Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Securities Act File Number | 000-56378 | |
Entity Registrant Name | Stellus Private Credit BDC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-6878660 | |
Entity Address, State or Province | TX | |
Entity Address, Address Line One | 4400 Post Oak Parkway | |
Entity Address, Address Line Two | Suite 2200 | |
Entity Address, City or Town | Houston | |
Entity Address, Postal Zip Code | 77027 | |
City Area Code | 713 | |
Local Phone Number | 292-5400 | |
Title of 12(g) Security | Common Shares of Beneficial Interest, par value $0.01 per share | |
No Trading Symbol Flag | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,267,498 | |
Entity Central Index Key | 0001901037 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Non-controlled, non-affiliated investments, at fair value (amortized cost of $187,087,867 and $158,022,677, respectively) | $ 188,323,515 | $ 157,504,755 |
Cash and cash equivalents | 750,437 | 15,469,823 |
Other receivable | 104,584 | 9,620 |
Interest receivable | 1,309,349 | 1,030,274 |
Expense reimbursement receivable from the Advisor (Note 2) | 139,229 | 165,638 |
Deferred offering costs | 86,760 | 54,394 |
Prepaid expenses | 62,416 | 133,004 |
Receivable for sales and repayments of investments | 21,102 | 26,996 |
Total Assets | 190,797,392 | 174,394,504 |
LIABILITIES | ||
Credit Facilities payable | 93,979,360 | 79,448,134 |
Short-term loan payable | 11,250,000 | |
Dividends payable | 2,720,486 | 1,809,533 |
Unearned revenue | 607,975 | 539,634 |
Income incentive fee payable | 359,033 | 328,196 |
Capital gains incentive fee payable | 124,892 | 0 |
Interest payable | 173,329 | 563,241 |
Administrative services payable | 92,213 | 66,064 |
Income tax payable | 15,861 | 7,471 |
Other accrued expenses and liabilities | 127,045 | 119,274 |
Total Liabilities | 98,200,194 | 94,131,547 |
Commitments and contingencies (Note 7) | ||
Net Assets | 92,597,198 | 80,262,957 |
NET ASSETS | ||
Common shares of beneficial interest, par value $0.01 per share (unlimited shares authorized; 6,182,924 and 5,483,433 issued and outstanding, respectively) | 61,829 | 54,834 |
Paid-in capital | 91,218,919 | 80,950,845 |
Total distributable earnings (loss) | 1,316,450 | (742,722) |
Net Assets | 92,597,198 | 80,262,957 |
Total Liabilities and Net Assets | $ 190,797,392 | $ 174,394,504 |
Net Asset Value Per Share | $ 14.98 | $ 14.64 |
Non-controlled, non-affiliated | ||
ASSETS | ||
Non-controlled, non-affiliated investments, at fair value (amortized cost of $187,087,867 and $158,022,677, respectively) | $ 188,323,515 | $ 157,504,755 |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | $ 187,087,867 | $ 158,022,677 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 6,182,924 | 5,483,433 |
Common stock, outstanding | 6,182,924 | 5,483,433 |
Non-controlled, non-affiliated | ||
Amortized Cost | $ 187,087,867 | $ 158,022,677 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
INVESTMENT INCOME | ||||
Interest income | $ 5,158,773 | $ 1,247,218 | $ 9,890,725 | $ 1,606,229 |
Other income | 62,484 | 30,608 | 238,553 | 41,351 |
Total Investment Income | 5,221,257 | 1,277,826 | 10,129,278 | 1,647,580 |
OPERATING EXPENSES | ||||
Management fees | 666,721 | 299,076 | 1,268,560 | 391,365 |
Income incentive fees | 468,011 | 77,677 | 907,677 | 77,677 |
Capital gains incentive fee | 124,892 | 124,892 | ||
Professional fees | 168,703 | 116,476 | 380,511 | 225,064 |
Organization costs | 1,000 | 90,184 | ||
Amortization of deferred offering costs | 41,106 | 62,954 | 98,729 | 97,831 |
Administrative services expenses | 100,914 | 40,257 | 194,674 | 108,399 |
Trustees' fees | 40,000 | 40,000 | 80,000 | 78,000 |
Insurance expense | 20,307 | 20,495 | 40,391 | 40,796 |
