NPD Group, L.P., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[42] | 906,000 | 906,000 | ||||||
Ending balance | [16],[25],[36],[42] | 906,000 | |||||||
Investment, Identifier [Axis]: Vermont Aus Pty Ltd, First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[26],[36],[39] | 9,677,000 | 9,677,000 | ||||||
Ending balance | 9,727,000 | [23],[31] | 9,677,000 | [16],[26],[36],[39] | |||||
Investment, Identifier [Axis]: Vestwell Holdings, Inc., Series D Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [18],[19] | 3,000,000 | |||||||
Investment, Identifier [Axis]: WP Irving Co-Invest, L.P., Partnership Units | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17],[26] | 1,250,000 | 1,250,000 | ||||||
Ending balance | 1,258,000 | [18],[19],[23] | 1,250,000 | [15],[16],[17],[26] | |||||
Investment, Identifier [Axis]: XOMA Corporation, Warrants 1 | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [18],[19] | 82,000 | |||||||
Investment, Identifier [Axis]: XRL 1 LLC (dba XOMA), First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [22],[28],[38] | (23,000) | |||||||
Investment, Identifier [Axis]: XRL 1 LLC (dba XOMA), First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [22] | 12,708,000 | |||||||
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured delayed draw term loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[34],[36],[41] | (344,000) | (344,000) | ||||||
Ending balance | (57,000) | [28],[37],[38] | (344,000) | [16],[25],[34],[36],[41] | |||||
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[36],[39] | 89,368,000 | 89,368,000 | ||||||
Ending balance | 92,871,000 | [31] | 89,368,000 | [16],[36],[39] | |||||
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured revolving loan | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[25],[36],[41] | (236,000) | (236,000) | ||||||
Ending balance | (118,000) | [28],[38] | (236,000) | [16],[25],[36],[41] | |||||
Investment, Identifier [Axis]: Zoro TopCo, Inc., Class A Common Units | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [15],[16],[17] | 10,514,000 | 10,514,000 | ||||||
Ending balance | [15],[16],[17] | 10,514,000 | |||||||
Investment, Identifier [Axis]: Zoro TopCo, Inc., Series A Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [19],[22] | 13,818,000 | |||||||
Investment, Identifier [Axis]: Zoro TopCo, L.P., Class A Common Units | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Ending balance | [18],[19] | 11,447,000 | |||||||
Investment, Identifier [Axis]: Zoro TopCo, L.P., Series A Preferred Stock | |||||||||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | |||||||||
Beginning balance | [16],[17],[29] | $ 12,175,000 | $ 12,175,000 | ||||||
Ending balance | [16],[17],[29] | $ 12,175,000 | |||||||
[1] Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable. Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable. Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable. Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable. Investment is non-income producing. Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $408.6 million or 33.4% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: Portfolio Company Investment Acquisition Date 6Sense Insights, Inc. Series E-1 Preferred Stock January 20, 2022 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest July 01, 2022 AAM Series 2.1 Aviation Feeder, LLC LLC Interest July 01, 2022 Accelerate Topco Holdings, LLC Common Units September 01, 2022 Acorns Grow Incorporated Series F Preferred Stock March 08, 2022 Amergin Asset Management, LLC Class A Units July 01, 2022 Axonius, Inc. Series E Preferred Stock March 11, 2022 BEHP Co-Investor II, L.P. LP Interest May 06, 2022 Coherent Group Limited Series B Preferred Shares April 21, 2022 Elliott Alto Co-Investor Aggregator L.P. LP Interest September 28, 2022 Fifth Season Investments LLC Class A Units October 17, 2022 Halo Parent Newco, LLC Class H PIK Preferred Equity February 22, 2022 Juniper Square, Inc. Warrants December 29, 2022 Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) Perpetual Preferred Stock June 23, 2022 LSI Financing 1 DAC Preferred equity December 14, 2022 Minerva Holdco, Inc. Series A Preferred Stock February 15, 2022 Orange Blossom Parent, Inc. Common Stock July 29, 2022 Picard Holdco, LLC Series A Preferred Stock September 29, 2022 Project Alpine Co-Invest Fund, LP LP Interest June 13, 2022 Project Hotel California Co-Invest Fund, L.P. LP Interest August 09, 2022 Securiti, Inc. Series C Preferred Shares July 29, 2022 WP Irving Co-Invest, L.P. Partnership Units May 18, 2022 Zoro TopCo, Inc. Class A Common Units November 22, 2022 Zoro TopCo, L.P. Series A Preferred Stock November 22, 2022 Investment is non-income producing. Security acquired in transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2023, the aggregate fair value of these securities is $478.6 million or 26.3% of the Company’s net assets. The acquisition dates of the restricted securities are as follows: Portfolio Company Investment Acquisition Date 6Sense Insights, Inc. Series E-1 Preferred Stock January 20, 2022 AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest July 01, 2022 AAM Series 2.1 Aviation Feeder, LLC LLC Interest July 01, 2022 Accelerate Topco Holdings, LLC Common Units September 01, 2022 Acorns Grow Incorporated Series F Preferred Stock March 08, 2022 Amergin Asset Management, LLC Class A Units July 01, 2022 Axonius, Inc. Series E Preferred Stock March 11, 2022 BEHP Co-Investor II, L.P. LP Interest May 06, 2022 Coherent Group Inc. Series B Preferred Shares April 21, 2022 Coherent Group Inc. Series B Preferred Shares December 28, 2023 Elliott Alto Co-Investor Aggregator L.P. LP Interest September 28, 2022 Fifth Season Investments LLC Class A Units October 17, 2022 Halo Parent Newco, LLC Class H PIK Preferred Equity February 22, 2022 Juniper Square, Inc. Warrants December 29, 2022 Knockout Intermediate Holdings I Inc. (dba Kaseya Inc.) Perpetual Preferred Stock June 23, 2022 LSI Financing 1 DAC Preferred Equity December 14, 2022 Minerva Holdco, Inc. Series A Preferred Stock February 15, 2022 Orange Blossom Parent, Inc. Common Stock July 29, 2022 Picard Holdco, Inc. Series A Preferred Stock September 29, 2022 Project Alpine Co-Invest Fund, L.P. LP Interest June 13, 2022 Project Hotel California Co-Invest Fund, L.P. LP Interest August 09, 2022 Romulus Intermediate Holdings 1 Inc. (dba PetVet Care Centers) Series A Preferred Stock November 15, 2023 Securiti, Inc. Series C Preferred Shares July 29, 2022 Vestwell Holdings, Inc. Series D Preferred Stock December 20, 2023 KWOL Acquisition Inc. (dba Worldwide Clinical Trials) Class A Interest November 30, 2023 WP Irving Co-Invest, L.P. Partnership Units May 18, 2022 XOMA Corporation Warrants December 15, 2023 Zoro TopCo, L.P. Class A Common Units November 22, 2022 Zoro TopCo, Inc. Series A Preferred Stock November 22, 2022 Contains a fixed-rate structure. This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2023, non-qualifying assets represented 16.7% of total assets as calculated in accordance with the regulatory requirements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement. Transactions during the year ended December 31, 2023 in which the Company was an Affiliated Person of the portfolio company are as follows: Company Fair Value at December 31, 2022 Gross Additions (a) Gross Reductions (b) Net Change in Unrealized Gain/(Loss) Transfers Fair Value at December 31, 2023 Interest Income Dividend Income Other Income Non-Controlled Affiliates AAM Series 2.1 Aviation Feeder, LLC (c) $ 348 $ 16,913 $ — $ 177 $ — $ 17,438 $ 136 $ — $ — AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c) — 14,579 — (170) — 14,409 423 — — Coherent Group Inc. — 1,711 — 102 14,391 16,204 — — — Fifth Season Investments LLC 25,110 18,794 — 4 — 43,908 — 1,390 — LSI Financing 1 DAC 6,175 14,694 (1,914) 1,033 — 19,988 — 251 — Total Non-Controlled Affiliates $ 31,633 $ 66,691 $ (1,914) $ 1,146 $ 14,391 $ 111,947 $ 559 $ 1,641 $ — _______________ (a) Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable. (b) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable. (c) Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. As of December 31, 2022, non-qualifying assets represented 14.0% of total assets as calculated in accordance with the regulatory requirements. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company is deemed to be an “Affiliated Person” of, as defined in the 1940 Act, this portfolio company, as the Company owns more than 5% but less than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over management or policies of such portfolio company, including through a management agreement. Transactions during the year ended December 31, 2022 in which the Company was an Affiliated Person of the portfolio company are as follows: Company Fair Value at December 31, 2021 Gross Additions (a) Gross Reductions(b) Net Change in Unrealized Gain/(Loss) Fair Value at December 31, 2022 Interest Income Dividend Income Other Income Non-Controlled Affiliates AAM Series 2.1 Aviation Feeder, LLC (c) $ — $ 349 $ — $ (1) $ 348 $ — $ — $ — AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC (c) — — — — — — — — Fifth Season Investments LLC — 25,110 — — 25,110 — 66 — LSI Financing 1 DAC — 6,224 — (49) 6,175 — — — Total Non-Controlled Affiliates $ — $ 31,683 $ — $ (50) $ 31,633 $ — $ 66 $ — _______________ (a) Gross additions include increases in the cost basis of investments resulting from new investments, payment-in-kind interest or dividends, and the amortization of any unearned income or discounts on equity investments, as applicable. (b) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, and the amortization of any premiums on equity investments, as applicable. (c) Position or portion thereof is an unfunded loan or equity commitment. See Note 7 “Commitments and Contingencies”. Contains a fixed-rate structure. Not a co-investment made with the Company’s affiliates The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%. Level 2 investment. Level 2 investment. The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2022 was 4.78%. The date disclosed represents the commitment period of the unfunded term loan. Upon expiration of the commitment period, the funded portion of the term loan may be subject to a longer maturity date. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%. The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%. The interest rate on this loan is subject to SONIA, which as of December 31, 2023 was 5.19%. The interest rate on this loan is subject to SONIA, which as of December 31, 2022 was 3.43%. The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%. Investment is not pledged as collateral for the credit facilities. Investment is not pledged as collateral for the credit facilities. The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%. The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2023 was 3.91%. The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%. The interest rate on this loan is subject to 3 month EURIBOR, which as of December 31, 2022 was 2.13%. The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | ||||||
Net investment income (loss) | $ 167,131 | $ 35,625 | [1] | $ (983) | [2] | |
Net change in unrealized gain (loss) | 32,945 | (13,577) | [1] | 0 | [2] | |
Net realized gain (loss) | (747) | 225 | [1] | 0 | [2] | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 199,329 | 22,273 | [1] | (983) | [2] | |
Distributions | ||||||
Net Decrease in Net Assets Resulting from Shareholders' Distributions | (118,245) | (17,161) | [1] | 0 | [1] | |
Capital Share Transactions | ||||||
Issuance of common shares | 499,987 | 1,174,971 | [1] | 45,001 | [1] | |
Reinvestment of distributions | 11,930 | 477 | [1] | 0 | ||
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 511,917 | 1,175,448 | [1] | 45,001 | [1] | |
Total Increase (Decrease) in Net Assets | 593,001 | 1,180,560 | [1] | 44,018 | [1] | |
Net Assets, at beginning of period | [1] | 1,224,578 | 44,018 | 0 | ||
Net Assets, at end of period | $ 1,817,579 | $ 1,224,578 | [1] | $ 44,018 | [1] | |
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Cash Flows from Operating Activities | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 199,329 | $ 22,273 | [1] | $ (983) | [2] | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||||
Purchases of investments, net | (1,438,413) | (2,526,580) | [3] | 0 | [2] | |
Proceeds from investments and investment repayments, net | 187,927 | 65,996 | [3] | 0 | [2] | |
Net amortization/accretion of premium/discount on investments | (12,270) | (3,253) | [3] | 0 | [2] | |
Net change in unrealized (gain) loss on investments | (29,492) | 13,404 | [3] | 0 | [2] | |
Net change in unrealized (gains) losses on translation of assets and liabilities in foreign currencies | (3,457) | 173 | [3] | 0 | [2] | |
Net realized (gain) loss on investments | (983) | (128) | [3] | 0 | [2] | |
Paid-in-kind interest and dividends | (42,429) | (15,664) | [3] | 0 | [2] | |
Amortization of debt issuance costs | 5,523 | 2,826 | [3] | 0 | [2] | |
Amortization of offering costs | 112 | 353 | [3] | 7 | [2] | |
Changes in operating assets and liabilities: | ||||||
(Increase) decrease in interest receivable | (9,403) | (19,616) | [3] | 0 | [2] | |
(Increase) decrease in dividend income receivable | (11,648) | (173) | [3] | 0 | [2] | |
(Increase) decrease in prepaid expenses and other assets | 140 | (499) | [3] | (130) | [2] | |
Increase (decrease) in management fee payable | 4,193 | 8,592 | [3] | 394 | [2] | |
Increase (decrease) in incentive fee payable | 5,039 | 2,622 | [3] | 0 | [2] | |
Increase (decrease) in payables to affiliates | (1,182) | 1,832 | [3] | 198 | [2] | |
Increase (decrease) in payable for investments purchased | (27,731) | 27,731 | [3] | 0 | [2] | |
Increase (decrease) in accrued expenses and other liabilities | 8,472 | 5,212 | [3] | 343 | [2] | |
Net cash used in operating activities | (1,166,273) | (2,414,899) | [3] | (171) | [2] | |
Cash Flows from Financing Activities | ||||||
Borrowings on debt | 2,501,472 | 2,413,015 | [3] | 0 | [2] | |
Payments on debt | (1,700,497) | (1,165,104) | [3] | 0 | [2] | |
Debt issuance costs | (13,981) | (20,416) | [3] | 0 | [2] | |
Proceeds from issuance of common shares (net of change in subscriptions receivable) | 500,867 | 1,174,091 | [3] | 45,001 | [2] | |
Offering costs paid | (96) | (295) | [3] | 0 | [2] | |
Distributions paid | (84,658) | (3,157) | [3] | 0 | [2] | |
Net cash provided by financing activities | 1,203,107 | 2,398,134 | [3] | 45,001 | [2] | |
Net increase in cash | 36,834 | (16,765) | [3] | 44,830 | [2] | |
Cash, beginning of period | 28,065 | [3] | 44,830 | [2],[3] | 0 | [2] |
Cash, end of period | 64,899 | 28,065 | [3] | 44,830 | [2],[3] | |
Supplemental and Non-Cash Information | ||||||
Interest paid during the period | 117,512 | 22,232 | [3] | 0 | [2] | |
Distributions declared during the period | 118,245 | 17,161 | [3] | 0 | [2] | |
Reinvestment of distributions during the period | 11,930 | 477 | [3] | 0 | [1] | |
Distributions Payable | $ 35,184 | $ 13,527 | [3] | $ 0 | [2] | |
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Blue Owl Technology Finance Corp. II (the “Company”) is a Maryland corporation formed on October 5, 2021. The Company was formed primarily to originate and make debt and equity investments in technology-related companies based primarily in the United States. The Company originates and invests in senior secured or unsecured loans, subordinated loans or mezzanine loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. The Company’s investment objective is to maximize total return by generating current income from its debt investments and other income producing securities, and capital appreciation from its equity and equity-linked investments. The Company invests in a broad range of established and high growth technology companies that are capitalizing on the large and growing demand for technology products and services. These companies use technology extensively to improve business processes, applications and opportunities or seek to grow through technological developments and innovations. These companies operate in technology-related industries or sectors which include, but are not limited to, application software, systems software, healthcare information technology, technology services and infrastructure, financial technology and internet and digital media. Within each industry or sector, the Company invests in companies that are developing or offering goods and services to businesses and consumers which utilize scientific knowledge, including techniques, skills, methods, devices and processes, to solve problems. The Company refers to all of these companies as “technology-related” companies and intends, under normal circumstances, to invest at least 80% of the value of its total assets in such businesses. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Because the Company has elected to be regulated as a BDC and qualifies as a RIC under the Code, the Company’s portfolio is subject to diversification and other requirements. On December 10, 2021, the Company formed a wholly-owned subsidiary, OR Tech Lending II LLC, a Delaware limited liability company, which holds a California finance lenders license. OR Tech Lending II LLC originates loans to borrowers headquartered in California. From time to time the Company may form wholly-owned subsidiaries to facilitate the normal course of business. Blue Owl Technology Credit Advisors II LLC (the “Adviser”) serves as the Company’s investment adviser. The Adviser is an indirect affiliate of Blue Owl Capital, Inc. (“Blue Owl”) (NYSE: OWL) and part of Blue Owl’s Credit platform, which focuses on direct lending. The Adviser is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Blue Owl consists of three investment platforms: (1) Credit, which focuses on direct lending, (2) GP Strategic Capital, which focuses on providing capital to institutional alternative asset managers and (3) Real Estate, which focuses on triple net lease real estate strategies. Subject to the overall supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of, and provides investment advisory and management services to, the Company. The Company conducts private offerings (each, a “Private Offering”) of its common shares to accredited investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended, (the “Securities Act”). At the closing of each Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Until the earlier of the listing or quotation of our securities on a national securities exchange (an "Exchange Listing") or the end of the Commitment Period (as defined below), investors are required to fund drawdowns to purchase shares of the Company’s common stock up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. The initial closing of the Private Offering occurred on December 1, 2021 (the “Initial Closing”). The “Commitment Period” will continue until the earlier of the (i) five year anniversary of the Final Closing and (ii) the seven year anniversary of the Initial Closing. If the Company has not consummated an Exchange Listing by the end of the Commitment Period, subject to extension of two additional one-year periods, in the sole discretion of the Board, the Board (subject to any necessary shareholder approvals and applicable requirements of the 1940 Act) will use its commercially reasonable efforts to wind down and/or liquidate and dissolve the Company in an orderly manner. On December 1, 2021, the Company commenced its loan origination and investment activities contemporaneously with the initial drawdown from investors in the Private Offerings. In January 2022, the Company made its first portfolio company investment. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies . In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on November 30, 2021 and commenced operations on December 1, 2021 with the initial closing of its Private Offering. The Company’s fiscal year ends on December 31. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material. Cash Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law. Consolidation As provided under Regulation S-X and ASC Topic 946—Financial Services—Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Investments at Fair Value Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available. Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser. As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation. The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following: • With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; • With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; • Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; • The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; • Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and • The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. The Company conducts this valuation process on a quarterly basis. The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below: • Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Financial and Derivative Instruments Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company adopted a derivatives policy and complies with Rule 18f-4's recordkeeping requirements. Foreign Currency Foreign currency amounts are translated into U.S. dollars on the following basis: • cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s SPV Asset Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Interest and Dividend Income Recognition Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Other Income From time to time, the Company may receive fees for services provided to portfolio companies. These fees are generally only available to the Company as a result of closing investments, are generally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but can include closing, work, diligence or other similar fees and fees for providing managerial assistance to the Company’s portfolio companies. Organization Expenses Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. Offering Expenses Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. Debt Issuance Costs The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded. Reimbursement of Transaction-Related Expenses The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis. Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred. Income Taxes The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2021 and intends to continue to qualify annually thereafter as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To qualify 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 generally 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 of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2023. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities. Distributions to Common Shareholders Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Undistributed long-term capital gains, if any, would be generally distributed at least annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the dividend reinvestment plan. New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on the consolidated financial statements. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Agreements and Related Party Transactions Administration Agreement On December 1, 2021, the Company entered into an Administration Agreement (the “Administration Agreement”) with the Adviser. Under the terms of the Administration Agreement, the Adviser performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. On May 8, 2023, the Board approved the continuation of the Administration Agreement. The Administration Agreement also provides that the Company reimburses the Adviser for certain organization costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company reimburses the Adviser for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Adviser may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Adviser for any services performed for it by such affiliate or third party. Unless earlier terminated as described below the Administration Agreement will remain in effect from two years from the date it first became effective, and will remain in effect from year to year 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 directors. The Administration Agreement may be terminated at any time, without the payment of any penalty, on 60 days’ written notice, by the vote of a majority of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board or by the Adviser. No person who is an officer, director, or employee of the Adviser or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Adviser (or its affiliates) for an allocable portion of the compensation paid by the Adviser or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, 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 (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Adviser receive compensation for their services and reimbursement of expenses incurred to attend meetings. For the years ended December 31, 2023, 2022, and 2021 the Company incurred expenses of approximately $2.9 million, $2.3 million, and $0.2 million respectively, for costs and expenses reimbursable to the Adviser under the terms of the Administration Agreement. Investment Advisory Agreement On December 1, 2021, the Company entered into an Investment Advisory Agreement (the “Investment Advisory Agreement”) with the Adviser. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for managing the Company’s business and activities, including sourcing investment opportunities, conducting research, performing diligence on potential investments, structuring its investments, and monitoring its portfolio companies on an ongoing basis through a team of investment professionals. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities so long as its services to the Company are not impaired. Unless earlier terminated as described below, the Investment Advisory Agreement will remain in effect for two years from the date it first became effective, and will remain in effect from year-to-year if approved annually by a majority of the Board or by the holders of a majority of our outstanding voting securities and, in each case, by a majority of independent directors. On May 8, 2023, the Board approved the continuation of the Investment Advisory Agreement. The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment. In accordance with the 1940 Act, without payment of any penalty, the Investment Advisory Agreement may be terminated by the vote of the outstanding voting securities of the Company (as defined in the 1940 Act), or by the vote of a majority of the Board. In addition, without payment of any penalty, the Adviser may generally terminate the Investment Advisory Agreement upon 60 days’ written notice. From time to time, the Adviser may pay amounts owed by the Company to third-party providers of goods or services, including the Board, and the Company will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms. Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and may also pay to it certain incentive fees. The cost of both the management fee and the incentive fee will ultimately be borne by the Company’s shareholders. The management fee (“Management Fee”) is payable quarterly in arrears. Prior to the future quotation or listing of the Company’s securities on a national securities exchange (an “Exchange Listing”) or the future quotation or listing of its securities on any other public trading market, the Management Fee is payable at an annual rate of 0.90% of the Company’s (i) average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters; provided, however, that no Management Fee will be charged on the value of gross assets (excluding cash and cash-equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act; plus (ii) the average of any remaining unfunded Capital Commitments at the end of the two most recently completed calendar quarters. Following an Exchange Listing, the Management Fee is payable at an annual rate of (x) 1.50% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is above an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act and (y) 1.00% of the Company’s average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) that is below an asset coverage ratio of 200% calculated in accordance with Sections 18 and 61 of the 1940 Act, in each case, at the end of the two most recently completed calendar quarters payable quarterly in arrears. The Management Fee will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during the relevant calendar quarters. The Management Fee for any partial month or quarter, as the case may be, will be appropriately prorated and adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter). For purposes of the Investment Advisory Agreement, gross assets means the Company’s total assets determined on a consolidated basis in accordance with generally accepted accounting principles in the United States, excluding cash and cash equivalents, but including assets purchased with borrowed amounts. For the years ended December 31, 2023, 2022, and 2021 management fees were $48.7 million, $22.3 million, and $0.4 million respectively. Pursuant to the Investment Advisory Agreement, the Adviser is entitled to an incentive fee (“Incentive Fee”), which consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. The portion of the Incentive Fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the initial closing date, and equals (i) prior to an Exchange Listing, 100% of the pre- Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate”, until the Adviser has received 10% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.67% quarterly, 10% of all remaining pre- Incentive Fee net investment income for that calendar quarter, and (ii) subsequent to an Exchange Listing, 100% of the pre- Incentive Fee net investment income in excess of a 1.5% quarterly “hurdle rate,” until the Adviser has received 17.5% of the total pre-Incentive Fee net investment income for that calendar quarter and, for pre-Incentive Fee net investment income in excess of 1.82% quarterly, 17.5% of all remaining pre-Incentive Fee net investment income for that calendar quarter. The 100% “catch-up” provision for pre-Incentive Fee net investment income in excess of the 1.5% “hurdle rate” is intended to provide the Adviser with an Incentive Fee of (i) prior to an Exchange Listing, 10% on all pre- Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to an Exchange Listing, 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which, in each case, is the rate at which catch-up is achieved. Once the “hurdle rate” is reached and catch-up is achieved, (i) prior to an Exchange Listing, 10% of any pre-Incentive Fee net investment income in excess of 1.67% in any calendar quarter is payable to the Adviser, and (ii) subsequent to an Exchange Listing, 17.5% of any pre-Incentive Fee net investment income in excess of 1.82% in any calendar quarter is payable to the Adviser. For the years ended December 31, 2023, and 2022 performance based incentive fees based on net investment income were $18.8 million, $3.9 million, and respectively. The Company did not incur performance based incentive fees based on net investment income for the year ended December 31, 2021. The second component of the Incentive Fee, the “Capital Gains Incentive Fee,” payable at the end of each calendar year in arrears, equals, (i) prior to an Exchange Listing, 10% of cumulative realized capital gains from the initial closing date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of each calendar year, and (ii) subsequent to an Exchange Listing, 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to the end of each calendar year. Each year, the fee paid for the Capital Gains Incentive Fee is net of the aggregate amount of any previously paid Capital Gains Incentive Fee for prior periods. While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, as required by U.S. GAAP, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized. The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated. For the sole purpose of calculating the Capital Gains Incentive Fee, the cost basis as of the initial closing date for all of the Company’s investments made prior to the initial closing date will be equal to the fair value of such investments as of the last day of the calendar quarter in which the initial closing date occurs; provided, however, that in no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof. For the year ended December 31, 2023 the Company accrued performance based incentive fees based on capital gains of $1.9 million. The Company did not accrue performance based incentive fees based on capital gains for the years ended December 31, 2022 and 2021. Dealer Manager Agreement On November 30, 2021, the Company and the Adviser entered into a dealer manager agreement with the Adviser and Blue Owl Securities LLC (“Blue Owl Securities”) pursuant to which Blue Owl Securities and certain participating broker-dealers will solicit Capital Commitments. In addition, the Company has entered into a placement agent agreement with Blue Owl Securities pursuant to which employees of Blue Owl Securities may conduct placement activities. Affiliated Transactions The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. The Company relies on an order for exemptive relief (as amended, the “Order”) that has been granted to an affiliate of the Adviser to co-invest with other funds managed by the Adviser or certain affiliates, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such Order the Company generally is permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching by the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing and (4) the proposed investment by the Company would not benefit the Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, the Order permits the Company to participate in follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not have an investment in such existing portfolio company. The Adviser is affiliated with Blue Owl Credit Advisors LLC (“OCA”), Blue Owl Technology Credit Advisors LLC (“OTCA”), Blue Owl Credit Private Fund Advisors LLC (“OPFA”), and Blue Owl Diversified Credit Advisors LLC (“ODCA” together with OTCA, OPA, OCA, and the Adviser, the “Blue Owl Credit Advisers”), which are also investment advisers. The Blue Owl Credit Advisers are indirect affiliates of Blue Owl and comprise part of Blue Owl’s Credit platform, which focuses on direct lending. The Blue Owl Credit Advisers’ allocation policy seeks to ensure equitable allocation of investment opportunities over time between the Company, and other funds managed by the Adviser or its affiliates. As a result of the Order, there could be significant overlap in the Company’s investment portfolio and the investment portfolio of the business development companies, private funds and separately managed accounts managed by the Blue Owl Credit Advisers (collectively, the “Blue Owl Credit Clients”) and/or other funds managed by the Adviser or its affiliates that could avail themselves of the Order and that have an investment objective similar to the Company’s. License Agreement On July 6, 2023, the Company entered into a license agreement (the “License Agreement”) with an affiliate of Blue Owl, pursuant to which the Company was granted a non-exclusive license to use the name “Blue Owl.” Under the License Agreement, the Company has a right to use the Blue Owl name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Blue Owl” name or logo. Controlled/Affiliated Portfolio Companies Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or has the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments. The Company has made investments in non-controlled, affiliated companies, including Amergin AssetCo, Fifth Season Investments LLC (“Fifth Season”), and LSI Financing 1 DAC (“LSI Financing”). Amergin Amergin was created to invest in a leasing platform focused on railcar, aviation and other long-lived transportation assets. Amergin acquires existing on-lease portfolios of new and end-of-life railcars and related equipment and selectively purchases off-lease assets and is building a commercial aircraft portfolio through aircraft financing and engine acquisition on a sale and lease back basis. Amergin consists of Amergin AssetCo and Amergin Asset Management LLC, which has entered into a Servicing Agreement with Amergin AssetCo. We made an initial equity commitment to Amergin AssetCo on July 1, 2022. As of December 31, 2023, our commitment to Amergin AssetCo is $32.8 million, of which $13.9 million is equity and $18.9 million is debt. Our investment in Amergin is a co-investment made with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. We do not consolidate our equity interest in Amergin AssetCo. Fifth Season is a portfolio company created to invest in life insurance based assets, including secondary and tertiary life settlement and other life insurance exposures using detailed analytics, internal life expectancy review and sophisticated portfolio management techniques. On July 18, 2022, we made an initial equity investment in Fifth Season. As of December 31, 2023, our investment in Fifth Season was $43.9 million at fair value. Our investment in Fifth Season is a co-investment with our affiliates in accordance with the terms of the exemptive relief that we received from the SEC. The Company does not consolidate its interest in Fifth Season. LSI Financing is a portfolio company formed to acquire a contractual right to revenue pursuant to an earnout agreement in the life sciences space. On December 14, 2022, the Company made an initial investment in LSI Financing. As of December 31, 2023, the Company’s investment in LSI Financing was $20.0 million at fair value.The Company’s investment in LSI Financing is a co-investment with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. The Company does not consolidate its equity interest in LSI Financing. Promissory Notes On January 25, 2022, the Company as borrower, entered into a Loan Agreement (the “FIC Agreement”) with Owl Rock Feeder FIC LLC (“Feeder FIC”), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the “Promissory Notes”) to borrow up to an aggregate of $250 million from Feeder FIC. On June 22, 2022, the Company and Feeder FIC entered into a termination agreement pursuant to which the FIC Agreement and the Promissory Notes were terminated. Upon execution of the Termination Agreement there were no amounts outstanding pursuant to the Promissory Notes. See Note 6 “Debt”. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | Investments Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, “non-affiliated investments” are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled non-affiliated, non-controlled affiliated or controlled affiliated investments. The table below presents the composition of investments at fair value and amortized cost as of the following periods: December 31, 2023 December 31, 2022 ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value First-lien senior secured debt investments (1) $ 3,047,941 $ 3,068,392 $ 1,812,475 $ 1,812,277 Second-lien senior secured debt investments 187,024 186,796 186,424 184,788 Unsecured debt investments 72,097 73,823 63,815 58,859 Preferred equity investments (2) 374,363 370,458 345,327 337,069 Common equity investments (3) 104,372 108,170 71,588 71,541 Total Investments $ 3,785,797 $ 3,807,639 $ 2,479,629 $ 2,464,534 (1) Includes investment in Amergin AssetCo. (2) Includes equity investments in LSI Financing. (3) Includes equity investments in Amergin AssetCo and Fifth Season. The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods: December 31, 2023 December 31, 2022 Aerospace & Defense 1.9 % 2.7 % Application Software 15.8 19.0 Banks 2.2 — Beverages 0.3 0.4 Building Products 0.3 — Capital Markets 0.3 0.4 Commercial Services & Supplies 0.5 0.8 Construction & Engineering 0.2 0.3 Consumer Finance 0.5 0.6 Diversified Consumer Services 0.3 0.4 Diversified Financial Services (1) 9.5 6.8 Diversified Support Services 0.7 1.0 Electrical Equipment 3.3 5.1 Food & Staples Retailing 3.8 5.8 Health Care Equipment & Supplies 1.2 — Health Care Technology 8.9 8.3 Health Care Providers & Services 5.4 4.9 Insurance (2) 4.6 3.6 IT Services 3.9 5.6 Life Sciences Tools & Services 1.8 — Pharmaceuticals (3) 1.5 0.9 Professional Services 3.9 0.9 Real Estate Management & Development 1.2 — Specialty Retail — 1.2 Systems Software 28.0 31.3 Total 100.0 % 100.0 % (1) Includes investments in Amergin AssetCo. (2) Includes investments in Fifth Season. (3) Includes equity investment in LSI Financing. The table below presents the geographic composition of investments based on fair value as of the following periods: December 31, 2023 December 31, 2022 United States: Midwest 11.4 % 6.0 % Northeast 20.0 25.8 South 25.8 32.3 West 31.4 28.9 International 11.4 % 7.0 % Total 100.0 % 100.0 % |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Investments The tables below present the fair value hierarchy of financial instruments as of the following periods: Fair Value Hierarchy as of December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash $ 64,899 $ — $ — $ 64,899 Investments: First-lien senior secured debt investments (1) $ — $ 169,676 $ 2,898,716 $ 3,068,392 Second-lien senior secured debt investments — — 186,796 186,796 Unsecured debt investments — 20,455 53,368 73,823 Preferred equity investments (2) — — 370,458 370,458 Common equity investments (3) — — 108,170 108,170 Total Investments at fair value $ — $ 190,131 $ 3,617,508 $ 3,807,639 (1) Includes investment in Amergin AssetCo. (2) Includes equity investments in LSI Financing. (3) Includes equity investments in Amergin AssetCo and Fifth Season. Fair Value Hierarchy as of December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Cash $ 28,065 $ — $ — $ 28,065 Investments: First-lien senior secured debt investments $ — $ 53,819 $ 1,758,458 $ 1,812,277 Second-lien senior secured debt investments — — 184,788 184,788 Unsecured debt investments — 13,735 45,124 58,859 Preferred equity investments (1) — — 337,069 337,069 Common equity investments (2) — — 71,541 71,541 Total Investments at fair value $ — $ 67,554 $ 2,396,980 $ 2,464,534 (1) Includes equity investment in LSI Financing. (2) The tables below present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods: As of and for the Year Ended December 31, 2023 ($ in thousands) First-lien senior secured debt investments Second-lien senior secured debt investments Unsecured debt investments Preferred equity investments Common equity investments Total Fair value, beginning of period $ 1,758,458 $ 184,788 $ 45,124 $ 337,069 $ 71,541 $ 2,396,980 Purchases of investments, net 1,343,324 — 1,700 26,648 32,783 1,404,455 Payment-in-kind 14,870 — 4,837 22,725 — 42,432 Proceeds from investments, net (120,162) — — (22,415) — (142,577) Net change in unrealized gain (loss) 17,547 1,409 1,650 4,352 3,846 28,804 Net realized gains (losses) (2) — — 985 — 983 Net amortization/accretion of premium/discount on investments 6,074 599 57 1,094 — 7,824 Transfers into (out of) Level 3 (1) (121,393) — — — — (121,393) Fair value, end of period $ 2,898,716 $ 186,796 $ 53,368 $ 370,458 $ 108,170 $ 3,617,508 (1) Transfers between levels, if any, are recognized at the beginning of the period noted. For the year ended December 31, 2023, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. As of and for the Year Ended December 31, 2022 ($ in thousands) First-lien senior secured debt investments Second-lien senior secured debt investments Unsecured debt investments Preferred equity investments Common equity investments Total Fair value, beginning of period $ — $ — $ — $ — $ — $ — Purchases of investments, net 1,804,124 200,172 43,918 333,509 74,684 2,456,407 Payment-in-kind 1,741 — 2,363 11,559 — 15,663 Proceeds from investments, net (48,756) (13,977) — — (3,200) (65,933) Net change in unrealized gain (loss) (299) (1,636) (1,199) (8,257) (47) (11,438) Net realized gains (losses) 24 — — — 104 128 Net amortization of discount on investments 1,624 229 42 258 — 2,153 Transfers into (out of) Level 3 (1) — — — — — — Fair value, end of period $ 1,758,458 $ 184,788 $ 45,124 $ 337,069 $ 71,541 $ 2,396,980 (1) Transfers between levels, if any, are recognized at the beginning of the period noted. For the year ended December 31, 2022, there were no transfers between levels. The table below presents information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods: ($ in thousands) Net change in unrealized gain (loss) Net change in unrealized gain (loss) for the Year Ended December 31, 2022 on Investments Held at December 31, 2022 First-lien senior secured debt investments $ 18,017 $ (299) Second-lien senior secured debt investments 1,409 (1,636) Unsecured debt investments 1,650 (1,199) Preferred equity investments 4,352 (8,257) Common equity investments 3,846 (47) Total Investments $ 29,274 $ (11,438) The tables below present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. December 31, 2023 ($ in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input First-lien senior secured debt investments $ 423,672 Recent Transaction Transaction Price 97.0% - 99.3% (98.6%) Increase 2,475,044 Yield Analysis Market Yield 8.2% - 17.1% (12.0%) Decrease Second-lien senior secured debt investments $ 186,796 Yield Analysis Market Yield 11.4% - 17.7% (15.3%) Decrease Unsecured debt investments $ 1,700 Recent Transaction Transaction Price 100.0% - 100.0% (100.0%) Increase 51,668 Yield Analysis Market Yield 10.6% - 10.6% (10.6%) Decrease Preferred equity investments $ 109,877 Recent Transaction Transaction Price 98.0% - 107.5% (106.9%) Increase 199,839 Yield Analysis Market Yield 10.4% - 20.0% (15.2%) Decrease 60,742 Market Approach Revenue Multiple 8.5x - 21.5x (14.6x) Increase Common equity investments $ 58,201 Recent Transaction Transaction Price 100.0% - 100.0% (100.0%) Increase 17,724 Market Approach EBITDA Multiple 9.1x - 34.5x (12.5x) Increase 32,245 Market Approach Revenue Multiple 6.3x - 14.7x (11.2x) Increase December 31, 2022 ($ in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input First-lien senior secured debt investments $ 544,947 Recent Transaction Transaction Price 97.2% - 98.5% (98.0%) Increase 1,213,511 Yield Analysis Market Yield 8.2% - 19.3% (11.5%) Decrease Second-lien senior secured debt investments $ 73,470 Recent Transaction Transaction Price 98.0% - 98.0% (98.0%) Increase 111,318 Yield Analysis Market Yield 12.6% - 19.2% (15.6%) Decrease Unsecured debt investments $ 45,124 Yield Analysis Market Yield 10.8% - 10.8% (10.8%) Decrease Preferred equity investments $ 18,350 Recent Transaction Transaction Price 96.5% - 100.0% (97.7%) Increase 253,581 Yield Analysis Market Yield 11.9% - 20.6% (16.7%) Decrease 65,138 Market Approach Revenue Multiple 8.5x - 38.5x (26.8x) Increase Common equity investments $ 36,211 Recent Transaction Transaction Price 100.0% - 100.0% (100.0%) Increase 17,586 Market Approach EBITDA Multiple 11.4x - 31.6x (14.4x) Increase 17,744 Market Approach Revenue Multiple 11.0x - 16.6x (14.1x) Increase The Adviser, as valuation designee, typically determines the fair value of its performing Level 3 debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to the expected life, portfolio company performance since close, and other terms and risks associated with an investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure. When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize a net recovery approach to determine the fair value of debt investments in subject companies. A net recovery analysis typically consists of two steps. First, the total enterprise value for the subject company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the subject company is then estimated by allocating the subject company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure. Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, a market approach, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before interest, taxes, depreciation and amortization (“EBITDA”) or some combination thereof and comparable market transactions are typically used. Debt Not Carried at Fair Value Fair value is estimated by discounting remaining payments using applicable current market rates, which take into account changes in the Company’s marketplace credit ratings, or market quotes, if available. The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods: December 31, 2023 December 31, 2022 ($ in thousands) Net Carrying Value (1) Fair Value Net Carrying Value (2) Fair Value Subscription Credit Facility $ 797,454 $ 797,454 $ 767,139 $ 767,139 Revolving Credit Facility 279,080 279,080 120,667 120,667 SPV Asset Facility I 321,387 321,387 293,878 293,878 SPV Asset Facility II 267,647 267,647 47,119 47,119 2023A Notes 74,144 75,188 — — Athena CLO II 285,596 285,596 — — Total Debt $ 2,025,308 $ 2,026,352 $ 1,228,803 $ 1,228,803 (1) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2023A Notes, and Athena CLO II are presented net of unamortized debt issuance costs of $2.5 million, $9.3 million , $8.6 million, $2.4 million, $0.9 million, and $2.4 million respectively. (2) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, and SPV Asset Facility II are presented net of unamortized debt issuance costs of $2.9 million , $5.7 million , $6.1 million , and $2.9 million respectively. The table below presents fair value measurements of the Company’s debt obligations as of the following periods: ($ in thousands) December 31, 2023 December 31, 2022 Level 1 $ — $ — Level 2 — — Level 3 2,025,308 1,228,803 Total Debt $ 2,025,308 $ 1,228,803 Financial Instruments Not Carried at Fair Value As of December 31, 2023 and December 31, 2022 , the carrying amounts of the Company’s other assets and liabilities approximate fair value due to their short maturities. These financial instruments would be categorized as Level 3 within the hierarchy. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. As of December 31, 2023 and December 31, 2022, the Company’s asset coverage was 188% and 196%, respectively. The tables below present debt obligations as of the following periods: December 31, 2023 ($ in thousands) Aggregate Principal Committed Outstanding Principal Amount Available (1) Net Carrying Value (2) Subscription Credit Facility $ 800,000 $ 800,000 $ — $ 797,454 Revolving Credit Facility 825,000 288,355 536,645 279,080 SPV Asset Facility I 625,000 330,000 84,826 321,387 SPV Asset Facility II 300,000 270,000 11,505 267,647 2023A Notes 75,000 75,000 — 74,144 Athena CLO II 288,000 288,000 — 285,596 Total Debt $ 2,913,000 $ 2,051,355 $ 632,976 $ 2,025,308 (1) The amount available reflects any limitations related to each credit facility’s borrowing base. (2) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2023A Notes, and Athena CLO II are presented net of unamortized debt issuance costs of $2.5 million, $9.3 million , $8.6 million, $2.4 million, $0.9 million, and $2.4 million respectively. December 31, 2022 ($ in thousands) Aggregate Principal Committed Outstanding Principal Amount Available Net Carrying Value Subscription Credit Facility $ 800,000 $ 770,015 $ 29,985 $ 767,139 Revolving Credit Facility 625,000 126,377 498,623 120,667 SPV Asset Facility I 600,000 300,000 54,288 293,878 SPV Asset Facility II 300,000 50,000 5,637 47,119 Total Debt $ 2,325,000 $ 1,246,392 $ 588,533 $ 1,228,803 (1) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, and SPV Asset Facility II are presented net of unamortized debt issuance costs of $2.9 million , $5.7 million , $6.1 million , and $2.9 million respectively. The table below presents the components of interest expense for the following periods: For the Year Ended December 31, ($ in thousands) 2023 2022 Interest expense $ 124,249 $ 26,622 Amortization of debt issuance costs 5,523 2,826 Total Interest Expense $ 129,772 $ 29,448 Average interest rate 7.7 % 5.4 % Average daily borrowings $ 1,621,236 $ 485,816 Credit Facilities Subscription Credit Facility On February 18, 2022 the Company entered into a revolving credit facility (the “Subscription Credit Facility”) with Wells Fargo Bank, National Association as administrative agent and as the lender. The maximum principal amount of the Subscription Credit Facility is $800.0 million (increased from $700.0 million to $800.0 million on December 16, 2022), subject to availability under the borrowing base, which is based on unused capital commitments. The Subscription Credit Facility includes a provision permitting the Company to increase the size of the Subscription Credit Facility under certain circumstances up to a maximum principal amount not to exceed $1.50 billion, if the existing or new lenders agree to commit to such increase. On January 4, 2023, the Company entered into an amendment to the Subscription Credit Facility, which (i) decreased the aggregate principal amount of outstanding swingline loans under the Subscription Credit Facility from $100.0 million to $50.0 million and (ii) decreased the letter of credit sublimit under the Subscription Credit Facility from 20% to 0% of the maximum commitment. Borrowings under the Subscription Credit Facility bear interest, at the Company’s election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at the Company’s option (a) an adjusted Daily Simple SOFR rate plus 1.75%, (b) an adjusted Term SOFR rate for the applicable interest period plus 1.75% and (c) in the case of reference rate loans, 0.75% plus the greatest of (1) a prime rate, (2) the federal funds rate plus 0.50% and (3) the adjusted Daily Simple SOFR rate plus 1.00%, (ii) in the case of loans denominated in euros or other alternative currencies (other than sterling), the adjusted Eurocurrency Rate for the applicable interest period plus 1.75% or (iii) in the case of loans denominated in sterling, the adjusted SONIA Rate for the applicable interest period plus 1.75%. SOFR Rate loans are subject to a credit spread adjustment ranging from 0.10% to 0.25% and SONIA rate loans are subject to a credit spread adjustment of 0.0326%. Loans denominated in dollars may be converted from one rate applicable to dollar denominated loans to another at any time at the Company’s election, subject to certain conditions. The Company also will pay an unused commitment fee of 0.25% per annum on the unused commitments. The Subscription Credit Facility will mature upon the earliest of: (i) the date two (2) years from the Closing Date (the “Stated Maturity Date”); (ii) the date upon which the Administrative Agent declares the obligations under the Subscription Credit Facility due and payable after the occurrence of an event of default; (iii) forty-five (45) days prior to the scheduled termination of the commitment period under the Company’s subscription agreements; (iv) forty-five (45) days prior to the date of any listing of the Company’s common stock on a national securities exchange; (v) the termination of the commitment period under the Company’s subscription agreements (if earlier than the scheduled date); and (vi) the date the Company terminates the commitments pursuant to the Subscription Credit Facility. At the Company’s option, the Stated Maturity Date may be extended by up to 364 days, subject to satisfaction of customary conditions. On November 3, 2023, the Company exercised this option and extended the Stated Maturity Date to February 14, 2025. Revolving Credit Facility On June 9, 2022, the Company entered into a Senior Secured Credit Agreement (the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto and Truist Bank, as Administrative Agent. On October 13, 2023 (the “First Amendment Date”), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date, convert a portion of the existing revolver availability into term loan availability and reduce the credit adjustment spread to 0.10% for all Loan tenors. The following describes the terms of the Revolving Credit Facility amended through October 13, 2023. The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Company in existence as of the Revolving Credit Facility First Amendment Date, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the Revolving Credit Facility First Amendment Date, the Revolving Credit Facility provides for (a) a term loan in an initial amount of $50.