Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 13, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | First Eagle Private Credit Fund | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Securities Act File Number | 814-01642 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-6975595 | |
Entity Address, Address Line One | 1345 Avenue of the Americas | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10105 | |
Entity Central Index Key | 0001890107 | |
City Area Code | 212 | |
Local Phone Number | 698-3300 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 12,425,338 |
Consolidated Statement of Asset
Consolidated Statement of Assets and Liabilities (unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $198,264 and $70,684, respectively) | $ 198,509 | $ 70,883 |
Cash and cash equivalents | 142,113 | 183,395 |
Interest and dividends receivable | 2,186 | 1,654 |
Deferred financing costs | 2,744 | 2,897 |
Deferred offering costs | 1,135 | 978 |
Prepaid expenses and other assets | 131 | 71 |
Total assets | 346,818 | 259,878 |
LIABILITIES | ||
Credit facility | 5,000 | 0 |
Payable for investments purchased | 36,717 | 4,750 |
Distributions payable | 1,491 | 0 |
Offering costs payable | 579 | 275 |
Trustees' fees payable | 7 | 0 |
Financing costs payable | 0 | 1,313 |
Accrued professional fees | 427 | 444 |
Accrued administration expense | 439 | 547 |
Accrued expenses and other liabilities | 870 | 881 |
Total liabilities | 45,530 | 8,210 |
Commitments and contingencies (Note 7) | ||
NET ASSETS | ||
Common shares, par value $0.001 (unlimited shares authorized, 12,425,318 and 10,366,818 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively) | 12 | 10 |
Paid-in capital in excess of par value | 302,108 | 252,307 |
Distributable earnings (accumulated losses) | (832) | (649) |
Total net assets | $ 301,288 | $ 251,668 |
Net asset value per share | $ 24.25 | $ 24.28 |
Consolidated Statement of Ass_2
Consolidated Statement of Assets and Liabilities (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment, Amortized Cost | $ 198,264 | $ 70,684 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | ||
Common stock, Issued | 12,425,318 | 10,366,818 |
Common stock, Outstanding | 12,425,318 | 10,366,818 |
Non-Controlled/Non-Affiliated Investments | ||
Investment, Amortized Cost | $ 198,264 | $ 70,684 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
From non-controlled/non-affiliated investments: | |
Interest income | $ 3,251 |
Dividend income | 2,013 |
Other Income | 279 |
Total investment income | 5,543 |
Expenses: | |
Interest expense | 820 |
Administration expense | 422 |
Base management fees | 785 |
Amortization of continuous offering costs | 198 |
Trustees' fees | 98 |
Professional fees | 281 |
Other general and administrative expenses | 172 |
Income-based incentive fee | 198 |
Capital gains incentive fee | 6 |
Total expenses | 2,980 |
Management fees waiver | (785) |
Incentive fees waiver | (204) |
Net expenses | 1,991 |
Net investment income (loss) | 3,552 |
Net realized gains (losses): | |
Non-controlled/non-affiliated investments | 0 |
Net realized gain (loss) | 0 |
Net change in unrealized appreciation (depreciation): | |
Non-controlled non-affiliated investments | 46 |
Net change in unrealized appreciation (depreciation) | 46 |
Net realized and unrealized gain (loss) | 46 |
Net increase (decrease) in net assets resulting from operations | $ 3,598 |
Per share information - basic and diluted: | |
Net investment income (loss) per share (basic) | $ / shares | $ 0.32 |
Net investment income (loss) per share (diluted) | $ / shares | 0.32 |
Net increase (decrease) in net assets resulting from operations per share (basic) | $ / shares | 0.33 |
Net increase (decrease) in net assets resulting from operations per share (diluted) | $ / shares | 0.33 |
Distributions declared per share | $ / shares | $ 0.36 |
Weighted average shares outstanding (basic) | shares | 11,060,438 |
Weighted average shares outstanding (diluted) | shares | 11,060,438 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets (unaudited) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) shares | ||
Balance, December 31, 2023 | $ 251,668 | |
Operations: | ||
Net investment income (loss) | 3,552 | |
Net change in unrealized appreciation (depreciation) | 46 | |
Net increase (decrease) in net assets resulting from operations | 3,598 | |
Shareholder distributions: | ||
Distributions to shareholders | (3,979) | |
Net increase (decrease) in net assets resulting from shareholder distributions | (3,979) | |
Capital Share Transactions: | ||
Common shares value issued from reinvestment of distributions | $ 1 | [1] |
Issuance of shares | shares | 2,058,460 | |
Issuance of shares, value | $ 50,000 | |
Net increase (decrease) in net assets resulting from capital share transactions | 50,001 | |
Net increase (decrease) for the period | 49,620 | |
Balance, March 30, 2024 | $ 301,288 | |
Common Shares | ||
Balance, December 31, 2023, Shares | shares | 10,366,818 | |
Balance, December 31, 2023 | $ 10 | |
Shareholder distributions: | ||
Distributions to shareholders | $ (3,979) | |
Capital Share Transactions: | ||
Common shares issued from reinvestment of distributions | shares | 40 | [1] |
Common shares value issued from reinvestment of distributions | $ 1 | |
Issuance of shares | shares | 2,058,460 | |
Issuance of shares, value | $ 2 | |
Net increase (decrease) in net assets resulting from capital share transactions , Shares | shares | 2,058,500 | |
Net increase (decrease) in net assets resulting from capital share transactions | $ 2 | |
Net increase (decrease) for the period, Shares | shares | 2,058,500 | |
Net increase (decrease) for the period | $ 2 | |
Balance, Shares | shares | 12,425,318 | |
Balance, March 30, 2024 | $ 12 | |
Paid-in-Capital in Excess of Par Value | ||
Balance, December 31, 2023 | 252,307 | |
Capital Share Transactions: | ||
Common shares value issued from reinvestment of distributions | 1 | [1] |
Issuance of shares, value | 49,998 | |
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | (198) | |
Net increase (decrease) in net assets resulting from capital share transactions | 49,801 | |
Net increase (decrease) for the period | 49,801 | |
Balance, March 30, 2024 | 302,108 | |
Accumulated Earnings (Loss), Net of Distributions | ||
Balance, December 31, 2023 | (649) | |
Operations: | ||
Net investment income (loss) | 3,552 | |
Net change in unrealized appreciation (depreciation) | 46 | |
Net increase (decrease) in net assets resulting from operations | 3,598 | |
Shareholder distributions: | ||
Distributions to shareholders | (3,979) | |
Net increase (decrease) in net assets resulting from shareholder distributions | (3,979) | |
Capital Share Transactions: | ||
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | 198 | |
Net increase (decrease) in net assets resulting from capital share transactions | 198 | |
Net increase (decrease) for the period | (183) | |
Balance, March 30, 2024 | $ (832) | |
[1] Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Cash flow from operating activities | |
Net increase (decrease) in net assets resulting from operations | $ 3,598 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | |
Net accretion of discount and amortization of premium | (159) |
Proceeds from sale of investments and principal repayments | 212 |
Purchases of investments | (95,666) |
Net realized gain (loss) on investments | 0 |
Net change in unrealized (appreciation) depreciation on investments | (46) |
Amortization of deferred financing costs | 153 |
Amortization of continuous offering costs | 198 |
Changes in operating assets and liabilities: | |
Interest and dividends receivable | (532) |
Prepaid expenses and other assets | (60) |
Trustees' fees payable | 7 |
Accrued administration expense | (108) |
Accrued professional fees | (17) |
Accrued expenses and other liabilities | (11) |
Net cash provided by (used in) operating activities | (92,431) |
Cash flow from financing activities | |
Proceeds from issuance of shares | 50,000 |
Borrowings under credit facility | 5,000 |
Distributions paid | (2,488) |
Deferred Financing costs paid | (1,313) |
Deferred offering costs paid | (50) |
Net cash provided by (used in) financing activities | 51,149 |
Net decrease in cash and cash equivalents | (41,282) |
Cash and cash equivalents, beginning of period | 183,395 |
Cash and cash equivalents, end of period | 142,113 |
Supplemental disclosure of cash flow information and non-cash financing activities | |
Distributions payable | 1,491 |
Accrued but unpaid offering costs | $ 579 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Mar. 31, 2024 | Dec. 31, 2023 | ||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 198,264 | $ 70,684 | |||
Investment, Fair Value | $ 198,509 | $ 70,883 | |||
Investment, Percentage of Net Assets | 65.89% | 28.17% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 198,264 | [1],[2],[3],[4] | $ 70,684 | [5],[6],[7],[8],[9] | |
Investment, Fair Value | $ 198,509 | [1],[2],[3] | $ 70,883 | [5],[6],[7],[9] | |
Investment, Percentage of Net Assets | 65.89% | [1],[2],[3] | 28.17% | [5],[6],[7],[9] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 198,264 | [1],[2],[3],[4],[10] | $ 70,684 | [5],[6],[7],[8],[9] | |
Investment, Fair Value | $ 198,507 | [1],[2],[3],[10] | $ 70,881 | [5],[6],[7],[9] | |
Investment, Percentage of Net Assets | 65.89% | [1],[2],[3],[10] | 28.16% | [5],[6],[7],[9] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Aerospace & Defense | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | $ 2,970 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 2,995 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 0.99% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Aerospace & Defense, Chromalloy, Region United States, Reference Rate and Spread S + 3.75%, Interest Rate Floor 0.00%, Acquisition Date 3/22/2024, Maturity Date 3/21/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12] | 3.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12] | Mar. 22, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12] | Mar. 21, 2031 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13] | $ 3,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | 2,970 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 2,995 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 0.99% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Building Products | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | $ 3,980 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 4,024 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1.34% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Building Products, MI Windows and Doors, LLC, Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Acquisition Date 3/21/2024, Maturity Date 3/20/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12] | 3.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12] | Mar. 21, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12] | Mar. 20, 2031 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13] | $ 4,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | 3,980 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 4,024 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1.34% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Chemicals | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ 11,018 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 11,048 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 3.67% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Chemicals, Project Cloud Holdings, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.68%, Acquisition Date 3/27/2024, Maturity Date 3/31/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.68% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 27, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 31, 2029 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 712 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 712 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 684 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.23% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Chemicals, Project Cloud Holdings, LLC, Region United States, Reference Rate and Spread P + 6.25%, Interest Rate Floor 0.00%, Interest Rate 14.75%, Acquisition Date 3/27/2024, Maturity Date 3/31/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[15] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[11],[15],[16] | 14.75% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[15] | Mar. 27, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[15] | Mar. 31, 2029 | |||
Investment, Principal | [1],[2],[3],[11],[13],[15] | $ 10,576 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[15] | 10,306 | |||
Investment, Fair Value | [1],[2],[3],[11],[15] | $ 10,364 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[15] | 3.44% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 9,619 | [1],[2],[3],[4],[10],[11],[14],[15] | $ 7,500 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 9,618 | [1],[2],[3],[10],[11],[14],[15] | $ 7,508 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 3.19% | [1],[2],[3],[10],[11],[14],[15] | 2.99% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, LRS Holdings LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Acquisition Date 3/1/2024, Maturity Date 8/31/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12],[15] | 4.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12],[15] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12],[15] | Mar. 01, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12],[15] | Aug. 31, 2028 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13],[15] | $ 1,995 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12],[15] | 1,995 | |||
Investment, Fair Value | [1],[2],[3],[11],[12],[15] | $ 1,995 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12],[15] | 0.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Prime Security Services Borrower, LLC, Region United States, Reference Rate and Spread S + 2.50%, Interest Rate Floor 0.00%, Interest Rate 7.83%, Acquisition Date 10/11/2023, Maturity Date 10/13/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[17],[18] | 2.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[17],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[16],[17],[18] | 7.83% | |||
Investment, Acquisition Date | [1],[2],[3],[17],[18] | Oct. 11, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[17],[18] | Oct. 13, 2030 | |||
Investment, Principal | [1],[2],[3],[13],[17],[18] | $ 1,995 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[17],[18] | 1,975 | |||
Investment, Fair Value | [1],[2],[3],[17],[18] | $ 1,999 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[17],[18] | 0.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Prime Security Services Borrower, LLC, Region United States, Reference Rate and Spread S + 2.50%, Interest Rate Floor 0.00%, Interest Rate 7.84%, Acquisition Date 10/11/2023, Maturity Date 10/13/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9] | 2.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[16],[19] | 7.84% | |||
Investment, Acquisition Date | [5],[6],[7],[9] | Oct. 11, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9] | Oct. 13, 2030 | |||
Investment, Principal | [5],[6],[7],[9],[20] | $ 2,000 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[9] | 1,979 | |||
Investment, Fair Value | [5],[6],[7],[9] | $ 2,008 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9] | 0.80% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | 5.75% | [1],[2],[3],[10],[11],[14],[15] | 5.75% | [5],[6],[7],[21],[22],[23] | |
Investment, Interest Rate Floor | 1% | [1],[2],[3],[10],[11],[14],[15] | 1% | [5],[6],[7],[21],[22],[23] | |
Investment, Acquisition Date | Dec. 28, 2023 | [1],[2],[3],[10],[11],[14],[15] | Dec. 28, 2023 | [5],[6],[7],[21],[22],[23] | |
Investment, Maturity Date | Dec. 28, 2029 | [1],[2],[3],[10],[11],[14],[15] | Dec. 28, 2029 | [5],[6],[7],[21],[22],[23] | |
Investment, Amortized Cost | [4] | $ (10) | [1],[2],[3],[10],[11],[14],[15] | $ (10) | [5],[6],[7],[8],[21],[22],[23] |
Investment, Fair Value | $ (31) | [1],[2],[3],[10],[11],[14],[15] | $ (31) | [5],[6],[7],[21],[22],[23] | |
Investment, Percentage of Net Assets | (0.01%) | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | [5],[6],[7],[21],[22],[23] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc. (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.08%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.08% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 28, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 28, 2029 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 124 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 112 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 112 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.04% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc., Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.08%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.08% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Dec. 28, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Dec. 28, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 5,628 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 5,547 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 5,543 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 1.84% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies, Waste Resource Management Inc., Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.11%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 1% | |||
Investment, Interest Rate | [5],[6],[7],[9],[16],[19],[23] | 11.11% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Dec. 28, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Dec. 28, 2029 | |||
Investment, Principal | [5],[6],[7],[9],[20],[23] | $ 5,628 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[9],[23] | 5,543 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 5,543 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 2.20% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Commercial Services & Supplies,Waste Resource Management Inc. (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 12/28/2023, Maturity Date 12/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 1% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Dec. 28, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Dec. 28, 2029 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[21],[22],[23] | $ (12) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | (12) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 2,198 | [1],[2],[3],[4],[10],[11],[14],[15] | 2,199 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 2,192 | [1],[2],[3],[10],[11],[14],[15] | $ 2,197 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 0.73% | [1],[2],[3],[10],[11],[14],[15] | 0.87% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, , Acquisition Date 12/15/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Dec. 15, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[21],[22],[23] | $ (40) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (41) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[21],[22],[23] | (0.02%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 15, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (38) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (41) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Dec. 15, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[21],[22],[23] | $ (20) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (20) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[21],[22],[23] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 15, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (19) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (20) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc., Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[16],[19],[23] | 11.46% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Dec. 15, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Dec. 15, 2028 | |||