Valuation fees | 615 | 18,274 | ||
Interest expense and other fees | 1,822,407 | 277,904 | 3,525,910 | 350,671 |
Income tax expense | 8,855 | 16,690 | ||
Other general and administrative expenses | 37,503 | 30,392 | 81,023 | 48,369 |
Total Operating Expenses | 3,500,034 | 965,231 | 6,738,331 | 1,508,356 |
Expenses reimbursed/fees waived by Investment Advisor (Note 2) | (961,954) | (386,500) | (1,930,229) | (636,722) |
Net Operating Expenses | 2,538,080 | 578,731 | 4,808,102 | 871,634 |
Net Investment Income | 2,683,177 | 699,095 | 5,321,176 | 775,946 |
Net realized gain on foreign currency translation | 7,846 | 11,321 | ||
Net change in unrealized appreciation (depreciation) on non-controlled non-affiliated investments | 1,819,403 | (82,562) | 1,747,377 | (190,610) |
Net change in unrealized appreciation on foreign currency translations | (27) | 579 | 6,193 | 579 |
Net Increase in Net Assets Resulting from Operations | $ 4,510,399 | $ 617,112 | $ 7,086,067 | $ 585,915 |
Net Investment Income Per Share - basic | $ 0.44 | $ 0.23 | $ 0.92 | $ 0.28 |
Net Investment Income Per Share - diluted | 0.44 | 0.23 | 0.92 | 0.28 |
Net Increase (Decrease) in Net Assets Resulting from Operations Per Share - basic | 0.75 | 0.20 | 1.23 | 0.21 |
Net Increase (Decrease) in Net Assets Resulting from Operations Per Share - diluted | $ 0.75 | $ 0.20 | $ 1.23 | $ 0.21 |
Weighted Average Shares of Common Shares of Beneficial Interest Outstanding - basic | 6,037,036 | 3,092,695 | 5,770,879 | 2,790,962 |
Weighted Average Shares of Common Shares of Beneficial Interest Outstanding - diluted | 6,037,036 | 3,092,695 | 5,770,879 | 2,790,962 |
Distributions Per Share - basic and diluted | $ 0.45 | $ 0.87 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||
Aug. 11, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2023 | |
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited) | |||||||
Beginning balance | $ 92,597,198 | $ 85,651,670 | $ 80,262,957 | $ 34,435,958 | $ (532,845) | $ 80,262,957 | $ (532,845) |
Beginning balance (in shares) | 6,182,924 | 5,483,433 | 5,483,433 | ||||
Net investment income | 2,683,177 | $ 2,637,999 | 699,095 | 76,851 | |||
Net realized gain on foreign currency translation | 7,846 | 3,475 | |||||
Net change in unrealized depreciation on non-controlled, non-affiliated investments | 1,819,403 | (72,026) | (82,562) | (108,048) | |||
Net change in unrealized appreciation on foreign currency translation | (27) | 6,220 | 579 | ||||
Distributions from net investment income | (2,720,486) | (2,306,409) | |||||
Issuance of common shares of beneficial interest | 5,155,615 | 5,119,454 | 20,000,000 | 35,000,000 | |||
Issuance of common shares of beneficial interest (in shares) | 73,161 | 6,182,924 | 6,182,924 | ||||
Ending balance | $ 92,597,198 | 85,651,670 | 55,053,070 | 34,435,958 | $ 92,597,198 | $ 92,597,198 | |
Ending balance (in shares) | 6,182,924 | 6,182,924 | 6,182,924 | ||||
Common Shares of Beneficial Interest | |||||||
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited) | |||||||
Beginning balance | $ 61,829 | $ 58,330 | $ 54,834 | $ 23,333 | $ 54,834 | ||
Beginning balance (in shares) | 6,182,924 | 5,832,979 | 5,483,433 | 2,333,334 | 5,483,433 | ||
Issuance of common shares of beneficial interest | $ 3,499 | $ 3,496 | $ 13,550 | $ 23,333 | |||
Issuance of common shares of beneficial interest (in shares) | 349,945 | 349,546 | 1,355,013 | 2,333,334 | |||
Ending balance | $ 61,829 | $ 58,330 | $ 36,883 | $ 23,333 | $ 61,829 | $ 61,829 | |
Ending balance (in shares) | 6,182,924 | 5,832,979 | 3,688,347 | 2,333,334 | 6,182,924 | 6,182,924 | |
Paid-in capital | |||||||
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited) | |||||||