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in an initial amount of up to $775.0 million (the aggregate commitments under the Revolving Credit Facility increased from $625.0 million to $825.0 million on the Revolving Credit Facility First Amendment Date). The amount available for borrowing under the Revolving Credit Facility is reduced by any outstanding letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.25 billion through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions. As of the Revolving Credit Facility First Amendment Date, the availability period with respect to the revolving credit facility under the Facility will terminate on October 13, 2027 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on October 13, 2028 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. The Company will also pay a fee of 0.375% on daily undrawn amounts under the Revolving Credit Facility. The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by the Company of additional indebtedness and on the Company’s ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of the Company and its subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00, measured at the last day of any fiscal quarter. Promissory Note On January 25, 2022, the Company as borrower, entered into a Loan Agreement (the “FIC Agreement”) with Owl Rock Feeder FIC LLC (“Feeder FIC”), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the “Promissory Notes”) to borrow up to an aggregate of $250.0 million from Feeder FIC. Under the FIC Agreement, the Company could re-borrow any amount repaid; however, there was no funding commitment between Feeder FIC and the Company. On March 14, 2022, the Company entered into an amendment to the FIC Agreement to change the manner in which interest is calculated. The interest rate on amounts borrowed pursuant to the Promissory Notes, prior to March 14, 2022, was based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the credit agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent. The interest rate on amounts borrowed pursuant to the Promissory Notes after March 14, 2022 was based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from time to time, by and among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and Blue Owl Capital Carry LP as Parent Guarantors, the Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent. The unpaid principal balance of any Promissory Note and accrued interest thereon was payable by us from time to time at our discretion but immediately due and payable upon 120 days written notice by Feeder FIC, and in any event due and payable in full no later than February 28, 2023. The Company intends to use the borrowed funds to make investments in portfolio companies consistent with its invest ment strategies. On June 22, 2022, the Company an d Feeder FIC entered into a termination agreement (the “Termination Agreement”) pursuant to which the FIC Agreement was terminated. Upon execution of the Termination Agreement there were no amounts outstanding pursuant to the FIC Agreement or the Promissory Notes. SPV Asset Facilities SPV Asset Facility I On July 15, 2022 (the “SPV Asset Facility I Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and a newly formed subsidiary of the Company entered into a Credit Agreement (the “SPV Asset Facility I”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility I Lenders”). The parties to the SPV Asset Facility I have entered into various amendments, including those relating to the calculation of principal collateralization amounts. The following describes the terms of SPV Asset Facility I as amended through September 26, 2023. From time to time, the Company expects to sell and contribute certain investments to Athena Funding I pursuant to a Sale and Contribution Agreement by and between the Company and Athena Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Athena Funding I, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Athena Funding I through its ownership of Athena Funding I. The maximum principal amount which may be borrowed under the Credit Facility is $625.0 million (increased from $600.0 million to $700.0 million on February 22, 2023, increased from $700.0 million to $800.0 million on August 15, 2023, increased from $800.0 million to $825.0 million on September 26, 2023 and decreased from $825.0 million to $625.0 million on December 13, 2023) which, subject to the satisfaction of certain conditions, may be increased to up to $1.00 billion . The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits. The SPV Asset Facility I provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility I for a period of up to two years after the SPV Asset Facility I Closing Date. Unless otherwise terminated, the SPV Asset Facility I will mature on July 15, 2032 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time. Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.75%, and term loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the of the term commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first twelve months and 0.35% thereafter. The undrawn amount of the revolving commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first six months, 0.50% for months seven through twelve, and 0.50% thereafter if the drawn amount is greater than or equal to 75% of the revolving commitment, otherwise 0.75%. Certain additional fees are payable to Société Générale as administrative agent. The SPV Asset Facility I contains customary covenants, including certain maintenance covenants, and events of default. Athena Funding I is required to obtain a minimum post-closing rating of the SPV Asset Facility I within six months of the SPV Asset Facility I Closing Date, subject to certain terms and conditions. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Athena Funding I and on any payments received by Athena Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay the debts of the Company. Borrowings of Athena Funding I are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. SPV Asset Facility II On November 8, 2022 (the “SPV Asset Facility II Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company and a newly formed subsidiary of the Company entered into a Loan and Management Agreement (the “SPV Asset Facility II”), with Athena Funding II LLC, as borrower, the Company, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent and collateral administrator, Alter Domus (US) LLC as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility II Lender”) and the group agents from time to time parties thereto. From time to time, the Company expects to sell and contribute certain investments to Athena Funding II pursuant to a Purchase and Sale Agreement by and between the Company and Athena Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Athena Funding II, including the purchase of such assets from the Company. The Company retains a residual interest in assets contributed to or acquired by Athena Funding II through its ownership of Athena Funding II. The maximum principal amount of the SPV Asset Facility II is $300.0 million ; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests. The SPV Asset Facility II provides for the ability to draw and redraw revolving loans under the SPV Asset Facility II for a period of up to two years after the SPV Asset Facility II Closing Date (the “SPV Asset Facility II Reinvestment Period”) unless the SPV Asset Facility II Reinvestment Period is terminated sooner as provided in the Secured Credit Facility. Unless otherwise terminated, the SPV Asset Facility II will mature three years after the last day of the SPV Asset Facility II Reinvestment Period (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to the Company, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to the Company. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II. Amounts drawn bear interest at a cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) plus an applicable margin of 2.85% during the SPV Asset Facility II Reinvestment Period and 3.25% after the end of the SPV Asset Facility II Reinvestment Period. During the SPV Asset Facility II Reinvestment Period, there is an unused fee of 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. The SPV Asset Facility II contains customary covenants, including certain maintenance covenants and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Athena Funding II and on any payments received by Athena Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lender will not be available to pay the debts of the Company. Borrowings of Athena Funding II are considered the Company’s borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. CLO Athena CLO II On December 13, 2023 (the “Athena CLO II Closing Date”), the Company completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by the Company. The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by the Company’s consolidated subsidiary Athena CLO II, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO II Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Athena CLO II Issuer. The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.85%. The Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on January 20, 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser. Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of U.S.$1,000 per share (the “Athena CLO II Preferred Shares”). The Athena CLO II Preferred Shares were issued by the Athena CLO II Issuer as part of its issued share capital and are not secured by the collateral securing the Athena CLO II Debt. The Company purchased all of the Athena CLO II Preferred Shares. The Company acts as retention holder in connection with the Athena CLO II Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such is required to retain a portion of the Athena CLO II Preferred Shares. As part of the Athena CLO II Transaction, the Company entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date (the “Athena CLO II OTF II Loan Sale Agreement”), which provided for the contribution of approximately $83.9 million funded par amount of middle market loans from the Company to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from the Company to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of the Company, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC (the “Athena CLO II Athena Funding I Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. The Company and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement. Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes may be used by the Athena CLO II Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with the Company’s investing strategy and ability to originate eligible middle market loans. The Athena CLO II Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes customary covenants and events of default. The Athena CLO II Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser will serve as collateral manager for the Athena CLO II Issuer under a collateral management agreement dated as of the Athena CLO II Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated November 30, 2021, between the Adviser and the Company will be offset by the amount of the collateral management fee attributable to the Athena CLO II Issuer’s equity or notes owned by the Company. Unsecured Notes 2023A Notes On September 27, 2023, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of Series 2023A Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “Series 2023A Notes”), to qualified institutional investors in a private placement. The Series 2023A Notes are guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, subsidiaries of the Company. Interest on the Series 2023A Notes will be due semiannually on March 27 and September 27 each year, beginning on March 27, 2024. The Series 2023A Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, the Company is obligated to offer to prepay the Series 2023A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2023A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, a minimum net worth of $1,012,092,000, and a minimum asset coverage ratio of 1.50 to 1.00. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the Series 2023A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2023A Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of the Company, certain judgments and orders and certain events of bankruptcy. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Portfolio Company Commitments From time to time, the Company may enter into commitments to fund investments. The table below presents the outstanding commitments to fund investments in current portfolio companies as of the following periods: Portfolio Company Investment December 31, 2023 December 31, 2022 ($ in thousands) AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest $ 1,699 $ 10,000 AAM Series 2.1 Aviation Feeder, LLC LLC Interest 246 9,652 Activate Holdings (US) Corp. (dba Absolute Software) First lien senior secured revolving loan 2,408 — AmeriLife Holdings LLC First lien senior secured delayed draw term loan 762 1,515 AmeriLife Holdings LLC First lien senior secured delayed draw term loan 3,820 — AmeriLife Holdings LLC First lien senior secured revolving loan 2,273 2,273 Anaplan, Inc. First lien senior secured revolving loan 9,421 9,421 Appfire Technologies, LLC First lien senior secured revolving loan 630 770 Appfire Technologies, LLC First lien senior secured delayed draw term loan 5,293 8,183 Armstrong Bidco Limited (dba The Access Group) First lien senior secured GBP delayed draw term loan — 747 Athenahealth Group Inc. First lien senior secured delayed draw term loan — 436 Aurelia Netherlands Midco 2 B.V. First lien senior secured EUR term loan 21,969 — Portfolio Company Investment December 31, 2023 December 31, 2022 Aurelia Netherlands Midco 2 B.V. First lien senior secured NOK term loan 22,990 — Aurelia Netherlands Midco 2 B.V. First lien senior secured EUR revolving loan 2,441 — Avalara, Inc. First lien senior secured revolving loan 10,455 10,455 Bamboo US BidCo LLC First lien senior secured delayed draw term loan 2,866 — Bamboo US BidCo LLC First lien senior secured revolving loan 4,103 — BTRS Holdings Inc. (dba Billtrust) First lien senior secured delayed draw term loan 2,715 5,322 BTRS Holdings Inc. (dba Billtrust) First lien senior secured revolving loan 5,037 6,716 Certinia, Inc. First lien senior secured revolving loan 5,882 — Circana Group, L.P. (fka The NPD Group, L.P.) First lien senior secured revolving loan 7,429 7,973 Community Brands ParentCo, LLC First lien senior secured delayed draw term loan 1,500 1,500 Community Brands ParentCo, LLC First lien senior secured revolving loan 750 750 CoreTrust Purchasing Group LLC First lien senior secured delayed draw term loan 3,789 3,789 CoreTrust Purchasing Group LLC First lien senior secured revolving loan 3,789 3,789 Coupa Holdings, LLC First lien senior secured delayed draw term loan 7,572 — Coupa Holdings, LLC First lien senior secured revolving loan 5,798 — Crewline Buyer, Inc. (dba New Relic) First lien senior secured revolving loan 11,959 — Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) First lien senior secured revolving loan 3,732 — EET Buyer, Inc. (dba e-Emphasys) First lien senior secured revolving loan 642 — Entrata, Inc. First lien senior secured revolving loan 5,128 — Finastra USA, Inc. First lien senior secured revolving loan 6,284 — Fullsteam Operations, LLC First lien senior secured delayed draw term loan — 19,934 Fullsteam Operations, LLC First lien senior secured delayed draw term loan 2,324 — Fullsteam Operations, LLC First lien senior secured delayed draw term loan 1,481 — Fullsteam Operations, LLC First lien senior secured revolving loan 593 — Grayshift, LLC First lien senior secured revolving loan 5,806 5,806 Hyland Software, Inc. First lien senior secured revolving loan 3,101 — Iconic IMO Merger Sub, Inc. First lien senior secured delayed draw term loan 3,127 4,963 Iconic IMO Merger Sub, Inc. First lien senior secured revolving loan 2,382 2,010 Indikami Bidco, LLC (dba IntegriChain) First lien senior secured delayed draw term loan 9,866 — Indikami Bidco, LLC (dba IntegriChain) First lien senior secured revolving loan 7,047 — Integrated Specialty Coverages, LLC First lien senior secured delayed draw term loan 1,293 — Integrated Specialty Coverages, LLC First lien senior secured revolving loan 603 — Integrity Marketing Acquisition, LLC First lien senior secured delayed draw term loan 10,604 — Integrity Marketing Acquisition, LLC First lien senior secured revolving loan 2,636 — Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 1,309 652 Juniper Square, Inc. First lien senior secured revolving loan 2,250 2,250 Kaseya Inc. First lien senior secured delayed draw term loan 4,437 4,725 Kaseya Inc. First lien senior secured revolving loan 3,544 4,725 KWOL Acquisition Inc. (dba Worldwide Clinical Trials) First lien senior secured revolving loan 2,056 — ManTech International Corporation First lien senior secured delayed draw term loan 10,304 16,000 ManTech International Corporation First lien senior secured revolving loan 8,600 8,600 Natural Partners, LLC First lien senior secured revolving loan 681 681 Neptune Holdings, Inc. (dba NexTech) First lien senior secured revolving loan 882 — OneOncology LLC First lien senior secured delayed draw term loan 2,976 — OneOncology LLC First lien senior secured revolving loan 1,587 — Oranje Holdco, Inc. (dba KnowBe4) First lien senior secured revolving loan 13,352 — Pacific BidCo Inc. First lien senior secured delayed draw term loan 954 954 PetVet Care Centers, LLC First lien senior secured delayed draw term loan 5,120 — PetVet Care Centers, LLC First lien senior secured revolving loan 5,373 — Portfolio Company Investment December 31, 2023 December 31, 2022 Ping Identity Holding Corp. First lien senior secured revolving loan 9,091 9,091 Rubrik, Inc. First lien senior secured delayed draw term loan 5,876 1,857 SailPoint Technologies Holdings, Inc. First lien senior secured revolving loan 13,075 13,075 Securonix, Inc. First lien senior secured revolving loan 3,559 3,559 Sensor Technology Topco, Inc. (dba Humanetics) First lien senior secured revolving loan 2,445 — SimpliSafe Holding Corporation First lien senior secured delayed draw term loan 1,886 2,572 Smarsh Inc. First lien senior secured delayed draw term loan 3,238 3,238 Smarsh Inc. First lien senior secured revolving loan 259 1,619 Talon MidCo 2 Limited (dba Tufin) First lien senior secured revolving loan 1,369 1,369 Talon MidCo 2 Limited (dba Tufin) First lien senior secured delayed draw term loan 135 118 Talon MidCo 2 Limited (dba Tufin) First lien senior secured delayed draw term loan 10 — TC Holdings, LLC (dba TrialCard) First lien senior secured revolving loan 1,071 1,071 XRL 1 LLC (dba XOMA) First lien senior secured delayed draw term loan 1,000 — Zendesk, Inc. First lien senior secured delayed draw term loan 22,915 22,915 Zendesk, Inc. First lien senior secured revolving loan 9,435 9,435 Total Unfunded Portfolio Company Commitments $ 353,034 $ 224,510 The Company maintains sufficient borrowing capacity along with undrawn Capital Commitments to cover outstanding unfunded portfolio company commitments that the Company may be required to fund. Investor Commitments As of December 31, 2023, the Company had approximately $4.1 billion in total Capital Commitments from investors (approximately $2.4 billion undrawn), of which $54.0 million is from entities affiliated with or related to the Adviser (approximately $13.8 million undrawn). As of December 31, 2022, the Company had approximately $3.5 billion in total Capital Commitments from investors (approximately $2.3 billion undrawn), of which $50.5 million is from entities affiliated with or related to the Adviser (approximately $16.9 million undrawn). These undrawn Capital Commitments will no longer remain in effect following the completion of an initial public offering of the Company’s common stock. Other Commitments and Contingencies |
Net Assets
Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Net Assets | Net Assets Subscriptions and Drawdowns In connection with its formation, the Company has the authority to issue 500,000,000 common shares at $0.01 per share par value. On November 30, 2021, the Company issued 100 common shares for $1,500 to Blue Owl Technology Credit Advisors II LLC. Subsequent to November 30, 2021, the Company has entered into Subscription Agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective Capital Commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. The Company delivered the capital call notices to investors during the following periods: For the Year Ended December 31, 2023 Capital Drawdown Notice Date Common Share Issuance Date Number of Common Aggregate Offering Price April 25, 2023 May 8, 2023 20,039,586 $ 299,992 September 13, 2023 September 26, 2023 13,123,039 199,995 Total 33,162,625 $ 499,987 For the Year Ended December 31, 2022 Capital Drawdown Notice Date Common Share Issuance Date Number of Common Aggregate Offering Price January 28, 2022 February 11, 2022 8,710,668 $ 125,000 March 16, 2022 March 29, 2022 10,408,213 150,000 June 14, 2022 June 28, 2022 21,201,413 300,000 September 12, 2022 September 23, 2022 27,642,541 399,987 December 7, 2022 December 20, 2022 13,660,179 199,984 Total 81,623,015 $ 1,174,971 Distributions The table below reflects the distributions declared on shares of our common stock during the following periods: For the Year Ended December 31, 2023 Date Declared Record Date Payment Date Distribution per Share February 21, 2023 March 31, 2023 May 15, 2023 $ 0.27 May 9, 2023 June 30, 2023 August 15, 2023 $ 0.24 August 8, 2023 September 29, 2023 November 15, 2023 $ 0.29 November 7, 2023 December 29, 2023 January 31, 2024 $ 0.30 For the Year Ended December 31, 2022 Date Declared Record Date Payment Date Distribution per Share August 2, 2022 September 30, 2022 November 15, 2022 $ 0.05 November 1, 2022 December 30, 2022 January 31, 2023 $ 0.16 Dividend Reinvestment With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions. The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following period: For the Year Ended December 31, 2023 Date Declared Record Date Payment Date Shares November 1, 2022 December 30, 2022 January 31, 2023 121,031 February 21, 2023 March 31, 2023 May 15, 2023 199,060 May 9, 2023 June 30, 2023 August 15, 2023 216,221 August 8, 2023 September 29, 2023 November 15, 2023 269,406 For the Year Ended December 31, 2022 Date Declared Record Date Payment Date Shares August 2, 2022 September 30, 2022 November 15, 2022 33,272 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The table below sets forth the computation of basic and diluted earnings (loss) per common share for the following periods: For the Year Ended December 31, ($ in thousands, except per share amounts) 2023 2022 2021 (1) Increase (decrease) in net assets resulting from operations $ 199,329 $ 22,273 $ (983) Weighted average shares of common stock outstanding—basic and diluted 101,564,882 37,548,440 187,600 Earnings (loss) per common share-basic and diluted $ 1.96 $ 0.59 $ (5.24) (1) The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate. The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally the sum of at least 90% of the Company’s investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income. For the years ended December 31, 2023 and 2022, the Company recorded U.S. federal excise tax expense of $513 thousand and $61 thousand, respectively. The following reconciles the increase (decrease) in net assets resulting from operations for the years ended December 31, 2023, 2022, and 2021: For the Year Ended December 31, ($ in thousands) 2023 (1) 2022 2021 (2) Increase (decrease) in net assets resulting from operations $ 199,329 $ 22,273 $ (983) Adjustments: Net unrealized (gain) loss (32,945) 13,577 — Deferred organization costs (23) 322 344 Federal and state income tax 513 61 — Other book-tax differences (34,921) (17,241) 41 Net operating losses — — 598 Taxable Income $ 131,953 $ 18,992 $ — (1) Tax information for the fiscal year ended December 31, 2023 is estimated and is not considered final until the Company files its tax return. (2) The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. For the year ended December 31, 2023 Total distributions declared during the year ended December 31, 2023 of $118.2 million were derived from ordinary income, as determined on a tax basis. For the calendar year ended December 31, 2023, the Company had $14.9 million of undistributed ordinary income, $0.5 million of undistributed long term capital gains, as well as $73.5 million net unrealized gains on investments and assets and liabilities in foreign currencies, and $(2.2) million of other temporary differences. For the year ended December 31, 2023, 88.4% of distributed ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders. For the period ended December 31, 2023, the Company increased the total distributable earnings (losses) and decreased additional paid in capital. These permanent differences of $612 thousand were principally related to $104 thousand in nondeductible offering costs and $513 thousand attributable to U.S. federal excise taxes. For the year ended December 31, 2022 Total distributions declared during the year ended December 31, 2022 of $17.2 million were derived from ordinary income, as determined on a tax basis. For the calendar year ended December 31, 2022, the Company had $1.8 million of undistributed ordinary income, no undistributed capital gains, as well as $3.6 million net unrealized gains on investments and assets and liabilities in foreign currencies, and $(321) thousand of other temporary differences. For the year ended December 31, 2022, 86.5% of distributed ordinary income qualified as interest related dividend which is exempt from U.S. withholding tax applicable to non-U.S. shareholders. For the period ended December 31, 2022, the Company increased the total distributable earnings (losses) and decreased additional paid in capital. These permanent differences of $383 thousand were principally related to nondeductible offering costs and federal excise taxes. For the year ended December 31, 2021 For the period ended December 31, 2021, the Company had $(344) thousand of other temporary differences. For the period ended December 31, 2021, the Company increased the total distributable earnings (losses) and decreased additional paid in capital. These permanent differences of $639 thousand were principally related to nondeductible net operating losses. Taxable Subsidiaries Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the year ended December 31, 2023 we recorded U.S federal and state income tax expense/(benefit) of $(7) thousand for taxable subsidiaries. For the years ended December 31, 2022, the Company did not record a U.S federal and state income tax expense/(benefit) . |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The table below presents the financial highlights for a common share outstanding during the following periods: For the Year Ended December 31, ($ in thousands, except share and per share amounts) 2023 2022 (1) 2021 (1) Per share data: Net asset value, beginning of period $ 14.47 $ 14.67 $ — Net investment income (loss) (2) 1.64 0.95 (0.33) Net realized and unrealized gain (loss) (2) 0.32 (0.36) — Total from operations 1.96 0.59 (0.33) Issuance of common stock (3) (0.01) (0.58) 15.00 Distributions declared from net investment income (1.10) (0.21) — Total increase (decrease) in net assets 0.85 (0.20) 14.67 Net asset value, end of period $ 15.32 $ 14.47 $ 14.67 Shares outstanding, end of period 118,624,729 84,656,386 3,000,100 Total Return (4) 13.5 % 0.0 % (2.2) % Ratios / Supplemental Data Ratio of total expenses to average net assets 13.7 % 9.6 % 4.5 % Ratio of net investment income to average net assets 11.0 % 5.5 % (4.5) % Net assets, end of period $ 1,817,579 $ 1,224,578 $ 44,018 Weighted-average shares outstanding 101,564,882 37,548,440 187,600 Total capital commitments, end of period $ 4,146,837 $ 3,494,589 $ 802,705 Ratio of total contributed capital to total committed capital, end of period 41.5 % 34.9 % 5.6 % Portfolio turnover rate 4.3 % 5.9 % — % Year of formation 2021 2021 2021 (1) The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. (2) The per share data was derived using the weighted average shares outstanding during the period. (3) The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the issuance of common stock because of the timing of sales of the Company’s shares. (4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Total return is not annualized. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events to disclose except for the following: Dividend On February 21, 2024, the Board declared a distribution of 90% of estimated first quarter investment company taxable income, if any, for shareholders of record on March 29, 2024, payable on or before May 15, 2024. Resignation of Director On March 1, 2024, Alan Kirshenbaum submitted his resignation as a director of the Company. On March 4, 2024, the Board approved the acceptance of Mr. Kirshenbaum’s resignation and voted to reduce its size from seven to six directors. Investor Capital Call On February 29, 2024, the Company delivered a capital call drawdown notice to investors relating to the sale of approximately 15,994,882 shares of its common stock, par value $0.01 per share, for an aggregate offering price of $250 million. The sale is expected to close on or around March 13, 2024. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Pay vs Performance Disclosure | |||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 199,329 | $ 22,273 | [1] | $ (983) | [2] |
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001889668 | |||
Amendment Flag | false | |||
Securities Act File Number | 000-56371 | |||
Document Type | 10-K | |||
Entity Registrant Name | BLUE OWL TECHNOLOGY FINANCE CORP. II | |||
Entity Address, Address Line One | 399 Park Avenue | |||
Entity Address, City or Town | New York | |||
Entity Address, State or Province | NY | |||
Entity Address, Postal Zip Code | 10022 | |||
City Area Code | 212 | |||
Local Phone Number | 419-3000 | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Emerging Growth Company | true | |||
Entity Ex Transition Period | false | |||
Financial Highlights [Abstract] | ||||
Senior Securities [Table Text Block] | The table below presents information about our senior securities as of the following periods: Class and Period Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) Subscription Credit Facility December 31, 2023 $ 800.0 $ 1,881.3 — N/A December 31, 2022 $ 770.0 $ 1,957.8 — N/A Revolving Credit Facility December 31, 2023 $ 288.4 $ 1,881.3 — N/A December 31, 2022 $ 126.4 $ 1,957.8 — N/A SPV Asset Facility I December 31, 2023 $ 330.0 $ 1,881.3 — N/A December 31, 2022 $ 300.0 $ 1,957.8 — N/A SPV Asset Facility II December 31, 2023 $ 270.0 $ 1,881.3 — N/A December 31, 2022 $ 50.0 $ 1,957.8 — N/A 2023A Notes December 31, 2023 $ 75.0 $ 1,881.3 — N/A Athena CLO II December 31, 2023 $ 288.0 $ 1,881.3 — N/A Promissory Note (5) December 31, 2022 $ — $ 1,957.8 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable because the senior securities are not registered for public trading. (5) Facility was terminated in 2022. | |||
Senior Securities, Note [Text Block] | The table below presents information about our senior securities as of the following periods: Class and Period Total Amount Outstanding Exclusive of Treasury Securities (1) ($ in millions) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) Subscription Credit Facility December 31, 2023 $ 800.0 $ 1,881.3 — N/A December 31, 2022 $ 770.0 $ 1,957.8 — N/A Revolving Credit Facility December 31, 2023 $ 288.4 $ 1,881.3 — N/A December 31, 2022 $ 126.4 $ 1,957.8 — N/A SPV Asset Facility I December 31, 2023 $ 330.0 $ 1,881.3 — N/A December 31, 2022 $ 300.0 $ 1,957.8 — N/A SPV Asset Facility II December 31, 2023 $ 270.0 $ 1,881.3 — N/A December 31, 2022 $ 50.0 $ 1,957.8 — N/A 2023A Notes December 31, 2023 $ 75.0 $ 1,881.3 — N/A Athena CLO II December 31, 2023 $ 288.0 $ 1,881.3 — N/A Promissory Note (5) December 31, 2022 $ — $ 1,957.8 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable because the senior securities are not registered for public trading. (5) Facility was terminated in 2022. | |||
Senior Securities Averaging Method, Note [Text Block] | Not applicable because the senior securities are not registered for public trading. | |||
Senior Securities Headings, Note [Text Block] | Total amount of each class of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis. (3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities. | |||
General Description of Registrant [Abstract] | ||||
Investment Objectives and Practices [Text Block] | Our Investment Framework We are a Maryland corporation organized primarily to originate and make debt and equity investments in technology-related companies based primarily in the United States. We originate and invest in senior secured or unsecured loans, subordinated loans or mezzanine loans, broadly syndicated loans, and equity-related securities including common equity, warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. Our investment objective is to maximize total return by generating current income from debt investments and other income producing securities, and capital appreciation from our equity and equity-linked investments. We may hold our investments directly or through special purpose vehicles. We generally intend to invest in companies with a low loan-to-value ratio, which we consider to be 50% or below. Since our Adviser’s affiliates began investment activities in April 2016 through December 31, 2023, the Blue Owl Credit Advisers have originated $90.6 billion aggregate principal amount of investments across multiple industries, of which $86.9 billion of aggregate principal amount of investments prior to any subsequent exits or repayments, was retained by either us or a corporation or fund advised by our Adviser or its affiliates. We invest in a broad range of established and high growth technology-related companies that are capitalizing on the large and growing demand for technology products and services. These companies use technology extensively to improve business processes, applications and opportunities or seek to grow through technological developments and innovations. These companies operate in technology-related industries or sectors which include, but are not limited to, application software, systems software, healthcare information technology, technology services and infrastructure, financial technology and internet and digital media. Within each industry or sector, we intend to invest in companies that are developing or offering goods and services to businesses and consumers which utilize scientific knowledge, including techniques, skills, methods, devices and processes, to solve problems. We refer to all of these companies as “technology-related” companies and intend, under normal circumstances, to invest at least 80% of the value of our total assets in such businesses and to target portfolio companies that comprise 1-2% of our portfolio. Generally, no individual portfolio company is expected to comprise greater than 5% of our portfolio; however, from time to time certain of our investments may comprise greater than 5% of our portfolio. We expect that generally our portfolio composition will be majority debt or income producing securities, which may include “covenant-lite” loans (as defined below), with a lesser allocation to equity or equity-linked opportunities, including publicly traded debt instruments. In addition, we may invest a portion of our portfolio in opportunistic investments and broadly syndicated loans, which will not be our primary focus, but will be intended to enhance returns to our shareholders and from time to time, we may evaluate and enter into strategic portfolio transactions which may result in additional portfolio companies which we are considered to control. These investments may include high-yield bonds and broadly syndicated loans, including publicly traded debt instruments, which are typically originated and structured by banks on behalf of large corporate borrowers with employee counts, revenues, EBITDAs and enterprise values larger than those of middle-market companies, and equity investments in portfolio companies that make senior secured loans or invest in broadly syndicated loans or structured products, such as life settlements and royalty interests. In addition, we generally do not intend to invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is in an emerging market. Our portfolio composition may fluctuate from time to time based on market conditions and interest rates. Covenants are contractual restrictions that lenders place on companies to limit the corporate actions a company may pursue. Generally, the loans in which we expect to invest will have financial maintenance covenants, which are used to proactively address materially adverse changes in a portfolio company’s financial performance. However, to a lesser extent, we may invest in “covenant-lite” loans. We use the term “covenant-lite” to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. We classify our debt investments as “traditional financing” or “growth capital” based on a number of factors. Traditional financings are typically senior secured loans primarily in the form of first lien loans (including ”unitranche” loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) and second lien loans. In connection with our senior secured loans, we generally receive a security interest in certain of the assets of the borrower and consequently such assets serve as collateral in support of the repayment of such senior secured loans. Growth capital investments are typically unsecured obligations of the borrower, and might be structured as unsecured indebtedness, convertible bonds, convertible equity, preferred equity, and common equity. We seek to limit the downside potential of our investments by negotiating covenants in connection with our investments consistent with preservation of our capital. Such restrictions may include affirmative covenants (including reporting requirements), negative covenants (including financial covenants), lien protection, change of control provisions and board rights, including either observation rights or rights to a seat on the board under some circumstances. Except for our specialty financing portfolio investments, our equity investments are typically not control-oriented investments and we may structure such equity investments to include provisions protecting our rights as a minority-interest holder. We target portfolio companies where we can structure larger transactions. As of December 31, 2023, our average investment size in each of our portfolio companies was approximately $42.3 million based on fair value. As of December 31, 2023, investments we classify as traditional financing, excluding certain investments that fall outside our typical borrower profile, represented 82.6% of our total portfolio based on fair value and these portfolio companies had weighted average annual revenue of $936 million, weighted average annual EBITDA of $214 million and a weighted average enterprise value of $5.0 billion. As of December 31, 2023, investments we classify as growth capital represented 13.2% of our total portfolio based on fair value and these portfolio companies had a weighted average enterprise value of $12.8 billion. The companies in which we invest use our capital primarily to support their growth, acquisitions, market or product expansion, refinancings and/or recapitalizations. The debt in which invest in typically is not be rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “high yield” or “junk”. | |||
Risk Factors [Table Text Block] | Risk Factors Investing in our securities involves a number of significant risks. You should consider carefully the following information before making an investment in our securities. The risks below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. The following is a summary of the principal risks that you should carefully consider before investing in our securities. We are subject to risks related to the economy. • Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. • Price declines in the corporate leveraged loan market may adversely affect the fair value of our portfolio, reducing our net asset value through increased net unrealized depreciation and the incurrence of realized losses. • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. We are subject to risks related to our business and operations. • We have a limited operating history. • The lack of liquidity in our investments may adversely affect our business. • We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us. • Defaults under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows. • If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected. • Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed. • Because our business model depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. • We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses. • Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments. • We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology related companies. • Defaults under the Subscription Credit Facility could require shareholders to fund their remaining Capital Commitments without regard to the underlying value of the investment. • Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it. • Internal and external cybersecurity threats and risks, as well as other disasters, may adversely affect our business or the business of our portfolio companies by impairing the ability to conduct business effectively. We are subject to risks related to our Adviser and its affiliates. • Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage. • The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target. • Our Adviser and its affiliates, may face conflicts of interest with respect to services performed for issuers in which we may invest. • Our Adviser or its affiliates may have incentives to favor their respective other accounts and clients and/or Blue Owl over us, which may result in conflicts of interest that could be harmful to us. • We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash. • Our ability to enter into transactions with our affiliates is restricted. • Our Adviser’s inability to attract, retain and develop human capital in a highly competitive talent market could have an adverse effect on our Adviser, and thus us. We are subject to risks related to business development companies. • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC. • Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage. We are subject to risks related to our investments. • Our investments in portfolio companies may be risky, and we could lose all or part of our investments. • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly. • Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results. • Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. • We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interest in our portfolio companies. • We are, and will continue to be, exposed to risks associated with changes in interest rates. • International investments create additional risks. • Our investment strategy focuses on technology companies, which are subject to many risks, including volatility, intense competition, shortened product life cycles, changes in regulatory and governmental programs and periodic downturns, and you could lose all or part of your investment. We are subject to risks related to an investment in our common stock. • The net asset value of our common stock may fluctuate significantly. • The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies). • Our shares are not listed on an exchange or quoted through a quotation system and may not be listed for the foreseeable future, if ever. Therefore, our shareholders will have limited liquidity. We are subject to risks related to U.S. federal income tax. • We will be subject to U.S. federal income tax at corporate-rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries. • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. We are subject to general risks. • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. • Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business. • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations. Risks Related to the Economy Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. The current worldwide financial markets situation, as well as various social, political, economic and other conditions and events (including political tensions in the United States and around the world, wars and other forms of conflict (including, for example, the ongoing war between Russia and Ukraine and conflict in the Middle East including the Israel-Hamas conflict), terrorist acts, security operations and catastrophic events, natural disasters such as fires, floods, earthquakes, tornadoes, hurricanes, global health epidemics and emergencies, elevated and rising interest rates, strikes, work stoppages, labor shortages, labor disputes, supply chain disruptions and accidents), may disrupt our operations, contribute to increased market volatility, have long term effects on the United States and worldwide financial markets, and cause economic uncertainties or deterioration in the United States and worldwide. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. Although we have no direct investment exposure to Russia or Ukraine and de minimis direct investment exposure to Israel, the broader consequence of the invasions and attacks may have a material adverse impact on our portfolio, our business and operations. Global health emergencies, natural disasters, strikes, work stoppages or accidents could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so. Losses from terrorist attacks, global health emergencies, natural disasters, strikes, work stoppages or accidents are generally uninsurable. Any public health emergency, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. The extent of the impact of any public health emergency, such as the COVID-19 pandemic, on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies. Additionally, some economists and major investment banks have expressed concern that a global health emergency could lead to a world-wide economic downturn, the impacts of which could last for some period after the emergency is controlled and/or abated. Our business and operations, as well as the business and operations of our portfolio companies, could be materially adversely affected by a prolonged recession in the United States and other major markets. These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information. Any public health emergency, pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. The current period of capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations. Current market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in rising rate environments. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations . Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. An inability to raise or access capital could have a material adverse effect on our business, financial condition or results of operations. Price declines in the corporate leveraged loan market may adversely affect the fair value of our portfolio, reducing our net asset value through increased net unrealized depreciation and the incurrence of realized losses. Conditions in the U.S. corporate debt market may experience disruption or deterioration, such as the disruptions resulting from the COVID-19 pandemic, current high inflation rates or any future disruptions, which may cause pricing levels to decline or be volatile. As a result, our net asset value could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale or other disposition of our investments, which could have a material adverse effect on our business, financial condition and results of operations. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty in connection with economic sanctions resulting from the ongoing war between Russia and Ukraine, uncertainty around the Israel-Hamas conflict, and uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future. In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans and the value of our equity investments. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions may require us to modify the payment terms of our investments, including changes in “payment in kind” or “PIK” interest provisions and/or cash interest rates, and also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results. The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition. Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. Inflation and supply chain risks have had and may continue to have an adverse impact on our financial condition and results of operations. Current inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations and it is expected that such increases and recent volatility may continue during 2024. Certain of our portfolio companies are in industries that have been, or are expected to be, impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. See “— We are, and will continue to be, exposed to risks associated with changes in interest rates .” While the United States and other developed economies are experiencing higher-than-normal inflation rates, it remains uncertain whether substantial inflation will be sustained over an extended period of time or have a significant effect on the U.S. economy or other economies. Inflation may affect our investments adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments we or our portfolio companies may have issued could increase, which would tend to reduce returns to our investors. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of portfolio companies as noted above. Portfolio companies may have fixed income streams and, therefore, be unable to pay their debts when they become due. The market value of such investments may decline in value in times of higher inflation rates. Some of our portfolio investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses. Governmental efforts to curb inflation often have negative effects on the level of economic activity. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. There can be no assurance that continued and more wide-spread inflation in the United States and/or other economies will not become a serious problem in the future and have a material adverse impact on us. Risks Related to Our Business We have a limited operating history. We were formed October 5, 2021 and are subject to the business risks and uncertainties associated with any business with a limited operating history, including the risk that we will not achieve or sustain our investment objective and that the value of your investment could decline substantially or your investment could become worthless. The lack of liquidity in our investments may adversely affect our business. We may acquire a significant percentage of our investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering. The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations. Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions. We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us. The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. We currently borrow under our credit facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Holders of these senior securities have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to service our debt or make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management or incentive fees payable to our Adviser attributable to the increase in assets purchased using leverage. There can be no assurance that a leveraging strategy will be successful. Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the management fee will be payable based on our average gross assets excluding cash and cash equivalents but including assets purchased with borrowed amounts, which may give our Adviser an incentive to use leverage to make additional investments. See “— Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage .” The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses. In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash. As a BDC, generally, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%; however, the Small Business Credit Availability Act has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. On November 2, 2021, our Adviser, as our sole initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective November 3, 2021, our asset coverage ratio applicable to senior securities was reduced from 200% to 150% and the risks associated with an investment in us may increase. If this ratio declines below 150%, we cannot incur additional debt and could be required to sell a portion of our investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on our operations, and we may not be able to service our debt or make distributions. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common shareholder (1) -30.2 % -19.5 % -8.7 % 2.1 % 12.8 % (1) Assumes, as of December 31, 2023, (i) $3.9 billion in total assets, (ii) $2.1 billion in outstanding indebtedness, (iii) $1.8 billion in net assets | |||
Effects of Leverage [Text Block] | We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us. The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. We currently borrow under our credit facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Holders of these senior securities have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to service our debt or make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management or incentive fees payable to our Adviser attributable to the increase in assets purchased using leverage. There can be no assurance that a leveraging strategy will be successful. Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the management fee will be payable based on our average gross assets excluding cash and cash equivalents but including assets purchased with borrowed amounts, which may give our Adviser an incentive to use leverage to make additional investments. See “— Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage .” The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses. In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash. As a BDC, generally, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%; however, the Small Business Credit Availability Act has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. On November 2, 2021, our Adviser, as our sole initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective November 3, 2021, our asset coverage ratio applicable to senior securities was reduced from 200% to 150% and the risks associated with an investment in us may increase. If this ratio declines below 150%, we cannot incur additional debt and could be required to sell a portion of our investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on our operations, and we may not be able to service our debt or make distributions. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common shareholder (1) -30.2 % -19.5 % -8.7 % 2.1 % 12.8 % (1) Assumes, as of December 31, 2023, (i) $3.9 billion in total assets, (ii) $2.1 billion in outstanding indebtedness, (iii) $1.8 billion in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs) of 7.7%. | |||