Investment, Principal | [5],[6],[7],[9],[20],[23] | $ 2,301 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[9],[23] | 2,259 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 2,258 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.90% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Construction & Engineering, RL James, Inc., Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.43%, Acquisition Date 12/15/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.43% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Dec. 15, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Dec. 15, 2028 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 2,296 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 2,255 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 2,253 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.75% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Containers & Packaging | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | $ 4,975 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 5,014 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Containers & Packaging, Canister International Group Inc., Region United States, Reference Rate and Spread S + 4.00%, Interest Rate Floor 0.00%, Acquisition Date 3/13/2024 Maturity Date 3/13/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12] | 4% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12] | Mar. 13, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12] | Mar. 13, 2029 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13] | $ 5,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | 4,975 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 5,014 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 12,111 | [1],[2],[3],[4],[10],[11],[14],[15] | $ 5,051 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 12,183 | [1],[2],[3],[10],[11],[14],[15] | $ 5,059 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 4.03% | [1],[2],[3],[10],[11],[14],[15] | 2.01% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, AMCP Clean Acquisition Co LLC, Region United States, Reference Rate and Spread S + 7.50%, Interest Rate Floor 0.50%, Interest Rate 12.96%, Acquisition Date 2/27/2024, Maturity Date 6/10/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 7.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 0.50% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 12.96% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Feb. 27, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Jun. 10, 2028 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 6,944 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 6,842 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 6,910 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 2.29% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, LaserAway, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.75%, Interest Rate 11.07%, Acquisition Date 9/22/2023, Maturity Date 10/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 0.75% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.07% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Sep. 22, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Oct. 14, 2027 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 1,518 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 1,501 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 1,518 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.50% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, LaserAway, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.75%, Interest Rate 11.41% Acquisition Date 9/22/2023, Maturity Date 10/14/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0.75% | |||
Investment, Interest Rate | [5],[6],[7],[9],[16],[19],[23] | 11.41% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Sep. 22, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Oct. 14, 2027 | |||
Investment, Principal | [5],[6],[7],[9],[20],[23] | $ 1,522 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[9],[23] | 1,504 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 1,522 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.60% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Acquisition Date 11/22/2023, Maturity Date 11/15/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Nov. 22, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Nov. 15, 2030 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[21],[22],[23] | $ (9) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (18) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[21],[22],[23] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 11/22/2023, Maturity Date 11/15/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Nov. 22, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Nov. 15, 2030 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (9) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (18) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Revolver), LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Acquisition Date 11/22/2023, Maturity Date 11/15/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Nov. 22, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Nov. 15, 2029 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[21],[22],[23] | $ (9) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (9) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 11/22/2023, Maturity Date 11/15/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.06% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Nov. 22, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Nov. 15, 2029 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 227 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 219 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 218 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.07% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Interest Rate 11.10% Acquisition Date 11/15/2023, Maturity Date 11/15/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[16],[19],[23] | 11.10% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Nov. 15, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Nov. 15, 2030 | |||
Investment, Principal | [5],[6],[7],[9],[20],[23] | $ 3,636 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[9],[23] | 3,565 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 3,564 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 1.42% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Diversified Consumer Services, Mammoth Holdings, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.05%, Acquisition Date 11/15/2023, Maturity Date 11/15/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.05% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Nov. 15, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Nov. 15, 2030 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 3,627 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 3,558 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 3,555 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 1.18% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Entertainment | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | $ 4,950 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 5,014 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Entertainment, StubHub, Region United States, Reference Rate and Spread S + 4.75%, Interest Rate Floor 0.00%, Interest Rate 11.08%, Acquisition Date 3/12/2024, Maturity Date 3/12/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11] | 4.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[11],[16] | 10.08% | |||
Investment, Acquisition Date | [1],[2],[3],[11] | Mar. 12, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11] | Mar. 12, 2030 | |||
Investment, Principal | [1],[2],[3],[11],[13] | $ 5,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | 4,950 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 5,014 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 9,118 | [1],[2],[3],[4],[15],[17],[18] | $ 1,774 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 9,186 | [1],[2],[3],[15],[17],[18] | $ 1,807 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 3.04% | [1],[2],[3],[15],[17],[18] | 0.72% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Ahead DB Holdings, LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.75%, Interest Rate 9.56%, Acquisition Date 1/24/2024, Maturity Date 1/24/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11] | 4.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11] | 0.75% | |||
Investment, Interest Rate | [1],[2],[3],[11],[16] | 9.56% | |||
Investment, Acquisition Date | [1],[2],[3],[11] | Jan. 24, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11] | Jan. 24, 2031 | |||
Investment, Principal | [1],[2],[3],[11],[13] | $ 3,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | 2,971 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 3,014 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC (Delayed Draw), Region United States, Reference Rate and Spread P + 5.50%, Interest Rate Floor 1.00%, Acquisition Date 3/1/2024, Maturity Date 3/1/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 01, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 01, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (2) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (5) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC (Revolver), Region United States, Reference Rate and Spread P + 5.50%, Interest Rate Floor 1.00%, Interest Rate 14.00%, Acquisition Date 3/1/2024, Maturity Date 3/1/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 14% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 01, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 01, 2029 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 200 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 195 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 195 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.06% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC, Region United States, Reference Rate and Spread P + 5.50%, Interest Rate Floor 1.00%, Interest Rate 14.00%, Acquisition Date 3/1/2024, Maturity Date 3/1/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 14% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Mar. 01, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Mar. 01, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 1,270 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 1,247 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 1,246 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.41% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Auxey Bidco Ltd., Region Europe, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Acquisition Date 3/29/2024, Maturity Date 6/29/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12],[17] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12],[17] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12],[17] | Mar. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12],[17] | Jun. 29, 2027 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13],[17] | $ 2,993 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12],[17] | 2,933 | |||
Investment, Fair Value | [1],[2],[3],[11],[12],[17] | $ 2,929 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12],[17] | 0.97% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Evertec Group, LLC, Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Interest Rate 8.83%, Acquisition Date 10/12/2023, Maturity Date 10/30/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[17],[18] | 3.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[17],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[17],[18] | 8.83% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[17],[18] | Oct. 12, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[17],[18] | Oct. 30, 2030 | |||
Investment, Principal | [1],[2],[3],[13],[15],[17],[18] | $ 1,800 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[17],[18] | 1,774 | |||
Investment, Fair Value | [1],[2],[3],[15],[17],[18] | $ 1,807 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[17],[18] | 0.60% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Financial Services, Evertec Group, LLC, Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.75%, Interest Rate 8.96% Acquisition Date 10/12/2023, Maturity Date 10/30/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23],[24] | 3.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23],[24] | 0.75% | |||
Investment, Interest Rate | [5],[6],[7],[9],[16],[19],[23],[24] | 8.96% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23],[24] | Oct. 12, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23],[24] | Oct. 30, 2030 | |||
Investment, Principal | [5],[6],[7],[9],[20],[23],[24] | $ 1,800 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[9],[23],[24] | 1,774 | |||
Investment, Fair Value | [5],[6],[7],[9],[23],[24] | $ 1,807 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23],[24] | 0.72% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Facilities | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 9,481 | [1],[2],[3],[4],[11],[15] | $ 9,467 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 9,465 | [1],[2],[3],[11],[15] | $ 9,465 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 3.14% | [1],[2],[3],[11],[15] | 3.76% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Facilities, Greenway Health, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Interest Rate 11.93% Acquisition Date 12/20/2023, Maturity Date 3/31/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[23] | 6.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[16],[19],[23] | 11.93% | |||
Investment, Acquisition Date | [5],[6],[7],[23] | Dec. 20, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[23] | Mar. 31, 2029 | |||
Investment, Principal | [5],[6],[7],[20],[23] | $ 9,758 | |||
Investment, Amortized Cost | [4],[5],[6],[7],[8],[23] | 9,467 | |||
Investment, Fair Value | [5],[6],[7],[23] | $ 9,465 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[23] | 3.76% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Facilities, Greenway Health, LLC, Region United States, Reference Rate and Spread S + 6.75%, Interest Rate Floor 0.00%, Interest Rate 11.93%, Acquisition Date 12/20/2023, Maturity Date 3/31/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[15] | 6.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[15] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[11],[15],[16] | 11.93% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[15] | Dec. 20, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[15] | Mar. 31, 2029 | |||
Investment, Principal | [1],[2],[3],[11],[13],[15] | $ 9,758 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[15] | 9,481 | |||
Investment, Fair Value | [1],[2],[3],[11],[15] | $ 9,465 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[15] | 3.14% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 45,183 | [1],[2],[3],[4],[15] | $ 15,511 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 45,217 | [1],[2],[3],[15] | $ 15,665 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 15.03% | [1],[2],[3],[15] | 6.22% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Aspen Dental Management Inc, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Acquisition Date 12/21/2023, Maturity Date 12/23/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23],[25] | 5.75% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23],[25] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23],[25] | Dec. 21, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23],[25] | Dec. 23, 2027 | |||
Investment, Principal | [5],[6],[7],[9],[23],[25] | $ 5,000 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23],[25] | 4,750 | |||
Investment, Fair Value | [5],[6],[7],[9],[23],[25] | $ 4,937 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23],[25] | 1.96% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Aspen Dental Management Inc., Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 0.00%, Interest Rate 11.08%, Acquisition Date 12/21/2023, Maturity Date 12/23/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[12],[18] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[12],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[12],[16],[18] | 11.08% | |||
Investment, Acquisition Date | [1],[2],[3],[12],[18] | Dec. 21, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[12],[18] | Dec. 23, 2027 | |||
Investment, Principal | [1],[2],[3],[12],[13],[18] | $ 4,988 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[12],[18] | 4,752 | |||
Investment, Fair Value | [1],[2],[3],[12],[18] | $ 4,998 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[12],[18] | 1.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc, Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46% Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23] | 11.46% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Aug. 18, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Aug. 20, 2029 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 998 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 980 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 979 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.39% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[22],[23],[26] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[22],[23],[26] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[22],[23],[26] | Aug. 18, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[22],[23],[26] | Aug. 20, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[22],[23],[26] | $ (3) | |||
Investment, Fair Value | [5],[6],[7],[22],[23],[26] | $ (10) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[14],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[14],[15] | Aug. 18, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[14],[15] | Aug. 20, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[14],[15] | $ (3) | |||
Investment, Fair Value | [1],[2],[3],[11],[14],[15] | $ (7) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.43%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[11],[15],[16] | 11.43% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[15] | Aug. 18, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[15] | Aug. 20, 2029 | |||
Investment, Principal | [1],[2],[3],[11],[13],[15] | $ 23 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[15] | 23 | |||
Investment, Fair Value | [1],[2],[3],[11],[15] | $ 23 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[15] | 0.01% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Aug. 18, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Aug. 20, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[21],[22],[23] | $ (4) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (4) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Aug. 18, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Aug. 20, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (3) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (3) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Elevate HD Parent, Inc., Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.43%, Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.43% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Aug. 18, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Aug. 20, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 995 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 978 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 983 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.33% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, First Steps Recovery Acquisition, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.58%, Acquisition Date 3/29/2024, Maturity Date 3/29/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.58% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 29, 2030 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (6) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (17) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, First Steps Recovery Acquisition, LLC (Revolver) Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.58%, Acquisition Date 3/29/2024, Maturity Date 3/29/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.58% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 29, 2030 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (17) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (17) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, First Steps Recovery Acquisition, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.58%, Acquisition Date 3/29/2024, Maturity Date 3/29/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.58% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Mar. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Mar. 29, 2030 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 4,824 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 4,752 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 4,752 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 1.58% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Delayed Draw), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 0.00%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[22],[23],[26] | 6.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[22],[23],[26] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[22],[23],[26] | Sep. 01, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[22],[23],[26] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[22],[23],[26] | $ (11) | |||
Investment, Fair Value | [5],[6],[7],[22],[23],[26] | $ (15) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[22],[23],[26] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Delayed Draw), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[14],[15] | 6.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[14],[15] | Sep. 01, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[14],[15] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[14],[15] | $ (10) | |||