Beginning balance | $ 91,218,919 | $ 86,066,803 | $ 80,950,845 | $ 34,976,667 | $ 80,950,845 | ||
Issuance of common shares of beneficial interest | 5,152,116 | 5,115,958 | 19,986,450 | $ 34,976,667 | |||
Ending balance | 91,218,919 | 86,066,803 | 54,963,117 | 34,976,667 | 91,218,919 | $ 91,218,919 | |
Total distributable loss | |||||||
CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited) | |||||||
Beginning balance | $ 1,316,450 | (473,463) | (742,722) | (564,042) | (532,845) | (742,722) | (532,845) |
Net investment income | 2,683,177 | 2,637,999 | 699,095 | 76,851 | |||
Net realized gain on foreign currency translation | 7,846 | 3,475 | |||||
Net change in unrealized depreciation on non-controlled, non-affiliated investments | 1,819,403 | (72,026) | (82,562) | (108,048) | |||
Net change in unrealized appreciation on foreign currency translation | (27) | 6,220 | 579 | ||||
Distributions from net investment income | (2,720,486) | (2,306,409) | |||||
Ending balance | $ 1,316,450 | $ (473,463) | $ 53,070 | $ (564,042) | $ 1,316,450 | $ 1,316,450 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||
Aug. 11, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Cash flows from Operating Activities | ||||||
Net increase in net assets resulting from operations | $ 4,510,399 | $ 617,112 | $ 7,086,067 | $ 585,915 | ||
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities: | ||||||
Purchases of investments | (41,418,778) | (79,461,775) | ||||
Proceeds from sales and repayments of investments | 12,580,637 | 690,802 | ||||
Net change in unrealized (appreciation) depreciation on investments | (1,819,403) | 82,562 | (1,747,377) | 190,610 | ||
Net change in unrealized appreciation foreign currency translations | 27 | (579) | (6,193) | (579) | ||
Amortization of premium and accretion of discount, net | (221,155) | (49,672) | ||||
Amortization of loan structure fees | 298,970 | 144,559 | ||||
Amortization of deferred offering costs | 41,106 | 62,954 | 98,729 | 97,831 | ||
Changes in other assets and liabilities | ||||||
Increase in interest receivable | (279,075) | (488,877) | ||||
Increase in other receivable | (12,997) | |||||
Increase in related party receivable | (94,964) | (383,465) | ||||
Decrease (increase) in expense reimbursements receivable from the Advisor | 26,409 | (245,356) | ||||
Decrease in prepaid expenses | 70,588 | 45,204 | ||||
Decrease in due to affiliate | (460,085) | |||||
Decrease in trustees' fees payable | (42,000) | |||||
Increase in administrative services payable | 26,149 | 64,174 | ||||
(Decrease) increase in interest payable | (389,912) | 92,113 | ||||
Increase in income incentive fees payable | 30,837 | 77,677 | ||||
Increase in capital gains incentive fees payable | 124,892 | |||||
Increase in unearned revenue | 68,341 | 365,612 | ||||
Increase in income tax payable | 8,390 | |||||
Increase (decrease) in other accrued expenses and liabilities | 7,771 | (57,107) | ||||
Net Cash Used in Operating Activities | (23,729,674) | (78,847,416) | ||||
Cash flows from Financing Activities | ||||||
Proceeds from issuance of common shares of beneficial interest | $ 1,095,959 | 10,275,069 | 55,000,000 | $ 91,668,962 | ||
Offering costs paid for common shares of beneficial interest issued | (131,095) | (121,807) | ||||
Stockholder distributions paid | (4,115,942) | |||||
Borrowings under Credit Facilities | 72,000,000 | 59,950,000 | ||||
Repayments of Credit Facilities | (57,415,000) | (13,500,000) | ||||
Financing costs paid on Credit Facilities | (352,744) | (429,573) | ||||
Short-term loan repayments | (11,250,000) | 25,000,000 | ||||
Net Cash Provided by Financing Activities | 9,010,288 | 125,898,620 | ||||
Net (Decrease) Increase in Cash and Cash Equivalents | (14,719,386) | 47,051,204 | ||||