Effects of Leverage [Table Text Block] | Assumed Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common shareholder (1) -30.2 % -19.5 % -8.7 % 2.1 % 12.8 % (1) Assumes, as of December 31, 2023, (i) $3.9 billion in total assets, (ii) $2.1 billion in outstanding indebtedness, (iii) $1.8 billion in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs) of 7.7%. | |||
Return at Minus Ten [Percent] | (30.20%) | |||
Return at Minus Five [Percent] | (19.50%) | |||
Return at Zero [Percent] | (8.70%) | |||
Return at Plus Five [Percent] | 2.10% | |||
Return at Plus Ten [Percent] | 12.80% | |||
Effects of Leverage, Purpose [Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. | |||
NAV Per Share | $ 15.32 | $ 14.47 | $ 14.67 | $ 0 |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt [Table Text Block] | Subscription Credit Facility On February 18, 2022 we entered into a revolving credit facility (the “Subscription Credit Facility”) with Wells Fargo Bank, National Association as administrative agent and as the lender. The maximum principal amount of the Subscription Credit Facility is $800.0 million (increased from $700.0 million to $800.0 million on December 16, 2022), subject to availability under the borrowing base, which is based on unused capital commitments. The Subscription Credit Facility includes a provision permitting us to increase the size of the Subscription Credit Facility under certain circumstances up to a maximum principal amount not to exceed $1.50 billion, if the existing or new lenders agree to commit to such increase. On January 4, 2023, we entered into an amendment to the Subscription Credit Facility, which (i) decreased the aggregate principal amount of outstanding swingline loans under the Subscription Credit Facility from $100.0 million to $50.0 million and (ii) decreased the letter of credit sublimit under the Subscription Credit Facility from 20% to 0% of the maximum commitment. The Subscription Credit Facility will mature upon the earliest of: (i) the date two (2) years from the Closing Date (the “Stated Maturity Date”); (ii) the date upon which the Administrative Agent declares the obligations under the Subscription Credit Facility due and payable after the occurrence of an event of default; (iii) forty-five (45) days prior to the scheduled termination of the commitment period under our subscription agreements; (iv) forty-five (45) days prior to the date of any listing of our common stock on a national securities exchange; (v) the termination of the commitment period under our subscription agreements (if earlier than the scheduled date); and (vi) the date we terminate the commitments pursuant to the Subscription Credit Facility. At our option, the Stated Maturity Date may be extended by up to 364 days, subject to satisfaction of customary conditions. On November 3, 2023, we exercised this option and extended the Stated Maturity Date to February 14, 2025. Borrowings under the Subscription Credit Facility bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) an adjusted Daily Simple SOFR rate plus 1.75%, (b) an adjusted Term SOFR rate for the applicable interest period plus 1.75% and (c) in the case of reference rate loans, 0.75% plus the greatest of (1) a prime rate, (2) the federal funds rate plus 0.50% and (3) the adjusted Daily Simple SOFR rate plus 1.00%, (ii) in the case of loans denominated in euros or other alternative currencies (other than sterling), the adjusted Eurocurrency Rate for the applicable interest period plus 1.75% or (iii) in the case of loans denominated in sterling, the adjusted SONIA Rate for the applicable interest period plus 1.75%. SOFR Rate loans are subject to a credit spread adjustment ranging from 0.10% to 0.25% and SONIA rate loans are subject to a credit spread adjustment of 0.0326%. Loans denominated in dollars may be converted from one rate applicable to dollar denominated loans to another at any time at our election, subject to certain conditions. We also will pay an unused commitment fee of 0.25% per annum on the unused commitments. Revolving Credit Facility On June 9, 2022, the Company entered into a Senior Secured Credit Agreement (the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto and Truist Bank, as Administrative Agent. On October 13, 2023 (the “Revolving Credit Facility First Amendment Date”), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date, convert a portion of the existing revolver availability into term loan availability and reduce the credit adjustment spread to 0.10% for all Loan tenors. The following describes the terms of the Revolving Credit Facility amended through October 13, 2023. The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Company in existence as of the Revolving Credit Facility First Amendment Date, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the Revolving Credit Facility First Amendment Date, the Revolving Credit Facility provides for (a) a term loan in an initial amount of $50.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in an initial amount of up to $775.0 million (the aggregate commitments under the Revolving Credit Facility increased from $625.0 million to $825.0 million on the Revolving Credit Facility First Amendment Date). The amount available for borrowing under the Revolving Credit Facility is reduced by any outstanding letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.25 billion through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions. As of the Revolving Credit Facility First Amendment Date, the availability period with respect to the revolving credit facility under the Revolving Credit Facility will terminate on October 13, 2027 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on October 13, 2028 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. The Company will also pay a fee of 0.375% on daily undrawn amounts under the Revolving Credit Facility. The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of us and our subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00, measured at the last day of any fiscal quarter. Promissory Note On January 25, 2022, we as borrower, entered into a Loan Agreement (the “FIC Agreement”) with Owl Rock Feeder FIC LLC (“Feeder FIC”), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the “Promissory Notes”) to borrow up to an aggregate of $250.0 million from Feeder FIC. Under the FIC Agreement we could re-borrow any amount repaid; however, there was no funding commitment between Feeder FIC and us. On March 14, 2022, we entered into an amendment to the FIC Agreement to change the manner in which interest is calculated. The interest rate on amounts borrowed pursuant to the Promissory Notes, prior to March 14, 2022, was based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the credit agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent. The interest rate on amounts borrowed pursuant to the Promissory Notes after March 14, 2022 is based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from time to time, by and among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and Blue Owl Capital Carry LP as Parent Guarantors, the Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent. The unpaid principal balance of any Promissory Note and accrued interest thereon was payable by us from time to time at our discretion but immediately due and payable upon 120 days written notice by Feeder FIC, and in any event due and payable in full no later than February 28, 2023. We intend to use the borrowed funds to make investments in portfolio companies consistent with its investment strategies. On June 22, 2022, we an d Feeder FIC, entered into a termination agreement (the “Termination Agreement”) pursuant to which the FIC Agreement was terminated. Upon execution of the Termination Agreement there were no amounts outstanding pursuant to the FIC Agreement or the Promissory Notes. SPV Asset Facilities SPV Asset Facility I On July 15, 2022 (the “SPV Asset Facility I Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and our newly formed subsidiary entered into a Credit Agreement (the “SPV Asset Facility I”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility I Lenders”). The parties to the SPV Asset Facility I entered into various amendments, including those relating to the calculation of principal collateralization amounts. The following describes the terms of SPV Asset Facility I as amended through September 26, 2023. From time to time, we expect to sell and contribute certain investments to Athena Funding I pursuant to a Sale and Contribution Agreement by and between us and Athena Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Athena Funding I, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Athena Funding I through our ownership of Athena Funding I. The initial maximum principal amount which may be borrowed under the Credit Facility is $625.0 million (increased from $600.0 million to $700.0 million on February 22, 2023, increased from $700.0 million to $800.0 million on August 15, 2023, increased from $800.0 million to $825.0 million on September 23, 2023 and decreased from $825.0 million to $625.0 million on December 13, 2023) which, subject to the satisfaction of certain conditions, may be increased to up to $1.00 billion. The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits. The SPV Asset Facility I provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility I for a period of up to two years after the SPV Asset Facility I Closing Date. Unless otherwise terminated, the SPV Asset Facility I will mature on July 15, 2032 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time. Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.75%, and term loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the of the term commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first twelve months and 0.35% thereafter. The undrawn amount of the revolving commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first six months, 0.50% for months seven through twelve, and 0.50% thereafter if the drawn amount is greater than or equal to 75% of the revolving commitment, otherwise 0.75%. Certain additional fees are payable to Société Générale as administrative agent. The SPV Asset Facility I contains customary covenants, including certain maintenance covenants, and events of default. Athena Funding I is required to obtain a minimum post-closing rating of the SPV Asset Facility I within six months of the SPV Asset Facility I Closing Date, subject to certain terms and conditions. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Athena Funding I and on any payments received by Athena Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay our debts. Borrowings of Athena Funding I are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. SPV Asset Facility II On November 8, 2022 (the “SPV Asset Facility II Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a Loan and Management Agreement (the “SPV Asset Facility II”), with Athena Funding II LLC, as borrower, us, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent and collateral administrator, Alter Domus (US) LLC as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility II Lender”) and the group agents from time to time parties thereto. From time to time, we expect to sell and contribute certain investments to Athena Funding II pursuant to a Purchase and Sale Agreement by and between us and Athena Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Athena Funding II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Athena Funding II through our ownership of Athena Funding II. The maximum principal amount of the SPV Asset Facility II is $300.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests. The SPV Asset Facility II provides for the ability to draw and redraw revolving loans under the SPV Asset Facility II for a period of up to two years after the SPV Asset Facility II Closing Date (the “SPV Asset Facility II Reinvestment Period”) unless the SPV Asset Facility II Reinvestment Period is terminated sooner as provided in the Secured Credit Facility. Unless otherwise terminated, the SPV Asset Facility II will mature three years after the last day of the SPV Asset Facility II Reinvestment Period (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II. Amounts drawn bear interest at a cost of funds rate as determined by MUFG periodically (or Term SOFR under certain circumstances) plus an applicable margin of 2.85% during the SPV Asset Facility II Reinvestment Period and 3.25% after the end of the SPV Asset Facility II Reinvestment Period. During the SPV Asset Facility II Reinvestment Period, there is an unused fee of 0.50% on the undrawn amount, if any, of the revolving commitments in the SPV Asset Facility II. The SPV Asset Facility II contains customary covenants, including certain maintenance covenants and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Athena Funding II and on any payments received by Athena Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lender will not be available to pay our debts. Borrowings of Athena Funding II are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. CLO Athena CLO II On December 13, 2023 (the “Athena CLO II Closing Date”), we completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by our consolidated subsidiary Athena CLO II, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO II Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Athena CLO II Issuer. The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.85%. The Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on January 20, 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser. Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of U.S.$1,000 per share (the “Athena CLO II Preferred Shares”). The Athena CLO II Preferred Shares were issued by the Athena CLO II Issuer as part of its issued share capital and are not secured by the collateral securing the Athena CLO II Debt. We purchased all of the Athena CLO II Preferred Shares. We act as retention holder in connection with the Athena CLO II Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such are required to retain a portion of the Athena CLO II Preferred Shares. As part of the Athena CLO II Transaction, we entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date (the “Athena CLO II OTF II Loan Sale Agreement”), which provided for the contribution of approximately $83.9 million funded par amount of middle market loans from us to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from us to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC (the “Athena CLO II Athena Funding I Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. We and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement. Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes may be used by the Athena CLO II Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans. The Athena CLO II Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes customary covenants and events of default. The Athena CLO II Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser will serve as collateral manager for the Athena CLO II Issuer under a collateral management agreement dated as of the Athena CLO II Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated November 30, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the Athena CLO II Issuer’s equity or notes owned by us. Unsecured Notes 2023A Notes On September 27, 2023, we entered into a Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of Series 2023A Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “Series 2023A Notes”), to qualified institutional investors in a private placement. The Series 2023A Notes are guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, our subsidiaries. Interest on the Series 2023A Notes will be due semiannually on March 27 and September 27 each year, beginning on March 27, 2024. The Series 2023A Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the Series 2023A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2023A Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, a minimum net worth of $1,012,092,000, and a minimum asset coverage ratio of 1.50 to 1.00. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the Series 2023A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2023A Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of us, certain judgments and orders and certain events of bankruptcy. | |||
Long Term Debt, Title [Text Block] | Revolving Credit Facility | |||
Long Term Debt, Dividends and Covenants [Text Block] | The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, a minimum net worth of $1,012,092,000, and a minimum asset coverage ratio of 1.50 to 1.00. | |||
Economic Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to the economy. • Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. • Price declines in the corporate leveraged loan market may adversely affect the fair value of our portfolio, reducing our net asset value through increased net unrealized depreciation and the incurrence of realized losses. • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. | |||
Business And Operations Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to our business and operations. • We have a limited operating history. • The lack of liquidity in our investments may adversely affect our business. • We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us. • Defaults under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows. • If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected. • Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed. • Because our business model depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. • We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses. • Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments. • We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology related companies. • Defaults under the Subscription Credit Facility could require shareholders to fund their remaining Capital Commitments without regard to the underlying value of the investment. • Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it. • Internal and external cybersecurity threats and risks, as well as other disasters, may adversely affect our business or the business of our portfolio companies by impairing the ability to conduct business effectively. | |||
Adviser And Its Affiliates Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to our Adviser and its affiliates. • Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage. • The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target. • Our Adviser and its affiliates, may face conflicts of interest with respect to services performed for issuers in which we may invest. • Our Adviser or its affiliates may have incentives to favor their respective other accounts and clients and/or Blue Owl over us, which may result in conflicts of interest that could be harmful to us. • We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash. • Our ability to enter into transactions with our affiliates is restricted. • Our Adviser’s inability to attract, retain and develop human capital in a highly competitive talent market could have an adverse effect on our Adviser, and thus us. | |||
Business Development Companies Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to business development companies. • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC. • Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage. | |||
Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to our investments. • Our investments in portfolio companies may be risky, and we could lose all or part of our investments. • We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly. • Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results. • Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. • We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interest in our portfolio companies. • We are, and will continue to be, exposed to risks associated with changes in interest rates. • International investments create additional risks. | |||
Investment In Our Common Stock Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to an investment in our common stock. • The net asset value of our common stock may fluctuate significantly. • The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies). • Our shares are not listed on an exchange or quoted through a quotation system and may not be listed for the foreseeable future, if ever. Therefore, our shareholders will have limited liquidity. | |||
U.S. Federal Income Tax Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks related to U.S. federal income tax. • We will be subject to U.S. federal income tax at corporate-rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries. • We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. | |||
General Risks [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to general risks. • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. • Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business. • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations. | |||
Global, Economic and Political, Public Health Emergency, Capital Market Disruption Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Risks Related to the Economy Global economic, political and market conditions, including uncertainty about the financial stability of the United States, could have a significant adverse effect on our business, financial condition and results of operations. The current worldwide financial markets situation, as well as various social, political, economic and other conditions and events (including political tensions in the United States and around the world, wars and other forms of conflict (including, for example, the ongoing war between Russia and Ukraine and conflict in the Middle East including the Israel-Hamas conflict), terrorist acts, security operations and catastrophic events, natural disasters such as fires, floods, earthquakes, tornadoes, hurricanes, global health epidemics and emergencies, elevated and rising interest rates, strikes, work stoppages, labor shortages, labor disputes, supply chain disruptions and accidents), may disrupt our operations, contribute to increased market volatility, have long term effects on the United States and worldwide financial markets, and cause economic uncertainties or deterioration in the United States and worldwide. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. Any of the above factors, including sanctions, export controls, tariffs, trade wars and other governmental actions, could have a material adverse effect on our business, financial condition, cash flows and results of operations and could cause the market value of our common shares and/or debt securities to decline. Although we have no direct investment exposure to Russia or Ukraine and de minimis direct investment exposure to Israel, the broader consequence of the invasions and attacks may have a material adverse impact on our portfolio, our business and operations. Global health emergencies, natural disasters, strikes, work stoppages or accidents could further weaken the domestic/global economies and create additional uncertainties, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so. Losses from terrorist attacks, global health emergencies, natural disasters, strikes, work stoppages or accidents are generally uninsurable. Any public health emergency, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. The extent of the impact of any public health emergency, such as the COVID-19 pandemic, on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies. Additionally, some economists and major investment banks have expressed concern that a global health emergency could lead to a world-wide economic downturn, the impacts of which could last for some period after the emergency is controlled and/or abated. Our business and operations, as well as the business and operations of our portfolio companies, could be materially adversely affected by a prolonged recession in the United States and other major markets. These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information. Any public health emergency, pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. The current period of capital markets disruption and economic uncertainty could have a material adverse effect on our business, financial condition or results of operations. Current market conditions may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in rising rate environments. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations . Significant disruption or volatility in the capital markets may also have a negative effect on the valuations of our investments. While most of our investments are not publicly traded, applicable accounting standards require us to assume as part of our valuation process that our investments are sold in a principal market to market participants (even if we plan on holding an investment through its maturity). Significant disruption or volatility in the capital markets may also affect the pace of our investment activity and the potential for liquidity events involving our investments. Thus, the illiquidity of our investments may make it difficult for us to sell such investments to access capital if required, and as a result, we could realize significantly less than the value at which we have | |||
Price Decline, Economic Recession and Inflation Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Price declines in the corporate leveraged loan market may adversely affect the fair value of our portfolio, reducing our net asset value through increased net unrealized depreciation and the incurrence of realized losses. Conditions in the U.S. corporate debt market may experience disruption or deterioration, such as the disruptions resulting from the COVID-19 pandemic, current high inflation rates or any future disruptions, which may cause pricing levels to decline or be volatile. As a result, our net asset value could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale or other disposition of our investments, which could have a material adverse effect on our business, financial condition and results of operations. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty in connection with economic sanctions resulting from the ongoing war between Russia and Ukraine, uncertainty around the Israel-Hamas conflict, and uncertainty between the United States and other countries, including China, with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future. In an economic downturn, we may have non-performing assets or non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans and the value of our equity investments. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions may require us to modify the payment terms of our investments, including changes in “payment in kind” or “PIK” interest provisions and/or cash interest rates, and also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results. The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition. Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies. Inflation and supply chain risks have had and may continue to have an adverse impact on our financial condition and results of operations. Current inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations and it is expected that such increases and recent volatility may continue during 2024. Certain of our portfolio companies are in industries that have been, or are expected to be, impacted by inflation. If such portfolio companies are unable to pass any increases in their costs along to their customers, it could adversely affect their results and impact their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. Additionally, the Federal Reserve has raised, and has indicated its intent to continue raising, certain benchmark interest rates in an effort to combat inflation. See “— We are, and will continue to be, exposed to risks associated with changes in interest rates .” While the United States and other developed economies are experiencing higher-than-normal inflation rates, it remains uncertain whether substantial inflation will be sustained over an extended period of time or have a significant effect on the U.S. economy or other economies. Inflation may affect our investments adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments we or our portfolio companies may have issued could increase, which would tend to reduce returns to our investors. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which are critical to the operation of portfolio companies as noted above. Portfolio companies may have fixed income streams and, therefore, be unable to pay their debts when they become due. The market value of such investments may decline in value in times of higher inflation rates. Some of our portfolio investments may have income linked to | |||
Operating History Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We have a limited operating history. | |||
Liquidity Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The lack of liquidity in our investments may adversely affect our business. We may acquire a significant percentage of our investments from privately held companies in directly negotiated transactions. Substantially all of these investments are subject to legal and other restrictions on resale or are otherwise less liquid than exchange-listed securities or other securities for which there is an active trading market. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering. The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations. Moreover, investments purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer, market events, economic conditions or investor perceptions. | |||
Leverage Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We borrow money, which magnifies the potential for gain or loss and may increase the risk of investing in us. The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. We currently borrow under our credit facilities and have issued or assumed other senior securities, and in the future may borrow from, or issue additional senior securities to, banks, insurance companies, funds, institutional investors and other lenders and investors. Holders of these senior securities have fixed-dollar claims on our assets that are superior to the claims of our shareholders. If the value of our assets decreases, leverage would cause our net asset value to decline more sharply than it otherwise would have if we did not employ leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Such a decline could negatively affect our ability to service our debt or make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the base management or incentive fees payable to our Adviser attributable to the increase in assets purchased using leverage. There can be no assurance that a leveraging strategy will be successful. Our ability to service any borrowings that we incur will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the management fee will be payable based on our average gross assets excluding cash and cash equivalents but including assets purchased with borrowed amounts, which may give our Adviser an incentive to use leverage to make additional investments. See “— Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage .” The amount of leverage that we employ will depend on our Adviser’s and our Board’s assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our return on capital. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses. In addition to having fixed-dollar claims on our assets that are superior to the claims of our common shareholders, obligations to lenders may be secured by a first priority security interest in our portfolio of investments and cash. As a BDC, generally, the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus any preferred stock, if any, must be at least 200%; however, the Small Business Credit Availability Act has modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. On November 2, 2021, our Adviser, as our sole initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As a result, effective November 3, 2021, our asset coverage ratio applicable to senior securities was reduced from 200% to 150% and the risks associated with an investment in us may increase. If this ratio declines below 150%, we cannot incur additional debt and could be required to sell a portion of our investments to repay some indebtedness when it may be disadvantageous to do so. This could have a material adverse effect on our operations, and we may not be able to service our debt or make distributions. The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns on our portfolio, net of expenses. Leverage generally magnifies the return of shareholders when the portfolio return is positive and magnifies their losses when the portfolio return is negative. The calculations in the table below are hypothetical, and actual returns may be higher or lower than those appearing in the table below. Assumed Return on Our Portfolio (Net of Expenses) -10% -5% 0% 5% 10% Corresponding return to common shareholder (1) -30.2 % -19.5 % -8.7 % 2.1 % 12.8 % (1) Assumes, as of December 31, 2023, (i) $3.9 billion in total assets, (ii) $2.1 billion in outstanding indebtedness, (iii) $1.8 billion in net assets and (iv) weighted average interest rate, excluding fees (such as fees on undrawn amounts and amortization of financing costs) of 7.7%. | |||
Default Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Defaults under our current borrowings or any future borrowing facility or notes may adversely affect our business, financial condition, results of operations and cash flows. Our borrowings may include customary covenants, including certain limitations on our incurrence of additional indebtedness and on our ability to make distributions to our shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. In the event we default under the terms of our current or future borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under the terms of our current or future borrowings, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. An event of default under the terms of our current or any future borrowings could result in an accelerated maturity date for all amounts outstanding thereunder, and in some instances, lead to a cross-default under other borrowings. This could reduce our liquidity and cash flow and impair our ability to grow our business. | |||
Credit Facility Default Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Defaults under the Subscription Credit Facility could require shareholders to fund their remaining Capital Commitments without regard to the underlying value of their investment. The Subscription Credit Facility is secured by a perfected first priority security interest in our right, title, and interest in and to the Capital Commitments of our investors, including our right to make capital calls, receive and apply capital contributions, enforce remedies and claims related thereto together with capital call proceeds and related rights, and a pledge of the collateral account into which capital call proceeds are deposited. To the extent an event of default under the Subscription Credit Facility does occur, shareholders could be required to fund any shortfall up to their remaining Capital Commitments, without regard to the underlying value of their investment. | |||
Borrowing Provision Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Provisions in our current borrowings or any other future borrowings may limit discretion in operating our business. Any security interests and/or negative covenants required by a credit facility we enter into or notes we issue may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions. In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition and could lead to cross default under other credit facilities. This could reduce our liquidity and cash flow and impair our ability to manage our business. Under the terms of the Revolving Credit Facility, we have agreed not to incur any additional secured indebtedness other than in certain limited circumstances in which the incurrence is permitted under the Revolving Credit Facility. In addition, if our borrowing base under the Revolving Credit Facility were to decrease, we would be required to secure additional assets or repay advances under the Revolving Credit Facility which could have a material adverse impact on our ability to fund future investments and to make distributions. In addition, under the terms of our credit facilities, we are subject to limitations as to how borrowed funds may be used, as well as regulatory restrictions on leverage which may affect the amount of funding that we may obtain. There may also be certain requirements relating to portfolio performance, a violation of which could limit further advances and, in some cases, result in an event of default. This could reduce our liquidity and cash flow and impair our ability to grow our business. | |||
Additional Financing Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | If we are unable to obtain additional debt financing, or if our borrowing capacity is materially reduced, our business could be materially adversely affected. We may want to obtain additional debt financing, or need to do so upon maturity of our credit facilities, in order to obtain funds which may be made available for investments. Our credit facilities, notes and CLO currently expire between February 2025 and January 2036. If we are unable to increase, renew or replace such facility and enter into new debt financing facilities or other debt financing on commercially reasonable terms, our liquidity may be reduced significantly. In addition, if we are unable to repay amounts outstanding under any such facilities and are declared in default or are unable to renew or refinance these facilities, we may not be able to make new investments or operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects us or third parties, and could materially damage our business operations, results of operations and financial condition. | |||
Investment Objective Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our ability to achieve our investment objective depends on our Adviser’s ability to manage and support our investment process. If our Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objective could be significantly harmed. We do not have any employees. Additionally, we have no internal management capacity other than our appointed executive officers and will be dependent upon the investment expertise, skill and network of business contacts of our Adviser to achieve our investment objective. Our Adviser will evaluate, negotiate, execute, monitor, and service our investments. Our success will depend to a significant extent on the continued service and coordination of our Adviser, including its key professionals. The departure of a significant number of key professionals from our Adviser could have a material adverse effect on our ability to achieve our investment objective. Our ability to achieve our investment objective also depends on the ability of our Adviser to identify, analyze, invest in, finance, and monitor companies that meet our investment criteria. Our Adviser’s capabilities in structuring the investment process, and providing competent, attentive and efficient services to us depend on the involvement of investment professionals of adequate number and sophistication to match the corresponding flow of transactions. To achieve our investment objective, our Adviser may need to retain, hire, train, supervise, and manage new investment professionals to participate in our investment selection and monitoring process. Our Adviser may not be able to find qualified investment professionals in a timely manner or at all. Any failure to do so could have a material adverse effect on our business, financial condition and results of operations. In addition, the Investment Advisory Agreement has a termination provision that allows the agreement to be terminated by us on 60 days’ notice without penalty by the vote of a Majority of the Outstanding Shares of our common stock or by the vote of our independent directors and generally may be terminated at any time, without penalty, by our Adviser upon 60 days’ notice to us. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the 1940 Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of shareholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms prior to the termination of the Investment Advisory Agreement, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to meet our payment obligations under our indebtedness and pay distributions, are likely to be adversely affected, and the value of our common stock may decline. | |||
Relationship Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Because our business model depends to a significant extent upon Blue Owl’s relationships with corporations, financial institutions and investment firms, the inability of Blue Owl to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We expect that Blue Owl will depend on its relationships with corporations, financial institutions and investment firms, and we will rely to a significant extent upon these relationships to provide us with potential investment opportunities. The investment management business is intensely competitive, with competition based on a variety of factors, including investment performance, business relationships, quality of service provided to clients, fund investor liquidity, fund terms (including fees and economic sharing arrangements), brand recognition and business reputation. If Blue Owl fails to maintain its reputation it may not be able to maintain its existing relationships or develop new relationships or sources of investment opportunities, and we may not be able to grow our investment portfolio. In addition, individuals with whom Blue Owl has relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us. Negative publicity regarding Blue Owl or its personnel could give rise to reputational risk that could significantly harm our existing business and business prospects. Similarly, events could occur that damage the reputation of our industry generally, such as the insolvency or bankruptcy of large funds or a significant number of funds or highly publicized incidents of fraud or other scandals, any one of which could have a material adverse effect on our business, regardless of whether any of those events directly relate to us or our investments. | |||
Competition Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses. We may compete for investments with other BDCs and investment funds (including registered investment companies, private equity funds and mezzanine funds), including the other Blue Owl Credit Clients or other funds managed by our Adviser or its affiliates comprising Blue Owl's Credit platform, the private funds managed by Blue Owl’s GP Strategic Capital platform and the funds and accounts managed by Blue Owl’s Real Estate platform, as well as traditional financial services companies such as commercial banks and other sources of funding. Moreover, alternative investment vehicles, such as hedge funds, continue to increase their investment focus in our target market of privately owned U.S. companies. We may experience increased competition from banks and investment vehicles who may continue to lend to the middle market. Additionally, the U.S. Federal Reserve and other bank regulators may periodically provide incentives to U.S. commercial banks to originate more loans to U.S. middle market private companies. As a result of these market participants and regulatory incentives, competition for investment opportunities in privately owned U.S. companies is strong and may intensify. Many of our competitors are substantially larger and have considerably greater financial, technical, and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some competitors may have higher risk tolerances or different risk assessments than us. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do. Numerous factors increase our competitive risks, including, but not limited to: • A number of our competitors may have or are perceived to have more expertise or financial, technical, marketing and other resources and more personnel than we do; • We may not perform as well as competitors’ funds or other available investment products; • Several of our competitors have raised significant amounts of capital, and many of them have similar investment objectives to ours, which may create additional competition for investment opportunities; • Some of our competitors may have lower fees or alternative fee arrangements; • Some of our competitors may have a lower cost of capital and access to funding sources that are not available to us, which may create competitive disadvantages for us; • Some of our competitors may have higher risk tolerances, different risk assessments or lower return thresholds than us, which could allow them to consider a wider variety of investments and to bid more aggressively than us or to agree to less restrictive legal terms and protections for investments that we want to make; and • Some of our competitors may be subject to less regulation or conflicts of interest and, accordingly, may have more flexibility to undertake and execute certain businesses or investments than we do, bear less compliance expense than we do or be viewed differently in the marketplace. We may lose investment opportunities if we do not match our competitors’ pricing, terms, and investment structure criteria. If we are forced to match these competitors’ investment terms criteria, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in our target market could force us to accept less attractive investment terms. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to maintain our RIC tax treatment. The competitive pressures we face, and the manner in which we react or adjust to competitive pressures, may have a material adverse effect on our business, financial condition, results of operations, effective yield on investments, investment returns, leverage ratio, and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time. Also, we may not be able to identify and make investments that are consistent with our investment objective. | |||
Investments At Fair Value Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investment portfolio is recorded at fair value as determined in good faith by our Adviser in accordance with procedures approved by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments. Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Adviser and approved by our Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that we hold and intend to make. Our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, we will value these investments quarterly at fair value as determined in good faith in accordance with valuation policy and procedures approved by our Board. The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and our Adviser has a conflict of interest in determining fair value. We will value our investments quarterly at fair value as determined in good faith by our Adviser, based on, among other things, input of our Audit Committee and independent third-party valuation firm(s) engaged at the direction of our Adviser. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures approved by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. Our net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments. | |||
Technology-Related Company Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies. We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies. Other than with respect to this policy, which may only be changed with 60 days’ prior notice to our shareholders (or, prior to an Exchange Listing and during the 365 day lock-up period following an Exchange Listing, if shareholders representing at least a majority of votes cast when quorum is met, approve a proposal to do so), our Board has the authority to modify or waive current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to current operating policies, investment criteria and strategies would have on our business, net asset value, operating results and the value of our securities. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment. Moreover, we will have significant flexibility in investing the net proceeds of the Private Offering and may use the net proceeds from the Private Offering in ways with which our investors may not agree. | |||
Unrealized Depreciation Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith in accordance with procedures approved by our Board. Decreases in the market values or fair values of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our portfolio could be an indication of a portfolio company’s inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our net asset value. See “ ITEM 7 — MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS — Critical Accounting Policies — Investments at Fair Value .” | |||
Single Issuer Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are not limited with respect to the portion of our assets that may be invested in a single issuer. Beyond the asset diversification requirements associated with our qualification as a RIC for U.S. federal income tax purposes, we do not have fixed guidelines for diversification. We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies. To the extent that we hold large positions in a small number of issuers, or within a particular industry, our net asset value may fluctuate as a result of changes in the issuer’s financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence or a downturn in particular industry in which we may invest significantly than a diversified investment company otherwise would be. | |||
Emerging Growth Company Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our securities less attractive to investors. We are and we will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the completion of the initial offering of common equity securities, (ii) in which we have total annual gross revenue of at least $1.07 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our Common Stock that is held by non-affiliates exceeds $700 million as of the prior June 30th, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period. For so long as we remain an “emerging growth company” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We cannot predict if investors will find our securities less attractive because we will rely on some or all of these exemptions. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend to take advantage of such extended transition periods. Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it. Because of the exemptions from various reporting requirements provided to us as an “emerging growth company” and because we will have an extended transition period for complying with new or revised financial accounting standards, we may be less attractive to investors and it may be difficult for us to raise additional capital as and when we need it. Investors may be unable to compare our business with other companies in our industry if they believe that our financial accounting is not as transparent as other companies in our industry. If we are unable to raise additional capital as and when we need it, our financial condition and results of operations may be materially and adversely affected. | |||