Investment, Fair Value | [1],[2],[3],[11],[14],[15] | $ (15) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Revolver), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 0.00%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 6.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Sep. 01, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Dec. 15, 2028 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[21],[22],[23] | $ (5) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (5) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings (Revolver), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 11.98%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.98% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Sep. 01, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 15, 2028 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 67 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 62 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 61 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.02% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings, Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 0.00%, Interest Rate 12.04% Acquisition Date 9/1/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 6.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23] | 12.04% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Sep. 01, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Dec. 15, 2028 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 703 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 683 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 682 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.27% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Houseworks Holdings, Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 11.99%, Acquisition Date 9/1/2023, Maturity Date 12/15/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.99% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Sep. 01, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Dec. 15, 2028 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 701 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 683 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 680 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.23% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, In Vitro Sciences, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.44%, Acquisition Date 2/29/2024, Maturity Date 2/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.44% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Feb. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Feb. 28, 2029 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 2,250 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 2,239 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 2,216 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.74% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, In Vitro Sciences, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Acquisition Date 2/29/2024, Maturity Date 2/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Feb. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Feb. 28, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (8) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (9) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, In Vitro Sciences, LLC, Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 1.00%, Interest Rate 11.44%, Acquisition Date 2/29/2024, Maturity Date 2/28/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.44% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Feb. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Feb. 28, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 8,809 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 8,679 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 8,676 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 2.88% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Oct. 20, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Oct. 20, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[21],[22],[23] | $ (9) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (29) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[21],[22],[23] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 20, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 20, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (9) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (29) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Oct. 20, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Oct. 20, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[21],[22],[23] | $ (20) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ (21) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[21],[22],[23] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 20, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 20, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (19) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (21) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 0.00%, Interest Rate 11.74% Acquisition Date 10/20/2023, Maturity Date 10/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23] | 11.74% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Oct. 20, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Oct. 20, 2029 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 7,358 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 7,225 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 7,220 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 2.87% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Medrina, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.74%, Acquisition Date 10/20/2023, Maturity Date 10/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.74% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Oct. 20, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Oct. 20, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 7,340 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 7,213 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 7,202 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 2.39% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Physician Partners, LLC, Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.00%, Interest Rate 10.81%, Acquisition Date 10/11/2023, Maturity Date 10/23/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 10.81% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Oct. 11, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Oct. 23, 2028 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 1,995 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 1,903 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 1,796 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.60% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Physician Partners, LLC, Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.00%, Interest Rate 10.88% Acquisition Date 10/11/2023, Maturity Date 12/23/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 5.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23] | 10.88% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Oct. 11, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Dec. 23, 2028 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 2,000 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 1,903 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 1,910 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.75% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, RMBUS Holdco Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 11.68%, Acquisition Date 1/8/2024, Maturity Date 1/8/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.68% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 08, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 08, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (17) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (35) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, RMBUS Holdco Inc. (Revolver), Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Acquisition Date 1/8/2024, Maturity Date 1/8/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 08, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 08, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (17) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (17) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, RMBUS Holdco Inc., Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Acquisition Date 1/8/2024, Maturity Date 1/8/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 6.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Jan. 08, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Jan. 08, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 5,645 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 5,554 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 5,550 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 1.84% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Visante Acquisition, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.06% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 31, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 31, 2030 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 130 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 116 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 116 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.04% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Health Care Providers & Services, Visante Acquisition, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.06% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Jan. 31, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Jan. 31, 2030 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 8,462 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 8,338 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 8,334 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 2.77% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 6,807 | [1],[2],[3],[4],[15],[17],[18] | $ 6,800 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 6,801 | [1],[2],[3],[15],[17],[18] | $ 6,796 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 2.26% | [1],[2],[3],[15],[17],[18] | 2.70% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc (Delayed Draw) Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00, Acquisition Date 12/15/2023, Maturity Date 11/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 7.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Dec. 15, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Nov. 09, 2026 | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc, Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Interest Rate 12.90% Acquisition Date 8/16/2023, Maturity Date 11/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 7.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23] | 12.90% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Aug. 16, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Nov. 09, 2026 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 900 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 887 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 886 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.35% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Acquisition Date 12/15/2023, Maturity Date 11/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 7.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 15, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Nov. 09, 2026 | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Acquisition Date 8/16/2023, Maturity Date 11/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 7.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Aug. 16, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Nov. 09, 2026 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 30 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 30 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 30 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.01% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Interest Rate 12.91% Acquisition Date 8/16/2023, Maturity Date 11/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 7.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[19],[21],[22],[23] | 12.91% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Aug. 16, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Nov. 09, 2026 | |||
Investment, Principal | [5],[6],[7],[21],[22],[23] | $ 30 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[21],[22],[23] | 30 | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | $ 29 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[21],[22],[23] | 0.01% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Air Conditioning Specialist, Inc., Region United States, Reference Rate and Spread S + 7.25%, Interest Rate Floor 0.00%, Interest Rate 12.84%, Acquisition Date 8/16/2023, Maturity Date 11/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 7.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 12.84% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Aug. 16, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Nov. 09, 2026 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 897 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 886 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 890 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.30% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Dorel Industries Inc, Region Canada, Reference Rate and Spread S + 8.30%, Interest Rate Floor 2.00%, Interest Rate 13.68% Acquisition Date 12/8/2023, Maturity Date 12/8/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23],[24] | 8.30% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23],[24] | 2% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23],[24] | 13.68% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23],[24] | Dec. 08, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23],[24] | Dec. 08, 2026 | |||
Investment, Principal | [5],[6],[7],[9],[23],[24] | $ 5,978 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23],[24] | 5,883 | |||
Investment, Fair Value | [5],[6],[7],[9],[23],[24] | $ 5,881 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23],[24] | 2.34% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Household Durables, Dorel Industries Inc., Region Canada, Reference Rate and Spread S + 8.30%, Interest Rate Floor 2.00%, Interest Rate 13.64%, Acquisition Date 12/8/2023, Maturity Date 12/8/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[17],[18] | 8.30% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[17],[18] | 2% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[17],[18] | 13.64% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[17],[18] | Dec. 08, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[17],[18] | Dec. 08, 2026 | |||
Investment, Principal | [1],[2],[3],[13],[15],[17],[18] | $ 5,978 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[17],[18] | 5,891 | |||
Investment, Fair Value | [1],[2],[3],[15],[17],[18] | $ 5,881 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[17],[18] | 1.95% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 5,924 | [1],[2],[3],[4],[11] | $ 954 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 5,779 | [1],[2],[3],[11] | $ 953 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 1.92% | [1],[2],[3],[11] | 0.38% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc, Region United States, Reference Rate and Spread S + 7.50%, Interest Rate Floor 1.00%, Interest Rate 12.48% Acquisition Date 9/29/2023, Maturity Date 6/7/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 7.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 1% | |||
Investment, Interest Rate | [5],[6],[7],[9],[19],[23] | 12.48% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Sep. 29, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Jun. 07, 2028 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 969 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 955 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 954 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.38% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.00%, Interest Rate Floor 1.00%, Acquisition Date 9/29/2023, Maturity Date 6/7/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 7% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Sep. 29, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Jun. 07, 2028 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (1) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc. (Revolver), Region United States, Reference Rate and Spread S + 7.50%, Interest Rate Floor 1.00%, Acquisition Date 9/29/2023, Maturity Date 6/7/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[21],[22],[23] | 7.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[21],[22],[23] | 1% | |||
Investment, Acquisition Date | [5],[6],[7],[21],[22],[23] | Sep. 29, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[21],[22],[23] | Jun. 07, 2028 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[21],[22],[23] | $ (1) | |||
Investment, Fair Value | [5],[6],[7],[21],[22],[23] | (1) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Acumera, Inc., Region United States, Reference Rate and Spread S + 7.00%, Interest Rate Floor 1.00%, Interest Rate 12.43%, Acquisition Date 9/29/2023, Maturity Date 6/7/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 7% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 12.43% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Sep. 29, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Jun. 07, 2028 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 963 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 950 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 963 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 0.32% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, IT Services, Asurion, LLC, Region United States, Reference Rate and Spread S + 4.00%, Interest Rate Floor 0.00%, Interest Rate 9.43%, Acquisition Date 3/1/2024, Maturity Date 8/19/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11] | 4% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[11],[16] | 9.43% | |||
Investment, Acquisition Date | [1],[2],[3],[11] | Mar. 01, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11] | Aug. 19, 2028 | |||
Investment, Principal | [1],[2],[3],[11],[13] | $ 4,987 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | 4,975 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 4,816 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.60% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | $ 12,534 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 12,574 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 4.17% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, Community Based Care Acquisition, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 1.00%, Acquisition Date 3/19/2024, Maturity Date 9/16/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Mar. 19, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Sep. 16, 2027 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (37) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, The Mutual Group, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 31, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Jan. 31, 2030 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (19) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (19) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, The Mutual Group, LLC, Region United States, Reference Rate and Spread S + 5.75%, Interest Rate Floor 1.00%, Interest Rate 11.06%, Acquisition Date 1/31/2024, Maturity Date 1/31/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15],[18] | 5.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15],[18] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16],[18] | 11.06% | |||
Investment, Acquisition Date | [1],[2],[3],[15],[18] | Jan. 31, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[15],[18] | Jan. 31, 2030 | |||
Investment, Principal | [1],[2],[3],[13],[15],[18] | $ 9,740 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15],[18] | 9,598 | |||
Investment, Fair Value | [1],[2],[3],[15],[18] | $ 9,594 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15],[18] | 3.18% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Insurance, Truist Insurance Holdings LLC, Region United States, Reference Rate and Spread S + 3.25%, Interest Rate Floor 0.00%, Acquisition Date 3/22/2024, Maturity Date 3/22/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12] | 3.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12] | Mar. 22, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12] | Mar. 22, 2031 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13] | $ 3,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | 2,992 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 2,999 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Machinery | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12],[17] | $ 3,980 | |||
Investment, Fair Value | [1],[2],[3],[11],[12],[17] | $ 4,008 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12],[17] | 1.33% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Machinery, Vertical Midco, Region Europe, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Acquisition Date 3/11/2024, Maturity Date 4/11/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12],[17] | 3.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12],[17] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12],[17] | Mar. 11, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12],[17] | Apr. 11, 2030 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13],[17] | $ 3,990 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12],[17] | 3,980 | |||
Investment, Fair Value | [1],[2],[3],[11],[12],[17] | $ 4,008 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12],[17] | 1.33% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Media | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | $ 7,905 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 7,965 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 2.65% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Media, Cengage Learning Acquisitions, Inc., Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Interest Rate 9.58%, Acquisition Date 3/18/2024, Maturity Date 3/15/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[17] | 4.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[17] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[11],[16],[17] | 9.58% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[17] | Mar. 18, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[17] | Mar. 15, 2031 | |||
Investment, Principal | [1],[2],[3],[11],[13],[17] | $ 3,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[17] | 2,970 | |||