Cash and Cash Equivalents Balance at Beginning of period | $ 750,437 | 15,469,823 | ||||
Cash and Cash Equivalents Balance at End of Period | $ 750,437 | $ 47,051,204 | 750,437 | 47,051,204 | $ 750,437 | |
Supplemental and Non-Cash Activities | ||||||
Cash paid for interest expense | 3,616,852 | 113,999 | ||||
Increase in deferred offering costs | 32,366 | $ 23,976 | ||||
Income and excise tax paid | 8,300 | |||||
Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment Plan | 155,615 | |||||
Increase in dividends payable | $ 910,953 |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Jun. 30, 2023 EUR (€) shares | Dec. 31, 2022 EUR (€) shares | Jun. 30, 2022 USD ($) | |
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 187,087,867 | $ 158,022,677 | |||
Total Investments (Fair Value) | $ 188,323,515 | $ 157,504,755 | |||
Investment Owned, % of Net Assets | 100% | 100% | 100% | 100% | |
LIABILITIES IN EXCESS OF OTHER ASSETS (Fair Value) | $ (95,726,317) | $ (77,241,798) | |||
LIABILITIES IN EXCESS OF OTHER ASSETS (% of Net Assets) | (103.38%) | (96.24%) | (103.38%) | (96.24%) | |
NET ASSETS (Fair Value) | $ 92,597,198 | $ 80,262,957 | $ 55,053,070 | ||
NET ASSET (Percentage) | 100% | 100% | 100% | 100% | |
Net Investment, % of Net Assets | 203.38% | 196.24% | 203.38% | 196.24% | |
Qualifying assets as a percent of total assets | 93.90% | 94.30% | |||
Maximum uncalled capital commitment | $ 461,351 | ||||
Service Business Industry [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 48,425,646 | $ 35,188,973 | |||
Total Investments (Fair Value) | $ 48,783,021 | $ 35,046,444 | |||
Investment Owned, % of Net Assets | 25.91% | 22.25% | 25.91% | 22.25% | |
Construction Sector [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 7,594,506 | $ 7,348,309 | |||
Total Investments (Fair Value) | $ 7,557,771 | $ 7,195,856 | |||
Investment Owned, % of Net Assets | 4.01% | 4.57% | 4.01% | 4.57% | |
Consumer Goods, Non-Durable Industry [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 17,838,532 | $ 18,553,695 | |||
Total Investments (Fair Value) | $ 18,230,376 | $ 18,514,476 | |||
Investment Owned, % of Net Assets | 9.68% | 11.75% | 9.68% | 11.75% | |
Chemicals, Plastics, And Rubber Industry [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 8,603,552 | $ 7,490,771 | |||
Total Investments (Fair Value) | $ 8,414,083 | $ 7,351,701 | |||
Investment Owned, % of Net Assets | 4.47% | 4.67% | 4.47% | 4.67% | |
Media, Diversified And Production Industry [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 11,343,545 | $ 9,977,695 | |||
Total Investments (Fair Value) | $ 11,405,472 | $ 9,971,437 | |||
Investment Owned, % of Net Assets | 6.07% | 6.33% | 6.07% | 6.33% | |
Media Broadcasting and Subscription [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 4,614,114 | ||||
Total Investments (Fair Value) | $ 4,614,114 | ||||
Investment Owned, % of Net Assets | 2.93% | 2.93% | |||
Capital Equipment Industry [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 24,490,108 | $ 20,713,352 | |||
Total Investments (Fair Value) | $ 24,963,290 | $ 20,768,686 | |||
Investment Owned, % of Net Assets | 13.26% | 13.19% | 13.26% | 13.19% | |
Consumer Services Sector [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 9,648,607 | $ 3,088,022 | |||
Total Investments (Fair Value) | $ 9,632,244 | $ 3,056,614 | |||
Investment Owned, % of Net Assets | 5.11% | 1.94% | 5.11% | 1.94% | |
2X LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | Jun. 05, 2028 | Jun. 05, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 2,947,177 | ||||
Total Investments (Fair Value) | $ 2,947,176 | ||||
Investment Owned, % of Net Assets | 3.18% | 3.18% | |||
Revolver, Unfunded Commitment | $ 2,278,843 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