Interest Rate and Cybersecurity Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks associated with the discontinuation of LIBOR and the market’s limited experience with SOFR, which will affect our cost of capital and results of operations. The London Inter-Bank Offered Rate (“LIBOR”) was the basic rate of interest used in lending transactions between banks on the London interbank market and was widely used as a reference for setting the interest rate on loans globally until the United Kingdom’s Financial Conduct Authority announced a phase out of LIBOR in July 2017. Although many LIBOR rates have ceased to be published since December 31, 2021, or no longer are representative of the underlying market they seek to measure, a selection of widely used USD LIBOR rates were published through June 2023 in order to assist with the transition, In January 2023, the Federal Reserve adopted a final rule implementing the U.S. Adjustable Interest Rate Act of 2022 (the “LIBOR Act”) that, among other things, identifies applicable Secured Overnight Financing Rate, or SOFR-based benchmark replacements under the LIBOR Act. The rule applies to our contracts incorporating LIBOR that are governed by U.S. law. Since the first quarter of 2022, we began transitioning any LIBOR-based investments to SOFR and currently none of our investments are indexed to LIBOR. SOFR is considered to be a risk-free rate, and USD LIBOR was a risk weighted rate. Thus, SOFR tends to be a lower rate than USD LIBOR, because SOFR does not contain a risk component. This difference may negatively impact our net interest margin of our investments. Also, the use of SOFR based rates is relatively new, and experience with SOFR based rate loans is limited. There could be unanticipated difficulties or disruptions with the calculation and publication of SOFR based rates. This could result in increased borrowing costs for us or could adversely impact the interest income we receive from our portfolio companies or the market value of our investments. In addition, the transition from LIBOR to SOFR may also introduce operational risks in our accounting, financial reporting, loan servicing, liability management and other aspects of our business. Internal and external cybersecurity threats and risks, as well as other disasters, may adversely affect our business or the business of our portfolio companies by impairing the ability to conduct business effectively. Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level, and will likely continue to increase in frequency in the future. The occurrence of a disaster, such as a cyber-attack against us, any of our portfolio companies, or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, failure of our disaster recovery systems, or consequential employee error, could have an adverse effect on our ability to communicate or conduct business, negatively impacting our operations and financial condition. This adverse effect can become particularly acute if those events affect our electronic data processing, transmission, storage, and retrieval systems, or impact the availability, integrity, or confidentiality of our data. In addition, the rapid evolution and increasing prevalence of artificial intelligence technologies may also intensify our cybersecurity risks. Although we are not currently aware of any cyber-attacks or other incidents that, individually or in the aggregate, have materially affected, or would reasonably be expected to materially affect our operations or financial condition, there has been an increase in the frequency and sophistication of the cyber and security threats that we face, with attacks ranging from those common to businesses generally to more advanced and persistent attacks. We, and our portfolio companies, depend heavily upon computer systems to perform necessary business functions. Despite the implementation of a variety of security measures, our computer systems, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary, and other information processed, stored in, and transmitted through our computer systems and networks, or otherwise cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incidents that adversely affects our data, resulting in increased costs and other consequences as described above. In addition, cybersecurity risks are exacerbated by the rapidly increasing volume of highly sensitive data, including our proprietary business information and intellectual property, and personally identifiable information and other sensitive information that we collect and store in our data centers and on our networks. We may also invest in strategic assets having a national or regional profile or in infrastructure assets, the nature of which could expose them to a greater risk of being subject to a terrorist attack or security breach than other assets or businesses. The secure processing, maintenance and transmission of this information are critical to our operations. A significant actual or potential theft, loss, corruption, exposure, fraudulent use or misuse of fund investor, employee or other personally identifiable or, proprietary business data or other sensitive information, whether by third parties or as a result of employee malfeasance (or the negligence or malfeasance of third party service providers that have access to such confidential information) or otherwise, non-compliance with our contractual or other legal obligations regarding such data or intellectual property or a violation of our privacy and security policies with respect to such data could result in significant remediation and other costs, fines, litigation or regulatory actions against us and significant reputational harm, any of which could harm our business and results of operations. Moreover, the increased use of mobile and cloud technologies due to the proliferation of remote work resulting from the COVID-19 pandemic could heighten these and other operational risks as certain aspects of the security of such technologies may be complex and unpredictable. Reliance on mobile or cloud technology or any failure by mobile technology and cloud service providers to adequately safeguard their systems and prevent cyber-attacks could disrupt our operations, the operations of a portfolio company or the operations of our or their service providers and result in misappropriation, corruption or loss of personal, confidential or proprietary information or the inability to conduct ordinary business operations. In addition, there is a risk that encryption and other protective measures may be circumvented, particularly to the extent that new computing technologies increase the speed and computing power available. Extended periods of remote working, whether by us, our portfolio companies, or our service providers, could strain technology resources, introduce operational risks and otherwise heighten the risks described above. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts. Accordingly, the risks described above, are heightened under the current conditions. We have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber-incident, do not guarantee that a cyber-incident will not occur and/or that our financial results, operations or confidential information will not be negatively impacted by such an incident. | |||
Investor ESG Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to increasing scrutiny from certain investors, third party assessors and our shareholders with respect to ESG-related topics. We face increasing scrutiny from certain investors, third party assessors that measure companies’ ESG performance and our shareholders related to ESG-related topics, including in relation to diversity and inclusion, human rights, environmental stewardship, support for local communities, corporate governance and transparency. For example, we and the companies in which we invest risk damage to our brands and reputations if we or they do not act (or are perceived to not act) responsibly either with respect to responsible investing processes or ESG-related practices. Adverse incidents related to ESG practices could impact the value of our brand or the companies in which we invest, or the cost of our or their operations and relationships with investors, all of which could adversely affect our business and results of operations. Further, there can be no assurance that investors will determine that any of our Adviser’s ESG initiatives, or commitments are sufficiently robust. There can be no assurance that our Adviser will be able to accomplish any commitments related to its commitment to responsible investing or ESG practices, as statements regarding its ESG and responsible investing priorities reflect its current estimates, plans and/or aspirations and are not guarantees that it will be able to achieve them within the timelines announced or at all. Additionally, the Adviser may determine in its discretion that it is not feasible or practical to implement or complete certain aspects of its responsible investing program or ESG initiatives based on cost, timing or other considerations. In recent years, certain investors have placed increasing importance on policies and practices related to responsible investing and ESG for the products to which they commit capital, and investors may decide not to commit capital to future fundraises based on their assessment of the Adviser’s approach to and consideration of ESG-related issues or risks. Similarly, a variety of organizations measure the performance of companies on ESG topics, and the results of these assessments are widely publicized. If the Adviser’s responsible investing or ESG-related practices or ratings do not meet the standards set by such investors or organizations, or if the Adviser receives a negative rating or assessment from such organizations, or if the Adviser fail, or is perceived to fail, to demonstrate progress toward its ESG priorities and initiatives, they may choose not to invest in us, and we may face reputational damage. Similarly, it is expected that investor and/or shareholder demands will require the Adviser to spend additional resources and place increasing importance on business relevant ESG factors in its review of prospective investments and management of existing ones. Further, growing interest on the part of investors and regulators in ESG-related topics and themes and increased demand for, and scrutiny of, ESG-related disclosure by asset managers, have also increased the risk that asset managers could be perceived as, or accused of, making inaccurate or misleading statements regarding the ESG-related investment strategies or their and their funds’ responsible investing or ESG-related efforts or initiatives, or “greenwashing.” Such perception or accusation could damage our reputation, result in litigation or regulatory actions and adversely impact our ability to raise capital. At the same time, there are various approaches to responsible investing activities and divergent views on the consideration of ESG topics. These differing views increase the risk that any action or lack thereof with respect to our Adviser’s consideration of responsible investing or ESG-related practices will be perceived negatively. “Anti-ESG” sentiment has gained momentum across the U.S., with several states having enacted or proposed “anti-ESG” policies, legislation or issued related legal opinions. For example: (i) boycott bills target financial institutions that “boycott” or “discriminate against” companies in certain industries (e.g., energy and mining) and prohibit state entities from doing business with such institutions and/or investing the state’s assets (including pension plan assets) through such institutions and (ii) ESG investment prohibitions require that state entities or managers/administrators of state investments make investments based solely on pecuniary factors without consideration of ESG factors. If investors subject to such legislation view our responsible investing or ESG practices as being in contradiction of such “anti-ESG” policies, legislation or legal opinions, such investors may not invest in us. Further, asset managers have been subject to recent scrutiny related to ESG-focused industry working groups, initiatives and associations, including organizations advancing action to address climate change or climate-related risk. Such scrutiny could expose the Adviser to the risk of antitrust investigations or challenges by federal authorities, result in reputational harm and discourage certain investors from investing in us. In addition, some conservative groups and Republican state attorneys general have asserted that the Supreme Court’s decision striking down race-based affirmative action in higher education in June 2023 should be analogized to private employment matters and private contract matters. Several new cases alleging discrimination based on similar arguments have been filed since that decision, with scrutiny of certain corporate DEI practices increasing. If the Adviser does not successfully manage expectations across these varied interests, it could erode trust, impact our and their reputation, and constrain our investment and fundraising opportunities. | |||
ESG Related Issue Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to increasing scrutiny from regulators with respect to ESG-related issues and the regulatory disclosure landscape surrounding related topics continues to evolve. Responsible investing, ESG practices and ESG-related disclosure have been the subject of increased focus by certain regulators, and new regulatory initiatives related to ESG-specific topics that are applicable to us, our products and our products’ portfolio companies could adversely affect our business. There is a growing regulatory interest across jurisdictions in improving transparency regarding the definition, measurement and disclosure of ESG factors in order to allow investors to validate and better understand sustainability claims, including in the United States, the European Union and the United Kingdom. On March 21, 2022, the SEC issued a proposed rule regarding the enhancement and standardization of mandatory climate-related disclosures. The proposed rule would mandate extensive disclosure of climate-related data, risks, and opportunities, including financial impacts, physical and transition risks, related governance and strategy, and greenhouse gas emissions, for certain public companies. Although the ultimate date of effectiveness and the final form and substance of the requirements for this proposed rule is not yet known and the ultimate scope and impact on our business is uncertain, compliance with this proposed rule, if finalized, may result in increased legal, accounting and financial compliance costs, make some activities more difficult, time-consuming and costly, and place strain on our personnel, systems and resources. Further, on May 25, 2022, the SEC proposed amendments to rules and reporting forms concerning, among other things, enhanced disclosure requirements for investment managers regarding the ability to market funds as green, sustainable or ESG-focused and the incorporation of ESG factors by registered investment companies and advisers. In addition, in 2021 the SEC established an enforcement task force to look into ESG practices and disclosures by public companies and investment managers and has begun to bring enforcement actions based on ESG disclosures not matching actual investment processes. Further, in October 2023, California enacted legislation that will ultimately require certain companies that (i) do business in California to publicly disclose their Scopes 1, 2 and 3 greenhouse gas emissions, with third party assurance of such data, and issue public reports on their climate-related financial risk and related mitigation measures and (ii) operate in California and make certain climate-related claims to provide enhanced disclosures around the achievement of climate-related claims, including the use of voluntary carbon credits to achieve such claims. From a European perspective, the European Union has adopted legislative reforms which include, without limitation: (a) Regulation 2019/2088 on sustainability‐related disclosures in the financial services sector (the “SFDR”), for which most rules took effect beginning on March 10, 2021 and (b) Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the “Taxonomy”). Further, there are ongoing consultations that may result in further changes or amendments to the SFDR. There is an increasing focus on anti-greenwashing and transparency initiatives affecting investment managers. The EU’s European Securities and Markets Authority announced in its 2024 Work Program a series of initiatives aimed at enhancing transparency around sustainability risks and disclosures, including a stocktaking report on the supervision of sustainability information and greenwashing and remediation actions, the introduction of guidelines on funds’ names with ESG or sustainability-related terms, common supervisory actions on the integration of sustainability risks and disclosures in the investment management sector. There are still some uncertainties regarding the operation of these requirements, and an established market practice is still being developed in certain cases, which can lead to diverging implementation and/or operationalization, data gaps or methodological challenges which may affect our ability to collect relevant data. These regimes continue to evolve and there is still a lack of clarity and established practice around the approach to their supervision and enforcement, which may vary across national competent authorities. There is a risk that a development or reorientation in the regulatory requirements or market practice in this respect could be adverse to our investments if they are perceived to be less valuable as a consequence of, among other things, their carbon footprint or perceived “greenwashing.” Compliance with requirements of this nature may also increase risks relating to financial supervision and enforcement action. There is the additional risk that market expectations in relation to certain commitments under the SFDR, such as categorization of financial products, could adversely affect our ability to raise capital, especially from EEA investors. Outside of the EU, the U.K. Government’s stated policy goal is to introduce economy-wide mandatory Task Force on Climate-related Financial Disclosures (“TCFD”) reporting by 2025. The UK has introduced mandatory TCFD-aligned disclosure requirements for certain UK regulated firms. The regime captures (amongst others) any firm providing portfolio management (which includes managing investments or private equity or other private market activities consisting of either advising on investments or managing investments on a recurring or ongoing basis in connection with an arrangement which aims to invest in unlisted securities) where the assets under management exceed £5.0 billion calculated as a 3-year rolling average. In November 2023, the Sustainability Labelling and Disclosure of Sustainability-Related Financial Information Instrument 2023 (“SDR”) introduced sustainability disclosure requirements, investment product labels and an ‘anti-greenwashing’ rule. The anti-greenwashing rule applies to all UK-authorised firms in relation to ESG-related claims made in their financial promotions and communications with clients in the UK. The balance of the new regime is directed at UK investment funds and UK-regulated asset management firms as well as distributors of such funds. The FCA has indicated it will continue to work with His Majesty’s Treasury on their approach to overseas funds and consult on an alternative approach to applying the regime to all types of portfolio managers. In Asia, regulators in Singapore and Hong Kong have introduced requirements for asset managers to integrate climate risk considerations in investment and risk management processes, together with enhanced disclosure and reporting and have also issued enhanced rules for certain ESG funds on general ESG risk management and disclosure. As a result of these legislative and regulatory initiatives, we or the Adviser may be required to provide additional disclosure to our investors with respect to ESG matters. This exposes us to increased disclosure risks, for example due to a lack of available or credible data, and the potential for conflicting disclosures may also expose us to an increased risk of misstatement litigation or miss-selling allegations. Failure to manage these risks could result in a material adverse effect on our business in a number of ways. Compliance with frameworks of this nature may create an additional compliance burden and increased legal, compliance, governance, reporting and other costs to funds and/or fund managers because of the need to collect certain information to meet the disclosure requirements. In addition, where there are uncertainties regarding the operation of the framework, a lack of official, conflicting or inconsistent regulatory guidance, a lack of established market practice and/or data gaps or methodological challenges affecting the ability to collect relevant data, funds and/or fund managers may be required to engage third party advisers and/or service providers to fulfil the requirements, thereby exacerbating any increase in compliance burden and costs. To the extent that any applicable jurisdictions enact similar laws and/or frameworks, there is a risk that we may not be able to maintain alignment of a particular investment with such frameworks, and/or may be subject to additional compliance burdens and costs, which might adversely affect us. | |||
Advisor Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Adviser and its affiliates, including our officers and some of our directors, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking or speculative investments, or cause our Adviser to use substantial leverage. Our Adviser and its affiliates will receive substantial fees from us in return for their services. These fees may include certain incentive fees based on the amount of appreciation of our investments and arrangement, structuring or similar fees from portfolio companies in which we invest. These fees could influence the advice provided to us or create an incentive for our Adviser to make investments on our behalf that are risky or more speculative than would be the case in the absence of such incentive fees. Generally, the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, including through the use of leverage, the greater the potential for growth in our assets and profits, and, correlatively, the fees payable by us to our Adviser. The way in which the incentive fee is determined may encourage our Adviser to use leverage to increase the leveraged return on our investment portfolio. In addition, the fact that our base management fee is payable based upon our average gross assets (which includes any borrowings used for investment purposes) may encourage our Adviser to use leverage to make additional investments. Such a practice could make such investments more risky than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of substantial leverage (up to the limits prescribed by the 1940 Act) may increase the likelihood of our defaulting on our borrowings, which would be detrimental to holders of our securities. These compensation arrangements could affect our Adviser’s or its affiliates’ judgment with respect to public offerings of equity, incurrence of debt, and investments made by us, which allow our Adviser to earn increased asset management fees. | |||
Advisor Time and Resources Risk of Being Diverted [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The time and resources that individuals associated with our Adviser devote to us may be diverted, and we may face additional competition due to, among other things, the fact that neither our Adviser nor its affiliates is prohibited from raising money for or managing another entity that makes the same types of investments that we target. Blue Owl is not prohibited from raising money for and managing future investment entities, in addition to the Blue Owl Credit Clients, that make the same or similar types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other investment programs they may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity also managed by our Adviser or its affiliates for the same investors and investment opportunities. Furthermore, certain members of the investment committee or our affiliates are officers of Blue Owl and will devote a portion of their time to the operations of Blue Owl, including with respect to public company compliance, investor relations and other matters that did not apply to Blue Owl's Credit platform prior to the formation of Blue Owl. | |||
Advisor Conflict Of Interest Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers in which we may invest. Our Adviser and its affiliates may provide a broad range of financial services to companies in which we may invest, including providing arrangement, syndication, origination structuring and other services to portfolio companies, and will generally be paid fees for such services, in compliance with applicable law, by the portfolio company. Any compensation received by our Adviser or its affiliates for providing these services will not be shared with us and may be received before we realize a return on our investment. In addition, we may invest in companies managed by entities in which funds managed by GP Strategic Capital have acquired a minority interest. Our Adviser and its affiliates may face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to us, on the other hand and could, in certain instances, have an incentive not to pursue actions against a portfolio company that would be in our best interest. | |||
Advisor Incentive Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Adviser or its affiliates may have incentives to favor their respective other accounts and clients and/or Blue Owl over us, which may result in conflicts of interest that could be harmful to us. Because our Adviser and its affiliates manage assets for, or may in the future manage assets for, other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans, co-invest vehicles and certain high net worth individuals), including the Blue Owl Credit Clients, and we may compete for capital and investment opportunities with these entities, certain conflicts of interest are present. These include conflicts of interest relating to the allocation of investment opportunities by our Adviser and its affiliates; compensation to our Adviser; services that may be provided by our Adviser and its affiliates to issuers in which we may invest; investments by us and other clients of our Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds managed by our Adviser; differing recommendations given by our Adviser to us versus other clients; our Adviser’s use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; restrictions on our Adviser’s use of “inside information” with respect to potential investments by us; the allocation of certain expenses; and cross transactions. For instance, our Adviser and its affiliates may receive asset management performance-based, or other fees from certain accounts that are higher than the fees received by our Adviser from us. In addition, certain members of Blue Owl’s Credit platform’s investment committees and other executives and employees of our Adviser or its affiliates will hold and receive interest in Blue Owl and its affiliates, in addition to cash and carried interest compensation. In these instances, a portfolio manager for our Adviser may have an incentive to favor the higher fee and/or performance-based fee accounts over us and/or to favor Blue Owl. In addition, a conflict of interest exists to the extent our Adviser, its affiliates, or any of their respective executives, portfolio managers or employees have proprietary or personal investments in other investment companies or accounts or when certain other investment companies or accounts are investment options in our Adviser’s or its affiliates’ employee benefit plans or employee offerings. In these circumstances, personnel of our Adviser may have incentive to favor these other investment companies or accounts over us. Because our Adviser may have incentive to favor other Blue Owl Credit Clients and we may compete for investments with Blue Owl Credit Clients, our Adviser and its affiliates are subject to certain conflicts of interest in evaluating the suitability of investment opportunities and making or recommending investments on our behalf. To mitigate these conflicts, the Blue Owl Credit Advisers will seek to execute such transactions for all of the participating investment accounts, including us, on a fair and equitable basis and in accordance with the Blue Owl Credit Advisers’ investment allocation policy, taking into account such factors as the relative amounts of capital available for new investments; cash on hand; existing commitments and reserves; the investment programs and portfolio positions of the participating investment accounts, including portfolio construction, diversification and concentration considerations; the investment objectives, guidelines and strategies of each client; the clients for which participation is appropriate’ each client’s life cycle; targeted leverage level; targeted asset mix and any other factors deemed appropriate. We may be prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our directors who are not interested persons and, in some cases, the prior approval of the SEC. We, our Adviser and certain affiliates have been granted exemptive relief by the SEC to permit us to co-invest with other funds managed by our Adviser or certain of its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. See “ -Our ability to enter into transactions with our affiliates is restricted. ” Actions taken by our Adviser and its affiliates on behalf of the Blue Owl Credit Clients as a result of any conflict of interest may be adverse to us, which could harm our performance. For example, we may invest in the same credit obligations as other Blue Owl Credit Clients, although, to the extent permitted under the 1940 Act, our investments may include different obligations or levels of the capital structure of the same issuer. Decisions made with respect to the securities held by one of the Blue Owl Credit Clients may cause (or have the potential to cause) harm to the different class of securities of the issuer held by other Blue Owl Credit Clients (including us). While the Blue Owl Credit Advisers and their affiliates have developed general guidelines regarding when two or more funds can invest in different parts of the same company’s capital structure and created a process that they employ to handle those conflicts when they arise, their decision to permit the investments to occur in the first instance or their judgment on how to mitigate the conflict could be challenged or deemed insufficient. If the Blue Owl Credit Advisers and their affiliates fail to appropriately address those conflicts, it could negatively impact their reputation and ability to raise additional funds and the willingness of counterparties to do business with them or result in potential litigation against them. From time to time, fees and expenses generated in connection with potential portfolio investments that are not consummated may be allocable to us and one or more Blue Owl Credit Clients. These expenses will be allocated in a manner that is fair and equitable over time and in accordance with policies adopted by the Blue Owl Credit Advisers and the Investment Advisory Agreement; however, the method for allocation expenses may vary depending on the nature of the expense and such determinations involve inherent discretion. In addition, from time to time, our Adviser could cause us to purchase a security or other investment from, or sell a security or other investment to, another Blue Owl Credit Client. Such cross transaction would be in accordance with applicable regulations and our and our Adviser’s valuation and cross-trades policies; however, such cross transactions could give rise to additional conflicts of interest. Our Board will seek to monitor these conflicts but there can be no assurances that such monitoring will fully mitigate any such conflicts. | |||
Sale Lease-Back Transaction Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Products within Blue Owl’s Real Estate platform may enter into sale lease-back transactions with our portfolio companies or with borrowers under our credit facilities. From time to time, companies in which we have invested or may invest, may enter into sale-leaseback transactions with products within Blue Owl’s Real Estate platform. As a result of these arrangements we could be a creditor to, or equity owners of, a company at the same time that company is a tenant of a product within Blue Owl’s Real Estate platform. If such a company were to encounter financial difficulty or default on its obligations as a borrower, our Adviser could be required to take actions that may be adverse to those of Blue Owl’s Real Estate platform in enforcing our rights under the relevant facilities or agreements, or vice versa. This could lead to actual or perceived conflicts of interest. | |||
Access To Confidential Information Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations. We, directly or through our Adviser, may obtain confidential information about the companies in which we have invested or may invest or be deemed to have such confidential information. Our Adviser may come into possession of material, non-public information through its members, officers, directors, employees, principals or affiliates. In addition, funds managed by GP Strategic Capital may invest in entities that manage our portfolio companies and, as a result, may obtain additional confidential information about our portfolio companies. The possession of such information may, to our detriment, limit the ability of us and our Adviser to buy or sell a security or otherwise to participate in an investment opportunity. In certain circumstances, employees of our Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of our Adviser come into possession of material non-public information with respect to our investments, such personnel will be restricted by our Adviser’s information-sharing policies and procedures or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of our Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of our Adviser in the course of its duties. Additionally, there may be circumstances in which one or more individuals associated with our Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of our Adviser. | |||
Advisor Incentive Fee Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash. The Investment Advisory Agreement entitles our Adviser to receive an incentive fee based on our pre-incentive fee net investment income regardless of any capital losses. In such case, we may be required to pay our Adviser an incentive fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter. Any incentive fee payable by us that relates to the pre-incentive fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (“payment-in-kind” or “PIK” income”). PIK income will be included in the pre-incentive fee net investment income used to calculate the incentive fee to our Adviser even though we do not receive the income in the form of cash. If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the incentive fee will become uncollectible. Our Adviser is not obligated to reimburse us for any part of the incentive fee it received that was based on accrued interest income that we never receive as a result of a subsequent default. The quarterly incentive fee on income is recognized and paid without regard to: (i) the trend of pre-incentive fee net investment income as a percent of adjusted capital over multiple quarters in arrears which may in fact be consistently less than the quarterly preferred return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods. For U.S. federal income tax purposes, we may be required to recognize taxable income in some circumstances in which we do not receive a corresponding payment in cash and to make distributions with respect to such income to maintain our tax treatment as a RIC and/or minimize corporate-level U.S. federal income or excise tax. Under such circumstances, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. This difficulty in making the required distribution may be amplified to the extent that we are required to pay the incentive fee on income with respect to such accrued income. As a result, we may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level U.S. federal income tax. | |||
Restriction On Transactions With Affiliates Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our ability to enter into transactions with our affiliates is restricted. We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of our Board and, in some cases, the SEC. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, including other funds or clients advised by our Adviser or its affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction involves a joint investment), without prior approval of our Board and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates or anyone who is under common control with us. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by either of our Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment or disposition opportunities that would otherwise be available to us. ORCA and certain of its affiliates have received exemptive relief from the SEC to permit us to co-invest with other funds managed by the Adviser or its affiliates in a manner consistent with our investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, we generally are permitted to co-invest with certain of our affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching by us or our shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of our shareholders and is consistent with our investment objective and strategies, (3) the investment by our affiliates would not disadvantage us, and our participation would not be on a basis different from or less advantageous than that on which our affiliates are investing, and (4) the proposed investment by us would not benefit our Adviser or its affiliates or any affiliated person of any of them (other than the parties to the transaction), except to the extent permitted by the Order and applicable law, including the limitations set forth in Section 57(k) of the 1940 Act. In addition, we have received an amendment to our Order to permit us to participate in follow-on investments in our existing portfolio companies with certain Affiliated Funds if such private funds are not invested in such existing portfolio company. In situations when co-investment with our Adviser’s or its affiliates’ other clients is not permitted under the 1940 Act and related rules, existing or future staff guidance, or the terms and conditions of the exemptive relief granted to us by the SEC, our Adviser will need to decide which client or clients will proceed with the investment. Generally, we will not be entitled to make a co-investment in these circumstances and, to the extent that another client elects to proceed with the investment, we will not be permitted to participate. Moreover, except in certain circumstances, we will not invest in any issuer in which an affiliate’s other client holds a controlling interest. | |||
Conflict Of Interest Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may make investments that could give rise to a conflict of interest. We do not expect to invest in, or hold securities of, companies that are controlled by an affiliate’s other clients. However, our Adviser or an affiliate’s other clients may invest in, and gain control over, one of our portfolio companies. If our Adviser or an affiliate’s other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions our Adviser may be unable to implement our investment strategies as effectively as they could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit such investments prematurely and, as a result, we may forego any positive returns associated with such investments. In addition, to the extent that an affiliate’s other client holds a different class of securities than us as a result of such transactions, our interests may not be aligned. | |||
Recommendations Given By Our Adviser May Differ From Those Rendered To Other Clients Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The recommendations given to us by our Adviser may differ from those rendered to their other clients. Our Adviser and its affiliates may give advice and recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, us even though such other clients’ investment objectives may be similar to ours, which could have an adverse effect on our business, financial condition and results of operations. | |||
Adviser's Limited Liability Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify our Adviser against certain liabilities, which may lead our Adviser to act in a riskier manner on our behalf than it would when acting for its own account. Our Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement (and, separately, under the Administration Agreement), and it will not be responsible for any action of our Board in declining to follow our Adviser’s advice or recommendations. Pursuant to the Investment Advisory Agreement, our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons, and any other person or entity affiliated with, or acting on behalf of our Adviser will not be liable to us for their acts under the Investment Advisory Agreement, absent willful malfeasance, bad faith or gross negligence in the performance of their duties. We have also agreed to indemnify, defend and protect our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of our Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of our Adviser not arising out of criminal conduct, willful misfeasance, bad faith, or gross negligence in the performance of their duties. However, in accordance with Section 17(i) of the 1940 Act, neither our Adviser nor any of its affiliates, directors, officers, members, employees, agents, or representatives may be protected against any liability to us or our investors to which it would otherwise be subject by reason of willful malfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of its office. These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. | |||
Merger Or Purchase Of Assets Of Another Fund Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | There are risks associated with any potential merger with or purchase of assets of another fund. Our Adviser may in the future recommend to our Board that we merge with or acquire all or substantially all of the assets of one or more funds including a fund that could be managed by our Adviser or its affiliates (including another BDC). We do not expect that our Adviser would recommend any such merger or asset purchase unless it determines that it would be in our best interests, with such determination dependent on factors it deems relevant, which may include our historical and projected financial performance and that of any proposed merger partner, portfolio composition, potential synergies from the merger or asset sale, available alternative options and market conditions. In addition, no such merger or asset purchase would be consummated absent the meeting of various conditions required by applicable law or contract, at such time, which may include approval of the board of directors and common equity holders of both funds. If our Adviser is the investment adviser of both funds, various conflicts of interest would exist with respect to any such transaction. Such conflicts of interest may potentially arise from, among other things, differences between the compensation payable to our Adviser by us and by the entity resulting from such a merger or asset purchase or efficiencies or other benefits to our Adviser as a result of managing a single, larger fund instead of two separate funds. | |||
Failure To Comply With Pay-To-Play Laws, Regulations And Policies Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Adviser’s failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on our Adviser, and thus, us. A number of U.S. states and municipal pension plans have adopted so-called “pay-to-play” laws, regulations or policies which prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If our Adviser, any of its employees or affiliates or any service provider acting on its behalf, fails to comply with such laws, regulations or policies, such non-compliance could have an adverse effect on our Adviser, and thus, us. | |||
Adviser's Inability To Attract, Retain And Develop Human Capital In A Highly Competitive Talent Market Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Adviser’s inability to attract, retain and develop human capital in a highly competitive talent market could have an adverse effect on our Adviser, and thus us. | |||
Business Development Company Risks [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC. As a BDC, the 1940 Act prohibits us from acquiring any assets other than certain qualifying assets unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and results of operations. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments. Failure to maintain our status as a BDC would reduce our operating flexibility. If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions, including a greater required asset coverage ratio and additional restrictions on transactions with affiliates, and correspondingly decrease our operating flexibility. Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage. As a result of the Annual Distribution Requirement to qualify for tax treatment as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. Currently, we may issue “senior securities,” including borrowing money from banks or other financial institutions only in amounts such that the ratio of our total assets (less total liabilities other than indebtedness represented by senior securities) to our total indebtedness represented by senior securities plus preferred stock, if any, equals at least 150% after such incurrence or issuance. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with RIC distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend. Therefore, we intend to seek to continuously issue equity securities, which may lead to shareholder dilution. We may borrow to fund investments. If the value of our assets declines, we may be unable to satisfy the asset coverage test under the 1940 Act, which would prohibit us from paying distributions and could prevent us from qualifying for tax treatment as a RIC, which would generally result in a corporate-level U.S. federal income tax on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distribution to our shareholders. In addition, as market conditions permit, we may securitize our loans to generate cash for funding new investments. To securitize loans, we may create a wholly owned subsidiary, contribute a pool of loans to the subsidiary and have the subsidiary issue primarily investment grade debt securities to purchasers who would be expected to be willing to accept a substantially lower interest rate than the loans earn. We would retain all or a portion of the equity in the securitized pool of loans. Our retained equity would be exposed to any losses on the portfolio of loans before any of the debt securities would be exposed to such losses. See “ —W e are subject to certain risks as a result of our interests in the CLO Preferred Shares ”; “ The subordination of the CLO Preferred Shares will affect our right to payment ”; and “ The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us. ” | |||
Portfolio Company Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investments in portfolio companies may be risky, and we could lose all or part of our investments. Our strategy focuses primarily on originating and making loans to, and making debt and equity investments in, U.S. middle-market companies in a broad range of technology-related industries, with a focus on originated transactions sourced through the networks of our Adviser. Short transaction closing timeframes associated with originated transactions coupled with added tax or accounting structuring complexity and international transactions may result in higher risk in comparison to non-originated transactions. Most debt securities in which we intend to invest will not be rated by any rating agency and, if they were rated, they would be rated as below investment grade quality and are commonly referred to as “high yield” or “junk.” Debt securities rated below investment grade quality are generally regarded as having predominantly speculative characteristics and may carry a greater risk with respect to a borrower’s capacity to pay interest and repay principal. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. First-Lien Debt. When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies. Unitranche Loans. In addition, in connection with any unitranche loans (including “last out” portions of such loans) in which we may invest, we would enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans. Second-Lien and Mezzanine Debt. Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal. Equity Investments. | |||
Joint Venture, Partnerships Or Other Special Purpose Vehicle Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may invest through joint ventures, partnerships or other special purpose vehicles and our investments through these vehicles may entail greater risks, or risks that we otherwise would not incur, if we otherwise made such investments directly. We may make indirect investments in portfolio companies through joint ventures, partnerships or other special purpose vehicles (“Investment Vehicles”). In general, the risks associated with indirect investments in portfolio companies through a joint venture, partnership or other special purpose vehicle are similar to those associated with a direct investment in a portfolio company; however, if we are not the sole investor in such Investment Vehicle, the investment may involve risks not present in investments where a third party is not involved. While we intend to analyze the credit and business of a potential portfolio company in determining whether to make an investment in an Investment Vehicle, we will nonetheless be exposed to the creditworthiness of the Investment Vehicle and any third party. In the event of a bankruptcy proceeding against the portfolio company, the assets of the portfolio company may be used to satisfy its obligations prior to the satisfaction of our investment in the Investment Vehicle (i.e., our investment in the Investment Vehicle could be structurally subordinated to the other obligations of the portfolio company). If a third party is involved, we are subject to the risk that such third-party could have financial difficulties resulting in a negative impact on the Investment Vehicle, could have economic or business interests or goals which are inconsistent with ours, or could be in a position to take (or block) action in a manner contrary to our investment objective or the increased possibility of default by, diminished liquidity or insolvency of, the third party, due to a sustained or general economic downturn. In addition, if we are not the sole investor in an Investment Vehicle, we may be required to rely on our partners in the Investment Vehicle when making decisions regarding such Investment Vehicle’s investments, accordingly, the value of the investment could be adversely affected if our interests diverge from those of our partners in the Investment Vehicle. | |||
Strategic Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Any strategic investments that we pursue are subject to risks and uncertainties. We have pursued and may continue to pursue growth through strategic investments in new businesses, including through investments in our specialty finance vehicles. Completion and timing of any such strategic investments may be subject to a number of contingencies, including the uncertainty in reaching a commercial agreement with our counterparty, our ability to obtain required board, shareholder and regulatory approvals, as well as any required financing (or the risk that these are obtained subject to terms and conditions that are not anticipated). The announcement or consummation of any transaction also may adversely impact our business relationships or engender competitive responses. In addition, the proposal and negotiation of strategic investments, whether or not completed, as well as the integration of those businesses into our existing portfolio, could result in substantial expenses and the diversion of our Adviser’s time, attention and resources from our day-to-day operations. Our ability to manage our growth through strategic investments will depend, in part, on our success in addressing these risks. Any failure to effectively implement our acquisition or strategic investment strategies could have a material adverse effect on our business, financial condition or results of operations. | |||
Publicly Traded Companies Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Investing in publicly traded companies can involve a high degree of risk and can be speculative. We may invest a portion of our portfolio in publicly traded companies or companies that are in the process of completing their initial public offering (“IPO”). If we invest in instruments issued by publicly-held companies, we may be subject to risks that differ in type or degree from those involved with investments in privately-held companies. Such risks include, without limitation, greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on our ability to dispose of such instruments at certain times, increased likelihood of shareholder litigation against such companies’ board members and increased costs associated with each of the aforementioned risks. In addition, to the extent we invest in publicly traded debt instruments, we may not be able to obtain financial covenants or other contractual rights that we might otherwise be able to obtain when making privately-negotiated investments. We may not have the same access to information in connection with investments in public debt instruments that we would expect to have in connection with privately-negotiated investments. As publicly traded companies, the securities of these companies may not trade at high volumes, and prices can be volatile, particularly during times of general market volatility, which may restrict our ability to sell our positions and may have a material adverse impact on us. If we or our Adviser were deemed to have material, nonpublic information regarding the issuer of a publicly traded instrument in which we have invested, we may be limited in our ability to make new investments or sell existing investments in such issuer. All of these factors may restrict our ability to sell our positions and may have a material adverse impact on | |||
Investment Concentration Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investments are concentrated in technology-related industries, some of which are subject to extensive government regulation, which exposes us to the risk of significant loss if any of these industry sectors experiences a downturn. A consequence of our investment strategy is that our investment returns will be materially and adversely affected if the companies or the industries we target perform poorly. Beyond the asset diversification requirements to which we will be subject as a RIC and the policy we expect to adopt to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies, we do not have fixed guidelines for diversification or limitations on the size of our investments in any one company and our investments could be concentrated in relatively few industries. Our investments may be subject to extensive regulation by U.S. and foreign federal, state and/or local agencies. Changes in existing laws, rules or regulations, or judicial or administrative interpretations thereof, or new laws, rules or regulations could have an adverse impact on the business and industries of our portfolio companies. In addition, changes in government priorities or limitations on government resources could also adversely impact our portfolio companies. We are unable to predict whether any such changes in laws, rules or regulations will occur and, if they do occur, the impact of these changes on our portfolio companies and our investment returns. Furthermore, if any of our portfolio companies were to fail to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their operations. Our portfolio companies may be subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace. As of December 31, 2023, our investments in systems software and application software represented 28.0% and 15.8% of our portfolio at fair value, respectively. Our investments in these industries are subject to substantial risks, including, but not limited to, the risk that the laws and regulations governing these industries and interpretations thereof, may change frequently, the risk of defending against litigation claims based on allegations of infringement or other violations of intellectual property, the risk that portfolio companies may be unable to attract and retain qualified skilled IT personnel and software developers, the risk that rapid technological change, evolving industry standards and practices, and changing customer needs may negatively affect our portfolio companies, and sensitivity to general economic conditions and cyclical demand. | |||
Investments With Limited Operating Histories And Resources Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investments may be in portfolio companies that have limited operating histories and resources. Our portfolio may include investments in companies that may have relatively limited operating histories. These companies may be particularly vulnerable to U.S. and foreign economic downturns may have more limited access to capital and higher funding costs, may have a weaker financial position and may need more capital to expand or compete. These businesses also may experience substantial variations in operating results. They may face intense competition, including from larger, more established companies with greater financial, technical and marketing resources. Furthermore, some of these companies do business in regulated industries and could be affected by changes in government regulation applicable to their given industry. Accordingly, these factors could impair their cash flow or result in other events, such as bankruptcy, which could limit their ability to repay their obligations to us, and may adversely affect the return on, or the recovery of, our investment in these companies. We cannot assure you that any of our investments in our portfolio companies will be successful. We may lose our entire investment in any or all of our portfolio companies. | |||