Investment, Fair Value | [1],[2],[3],[11],[17] | $ 3,001 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[17] | 1% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Media, MH Sub I, LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Acquisition Date 3/1/2024, Maturity Date 5/3/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12] | 4.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12] | Mar. 01, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12] | May 03, 2028 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13] | $ 4,987 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | 4,935 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 4,964 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1.65% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Oil, Gas & Consumable Fuels | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 7,563 | [1],[2],[3],[4],[11],[15],[17] | 7,544 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 7,533 | [1],[2],[3],[11],[15],[17] | $ 7,533 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 2.51% | [1],[2],[3],[11],[15],[17] | 2.99% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Oil, Gas & Consumable Fuels, Essar Oil (UK) Limited, Region Europe, Reference Rate and Spread S + 6.25%, Interest Rate Floor 3.00%, Interest Rate 11.71%, Acquisition Date 10/31/2023, Maturity Date 10/29/2024 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[15],[17] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[15],[17] | 3% | |||
Investment, Interest Rate | [1],[2],[3],[11],[15],[16],[17] | 11.71% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[15],[17] | Oct. 31, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[15],[17] | Oct. 29, 2024 | |||
Investment, Principal | [1],[2],[3],[11],[13],[15],[17] | $ 7,609 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[15],[17] | 7,563 | |||
Investment, Fair Value | [1],[2],[3],[11],[15],[17] | $ 7,533 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[15],[17] | 2.51% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Oil, Gas & Consumable Fuels, Essar Oil (UK) Limited, Region Europe, Reference Rate and Spread S + 6.25%, Interest Rate Floor 3.00%, Interest Rate 11.74% Acquisition Date 10/31/2023, Maturity Date 10/29/2024 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[23],[24] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[23],[24] | 3% | |||
Investment, Interest Rate | [5],[6],[7],[19],[23],[24] | 11.74% | |||
Investment, Acquisition Date | [5],[6],[7],[23],[24] | Oct. 31, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[23],[24] | Oct. 29, 2024 | |||
Investment, Principal | [5],[6],[7],[23],[24] | $ 7,609 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[23],[24] | 7,544 | |||
Investment, Fair Value | [5],[6],[7],[23],[24] | $ 7,533 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[23],[24] | 2.99% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 6,952 | [1],[2],[3],[4],[17],[18] | $ 2,970 | [5],[6],[7],[8] | |
Investment, Fair Value | $ 7,024 | [1],[2],[3],[17],[18] | $ 3,010 | [5],[6],[7] | |
Investment, Percentage of Net Assets | 2.33% | [1],[2],[3],[17],[18] | 1.20% | [5],[6],[7] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines, American Airlines, Inc, Region United Stat, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Interest Rate 8.87% Acquisition Date 11/17/2023, Maturity Date 6/4/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[22],[24] | 3.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[22],[24] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[19],[22],[24] | 8.87% | |||
Investment, Acquisition Date | [5],[6],[7],[22],[24] | Nov. 17, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[22],[24] | Jun. 04, 2029 | |||
Investment, Principal | [5],[6],[7],[22],[24] | $ 3,000 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[22],[24] | 2,970 | |||
Investment, Fair Value | [5],[6],[7],[22],[24] | $ 3,010 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[22],[24] | 1.20% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines, American Airlines, Inc., Region United States, Reference Rate and Spread S + 3.50%, Interest Rate Floor 0.00%, Interest Rate 8.77%, Acquisition Date 11/17/2023, Maturity Date 6/4/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[17] | 3.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[17] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[11],[16],[17] | 8.77% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[17] | Nov. 17, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[17] | Jun. 04, 2029 | |||
Investment, Principal | [1],[2],[3],[11],[13],[17] | $ 3,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[17] | 2,972 | |||
Investment, Fair Value | [1],[2],[3],[11],[17] | $ 3,013 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[17] | 1% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Passenger Airlines, United Airlines, Inc., Region United States, Reference Rate and Spread S + 2.75%, Interest Rate Floor 0.00%, Interest Rate 8.08%, Acquisition Date 2/15/2024, Maturity Date 2/15/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[17],[18] | 2.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[17],[18] | 0% | |||
Investment, Interest Rate | [1],[2],[3],[16],[17],[18] | 8.08% | |||
Investment, Acquisition Date | [1],[2],[3],[17],[18] | Feb. 15, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[17],[18] | Feb. 15, 2031 | |||
Investment, Principal | [1],[2],[3],[13],[17],[18] | $ 4,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[17],[18] | 3,980 | |||
Investment, Fair Value | [1],[2],[3],[17],[18] | $ 4,011 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[17],[18] | 1.33% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Pharmaceuticals | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | $ 4,939 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 4,637 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.54% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Pharmaceuticals, Alvogen Pharma US, Inc., Region United States, Reference Rate and Spread S + 5.00%, Interest Rate Floor 1.00%, Interest Rate 10.33%, Acquisition Date 1/9/2024, Maturity Date 6/30/2025 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11] | 5% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[11],[16] | 10.33% | |||
Investment, Acquisition Date | [1],[2],[3],[11] | Jan. 09, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11] | Jun. 30, 2025 | |||
Investment, Principal | [1],[2],[3],[11],[13] | $ 5,138 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | 4,939 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 4,637 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.54% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 8,354 | [1],[2],[3],[4],[11],[12] | $ 5,392 | [5],[6],[7],[8],[9] | |
Investment, Fair Value | $ 8,372 | [1],[2],[3],[11],[12] | $ 5,372 | [5],[6],[7],[9] | |
Investment, Percentage of Net Assets | 2.78% | [1],[2],[3],[11],[12] | 2.13% | [5],[6],[7],[9] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Delayed Draw), Region United Stat, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[21],[22],[23] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[21],[22],[23] | 1% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[21],[22],[23] | Oct. 30, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[21],[22],[23] | Oct. 30, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[21],[22],[23] | $ (9) | |||
Investment, Fair Value | [5],[6],[7],[9],[21],[22],[23] | $ (27) | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[21],[22],[23] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Delayed Draw), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 30, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 30, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (8) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ (27) | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | (0.01%) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Revolver), Region United Stat, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 0.00% Acquisition Date 10/30/2023, Maturity Date 10/30/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[21],[22],[23] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[21],[22],[23] | 1% | |||
Investment, Interest Rate | [5],[6],[7],[9],[21],[22],[23] | 11.70% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[21],[22],[23] | Oct. 30, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[21],[22],[23] | Oct. 30, 2029 | |||
Investment, Principal | [5],[6],[7],[9],[21],[22],[23] | $ 89 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[21],[22],[23] | 76 | |||
Investment, Fair Value | [5],[6],[7],[9],[21],[22],[23] | $ 76 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[21],[22],[23] | 0.03% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC (Revolver), Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.68%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[14],[15],[16] | 11.68% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 30, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Oct. 30, 2029 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13],[14],[15] | $ 89 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | 77 | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 76 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11],[14],[15] | 0.03% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC, Region United Stat, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.70% Acquisition Date 10/30/2023, Maturity Date 10/30/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 6.25% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 1% | |||
Investment, Interest Rate | [5],[6],[7],[9],[23] | 11.70% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Oct. 30, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Oct. 30, 2029 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 5,404 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 5,325 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 5,323 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 2.11% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, SR Landscaping, LLC, Region United States, Reference Rate and Spread S + 6.25%, Interest Rate Floor 1.00%, Interest Rate 11.68%, Acquisition Date 10/30/2023, Maturity Date 10/30/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[15] | 6.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[15] | 1% | |||
Investment, Interest Rate | [1],[2],[3],[15],[16] | 11.68% | |||
Investment, Acquisition Date | [1],[2],[3],[15] | Oct. 30, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[15] | Oct. 30, 2029 | |||
Investment, Principal | [1],[2],[3],[13],[15] | $ 5,391 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[15] | 5,315 | |||
Investment, Fair Value | [1],[2],[3],[15] | $ 5,310 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[15] | 1.76% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Professional Services, Teneo Holdings LLC, Region United States, Reference Rate and Spread S + 4.75%, Interest Rate Floor 1.00%, Acquisition Date 3/8/2024, Maturity Date 3/8/2031 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[12] | 4.75% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[12] | 1% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[12] | Mar. 08, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11],[12] | Mar. 08, 2031 | |||
Investment, Principal | [1],[2],[3],[11],[12],[13] | $ 3,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[12] | 2,970 | |||
Investment, Fair Value | [1],[2],[3],[11],[12] | $ 3,013 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[12] | 1% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 13,737 | [1],[2],[3],[4],[11] | $ 3,786 | [5],[6],[7],[8],[9] | |
Investment, Fair Value | $ 13,846 | [1],[2],[3],[11] | $ 3,783 | [5],[6],[7],[9] | |
Investment, Percentage of Net Assets | 4.59% | [1],[2],[3],[11] | 1.50% | [5],[6],[7],[9] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, AppLovin Corp., Region United States, Reference Rate and Spread S + 2.50%, Interest Rate Floor 0.50%, Acquisition Date 3/11/2024, Maturity Date 8/16/2030 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11] | 2.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11] | 0.50% | |||
Investment, Acquisition Date | [1],[2],[3],[11] | Mar. 11, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11] | Aug. 16, 2030 | |||
Investment, Principal | [1],[2],[3],[11],[13] | $ 5,000 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | 4,987 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 5,003 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.66% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc, Region United Stat, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Interest Rate 10.86% Acquisition Date 12/28/2023, Maturity Date 12/24/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[22],[23] | 5.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[22],[23] | 0.75% | |||
Investment, Interest Rate | [5],[6],[7],[9],[22],[23] | 10.86% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[22],[23] | Dec. 28, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[22],[23] | Dec. 24, 2029 | |||
Investment, Principal | [5],[6],[7],[9],[22],[23] | $ 3,848 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[22],[23] | 3,791 | |||
Investment, Fair Value | [5],[6],[7],[9],[22],[23] | $ 3,790 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[22],[23] | 1.50% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Delayed Draw), Region United Stat, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[21],[22],[23] | 5.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[21],[22],[23] | 0.75% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[21],[22],[23] | Dec. 28, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[21],[22],[23] | Dec. 24, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[21],[22],[23] | $ (1) | |||
Investment, Fair Value | [5],[6],[7],[9],[21],[22],[23] | $ (3) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0.75% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 28, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 24, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (1) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Revolver), Region United Stat, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[21],[22],[23] | 5.50% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[21],[22],[23] | 0.75% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[21],[22],[23] | Dec. 28, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[21],[22],[23] | Dec. 24, 2029 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[21],[22],[23] | $ (4) | |||
Investment, Fair Value | [5],[6],[7],[9],[21],[22],[23] | (4) | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc. (Revolver), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11],[14],[15] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11],[14],[15] | 0.75% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 28, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11],[14],[15] | Dec. 24, 2029 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11],[14],[15] | $ (4) | |||
Investment, Fair Value | [1],[2],[3],[10],[11],[14],[15] | $ 1 | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, Enverus Holdings, Inc., Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 0.75%, Interest Rate 10.83%, Acquisition Date 12/28/2023, Maturity Date 12/24/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11],[15],[18] | 5.50% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11],[15],[18] | 0.75% | |||
Investment, Interest Rate | [1],[2],[3],[11],[15],[16],[18] | 10.83% | |||
Investment, Acquisition Date | [1],[2],[3],[11],[15],[18] | Dec. 28, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[11],[15],[18] | Dec. 24, 2029 | |||
Investment, Principal | [1],[2],[3],[11],[13],[15],[18] | $ 3,848 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11],[15],[18] | 3,793 | |||
Investment, Fair Value | [1],[2],[3],[11],[15],[18] | $ 3,858 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11],[15],[18] | 1.28% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Software, QuickBase Inc, Region United States, Reference Rate and Spread S + 4.00%, Interest Rate Floor 0.00%, Acquisition Date 3/13/2024, Maturity Date 10/2/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[11] | 4% | |||
Investment, Interest Rate Floor | [1],[2],[3],[11] | 0% | |||
Investment, Acquisition Date | [1],[2],[3],[11] | Mar. 13, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[11] | Oct. 02, 2028 | |||
Investment, Principal | [1],[2],[3],[11],[13] | $ 4,987 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[11] | 4,962 | |||
Investment, Fair Value | [1],[2],[3],[11] | $ 4,984 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[11] | 1.65% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Specialty Retail, | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11] | $ 2,234 | |||
Investment, Fair Value | [1],[2],[3],[10],[11] | $ 2,258 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11] | 0.75% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Specialty Retail, Sweetwater Borrower LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.75%, Interest Rate 9.69%, Acquisition Date 2/29/2024, Maturity Date 8/7/2028 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[11] | 4.25% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[11] | 0.75% | |||
Investment, Interest Rate | [1],[2],[3],[10],[11],[16] | 9.69% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[11] | Feb. 29, 2024 | |||
Investment, Maturity Date | [1],[2],[3],[10],[11] | Aug. 07, 2028 | |||
Investment, Principal | [1],[2],[3],[10],[11],[13] | $ 2,250 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[11] | 2,234 | |||
Investment, Fair Value | [1],[2],[3],[10],[11] | $ 2,258 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[11] | 0.75% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Apparel, & Luxury Goods | |||||
Schedule of Investments [Line Items] | |||||
Investment, Amortized Cost | $ 1,732 | [1],[2],[3],[4],[10] | 1,736 | [5],[6],[7],[8],[9] | |
Investment, Fair Value | $ 1,754 | [1],[2],[3],[10] | $ 1,733 | [5],[6],[7],[9] | |
Investment, Percentage of Net Assets | 0.58% | [1],[2],[3],[10] | 0.69% | [5],[6],[7],[9] | |
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Apparel, & Luxury Goods, Rachel Zoe, Inc., Region United States, Reference Rate and Spread S + 7.66%, Interest Rate Floor 3.00%, Interest Rate 12.97%, Acquisition Date 10/11/2023, Maturity Date 10/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[18] | 7.66% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[18] | 3% | |||
Investment, Interest Rate | [1],[2],[3],[10],[16],[18] | 12.97% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[18] | Oct. 11, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[18] | Oct. 09, 2026 | |||
Investment, Principal | [1],[2],[3],[10],[13],[18] | $ 466 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[18] | 460 | |||
Investment, Fair Value | [1],[2],[3],[10],[18] | $ 458 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[18] | 0.15% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Apparel, & Luxury Goods, TR Apparel, LLC, Region United States, Reference Rate and Spread S + 8.00%, Interest Rate Floor 2.00%, Interest Rate 13.33%, Acquisition Date 8/9/2023, Maturity Date 6/20/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [1],[2],[3],[10],[18] | 8% | |||
Investment, Interest Rate Floor | [1],[2],[3],[10],[18] | 2% | |||
Investment, Interest Rate | [1],[2],[3],[10],[16],[18] | 13.33% | |||
Investment, Acquisition Date | [1],[2],[3],[10],[18] | Aug. 09, 2023 | |||
Investment, Maturity Date | [1],[2],[3],[10],[18] | Jun. 20, 2027 | |||
Investment, Principal | [1],[2],[3],[10],[13],[18] | $ 1,296 | |||
Investment, Amortized Cost | [1],[2],[3],[4],[10],[18] | 1,272 | |||
Investment, Fair Value | [1],[2],[3],[10],[18] | $ 1,296 | |||
Investment, Percentage of Net Assets | [1],[2],[3],[10],[18] | 0.43% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, Rachel Zoe, Inc, Region United Stat, Reference Rate and Spread S + 7.66%, Interest Rate Floor 3.00%, Interest Rate 13.01% Acquisition Date 10/11/2023, Maturity Date 10/9/2026 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 7.66% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 3% | |||
Investment, Interest Rate | [5],[6],[7],[9],[23] | 13.01% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Oct. 11, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Oct. 09, 2026 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 470 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 462 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 462 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.18% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt, Textiles, TR Apparel, LLC, Region United Stat, Reference Rate and Spread S + 8.00%, Interest Rate Floor 2.00%, Interest Rate 13.32% Acquisition Date 8/9/2023, Maturity Date 6/20/2027 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[9],[23] | 8% | |||
Investment, Interest Rate Floor | [5],[6],[7],[9],[23] | 2% | |||
Investment, Interest Rate | [5],[6],[7],[9],[23] | 13.32% | |||
Investment, Acquisition Date | [5],[6],[7],[9],[23] | Aug. 09, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[9],[23] | Jun. 20, 2027 | |||
Investment, Principal | [5],[6],[7],[9],[23] | $ 1,300 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[9],[23] | 1,274 | |||
Investment, Fair Value | [5],[6],[7],[9],[23] | $ 1,271 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.51% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, First Lien Debt,H ealth Care Providers & Services, Elevate HD Parent, Inc. (Delayed Draw), Region United States, Reference Rate and Spread S + 6.00%, Interest Rate Floor 0.00%, Interest Rate 11.46% Acquisition Date 8/18/2023, Maturity Date 8/20/2029 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Reference Rate and Spread | [5],[6],[7],[22],[23],[26] | 6% | |||
Investment, Interest Rate Floor | [5],[6],[7],[22],[23],[26] | 0% | |||