American Refrigeration, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 3,852,653 | ||||
Total Investments (Fair Value) | $ 3,998,962 | ||||
Investment Owned, % of Net Assets | 4.31% | 4.31% | |||
Revolver, Unfunded Commitment | $ 1,119,053 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Delayed Draw Term Loan, Unfunded Commitment | $ 482,132 | ||||
Delayed Draw Term Loan, Unused Commitment Fee | 1% | ||||
AIP ATCO Buyer LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | May 17, 2028 | May 17, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:AutomotiveSectorMember | us-gaap:AutomotiveSectorMember | |||
Amortized Cost | $ 9,492,362 | ||||
Total Investments (Fair Value) | $ 9,607,593 | ||||
Investment Owned, % of Net Assets | 11.97% | 11.97% | |||
Revolver, Unfunded Commitment | $ 810,347 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Archer Systems LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Aug. 11, 2027 | Aug. 11, 2027 | Aug. 11, 2027 | Aug. 11, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 9,531,302 | $ 10,042,539 | |||
Total Investments (Fair Value) | $ 9,834,836 | $ 10,109,400 | |||
Investment Owned, % of Net Assets | 10.64% | 12.60% | 10.64% | 12.60% | |
Revolver, Unfunded Commitment | $ 1,025,607 | $ 1,025,607 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Axis Portable Air LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Amortized Cost | $ 7,923,725 | $ 5,161,586 | |||
Total Investments (Fair Value) | $ 8,075,572 | $ 5,259,750 | |||
Investment Owned, % of Net Assets | 8.71% | 6.55% | 8.71% | 6.55% | |
Revolver, Unfunded Commitment | $ 1,344,512 | $ 1,344,512 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 1,920,732 | ||||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | ||||
Baker Manufacturing Company, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Amortized Cost | $ 6,394,525 | $ 6,384,015 | |||
Total Investments (Fair Value) | $ 6,490,494 | $ 6,339,226 | |||
Investment Owned, % of Net Assets | 7.01% | 7.90% | 7.01% | 7.90% | |
BDS Solutions Intermediateco LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | |
Amortized Cost | $ 6,210,160 | $ 5,327,376 | |||
Total Investments (Fair Value) | $ 6,193,305 | $ 5,291,147 | |||
Investment Owned, % of Net Assets | 6.68% | 6.59% | 6.68% | 6.59% | |
Revolver, Unfunded Commitment | $ 288,320 | $ 550,893 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
BLP Buyer Inc [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Amortized Cost | $ 10,171,858 | $ 9,167,751 | |||
Total Investments (Fair Value) | $ 10,397,224 | $ 9,169,710 | |||
Investment Owned, % of Net Assets | 11.22% | 11.42% | 11.22% | 11.42% | |
Revolver, Unfunded Commitment | $ 89,387 | $ 241,966 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Cerebro Buyer, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | Mar. 15, 2029 | Mar. 15, 2029 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |||
Amortized Cost | $ 2,277,017 | ||||
Total Investments (Fair Value) | $ 2,278,708 | ||||
Investment Owned, % of Net Assets | 2.46% | 2.46% | |||
Revolver, Unfunded Commitment | $ 478,771 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
COPILOT Provider Support Services, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Nov. 22, 2027 | Nov. 22, 2027 | Nov. 22, 2027 | Nov. 22, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |
Amortized Cost | $ 9,834,597 | $ 9,866,275 | |||
Total Investments (Fair Value) | $ 9,914,359 | $ 9,866,275 | |||
Investment Owned, % of Net Assets | 10.72% | 12.29% | 10.72% | 12.29% | |
Revolver, Unfunded Commitment | $ 921,585 | $ 921,585 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Craftable Intermediate II Inc. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | Jun. 30, 2028 | Jun. 30, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |||