Lack Of IPO Or Merger And Acquisition Opportunities Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | A lack of IPO or merger and acquisition opportunities may cause companies to stay in our portfolio longer, leading to lower returns, unrealized depreciation, or realized losses. A lack of IPO or merger and acquisition (“M&A”) opportunities for venture capital-backed companies could lead to companies staying longer in our portfolio as private entities still requiring funding. This situation may adversely affect the amount of available funding for early-stage companies in particular as, in general, venture-capital firms are being forced to provide additional financing to late-stage companies that cannot complete an IPO or M&A transaction. In the best case, such stagnation would dampen returns, and in the worst case, could lead to unrealized depreciation and realized losses as some companies run short of cash and have to accept lower valuations in private fundings or are not able to access additional capital at all. A lack of IPO or M&A opportunities for venture capital-backed companies can also cause some venture capital firms to change their strategies, leading some of them to reduce funding of their portfolio companies and making it more difficult for such companies to access capital and to fulfill their potential, which can result in unrealized depreciation and realized losses in such companies by other companies such as ourselves who are co-investors in such companies. | |||
Inability To Commercialize Or Develop Commercially Viable Products Or Businesses Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The inability of our portfolio companies to commercialize their technologies or create or develop commercially viable products or businesses would have a negative impact on our investment returns. The possibility that our portfolio companies will not be able to commercialize their technology, products or business concepts presents significant risks to the value of our investments. Additionally, although some of our portfolio companies may already have a commercially successful product or product line when we invest, technology-related products and services often have a more limited market- or life-span than products in other industries. Thus, the ultimate success of these companies often depends on their ability to continually innovate, or raise additional capital, in increasingly competitive markets. Their inability to do so could affect our investment return. In addition, the intellectual property held by our portfolio companies often represents a substantial portion of the collateral, if any, securing our investments. We cannot assure you that any of our portfolio companies will successfully acquire or develop any new technologies, or that the intellectual property the companies currently hold will remain viable. Even if our portfolio companies are able to develop commercially viable products, the market for new products and services is highly competitive and rapidly changing. Neither our portfolio companies nor we have any control over the pace of technology development. Commercial success is difficult to predict, and the marketing efforts of our portfolio companies may not be successful. | |||
Intellectual Property Rights Protection Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | If our portfolio companies are unable to protect their intellectual property rights, or are required to devote significant resources to protecting their intellectual property rights, then our investments could be harmed. Our success and competitive position depend in part upon the ability of our portfolio companies to obtain and maintain proprietary technology used in their products and services, which will often represent a significant portion of the collateral, if any, securing our investment. The portfolio companies will rely, in part, on patent, trade secret and trademark law to protect that technology, but competitors may misappropriate their intellectual property, and disputes as to ownership of intellectual property may arise. Portfolio companies may, from time to time, be required to institute litigation in order to enforce their patents, copyrights or other intellectual property rights, to protect their trade secrets, to determine the validity and scope of the proprietary rights of others or to defend against claims of infringement. Such litigation could result in substantial costs and diversion of resources. Similarly, if a portfolio company is found to infringe upon or misappropriate a third party’s patent or other proprietary rights, that portfolio company could be required to pay damages to such third party, alter its own products or processes, obtain a license from the third party and/or cease activities utilizing such proprietary rights, including making or selling products utilizing such proprietary rights. Any of the foregoing events could negatively affect both the portfolio company’s ability to service our debt investment and the value of any related debt and equity securities that we own, as well as any collateral securing our investment. | |||
Trade Secrets And Confidential Information Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our relationship with certain portfolio companies may expose us to our portfolio companies’ trade secrets and confidential information which may require us to be parties to non-disclosure agreements and restrict us from engaging in certain transactions. Our relationship with some of our portfolio companies may expose us to our portfolio companies’ trade secrets and confidential information (including transactional data and personal data about their employees and clients) that may require us to be parties to nondisclosure agreements and restrict us from engaging in certain transactions. Unauthorized access or disclosure of such information may occur, resulting in theft, loss or other misappropriation. Any theft, loss, improper use, such as insider trading or other misappropriation of confidential information could have a material adverse impact on our competitive positions, our relationship with our portfolio companies and our reputation and could subject us to regulatory inquiries, enforcement and fines, civil litigation and possible financial liability or costs. | |||
Financial Maintenance Covenants Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Broadly syndicated loans, including “covenant-lite” loans, may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. A significant number of high yield loans in the market, in particular the broadly syndicated loan market, may consist of “covenant-lite” loans. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Ownership of “covenant-lite” loans may expose us to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. | |||
Bank Loan Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may be subject to risks associated with our investments in bank loans. We may invest in bank loans and participations. These obligations are subject to unique risks, including: • the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors’ rights laws, • so-called lender-liability claims by the issuer of the obligations, • environmental liabilities that may arise with respect to collateral securing the obligations, and • limitations on our ability to directly enforce its rights with respect to participations. In addition, the illiquidity of bank loans may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by us; (ii) leave us unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay us from realizing the proceeds of a sale of a loan; (iv) inhibit our ability to re-sell a loan that it has agreed to purchase if conditions change (leaving us more exposed to price fluctuations); (v) prevent us from timely collecting principal and interest payments; and (vi) expose us to adverse tax or regulatory consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, we may hold cash, sell investments or temporarily borrow from banks or other lenders. In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which we have purchased the participation. As a result, we will assume the credit risk of both the borrower and the institution selling the participation. In analyzing each bank loan or participation, our Adviser compares the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks will be borne by us. | |||
Risk Of Assets Decrease In Value [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | If the assets securing the loans that we make decrease in value, then we may lack sufficient collateral to cover losses. To attempt to mitigate credit risks, we intend to take a security interest in the available assets of our portfolio companies. There is no assurance that we will obtain sufficient collateral to cover losses or properly perfect our liens. There is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of a portfolio company to raise additional capital. In some circumstances, our lien could be subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan’s terms, or that we will be able to collect on the loan should we be forced to enforce our remedies. In addition, because we invest in technology-related companies, a substantial portion of the assets securing our investment may be in the form of intellectual property, if any, inventory and equipment and, to a lesser extent, cash and accounts receivable. Intellectual property, if any, that is securing our loan could lose value if, among other things, the company’s rights to the intellectual property are challenged or if the company’s license to the intellectual property is revoked or expires, the technology fails to achieve its intended results or a new technology makes the intellectual property functionally obsolete. Inventory may not be adequate to secure our loan if our valuation of the inventory at the time that we made the loan was not accurate or if there is a reduction in the demand for the inventory. | |||
Risk Of A Loss If Portfolio Company Defaults On A Loan And Underlying Collateral Is Insufficient [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient. In the event of a default by a portfolio company on a secured loan, we will only have recourse to the assets collateralizing the loan. If the underlying collateral value is less than the loan amount, we will suffer a loss. In addition, we may make loans that are unsecured, which are subject to the risk that other lenders may be directly secured by the assets of the portfolio company. In the event of a default, those collateralized lenders would have priority over us with respect to the proceeds of a sale of the underlying assets. In cases described above, we may lack control over the underlying asset collateralizing our loan or the underlying assets of the portfolio company prior to a default, and as a result the value of the collateral may be reduced by acts or omissions by owners or managers of the assets. In the event of bankruptcy of a portfolio company, we may not have full recourse to its assets in order to satisfy our loan, or our loan may be subject to “equitable subordination.” This means that depending on the facts and circumstances, including the extent to which we actually provided significant “managerial assistance,” if any, to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, certain of our loans are subordinate to other debt of the portfolio company. If a portfolio company defaults on our loan or on debt senior to our loan, or in the event of a portfolio company bankruptcy, our loan will be satisfied only after the senior debt receives payment. Where debt senior to our loan exists, the presence of intercreditor arrangements may limit our ability to amend our loan documents, assign our loans, accept prepayments, exercise our remedies (through “standstill” periods) and control decisions made in bankruptcy proceedings relating to the portfolio company. Bankruptcy and portfolio company litigation can significantly increase collection losses and the time needed for us to acquire the underlying collateral in the event of a default, during which time the collateral may decline in value, causing us to suffer losses. Borrowers of broadly syndicated loans may be permitted to designate unrestricted subsidiaries under the terms of their financing agreements, which would exclude such unrestricted subsidiaries from restrictive covenants under the financing agreement with the borrower. Without restriction under the financing agreement, the borrower could take various actions with respect to the unrestricted subsidiary including, among other things, incur debt, grant security on its assets, sell assets, pay dividends or distribute shares of the unrestricted subsidiary to the borrower’s shareholders. Any of these actions could increase the amount of leverage that the borrower is able to incur and increase the risk involved in our investments in broadly syndicated loans accordingly. If the value of collateral underlying our loan declines or interest rates increase during the term of our loan, a portfolio company may not be able to obtain the necessary funds to repay our loan at maturity through refinancing. Decreasing collateral value and/or increasing interest rates may hinder a portfolio company’s ability to refinance our loan because the underlying collateral cannot satisfy the debt service coverage requirements necessary to obtain new financing. If a borrower is unable to repay our loan at maturity, we could suffer a loss which may adversely impact our financial performance. | |||
May Not Realize Any Income Or Gains From Equity Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may not realize any income or gains from our equity investments. We have invested in and may continue to invest in equity-related securities, including common equity, warrants, preferred stock and convertible preferred securities. These equity interests we acquire may not appreciate in value and, in fact, may decline in value if the company fails to perform financially or achieve its growth objectives. We will generally have little, if any, control over the timing of any gains we may realize from our equity investments since these securities may have restrictions on their transfer or may not have an active trading market. Equity investments also have experienced significantly more volatility in their returns and may under-perform relative to fixed income securities during certain periods. An adverse event, such as an unfavorable earnings report, may depress the value. Also, prices of equity investments are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stock investments to which we have exposure. Equity prices fluctuate for several reasons including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Although we expect to receive current income in the form of dividend payments on any convertible preferred equity investments, a substantial portion of the gains we expect to receive from our investments in such securities will likely be from the capital gains generated from the sale of our equity investments upon conversion of our convertible securities, the timing of which we cannot predict and we cannot guarantee that such sale will happen at all. We do not expect to generate capital gains from the sale of our portfolio investments on a level or uniform basis from quarter to quarter. In addition, any convertible preferred stock instruments will generally provide for conversion upon the portfolio companies’ achievement of certain milestone events, including a qualified public offering and/or a senior exchange listing for their common stock. However, there can be no assurance that our portfolio companies will obtain either a junior or senior exchange listing or, even if a listing is obtained, that an active trading market will ever develop in the common stock of our publicly traded portfolio companies. In addition, even if our portfolio companies obtain an exchange listing, we may be subject to lock-up provisions that prohibit us from selling our investments into the public market for specified periods of time after such listing. As a result, the market price of securities that we hold may decline substantially before we are able to sell these securities following an exchange listing. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience. Furthermore, due to the expected growth of our portfolio companies, we do not generally expect to receive dividend income from our common stock investments. In the case of cumulative preferred stock, there is no assurance that any dividends will ever be paid by a portfolio company. Dividends to any equity holders may be suspended or cancelled at any time. Investments in equity securities can carry additional risks and may have other characteristics that require investments to be made indirectly through blocker entities or otherwise. In addition, if an issuer of equity securities in which we have invested sells additional shares of its equity securities, our interest in the issuer may be diluted and the value of our investment could decrease. We may invest, to the extent permitted by law, in the equity securities of investment funds that are operating pursuant to certain exceptions to the 1940 Act and in advisers to similar investment funds and, to the extent we so invest, will bear our ratable share of any such company’s expenses, including management and performance fees. We will also remain obligated to pay the base management fee, income based fee and capital gains incentive fee to our investment adviser with respect to the assets invested in the securities and instruments of such companies. With respect to each of these investments, each of our common stockholders will bear his or her share of the base management fee, income based fee and capital gains incentive fee due to our investment adviser as well as indirectly bearing the management and performance fees and other expenses of any such investment funds or advisers. For the foregoing reasons, investments in equity securities can be highly speculative and carry a substantial risk of loss of investment | |||
Risk Of Credit Ratings May Not Be Indicative Of Actual Credit Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments. Rating agencies rate debt securities based upon their assessment of the likelihood of the receipt of principal and interest payments. Rating agencies do not consider the risks of fluctuations in market value or other factors that may influence the value of debt securities. Therefore, the credit rating assigned to a particular instrument may not fully reflect the true risks of an investment in such instrument. Credit rating agencies may change their methods of evaluating credit risk and determining ratings. These changes may occur quickly and often. While we may give some consideration to ratings, ratings may not be indicative of the actual credit risk of our investments in rated instruments. | |||
Prepayment Of Debt Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. We are subject to the risk that the investments we make in our portfolio companies may be repaid prior to maturity. When this occurs, we will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elect to prepay amounts owed to us. Additionally, prepayments, net of prepayment fees, could negatively impact our return on equity. This risk will be more acute when interest rates decrease, as we may be unable to reinvest at rates as favorable as when we made our initial investment. | |||
Redemption Of Convertible Securities Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | A redemption of convertible securities held by us could have an adverse effect on our ability to achieve our investment objective. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security’s governing instrument. If a convertible security held by us is called for redemption, we will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on our ability to achieve our investment objective. | |||
Deferred Receipt Of Cash Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | To the extent original issue discount (OID) and payment-in-kind (PIK) interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income. Our investments may include OID and PIK instruments. To the extent OID and PIK constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in income for financial reporting purposes in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and taxable income prior to receipt of cash, including the following: • Original issue discount instruments may have unreliable valuations because the accruals require judgments about collectability or deferred payments and the value of any associated collateral; • Original issue discount instruments may create heightened credit risks because the inducement to the borrower to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the part of the borrower; • For U.S. GAAP purposes, cash distributions to shareholders that include a component of OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this fact; • The presence of OID and PIK creates the risk of non-refundable cash payments to our Adviser in the form of incentive fees on income based on non-cash OID and PIK accruals that may never be realized; and • In the case of PIK, “toggle” debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing incentive fees. | |||
Portfolio Companies May Incur Debt That Ranks Equal With Our Investments Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. Our strategy focuses on investing primarily in the debt of privately owned U.S. companies in a broad range of technology-related industries with a focus on originated transactions sourced through the networks of our Adviser. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, any holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company and our portfolio company may not have sufficient assets to pay all equally ranking credit even if we hold senior, first-lien debt. | |||
Portfolio Companies May Be Highly Leveraged Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our portfolio companies may be highly leveraged. Some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies’ ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. | |||
Risk Of Inability To Obtain Debt Financing Or Equity Capital [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected. The net proceeds from the sale of our shares will be used for our investment opportunities, and, if necessary, the payment of operating expenses and the payment of various fees and expenses such as base management fees, incentive fees, other fees and distributions. Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. We generally are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders to maintain our tax treatment as a RIC. Accordingly, in the event that we need additional capital in the future for investments or for any other reason we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to diversify our portfolio and achieve our investment objective, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders. | |||
Defaults By Portfolio Companies Could Jeopardize A Portfolio Company's Ability To Meet Its Obligations Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. In addition, some of the loans in which we may invest may be “covenant-lite” loans. We use the term “covenant-lite” loans to refer generally to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. As part of our lending activities, we may in certain opportunistic circumstances originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Any such investment would involve a substantial degree of risk. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower. | |||
Subordinated Liens On Collateral Securing Debt Investment May Be Subject To Control By Senior Creditors Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Subordinated liens on collateral securing debt investments that we may make to portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. Certain debt investments that we will make in portfolio companies will be secured on a second priority lien basis by the same collateral securing senior debt of such companies. We also make debt investments in portfolio companies secured on a first priority basis. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the debt. In the event of a default, the holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the first priority or second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the first priority or second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. We may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on any such portfolio company’s collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. | |||
Investments May Be Adversely Affected By Laws Relating To Fraudulent Conveyance Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences. Certain of our investments could be subject to federal bankruptcy law and state fraudulent transfer laws, which vary from state to state, if the debt obligations relating to certain investments were issued with the intent of hindering, delaying or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such debt obligations. If the debt proceeds are used for a buyout of shareholders, this risk is greater than if the debt proceeds are used for day-to-day operations or organic growth. If a court were to find that the issuance of the debt obligations was a fraudulent transfer or conveyance, the court could void or otherwise refuse to recognize the payment obligations under the debt obligations or the collateral supporting such obligations, further subordinate the debt obligations or the liens supporting such obligations to other existing and future indebtedness of the issuer or require us to repay any amounts received by us with respect to the debt obligations or collateral. In the event of a finding that a fraudulent transfer or conveyance occurred, we may not receive any repayment on such debt obligations. Under certain circumstances, payments to us and distributions by us to our shareholders may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws. Furthermore, investments in restructurings may be adversely affected by statutes relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the court’s discretionary power to disallow, subordinate or disenfranchise particular claims or re-characterize investments made in the form of debt as equity contributions. | |||
Debt Investments Could Be Subordinated To Claims Of Other Creditors Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. Although we intend to structure certain of our investments as senior debt, if one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company or a representative of us or our Adviser sat on the board of directors of such portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors. In situations where a bankruptcy carries a high degree of political significance, our legal rights may be subordinated to other creditors. | |||
Inability To Dispose Of Interest In Portfolio Companies Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies. We do not currently, and do not expect in the future to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as a debt investor. Due to the lack of liquidity for our investments in private companies, we may not be able to dispose of our interests in our portfolio companies as readily as we would like or at a favorable value. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings. | |||
Risk Of Being Exposed To Risk Associated With Changes In Interest Rates [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are, and will continue to be, exposed to risks associated with changes in interest rates. General interest rate fluctuations and changes in credit spreads on floating rate loans may have a substantial negative impact on our investments and investment opportunities and, accordingly, may have a material adverse effect on our rate of return on invested capital, our net investment income and our net asset value. The majority of our debt investments have, and are expected to have, variable interest rates that reset periodically based on benchmarks such as the SOFR, the SONIA, the Euro Interbank Offered Rate, the Federal Funds rate or Prime rate. Increases in interest rates have made and may continue to make it more difficult for our portfolio companies to service their obligations under the debt investments that we will hold and may increase defaults even where our investment income increases. Rising interest rates could also cause borrowers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. Additionally, as interest rates have increased and the corresponding risk of default by borrowers has increased, the liquidity of higher interest rate loans may decrease as fewer investors may be willing to purchase such loans in the secondary market in light of the increased risk of a default by the borrower and the heightened risk of a loss of an investment in such loans. All of these risks may be exacerbated when interest rates rise rapidly and/or significantly. Decreases in credit spreads on debt that pays a floating rate of return would have an impact on the income generation of our floating rate assets. Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise. Trading prices tend to fluctuate more for fixed rate securities that have longer maturities. Conversely, if interest rates were to decline, borrowers may refinance their loans at lower interest rates, which could shorten the average life of the loans and reduce the associated returns on the investment, as well as require our Adviser and the Adviser’s personnel to incur management time and expense to re-deploy such proceeds, including on terms that may not be as favorable as our existing loans. In addition, because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. Portions of our investment portfolio and our borrowings have floating rate components. As a result, the recent significant changes in market interest rates have increased our interest expense as has the incurrence of additional fixed rate borrowings. In periods of rising interest rates, such as in the current market, our cost of funds increases, which tends to reduce our net investment income. We may hedge against interest rate fluctuations by using standard hedging instruments such as interest rate swap agreements, futures, options and forward contracts, subject to applicable legal requirements, including all necessary registrations (or exemptions from registration) with the Commodity Futures Trading Commission. In addition, our interest expense may not decrease at the same rate as overall interest rates because of our fixed rate borrowings, which could lead to greater declines in our net investment income. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged borrowings. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations. We do not have a policy governing the maturities of our investments. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term securities. A decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our dividend rate. | |||
International Investment Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | International investments create additional risks. We may make investments in portfolio companies that are domiciled outside of the United States. Pursuant to our investment policies, we will not invest more than 20% of our total assets in companies whose principal place of business is outside the United States, although we do not generally intend to invest in companies whose principal place of business is an emerging market. Our investments in foreign portfolio companies are deemed “non-qualifying assets,” which means that, as required by the 1940 Act, such investments, along with other investments in non-qualifying assets, may not constitute more than 30% of our total assets at the time of our acquisition of any such asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign portfolio companies, such investments subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following: • foreign governmental laws, rules and policies, including those relating to taxation and bankruptcy and restricting the ownership of assets in the foreign country or the repatriation of profits from the foreign country to the United States and any adverse changes in these laws; • foreign currency devaluations that reduce the value of and returns on our foreign investments; • adverse changes in the availability, cost and terms of investments due to the varying economic policies of a foreign country in which we invest; • adverse changes in tax rates, the tax treatment of transaction structures and other changes in operating expenses of a particular foreign country in which we invest; • the assessment of foreign-country taxes (including withholding taxes, transfer taxes and value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country; • changes that adversely affect the social, political and/or economic stability of a foreign country in which we invest; • high inflation in the foreign countries in which we invest, which could increase the costs to us of investing in those countries; • deflationary periods in the foreign countries in which we invest, which could reduce demand for our assets in those countries and diminish the value of such investments and the related investment returns to us; and • legal and logistical barriers in the foreign countries in which we invest that materially and adversely limit our ability to enforce our contractual rights with respect to those investments. In addition, we may make investments in countries whose governments or economies may prove unstable. Certain of the countries in which we may invest may have political, economic and legal systems that are unpredictable, unreliable or otherwise inadequate with respect to the implementation, interpretation and enforcement of laws protecting asset ownership and economic interests. In some of the countries in which we may invest, there may be a risk of nationalization, expropriation or confiscatory taxation, which may have an adverse effect on our portfolio companies in those countries and the rates of return that we are able to achieve on such investments. We may also lose the total value of any investment which is nationalized, expropriated or confiscated. The financial results and investment opportunities available to us, particularly in developing countries and emerging markets, may be materially and adversely affected by any or all of these political, economic and legal risks. | |||
Risk Management Activities Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may expose ourselves to risks if we engage in risk management activities. We may enter into hedging transactions, which may expose us to risks associated with such transactions. We may seek to utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates and the relative value of certain debt securities from changes in market interest rates. Use of these hedging instruments may include counter-party credit risk. The scope of risk management activities we undertake varies based on the level of interest rates, prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions.To the extent we have non-U.S. investments, particularly investments denominated in non-U.S. currencies, our hedging costs will increase. Hedging against a decline in the values of our portfolio positions would not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions were to decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions were to increase. It also may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. For a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the positions being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. Income derived from hedging transactions also is not eligible to be distributed to non-U.S. stockholders free from withholding taxes. Changes to the regulations applicable to the financial instruments we use to accomplish our hedging strategy could affect the effectiveness of that strategy. See “ — The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes ” and “ We are, and will continue to be, exposed to risks associated with changes in interest rates. ” | |||
Market Structure Applicable To Derivatives Imposed By Dodd-Frank Act, The U.S. Commodity Futures Trading Commission and SEC May Affect Ability To Use OCT Derivatives For Hedging Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes. The Dodd-Frank Act and the CFTC enacted and the SEC has issued rules to implement broad new regulatory and structural requirements applicable to OTC derivatives markets and, to a lesser extent, listed commodity futures (and futures options) markets. Similar changes are in the process of being implemented in other major financial markets. The CFTC and the SEC have issued final rules establishing that certain swap transactions are subject to CFTC regulation. Engaging in such swap or other commodity interest transactions such as futures contracts or options on futures contracts may cause us to fall within the definition of “commodity pool” under the Commodity Exchange Act and related CFTC regulations. Our Adviser has claimed relief from CFTC registration and regulation as a commodity pool operator with respect to our operations, with the result that we are limited in our ability to use futures contracts or options on futures contracts or engage in swap transactions. Specifically, we are subject to strict limitations on using such derivatives other than for hedging purposes, whereby the use of derivatives not used solely for hedging purposes is generally limited to situations where (i) the aggregate initial margin and premiums required to establish such positions does not exceed five percent of the liquidation value of our portfolio, after taking into account unrealized profits and unrealized losses on any such contracts we have entered into; or (ii) the aggregate net notional value of such derivatives does not exceed 100% of the liquidation value of our portfolio. The Dodd-Frank Act also imposed requirements relating to real-time public and regulatory reporting of OTC derivative transactions, enhanced documentation requirements, position limits on an expanded array of derivatives, and recordkeeping requirements. Taken as a whole, these changes could significantly increase the cost of using uncleared OTC derivatives to hedge risks, including interest rate and foreign exchange risk; reduce the level of exposure we are able to obtain for risk management purposes through OTC derivatives (including as the result of the CFTC imposing position limits on additional products); reduce the amounts available to us to make non-derivatives investments; impair liquidity in certain OTC derivatives; and adversely affect the quality of execution pricing obtained by us, all of which could adversely impact our investment returns. | |||
Limited Ability To Enter Transactions Involving Derivatives And Financial Commitment Transactions Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. Rule 18f-4 requires a BDC (or a registered investment company) that uses derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program and implement certain testing and board reporting requirements. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. | |||
Market Risk, Liquidity Risk And Other Risks As A Result Of Entering Into Total Return Swaps [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage. A total return swap is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the total return swap, which may include a specified security or loan, basket of securities or loans or securities or loan indices during the specified period, in return for periodic payments based on a fixed or variable interest rate. A total return swap is typically used to obtain exposure to a security, loan or market without owning or taking physical custody of such security or loan or investing directly in such market. A total return swap may effectively add leverage to our portfolio because, in addition to our total net assets, we would be subject to investment exposure on the amount of securities or loans subject to the total return swap. A total return swap is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In addition, because a total return swap is a form of synthetic leverage, such arrangements are subject to risks similar to those associated with the use of leverage. | |||
Volatility, Intense Competition, Shortened Product Life Cycles, Changes In Regulatory And Governmental Programs And Periodic Downturns Risk For Technology-Related Companies [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investment strategy focuses on technology-related companies, which are subject to many risks, including volatility, intense competition, shortened product life cycles, changes in regulatory and governmental programs and periodic downturns, and you could lose all or part of your investment. We have adopted a policy to invest, under normal circumstances, at least 80% of the value of our assets in technology-related companies, many of which may have narrow product lines and small market shares, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as to general economic downturns. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, technology-related industries are generally characterized by abrupt business cycles and intense competition. Overcapacity in technology-related industries, together with cyclical economic downturns, may result in substantial decreases in the market capitalization of many technology-related companies. Such decreases in market capitalization may occur again, and any future decreases in technology-related company valuations may be substantial and may not be temporary in nature. Therefore, our portfolio companies may face considerably more risk of loss than do companies in other industry sectors. Because of rapid technological change, the average selling prices of products and some services provided by technology-related companies have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by technology-related companies may decrease over time, which could adversely affect their operating results, their ability to meet obligations under their debt securities and the value of their equity securities. This could, in turn, materially adversely affect our business, financial condition and results of operations. A natural disaster may also impact the operations of our portfolio companies, including the technology companies in our portfolio. The nature and level of natural disasters cannot be predicted and may be exacerbated by global climate change. Technology companies rely on items assembled or produced in areas susceptible to natural disasters, and may sell finished goods into markets susceptible to natural disasters. A major disaster, such as an earthquake, tsunami, flood or other catastrophic event could result in disruption to the business and operations of the technology companies in our portfolio. We may invest in technology-related companies that are reliant on U.S. and foreign regulatory and governmental programs. Any material changes or discontinuation, due to change in administration or U.S. Congress or otherwise could have a material adverse effect on the operations of a portfolio company in these industries and, in turn, impair our ability to timely collect principal and interest payments owed to us to the extent applicable. | |||
Extensive Government Regulation And Litigation Risk For Life Sciences-Related Companies [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investments in life sciences-related companies may be subject to extensive government regulation, litigation risk and certain other risks particular to that industry. We may invest in life sciences-related that may be subject to extensive regulation by federal, state and other foreign agencies. If any of these portfolio companies fail to comply with applicable regulations, they could be subject to significant penalties and claims that could materially and adversely affect their operations. Portfolio companies that produce medical devices or drugs are subject to the expense, delay and uncertainty of the regulatory approval process for their products and, even if approved, these products may not be accepted in the marketplace. In addition, governmental budgetary constraints effecting the regulatory approval process, new laws, regulations or judicial interpretations of existing laws and regulations might adversely affect a portfolio company in this industry. Life sciences-related portfolio companies may also have a limited number of suppliers of necessary components or a limited number of manufacturers for their products, and therefore face a risk of disruption to their manufacturing process if they are unable to find alternative suppliers when needed. Any of these factors could materially and adversely affect the operations of a life sciences-related portfolio company and, in turn, impair our ability to timely collect principal and interest payments owed to us. | |||
Risks Associated With Investments In Software Industries [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may be subject to risks associated with our investments in the software industry. Portfolio companies in the software industry are subject to a number of risks. The revenue, income (or losses) and valuations of software and other technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of software products have historically decreased over their productive lives. As a result, the average selling prices of software offered by our portfolio companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold. Additionally, companies operating in the software industry are subject to vigorous competition, changing technology, changing client and end-consumer needs, evolving industry standards and frequent introductions of new products and services. Our portfolio companies in the software industry may compete with other companies that operate in the global, regional and local software industries, and those competitors may be engaged in a greater range of businesses, have a larger installed base of customers for their existing products and services or have greater financial, technical, sales or other resources than our portfolio companies do. Our portfolio companies may lose market share if their competitors introduce or acquire new products that compete with their software and related services or add new features to their products. Any of this could, in turn, materially adversely affect our business, financial condition and results of operations. | |||
Inability To Obtain Various Required Licenses In U.S. States Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We cannot guarantee that we will be able to obtain various required licenses in U.S. states or in any other jurisdiction where they may be required in the future. We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and may be required to obtain similar licenses from other authorities, including outside of the United States, in the future in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure you that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure you that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences. | |||
Investment Strategy Focused Primarily On Privately Held Companies Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies. We invest primarily in privately held companies. Investments in private companies pose certain incremental risks as compared to investments in public companies including that they: • have reduced access to the capital markets, resulting in diminished capital resources and ability to withstand financial distress; • may have limited financial resources and may be unable to meet their obligations under their debt obligations that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment; • may have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and changing market conditions, as well as general economic downturns; • are more likely to depend on the management talents and efforts of a small group of persons and, therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company and, in turn, on us; and • generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. In addition, investments in private companies tend to be less liquid. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately negotiated over-the-counter secondary market for institutional investors. These over-the-counter secondary markets may be inactive during an economic downturn or a credit crisis and in any event often have lower volumes than publicly traded securities even in normal market conditions. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities. If there is no readily available market for these investments, we are required to carry these investments at fair value as determined by our Board. As a result, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments. We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, our Adviser or any of its affiliates have material nonpublic information regarding such portfolio company or where the sale would be an impermissible joint transaction under the 1940 Act. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses. Finally, little public information generally exists about private companies and these companies may not have third-party credit ratings or audited financial statements. We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies, and to monitor the activities and performance of these investments. To the extent that we (or other clients of our Adviser) may hold a larger number of investments, greater demands will be placed on our Adviser’s time, resources and personnel in monitoring such investments, which may result in less attention being paid to any individual investment and greater risk that our investment decisions may not be fully informed. Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act of 2002 and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. | |||
Investment Analyses And Decisions By Adviser May Be Required To Be Undertaken On Expedited Basis Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Certain investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis. Investment analyses and decisions by our Adviser may be required to be undertaken on an expedited basis to take advantage of certain investment opportunities. While we generally will not seek to make an investment until our Adviser has conducted sufficient due diligence to make a determination as to the acceptability of the credit quality of the investment and the underlying issuer, in such cases, the information available to our Adviser at the time of making an investment decision may be limited. Therefore, no assurance can be given that our Adviser will have knowledge of all circumstances that may adversely affect an investment. In addition, our Adviser may rely upon independent consultants and others in connection with its evaluation of proposed investments. No assurance can be given as to the accuracy or completeness of the information provided by such independent consultants and we may incur liability as a result of such consultants’ actions, many of whom we will have limited recourse against in the event of any such inaccuracies. | |||
Inability TO Make Additional Investments In Our Portfolio Companies Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may not have the funds or ability to make additional investments in our portfolio companies. After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we do have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements, or in order to maintain our RIC status. Our ability to make follow-on investments may also be limited by our Adviser’s allocation policies. Any decision not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful investment or may reduce the expected return to us on the investment. | |||
Interests In The CLO Preferred Shares Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to certain risks as a result of our interests in the CLO Preferred Shares. Under the terms of the loan sale agreements entered into in connection with our debt securitization transactions with respect to the CLOs (collectively, the “CLO Transactions”), we and Athena Funding I sold and/or contributed to the Delaware limited liability company, in connection with the CLO Transaction (the "CLO Issuer"), all of the ownership interest in the portfolio loans and participations held by the CLO Issuer on the closing date for the CLO Transaction for the purchase price and other consideration set forth in such loan sale agreements. As a result of the CLO Transactions, we hold all of the preferred shares issued by the CLO Issuer (collectively, the “CLO Preferred Shares”), which comprise 100% of the equity interests in the CLO Issuer . As a result, we expect to consolidate the financial statements of the CLO Issuer in our consolidated financial statements. However, once sold or contributed to a CLO, the underlying loans and participation interests have been securitized and are no longer our direct investment, and the risk return profile has been altered. In general, rather than holding interests in the underlying loans and participation interests, the CLO Transactions resulted in us holding equity interests in the CLO Issuer, with the CLO Issuer holding the underlying loans. As a result, we are subject both to the risks and benefits associated with the Preferred Shares and, indirectly, the risks and benefits associated with the underlying loans and participation interests held by the CLO Issuer. In addition, our ability to sell, amend or otherwise modify an underlying loan held by a CLO Issuer is subject to certain conditions and restrictions under the applicable CLO Transactions, which may prevent us from taking actions that we would take if we held such underlying loan directly. | |||
Subordination Of The CLO Preferred Shares Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The subordination of the CLO Preferred Shares will affect our right to payment. The CLO Preferred Shares are subordinated to the notes issued and amounts borrowed by the CLO Issuer (collectively, the “CLO Debt”), respectively, and certain fees and expenses. If an overcollateralization test or an interest coverage test is not satisfied as of a determination date, the proceeds from the underlying loans otherwise payable to a CLO Issuer (which such CLO Issuer could have distributed with respect to the CLO Preferred Shares of such CLO Issuer) will be diverted to the payment of principal on the CLO Debt of such CLO Issuer. See “— The CLO Indentures require mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us .” On the scheduled maturity of the CLO Debt of a CLO Issuer or if such CLO Debt is accelerated after an event of default, proceeds available after the payment of certain administrative expenses will be applied to pay both principal of and interest on the such CLO Debt until such CLO Debt is paid in full before any further payment will be made on the CLO Preferred Shares of such CLO Issuer. As a result, such CLO Preferred Shares would not receive any payments until such CLO Debt is paid in full and under certain circumstances may not receive payments at any time. In addition, if an event of default occurs and is continuing with respect to the CLO Debt of a CLO Issuer, the holders of such CLO Debt will be entitled to determine the remedies to be exercised under the indenture pursuant to which such CLO Debt was issued (the “CLO Indenture”). Remedies pursued by the holders of CLO Debt could be adverse to our interests as the holder of CLO Preferred Shares, and the holders of CLO Debt will have no obligation to consider any possible adverse effect on such our interest or the interest of any other person. See “ — The holders of certain CLO Debt will control many rights under the CLO Indentures and therefore, we will have limited rights in connection with an event of default or distributions thereunder .” The CLO Preferred Shares represent leveraged investments in the underlying loan portfolio of the applicable CLO Issuer, which is a speculative investment technique that increases the risk to us as the owner of the CLO Preferred Shares. As the junior interest in a leveraged capital structure, the CLO Preferred Shares will bear the primary risk of deterioration in the performance of the applicable CLO Issuer and its portfolio of underlying loans. | |||