Investment, Interest Rate | [5],[6],[7],[19],[22],[23],[26] | 11.46% | |||
Investment, Acquisition Date | [5],[6],[7],[22],[23],[26] | Aug. 18, 2023 | |||
Investment, Maturity Date | [5],[6],[7],[22],[23],[26] | Aug. 20, 2029 | |||
Investment, Principal | [5],[6],[7],[22],[23],[26] | $ 23 | |||
Investment, Amortized Cost | [5],[6],[7],[8],[22],[23],[26] | 22 | |||
Investment, Fair Value | [5],[6],[7],[22],[23],[26] | $ 21 | |||
Investment, Percentage of Net Assets | [5],[6],[7],[22],[23],[26] | 0.01% | |||
Investment, Identifier [Axis]: Investments - non-controlled/non-affiliated, Warrant, IT Services, Acumera, Inc, Region United States | |||||
Schedule of Investments [Line Items] | |||||
Investment, Principal | $ 1 | [1],[2],[3],[10],[13] | $ 1 | [5],[6],[7],[9],[23] | |
Investment, Fair Value | $ 2 | [1],[2],[3],[10] | $ 2 | [5],[6],[7],[9],[23] | |
Investment, Percentage of Net Assets | [5],[6],[7],[9],[23] | 0.01% | |||
[1] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25 % or less of the portfolio company’s voting securities and “controlled” when we own more than 25 % of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5 % of a portfolio company’s voting securities and “affiliated” when we own 5 % or more of a portfolio company’s voting securities. Security may be an obligation of one or more entities affiliated with the named portfolio company. The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK ” ), for debt securities. All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25 % or less of the portfolio company’s voting securities and “controlled” when we own more than 25 % of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5 % of a portfolio company’s voting securities and “affiliated” when we own 5 % or more of a portfolio company’s voting securities. Security may be an obligation of one or more entities affiliated with the named portfolio company. The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized PIK, for debt securities. These debt investments were pledged as collateral under the Company ’ s Credit Facility as of December 31, 2023 (refer to Note 6, “Borrowings”). Portfolio company pays 0.5 % unfunded commitment fee on revolving loan facility. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. This position has not yet settled as of March 31, 2024 . The Company will not accrue interest until the settlement date at which point SOFR will be established. Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned. Portfolio company pays 1.0 % unfunded commitment fee on delayed draw term loan. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S ”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2024. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2024 . Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company ’s total assets. As of March 31, 2024 , non-qualifying assets represented approximately 11.4 % of the total assets of the Company. These debt investments were pledged as collateral under the Company's Credit Facility as of March 31, 2024 (refer to Note 6, “Borrowings”). Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2023. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2023. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable. Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned. Portfolio company pays 0.5 % unfunded commitment fee on revolving loan facility Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy. The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company ’ s total assets. As of December 31, 2023, non-qualifying assets represented approximately 7.1 % of the total assets of the Company. This position has not yet settled as of December 31, 2023. The Company will not accrue interest until the settlement date at which point SOFR will be established. Portfolio company pays 1.0 % unfunded commitment fee on delayed draw term loan. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (unaudited) (Parenthetical) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Percentage of qualifying assets | 70% | 70% |
Percentage of non-qualifying assets | 11.40% | 7.10% |
Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Portfolio unfunded commitment fee | 1% | 1% |
Portfolio [Member] | Revolving Credit Facility [Member] | ||
Schedule of Investments [Line Items] | ||
Portfolio unfunded commitment fee | 0.50% | 0.50% |
Minimum [Member] | Non-Affiliated [Member] | Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of voting interests acquired in portfolio | 5% | 5% |
Minimum [Member] | Non-Controlled [Member] | Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of voting interests acquired in portfolio | 25% | 25% |
Maximum [Member] | Affiliated [Member] | Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of voting interests acquired in portfolio | 5% | 5% |
Maximum [Member] | Controlled [Member] | Portfolio [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of voting interests acquired in portfolio | 25% | 25% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Pay vs Performance Disclosure | |
Net Income (Loss) | $ 3,598 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization
Organization | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1. Organization First Eagle Private Credit Fund (together with its subsidiaries, the “Company”), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company expects to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a RIC annually thereafter. The Company is externally managed by First Eagle Investment Management, LLC (“FEIM” or the “Adviser”). The Adviser oversees the management of the Company’s activities and supervises the activities of First Eagle Alternative Credit, LLC (“FEAC” or the “Subadviser”, and together with the Adviser, the “Advisers”). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator (the “Administrator”). The Company has two wholly owned subsidiaries - First Eagle Private Credit Fund SPV, LLC, which is a financing subsidiary of the Company, and FEPC Fund Servicer, LLC, which is the servicer of the Company’s Credit Facility. The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80 % of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This policy may be changed by the Board, and with at least 60 days’ prior notice to shareholders, upon the completion of the Fund's next repurchase offer (so long as such repurchase offer is not oversubscribed). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns. The Company is offering and selling its common shares of beneficial interest, par value $ 0.001 per share (the “Common Shares”) in a continuous private placement (the “Private Offering”) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) (the “Initial Closing”) of the Private Offering on June 12, 2023 and commenced operations following its first capital call on July 10, 2023 (“Commencement of Operations”). Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 Common Shares at $ 25.00 per share. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Basis of Presentation The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024. The Company commenced operations on July 10, 2023. As a result, comparative consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented. As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Consolidation As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company. Use of Estimates The preparation of the Company’s financial statements in conformity with 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 financial statements. Actual results could differ from those estimates and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. Investments Investment transactions are recorded on a trade date basis. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) 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, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations. 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, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Fair Value of Financial Instruments The Company applies fair value to its portfolio investments in accordance with ASC Topic 820— Fair Value Measurements and Disclosures ( “ ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5— “ Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy. Revenue Recognition Interest Income Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of 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. The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks. The Company had $ 3,251 of interest income during the three months ended March 31, 2024. PIK Income The Company may have investments in its portfolio which contain a contractual PIK, interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. The Company did not have any PIK investments during the three months ended March 31, 2024. Dividend Income Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company had $ 2,013 of dividend income during the three months ended March 31, 2024. Other Income The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. The Company had $ 279 of other income during the three months ended March 31, 2024. Non-Accrual Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount ( “ OID” ) and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023 , the Company had no loans on non-accrual status. Organization and Offering 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. Costs associated with the offering of Common Shares of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offering. Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Credit Facility (as defined in Note 6 hereto), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Credit Facility. Under the Credit Facility, if the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement. Capitalized deferred financing costs related to the Credit Facility are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6— “ Borrowings” for additional information. U.S. Federal Income Taxes, Including Excise Tax The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year. In addition, based on the excise tax distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98 % of its ordinary income for the calendar year, (2) 98.2 % of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. Although the Company currently intends to make the required distributions to avoid the application of the 4 % U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed incom e. Distributions The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the “ Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions Investment Advisory Agreement On March 29, 2023, the Company’s Board unanimously approved an investment advisory agreement (the “Advisory Agreement”) and a subadvisory agreement (the “Subadvisory Agreement”), each of which became effective on March 30, 2023. Under the terms of the Advisory Agreement, the Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. The subadvisory fee payable to FEAC will be paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees began to accrue upon the Commencement of Operations. Base Management Fee The management fee is calculated at an annual rate of 1.25 % of the value of the Company’s net assets as of the beginning of the first business day of the applicable month. For services rendered under the Advisory Agreement, the management fee is payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated. For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the Initial Closing. For the three months ended March 31, 2024, the Company accrued $ 785 in base management fees which were fully waived (see “ Fee Waiver ” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to management fees . Incentive Fees The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below: (i) Incentive Fee Based on Income The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25 % per quarter ( 5.0 % annualized). Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period. The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % per quarter ( 5.0 % annualized); • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43 % ( 5.72 % annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43 %) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5 % of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43 % in any calendar quarter; and • 12.5 % of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% ( 5.72 % annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. These calculations are appropriately prorated for any period less than three months and adjusted for any share issuances or repurchases during the current quarter. For the three months ended March 31, 2024, the Company accrued $ 198 in income-based incentive fees which were fully waived (see “ Fee Waiver ” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to income-based incentive fees. (ii) Incentive Fee on Capital Gains The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5 % of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. Under GAAP, the Company includes unrealized gains in the calculation of capital gains incentive fee expense. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire 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. For the three months ended March 31, 2024, the Company accrued $ 6 in capital gains incentive fees which were fully waived (see “ Fee Waiver ” below). As of March 31, 2024 and December 31, 2023, there were no amounts payable to the Adviser relating to capital gain incentive fees. Fee Waiver For the twelve months following the Commencement of Operations, the Advisers have agreed to waive all management fees (including incentive fees) and subadvisory fees payable to them under the Advisory Agreement and Subadvisory Agreement (the “Advisory Fee Waiver”). The Advisory Fee Waiver is not revocable during its term and amounts waived pursuant to the Advisory Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC. Administration Agreement The Company has also entered into an Administration Agreement with FEAC as the Administrator. Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the U.S. Securities and Exchange Commission (“SEC”). In addition, the Administrator assists in determining and publishing the Company’s net asset value (“NAV”), oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Company’s shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement and the Subadvisory Agreement, including facilities, office equipment, technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company’s Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement began to accrue upon the Commencement of Operations. For the three months ended March 31, 2024, the Company incurred administrator expenses of $ 422 . As of March 31, 2024 and December 31, 2023, $ 439 and $ 547 , respectively, of administrator expenses were due to the Administrator, which were included in accrued administrator expenses on the Consolidated Statement of Assets and Liabilities. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4. Investments The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Amortized Cost Fair Value % of Total Investments at Fair Value First lien loan $ 198,264 $ 198,507 100.00 % $ 70,684 $ 70,881 100.00 % Warrant — 2 — — 2 — Total investments $ 198,264 $ 198,509 100.00 % $ 70,684 $ 70,883 100.00 % The following is a summary of the industry classifications in which the Company invests as of March 31, 2024 and December 31, 2023: March 31, 2024 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets Aerospace & Defense $ 2,970 $ 2,995 1.51 % 0.99 % Building Products 3,980 4,024 2.03 1.34 Chemicals 11,018 11,048 5.57 3.67 Commercial Services & Supplies 9,619 9,618 4.84 3.19 Construction & Engineering 2,198 2,192 1.10 0.73 Containers & Packaging 4,975 5,014 2.53 1.66 Diversified Consumer Services 12,111 12,183 6.14 4.03 Entertainment 4,950 5,014 2.53 1.66 Financial Services 9,118 9,186 4.63 3.04 Health Care Facilities 9,481 9,465 4.77 3.14 Health Care Providers & Services 45,183 45,217 22.77 15.03 Household Durables 6,807 6,801 3.43 2.26 Insurance 12,534 12,574 6.33 4.17 IT Services 5,924 5,781 2.91 1.92 Machinery 3,980 4,008 2.02 1.33 Media 7,905 7,965 4.01 2.65 Oil, Gas & Consumable Fuels 7,563 7,533 3.79 2.51 Passenger Airlines 6,952 7,024 3.54 2.33 Pharmaceuticals 4,939 4,637 2.34 1.54 Professional Services 8,354 8,372 4.22 2.78 Software 13,737 13,846 6.97 4.59 Specialty Retail 2,234 2,258 1.14 0.75 Textiles, Apparel, & Luxury Goods 1,732 1,754 0.88 0.58 $ 198,264 $ 198,509 100.00 % 65.89 % December 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets Commercial Services & Supplies $ 7,500 $ 7,508 10.59 % 2.99 % Construction & Engineering 2,199 2,197 3.10 0.87 Diversified Consumer Services 5,051 5,059 7.14 2.01 Financial Services 1,774 1,807 2.55 0.72 Health Care Facilities 9,467 9,465 13.35 3.76 Health Care Providers & Services 15,511 15,665 22.10 6.22 Household Durables 6,800 6,796 9.59 2.70 IT Services 954 955 1.35 0.39 Oil, Gas & Consumable Fuels 7,544 7,533 10.63 2.99 Passenger Airlines 2,970 3,010 4.25 1.20 Professional Services 5,392 5,372 7.58 2.13 Software 3,786 3,783 5.34 1.50 Textiles, Apparel, & Luxury Goods 1,736 1,733 2.43 0.69 Total $ 70,684 $ 70,883 100.00 % 28.17 % The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023: March 31, 2024 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 177,897 $ 178,158 89.75 % 59.13 % Canada 5,891 5,881 2.96 1.95 Europe 14,476 14,470 7.29 4.81 Total $ 198,264 $ 198,509 100.00 % 65.89 % December 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 57,257 $ 57,469 81.07 % 22.84 % Canada 5,883 5,881 8.30 2.34 Europe 7,544 7,533 10.63 2.99 Total $ 70,684 $ 70,883 100.00 % 28.17 % As of March 31, 2024 and December 31, 2023, there were no loans on non-accrual status. As of March 31, 2024 and December 31, 2023, on a fair value basis, 100 % of the Company ’ s performing debt investments bore interest at a floating rate. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 5. Fair Value Measurements Investments The Company values all investments in accordance with ASC Topic 820, which requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management. Pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), the Board has designated FEIM as the Company's valuation designee, as the term is defined in Rule 2a-5 (the “Valuation Designee”). FEIM, as the Valuation Designee, performs fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Board’s Audit Committee, and in compliance with the requirements of Rule 2a-5. In calculating the value of the Company’s total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee. With respect to the investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below: 1. the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial; 2. the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the “Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals; 3. the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC; 4. FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and 5. on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee. When we determine our net asset value (“NAV”) as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, FEIM’s valuation team will generally value such assets at the most recent quarterly valuation unless FEAC determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If FEAC determines such a change has occurred with respect to one or more investments, the relevant portfolio management team shall determine whether to recommend a change to the FEIM valuation committee and whether the applicable pricing professional will determine whether to engage an independent valuation firm for assistance. FEIM will then discuss and determine the fair value of such investment(s) in the Company’s portfolio in good faith based on the input of any applicable respective independent valuation firms. The types of factors that the Valuation Designee may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors. For cash flow debt investments, the Valuation Designee generally determines the fair value primarily using an income, or yield, approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. The Valuation Designee’s estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. The enterprise value, a market approach, is used to determine the value of debt investments that are credit impaired, close to maturity or where the Company also holds a controlling equity interest. The method for determining enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company’s revenues or net income before net interest expense, income tax expense, depreciation and amortization, or EBITDA. For asset-based loans, the Valuation Designee generally determines the fair value using the liquidation approach that analyzes the underlying collateral of the loan, as set forth in the associated loan agreements and the borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario (the net realized value of the collateral). For equity investments, an income and/or market approach is generally used to value equity investments for which there is no established public or private market. The market approach values an investment by examining observable market values for similar investments. The resulting valuation, although stated as a precise number, is necessarily within a range of values that vary depending upon the significance attributed to the various factors being considered. Some of these factors may include current market trading and/or transaction multiples, the portfolio company’s relative financial performance relative to public and private peer companies and leverage levels. In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment. The Company has adopted the authoritative guidance under GAAP for estimating the fair value of investments in investment companies that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, in circumstances in which NAV per share of an investment is determinative of fair value, the Company estimates the fair value of an investment in an investment company using the NAV per share of the investment (or its equivalent) without further adjustment if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity’s measurement date. As of March 31, 2024, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuations procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time. Fair Value Disclosures The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023: March 31, 2024 Level 1 Level 2 Level 3 Total First Lien Loan $ — $ 74,436 $ 124,071 $ 198,507 Warrant $ — $ — $ 2 $ 2 Total Investments $ — $ 74,436 $ 124,073 $ 198,509 Percentage of Total 0.00 % 37.50 % 62.50 % 100.00 % December 31, 2023 Level 1 Level 2 Level 3 Total First Lien Loan $ — $ 5,018 $ 65,863 $ 70,881 Warrant $ — $ — $ 2 $ 2 Total Investments $ — $ 5,018 $ 65,865 $ 70,883 Percentage of Total 0.00 % 7.08 % 92.92 % 100.00 % The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024: Three Months Ended March 31, 2024 First Lien Debt Warrant Total Investments Fair value, beginning of period $ 65,862 $ 2 $ 65,864 Purchase of investments (including PIK) 63,082 — 63,082 Proceeds from principal repayments and sales of investments ( 76 ) — ( 76 ) Amortization of premium/accretion of discount, net 105 — 105 Net realized gain (loss) on investments — — — Net change in unrealized appreciation (depreciation) on investments 36 — 36 Transfers out of Level 3 ( 4,938 ) — ( 4,938 ) Fair value, end of period $ 124,071 $ 2 $ 124,073 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024 $ 36 $ — $ 36 Investments were transferred out of Level 3 during the period ended March 31, 2024 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2024 and December 31, 2023. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. March 31, 2024 Range Fair Value Valuation Technique Unobservable Input Low High Weighted Average (1) First lien debt (2) $ 90,279 Discounted cash flows (income approach) Comparative Yield 9.20 % 14.09 % 10.96 % 15,168 Recoverability Collateral Value $ 19.6 mm $ 352.6 mm $ 197.7 mm 105,447 Warrant 2 Market comparable companies (market approach) EBITDA Multiple 35.00 % 45.00 % 40.00 % Conversion Term (years) 3.0 yrs 4.0 yrs 3.5 yrs Total $ 105,449 (1) Weighted averages are calculated based on fair value of investments. (2) Excluded from the presentation is $ 18,624 in first lien senior secured debt f or which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation). December 31, 2023 Range Fair Value Valuation Technique Unobservable Input Low High Weighted Average (1) First lien debt (2) $ 46,999 Discounted cash flows (income approach) Comparative Yield 9.38 % 14.90 % 11.27 % 15,146 Recoverability Collateral Value $ 19.6 mm $ 345.7 mm $ 196.1 mm 62,145 Warrant 2 Market comparable companies (market approach) EBITDA Multiple 14.4 x 14.9 x 14.7 x Total $ 62,147 (1) Weighted averages are calculated based on fair value of investments. (2) Excluded from the presentation is $ 3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation). The significant unobservable input used in the fair value measurement of the Company’s debt securities, excluding investments in asset-backed loans, is the comparative yield which is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. In determining the comparative yield for the income approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Significant increases (decreases) in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement. The primary significant unobservable input used in the fair value measurement of the Company’s investment in asset-backed loans is the net realizable value of the underlying collateral of the loan. The Company considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in the net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement. Other Financial Assets and Liabilities As of March 31, 2024, the carrying amounts of the Company’s other financial instruments, such as cash and cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such instruments. As of March 31, 2024, the carrying amount of the Company’s outstanding Credit Facility approximates fair value. The fair value of the Credit Facility is estimated based upon market interest rates and entities with similar credit risk. As of March 31, 2024, within the fair value hierarchy, the Company’s cash equivalents would be categorized as Level 1 and the Company's outstanding Credit Facility would be categorized as Level 3. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6. Borrowings In connection with the Company’s organization, the Board and the Company’s initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act to the Company. As a result of this approval, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150 % after such borrowing. As of March 31, 2024, the Company’s asset coverage ratio was 6125.8 % . SPV Financing Facility On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the “SPV”), a wholly-owned financing subsidiary of the Company, entered into a $ 350,000 senior secured revolving credit facility (the “Credit Facility”) with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the Credit Facility. The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75 % of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65 % . Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through September 22, 2026. The Credit Facility has a minimum utilization requirement of 65 % of the facility amount following a nine-month ramp-up period through the end of the revolving period. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The SPV’s obligations under the Credit Facility are secured by a first priority security interest in substantially all of the assets of the SPV, including its portfolio of investments, and the Company’s equity interest in the SPV. As of March 31, 2024, the Company held 25 investments with a total fair market value of $ 96,205 in the SPV as collateral for the Credit Facility. As of March 31, 2024 , the Company had $ 5,000 in borrowings outstanding under the Credit Facility. As of December 31, 2023, the Company held 17 investments with a total fair market value of $ 50,997 in the SPV as collateral for the Credit Facility. As of December 31, 2023 , the Company had no outstanding borrowings under the Credit Facility. The Credit Facility has a scheduled maturity date of September 22, 2028 , or earlier in accordance with the terms of the Credit Facility. Borrowings under the Credit Facility bear interest initially at the annual rate of three month term SOFR plus spread. The initial spread is 3.05 % per annum for term SOFR advances during the revolving period and 3.55 % per annum during the amortization period. Additionally, the SPV pays a fee of 0.15 % per annum on the notional loan amount of $ 350,000 and an unused fee of 0.60 % per annum on any unused portion of the Credit Facility. Components of Interest Expense The components of the Company’s interest expense were as follows: For the Three Months Ended March 31, 2024 Borrowing interest expense $ 3 Borrowing administration fees 133 Facility unused fees 531 Amortization of financing costs 153 Total interest expense $ 820 Average Debt Outstanding (1) 5,000 Average Stated Interest Rate (1) 8.35 % (1) Average taken from date of initial borrowing on March 29, 2024. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7. Commitments and Contingencies Unfunded Commitments Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments. As of March 31, 2024 and December 31, 2023, the Company has the following unfunded commitments to portfolio companies: March 31, 2024 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Delayed Draw Air Conditioning Specialist, Inc. Delayed Draw 9/30/2024 $ 28 $ — Apella Capital LLC Delayed Draw 3/1/2026 $ 250 $ ( 5 ) Community Based Care Acquisition, Inc. Delayed Draw 3/19/2026 $ 3,750 $ — RMBUS Holdco Inc. Delayed Draw 1/8/2026 $ 2,070 $ ( 35 ) First Steps Recovery Acquisition, LLC Delayed Draw 9/29/2025 $ 1,149 $ ( 17 ) In Vitro Sciences, LLC Delayed Draw 7/31/2024 $ 23 $ — Elevate HD Parent, Inc. Delayed Draw 2/18/2025 $ 533 $ ( 7 ) Enverus Holdings, Inc. Delayed Draw 12/12/2026 $ 192 $ — Housework Holdings Delayed Draw 3/1/2025 $ 502 $ ( 15 ) Mammoth Holdings, LLC Delayed Draw 11/15/2025 $ 909 $ ( 18 ) Medrina, LLC Delayed Draw 4/20/2025 $ 1,550 $ ( 29 ) RL James, Inc. Delayed Draw 12/15/2025 $ 2,162 $ ( 41 ) SR Landscaping, LLC Delayed Draw 10/24/2027 $ 1,784 $ ( 27 ) Waste Resource Management Inc. Delayed Draw 12/28/2029 $ 2,069 $ ( 31 ) Revolver Acumera, Inc. Revolver 6/7/2028 $ 62 $ — Air Conditioning Specialist, Inc. Revolver 11/9/2026 $ 62 $ — Apella Capital LLC Revolver 3/1/2029 $ 50 $ ( 1 ) RMBUS Holdco Inc. Revolver 1/8/2029 $ 1,035 $ ( 17 ) First Steps Recovery Acquisition, LLC Revolver 3/29/2030 $ 1,149 $ ( 17 ) Housework Holdings Revolver 12/15/2028 $ 111 $ ( 3 ) In Vitro Sciences, LLC Revolver 2/28/2029 $ 568 $ ( 9 ) Project Cloud Holdings, LLC Revolver 3/31/2029 $ 712 $ ( 14 ) The Mutual Group, LLC Revolver 1/31/2030 $ 1,299 $ ( 19 ) Visante Acquisition, LLC Revolver 1/31/2030 $ 846 $ ( 13 ) Elevate HD Parent, Inc. Revolver 8/20/2029 $ 200 $ ( 3 ) Enverus Holdings, Inc. Revolver 12/24/2029 $ 293 $ 1 Mammoth Holdings, LLC Revolver 11/15/2029 $ 227 $ ( 5 ) Medrina, LLC Revolver 10/20/2029 $ 1,107 $ ( 21 ) RL James, Inc. Revolver 12/15/2028 $ 1,081 $ ( 20 ) SR Landscaping, LLC Revolver 10/30/2029 $ 801 $ ( 12 ) Waste Resource Management Inc. Revolver 12/28/2029 $ 703 $ ( 11 ) Total Unfunded Commitments $ 27,277 $ ( 389 ) December 31, 2023 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Delayed Draw Air Conditioning Specialist, Inc. Delayed Draw 9/30/2024 $ 28 $ — Elevate HD Parent, Inc. Delayed Draw 2/18/2024 $ 110 $ ( 2 ) Elevate HD Parent, Inc. Delayed Draw 2/18/2025 $ 533 $ ( 10 ) Enverus Holdings, Inc. Delayed Draw 12/12/2026 $ 192 $ ( 3 ) Housework Holdings Delayed Draw 12/15/2028 $ 502 $ ( 15 ) Mammoth Holdings, LLC Delayed Draw 11/15/2025 $ 909 $ ( 18 ) Medrina, LLC Delayed Draw 4/20/2025 $ 1,550 $ ( 29 ) RL James, Inc. Delayed Draw 12/15/2025 $ 2,162 $ ( 41 ) SR Landscaping, LLC Delayed Draw 4/30/2025 $ 1,784 $ ( 27 ) Waste Resource Management Inc. Delayed Draw 12/28/2025 $ 2,069 $ ( 31 ) Revolver Acumera, Inc. Revolver 6/7/2025 $ 62 $ ( 1 ) Air Conditioning Specialist, Inc. Revolver 11/9/2026 $ 62 $ ( 1 ) Elevate HD Parent, Inc. Revolver 8/20/2029 $ 200 $ ( 4 ) Enverus Holdings, Inc. Revolver 12/24/2029 $ 293 $ ( 4 ) Housework Holdings Revolver 12/15/2028 $ 178 $ ( 5 ) Mammoth Holdings, LLC Revolver 11/15/2029 $ 455 $ ( 9 ) Medrina, LLC Revolver 10/20/2029 $ 1,107 $ ( 21 ) RL James, Inc. Revolver 12/15/2028 $ 1,081 $ ( 20 ) SR Landscaping, LLC Revolver 10/30/2029 $ 801 $ ( 12 ) Waste Resource Management Inc. Revolver 12/28/2029 $ 828 $ ( 12 ) Total Unfunded Commitments $ 14,906 $ ( 265 ) Legal Proceedings From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company’s rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings. |
Net Assets
Net Assets | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Investments [Abstract] | |
Net Assets | Note 8. Net Assets Share Issuances In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares. The following table summarizes the issuance of shares during the three months ended March 31, 2024: Share Issuance Date Number of Aggregate March 1, 2024 2,058,460 $ 50,000 Total 2,058,460 $ 50,000 During the three months ended March 31, 2024 , the Company also issued 40 shares for an aggregate value of $ 1 under the DRIP (as defined below). The sales of Common Shares were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase Common Shares up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten calendar days prior notice to the funding date. As of March 31, 2024, the Company has received capital commitments totaling $ 302,700 , which was fully called as of March 31, 2024. Distributions The following table presents distributions that were declared and payable during the three months ended March 31, 2024: Date Declared Record Date Payment Date Distribution Per Share Distribution Amount February 5, 2024 February 6, 2024 February 27, 2024 $ 0.12 $ 1,244 February 29, 2024 February 29, 2024 March 26, 2024 $ 0.12 $ 1,244 March 28, 2024 March 28, 2024 April 26, 2024 $ 0.12 $ 1,491 $ 3,979 Character of Distributions The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets. Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months-ended March 31, 2024: March 31, 2024 Ordinary income (including net short-term capital gains) $ 3,979 Capital gains — Return of capital — Total taxable distributions $ 3,979 Distribution Reinvestment The Company has adopted a dividend reinvestment plan (“DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. A participating shareholder will receive an amount of shares equal to the amount of the distribution on that participant’s shares divided by the most recent NAV per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan. Common Shares issued under the dividend reinvestment plan will not reduce outstanding Capital Commitments. Share Repurchase Program Beginning no later than the first full calendar quarter after the first anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5 % of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the last calendar day of the applicable quarter. The Board may amend or suspend the share repurchase program at any time if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares. Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98 % of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders. We may, from time to time, waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person. |
Financial Highlights and Senior
Financial Highlights and Senior Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights and Senior Securities | Note 9. Financial Highlights and Senior Securities The following is a schedule of financial highlights for the three months ended March 31, 2024: For the Three Months Ended March 31, 2024 Per Share Data: Net assets, beginning of period $ 24.28 Net investment income (loss) (1) 0.32 Net realized gain (loss) — Net change in unrealized appreciation (depreciation) 0.01 Net increase (decrease) in net assets resulting from operations (1) 0.33 Distributions declared from net investment income ( 0.36 ) Issuance of shares — Other (2) — Total increase (decrease) in net assets ( 0.03 ) Net assets, end of period $ 24.25 Shares outstanding, end of period 12,425,318 Total return based on NAV (3) ( 0.12 )% Ratios: Net expenses to average net assets (4) 3.97 % Net investment income to average net assets (4) 3.79 % Portfolio turnover rate (5) 0.16 % Supplemental Data: Net assets, end of period $ 301,288 Total capital commitments, end of period $ 302,700 Ratios of total contributed capital to total committed capital, end of period 100.00 % Average debt outstanding $ 165 Asset coverage ratio 6125.8 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (3) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized. (4) For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33% , on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36 % of average assets. (5) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized. The following is information about the Company ’s senior securities as of March 31, 2024 and December 31, 2023: Class and Period Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) Credit Facility March 31, 2024 $ 5,000 $ 62,258 N/A N/A Class and Period Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) Credit Facility December 31, 2023 (5) $ — $ — — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented, in thousands. (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) As of December 31, 2023, the Company had no debt outstanding under its Credit Facility. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of March 31, 2024 except as discussed below. On April 30, 2024 , the Company's Board declared a distribution of $ 0.12 per Common Share, which is payable on May 29, 2024 to shareholders of record as of April 30, 2024 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2024. The Company commenced operations on July 10, 2023. As a result, comparative consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented. As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. |
Consolidation | Consolidation As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with 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 financial statements. Actual results could differ from those estimates and such differences could be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit. |
Investments | Investments Investment transactions are recorded on a trade date basis. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) 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, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations. 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, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company applies fair value to its portfolio investments in accordance with ASC Topic 820— Fair Value Measurements and Disclosures ( “ ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5— “ Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy. |
Revenue Recognition | Revenue Recognition Interest Income Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of 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. The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks. The Company had $ 3,251 of interest income during the three months ended March 31, 2024. PIK Income The Company may have investments in its portfolio which contain a contractual PIK, interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. The Company did not have any PIK investments during the three months ended March 31, 2024. Dividend Income Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. The Company had $ 2,013 of dividend income during the three months ended March 31, 2024. Other Income The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. The Company had $ 279 of other income during the three months ended March 31, 2024. Non-Accrual Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount ( “ OID” ) and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024 and December 31, 2023 , the Company had no loans on non-accrual status. |
Organization and Offering Expenses | Organization and Offering 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. Costs associated with the offering of Common Shares of the Company are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous private offering. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Credit Facility (as defined in Note 6 hereto), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Credit Facility. Under the Credit Facility, if the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement. Capitalized deferred financing costs related to the Credit Facility are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6— “ Borrowings” for additional information. |
U.S. Federal Income Taxes, Including Excise Tax | U.S. Federal Income Taxes, Including Excise Tax The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year. In addition, based on the excise tax distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98 % of its ordinary income for the calendar year, (2) 98.2 % of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. Although the Company currently intends to make the required distributions to avoid the application of the 4 % U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed incom |
Distributions | Distributions The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the “ Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of the Composition of the Company's Investment Portfolio at Cost and Fair Value | The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Amortized Cost Fair Value % of Total Investments at Fair Value First lien loan $ 198,264 $ 198,507 100.00 % $ 70,684 $ 70,881 100.00 % Warrant — 2 — — 2 — Total investments $ 198,264 $ 198,509 100.00 % $ 70,684 $ 70,883 100.00 % |
Schedule of the Company' Investment on the Basis of Industry Classifications | The following is a summary of the industry classifications in which the Company invests as of March 31, 2024 and December 31, 2023: March 31, 2024 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets Aerospace & Defense $ 2,970 $ 2,995 1.51 % 0.99 % Building Products 3,980 4,024 2.03 1.34 Chemicals 11,018 11,048 5.57 3.67 Commercial Services & Supplies 9,619 9,618 4.84 3.19 Construction & Engineering 2,198 2,192 1.10 0.73 Containers & Packaging 4,975 5,014 2.53 1.66 Diversified Consumer Services 12,111 12,183 6.14 4.03 Entertainment 4,950 5,014 2.53 1.66 Financial Services 9,118 9,186 4.63 3.04 Health Care Facilities 9,481 9,465 4.77 3.14 Health Care Providers & Services 45,183 45,217 22.77 15.03 Household Durables 6,807 6,801 3.43 2.26 Insurance 12,534 12,574 6.33 4.17 IT Services 5,924 5,781 2.91 1.92 Machinery 3,980 4,008 2.02 1.33 Media 7,905 7,965 4.01 2.65 Oil, Gas & Consumable Fuels 7,563 7,533 3.79 2.51 Passenger Airlines 6,952 7,024 3.54 2.33 Pharmaceuticals 4,939 4,637 2.34 1.54 Professional Services 8,354 8,372 4.22 2.78 Software 13,737 13,846 6.97 4.59 Specialty Retail 2,234 2,258 1.14 0.75 Textiles, Apparel, & Luxury Goods 1,732 1,754 0.88 0.58 $ 198,264 $ 198,509 100.00 % 65.89 % December 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets Commercial Services & Supplies $ 7,500 $ 7,508 10.59 % 2.99 % Construction & Engineering 2,199 2,197 3.10 0.87 Diversified Consumer Services 5,051 5,059 7.14 2.01 Financial Services 1,774 1,807 2.55 0.72 Health Care Facilities 9,467 9,465 13.35 3.76 Health Care Providers & Services 15,511 15,665 22.10 6.22 Household Durables 6,800 6,796 9.59 2.70 IT Services 954 955 1.35 0.39 Oil, Gas & Consumable Fuels 7,544 7,533 10.63 2.99 Passenger Airlines 2,970 3,010 4.25 1.20 Professional Services 5,392 5,372 7.58 2.13 Software 3,786 3,783 5.34 1.50 Textiles, Apparel, & Luxury Goods 1,736 1,733 2.43 0.69 Total $ 70,684 $ 70,883 100.00 % 28.17 % |