Limited Rights In Event Of Default Under CLO Debt [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The holders of certain CLO Debt will control many rights under the CLO Indenture and therefore, we will have limited rights in connection with an event of default or distributions thereunder. Under the CLO Indenture, as long as any CLO Debt of the applicable CLO Issuer is outstanding, the holders of the senior-most outstanding class of such CLO Debt will have the right to direct the trustee or the applicable CLO Issuer to take certain actions under the CLO Indenture. For example, these holders will have the right, following an event of default, to direct certain actions and control certain decisions, including the right to accelerate the maturity of applicable CLO Debt and, under certain circumstances, the liquidation of the collateral. Remedies pursued by such holders upon an event of default could be adverse to our interests. Although we, as the holder of the CLO Preferred Shares, will have the right, subject to the conditions set forth in the CLO Indentures, to purchase assets in any liquidation of assets by the collateral trustee, if an event of default has occurred and is continuing, we will not have any creditors’ rights against the applicable CLO Issuer and will not have the right to determine the remedies to be exercised under the applicable CLO Indenture. There is no guarantee that any funds will remain to make distributions to us as the holder of the CLO Preferred Shares following any liquidation of assets and the application of the proceeds from such assets to pay the applicable CLO Debt and the fees, expenses, and other liabilities payable by the applicable CLO Issuer. | |||
CLO Indentures Require Mandatory Redemption Of CLO Debt Which Reduces Amount Distributed Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The CLO Indenture requires mandatory redemption of the respective CLO Debt for failure to satisfy coverage tests, which would reduce the amounts available for distribution to us. Under the CLO Indenture governing the CLO Transactions, there are two coverage tests applicable to CLO Debt. These tests apply to each CLO Transaction separately. The first such test, the interest coverage test, compares the amount of interest proceeds received and, other than in the case of defaulted loans, scheduled to be received on the underlying loans held by each CLO Issuer to the amount of interest due and payable on the CLO Debt of such CLO Issuer and the amount of fees and expenses senior to the payment of such interest in the priority of distribution of interest proceeds. To satisfy this test interest received on the portfolio loans held by such CLO Issuer must equal at least 120% of the amount equal to the interest payable on the CLO Debt of such CLO Issuer for Class A/B in Athena CLO II , and at least 115% for Class C in CLO VII, plus the senior fees and expenses. The second such test, the overcollateralization test, compares the adjusted collateral principal amount of the portfolio of underlying loans of each CLO Issuer to the aggregate outstanding principal amount of the CLO Debt of such CLO Issuer. To satisfy this second test at any time, this adjusted collateral principal amount for Athena II must equal at least 138.46% for Class A/B and 154.67for Class C for of the outstanding principal amount of the Athena II Debt. In this test, certain reductions are applied to the principal balance of underlying loans in connection with certain events, such as defaults or ratings downgrades to “CCC” levels or below with respect to the loans held by each CLO Issuer. These adjustments increase the likelihood that this test is not satisfied. If either coverage test with respect to a CLO Transaction is not satisfied on any determination date on which such test is applicable, the applicable CLO Issuer must apply available amounts to redeem its CLO Debt in an amount necessary to cause such test to be satisfied. This would reduce or eliminate the amounts otherwise available to make distributions to us as the holder of the CLO Preferred Shares of such CLO Issuer. | |||
Environmental Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our investments in portfolio companies may expose us to environmental risks. We may invest in portfolio companies that are subject to changing and increasingly stringent environmental and health and safety laws, regulations and permit requirements and environmental costs that could place increasing financial burdens on such portfolio entities. Required expenditures for environmental compliance may adversely impact investment returns on portfolio companies. The imposition of new environmental and other laws, regulations and initiatives could adversely affect the business operations and financial stability of such portfolio companies. There can be no guarantee that all costs and risks regarding compliance with environmental laws and regulations can be identified. New and more stringent environmental and health and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose substantial additional costs on our portfolio companies. Compliance with such current or future environmental requirements does not ensure that the operations of the portfolio companies will not cause injury to the environment or to people under all circumstances or that the portfolio companies will not be required to incur additional unforeseen environmental expenditures. Moreover, failure to comply with any such requirements could have a material adverse effect on a portfolio company, and we can offer no assurance that any such portfolio companies will at all times comply with all applicable environmental laws, regulations and permit requirements. | |||
Climate Change May Expose To Systemic, Global, Macroeconomic Risks [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Climate change and climate-related effects may expose us to systemic, global, macroeconomic risks and could adversely affect our business and the businesses of our products’ portfolio companies. Global climate change is widely considered to be a significant threat to the global economy. We and the companies in which we invest may face risks associated with climate change, including physical risks such as an increased frequency or severity of extreme weather events and rising sea levels and temperatures. In addition, climate change may also impact our profitability and costs, as well as pose systemic risks for our businesses and those of the companies in which we invest. For example, to the extent weather conditions are affected by climate change, energy use by us or the companies in which we invest could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of us or the companies in which we invest. On the other hand, a decrease in energy use due to weather changes may affect the financial condition of some of the companies in which we invest through decreased revenues. Additionally, extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Further, the current U.S. presidential administration has focused on climate change policies and has re-joined the Paris Agreement, which includes commitments from countries to reduce their greenhouse gas emissions, among other commitments. The Paris Agreement and other regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities as well as private actors seeking to reduce greenhouse gas emissions may expose our business operations, products and products’ portfolio companies to other types of transition risks, such as: (i) political and policy risks, (including changing regulatory incentives, and legal requirements, including with respect to greenhouse gas emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks, (including changing legal requirements that could result in increased permitting, tax and compliance costs, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks, (including declining market for investments in industries seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions), (iv) business trend risks, (including the increased attention to ESG considerations by our investors, including in connection with their determination of whether to invest), and (v) potential harm to our reputation if our shareholders believe that we are not adequately or appropriately responding to climate change and/or climate risk management, including through the way in which we operate our business, the composition of portfolio, our new investments or the decisions we make to continue to conduct or change our activities in response to climate change considerations. | |||
Limited Liquidity Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our shares are not listed on an exchange or quoted through a quotation system and will not be listed for the foreseeable future, if ever. Therefore, our shareholders will have limited liquidity. Our shares are illiquid investments for which there is not a secondary market nor is it expected that any such secondary market will develop in the future. Our common stock will not be registered under the Securities Act, or any state securities law and will be restricted as to transfer by law and the terms of our charter. Shareholders generally may not sell, assign or transfer their shares without prior written consent of the Adviser, which the Adviser may grant or withhold in its sole discretion. Except in limited circumstances for legal or regulatory purposes, shareholders are not entitled to redeem their shares of our common stock. Shareholders must be prepared to bear the economic risk of an investment in us for an indefinite period of time. We do not know at this time what circumstances will exist in the future and therefore we do not know what factors our Board will consider in determining whether to conduct an Exchange Listing. If we do undertake an Exchange Listing, we cannot assure you a public trading market will develop or, if one develops, that such trading market can be sustained. Shares of companies offered in an initial public offering often trade at a discount to the initial offering price due to underwriting discounts and related offering expenses. Also, shares of closed-end investment companies and business development companies frequently trade at a discount from their net asset value. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share of common stock may decline. We cannot predict whether our common stock, if listed on a national securities exchange, will trade at, above or below net asset value. | |||
Additional Shares Issued Diluted Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | A shareholder’s interest in us will be diluted if we issue additional shares, which could reduce the overall value of an investment in us. Our shareholders do not have preemptive rights to purchase any shares we issue in the future. Our charter authorizes us to issue up to 500 million shares of common stock.Pursuant to our charter, a majority of our entire Board may amend our charter to increase the number of shares of common stock we may issue without shareholder approval. Our Board may elect to sell additional shares in the future or issue equity interests in private offerings. To the extent we issue additional equity interests at or below net asset value, your percentage ownership interest in us may be diluted. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you may also experience dilution in the book value and fair value of your shares. | |||
Provision of Charter And Actions Of Board Could Deter Takeover Attempts And Have Adverse Impact On Value Of Shares Of Common Stock Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Certain provisions of our charter and actions of our Board could deter takeover attempts and have an adverse impact on the value of shares of our common stock. Our charter, as well as certain statutory and regulatory requirements, contain certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board is divided into three classes of directors serving staggered three-year terms, which could prevent shareholders from removing a majority of directors in any given election. Our Board may, without shareholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred stock; and our Board may, without shareholder action, amend our charter to increase the number of shares of our common stock, of any class or series, that we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of shares of our common stock the opportunity to realize a premium over the value of shares of our common stock. | |||
Investing In Securities Involves A High Degree of Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Investing in our securities involves a high degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options, including volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance. | |||
Net Asset Value Of Common Stock May Fluctuate Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The net asset value of our common stock may fluctuate significantly. The net asset value and liquidity, if any, of the market for shares of our common stock may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • changes in the value of our portfolio of investments and derivative instruments as a result of changes in market factors, such as interest rate shifts, and also portfolio specific performance, such as portfolio company defaults, among other reasons; • changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; • loss of RIC tax treatment or BDC status; • distributions that exceed our net investment income and net income as reported according to U.S. GAAP; • changes in earnings or variations in operating results; • changes in accounting guidelines governing valuation of our investments; • any shortfall in revenue or net income or any increase in losses from levels expected by investors; • departure of our Adviser or certain of its key personnel; • general economic trends and other external factors; and • loss of a major funding source. | |||
Fluctuations In Quarterly Results Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may experience fluctuations in our quarterly results. We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable on the loans or other debt securities we originate or acquire, the level of our expenses (including our borrowing costs), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods or the full fiscal year. | |||
Distribution Uncertainty Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The amount of any distributions we may make on our common stock is uncertain. We may not be able to pay distributions to shareholders, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limits on the extent to which we may use borrowings, if any, and we may use sources other than cash flows from operations to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies). | |||
Distributions On Our Common Stock Exceed Our Taxable Earnings And Profits Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Distributions on our common stock may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you. A return of capital is a return of a portion of your original investment in shares of our common stock. As a result, a return of capital will (i) lower your tax basis in your shares and thereby increase the amount of capital gain (or decrease the amount of capital loss) realized upon a subsequent sale or redemption of such shares, and (ii) reduce the amount of funds we have for investment in portfolio companies. We have not established any limit on the extent to which we may use offering proceeds to fund distributions. | |||
Shareholders May Experience Dilution In Ownership Percentage Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Shareholders will experience dilution in their ownership percentage if they do not participate in our distribution reinvestment plan. All distributions declared in cash payable to shareholders that are participants in our distribution reinvestment plan will generally be automatically reinvested in shares of our common stock unless the investor opts out of the plan. As a result, shareholders that do not elect to participate in our distribution reinvestment plan will experience dilution over time. | |||
Stock Price Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | The existence of a large number of outstanding shares and shareholders prior to an Exchange Listing could negatively affect our stock price. The ability of our shareholders to liquidate their investments will be limited. If we were to conduct an Exchange Listing in the future, a large volume of sales of our shares could decrease the prevailing market prices of our common stock and could impair our ability to raise additional capital through the sale of equity securities in the future. The ability of our shareholders to liquidate their investments would be limited during the 365 day lock-up period following an Exchange Listing; however, the mere perception of the possibility of these sales could depress the market price of our common stock and have a negative effect on our ability to raise capital in the future. In addition, anticipated downward pressure on our common stock price due to actual or anticipated sales of common stock from this market overhang could cause some institutions or individuals to engage in short sales of our common stock, which may itself cause the price of our stock to decline. | |||
Issuance Of Preferred Stock Could Effect Holders Of Common Stock Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Preferred stock could be issued with rights and preferences that would adversely affect holders of our common stock. Under the terms of our charter, our Board is authorized to issue shares of preferred stock in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders. In particular, holders of preferred stock are required to have certain voting rights when there are unpaid dividends and priority over other classes of securities as to distribution of assets or payment of dividends. | |||
Common Stock Price Volatility Due To Issuance Of Preferred Stock Or Convertible Debt Securities Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | If we issue preferred stock or convertible debt securities, the net asset value of our common stock may become more volatile. We cannot assure you that the issuance of preferred stock and/or convertible debt securities would result in a higher yield or return to the holders of our common stock. The issuance of preferred stock or convertible debt would likely cause the net asset value of our common stock to become more volatile. If the dividend rate on the preferred stock, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to the holders of our common stock would be reduced. If the dividend rate on the preferred stock, or the interest rate on the debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of common stock than if we had not issued the preferred stock or convertible debt securities. Any decline in the net asset value of our investment would be borne entirely by the holders of our common stock. Therefore, if the market value of our portfolio were to decline, the leverage would result in a greater decrease in net asset value to the holders of our common stock than if we were not leveraged through the issuance of preferred stock or debt securities. This decline in net asset value would also tend to cause a greater decline in the market price, if any, for our common stock. There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred stock or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred stock or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred stock or convertible debt. In addition, we would pay (and the holders of our common stock would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred stock, convertible debt, or any combination of these securities. Holders of preferred stock or convertible debt may have different interests than holders of common stock and may at times have disproportionate influence over our affairs. | |||
Holders Of Preferred Stock Have Right To Elect Certain Board Members Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Holders of any preferred stock that we may issue will have the right to elect certain members of the Board and have class voting rights on certain matters. The 1940 Act requires that holders of shares of preferred stock must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on such preferred stock are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock, including changes in fundamental investment restrictions and conversion to open end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our common stock and preferred stock, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes. | |||
Downgrade, Suspension Or Withdrawal Of Credit Rating Assigned Could Cause Liquidity Or Market Value Of Notes To Decline Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | A downgrade, suspension or withdrawal of the credit rating assigned by a rating agency to us or our notes, if any, or change in the debt markets, could cause the liquidity or market value of our notes to decline significantly. Our credit ratings are an assessment by rating agencies of our ability to pay our debts when due. Consequently, real or anticipated changes in our credit ratings will generally affect the market value of our notes. These credit ratings may not reflect the potential impact of risks relating to the structure or marketing of our notes. Credit ratings are not a recommendation to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. | |||
Legislation Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We cannot predict how new tax legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us. The laws pertaining to U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The Biden administration has enacted significant changes to the existing U.S. tax laws, and there are a number of proposals in Congress that would similarly modify the existing U.S. tax rules. The likelihood of any such legislation being enacted is uncertain. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could have adverse tax consequences, such as significantly and negatively affecting our ability to qualify for tax treatment as a RIC or negatively affecting the U.S. federal income tax consequences applicable to us and our investors as a result of such qualification. Shareholders are urged to consult with their tax advisor regarding tax legislative, regulatory, or administrative developments and proposals and their potential effect on an investment in our common stock. | |||
Subject TO U.S. Federal Income Tax At Corporate Rates If Unable To Maintain Tax Treatment as a RIC Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain our tax treatment as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries. To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See “ ITEM 1. BUSINESS — Certain U.S. Federal Income Tax Considerations .” The Annual Distribution Requirement for a RIC generally will be satisfied if we distribute to our shareholders on an annual basis at least 90% of our “investment company taxable income,” which is generally our net ordinary income plus the excess, if any, of realized net short term capital gains over realized net long term capital losses. In addition, a RIC may, in certain cases, satisfy the Annual Distribution Requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M. We would be taxed, at regular corporate rates, on retained income and/or gains, including any short term capital gains or long term capital gains. We also must make distributions to satisfy an additional Excise Tax Avoidance Requirement in order to avoid a 4% excise tax on certain undistributed income. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, or choose or are required to retain a portion of our taxable income or gains, we could (1) be required to pay excise taxes and (2) fail to qualify for RIC tax treatment, and thus become subject to corporate level income tax on our taxable income (including gains). The income source requirement will be satisfied if we obtain at least 90% of our annual income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies, net income from certain "qualified publicly traded partnerships," or other income derived from the business of investing in stock or securities. The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. Specifically, at least 50% of the value of our assets must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs, and other acceptable securities if such securities of any one issuer do not represent more than 5% of the value of our assets or more than 10% of the outstanding voting securities of the issuer; and no more than 25% of the value of our assets can be invested in (i) the securities, other than U.S. government securities or securities of other RICs, of one issuer, (ii) the securities, other than the securities of other RICs of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses, or (iii) the securities of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to U.S. federal income tax at corporate rates, the resulting taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions. We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to U.S. federal and state corporate income taxes. We may invest in certain foreign debt and equity investments, which could be subject to foreign taxes (such as income tax, withholding, and value added taxes). | |||
Difficulty Paying Required Distributions If Income Is Recognized Before Or Without Receiving Cash Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, since we will likely hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK, secondary market purchases of debt securities at a discount to par, interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as “passive foreign investment companies” and/or “controlled foreign corporations.” The rules relating to investment in these types of non-U.S. entities are designed to limit deferral and generally require the current inclusion of income derived by the entity. In certain circumstances, this could require us to recognize income where we do not receive a corresponding payment in cash. Unrealized appreciation on derivatives, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay a 4% excise tax. In such cases we could still rely upon the “spillover provisions” to maintain RIC tax treatment. We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discounts with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expenses for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the Annual Distribution Requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the Annual Distribution Requirement necessary to maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to U.S. federal income tax. | |||
Base Management Fee And Incentive Fees Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, certain U.S. shareholders will be treated as having received a dividend from us in the amount of such U.S. shareholders’ allocable share of the base management fee and incentive fees paid to our Adviser and some of our expenses, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholders. A “publicly offered regulated investment company” is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the 1933 Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. While we anticipate that we will constitute a publicly offered RIC, there can be no assurance that we will in fact so qualify for any of our taxable years. If we are not treated as a publicly offered regulated investment company for any calendar year, each U.S. shareholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. shareholder’s allocable share of the base management fee and incentive fees paid to our Adviser and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. shareholder. Individuals are not allowed to take miscellaneous itemized deductions for the 2018 through 2025 tax years, such deductions are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under the Code. | |||
Changes In Laws Or Regulation Governing Our Operations Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. We and our portfolio companies are subject to regulation by laws at the local, state, and federal levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. Any new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term. Changes to the laws and regulations governing our permitted investments may require a change to our investment strategy. Such changes could differ materially from our strategies and plans as set forth in this report and may shift our investment focus from the areas of expertise of our Adviser. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment in us. | |||
Heightened Scrutiny Of Financial Services Industry By Regulators Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Heightened scrutiny of the financial services industry by regulators may materially and adversely affect our business. The financial services industry has been the subject of heightened scrutiny by regulators around the globe. In particular, the SEC and its staff have focused more narrowly on issues relevant to alternative asset management firms, including by forming specialized units devoted to examining such firms and, in certain cases, bringing enforcement actions against the firms, their principals and employees. In recent periods there have been a number of enforcement actions within the industry, and it is expected that the SEC will continue to pursue enforcement actions against asset managers. While the SEC’s recent lists of examination priorities include such items as assessments of investment advisers’ marketing practices, compensation arrangements and controls to protect non-public information, it is generally expected that the SEC’s oversight of alternative asset managers will continue to focus substantially on concerns related to fiduciary duty transparency and investor disclosure practices. Although the SEC has cited improvements in disclosures and industry practices in this area, it has also indicated that there is room for improvement in particular areas, including fees and expenses (and the allocation of such fees and expenses) and co-investment practices. To this end, many investment advisory firms have received inquiries during examinations or directly from the SEC’s Division of Enforcement regarding various transparency-related topics, including the acceleration of monitoring fees, the allocation of broken-deal expenses, outside business activities of firm principals and employees, group purchasing arrangements and general conflicts of interest disclosures. While we believe we have made appropriate and timely disclosures regarding the foregoing, the SEC staff may disagree. Further, the SEC has highlighted BDC board oversight and valuation practices as one of its areas of focus in investment adviser examinations and has instituted enforcement actions against advisers for misleading investors about valuation. If the SEC were to investigate our Adviser and find errors in its methodologies or procedures, our Adviser could be subject to penalties and fines, which could in turn harm our reputation and our business, financial condition and results of operations could be materially and adversely affected. Similarly, from time to time we or our Adviser could become the subject of litigation or other similar claims. Any investigations, litigation or similar claims could continue without resolution for long periods of time and could consume substantial amounts of our management’s time and attention, and that time and attention and the devotion of associated resources could, at times, be disproportionate to the amounts at stake. Investigations, litigations and other claims are subject to inherent uncertainties, and a material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome in an investigation, litigation or other similar claims becomes probable and reasonably estimable. In addition, we could incur expenses associated with defending ourselves against investigations, litigation and other similar claims, and these expenses could be material to our earnings in future periods. | |||
Government Intervention In Credit Markets Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Government intervention in the credit markets could adversely affect our business . The central banks and, in particular, the U.S. Federal Reserve, have recently taken significant action to combat elevated inflation and market volatility. It is impossible to predict if, how, and to what extent the United States and other governments would further intervene in the credit markets. Such intervention is often prompted by politically sensitive issues involving family homes, student loans, real estate speculation, credit card receivables, pandemics, etc., and could, as a result, be contrary to what we would predict from an “economically rational” perspective. | |||
Provisions Of Maryland General Corporation Law Could Deter Takeover Attempts Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock. The Maryland General Corporation Law (the “MGCL”), our charter and our bylaws contain provisions that may discourage, delay or make more difficult a change in control of the Company or the removal of our directors. We are subject to the Maryland Business Combination Act (the “Business Combination Act”), subject to any applicable requirements of the 1940 Act. Our board of directors has adopted a resolution exempting from the Business Combination Act any business combination between us and any other person, subject to prior approval of such business combination by our board, including approval by a majority of our disinterested directors. If the resolution exempting business combinations is repealed or our board or disinterested directors do not approve a business combination, the Business Combination Act may discourage third parties from trying to acquire control of us and may increase the difficulty of consummating such an offer. Our bylaws exempt from the Maryland Control Share Acquisition Act (the “Control Share Acquisition Act”) acquisitions of our stock by any person. If we amend our bylaws to repeal the exemption from the Control Share Acquisition Act, subject to any applicable requirements of the 1940 Act, the Control Share Acquisition Act also may make it more difficult for a third party to obtain control of us and may increase the difficulty of consummating such an offer. We have also adopted measures that may make it difficult for a third party to obtain control of us, including provisions of our charter classifying our board of directors into three classes serving staggered three-year terms, and provisions of our charter authorizing our board of directors to classify or reclassify shares of our stock into one or more classes or series, to cause the issuance of additional shares of our stock, and to amend our charter from time to time, without stockholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue. These provisions, as well as other provisions of our charter and bylaws, may discourage, delay, defer, make more difficult or prevent a transaction or a change in control that might otherwise be in stockholders’ best interest. | |||
Dispute Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Our Bylaws include an exclusive forum selection provision, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or other agents. Our Bylaws require that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of our directors, officers or other agents to us or to our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in our Bylaws will not apply to claims arising under the federal securities laws, including the Securities Act and the Exchange Act. There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against us or our directors, officers or other agents. Any investor purchasing or otherwise acquiring our shares is deemed to have notice of and consented to the foregoing provision. The exclusive forum selection provision in our Bylaws may limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other agents, which may discourage lawsuits against us and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable. If this occurred, we may incur additional costs associated with resolving such action in another forum, which could materially adversely affect our business, financial condition and results of operations. | |||
Expend Significant Financial And Other Resources Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We expend significant financial and other resources to comply with the requirements of being a public entity. As a public entity, we are subject to the reporting requirements of the Exchange Act and requirements of the Sarbanes-Oxley Act. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls over financial reporting, which are discussed below. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal controls, significant resources and management oversight are required. We have implemented procedures, processes, policies and practices for the purpose of addressing the standards and requirements applicable to public companies. These activities may divert management’s attention from other business concerns, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. The systems and resources necessary to comply with public company reporting requirements will increase further once we cease to be an “emerging growth company” under the JOBS Act. As long as we remain an emerging growth company, we intend to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. We expect to remain an emerging growth company for up to five years following the completion of our initial public offering of common equity securities or until the earliest of (i) the last day of the first fiscal year in which our annual gross revenues exceed $1.07 billion, (ii) December 31 of the fiscal year that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act which would occur if the market value of our common stock that is held by non-affiliates exceeds $700.0 million as of the last business day of our most recently completed second fiscal quarter and we have been publicly reporting for at least 12 months or (iii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the preceding three-year period. | |||
Lack Of Comprehensive Documentation Of Internal Controls Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We do not currently have comprehensive documentation of our internal controls. We are not required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404 of that statute (“Section 404”), and will not be required to comply with all of those requirements until we have been subject to the reporting requirements of the Exchange Act for a specified period of time or the date we are no longer an emerging growth company under the JOBS Act. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We are in the process of building out our internal controls over financial reporting and establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Company. Additionally, we have begun the process of documenting our internal control procedures to satisfy the requirements of Section 404, which requires annual management assessments of the effectiveness of its internal controls over financial reporting. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. As a public entity, we will be required to complete our initial assessment in a timely manner. If we are not able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our operations, financial reporting or financial results could be adversely affected. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of applicable stock exchange listing rules, and result in a breach of the covenants under the agreements governing any of its financing arrangements. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements could also suffer if we or our independent registered public accounting firm were to report a material weakness in our internal controls over financial reporting. This could materially adversely affect us and, following a Liquidity Event, lead to a decline in the market price of the Common Stock. | |||
Fluctuations In Operating Results Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We may experience fluctuations in our operating results. We may experience fluctuations in our operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, interest rates and default rates on the debt investments we make, the level of our expenses, variations in and the timing of the recognition of realized gains or losses, unrealized appreciation or depreciation, the degree to which we encounter competition in our markets, and general economic conditions. These occurrences could have a material adverse effect on our results of operations, the value of your investment in us and our ability to pay distributions to you and our other shareholders. | |||
Dependence On Information Systems Risk [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations. Our business is dependent on our and third parties’ communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; • outages due to idiosyncratic issues at specific service providers; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the net asset value of our common stock and our ability to pay distributions to our shareholders. | |||
Risk In Using Custodians, Counterparties, Administrators And Other Agents [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | We are subject to risks in using custodians, counterparties, administrators and other agents. We depend on the services of custodians, counterparties, administrators and other agents to carry out certain transactions and other administrative services, including compliance with regulatory requirements in U.S. and non-U.S. jurisdictions. We are subject to risks of errors and mistakes made by these third parties, which may be attributed to us and subject us or our shareholders to reputational damage, penalties or losses. We depend on third parties to provide primary and back up communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, portfolio monitoring, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. The terms of the contracts with third-party service providers are often customized and complex, and many of these arrangements occur in markets or relate to products that are not subject to regulatory oversight. Accordingly, we may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers. In addition, we rely on a select number of third-party services providers and replacement of any one of our service providers could be difficult and result in disruption and expense. | |||
Risk Of Increased Data Protection Regulation May Resulted In Increased Complexities [Member] | ||||
General Description of Registrant [Abstract] | ||||
Risk [Text Block] | Increased data protection regulation may result in increased complexities and risk in connection with the operation of our business. We operate in businesses that are highly dependent on information systems and technology. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Cybersecurity has become a priority for regulators in the U.S. and around the world. Many jurisdictions in which we operate have laws and regulations relating to data privacy, cybersecurity and protection of personal information. In addition, the SEC remains extremely focused on cybersecurity, has recently adopted new rules related to cybersecurity, and may adopt additional rules and regulations in the future, including testing the implementation of these procedures and controls. Further, the European General Data Protection Regulation (the “GDPR”) came into effect in May 2018. Data protection requirements under the GDPR are more stringent than those imposed under prior European legislation. There are substantial financial penalties for breach of the GDPR, including up to the higher of 20 million Euros or 4% of group annual worldwide turnover. Non-compliance with any of the aforementioned laws or other similar laws, therefore, represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. Breaches in security could potentially jeopardize our, our employees’ or our product investors’ or counterparties’ confidential and other information processed and stored in, and transmitted through, our computer systems and networks, or otherwise cause interruptions or malfunctions in our, our employees’, our product investors’, our counterparties’ or third parties’ operations, which could result in significant losses, increased costs, disruption of our business, liability to our product investors and other counterparties, regulatory intervention or reputational damage. Furthermore, if we fail to comply with the relevant laws and regulations, it could result in regulatory investigations and penalties, which could lead to negative publicity and may cause our product investors and clients to lose confidence in the effectiveness of our security measures. Finally, there have been significant evolution and developments in the use of artificial intelligence technologies, such as ChatGPT. We cannot fully determine the impact or cybersecurity risk of such evolving technology to our business at this time. | |||
Subscription Credit Facility [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 800,000 | $ 770,000 | ||
Senior Securities Coverage per Unit | $ 1,881.3 | $ 1,957.8 | ||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Title [Text Block] | Subscription Credit Facility | |||
Long Term Debt, Structuring [Text Block] | On February 18, 2022 we entered into a revolving credit facility (the “Subscription Credit Facility”) with Wells Fargo Bank, National Association as administrative agent and as the lender. The maximum principal amount of the Subscription Credit Facility is $800.0 million (increased from $700.0 million to $800.0 million on December 16, 2022), subject to availability under the borrowing base, which is based on unused capital commitments. The Subscription Credit Facility includes a provision permitting us to increase the size of the Subscription Credit Facility under certain circumstances up to a maximum principal amount not to exceed $1.50 billion, if the existing or new lenders agree to commit to such increase. On January 4, 2023, we entered into an amendment to the Subscription Credit Facility, which (i) decreased the aggregate principal amount of outstanding swingline loans under the Subscription Credit Facility from $100.0 million to $50.0 million and (ii) decreased the letter of credit sublimit under the Subscription Credit Facility from 20% to 0% of the maximum commitment. The Subscription Credit Facility will mature upon the earliest of: (i) the date two (2) years from the Closing Date (the “Stated Maturity Date”); (ii) the date upon which the Administrative Agent declares the obligations under the Subscription Credit Facility due and payable after the occurrence of an event of default; (iii) forty-five (45) days prior to the scheduled termination of the commitment period under our subscription agreements; (iv) forty-five (45) days prior to the date of any listing of our common stock on a national securities exchange; (v) the termination of the commitment period under our subscription agreements (if earlier than the scheduled date); and (vi) the date we terminate the commitments pursuant to the Subscription Credit Facility. At our option, the Stated Maturity Date may be extended by up to 364 days, subject to satisfaction of customary conditions. On November 3, 2023, we exercised this option and extended the Stated Maturity Date to February 14, 2025. Borrowings under the Subscription Credit Facility bear interest, at our election at the time of drawdown, at a rate per annum equal to (i) in the case of loans denominated in dollars, at our option (a) an adjusted Daily Simple SOFR rate plus 1.75%, (b) an adjusted Term SOFR rate for the applicable interest period plus 1.75% and (c) in the case of reference rate loans, 0.75% plus the greatest of (1) a prime rate, (2) the federal funds rate plus 0.50% and (3) the adjusted Daily Simple SOFR rate plus 1.00%, (ii) in the case of loans denominated in euros or other alternative currencies (other than sterling), the adjusted Eurocurrency Rate for the applicable interest period plus 1.75% or (iii) in the case of loans denominated in sterling, the adjusted SONIA Rate for the applicable interest period plus 1.75%. SOFR Rate loans are subject to a credit spread adjustment ranging from 0.10% to 0.25% and SONIA rate loans are subject to a credit spread adjustment of 0.0326%. Loans denominated in dollars may be converted from one rate applicable to dollar denominated loans to another at any time at our election, subject to certain conditions. We also will pay an unused commitment fee of 0.25% per annum on the unused commitments. | |||
Senior Secured Revolving Credit Facility [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 288,355 | $ 126,400 | ||
Senior Securities Coverage per Unit | $ 1,881.3 | $ 1,957.8 | ||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Structuring [Text Block] | On June 9, 2022, the Company entered into a Senior Secured Credit Agreement (the “Revolving Credit Facility”). The parties to the Revolving Credit Facility include the Company, as Borrower, the lenders from time to time parties thereto and Truist Bank, as Administrative Agent. On October 13, 2023 (the “Revolving Credit Facility First Amendment Date”), the parties to the Revolving Credit Facility entered into an amendment to, among other things, extend the availability period and maturity date, convert a portion of the existing revolver availability into term loan availability and reduce the credit adjustment spread to 0.10% for all Loan tenors. The following describes the terms of the Revolving Credit Facility amended through October 13, 2023. The Revolving Credit Facility is guaranteed by certain domestic subsidiaries of the Company in existence as of the Revolving Credit Facility First Amendment Date, and will be guaranteed by certain domestic subsidiaries of the Company that are formed or acquired by the Company thereafter (each a “Guarantor” and collectively, the “Guarantors”). Proceeds of the Revolving Credit Facility may be used for general corporate purposes, including the funding of portfolio investments. As of the Revolving Credit Facility First Amendment Date, the Revolving Credit Facility provides for (a) a term loan in an initial amount of $50.0 million and (b) subject to availability under the borrowing base, which is based on the Company’s portfolio investments and other outstanding indebtedness, a revolving credit facility in an initial amount of up to $775.0 million (the aggregate commitments under the Revolving Credit Facility increased from $625.0 million to $825.0 million on the Revolving Credit Facility First Amendment Date). The amount available for borrowing under the Revolving Credit Facility is reduced by any outstanding letters of credit issued through the Revolving Credit Facility. Maximum capacity under the Revolving Credit Facility may be increased to $1.25 billion through the exercise by the Company of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The Revolving Credit Facility includes a $200.0 million limit for swingline loans, and is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the Company and each Guarantor, subject to certain exceptions. As of the Revolving Credit Facility First Amendment Date, the availability period with respect to the revolving credit facility under the Revolving Credit Facility will terminate on October 13, 2027 (the “Revolving Credit Facility Commitment Termination Date”) and the Revolving Credit Facility will mature on October 13, 2028 (the “Revolving Credit Facility Maturity Date”). During the period from the Revolving Credit Facility Commitment Termination Date to the Revolving Credit Facility Maturity Date, the Company will be obligated to make mandatory prepayments under the Revolving Credit Facility out of the proceeds of certain asset sales and other recovery events and equity and debt issuances. The Company may borrow amounts in U.S. dollars or certain other permitted currencies. Amounts drawn under the Revolving Credit Facility in U.S. dollars will bear interest at either (i) term SOFR plus any applicable credit adjustment spread plus margin of 2.00% per annum or (ii) the alternative base rate plus margin of 1.00% per annum. With respect to loans denominated in U.S. dollars, the Company may elect either term SOFR or the alternative base rate at the time of drawdown, and such loans may be converted from one rate to another at any time at the Company’s option, subject to certain conditions. Amounts drawn under the Revolving Credit Facility in other permitted currencies will bear interest at the relevant rate specified therein (including any applicable credit adjustment spread) plus margin of 2.00% per annum. The Company will also pay a fee of 0.375% on daily undrawn amounts under the Revolving Credit Facility. | |||
Long Term Debt, Dividends and Covenants [Text Block] | The Revolving Credit Facility includes customary covenants, including certain limitations on the incurrence by us of additional indebtedness and on our ability to make distributions to its shareholders, or redeem, repurchase or retire shares of stock, upon the occurrence of certain events and certain financial covenants related to asset coverage and liquidity and other maintenance covenants, as well as customary events of default. The Revolving Credit Facility requires a minimum asset coverage ratio with respect to the consolidated assets of us and our subsidiaries to senior securities that constitute indebtedness of no less than 1.50 to 1.00, measured at the last day of any fiscal quarter. | |||
SPV Asset Facility I [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 330,000 | $ 300,000 | ||
Senior Securities Coverage per Unit | $ 1,881.3 | $ 1,957.8 | ||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Title [Text Block] | SPV Asset Facility I | |||