Schedule of the Company' Investment on the Basis of Geographical Concentrations | The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023: March 31, 2024 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 177,897 $ 178,158 89.75 % 59.13 % Canada 5,891 5,881 2.96 1.95 Europe 14,476 14,470 7.29 4.81 Total $ 198,264 $ 198,509 100.00 % 65.89 % December 31, 2023 Amortized Cost Fair Value % of Total Investments at Fair Value Fair Value as % of Net Assets United States $ 57,257 $ 57,469 81.07 % 22.84 % Canada 5,883 5,881 8.30 2.34 Europe 7,544 7,533 10.63 2.99 Total $ 70,684 $ 70,883 100.00 % 28.17 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Investment Portfolio at Cost and Fair Value | The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023: March 31, 2024 Level 1 Level 2 Level 3 Total First Lien Loan $ — $ 74,436 $ 124,071 $ 198,507 Warrant $ — $ — $ 2 $ 2 Total Investments $ — $ 74,436 $ 124,073 $ 198,509 Percentage of Total 0.00 % 37.50 % 62.50 % 100.00 % December 31, 2023 Level 1 Level 2 Level 3 Total First Lien Loan $ — $ 5,018 $ 65,863 $ 70,881 Warrant $ — $ — $ 2 $ 2 Total Investments $ — $ 5,018 $ 65,865 $ 70,883 Percentage of Total 0.00 % 7.08 % 92.92 % 100.00 % |
Summary of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs | The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024: Three Months Ended March 31, 2024 First Lien Debt Warrant Total Investments Fair value, beginning of period $ 65,862 $ 2 $ 65,864 Purchase of investments (including PIK) 63,082 — 63,082 Proceeds from principal repayments and sales of investments ( 76 ) — ( 76 ) Amortization of premium/accretion of discount, net 105 — 105 Net realized gain (loss) on investments — — — Net change in unrealized appreciation (depreciation) on investments 36 — 36 Transfers out of Level 3 ( 4,938 ) — ( 4,938 ) Fair value, end of period $ 124,071 $ 2 $ 124,073 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024 $ 36 $ — $ 36 |
Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments | The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2024 and December 31, 2023. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. March 31, 2024 Range Fair Value Valuation Technique Unobservable Input Low High Weighted Average (1) First lien debt (2) $ 90,279 Discounted cash flows (income approach) Comparative Yield 9.20 % 14.09 % 10.96 % 15,168 Recoverability Collateral Value $ 19.6 mm $ 352.6 mm $ 197.7 mm 105,447 Warrant 2 Market comparable companies (market approach) EBITDA Multiple 35.00 % 45.00 % 40.00 % Conversion Term (years) 3.0 yrs 4.0 yrs 3.5 yrs Total $ 105,449 (1) Weighted averages are calculated based on fair value of investments. (2) Excluded from the presentation is $ 18,624 in first lien senior secured debt f or which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation). December 31, 2023 Range Fair Value Valuation Technique Unobservable Input Low High Weighted Average (1) First lien debt (2) $ 46,999 Discounted cash flows (income approach) Comparative Yield 9.38 % 14.90 % 11.27 % 15,146 Recoverability Collateral Value $ 19.6 mm $ 345.7 mm $ 196.1 mm 62,145 Warrant 2 Market comparable companies (market approach) EBITDA Multiple 14.4 x 14.9 x 14.7 x Total $ 62,147 (1) Weighted averages are calculated based on fair value of investments. (2) Excluded from the presentation is $ 3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation). |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Interest Expense | Components of Interest Expense The components of the Company’s interest expense were as follows: For the Three Months Ended March 31, 2024 Borrowing interest expense $ 3 Borrowing administration fees 133 Facility unused fees 531 Amortization of financing costs 153 Total interest expense $ 820 Average Debt Outstanding (1) 5,000 Average Stated Interest Rate (1) 8.35 % (1) Average taken from date of initial borrowing on March 29, 2024. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of unfunded commitments | As of March 31, 2024 and December 31, 2023, the Company has the following unfunded commitments to portfolio companies: March 31, 2024 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Delayed Draw Air Conditioning Specialist, Inc. Delayed Draw 9/30/2024 $ 28 $ — Apella Capital LLC Delayed Draw 3/1/2026 $ 250 $ ( 5 ) Community Based Care Acquisition, Inc. Delayed Draw 3/19/2026 $ 3,750 $ — RMBUS Holdco Inc. Delayed Draw 1/8/2026 $ 2,070 $ ( 35 ) First Steps Recovery Acquisition, LLC Delayed Draw 9/29/2025 $ 1,149 $ ( 17 ) In Vitro Sciences, LLC Delayed Draw 7/31/2024 $ 23 $ — Elevate HD Parent, Inc. Delayed Draw 2/18/2025 $ 533 $ ( 7 ) Enverus Holdings, Inc. Delayed Draw 12/12/2026 $ 192 $ — Housework Holdings Delayed Draw 3/1/2025 $ 502 $ ( 15 ) Mammoth Holdings, LLC Delayed Draw 11/15/2025 $ 909 $ ( 18 ) Medrina, LLC Delayed Draw 4/20/2025 $ 1,550 $ ( 29 ) RL James, Inc. Delayed Draw 12/15/2025 $ 2,162 $ ( 41 ) SR Landscaping, LLC Delayed Draw 10/24/2027 $ 1,784 $ ( 27 ) Waste Resource Management Inc. Delayed Draw 12/28/2029 $ 2,069 $ ( 31 ) Revolver Acumera, Inc. Revolver 6/7/2028 $ 62 $ — Air Conditioning Specialist, Inc. Revolver 11/9/2026 $ 62 $ — Apella Capital LLC Revolver 3/1/2029 $ 50 $ ( 1 ) RMBUS Holdco Inc. Revolver 1/8/2029 $ 1,035 $ ( 17 ) First Steps Recovery Acquisition, LLC Revolver 3/29/2030 $ 1,149 $ ( 17 ) Housework Holdings Revolver 12/15/2028 $ 111 $ ( 3 ) In Vitro Sciences, LLC Revolver 2/28/2029 $ 568 $ ( 9 ) Project Cloud Holdings, LLC Revolver 3/31/2029 $ 712 $ ( 14 ) The Mutual Group, LLC Revolver 1/31/2030 $ 1,299 $ ( 19 ) Visante Acquisition, LLC Revolver 1/31/2030 $ 846 $ ( 13 ) Elevate HD Parent, Inc. Revolver 8/20/2029 $ 200 $ ( 3 ) Enverus Holdings, Inc. Revolver 12/24/2029 $ 293 $ 1 Mammoth Holdings, LLC Revolver 11/15/2029 $ 227 $ ( 5 ) Medrina, LLC Revolver 10/20/2029 $ 1,107 $ ( 21 ) RL James, Inc. Revolver 12/15/2028 $ 1,081 $ ( 20 ) SR Landscaping, LLC Revolver 10/30/2029 $ 801 $ ( 12 ) Waste Resource Management Inc. Revolver 12/28/2029 $ 703 $ ( 11 ) Total Unfunded Commitments $ 27,277 $ ( 389 ) December 31, 2023 Investments—non-controlled/non-affiliated Commitment Type Commitment Unfunded Fair Delayed Draw Air Conditioning Specialist, Inc. Delayed Draw 9/30/2024 $ 28 $ — Elevate HD Parent, Inc. Delayed Draw 2/18/2024 $ 110 $ ( 2 ) Elevate HD Parent, Inc. Delayed Draw 2/18/2025 $ 533 $ ( 10 ) Enverus Holdings, Inc. Delayed Draw 12/12/2026 $ 192 $ ( 3 ) Housework Holdings Delayed Draw 12/15/2028 $ 502 $ ( 15 ) Mammoth Holdings, LLC Delayed Draw 11/15/2025 $ 909 $ ( 18 ) Medrina, LLC Delayed Draw 4/20/2025 $ 1,550 $ ( 29 ) RL James, Inc. Delayed Draw 12/15/2025 $ 2,162 $ ( 41 ) SR Landscaping, LLC Delayed Draw 4/30/2025 $ 1,784 $ ( 27 ) Waste Resource Management Inc. Delayed Draw 12/28/2025 $ 2,069 $ ( 31 ) Revolver Acumera, Inc. Revolver 6/7/2025 $ 62 $ ( 1 ) Air Conditioning Specialist, Inc. Revolver 11/9/2026 $ 62 $ ( 1 ) Elevate HD Parent, Inc. Revolver 8/20/2029 $ 200 $ ( 4 ) Enverus Holdings, Inc. Revolver 12/24/2029 $ 293 $ ( 4 ) Housework Holdings Revolver 12/15/2028 $ 178 $ ( 5 ) Mammoth Holdings, LLC Revolver 11/15/2029 $ 455 $ ( 9 ) Medrina, LLC Revolver 10/20/2029 $ 1,107 $ ( 21 ) RL James, Inc. Revolver 12/15/2028 $ 1,081 $ ( 20 ) SR Landscaping, LLC Revolver 10/30/2029 $ 801 $ ( 12 ) Waste Resource Management Inc. Revolver 12/28/2029 $ 828 $ ( 12 ) Total Unfunded Commitments $ 14,906 $ ( 265 ) |
Net Assets (Tables)
Net Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of Investments [Abstract] | |
Schedule of the Issuance of Shares | The following table summarizes the issuance of shares during the three months ended March 31, 2024: Share Issuance Date Number of Aggregate March 1, 2024 2,058,460 $ 50,000 Total 2,058,460 $ 50,000 |
Schedule of the Distributions Declared and Payable | The following table presents distributions that were declared and payable during the three months ended March 31, 2024: Date Declared Record Date Payment Date Distribution Per Share Distribution Amount February 5, 2024 February 6, 2024 February 27, 2024 $ 0.12 $ 1,244 February 29, 2024 February 29, 2024 March 26, 2024 $ 0.12 $ 1,244 March 28, 2024 March 28, 2024 April 26, 2024 $ 0.12 $ 1,491 $ 3,979 |
Schedule of Sources of Cash Distributions | The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months-ended March 31, 2024: March 31, 2024 Ordinary income (including net short-term capital gains) $ 3,979 Capital gains — Return of capital — Total taxable distributions $ 3,979 |
Financial Highlights and Seni_2
Financial Highlights and Senior Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the three months ended March 31, 2024: For the Three Months Ended March 31, 2024 Per Share Data: Net assets, beginning of period $ 24.28 Net investment income (loss) (1) 0.32 Net realized gain (loss) — Net change in unrealized appreciation (depreciation) 0.01 Net increase (decrease) in net assets resulting from operations (1) 0.33 Distributions declared from net investment income ( 0.36 ) Issuance of shares — Other (2) — Total increase (decrease) in net assets ( 0.03 ) Net assets, end of period $ 24.25 Shares outstanding, end of period 12,425,318 Total return based on NAV (3) ( 0.12 )% Ratios: Net expenses to average net assets (4) 3.97 % Net investment income to average net assets (4) 3.79 % Portfolio turnover rate (5) 0.16 % Supplemental Data: Net assets, end of period $ 301,288 Total capital commitments, end of period $ 302,700 Ratios of total contributed capital to total committed capital, end of period 100.00 % Average debt outstanding $ 165 Asset coverage ratio 6125.8 % (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (3) Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized. (4) For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33% , on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36 % of average assets. (5) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized. |
Schedule of Investment Company's Senior Securities | The following is information about the Company ’s senior securities as of March 31, 2024 and December 31, 2023: Class and Period Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) Credit Facility March 31, 2024 $ 5,000 $ 62,258 N/A N/A Class and Period Total Amount Outstanding Exclusive of Treasury Securities (1) Asset Coverage per Unit (2) Involuntary Liquidating Preference per Unit (3) Average Market Value per Unit (4) Credit Facility December 31, 2023 (5) $ — $ — — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented, in thousands. (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) As of December 31, 2023, the Company had no debt outstanding under its Credit Facility. |
Organization - Additional Infor
Organization - Additional Information (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Percentage of total | 65.89% | 28.17% | 80% |
Common stock, par value | $ 0.001 | $ 0.001 | |
Adviser purchased common shares | 4,000 | ||
Common shares of beneficial interest per share | $ 25 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Significant Accounting Policies [Line Items] | ||
Net assets | $ 301,288 | $ 251,668 |
interest income | 3,251 | |
Dividend income | 2,013 | |
Other Income | 279 | |
Interest Income | 0 | |
Non-accural loans | $ 0 | $ 0 |
Nondeductible federal excise tax on undistributed earnings | 4% | |
Federal excise tax | 4% | |
Minimum ordinary income distribution percentage | 98% | |
Minimum capital gain distribution percentage | 98.20% | |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Investment company taxable income percentage | 90% |
Agreements and Related Party _2
Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Related Party Transaction [Line Items] | ||
Base management fee percentage | 1.25% | |
Management Fee Waived | $ 785 | |
Administrator expenses | 422 | |
Accrued Administration Expense | 439 | $ 547 |
Income-based incentive fee | 198 | |
Capital Gains Incentive Fees | $ 6 | |
Catch-up provision percentage of pre incentive net investment income on quarterly basis | 1.25% | |
Catch-up provision percentage of pre incentive net investment income annualized | 5% | |
Incentive fee based on income description | 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and | |
Percentage of incentive fee on capital gains | 12.50% | |
Adviser | ||
Related Party Transaction [Line Items] | ||
Management Fee Payable | $ 0 | $ 0 |
Catch-up provision percentage of pre incentive net investment income on quarterly basis | 12.50% | |
Maximum [Member] | Incentive Fee on Ordinary Income | ||
Related Party Transaction [Line Items] | ||
Catch-up provision percentage of pre incentive net investment income on quarterly basis | 1.25% | |
Catch-up provision percentage of pre incentive net investment income annualized | 5% | |
Maximum [Member] | Adviser | ||
Related Party Transaction [Line Items] | ||
Catch-up provision percentage of pre incentive net investment income on quarterly basis | 1.43% | |
Minimum [Member] | Incentive Fee on Ordinary Income | ||
Related Party Transaction [Line Items] | ||
Catch-up provision percentage of pre incentive net investment income on quarterly basis | 1.43% | |
Catch-up provision percentage of pre incentive net investment income annualized | 5.72% |
Investments - Summary of Compan
Investments - Summary of Company's Investment Portfolio at Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 198,264 | $ 70,684 |
Investment, Fair Value | $ 198,509 | $ 70,883 |
% of Total Investments at Fair Value | 100% | 100% |
First lien loan | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 198,264 | $ 70,684 |
Investment, Fair Value | $ 198,507 | $ 70,881 |
% of Total Investments at Fair Value | 100% | 100% |
Warrant [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 0 | $ 0 |
Investment, Fair Value | $ 2 | $ 2 |
% of Total Investments at Fair Value | 0% | 0% |
Investments - Summary of Comp_2
Investments - Summary of Company's Investments in Industry Classifications (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 198,264 | $ 70,684 | |
Investment, Fair Value | $ 198,509 | $ 70,883 | |
% of Total Investments at Fair Value | 100% | 100% | |
Investment, Percentage of Net Assets | 65.89% | 28.17% | 80% |
Aerospace & Defense | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 2,970 | ||
Investment, Fair Value | $ 2,995 | ||
% of Total Investments at Fair Value | 1.51% | ||
Investment, Percentage of Net Assets | 0.99% | ||
Building Products | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 3,980 | ||
Investment, Fair Value | $ 4,024 | ||
% of Total Investments at Fair Value | 2.03% | ||
Investment, Percentage of Net Assets | 1.34% | ||
Chemicals | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 11,018 | ||
Investment, Fair Value | $ 11,048 | ||
% of Total Investments at Fair Value | 5.57% | ||
Investment, Percentage of Net Assets | 3.67% | ||
Commercial Services & Supplies | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 9,619 | $ 7,500 | |
Investment, Fair Value | $ 9,618 | $ 7,508 | |
% of Total Investments at Fair Value | 4.84% | 10.59% | |
Investment, Percentage of Net Assets | 3.19% | 2.99% | |
Construction & Engineering | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 2,198 | $ 2,199 | |
Investment, Fair Value | $ 2,192 | $ 2,197 | |
% of Total Investments at Fair Value | 1.10% | 3.10% | |
Investment, Percentage of Net Assets | 0.73% | 0.87% | |
Containers & Packaging | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 4,975 | ||
Investment, Fair Value | $ 5,014 | ||
% of Total Investments at Fair Value | 2.53% | ||
Investment, Percentage of Net Assets | 1.66% | ||
Diversified Consumer Services | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 12,111 | $ 5,051 | |
Investment, Fair Value | $ 12,183 | $ 5,059 | |
% of Total Investments at Fair Value | 6.14% | 7.14% | |
Investment, Percentage of Net Assets | 4.03% | 2.01% | |
Entertainment | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 4,950 | ||
Investment, Fair Value | $ 5,014 | ||
% of Total Investments at Fair Value | 2.53% | ||
Investment, Percentage of Net Assets | 1.66% | ||
Financial Services | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 9,118 | $ 1,774 | |
Investment, Fair Value | $ 9,186 | $ 1,807 | |
% of Total Investments at Fair Value | 4.63% | 2.55% | |
Investment, Percentage of Net Assets | 3.04% | 0.72% | |
Health Care Facilities | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 9,481 | $ 9,467 | |
Investment, Fair Value | $ 9,465 | $ 9,465 | |
% of Total Investments at Fair Value | 4.77% | 13.35% | |
Investment, Percentage of Net Assets | 3.14% | 3.76% | |
Health Care Providers & Services | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 45,183 | $ 15,511 | |
Investment, Fair Value | $ 45,217 | $ 15,665 | |
% of Total Investments at Fair Value | 22.77% | 22.10% | |
Investment, Percentage of Net Assets | 15.03% | 6.22% | |
Household Durables | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 6,807 | $ 6,800 | |
Investment, Fair Value | $ 6,801 | $ 6,796 | |
% of Total Investments at Fair Value | 3.43% | 9.59% | |
Investment, Percentage of Net Assets | 2.26% | 2.70% | |
Insurance | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 12,534 | ||
Investment, Fair Value | $ 12,574 | ||
% of Total Investments at Fair Value | 6.33% | ||
Investment, Percentage of Net Assets | 4.17% | ||
IT Services | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 5,924 | $ 954 | |
Investment, Fair Value | $ 5,781 | $ 955 | |
% of Total Investments at Fair Value | 2.91% | 1.35% | |
Investment, Percentage of Net Assets | 1.92% | 0.39% | |
Machinery | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 3,980 | ||
Investment, Fair Value | $ 4,008 | ||
% of Total Investments at Fair Value | 2.02% | ||
Investment, Percentage of Net Assets | 1.33% | ||
Media | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 7,905 | ||
Investment, Fair Value | $ 7,965 | ||
% of Total Investments at Fair Value | 4.01% | ||
Investment, Percentage of Net Assets | 2.65% | ||
Oil, Gas & Consumable Fuels | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 7,563 | $ 7,544 | |
Investment, Fair Value | $ 7,533 | $ 7,533 | |
% of Total Investments at Fair Value | 3.79% | 10.63% | |
Investment, Percentage of Net Assets | 2.51% | 2.99% | |
Passenger Airlines | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 6,952 | $ 2,970 | |
Investment, Fair Value | $ 7,024 | $ 3,010 | |
% of Total Investments at Fair Value | 3.54% | 4.25% | |
Investment, Percentage of Net Assets | 2.33% | 1.20% | |
Pharmaceuticals | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 4,939 | ||
Investment, Fair Value | $ 4,637 | ||
% of Total Investments at Fair Value | 2.34% | ||
Investment, Percentage of Net Assets | 1.54% | ||
Professional Services | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 8,354 | $ 5,392 | |
Investment, Fair Value | $ 8,372 | $ 5,372 | |
% of Total Investments at Fair Value | 4.22% | 7.58% | |
Investment, Percentage of Net Assets | 2.78% | 2.13% | |
Software | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 13,737 | $ 3,786 | |
Investment, Fair Value | $ 13,846 | $ 3,783 | |
% of Total Investments at Fair Value | 6.97% | 5.34% | |
Investment, Percentage of Net Assets | 4.59% | 1.50% | |
Specialty Retail | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 2,234 | ||
Investment, Fair Value | $ 2,258 | ||
% of Total Investments at Fair Value | 1.14% | ||
Investment, Percentage of Net Assets | 0.75% | ||
Textiles, Apparel, & Luxury Goods | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 1,732 | $ 1,736 | |
Investment, Fair Value | $ 1,754 | $ 1,733 | |
% of Total Investments at Fair Value | 0.88% | 2.43% | |
Investment, Percentage of Net Assets | 0.58% | 0.69% |
Investments - Summary of Comp_3
Investments - Summary of Company's Investment Portfolio on Basis of Geographical Concentration (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 |
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 198,264 | $ 70,684 | |
Investment, Fair Value | $ 198,509 | $ 70,883 | |
% of Total Investments at Fair Value | 100% | 100% | |
Investment, Percentage of Net Assets | 65.89% | 28.17% | 80% |
United States | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 177,897 | $ 57,257 | |
Investment, Fair Value | $ 178,158 | $ 57,469 | |
% of Total Investments at Fair Value | 89.75% | 81.07% | |
Investment, Percentage of Net Assets | 59.13% | 22.84% | |
Canada | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 5,891 | $ 5,883 | |
Investment, Fair Value | $ 5,881 | $ 5,881 | |
% of Total Investments at Fair Value | 2.96% | 8.30% | |
Investment, Percentage of Net Assets | 1.95% | 2.34% | |
Europe | |||
Schedule of Investments [Line Items] | |||
Amortized Cost | $ 14,476 | $ 7,544 | |
Investment, Fair Value | $ 14,470 | $ 7,533 | |
% of Total Investments at Fair Value | 7.29% | 10.63% | |
Investment, Percentage of Net Assets | 4.81% | 2.99% |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Loans on Non Accrual Status | $ 0 | $ 0 |
Debt Investment at Floting Rate | 100% | 100% |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Investment Portfolio at Cost and Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 198,509 | $ 70,883 |
Percentage of Total | 100% | 100% |
Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 2 | $ 2 |
First lien loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 198,507 | $ 70,881 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of Total | 0% | 0% |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 74,436 | $ 5,018 |
Percentage of Total | 37.50% | 7.08% |
Level 2 | First lien loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 74,436 | $ 5,018 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 124,073 | $ 65,865 |
Percentage of Total | 62.50% | 92.92% |
Level 3 [Member] | Warrant [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 2 | $ 2 |
Level 3 [Member] | First lien loan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments | $ 124,071 | $ 65,863 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of the Beginning and Ending Balances for Investments at Fair Value that Use Level 3 Inputs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value, beginning of period | $ 70,883 |
Purchase of investments (including PIK) | (95,666) |
Proceeds from principal repayments and sales of investments | 212 |
Amortization of premium/accretion of discount, net | (159) |
Net realized gain (loss) on investments | 0 |
Net change in unrealized appreciation (depreciation) on investments | (46) |
Fair value, end of period | 198,509 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value, beginning of period | 65,864 |
Purchase of investments (including PIK) | 63,082 |
Proceeds from principal repayments and sales of investments | (76) |
Amortization of premium/accretion of discount, net | 105 |
Net realized gain (loss) on investments | 0 |
Net change in unrealized appreciation (depreciation) on investments | 36 |
Transfers out of Level 3 | (4,938) |
Fair value, end of period | 124,073 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024 | 36 |
Level 3 [Member] | Warrant [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value, beginning of period | 2 |
Purchase of investments (including PIK) | 0 |
Proceeds from principal repayments and sales of investments | 0 |
Amortization of premium/accretion of discount, net | 0 |
Net realized gain (loss) on investments | 0 |
Net change in unrealized appreciation (depreciation) on investments | 0 |
Transfers out of Level 3 | 0 |
Fair value, end of period | 2 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024 | 0 |
Level 3 [Member] | First Lien Debt [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value, beginning of period | 65,862 |
Purchase of investments (including PIK) | 63,082 |
Proceeds from principal repayments and sales of investments | (76) |
Amortization of premium/accretion of discount, net | 105 |
Net realized gain (loss) on investments | 0 |
Net change in unrealized appreciation (depreciation) on investments | 36 |
Transfers out of Level 3 | (4,938) |
Fair value, end of period | 124,071 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024 | $ 36 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments (Details) - Level 3 [Member] $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2024 USD ($) Measurement | Dec. 31, 2023 USD ($) Measurement | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total invesatment of fair value | $ | $ 105,449 | $ 62,147 | |||
First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total invesatment of fair value | $ | 105,447 | 62,145 | |||
Discounted Cash Flows [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total invesatment of fair value | $ | $ 90,279 | [1] | $ 46,999 | [2] | |
Discounted Cash Flows [Member] | Minimum [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 0.092 | [1] | 0.0938 | [2] | |
Discounted Cash Flows [Member] | Maximum [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 0.1409 | [1] | 0.149 | [2] | |
Discounted Cash Flows [Member] | Weighted Average [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 0.1096 | [1],[3] | 0.1127 | [2],[4] | |
Recoverability [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total invesatment of fair value | $ | $ 15,168 | $ 15,146 | |||
Recoverability [Member] | Minimum [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 19.6 | 19.6 | |||
Recoverability [Member] | Maximum [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 352.6 | 345.7 | |||
Recoverability [Member] | Weighted Average [Member] | First Lien Debt [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 197.7 | [3] | 196.1 | [4] | |
Market Comparable Companies [Member] | Warrant [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Total invesatment of fair value | $ | $ 2 | $ 2 | |||
Market Comparable Companies [Member] | Minimum [Member] | Warrant [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 35 | 14.4 | |||
Conversion Term | 3 years | ||||
Market Comparable Companies [Member] | Maximum [Member] | Warrant [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 45 | 14.9 | |||
Conversion Term | 4 years | ||||
Market Comparable Companies [Member] | Weighted Average [Member] | Warrant [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Fair value inputs, discount rate | 40 | [3] | 14.7 | [4] | |
Conversion Term | [3] | 3 years 6 months | |||
[1] Excluded from the presentation is $ 18,624 in first lien senior secured debt f or which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation). Excluded from the presentation is $ 3,717 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation). Weighted averages are calculated based on fair value of investments. Weighted averages are calculated based on fair value of investments. |
Fair Value Measurements - Sum_4
Fair Value Measurements - Summary of Quantitative Information about the Significant Unobservable Inputs of the Company's Level 3 Financial Instruments (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
First Lien Senior Secured Debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Secured debt | $ 18,624 | $ 3,717 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Maximum percentage of common shares outstanding intends to offer to repurchase | 5% |
Percentage of common shares repurchased at net asset value | 98% |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) $ in Thousands | 3 Months Ended | 8 Months Ended | ||
Mar. 31, 2024 USD ($) Investments | Dec. 31, 2023 USD ($) Investments | Sep. 22, 2023 USD ($) | ||
Line of Credit Facility [Line Items] | ||||
Investment company, asset coverage ratio | 6,125.80% | |||
Line of credit facility, borrowing capacity, description | The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. | |||
Line of credit facility maximum borrowing capacity on principal balance | 75% | |||
Interest rate on maximum borrowings capicity | 65% | |||
Investment Owned, Fair Value | $ 198,509 | $ 70,883 | ||
Outstanding borrowings | [1] | $ 5,000 | ||
Debt instrument, maturity date | Sep. 22, 2028 | |||
Interest rate during the amortization period | 3.55% | |||
Debt instrument, fee percentage | 0.15% | |||
Notional loan amount | $ 350,000 | |||
Unused fee percentage on borrowings | 0.60% | |||
SOFR [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.05% | |||
Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Asset coverage ratio | 150% | |||
Revolving Credit Facility [Member] | Morgan Stanley Bank [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Senior secured revolving credit facility | $ 350,000 | |||
Credit Facility Member | ||||
Line of Credit Facility [Line Items] | ||||
Number of investments | Investments | 25 | 17 | ||
Investment Owned, Fair Value | $ 96,205 | $ 50,997 | ||
Outstanding borrowings | $ 5,000 | $ 0 | ||
Credit Facility Member | Minimum [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Minimum utilization of facility amount, percentage | 65% | |||
[1] Average taken from date of initial borrowing on March 29, 2024. |
Borrowings - Schedule of Compon
Borrowings - Schedule of Components of Interest Expense (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Debt Disclosure [Abstract] | ||
Borrowing interest expense | $ 3 | |
Borrowing administration fees | 133 | |
Facility unused fees | 531 | |
Amortization of financing costs | 153 | |
Total interest expense | 820 | |
Average Debt Outstanding | $ 5,000 | [1] |
Average Stated Interest Rate | 8.35% | [1] |
[1] Average taken from date of initial borrowing on March 29, 2024. |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands | 8 Months Ended | 11 Months Ended |
Dec. 31, 2023 | Mar. 31, 2024 | |
Loss Contingencies [Line Items] | ||
Investment, Fair Value | $ 70,883 | $ 198,509 |
Unfunded Loan Commitment [Member] | ||
Loss Contingencies [Line Items] | ||
Unfunded Commitment | 14,906 | 27,277 |
Investment, Fair Value | $ (265) | $ (389) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Air Conditioning Specialist, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Sep. 30, 2024 | Sep. 30, 2024 |
Unfunded Commitment | $ 28 | $ 28 |
Investment, Fair Value | $ 0 | $ 0 |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Apella Capital LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | |
Commitment Expiration Date | Mar. 01, 2026 | |
Unfunded Commitment | $ 250 | |
Investment, Fair Value | $ (5) | |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Community Based Care Acquisition, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | |
Commitment Expiration Date | Mar. 19, 2026 | |
Unfunded Commitment | $ 3,750 | |
Investment, Fair Value | $ 0 | |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | RMBUS Holdco Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | |
Commitment Expiration Date | Jan. 08, 2026 | |
Unfunded Commitment | $ 2,070 | |
Investment, Fair Value | $ (35) | |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | First Steps Recovery Acquisition, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | |
Commitment Expiration Date | Sep. 29, 2025 | |
Unfunded Commitment | $ 1,149 | |
Investment, Fair Value | $ (17) | |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | In Vitro Sciences, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | |
Commitment Expiration Date | Jul. 31, 2024 | |
Unfunded Commitment | $ 23 | |
Investment, Fair Value | $ 0 | |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Elevate HD Parent, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Feb. 18, 2024 | Feb. 18, 2025 |
Unfunded Commitment | $ 110 | $ 533 |
Investment, Fair Value | $ (2) | $ (7) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Elevate HD Parent, Inc. 1 [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | |
Commitment Expiration Date | Feb. 18, 2025 | |
Unfunded Commitment | $ 533 | |
Investment, Fair Value | $ (10) | |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Enverus Holdings, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Dec. 12, 2026 | Dec. 12, 2026 |
Unfunded Commitment | $ 192 | $ 192 |
Investment, Fair Value | $ (3) | $ 0 |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Houseworks Holdings [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Dec. 15, 2028 | Mar. 01, 2025 |
Unfunded Commitment | $ 502 | $ 502 |
Investment, Fair Value | $ (15) | $ (15) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Mammoth Holdings, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Nov. 15, 2025 | Nov. 15, 2025 |
Unfunded Commitment | $ 909 | $ 909 |
Investment, Fair Value | $ (18) | $ (18) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Medrina, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Apr. 20, 2025 | Apr. 20, 2025 |
Unfunded Commitment | $ 1,550 | $ 1,550 |
Investment, Fair Value | $ (29) | $ (29) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | RL James, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Dec. 15, 2025 | Dec. 15, 2025 |
Unfunded Commitment | $ 2,162 | $ 2,162 |
Investment, Fair Value | $ (41) | $ (41) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | SR Landscaping, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Apr. 30, 2025 | Oct. 24, 2027 |
Unfunded Commitment | $ 1,784 | $ 1,784 |
Investment, Fair Value | $ (27) | $ (27) |
Unfunded Loan Commitment [Member] | Delayed Draw [Member] | Waste Resource Management Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Delayed Draw | Delayed Draw |
Commitment Expiration Date | Dec. 28, 2025 | Dec. 28, 2029 |
Unfunded Commitment | $ 2,069 | $ 2,069 |
Investment, Fair Value | $ (31) | $ (31) |
Unfunded Loan Commitment [Member] | Revolver [Member] | Air Conditioning Specialist, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Nov. 09, 2026 | Nov. 09, 2026 |
Unfunded Commitment | $ 62 | $ 62 |
Investment, Fair Value | $ (1) | $ 0 |
Unfunded Loan Commitment [Member] | Revolver [Member] | Apella Capital LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Mar. 01, 2029 | |
Unfunded Commitment | $ 50 | |
Investment, Fair Value | $ (1) | |
Unfunded Loan Commitment [Member] | Revolver [Member] | RMBUS Holdco Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Jan. 08, 2029 | |
Unfunded Commitment | $ 1,035 | |
Investment, Fair Value | $ (17) | |
Unfunded Loan Commitment [Member] | Revolver [Member] | First Steps Recovery Acquisition, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Mar. 29, 2030 | |
Unfunded Commitment | $ 1,149 | |
Investment, Fair Value | $ (17) | |
Unfunded Loan Commitment [Member] | Revolver [Member] | In Vitro Sciences, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Feb. 28, 2029 | |
Unfunded Commitment | $ 568 | |
Investment, Fair Value | $ (9) | |
Unfunded Loan Commitment [Member] | Revolver [Member] | Elevate HD Parent, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Aug. 20, 2029 | Aug. 20, 2029 |
Unfunded Commitment | $ 200 | $ 200 |
Investment, Fair Value | $ (4) | $ (3) |
Unfunded Loan Commitment [Member] | Revolver [Member] | Enverus Holdings, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Dec. 24, 2029 | Dec. 24, 2029 |
Unfunded Commitment | $ 293 | $ 293 |
Investment, Fair Value | $ (4) | $ 1 |
Unfunded Loan Commitment [Member] | Revolver [Member] | Houseworks Holdings [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Dec. 15, 2028 | Dec. 15, 2028 |
Unfunded Commitment | $ 178 | $ 111 |
Investment, Fair Value | $ (5) | $ (3) |
Unfunded Loan Commitment [Member] | Revolver [Member] | Mammoth Holdings, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Nov. 15, 2029 | Nov. 15, 2029 |
Unfunded Commitment | $ 455 | $ 227 |
Investment, Fair Value | $ (9) | $ (5) |
Unfunded Loan Commitment [Member] | Revolver [Member] | Medrina, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Oct. 20, 2029 | Oct. 20, 2029 |
Unfunded Commitment | $ 1,107 | $ 1,107 |
Investment, Fair Value | $ (21) | $ (21) |
Unfunded Loan Commitment [Member] | Revolver [Member] | RL James, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Dec. 15, 2028 | Dec. 15, 2028 |
Unfunded Commitment | $ 1,081 | $ 1,081 |
Investment, Fair Value | $ (20) | $ (20) |
Unfunded Loan Commitment [Member] | Revolver [Member] | SR Landscaping, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Oct. 30, 2029 | Oct. 30, 2029 |
Unfunded Commitment | $ 801 | $ 801 |
Investment, Fair Value | $ (12) | $ (12) |
Unfunded Loan Commitment [Member] | Revolver [Member] | Waste Resource Management Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Dec. 28, 2029 | Dec. 28, 2029 |
Unfunded Commitment | $ 828 | $ 703 |
Investment, Fair Value | $ (12) | $ (11) |
Unfunded Loan Commitment [Member] | Revolver [Member] | Acumera, Inc. [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | Revolver |
Commitment Expiration Date | Jun. 07, 2025 | Jun. 07, 2028 |
Unfunded Commitment | $ 62 | $ 62 |
Investment, Fair Value | $ (1) | $ 0 |
Unfunded Loan Commitment [Member] | Revolver [Member] | Project Cloud Holdings, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Mar. 31, 2029 | |
Unfunded Commitment | $ 712 | |
Investment, Fair Value | $ (14) | |
Unfunded Loan Commitment [Member] | Revolver [Member] | The Mutual Group, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Jan. 31, 2030 | |
Unfunded Commitment | $ 1,299 | |
Investment, Fair Value | $ (19) | |
Unfunded Loan Commitment [Member] | Revolver [Member] | Visante Acquisition, LLC [Member] | ||
Loss Contingencies [Line Items] | ||
Commitment Type | Revolver | |
Commitment Expiration Date | Jan. 31, 2030 | |
Unfunded Commitment | $ 846 | |
Investment, Fair Value | $ (13) |
Net Assets - Additional Informa
Net Assets - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) shares | ||
Schedule of Investments [Line Items] | ||
Capital commitments total | $ 302,700 | |
Common shares value issued from reinvestment of distributions | $ 1 | [1] |
Maximum percentage of common shares outstanding intends to offer to repurchase | 5% | |
Percentage of common shares repurchased at net asset value | 98% | |
Common Stock [Member] | ||
Schedule of Investments [Line Items] | ||
Common shares issued from reinvestment of distributions | shares | 40 | [1] |
Common shares value issued from reinvestment of distributions | $ 1 | |
[1] Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1. |
Net Assets - Schedule of the Is
Net Assets - Schedule of the Issuance of Shares (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 01, 2024 | Mar. 31, 2024 | |
Schedule of Investments [Line Items] | ||
Number of Common Shares Issued | 2,058,460 | 2,058,460 |
Aggregate Offering Proceeds | $ 50,000 | $ 50,000 |
Net Assets - Schedule of the Di
Net Assets - Schedule of the Distributions Declared and Payable (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 28, 2024 | Feb. 29, 2024 | Feb. 05, 2024 | Mar. 31, 2024 | |
Schedule of Investments [Line Items] | ||||
Distribution Per Share | $ 0.36 | |||
Distribution Amount | $ 3,979 | |||
Distributions Declared and Payable [Member] | ||||
Schedule of Investments [Line Items] | ||||
Date Declared | Mar. 28, 2024 | Feb. 29, 2024 | Feb. 05, 2024 | |
Record Date | Mar. 28, 2024 | Feb. 29, 2024 | Feb. 06, 2024 | |
Payment Date | Apr. 26, 2024 | Mar. 26, 2024 | Feb. 27, 2024 | |
Distribution Per Share | $ 0.12 | $ 0.12 | $ 0.12 | |
Distribution Amount | $ 1,491 | $ 1,244 | $ 1,244 |
Net Assets - Schedule of Source
Net Assets - Schedule of Sources of Cash Distributions (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Schedule of Investments [Line Items] | |
Total taxable distributions | $ 3,979 |
Common Stock [Member] | |
Schedule of Investments [Line Items] | |
Ordinary income (including net short-term capital gains) | 3,979 |
Capital gains | 0 |
Return of capital | 0 |
Total taxable distributions | $ 3,979 |
Financial Highlights and Seni_3
Financial Highlights and Senior Securities - Schedule of Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | ||
Per Share Data: | |||
Net assets, beginning of period | $ 24.28 | ||
Net investment income (loss) | [1] | 0.32 | |
Net realized gain (loss) | 0 | ||
Net change in unrealized appreciation (depreciation) | 0.01 | ||
Net increase (decrease) in net assets resulting from operations | [1] | 0.33 | |
Distributions declared from net investment income | (0.36) | ||
Issuance of shares | 0 | ||
Other | [2] | 0 | |
Total increase (decrease) in net assets | (0.03) | ||
Net assets, end of period | $ 24.25 | ||
Shares outstanding, end of period | 12,425,318 | ||
Total return based on NAV | [3] | (0.12%) | |
Ratios: | |||
Net expenses to average assets | [4] | 3.97% | |
Net investment income to average net assets | [4] | 3.79% | |
Portfolio turnover rate | [5] | 0.16% | |
Supplemental Data: | |||
Net assets, end of period | $ 301,288 | $ 251,668 | |
Total capital commitments, end of period | $ 302,700 | ||
Ratios of total contributed capital to total committed capital, end of period | 100% | ||
Average debt outstanding | $ 165 | ||
Asset coverage ratio | 6,125.80% | ||
[1] The per share data was derived by using the weighted average shares outstanding during the period. Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. Total return is calculated as the change in net asset value (“NAV”) per share during the period, plus distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized. For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33% , on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36 % of average assets. Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized. |
Financial Highlights and Seni_4
Financial Highlights and Senior Securities - Schedule of Financial Highlights (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Company, Financial Highlights [Line Items] | |
Management fee and income based incentive fee waivers | 0.36% |
Financial Highlights and Seni_5
Financial Highlights and Senior Securities - Schedule of Investment Company's Senior Securities (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) | ||
Line of Credit Facility [Line Items] | ||
Asset Coverage per Unit | $ 1,000 | |
Senior Securities [Member] | ||
Line of Credit Facility [Line Items] | ||
Total amount outstanding exclusive of treasury securities | 5,000 | [1] |
Asset Coverage per Unit | $ 62,258 | [2] |
[1] Total amount of each class of senior securities outstanding at the end of the period presented, in thousands. 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. |
Financial Highlights and Seni_6
Financial Highlights and Senior Securities - Schedule of Investment Company's Senior Securities (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | ||
Asset coverage expressed amounts | $ 1,000 | |
Long-term debt | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | 3 Months Ended | |
Apr. 01, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | ||
Distribution payable, per share | $ 0.36 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Distribution payable, date of declared | Apr. 30, 2024 | |
Distribution payable, per share | $ 0.12 | |
Distribution payable, date of payable | May 29, 2024 | |
Distribution payable, date of record | Apr. 30, 2024 |