Long Term Debt, Structuring [Text Block] | On July 15, 2022 (the “SPV Asset Facility I Closing Date”), Athena Funding I LLC (“Athena Funding I”), a Delaware limited liability company and our newly formed subsidiary entered into a Credit Agreement (the “SPV Asset Facility I”), with Athena Funding I, as borrower, Société Générale, as administrative agent, State Street Bank and Trust Company, as collateral agent, collateral administrator and custodian, Alter Domus (US) LLC, as document custodian, and the lenders party thereto (the “SPV Asset Facility I Lenders”). The parties to the SPV Asset Facility I entered into various amendments, including those relating to the calculation of principal collateralization amounts. The following describes the terms of SPV Asset Facility I as amended through September 26, 2023. From time to time, we expect to sell and contribute certain investments to Athena Funding I pursuant to a Sale and Contribution Agreement by and between us and Athena Funding I. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility I will be used to finance the origination and acquisition of eligible assets by Athena Funding I, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Athena Funding I through our ownership of Athena Funding I. The initial maximum principal amount which may be borrowed under the Credit Facility is $625.0 million (increased from $600.0 million to $700.0 million on February 22, 2023, increased from $700.0 million to $800.0 million on August 15, 2023, increased from $800.0 million to $825.0 million on September 23, 2023 and decreased from $825.0 million to $625.0 million on December 13, 2023) which, subject to the satisfaction of certain conditions, may be increased to up to $1.00 billion. The availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding I’s assets from time to time, and satisfaction of certain conditions, including coverage tests, collateral quality tests, a lender advance rate test and certain concentration limits. The SPV Asset Facility I provides for the ability to draw term loans and to draw and redraw revolving loans under the SPV Asset Facility I for a period of up to two years after the SPV Asset Facility I Closing Date. Unless otherwise terminated, the SPV Asset Facility I will mature on July 15, 2032 (the “SPV Asset Facility I Stated Maturity”). Prior to the SPV Asset Facility I Stated Maturity, proceeds received by Athena Funding I from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility I Stated Maturity, Athena Funding I must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding I subject to payment of a premium for a period of time. Amounts drawn bear interest at a reference rate (initially SOFR) plus a spread of 2.75%, and term loans are subject to a minimum utilization amount, after one year, subject to certain terms and conditions. The undrawn amount of the of the term commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first twelve months and 0.35% thereafter. The undrawn amount of the revolving commitment not subject to such spread payment is subject to an undrawn fee of 0.25% per annum for the first six months, 0.50% for months seven through twelve, and 0.50% thereafter if the drawn amount is greater than or equal to 75% of the revolving commitment, otherwise 0.75%. Certain additional fees are payable to Société Générale as administrative agent. | |||
Long Term Debt, Dividends and Covenants [Text Block] | The SPV Asset Facility I contains customary covenants, including certain maintenance covenants, and events of default. Athena Funding I is required to obtain a minimum post-closing rating of the SPV Asset Facility I within six months of the SPV Asset Facility I Closing Date, subject to certain terms and conditions. The SPV Asset Facility I is secured by a perfected first priority security interest in the assets of Athena Funding I and on any payments received by Athena Funding I in respect of those assets. Assets pledged to the SPV Asset Facility I Lenders will not be available to pay our debts. Borrowings of Athena Funding I are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. | |||
SPV Asset Facility II [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 270,000 | $ 50,000 | ||
Senior Securities Coverage per Unit | $ 1,881.3 | $ 1,957.8 | ||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Title [Text Block] | SPV Asset Facility II | |||
Long Term Debt, Structuring [Text Block] | On November 8, 2022 (the “SPV Asset Facility II Closing Date”), Athena Funding II LLC (“Athena Funding II”), a Delaware limited liability company and our newly formed subsidiary entered into a Loan and Management Agreement (the “SPV Asset Facility II”), with Athena Funding II LLC, as borrower, us, as collateral manager and transferor, MUFG Bank, Ltd. (“MUFG”), as administrative agent, State Street Bank and Trust Company, as collateral agent and collateral administrator, Alter Domus (US) LLC as custodian, the lenders from time to time parties thereto (the “SPV Asset Facility II Lender”) and the group agents from time to time parties thereto. From time to time, we expect to sell and contribute certain investments to Athena Funding II pursuant to a Purchase and Sale Agreement by and between us and Athena Funding II. No gain or loss will be recognized as a result of the contribution. Proceeds from the SPV Asset Facility II will be used to finance the origination and acquisition of eligible assets by Athena Funding II, including the purchase of such assets from us. We retain a residual interest in assets contributed to or acquired by Athena Funding II through our ownership of Athena Funding II. The maximum principal amount of the SPV Asset Facility II is $300.0 million; the availability of this amount is subject to a borrowing base test, which is based on the value of Athena Funding II’s assets from time to time, an advance rate and concentration limitations, and satisfaction of certain conditions, including collateral quality tests. The SPV Asset Facility II provides for the ability to draw and redraw revolving loans under the SPV Asset Facility II for a period of up to two years after the SPV Asset Facility II Closing Date (the “SPV Asset Facility II Reinvestment Period”) unless the SPV Asset Facility II Reinvestment Period is terminated sooner as provided in the Secured Credit Facility. Unless otherwise terminated, the SPV Asset Facility II will mature three years after the last day of the SPV Asset Facility II Reinvestment Period (the “SPV Asset Facility II Stated Maturity”). Prior to the SPV Asset Facility II Stated Maturity, proceeds received by Athena Funding II from principal and interest, dividends, or fees on assets must be used to pay fees, expenses and interest on outstanding borrowings, and the excess may be returned to us, subject to certain conditions. On the SPV Asset Facility II Stated Maturity, Athena Funding II must pay in full all outstanding fees and expenses and all principal and interest on outstanding borrowings, and the excess may be returned to us. The credit facility may be permanently reduced, in whole or in part, at the option of Athena Funding II. | |||
Long Term Debt, Dividends and Covenants [Text Block] | The SPV Asset Facility II contains customary covenants, including certain maintenance covenants and customary events of default. The SPV Asset Facility II is secured by a perfected first priority security interest in the assets of Athena Funding II and on any payments received by Athena Funding II in respect of those assets. Assets pledged to the SPV Asset Facility II Lender will not be available to pay our debts. Borrowings of Athena Funding II are considered our borrowings for purposes of complying with the asset coverage requirements under the 1940 Act. | |||
2023A Notes [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 75,000 | |||
Senior Securities Coverage per Unit | $ 1,881.3 | |||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Title [Text Block] | 2023A Notes | |||
Long Term Debt, Structuring [Text Block] | On September 27, 2023, we entered into a Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $75.0 million in aggregate principal amount of Series 2023A Notes, due September 27, 2028, with a fixed interest rate of 8.50% per year (the “Series 2023A Notes”), to qualified institutional investors in a private placement. The Series 2023A Notes are guaranteed by OR Tech Lending II LLC, ORTF II FSI LLC and ORTF II BC 2 LLC, our subsidiaries. Interest on the Series 2023A Notes will be due semiannually on March 27 and September 27 each year, beginning on March 27, 2024. The Series 2023A Notes may be redeemed in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if applicable, a make-whole premium. In addition, we are obligated to offer to prepay the Series 2023A Notes at par plus accrued and unpaid interest up to, but excluding, the date of prepayment, if certain change in control events occur. The Series 2023A Notes are general unsecured obligations of ours that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by us. The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of our status as a BDC within the meaning of the 1940 Act, a minimum net worth of $1,012,092,000, and a minimum asset coverage ratio of 1.50 to 1.00. In addition, in the event that a Below Investment Grade Event (as defined in the Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.00% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Below Investment Grade Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs, the Series 2023A Notes will bear interest at a fixed rate per annum which is 1.50% above the stated rate of the Series 2023A Notes from the date of the occurrence of the Secured Debt Ratio Event to and until the date on which the Below Investment Grade Event is no longer continuing. In the event that both a Below Investment Grade Event and a Secured Debt Ratio Event have occurred and are continuing, the Series 2023A Notes will bear interest at a fixed rate per annum which is 2.00% above the stated rate of the Series 2023A Notes from the date of the occurrence of the later to occur of the Below Investment Grade Event and the Secured Debt Ratio Event to and until the date on which one of such events is no longer continuing. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, certain cross-defaults or cross-acceleration under other indebtedness of us, certain judgments and orders and certain events of bankruptcy. | |||
Athena CLO II [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 288,000 | |||
Senior Securities Coverage per Unit | $ 1,881.3 | |||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Title [Text Block] | Athena CLO II | |||
Long Term Debt, Structuring [Text Block] | On December 13, 2023 (the “Athena CLO II Closing Date”), we completed a $475.3 million term debt securitization transaction (the “Athena CLO II Transaction”), also known as a collateralized loan obligation transaction, which is a form of secured financing incurred by us. The secured notes and preferred shares issued in the Athena CLO II Transaction and the secured loan borrowed in the Athena CLO II Transaction were issued and incurred, as applicable, by our consolidated subsidiary Athena CLO II, LLC, a limited liability organized under the laws of the State of Delaware (the “Athena CLO II Issuer”) and are backed by a portfolio of collateral obligations consisting of middle market loans and participation interests in middle market loans as well as by other assets of the Athena CLO II Issuer. The Athena CLO II Transaction was executed by (A) the issuance of the following classes of notes and preferred shares pursuant to an indenture and security agreement dated as of the Athena CLO II Closing Date (the “Athena CLO II Indenture”), by and among the Athena CLO II Issuer and State Street Bank and Trust Company: (i) $40.0 million of AAA(sf) Class A Notes, which bear interest at three-month term SOFR plus 2.85%, (ii) $16.5 million of AA(sf) Class B-1 Notes, which bear interest at three-month term SOFR plus 3.95%, (iii) $7.5 million of AA(sf) Class B-2 Notes, which bear interest at 7.25% and (iv) $24.0 million of A(sf) Class C Notes, which bear interest at three-month term SOFR plus 4.95% (together, the “Athena CLO II Secured Notes”) and (B) the borrowing by the Athena CLO II Issuer of $200.0 million under floating rate Class A-L loans (the “Athena CLO II Class A-L Loans” and together with the Athena CLO II Secured Notes, the “Athena CLO II Debt”). The Class A-L Loans bear interest at three-month term SOFR plus 2.85%. The Class A-L Loans were borrowed under a credit agreement (the “Athena CLO II Class A-L Credit Agreement”), dated as of the Athena CLO II Closing Date, by and among the Athena CLO II Issuer, as borrower, a financial institution, as lender, and State Street Bank and Trust Company, as collateral trustee and loan agent. The Athena CLO II Debt is secured by middle market loans, participation interests in middle market loans and other assets of the Athena CLO II Issuer. The Athena CLO II Debt is scheduled to mature on January 20, 2036. The Athena CLO II Secured Notes were privately placed by SG Americas Securities, LLC as Initial Purchaser. Concurrently with the issuance of the Athena CLO II Secured Notes and the borrowing under the Athena CLO II Class A-L Loans, the Athena CLO II Issuer issued approximately $187.3 million of subordinated securities in the form of 187,300 preferred shares at an issue price of U.S.$1,000 per share (the “Athena CLO II Preferred Shares”). The Athena CLO II Preferred Shares were issued by the Athena CLO II Issuer as part of its issued share capital and are not secured by the collateral securing the Athena CLO II Debt. We purchased all of the Athena CLO II Preferred Shares. We act as retention holder in connection with the Athena CLO II Transaction for the purposes of satisfying certain U.S. and European Union regulations requiring sponsors of securitization transactions to retain exposure to the performance of the securitized assets and as such are required to retain a portion of the Athena CLO II Preferred Shares. As part of the Athena CLO II Transaction, we entered into a loan sale agreement with the Athena CLO II Issuer dated as of the Athena CLO II Closing Date (the “Athena CLO II OTF II Loan Sale Agreement”), which provided for the contribution of approximately $83.9 million funded par amount of middle market loans from us to the Athena CLO II Issuer on the Athena CLO II Closing Date and for future sales from us to the Athena CLO II Issuer on an ongoing basis. Such loans constituted part of the initial portfolio of assets securing the Athena CLO II Debt. The remainder of the initial portfolio assets securing the Athena CLO II Debt consisted of approximately $380.6 million funded par amount of middle market loans purchased by the Athena CLO II Issuer from Athena Funding I LLC, a wholly-owned subsidiary of ours, under an additional loan sale agreement executed on the Athena CLO II Closing Date between the Athena CLO II Issuer and Athena Funding I LLC (the “Athena CLO II Athena Funding I Loan Sale Agreement”). No gain or loss was recognized as a result of these sales and contributions. We and Athena Funding I each made customary representations, warranties, and covenants to the Athena CLO II Issuer under the applicable loan sale agreement. Through January 20, 2028, a portion of the proceeds received by the Athena CLO II Issuer from the loans securing the Athena CLO II Secured Notes may be used by the Athena CLO II Issuer to purchase additional middle market loans under the direction of the Adviser, in its capacity as collateral manager for the Athena CLO II Issuer and in accordance with our investing strategy and ability to originate eligible middle market loans. The Athena CLO II Debt is the secured obligation of the Athena CLO II Issuer, and the Athena CLO II Indenture and Athena CLO II Class A-L Credit Agreement each includes customary covenants and events of default. The Athena CLO II Secured Notes have not been registered under the Securities Act, or any state securities (e.g., “blue sky”) laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or pursuant to an applicable exemption from such registration. The Adviser will serve as collateral manager for the Athena CLO II Issuer under a collateral management agreement dated as of the Athena CLO II Closing Date. The Adviser is entitled to receive fees for providing these services. The Adviser has waived its right to receive such fees but may rescind such waiver at any time; provided, however, that if the Adviser rescinds such waiver, the management fee payable to the Adviser pursuant to the Amended and Restated Investment Advisory Agreement, dated November 30, 2021, between the Adviser and us will be offset by the amount of the collateral management fee attributable to the Athena CLO II Issuer’s equity or notes owned by us. | |||
Promissory Note [Member] | ||||
Financial Highlights [Abstract] | ||||
Senior Securities Amount | $ 0 | |||
Senior Securities Coverage per Unit | $ 1,957.8 | |||
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | ||||
Long Term Debt, Title [Text Block] | Promissory Note | |||
Long Term Debt, Structuring [Text Block] | On January 25, 2022, we as borrower, entered into a Loan Agreement (the “FIC Agreement”) with Owl Rock Feeder FIC LLC (“Feeder FIC”), an affiliate of the Adviser, as lender, to enter into revolving promissory notes (the “Promissory Notes”) to borrow up to an aggregate of $250.0 million from Feeder FIC. Under the FIC Agreement we could re-borrow any amount repaid; however, there was no funding commitment between Feeder FIC and us. On March 14, 2022, we entered into an amendment to the FIC Agreement to change the manner in which interest is calculated. The interest rate on amounts borrowed pursuant to the Promissory Notes, prior to March 14, 2022, was based on the lesser of the rate of interest for an ABR Loan or a Eurodollar Loan under the credit agreement dated as of April 15, 2021, as amended or supplemented from time to time, by and among the Adviser, as borrower, the several lenders from time to time party thereto, MUFG Union Bank, N.A., as Collateral Agent and MUFG Bank, Ltd., as Administrative Agent. The interest rate on amounts borrowed pursuant to the Promissory Notes after March 14, 2022 is based on the lesser of the rate of interest for a SOFR Loan or an ABR Loan under the Credit Agreement dated as of December 7, 2021, as amended or supplemented from time to time, by and among Blue Owl Finance LLC, as Borrower, Blue Owl Capital Holdings LP and Blue Owl Capital Carry LP as Parent Guarantors, the Subsidiary Guarantors party thereto, Bank of America, N.A., as Syndication Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Sumitomo Mitsui Banking Corporation, as Co-Documentation Agents and MUFG Bank, Ltd., as Administrative Agent. The unpaid principal balance of any Promissory Note and accrued interest thereon was payable by us from time to time at our discretion but immediately due and payable upon 120 days written notice by Feeder FIC, and in any event due and payable in full no later than February 28, 2023. We intend to use the borrowed funds to make investments in portfolio companies consistent with its investment strategies. On June 22, 2022, we an d Feeder FIC, entered into a termination agreement (the “Termination Agreement”) pursuant to which the FIC Agreement was terminated. Upon execution of the Termination Agreement there were no amounts outstanding pursuant to the FIC Agreement or the Promissory Notes. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies . In the opinion of management, all adjustments considered necessary for the fair presentation of the consolidated financial statements have been included. The Company was initially capitalized on November 30, 2021 and commenced operations on December 1, 2021 with the initial closing of its Private Offering. The Company’s fiscal year ends on December 31. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material. |
Cash | Cash Cash consists of deposits held at a custodian bank. Cash is carried at cost, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, may exceed the insured limits under applicable law. |
Consolidation | Consolidation As provided under Regulation S-X and ASC Topic 946—Financial Services—Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. |
Investments at Fair Value | Investments at Fair Value Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Pursuant to Rule 2a-5, the Board designated the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of assets held by the Company for which market quotations are not readily available. Investments for which market quotations are readily available are typically valued at the average bid price of those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of the Company’s investments, are valued at fair value as determined in good faith by the Adviser, as the valuation designee, based on, among other things, the input of the independent third-party valuation firm(s) engaged at the direction of the Adviser. As part of the valuation process, the Adviser, as the valuation designee, takes into account relevant factors in determining the fair value of the Company’s investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase or sale transaction, public offering or subsequent equity sale occurs, the Adviser, as the valuation designee, considers whether the pricing indicated by the external event corroborates its valuation. The Adviser, as the valuation designee, undertakes a multi-step valuation process, which includes, among other procedures, the following: • With respect to investments for which market quotations are readily available, those investments will typically be valued at the average bid price of those market quotations; • With respect to investments for which market quotations are not readily available, the valuation process begins with the independent valuation firm(s) providing a preliminary valuation of each investment to the Adviser’s valuation committee; • Preliminary valuation conclusions are documented and discussed with the Adviser’s valuation committee; • The Adviser, as the valuation designee, reviews the recommended valuations and determines the fair value of each investment; • Each quarter, the Adviser, as the valuation designee, will provide the Audit Committee a summary or description of material fair value matters that occurred in the prior quarter and on an annual basis, the Adviser, as the valuation designee, will provide the Audit Committee with a written assessment of the adequacy and effectiveness of its fair value process; and • The Audit Committee oversees the valuation designee and will report to the Board on any valuation matters requiring the Board’s attention. The Company conducts this valuation process on a quarterly basis. The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below: • Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Adviser, as the valuation designee, evaluates the source of the inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When an investment is valued based on prices provided by reputable dealers or pricing services (such as broker quotes), the Adviser, as the valuation designee, subjects those prices to various criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Adviser, as the valuation designee, or the independent valuation firm(s), reviews pricing support provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein. Financial and Derivative Instruments Rule 18f-4 requires BDCs that use derivatives to, among other things, comply with a value-at-risk leverage limit, adopt a derivatives risk management program, and implement certain testing and board reporting procedures. Rule 18f-4 exempts BDCs that qualify as “limited derivatives users” from the aforementioned requirements, provided that these BDCs adopt written policies and procedures that are reasonably designed to manage the BDC’s derivatives risks and comply with certain recordkeeping requirements. Rule 18f-4 provides that a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Pursuant to Rule 18f-4, when we trade reverse repurchase agreements or similar financing transactions, including certain tender option bonds, we need to aggregate the amount of any other senior securities representing indebtedness (e.g., bank borrowings, if applicable) when calculating our asset coverage ratio. The Company currently qualifies as a “limited derivatives user” and expects to continue to do so. The Company adopted a derivatives policy and complies with Rule 18f-4's recordkeeping requirements. Foreign Currency Foreign currency amounts are translated into U.S. dollars on the following basis: • cash, fair value of investments, outstanding debt, other assets and liabilities: at the spot exchange rate on the last business day of the period; and • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. The Company includes net changes in fair values on investments held resulting from foreign exchange rate fluctuations with the change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s SPV Asset Facility to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. |
Interest and Dividend Income Recognition and Other Income | Interest and Dividend Income Recognition Interest income is recorded on the accrual basis and includes amortization and accretion of discounts or premiums. Certain investments may have contractual payment-in-kind (“PIK”) interest or dividends. PIK interest and dividends represent accrued interest or dividends that are added to the principal amount or liquidation amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. Discounts and premiums to par value on securities purchased are amortized into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the amortization and accretion of discounts or premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. If at any point the Company believes PIK interest is not expected to be realized, the investment generating PIK interest will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest income. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies. Other Income |
Organization Expenses | Organization Expenses Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. |
Offering Expenses | Offering Expenses Costs associated with the offering of common shares of the Company are capitalized as deferred offering expenses and are included in prepaid expenses and other assets in the Consolidated Statements of Assets and Liabilities and are amortized over a twelve-month period from incurrence. Expenses for any additional offerings are deferred and amortized as incurred. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. |
Debt Issuance Costs | Debt Issuance Costs The Company records origination and other expenses related to its debt obligations as debt issuance costs. These expenses are deferred and amortized utilizing the effective yield method, over the life of the related debt instrument. Debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. In circumstances in which there is not an associated debt liability amount recorded in the consolidated financial statements when the debt issuance costs are incurred, such debt issuance costs will be reported on the Consolidated Statements of Assets and Liabilities as an asset until the debt liability is recorded. |
Reimbursement of Transaction-Related Expenses | Reimbursement of Transaction-Related Expenses The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are generally expected to be reimbursed by the Company’s portfolio companies, are typically deferred until the transaction is consummated and are recorded in prepaid expenses and other assets on the date incurred. The costs of successfully completed investments not otherwise reimbursed are borne by the Company and are included as a component of the investment’s cost basis. Cash advances received in respect of transaction-related expenses are recorded as cash with an offset to accrued expenses and other liabilities. Accrued expenses and other liabilities are relieved as reimbursable expenses are incurred. |
Income Taxes | Income Taxes The Company has elected to be treated as a BDC under the 1940 Act. The Company has elected to be treated as a RIC under the Code beginning with its taxable year ending December 31, 2021 and intends to continue to qualify annually thereafter as a RIC. So long as the Company maintains its tax treatment as a RIC, it generally will not pay U.S. federal income taxes at corporate rates on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Instead, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To qualify 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 generally 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 of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain tax positions through December 31, 2023. As applicable, the Company’s prior three tax years remain subject to examination by U.S. federal, state and local tax authorities. |
Distributions to Common Shareholders | Distributions to Common Shareholders Distributions to common shareholders are recorded on the record date. The amount to be distributed is determined by the Board and is generally based upon the earnings estimated by the Adviser. In addition, the Board may consider the level of undistributed taxable income carried forward from the prior year for distribution in the current year. Undistributed long-term capital gains, if any, would be generally distributed at least annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any cash distributions on behalf of shareholders, unless a shareholder elects to receive cash. As a result, if the Board authorizes and declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. The Company expects to use newly issued shares to implement the dividend reinvestment plan. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740),” which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023-09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023-09 on the consolidated financial statements. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Investments | The table below presents the composition of investments at fair value and amortized cost as of the following periods: December 31, 2023 December 31, 2022 ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value First-lien senior secured debt investments (1) $ 3,047,941 $ 3,068,392 $ 1,812,475 $ 1,812,277 Second-lien senior secured debt investments 187,024 186,796 186,424 184,788 Unsecured debt investments 72,097 73,823 63,815 58,859 Preferred equity investments (2) 374,363 370,458 345,327 337,069 Common equity investments (3) 104,372 108,170 71,588 71,541 Total Investments $ 3,785,797 $ 3,807,639 $ 2,479,629 $ 2,464,534 (1) Includes investment in Amergin AssetCo. (2) Includes equity investments in LSI Financing. (3) Includes equity investments in Amergin AssetCo and Fifth Season. The Company uses the Global Industry Classification Standard (“GICS”) for classifying the industry groupings of its portfolio companies. The table below presents the industry composition of investments based on fair value as of the following periods: December 31, 2023 December 31, 2022 Aerospace & Defense 1.9 % 2.7 % Application Software 15.8 19.0 Banks 2.2 — Beverages 0.3 0.4 Building Products 0.3 — Capital Markets 0.3 0.4 Commercial Services & Supplies 0.5 0.8 Construction & Engineering 0.2 0.3 Consumer Finance 0.5 0.6 Diversified Consumer Services 0.3 0.4 Diversified Financial Services (1) 9.5 6.8 Diversified Support Services 0.7 1.0 Electrical Equipment 3.3 5.1 Food & Staples Retailing 3.8 5.8 Health Care Equipment & Supplies 1.2 — Health Care Technology 8.9 8.3 Health Care Providers & Services 5.4 4.9 Insurance (2) 4.6 3.6 IT Services 3.9 5.6 Life Sciences Tools & Services 1.8 — Pharmaceuticals (3) 1.5 0.9 Professional Services 3.9 0.9 Real Estate Management & Development 1.2 — Specialty Retail — 1.2 Systems Software 28.0 31.3 Total 100.0 % 100.0 % (1) Includes investments in Amergin AssetCo. (2) Includes investments in Fifth Season. (3) Includes equity investment in LSI Financing. The table below presents the geographic composition of investments based on fair value as of the following periods: December 31, 2023 December 31, 2022 United States: Midwest 11.4 % 6.0 % Northeast 20.0 25.8 South 25.8 32.3 West 31.4 28.9 International 11.4 % 7.0 % Total 100.0 % 100.0 % |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy of Investments | The tables below present the fair value hierarchy of financial instruments as of the following periods: Fair Value Hierarchy as of December 31, 2023 ($ in thousands) Level 1 Level 2 Level 3 Total Cash $ 64,899 $ — $ — $ 64,899 Investments: First-lien senior secured debt investments (1) $ — $ 169,676 $ 2,898,716 $ 3,068,392 Second-lien senior secured debt investments — — 186,796 186,796 Unsecured debt investments — 20,455 53,368 73,823 Preferred equity investments (2) — — 370,458 370,458 Common equity investments (3) — — 108,170 108,170 Total Investments at fair value $ — $ 190,131 $ 3,617,508 $ 3,807,639 (1) Includes investment in Amergin AssetCo. (2) Includes equity investments in LSI Financing. (3) Includes equity investments in Amergin AssetCo and Fifth Season. Fair Value Hierarchy as of December 31, 2022 ($ in thousands) Level 1 Level 2 Level 3 Total Cash $ 28,065 $ — $ — $ 28,065 Investments: First-lien senior secured debt investments $ — $ 53,819 $ 1,758,458 $ 1,812,277 Second-lien senior secured debt investments — — 184,788 184,788 Unsecured debt investments — 13,735 45,124 58,859 Preferred equity investments (1) — — 337,069 337,069 Common equity investments (2) — — 71,541 71,541 Total Investments at fair value $ — $ 67,554 $ 2,396,980 $ 2,464,534 (1) Includes equity investment in LSI Financing. (2) |
Schedule of Changes in the Fair Value of Investments | The tables below present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the following periods: As of and for the Year Ended December 31, 2023 ($ in thousands) First-lien senior secured debt investments Second-lien senior secured debt investments Unsecured debt investments Preferred equity investments Common equity investments Total Fair value, beginning of period $ 1,758,458 $ 184,788 $ 45,124 $ 337,069 $ 71,541 $ 2,396,980 Purchases of investments, net 1,343,324 — 1,700 26,648 32,783 1,404,455 Payment-in-kind 14,870 — 4,837 22,725 — 42,432 Proceeds from investments, net (120,162) — — (22,415) — (142,577) Net change in unrealized gain (loss) 17,547 1,409 1,650 4,352 3,846 28,804 Net realized gains (losses) (2) — — 985 — 983 Net amortization/accretion of premium/discount on investments 6,074 599 57 1,094 — 7,824 Transfers into (out of) Level 3 (1) (121,393) — — — — (121,393) Fair value, end of period $ 2,898,716 $ 186,796 $ 53,368 $ 370,458 $ 108,170 $ 3,617,508 (1) Transfers between levels, if any, are recognized at the beginning of the period noted. For the year ended December 31, 2023, transfers between Level 2 and Level 3 were as a result of changes in the observability of significant inputs for certain portfolio companies. As of and for the Year Ended December 31, 2022 ($ in thousands) First-lien senior secured debt investments Second-lien senior secured debt investments Unsecured debt investments Preferred equity investments Common equity investments Total Fair value, beginning of period $ — $ — $ — $ — $ — $ — Purchases of investments, net 1,804,124 200,172 43,918 333,509 74,684 2,456,407 Payment-in-kind 1,741 — 2,363 11,559 — 15,663 Proceeds from investments, net (48,756) (13,977) — — (3,200) (65,933) Net change in unrealized gain (loss) (299) (1,636) (1,199) (8,257) (47) (11,438) Net realized gains (losses) 24 — — — 104 128 Net amortization of discount on investments 1,624 229 42 258 — 2,153 Transfers into (out of) Level 3 (1) — — — — — — Fair value, end of period $ 1,758,458 $ 184,788 $ 45,124 $ 337,069 $ 71,541 $ 2,396,980 (1) Transfers between levels, if any, are recognized at the beginning of the period noted. For the year ended December 31, 2022, there were no transfers between levels. The table below presents information with respect to net change in unrealized gains (losses) on investments for which Level 3 inputs were used in determining the fair value that are still held by the Company for the following periods: ($ in thousands) Net change in unrealized gain (loss) Net change in unrealized gain (loss) for the Year Ended December 31, 2022 on Investments Held at December 31, 2022 First-lien senior secured debt investments $ 18,017 $ (299) Second-lien senior secured debt investments 1,409 (1,636) Unsecured debt investments 1,650 (1,199) Preferred equity investments 4,352 (8,257) Common equity investments 3,846 (47) Total Investments $ 29,274 $ (11,438) |
Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments | The tables below present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of the following periods. The weighted average range of unobservable inputs is based on fair value of investments. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. December 31, 2023 ($ in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input First-lien senior secured debt investments $ 423,672 Recent Transaction Transaction Price 97.0% - 99.3% (98.6%) Increase 2,475,044 Yield Analysis Market Yield 8.2% - 17.1% (12.0%) Decrease Second-lien senior secured debt investments $ 186,796 Yield Analysis Market Yield 11.4% - 17.7% (15.3%) Decrease Unsecured debt investments $ 1,700 Recent Transaction Transaction Price 100.0% - 100.0% (100.0%) Increase 51,668 Yield Analysis Market Yield 10.6% - 10.6% (10.6%) Decrease Preferred equity investments $ 109,877 Recent Transaction Transaction Price 98.0% - 107.5% (106.9%) Increase 199,839 Yield Analysis Market Yield 10.4% - 20.0% (15.2%) Decrease 60,742 Market Approach Revenue Multiple 8.5x - 21.5x (14.6x) Increase Common equity investments $ 58,201 Recent Transaction Transaction Price 100.0% - 100.0% (100.0%) Increase 17,724 Market Approach EBITDA Multiple 9.1x - 34.5x (12.5x) Increase 32,245 Market Approach Revenue Multiple 6.3x - 14.7x (11.2x) Increase December 31, 2022 ($ in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impact to Valuation from an Increase in Input First-lien senior secured debt investments $ 544,947 Recent Transaction Transaction Price 97.2% - 98.5% (98.0%) Increase 1,213,511 Yield Analysis Market Yield 8.2% - 19.3% (11.5%) Decrease Second-lien senior secured debt investments $ 73,470 Recent Transaction Transaction Price 98.0% - 98.0% (98.0%) Increase 111,318 Yield Analysis Market Yield 12.6% - 19.2% (15.6%) Decrease Unsecured debt investments $ 45,124 Yield Analysis Market Yield 10.8% - 10.8% (10.8%) Decrease Preferred equity investments $ 18,350 Recent Transaction Transaction Price 96.5% - 100.0% (97.7%) Increase 253,581 Yield Analysis Market Yield 11.9% - 20.6% (16.7%) Decrease 65,138 Market Approach Revenue Multiple 8.5x - 38.5x (26.8x) Increase Common equity investments $ 36,211 Recent Transaction Transaction Price 100.0% - 100.0% (100.0%) Increase 17,586 Market Approach EBITDA Multiple 11.4x - 31.6x (14.4x) Increase 17,744 Market Approach Revenue Multiple 11.0x - 16.6x (14.1x) Increase |
Schedule of Carrying Values and Fair Values of the Company’s Debt Obligations | The table below presents the carrying and fair values of the Company’s debt obligations as of the following periods: December 31, 2023 December 31, 2022 ($ in thousands) Net Carrying Value (1) Fair Value Net Carrying Value (2) Fair Value Subscription Credit Facility $ 797,454 $ 797,454 $ 767,139 $ 767,139 Revolving Credit Facility 279,080 279,080 120,667 120,667 SPV Asset Facility I 321,387 321,387 293,878 293,878 SPV Asset Facility II 267,647 267,647 47,119 47,119 2023A Notes 74,144 75,188 — — Athena CLO II 285,596 285,596 — — Total Debt $ 2,025,308 $ 2,026,352 $ 1,228,803 $ 1,228,803 (1) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2023A Notes, and Athena CLO II are presented net of unamortized debt issuance costs of $2.5 million, $9.3 million , $8.6 million, $2.4 million, $0.9 million, and $2.4 million respectively. (2) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, and SPV Asset Facility II are presented net of unamortized debt issuance costs of $2.9 million , $5.7 million , $6.1 million , and $2.9 million respectively. The table below presents fair value measurements of the Company’s debt obligations as of the following periods: ($ in thousands) December 31, 2023 December 31, 2022 Level 1 $ — $ — Level 2 — — Level 3 2,025,308 1,228,803 Total Debt $ 2,025,308 $ 1,228,803 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | The tables below present debt obligations as of the following periods: December 31, 2023 ($ in thousands) Aggregate Principal Committed Outstanding Principal Amount Available (1) Net Carrying Value (2) Subscription Credit Facility $ 800,000 $ 800,000 $ — $ 797,454 Revolving Credit Facility 825,000 288,355 536,645 279,080 SPV Asset Facility I 625,000 330,000 84,826 321,387 SPV Asset Facility II 300,000 270,000 11,505 267,647 2023A Notes 75,000 75,000 — 74,144 Athena CLO II 288,000 288,000 — 285,596 Total Debt $ 2,913,000 $ 2,051,355 $ 632,976 $ 2,025,308 (1) The amount available reflects any limitations related to each credit facility’s borrowing base. (2) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, SPV Asset Facility II, 2023A Notes, and Athena CLO II are presented net of unamortized debt issuance costs of $2.5 million, $9.3 million , $8.6 million, $2.4 million, $0.9 million, and $2.4 million respectively. December 31, 2022 ($ in thousands) Aggregate Principal Committed Outstanding Principal Amount Available Net Carrying Value Subscription Credit Facility $ 800,000 $ 770,015 $ 29,985 $ 767,139 Revolving Credit Facility 625,000 126,377 498,623 120,667 SPV Asset Facility I 600,000 300,000 54,288 293,878 SPV Asset Facility II 300,000 50,000 5,637 47,119 Total Debt $ 2,325,000 $ 1,246,392 $ 588,533 $ 1,228,803 (1) The carrying value of the Subscription Credit Facility, Revolving Credit Facility, SPV Asset Facility I, and SPV Asset Facility II are presented net of unamortized debt issuance costs of $2.9 million , $5.7 million , $6.1 million , and $2.9 million respectively. |
Schedule of Components of Interest Expense | The table below presents the components of interest expense for the following periods: For the Year Ended December 31, ($ in thousands) 2023 2022 Interest expense $ 124,249 $ 26,622 Amortization of debt issuance costs 5,523 2,826 Total Interest Expense $ 129,772 $ 29,448 Average interest rate 7.7 % 5.4 % Average daily borrowings $ 1,621,236 $ 485,816 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Outstanding Commitments To Fund Investments | The table below presents the outstanding commitments to fund investments in current portfolio companies as of the following periods: Portfolio Company Investment December 31, 2023 December 31, 2022 ($ in thousands) AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC LLC Interest $ 1,699 $ 10,000 AAM Series 2.1 Aviation Feeder, LLC LLC Interest 246 9,652 Activate Holdings (US) Corp. (dba Absolute Software) First lien senior secured revolving loan 2,408 — AmeriLife Holdings LLC First lien senior secured delayed draw term loan 762 1,515 AmeriLife Holdings LLC First lien senior secured delayed draw term loan 3,820 — AmeriLife Holdings LLC First lien senior secured revolving loan 2,273 2,273 Anaplan, Inc. First lien senior secured revolving loan 9,421 9,421 Appfire Technologies, LLC First lien senior secured revolving loan 630 770 Appfire Technologies, LLC First lien senior secured delayed draw term loan 5,293 8,183 Armstrong Bidco Limited (dba The Access Group) First lien senior secured GBP delayed draw term loan — 747 Athenahealth Group Inc. First lien senior secured delayed draw term loan — 436 Aurelia Netherlands Midco 2 B.V. First lien senior secured EUR term loan 21,969 — Portfolio Company Investment December 31, 2023 December 31, 2022 Aurelia Netherlands Midco 2 B.V. First lien senior secured NOK term loan 22,990 — Aurelia Netherlands Midco 2 B.V. First lien senior secured EUR revolving loan 2,441 — Avalara, Inc. First lien senior secured revolving loan 10,455 10,455 Bamboo US BidCo LLC First lien senior secured delayed draw term loan 2,866 — Bamboo US BidCo LLC First lien senior secured revolving loan 4,103 — BTRS Holdings Inc. (dba Billtrust) First lien senior secured delayed draw term loan 2,715 5,322 BTRS Holdings Inc. (dba Billtrust) First lien senior secured revolving loan 5,037 6,716 Certinia, Inc. First lien senior secured revolving loan 5,882 — Circana Group, L.P. (fka The NPD Group, L.P.) First lien senior secured revolving loan 7,429 7,973 Community Brands ParentCo, LLC First lien senior secured delayed draw term loan 1,500 1,500 Community Brands ParentCo, LLC First lien senior secured revolving loan 750 750 CoreTrust Purchasing Group LLC First lien senior secured delayed draw term loan 3,789 3,789 CoreTrust Purchasing Group LLC First lien senior secured revolving loan 3,789 3,789 Coupa Holdings, LLC First lien senior secured delayed draw term loan 7,572 — Coupa Holdings, LLC First lien senior secured revolving loan 5,798 — Crewline Buyer, Inc. (dba New Relic) First lien senior secured revolving loan 11,959 — Disco Parent, Inc. (dba Duck Creek Technologies, Inc.) First lien senior secured revolving loan 3,732 — EET Buyer, Inc. (dba e-Emphasys) First lien senior secured revolving loan 642 — Entrata, Inc. First lien senior secured revolving loan 5,128 — Finastra USA, Inc. First lien senior secured revolving loan 6,284 — Fullsteam Operations, LLC First lien senior secured delayed draw term loan — 19,934 Fullsteam Operations, LLC First lien senior secured delayed draw term loan 2,324 — Fullsteam Operations, LLC First lien senior secured delayed draw term loan 1,481 — Fullsteam Operations, LLC First lien senior secured revolving loan 593 — Grayshift, LLC First lien senior secured revolving loan 5,806 5,806 Hyland Software, Inc. First lien senior secured revolving loan 3,101 — Iconic IMO Merger Sub, Inc. First lien senior secured delayed draw term loan 3,127 4,963 Iconic IMO Merger Sub, Inc. First lien senior secured revolving loan 2,382 2,010 Indikami Bidco, LLC (dba IntegriChain) First lien senior secured delayed draw term loan 9,866 — Indikami Bidco, LLC (dba IntegriChain) First lien senior secured revolving loan 7,047 — Integrated Specialty Coverages, LLC First lien senior secured delayed draw term loan 1,293 — Integrated Specialty Coverages, LLC First lien senior secured revolving loan 603 — Integrity Marketing Acquisition, LLC First lien senior secured delayed draw term loan 10,604 — Integrity Marketing Acquisition, LLC First lien senior secured revolving loan 2,636 — Interoperability Bidco, Inc. (dba Lyniate) First lien senior secured revolving loan 1,309 652 Juniper Square, Inc. First lien senior secured revolving loan 2,250 2,250 Kaseya Inc. First lien senior secured delayed draw term loan 4,437 4,725 Kaseya Inc. First lien senior secured revolving loan 3,544 4,725 KWOL Acquisition Inc. (dba Worldwide Clinical Trials) First lien senior secured revolving loan 2,056 — ManTech International Corporation First lien senior secured delayed draw term loan 10,304 16,000 ManTech International Corporation First lien senior secured revolving loan 8,600 8,600 Natural Partners, LLC First lien senior secured revolving loan 681 681 Neptune Holdings, Inc. (dba NexTech) First lien senior secured revolving loan 882 — OneOncology LLC First lien senior secured delayed draw term loan 2,976 — OneOncology LLC First lien senior secured revolving loan 1,587 — Oranje Holdco, Inc. (dba KnowBe4) First lien senior secured revolving loan 13,352 — Pacific BidCo Inc. First lien senior secured delayed draw term loan 954 954 PetVet Care Centers, LLC First lien senior secured delayed draw term loan 5,120 — PetVet Care Centers, LLC First lien senior secured revolving loan 5,373 — Portfolio Company Investment December 31, 2023 December 31, 2022 Ping Identity Holding Corp. First lien senior secured revolving loan 9,091 9,091 Rubrik, Inc. First lien senior secured delayed draw term loan 5,876 1,857 SailPoint Technologies Holdings, Inc. First lien senior secured revolving loan 13,075 13,075 Securonix, Inc. First lien senior secured revolving loan 3,559 3,559 Sensor Technology Topco, Inc. (dba Humanetics) First lien senior secured revolving loan 2,445 — SimpliSafe Holding Corporation First lien senior secured delayed draw term loan 1,886 2,572 Smarsh Inc. First lien senior secured delayed draw term loan 3,238 3,238 Smarsh Inc. First lien senior secured revolving loan 259 1,619 Talon MidCo 2 Limited (dba Tufin) First lien senior secured revolving loan 1,369 1,369 Talon MidCo 2 Limited (dba Tufin) First lien senior secured delayed draw term loan 135 118 Talon MidCo 2 Limited (dba Tufin) First lien senior secured delayed draw term loan 10 — TC Holdings, LLC (dba TrialCard) First lien senior secured revolving loan 1,071 1,071 XRL 1 LLC (dba XOMA) First lien senior secured delayed draw term loan 1,000 — Zendesk, Inc. First lien senior secured delayed draw term loan 22,915 22,915 Zendesk, Inc. First lien senior secured revolving loan 9,435 9,435 Total Unfunded Portfolio Company Commitments $ 353,034 $ 224,510 |
Net Assets (Tables)
Net Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | The Company delivered the capital call notices to investors during the following periods: For the Year Ended December 31, 2023 Capital Drawdown Notice Date Common Share Issuance Date Number of Common Aggregate Offering Price April 25, 2023 May 8, 2023 20,039,586 $ 299,992 September 13, 2023 September 26, 2023 13,123,039 199,995 Total 33,162,625 $ 499,987 For the Year Ended December 31, 2022 Capital Drawdown Notice Date Common Share Issuance Date Number of Common Aggregate Offering Price January 28, 2022 February 11, 2022 8,710,668 $ 125,000 March 16, 2022 March 29, 2022 10,408,213 150,000 June 14, 2022 June 28, 2022 21,201,413 300,000 September 12, 2022 September 23, 2022 27,642,541 399,987 December 7, 2022 December 20, 2022 13,660,179 199,984 Total 81,623,015 $ 1,174,971 |
Schedule of Dividends Declared | The table below reflects the distributions declared on shares of our common stock during the following periods: For the Year Ended December 31, 2023 Date Declared Record Date Payment Date Distribution per Share February 21, 2023 March 31, 2023 May 15, 2023 $ 0.27 May 9, 2023 June 30, 2023 August 15, 2023 $ 0.24 August 8, 2023 September 29, 2023 November 15, 2023 $ 0.29 November 7, 2023 December 29, 2023 January 31, 2024 $ 0.30 For the Year Ended December 31, 2022 Date Declared Record Date Payment Date Distribution per Share August 2, 2022 September 30, 2022 November 15, 2022 $ 0.05 November 1, 2022 December 30, 2022 January 31, 2023 $ 0.16 |
Schedule Of Shares Distributed, Dividend Reinvestment Plan | The table below reflects the common stock issued pursuant to the dividend reinvestment plan during the following period: For the Year Ended December 31, 2023 Date Declared Record Date Payment Date Shares November 1, 2022 December 30, 2022 January 31, 2023 121,031 February 21, 2023 March 31, 2023 May 15, 2023 199,060 May 9, 2023 June 30, 2023 August 15, 2023 216,221 August 8, 2023 September 29, 2023 November 15, 2023 269,406 For the Year Ended December 31, 2022 Date Declared Record Date Payment Date Shares August 2, 2022 September 30, 2022 November 15, 2022 33,272 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation for Basic and Diluted Earnings (Loss) Per Common Share | The table below sets forth the computation of basic and diluted earnings (loss) per common share for the following periods: For the Year Ended December 31, ($ in thousands, except per share amounts) 2023 2022 2021 (1) Increase (decrease) in net assets resulting from operations $ 199,329 $ 22,273 $ (983) Weighted average shares of common stock outstanding—basic and diluted 101,564,882 37,548,440 187,600 Earnings (loss) per common share-basic and diluted $ 1.96 $ 0.59 $ (5.24) (1) The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciles Increase (Decrease) in Net Assets Resulting From Operations | The following reconciles the increase (decrease) in net assets resulting from operations for the years ended December 31, 2023, 2022, and 2021: For the Year Ended December 31, ($ in thousands) 2023 (1) 2022 2021 (2) Increase (decrease) in net assets resulting from operations $ 199,329 $ 22,273 $ (983) Adjustments: Net unrealized (gain) loss (32,945) 13,577 — Deferred organization costs (23) 322 344 Federal and state income tax 513 61 — Other book-tax differences (34,921) (17,241) 41 Net operating losses — — 598 Taxable Income $ 131,953 $ 18,992 $ — (1) Tax information for the fiscal year ended December 31, 2023 is estimated and is not considered final until the Company files its tax return. (2) The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Schedule of Investment Company, Financial Highlights | The table below presents the financial highlights for a common share outstanding during the following periods: For the Year Ended December 31, ($ in thousands, except share and per share amounts) 2023 2022 (1) 2021 (1) Per share data: Net asset value, beginning of period $ 14.47 $ 14.67 $ — Net investment income (loss) (2) 1.64 0.95 (0.33) Net realized and unrealized gain (loss) (2) 0.32 (0.36) — Total from operations 1.96 0.59 (0.33) Issuance of common stock (3) (0.01) (0.58) 15.00 Distributions declared from net investment income (1.10) (0.21) — Total increase (decrease) in net assets 0.85 (0.20) 14.67 Net asset value, end of period $ 15.32 $ 14.47 $ 14.67 Shares outstanding, end of period 118,624,729 84,656,386 3,000,100 Total Return (4) 13.5 % 0.0 % (2.2) % Ratios / Supplemental Data Ratio of total expenses to average net assets 13.7 % 9.6 % 4.5 % Ratio of net investment income to average net assets 11.0 % 5.5 % (4.5) % Net assets, end of period $ 1,817,579 $ 1,224,578 $ 44,018 Weighted-average shares outstanding 101,564,882 37,548,440 187,600 Total capital commitments, end of period $ 4,146,837 $ 3,494,589 $ 802,705 Ratio of total contributed capital to total committed capital, end of period 41.5 % 34.9 % 5.6 % Portfolio turnover rate 4.3 % 5.9 % — % Year of formation 2021 2021 2021 (1) The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. (2) The per share data was derived using the weighted average shares outstanding during the period. (3) The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the issuance of common stock because of the timing of sales of the Company’s shares. (4) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share (assuming dividends and distributions, if any, are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Total return is not annualized. |
Organization (Details)
Organization (Details) | Dec. 01, 2021 extension | Dec. 31, 2023 platform |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of divisions | platform | 3 | |
Anniversary of final closing period | 5 years | |
Anniversary of initial closing period | 7 years | |
Number of extensions | extension | 2 | |
Extension period | 1 year |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Product Information [Line Items] | ||||
Payment-in-kind interest income | $ 20,900 | |||
Payment-in-kind dividend income | 29,400 | |||
Non-Control/Non-Affiliate Investments | ||||
Product Information [Line Items] | ||||
Payment-in-kind interest income | 20,569 | $ 4,361 | $ 0 | |
Payment-in-kind dividend income | $ 29,426 | $ 17,151 | $ 0 | |
Revenue Benchmark | Product Concentration Risk | Interest Income, Paid In Kind | ||||
Product Information [Line Items] | ||||
Concentration risk (as percent) | 5.50% | 4.50% | ||
Revenue Benchmark | Product Concentration Risk | Dividend Income, Paid In Kind | ||||
Product Information [Line Items] | ||||
Concentration risk (as percent) | 7.80% | 17.60% | ||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Agreements and Related Party _2
Agreements and Related Party Transactions - Narrative (Details) | 12 Months Ended | ||||||
May 09, 2022 | Dec. 01, 2021 component | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jan. 25, 2022 USD ($) | ||
Related Party Transaction [Line Items] | |||||||
Management fees | $ 48,655,000 | $ 22,264,000 | $ 394,000 | [1] | |||
Incentive fees | 20,664,000 | 3,945,000 | 0 | [1] | |||
Affiliated Entity | Amergin AssetCo | |||||||
Related Party Transaction [Line Items] | |||||||
Amount of transaction | 32,800,000 | ||||||
Administration Agreement | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Contract term | 2 years | ||||||
Written notice for contract termination, term | 60 days | ||||||
Management fee | 2,900,000 | 2,300,000 | 200,000 | ||||
Investment Advisory Agreement | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Contract term | 2 years | ||||||
Written notice for contract termination, term | 60 days | ||||||
Management fees | 48,700,000 | 22,300,000 | 400,000 | ||||
Number of components | component | 2 | ||||||
Incentive fees | 18,800,000 | 3,900,000 | 0 | ||||
Before Exchange Listing | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee percentage | 0.90% | ||||||
Asset coverage ratio maximum | 200% | ||||||
Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 100% | ||||||
Quarterly Hurdle Rate | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 1.50% | ||||||
Pre-Incentive Fee Net Investment Income, Quarterly Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 10% | ||||||
Quarterly Catch-Up Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 1.67% | ||||||
Realized Capital Gains | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 10% | ||||||
After Exchange Listing | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Management fee percentage | 1.50% | ||||||
Asset coverage ratio maximum | 200% | ||||||
Management fee, average gross assets | 1% | ||||||
Pre-Incentive Fee Net Investment Income Below Catch-Up Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 100% | ||||||
Quarterly Hurdle Rate | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 1.50% | ||||||
Pre-Incentive Fee Net Investment Income, Quarterly Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 17.50% | ||||||
Quarterly Catch-Up Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 1.82% | ||||||
Annualized Catch-Up Threshold | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 7.27% | ||||||
Realized Capital Gains | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 17.50% | ||||||
Catch-Up Provision | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 100% | ||||||
Quarterly Hurdle Rate | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 1.50% | ||||||
Before Exchange Listing | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fee percentage | 6.67% | ||||||
Equity Commitment | Affiliated Entity | Amergin AssetCo | |||||||
Related Party Transaction [Line Items] | |||||||
Amount of transaction | 13,900,000 | ||||||
Debt Commitment | Affiliated Entity | Amergin AssetCo | |||||||
Related Party Transaction [Line Items] | |||||||
Amount of transaction | 18,900,000 | ||||||
Promissory Note | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Aggregate Principal Committed | $ 250,000,000 | ||||||
Performance Based | Affiliated Entity | |||||||
Related Party Transaction [Line Items] | |||||||
Incentive fees | $ 1,900,000 | $ 0 | $ 0 | ||||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Investments - Investments at Fa
Investments - Investments at Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 3,785,797 | [1],[2],[3],[4],[5] | $ 2,479,629 | [6],[7],[8],[9],[10] |
Fair Value | 3,807,639 | [1],[2],[3],[4],[5] | 2,464,534 | [6],[8],[10] |
First-lien senior secured debt investments | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 3,047,941 | 1,812,475 | ||
Fair Value | 3,068,392 | 1,812,277 | ||
Second-lien senior secured debt investments | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 187,024 | 186,424 | ||
Fair Value | 186,796 | 184,788 | ||
Unsecured debt investments | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 72,097 | 63,815 | ||
Fair Value | 73,823 | 58,859 | ||
Preferred equity investments | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 374,363 | 345,327 | ||
Fair Value | 370,458 | 337,069 | ||
Common equity investments | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 104,372 | 71,588 | ||
Fair Value | $ 108,170 | $ 71,541 | ||
[1] Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. As of December 31, 2022, the net estimated unrealized loss for U.S. federal income tax purposes was $3.5 million based on a tax cost basis of $2.5 billion. As of December 31, 2022, the estimated aggregate gross unrealized loss for U.S. federal income tax purposes was $10.1 million and the estimated aggregate gross unrealized gain for U.S. federal income tax purposes was $6.6 million. Certain portfolio company investments are subject to contractual restrictions on sales. The amortized cost represents the original cost adjusted for the amortization and accretion of premiums and discounts, as applicable, on debt investments using the effective interest method. Unless otherwise indicated, all investments are considered Level 3 investments. |
Investments - Composition of In
Investments - Composition of Investments Based on Fair Value (Details) - Investment Owned, At Fair Value | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Industry Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 100% | 100% |
Industry Concentration Risk | Aerospace & Defense | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 1.90% | 2.70% |
Industry Concentration Risk | Application Software | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 15.80% | 19% |
Industry Concentration Risk | Banks | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 2.20% | 0% |
Industry Concentration Risk | Beverages | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.30% | 0.40% |
Industry Concentration Risk | Building Products | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.30% | 0% |
Industry Concentration Risk | Capital Markets | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.30% | 0.40% |
Industry Concentration Risk | Commercial Services & Supplies | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.50% | 0.80% |
Industry Concentration Risk | Construction & Engineering | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.20% | 0.30% |
Industry Concentration Risk | Consumer Finance | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.50% | 0.60% |
Industry Concentration Risk | Diversified Consumer Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.30% | 0.40% |
Industry Concentration Risk | Diversified Financial Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 9.50% | 6.80% |
Industry Concentration Risk | Diversified Support Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0.70% | 1% |
Industry Concentration Risk | Electrical Equipment | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 3.30% | 5.10% |
Industry Concentration Risk | Food & Staples Retailing | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 3.80% | 5.80% |
Industry Concentration Risk | Health Care Equipment & Supplies | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 1.20% | 0% |
Industry Concentration Risk | Health Care Technology | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 8.90% | 8.30% |
Industry Concentration Risk | Health Care Providers & Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 5.40% | 4.90% |
Industry Concentration Risk | Insurance | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 4.60% | 3.60% |
Industry Concentration Risk | IT Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 3.90% | 5.60% |
Industry Concentration Risk | Life Sciences Tools & Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 1.80% | 0% |
Industry Concentration Risk | Pharmaceuticals | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 1.50% | 0.90% |
Industry Concentration Risk | Professional Services | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 3.90% | 0.90% |
Industry Concentration Risk | Real Estate Management & Development | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 1.20% | 0% |
Industry Concentration Risk | Specialty Retail | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 0% | 1.20% |
Industry Concentration Risk | Systems Software | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 28% | 31.30% |
Geographic Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 100% | 100% |
Geographic Concentration Risk | Midwest | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 11.40% | 6% |
Geographic Concentration Risk | Northeast | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 20% | 25.80% |
Geographic Concentration Risk | South | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 25.80% | 32.30% |
Geographic Concentration Risk | West | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 31.40% | 28.90% |
Geographic Concentration Risk | International | ||
Schedule of Investments [Line Items] | ||
Concentration risk (as percent) | 11.40% | 7% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value Hierarchy of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Cash | $ 64,899 | $ 28,065 | ||
Total Investments at fair value | 3,807,639 | [1],[2],[3],[4],[5] | 2,464,534 | [6],[7],[8] |
Non-Control/Non-Affiliate Investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 3,695,692 | 2,432,901 | ||
First-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 3,068,392 | 1,812,277 | ||
Second-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 186,796 | 184,788 | ||
Unsecured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 73,823 | 58,859 | ||
Preferred equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 370,458 | 337,069 | ||
Common equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 108,170 | 71,541 | ||
Level 1 | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 1 | First-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 1 | Second-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 1 | Unsecured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 1 | Preferred equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 1 | Common equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 2 | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 190,131 | 67,554 | ||
Level 2 | First-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 169,676 | 53,819 | ||
Level 2 | Second-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 2 | Unsecured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 20,455 | 13,735 | ||
Level 2 | Preferred equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 2 | Common equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 0 | 0 | ||
Level 3 | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 3,617,508 | 2,396,980 | ||
Level 3 | First-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 2,898,716 | 1,758,458 | ||
Level 3 | Second-lien senior secured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 186,796 | 184,788 | ||
Level 3 | Unsecured debt investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 53,368 | 45,124 | ||
Level 3 | Preferred equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | 370,458 | 337,069 | ||
Level 3 | Common equity investments | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||||
Total Investments at fair value | $ 108,170 | $ 71,541 | ||
[1] Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Changes in the Fair Value of Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | $ 29,274 | $ (11,438) |
First-lien senior secured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 1,758,458 | 0 |
Purchases of investments, net | 1,343,324 | 1,804,124 |
Payment-in-kind | 14,870 | 1,741 |
Proceeds from investments, net | (120,162) | (48,756) |
Net change in unrealized gain (loss) / realized gain (loss) | 18,017 | (299) |
Net amortization/accretion of premium/discount on investments | 6,074 | 1,624 |
Transfers into (out of) Level 3 | (121,393) | 0 |
Fair value, end of period | 2,898,716 | 1,758,458 |
First-lien senior secured debt investments | Net change in unrealized gain (loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 17,547 | (299) |
First-lien senior secured debt investments | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | (2) | 24 |
Second-lien senior secured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 184,788 | 0 |
Purchases of investments, net | 0 | 200,172 |
Payment-in-kind | 0 | 0 |
Proceeds from investments, net | 0 | (13,977) |
Net change in unrealized gain (loss) / realized gain (loss) | 1,409 | (1,636) |
Net amortization/accretion of premium/discount on investments | 599 | 229 |
Transfers into (out of) Level 3 | 0 | 0 |
Fair value, end of period | 186,796 | 184,788 |
Second-lien senior secured debt investments | Net change in unrealized gain (loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 1,409 | (1,636) |
Second-lien senior secured debt investments | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 0 | 0 |
Unsecured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 45,124 | 0 |
Purchases of investments, net | 1,700 | 43,918 |
Payment-in-kind | 4,837 | 2,363 |
Proceeds from investments, net | 0 | 0 |
Net change in unrealized gain (loss) / realized gain (loss) | 1,650 | (1,199) |
Net amortization/accretion of premium/discount on investments | 57 | 42 |
Transfers into (out of) Level 3 | 0 | 0 |
Fair value, end of period | 53,368 | 45,124 |
Unsecured debt investments | Net change in unrealized gain (loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 1,650 | (1,199) |
Unsecured debt investments | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 0 | 0 |
Preferred equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 337,069 | 0 |
Purchases of investments, net | 26,648 | 333,509 |
Payment-in-kind | 22,725 | 11,559 |
Proceeds from investments, net | (22,415) | 0 |
Net change in unrealized gain (loss) / realized gain (loss) | 4,352 | (8,257) |
Net amortization/accretion of premium/discount on investments | 1,094 | 258 |
Transfers into (out of) Level 3 | 0 | 0 |
Fair value, end of period | 370,458 | 337,069 |
Preferred equity investments | Net change in unrealized gain (loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 4,352 | (8,257) |
Preferred equity investments | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 985 | 0 |
Common equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 71,541 | 0 |
Purchases of investments, net | 32,783 | 74,684 |
Payment-in-kind | 0 | 0 |
Proceeds from investments, net | 0 | (3,200) |
Net change in unrealized gain (loss) / realized gain (loss) | 3,846 | (47) |
Net amortization/accretion of premium/discount on investments | 0 | 0 |
Transfers into (out of) Level 3 | 0 | 0 |
Fair value, end of period | 108,170 | 71,541 |
Common equity investments | Net change in unrealized gain (loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 3,846 | (47) |
Common equity investments | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 0 | 104 |
Total | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 2,396,980 | 0 |
Purchases of investments, net | 1,404,455 | 2,456,407 |
Payment-in-kind | 42,432 | 15,663 |
Proceeds from investments, net | (142,577) | (65,933) |
Net amortization/accretion of premium/discount on investments | 7,824 | 2,153 |
Transfers into (out of) Level 3 | (121,393) | 0 |
Fair value, end of period | 3,617,508 | 2,396,980 |
Total | Net change in unrealized gain (loss) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | 28,804 | (11,438) |
Total | Net realized gains (losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net change in unrealized gain (loss) / realized gain (loss) | $ 983 | $ 128 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Schedule of Net Change in Unrealized Gains on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss) on Investments | |
Net change in unrealized gain (loss) | $ 29,274 | $ (11,438) |
First-lien senior secured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net change in unrealized gain (loss) | 18,017 | (299) |
Second-lien senior secured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net change in unrealized gain (loss) | 1,409 | (1,636) |
Unsecured debt investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net change in unrealized gain (loss) | 1,650 | (1,199) |
Preferred equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net change in unrealized gain (loss) | 4,352 | (8,257) |
Common equity investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net change in unrealized gain (loss) | $ 3,846 | $ (47) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Schedule of Quantitative Information About Significant Unobservable Inputs of Level 3 Investments (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 3,807,639 | [1],[2],[3],[4],[5] | $ 2,464,534 | [6],[7],[8] |
First-lien senior secured debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 3,068,392 | 1,812,277 | ||
Second-lien senior secured debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 186,796 | 184,788 | ||
Unsecured debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 73,823 | 58,859 | ||
Preferred equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 370,458 | 337,069 | ||
Common equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 108,170 | 71,541 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 3,617,508 | 2,396,980 | ||
Level 3 | First-lien senior secured debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 2,898,716 | 1,758,458 | ||
Level 3 | First-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 423,672 | 544,947 | ||
Level 3 | First-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 2,475,044 | 1,213,511 | ||
Level 3 | Second-lien senior secured debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 186,796 | 184,788 | ||
Level 3 | Second-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 73,470 | |||
Level 3 | Second-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 186,796 | 111,318 | ||
Level 3 | Unsecured debt investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 53,368 | 45,124 | ||
Level 3 | Unsecured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 1,700 | |||
Level 3 | Unsecured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 51,668 | 45,124 | ||
Level 3 | Preferred equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 370,458 | 337,069 | ||
Level 3 | Preferred equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 109,877 | 18,350 | ||
Level 3 | Preferred equity investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 199,839 | 253,581 | ||
Level 3 | Preferred equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 60,742 | 65,138 | ||
Level 3 | Common equity investments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 108,170 | 71,541 | ||
Level 3 | Common equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 58,201 | 36,211 | ||
Level 3 | Common equity investments | Market Approach | EBITDA Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 17,724 | 17,586 | ||
Level 3 | Common equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 32,245 | $ 17,744 | ||
Level 3 | Minimum | First-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.970 | 0.972 | ||
Level 3 | Minimum | First-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.082 | 0.082 | ||
Level 3 | Minimum | Second-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.980 | |||
Level 3 | Minimum | Second-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.114 | 0.126 | ||
Level 3 | Minimum | Unsecured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1 | |||
Level 3 | Minimum | Unsecured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.106 | 0.108 | ||
Level 3 | Minimum | Preferred equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.980 | 0.965 | ||
Level 3 | Minimum | Preferred equity investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.104 | 0.119 | ||
Level 3 | Minimum | Preferred equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 8.5 | 8.5 | ||
Level 3 | Minimum | Common equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1 | 1 | ||
Level 3 | Minimum | Common equity investments | Market Approach | EBITDA Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 9.1 | 11.4 | ||
Level 3 | Minimum | Common equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 6.3 | 11 | ||
Level 3 | Maximum | First-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.993 | 0.985 | ||
Level 3 | Maximum | First-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.171 | 0.193 | ||
Level 3 | Maximum | Second-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.980 | |||
Level 3 | Maximum | Second-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.177 | 0.192 | ||
Level 3 | Maximum | Unsecured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1 | |||
Level 3 | Maximum | Unsecured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.106 | 0.108 | ||
Level 3 | Maximum | Preferred equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1.075 | 1 | ||
Level 3 | Maximum | Preferred equity investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.200 | 0.206 | ||
Level 3 | Maximum | Preferred equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 21.5 | 38.5 | ||
Level 3 | Maximum | Common equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1 | 1 | ||
Level 3 | Maximum | Common equity investments | Market Approach | EBITDA Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 34.5 | 31.6 | ||
Level 3 | Maximum | Common equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 14.7 | 16.6 | ||
Level 3 | Weighted Average | First-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.986 | 0.980 | ||
Level 3 | Weighted Average | First-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.120 | 0.115 | ||
Level 3 | Weighted Average | Second-lien senior secured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.980 | |||
Level 3 | Weighted Average | Second-lien senior secured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.153 | 0.156 | ||
Level 3 | Weighted Average | Unsecured debt investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1 | |||
Level 3 | Weighted Average | Unsecured debt investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.106 | 0.108 | ||
Level 3 | Weighted Average | Preferred equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1.069 | 0.977 | ||
Level 3 | Weighted Average | Preferred equity investments | Yield Analysis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 0.152 | 0.167 | ||
Level 3 | Weighted Average | Preferred equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 14.6 | 26.8 | ||
Level 3 | Weighted Average | Common equity investments | Recent Transaction | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 1 | 1 | ||
Level 3 | Weighted Average | Common equity investments | Market Approach | EBITDA Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 12.5 | 14.4 | ||
Level 3 | Weighted Average | Common equity investments | Market Approach | Revenue Multiple | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Range (Weighted Average) | 11.2 | 14.1 | ||
[1] Unless otherwise indicated, all investments are considered co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. See Note 3 “Agreements and Related Party Transactions.” Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility, SPV Asset Facilities and CLO. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. Unless otherwise indicated, the Company’s portfolio companies are pledged as collateral supporting the amounts outstanding under the Revolving Credit Facility and SPV Asset Facilities. See Note 6 “Debt”. Certain portfolio company investments are subject to contractual restrictions on sales. Unless otherwise indicated, all investments are considered Level 3 investments. |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Schedule of Carrying and Fair Values of the Company’s Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Fair value of debt obligations | $ 2,025,308 | $ 1,228,803 |
Debt issuance costs, net | 26,047 | 17,589 |
Net Carrying Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 2,025,308 | 1,228,803 |
Fair Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 2,026,352 | 1,228,803 |
Level 1 | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 0 | 0 |
Level 2 | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 0 | 0 |
Level 3 | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 2,025,308 | 1,228,803 |
Line of Credit | Subscription Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, net | 2,500 | 2,900 |
Line of Credit | Subscription Credit Facility | Net Carrying Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 797,454 | 767,139 |
Line of Credit | Subscription Credit Facility | Fair Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 797,454 | 767,139 |
Line of Credit | SPV Asset Facility I | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, net | 8,600 | 6,100 |
Line of Credit | SPV Asset Facility I | Net Carrying Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 321,387 | 293,878 |
Line of Credit | SPV Asset Facility I | Fair Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 321,387 | 293,878 |
Line of Credit | SPV Asset Facility II | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, net | 2,400 | 2,900 |
Line of Credit | SPV Asset Facility II | Net Carrying Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 267,647 | 47,119 |
Line of Credit | SPV Asset Facility II | Fair Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 267,647 | 47,119 |
Unsecured debt investments | 2023A Notes | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, net | 900 | |
Unsecured debt investments | 2023A Notes | Net Carrying Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 74,144 | 0 |
Unsecured debt investments | 2023A Notes | Fair Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 75,188 | 0 |
Unsecured debt investments | Athena CLO II | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, net | 2,400 | |
Secured Debt | Athena CLO II | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 285,596 | 0 |
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Debt issuance costs, net | 9,300 | 5,700 |
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Net Carrying Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | 279,080 | 120,667 |
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | Fair Value | ||
Debt Instrument [Line Items] | ||
Fair value of debt obligations | $ 279,080 | $ 120,667 |
Debt - Additional Information (
Debt - Additional Information (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Asset coverage ratio | 188% | 196% |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt Obligations (Details) - USD ($) | Dec. 31, 2023 | Dec. 13, 2023 | Dec. 12, 2023 | Oct. 13, 2023 | Oct. 12, 2023 | Sep. 26, 2023 | Aug. 15, 2023 | Feb. 22, 2023 | Dec. 31, 2022 | Dec. 16, 2022 | Dec. 15, 2022 | Nov. 08, 2022 | Jul. 15, 2022 |
Debt Instrument [Line Items] | |||||||||||||
Total Debt | $ 2,913,000,000 | $ 2,325,000,000 | |||||||||||
Outstanding Principal | 2,051,355,000 | 1,246,392,000 | |||||||||||
Amount Available | 632,976,000 | ||||||||||||
Total Debt | 588,533,000 | ||||||||||||
Net Carrying Value | 2,025,308,000 | 1,228,803,000 | |||||||||||
Debt issuance costs, net | 26,047,000 | 17,589,000 | |||||||||||
Subscription Credit Facility | Line of credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | 800,000,000 | 800,000,000 | $ 800,000,000 | $ 700,000,000 | |||||||||
Outstanding Principal | 770,015,000 | ||||||||||||
Amount Available | 0 | 29,985,000 | |||||||||||
Net Carrying Value | 797,454,000 | 767,139,000 | |||||||||||
Debt issuance costs, net | 2,500,000 | 2,900,000 | |||||||||||
Revolving Credit Facility | Line of credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | $ 825,000,000 | $ 625,000,000 | |||||||||||
Revolving Credit Facility | Line of credit | Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | 825,000,000 | $ 775,000,000 | 625,000,000 | ||||||||||
Outstanding Principal | 126,377,000 | ||||||||||||
Amount Available | 536,645,000 | 498,623,000 | |||||||||||
Net Carrying Value | 279,080,000 | 120,667,000 | |||||||||||
Debt issuance costs, net | 9,300,000 | 5,700,000 | |||||||||||
SPV Asset Facility I | Line of credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | 625,000,000 | $ 625,000,000 | $ 825,000,000 | $ 825,000,000 | $ 800,000,000 | $ 700,000,000 | 600,000,000 | $ 600,000,000 | |||||
Outstanding Principal | 300,000,000 | ||||||||||||
Amount Available | 84,826,000 | 54,288,000 | |||||||||||
Net Carrying Value | 321,387,000 | 293,878,000 | |||||||||||
Debt issuance costs, net | 8,600,000 | 6,100,000 | |||||||||||
SPV Asset Facility II | Line of credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | 300,000,000 | 300,000,000 | $ 300,000,000 | ||||||||||
Outstanding Principal | 50,000,000 | ||||||||||||
Amount Available | 11,505,000 | 5,637,000 | |||||||||||
Net Carrying Value | 267,647,000 | 47,119,000 | |||||||||||
Debt issuance costs, net | 2,400,000 | $ 2,900,000 | |||||||||||
2023A Notes | Unsecured debt investments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | 75,000,000 | ||||||||||||
Net Carrying Value | 74,144,000 | ||||||||||||
Debt issuance costs, net | 900,000 | ||||||||||||
Athena CLO II | Unsecured debt investments | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt issuance costs, net | 2,400,000 | ||||||||||||
Athena CLO II | Secured Debt | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Aggregate Principal Committed | $ 288,000,000 | $ 475,300,000 |
Debt - Schedule of Components o
Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Debt Disclosure [Abstract] | |||||
Interest expense | $ 124,249 | $ 26,622 | |||
Amortization of debt issuance costs | 5,523 | 2,826 | [1] | $ 0 | |
Total Interest Expense | $ 129,772 | $ 29,448 | $ 0 | ||
Average interest rate | 7.70% | 5.40% | |||
Average daily borrowings | $ 1,621,236 | $ 485,816 | |||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Debt - Revolving Credit Facilit
Debt - Revolving Credit Facility (Details) - USD ($) | Oct. 13, 2023 | Feb. 28, 2023 | Feb. 18, 2022 | Dec. 31, 2023 | Oct. 12, 2023 | Jan. 04, 2023 | Jan. 03, 2023 | Dec. 31, 2022 | Dec. 16, 2022 | Dec. 15, 2022 | Jun. 09, 2022 | Jan. 25, 2022 |
Subscription Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | $ 800,000,000 | $ 800,000,000 | $ 800,000,000 | $ 700,000,000 | ||||||||
Line of credit facility, including the accordion feature | $ 1,500,000,000 | |||||||||||
Basis spread on variable rate | 0.75% | |||||||||||
Fee on unused portion of credit facility | 0.25% | |||||||||||
Credit facility maturity term | 2 years | |||||||||||
Line of credit facility, termination of commitment period | 45 days | |||||||||||
Line of credit facility, listing of company's common stock on national securities exchange period | 45 days | |||||||||||
Line of credit facility, extended stated maturity date | 364 days | |||||||||||
Subscription Credit Facility | Line of Credit | SOFR | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1% | |||||||||||
Credit spread adjustment percentage | 0.10% | |||||||||||
Subscription Credit Facility | Line of Credit | SOFR | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||
Credit spread adjustment percentage | 0.25% | |||||||||||
Subscription Credit Facility | Line of Credit | Adjusted Term SOFR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||
Subscription Credit Facility | Line of Credit | Federal Funds | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Subscription Credit Facility | Line of Credit | Adjusted Eurocurrency Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||
Subscription Credit Facility | Line of Credit | Adjusted SONIA Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.75% | |||||||||||
Credit spread adjustment percentage | 0.0326% | |||||||||||
Subscription Credit Facility | Line of Credit | Bridge Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | $ 50,000,000 | $ 100,000,000 | ||||||||||
Subscription Credit Facility | Line of Credit | Letter of Credit | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum commitment percentage | 0% | |||||||||||
Subscription Credit Facility | Line of Credit | Letter of Credit | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum commitment percentage | 20% | |||||||||||
Revolving Credit Facility | Line of Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | $ 825,000,000 | $ 625,000,000 | ||||||||||
Revolving Credit Facility | Line of Credit | Bridge Loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | $ 200,000,000 | |||||||||||
Revolving Credit Facility | Line of Credit | Secured Debt | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | 50,000,000 | |||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | $ 775,000,000 | $ 825,000,000 | $ 625,000,000 | |||||||||
Credit adjustment spread | 0.10% | |||||||||||
Line of credit facility, accordion feature higher borrowing capacity option | $ 1,250,000,000 | |||||||||||
Asset coverage ratio, minimum | 1.50 | |||||||||||
Other Currency Borrowings | Line of Credit | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2% | |||||||||||
Fee on unused portion of credit facility | 0.375% | |||||||||||
Other Currency Borrowings | Line of Credit | Revolving Credit Facility | SOFR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2% | |||||||||||
Other Currency Borrowings | Line of Credit | Revolving Credit Facility | Base Rate | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1% | |||||||||||
Promissory Note | Promissory Note | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate Principal Committed | $ 250,000,000 | |||||||||||
Debt, written notice for contract termination, term | 120 days |
Debt - SPV Asset Facilities (De
Debt - SPV Asset Facilities (Details) - Line of Credit - USD ($) | Nov. 08, 2022 | Jul. 15, 2022 | Dec. 31, 2023 | Dec. 13, 2023 | Dec. 12, 2023 | Sep. 26, 2023 | Aug. 15, 2023 | Feb. 22, 2023 | Dec. 31, 2022 |
SPV Asset Facility I | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate Principal Committed | $ 600,000,000 | $ 625,000,000 | $ 625,000,000 | $ 825,000,000 | $ 825,000,000 | $ 800,000,000 | $ 700,000,000 | $ 600,000,000 | |
Line of credit facility, including the accordion feature | 1,000,000,000 | ||||||||
Draw period after closing date | 2 years | ||||||||
SPV Asset Facility II | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate Principal Committed | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||
Draw period after closing date | 2 years | ||||||||
Fee on unused portion of credit facility | 0.50% | ||||||||
Maturity term after reinvestment period | 3 years | ||||||||
SPV Asset Facility II | SOFR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.85% | ||||||||
SPV Asset Facility II | SOFR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3.25% | ||||||||
SPV Asset Facility I | |||||||||
Debt Instrument [Line Items] | |||||||||
Post-closing rating requirement period | 6 months | ||||||||
Secured Debt | SPV Asset Facility I | Commitment Fee, First Twelve Months | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee on unused portion of credit facility | 0.25% | ||||||||
Secured Debt | SPV Asset Facility I | Commitment Fee, Thereafter | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee on unused portion of credit facility | 0.35% | ||||||||
Secured Debt | SPV Asset Facility I | SOFR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.75% | ||||||||
Revolving Credit Facility | SPV Asset Facility I | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee on unused portion of credit facility | 0.75% | ||||||||
Drawn amount threshold percentage | 75% | ||||||||
Revolving Credit Facility | SPV Asset Facility I | Commitment Fee, First Six Months | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee on unused portion of credit facility | 0.25% | ||||||||
Revolving Credit Facility | SPV Asset Facility I | Commitment Fee, Seven Through Twelve Months | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee on unused portion of credit facility | 0.50% | ||||||||
Revolving Credit Facility | SPV Asset Facility I | Thereafter If Threshold Is Exceeded | |||||||||
Debt Instrument [Line Items] | |||||||||
Fee on unused portion of credit facility | 0.50% |
Debt - CLOs (Details)
Debt - CLOs (Details) - USD ($) | 12 Months Ended | |||||
Dec. 13, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | [1] | Dec. 31, 2021 | [1] | |
Debt Instrument [Line Items] | ||||||
Issuance of common shares | $ 499,987,000 | $ 1,174,971,000 | $ 45,001,000 | |||
Preferred equity investments | Athena CLO II | ||||||
Debt Instrument [Line Items] | ||||||
Issuance of common shares | $ 187,300,000 | |||||
Shares issued (in shares) | 187,300 | |||||
Issue price (in usd per share) | $ 1,000 | |||||
Middle Market Loans | Athena CLO II | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | $ 83,900,000 | |||||
Middle Market Loans | Athena Funding I LLC | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | 380,600,000 | |||||
Athena CLO II | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | 475,300,000 | $ 288,000,000 | ||||
Athena CLO II Class A Notes | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | $ 40,000,000 | |||||
Athena CLO II Class A Notes | Secured Debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.85% | |||||
Athena CLO II Class B-1 Notes | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | $ 16,500,000 | |||||
Athena CLO II Class B-1 Notes | Secured Debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.95% | |||||
Athena CLO II Class B-2 Notes | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | $ 7,500,000 | |||||
Athena CLO II Class B-2 Notes | Secured Debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 7.25% | |||||
Athena CLO II Class C Notes | Secured Debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | $ 24,000,000 | |||||
Basis spread on variable rate | 4.95% | |||||
Athena CLO II Class A-L Loans | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate Principal Committed | $ 200,000,000 | |||||
Athena CLO II Class A-L Loans | Secured Debt | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.85% | |||||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Debt - Unsecured Notes (Details
Debt - Unsecured Notes (Details) - 2023A Notes - Unsecured debt investments | Sep. 27, 2023 USD ($) |
Debt Instrument [Line Items] | |
Aggregate Principal Committed | $ 75,000,000 |
Fixed interest rate | 8.50% |
Debt instrument, covenant, minimum net worth | $ 1,012,092,000 |
Debt instrument, covenant, minimum asset coverage ratio | 1.50 |
Debt Agreement Event One | |
Debt Instrument [Line Items] | |
Debt instrument, fixed interest rate above stated rate | 1% |
Debt Agreement Event Two | |
Debt Instrument [Line Items] | |
Debt instrument, fixed interest rate above stated rate | 1.50% |
Debt Agreement Event Three | |
Debt Instrument [Line Items] | |
Debt instrument, fixed interest rate above stated rate | 2% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | $ 353,034 | $ 224,510 |
Investment, Identifier [Axis]: AAM Series 1.1 Rail and Domestic Intermodal Feeder, LLC, LLC Interest | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,699 | 10,000 |
Investment, Identifier [Axis]: AAM Series 2.1 Aviation Feeder, LLC, LLC Interest | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 246 | 9,652 |
Investment, Identifier [Axis]: Activate Holdings (US) Corp. (dba Absolute Software), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,408 | 0 |
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 1 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 762 | 1,515 |
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured delayed draw term loan 2 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,820 | 0 |
Investment, Identifier [Axis]: AmeriLife Holdings LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,273 | 2,273 |
Investment, Identifier [Axis]: Anaplan, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 9,421 | 9,421 |
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,293 | 8,183 |
Investment, Identifier [Axis]: Appfire Technologies, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 630 | 770 |
Investment, Identifier [Axis]: Armstrong Bidco Limited (dba The Access Group), First lien senior secured GBP delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 0 | 747 |
Investment, Identifier [Axis]: Athenahealth Group Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 0 | 436 |
Investment, Identifier [Axis]: Aurelia Netherlands Midco 2 B.V., First lien senior secured EUR revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,441 | 0 |
Investment, Identifier [Axis]: Aurelia Netherlands Midco 2 B.V., First lien senior secured EUR term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 21,969 | 0 |
Investment, Identifier [Axis]: Aurelia Netherlands Midco 2 B.V., First lien senior secured NOK term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 22,990 | 0 |
Investment, Identifier [Axis]: Avalara, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 10,455 | 10,455 |
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,715 | 5,322 |
Investment, Identifier [Axis]: BTRS Holdings Inc. (dba Billtrust), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,037 | 6,716 |
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,866 | 0 |
Investment, Identifier [Axis]: Bamboo US BidCo LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 4,103 | 0 |
Investment, Identifier [Axis]: Certinia, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,882 | 0 |
Investment, Identifier [Axis]: Circana Group, L.P. (fka The NPD Group, L.P.), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 7,429 | 7,973 |
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,500 | 1,500 |
Investment, Identifier [Axis]: Community Brands ParentCo, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 750 | 750 |
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,789 | 3,789 |
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,789 | 3,789 |
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 7,572 | 0 |
Investment, Identifier [Axis]: Coupa Holdings, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,798 | 0 |
Investment, Identifier [Axis]: Crewline Buyer, Inc. (dba New Relic), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 11,959 | 0 |
Investment, Identifier [Axis]: Disco Parent, Inc. (dba Duck Creek Technologies, Inc.), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,732 | 0 |
Investment, Identifier [Axis]: EET Buyer, Inc. (dba e-Emphasys), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 642 | 0 |
Investment, Identifier [Axis]: Entrata, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,128 | 0 |
Investment, Identifier [Axis]: Finastra USA, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 6,284 | 0 |
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 1 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 0 | 19,934 |
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 2 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,324 | 0 |
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured delayed draw term loan 3 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,481 | 0 |
Investment, Identifier [Axis]: Fullsteam Operations, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 593 | 0 |
Investment, Identifier [Axis]: Grayshift, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,806 | 5,806 |
Investment, Identifier [Axis]: Hyland Software, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,101 | 0 |
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,127 | 4,963 |
Investment, Identifier [Axis]: Iconic IMO Merger Sub, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,382 | 2,010 |
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 9,866 | 0 |
Investment, Identifier [Axis]: Indikami Bidco, LLC (dba IntegriChain), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 7,047 | 0 |
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,293 | 0 |
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 603 | 0 |
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 10,604 | 0 |
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,636 | 0 |
Investment, Identifier [Axis]: Interoperability Bidco, Inc. (dba Lyniate), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,309 | 652 |
Investment, Identifier [Axis]: Juniper Square, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,250 | 2,250 |
Investment, Identifier [Axis]: KWOL Acquisition Inc. (dba Worldwide Clinical Trials), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,056 | 0 |
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 4,437 | 4,725 |
Investment, Identifier [Axis]: Kaseya Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,544 | 4,725 |
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 10,304 | 16,000 |
Investment, Identifier [Axis]: ManTech International Corporation, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 8,600 | 8,600 |
Investment, Identifier [Axis]: Natural Partners, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 681 | 681 |
Investment, Identifier [Axis]: Neptune Holdings, Inc. (dba NexTech), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 882 | 0 |
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,976 | 0 |
Investment, Identifier [Axis]: OneOncology LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,587 | 0 |
Investment, Identifier [Axis]: Oranje Holdco, Inc. (dba KnowBe4), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 13,352 | 0 |
Investment, Identifier [Axis]: Pacific BidCo Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 954 | 954 |
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,120 | 0 |
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,373 | 0 |
Investment, Identifier [Axis]: Ping Identity Holding Corp., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 9,091 | 9,091 |
Investment, Identifier [Axis]: Rubrik, Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 5,876 | 1,857 |
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 13,075 | 13,075 |
Investment, Identifier [Axis]: Securonix, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,559 | 3,559 |
Investment, Identifier [Axis]: Sensor Technology Topco, Inc. (dba Humanetics), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 2,445 | 0 |
Investment, Identifier [Axis]: SimpliSafe Holding Corporation, First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,886 | 2,572 |
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 3,238 | 3,238 |
Investment, Identifier [Axis]: Smarsh Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 259 | 1,619 |
Investment, Identifier [Axis]: TC Holdings, LLC (dba TrialCard), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,071 | 1,071 |
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 10 | 0 |
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured delayed draw term loan 1 | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 135 | 118 |
Investment, Identifier [Axis]: Talon MidCo 2 Limited (dba Tufin), First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,369 | 1,369 |
Investment, Identifier [Axis]: XRL 1 LLC (dba XOMA), First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 1,000 | 0 |
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured delayed draw term loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | 22,915 | 22,915 |
Investment, Identifier [Axis]: Zendesk, Inc., First lien senior secured revolving loan | ||
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding commitments to fund investments | $ 9,435 | $ 9,435 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Capital commitments from investors | $ 4,146,837 | $ 3,494,589 | $ 802,705 |
Investor | |||
Loss Contingencies [Line Items] | |||
Capital commitments from investors | 4,100,000 | 3,500,000 | |
Undrawn capital commitments | 2,400,000 | 2,300,000 | |
Affiliated Entity | |||
Loss Contingencies [Line Items] | |||
Capital commitments from investors | 54,000 | 50,500 | |
Undrawn capital commitments | $ 13,800 | $ 16,900 |
Net Assets - Narrative (Details
Net Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||||||||||||
Sep. 26, 2023 | May 08, 2023 | Dec. 20, 2022 | Sep. 23, 2022 | Jun. 28, 2022 | Mar. 29, 2022 | Feb. 11, 2022 | Nov. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 | |||||||||||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | |||||||||||
Proceeds from issuance of common shares | $ 500,867,000 | $ 1,174,091,000 | [1] | $ 45,001,000 | |||||||||
Common Stock | |||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||
Shares issued (in shares) | 13,123,039 | 20,039,586 | 13,660,179 | 27,642,541 | 21,201,413 | 10,408,213 | 8,710,668 | 33,162,625 | 81,623,015 | ||||
Owl Rock Technology Advisors II LLC | Common Stock | |||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||
Shares issued (in shares) | 100 | ||||||||||||
Proceeds from issuance of common shares | $ 1,500 | ||||||||||||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Net Assets - Schedule of Stock
Net Assets - Schedule of Stock by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||
Sep. 26, 2023 | May 08, 2023 | Dec. 20, 2022 | Sep. 23, 2022 | Jun. 28, 2022 | Mar. 29, 2022 | Feb. 11, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [1] | ||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Aggregate Offering Price | $ 499,987 | $ 1,174,971 | [1] | $ 45,001 | ||||||||
Common Stock | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Number of Common Shares Issued (In shares) | 13,123,039 | 20,039,586 | 13,660,179 | 27,642,541 | 21,201,413 | 10,408,213 | 8,710,668 | 33,162,625 | 81,623,015 | |||
Aggregate Offering Price | $ 199,995 | $ 299,992 | $ 199,984 | $ 399,987 | $ 300,000 | $ 150,000 | $ 125,000 | $ 499,987 | $ 1,174,971 | |||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Net Assets - Schedule of Distri
Net Assets - Schedule of Distributions Declared on Shares (Details) - $ / shares | Nov. 07, 2023 | Aug. 08, 2023 | May 09, 2023 | Feb. 21, 2023 | Nov. 01, 2022 | Aug. 02, 2022 |
Equity [Abstract] | ||||||
Distribution per Share (in USD per share) | $ 0.30 | $ 0.29 | $ 0.24 | $ 0.27 | $ 0.16 | $ 0.05 |
Net Assets - Schedule of Shares
Net Assets - Schedule of Shares Distributed Pursuant to the Dividend Reinvestment Plan (Details) - shares | Nov. 15, 2023 | Aug. 15, 2023 | May 15, 2023 | Jan. 31, 2023 | Nov. 15, 2022 |
Equity [Abstract] | |||||
Dividend reinvestment plan shares (in shares) | 269,406 | 216,221 | 199,060 | 121,031 | 33,272 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | [2] | ||
Earnings Per Share [Abstract] | |||||
Increase (decrease) in net assets resulting from operations | $ 199,329 | $ 22,273 | [1] | $ (983) | |
Weighted average shares of common stock outstanding—basic (in shares) | 101,564,882 | 37,548,440 | 187,600 | ||
Weighted average shares of common stock outstanding—diluted (in shares) | 101,564,882 | 37,548,440 | 187,600 | ||
Earnings (loss) per common share-basic (in usd per share) | $ 1.96 | $ 0.59 | $ (5.24) | ||
Earnings (loss) per common share-diluted (in usd per share) | $ 1.96 | $ 0.59 | $ (5.24) | ||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Tax Contingency [Line Items] | |||||
Income tax expense (benefit), including excise tax expense (benefit) | $ 513,000 | $ 61,000 | $ 0 | ||
Distributions declared from earnings | 118,245,000 | 17,161,000 | [1] | 0 | [1] |
Underdistributed (overdistributed) net investment income | 14,900,000 | 1,800,000 | |||
Undistributed long term capital gains | 500,000 | ||||
Cumulative net unrealized appreciation (depreciation) of investments | 73,500,000 | 3,600,000 | |||
Other temporary differences | $ (2,200,000) | $ (321,000) | (344,000) | ||
Distributed ordinary income qualified | 88.40% | 86.50% | |||
Nondeductible offering costs federal excise taxes | $ 612,000 | $ 383,000 | 639,000 | ||
Nondeductible offering costs | 104,000 | ||||
Nondeductible U.S. federal excise taxes | 513,000 | ||||
Income tax expense (benefit), including excise tax expense (benefit) | 506,000 | 61,000 | $ 0 | [2] | |
Tax benefit for taxable subsidiaries | 0 | ||||
Net deferred tax asset | 4,000 | 0 | |||
Net deferred tax liability | $ 0 | ||||
Subsidiaries | |||||
Income Tax Contingency [Line Items] | |||||
Income tax expense (benefit), including excise tax expense (benefit) | $ (7,000) | ||||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Income Taxes - Increase in Net
Income Taxes - Increase in Net Assets From Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Income Tax Disclosure [Abstract] | |||||
Increase (decrease) in net assets resulting from operations | $ 199,329 | $ 22,273 | [1] | $ (983) | [2] |
Net unrealized (gain) loss | (32,945) | 13,577 | 0 | ||
Deferred organization costs | (23) | 322 | 344 | ||
Income tax expense (benefit), including excise tax expense (benefit) | 513 | 61 | 0 | ||
Other book-tax differences | (34,921) | (17,241) | 41 | ||
Net operating losses | 0 | 0 | 598 | ||
Taxable Income | $ 131,953 | $ 18,992 | $ 0 | ||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | [1] | |||
Investment Company, Net Assets [Roll Forward] | |||||||
Net asset value, beginning of period (in usd per share) | $ 14.47 | $ 14.67 | $ 0 | ||||
Net investment income (loss ) (in usd per share) | 1.64 | 0.95 | (0.33) | ||||
Net realized and unrealized gain (loss) (in usd per share) | 0.32 | (0.36) | 0 | ||||
Total from operations (in usd per share) | 1.96 | 0.59 | (0.33) | ||||
Issuance of common stock (in usd per share) | (0.01) | (0.58) | 15 | ||||
Distributions declared from net investment income (in usd per share) | (1.10) | (0.21) | 0 | ||||
Total increase (decrease) in net assets (in usd per share) | 0.85 | (0.20) | 14.67 | ||||
Net asset value, end of period (in usd per share) | $ 15.32 | $ 14.47 | $ 14.67 | ||||
Shares outstanding, end of period (in shares) | 118,624,729 | 84,656,386 | 3,000,100 | ||||
Total Return | 13.50% | (0.00%) | (2.20%) | ||||
Ratio of total expenses to average net assets | 13.70% | 9.60% | 4.50% | ||||
Ratio of net investment income to average net assets | 11% | 5.50% | (4.50%) | ||||
Net assets, end of period | $ 1,817,579 | $ 1,224,578 | [1] | $ 44,018 | [1] | $ 0 | |
Weighted average shares outstanding—basic (in shares) | 101,564,882 | 37,548,440 | 187,600 | [2] | |||
Weighted average shares outstanding—diluted (in shares) | 101,564,882 | 37,548,440 | 187,600 | [2] | |||
Total capital commitments, end of period | $ 4,146,837 | $ 3,494,589 | $ 802,705 | ||||
Ratio of total contributed capital to total committed capital, end of period | 41.50% | 34.90% | 5.60% | ||||
Portfolio turnover rate | 4.30% | 5.90% | 0% | ||||
[1] The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. The Company was initially capitalized on November 30, 2021 and commenced investing activities in January 2022. |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | Feb. 29, 2024 USD ($) $ / shares shares | Feb. 21, 2024 | Mar. 04, 2024 director | Mar. 03, 2024 director | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares |
Subsequent Event [Line Items] | ||||||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Percentage of dividend distribution | 90% | |||||
Number of directors | director | 6 | 7 | ||||
Subsequent Event | Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Sale of stock (in shares) | shares | 15,994,882 | |||||
Common stock, par value (in USD per share) | $ 0.01 | |||||
Offering price | $ | $ 250 |