Amortized Cost | $ 5,126,060 | ||||
Total Investments (Fair Value) | $ 5,126,060 | ||||
Investment Owned, % of Net Assets | 5.53% | 5.53% | |||
Revolver, Unfunded Commitment | $ 3,149,231 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Curion Holdings, LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Jul. 29, 2027 | Jul. 29, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 5,084,500 | $ 4,713,282 | |||
Total Investments (Fair Value) | $ 4,690,805 | $ 4,599,140 | |||
Investment Owned, % of Net Assets | 5.07% | 5.72% | 5.07% | 5.72% | |
Revolver, Unfunded Commitment | $ 382,766 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Delayed Draw Term Loan, Unfunded Commitment | $ 3,879,736 | ||||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | ||||
Equine Network, LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | May 22, 2028 | May 22, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Amortized Cost | $ 2,205,295 | ||||
Total Investments (Fair Value) | $ 2,205,295 | ||||
Investment Owned, % of Net Assets | 2.38% | 2.38% | |||
Revolver, Unfunded Commitment | $ 211,919 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Delayed Draw Term Loan, Unfunded Commitment | $ 371,545 | ||||
Delayed Draw Term Loan, Unused Commitment Fee | 1% | ||||
Exigo LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Mar. 16, 2027 | Mar. 16, 2027 | Mar. 16, 2027 | Mar. 16, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | |
Amortized Cost | $ 4,063,118 | $ 4,165,162 | |||
Total Investments (Fair Value) | $ 4,109,361 | $ 4,140,506 | |||
Investment Owned, % of Net Assets | 4.44% | 5.16% | 4.44% | 5.16% | |
Revolver, Unfunded Commitment | $ 238,210 | $ 190,568 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 1,028,732 | $ 1,028,732 | |||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | 0.50% | |||
Florachem Corporation [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Apr. 29, 2028 | Apr. 29, 2028 | Apr. 29, 2028 | Apr. 29, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |
Amortized Cost | $ 2,702,592 | $ 1,396,705 | |||
Total Investments (Fair Value) | $ 2,653,143 | $ 1,395,853 | |||
Investment Owned, % of Net Assets | 2.86% | 1.74% | 2.86% | 1.74% | |
Revolver, Unfunded Commitment | $ 561,587 | $ 1,871,955 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 986,571 | $ 986,571 | |||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | 0.50% | |||
Heartland Business Systems LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Aug. 26, 2027 | Aug. 26, 2027 | Aug. 26, 2027 | Aug. 26, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 6,551,283 | $ 4,940,698 | |||
Total Investments (Fair Value) | $ 6,828,849 | $ 5,031,797 | |||
Investment Owned, % of Net Assets | 7.37% | 6.26% | 7.37% | 6.26% | |
Delayed Draw Term Loan, Unfunded Commitment | $ 3,316,153 | $ 4,974,229 | |||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | 0.50% | |||
Heat Makes Sense Shared Services, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment Maturity Date | Jul. 01, 2028 | Jul. 01, 2028 | Jul. 01, 2028 | Jul. 01, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Amortized Cost | $ 7,690,133 | $ 8,013,831 | |||
Total Investments (Fair Value) | $ 8,104,820 | $ 8,096,124 | |||
Investment Owned, % of Net Assets | 8.77% | 10.08% | 8.77% | 10.08% | |
Revolver, Unfunded Commitment | $ 1,477,049 | $ 1,181,639 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
HV Watterson Holdings LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 9,047,946 | $ 8,486,351 | |||
Total Investments (Fair Value) | $ 8,973,769 | $ 8,300,004 | |||
Investment Owned, % of Net Assets | 9.71% | 10.34% | 9.71% | 10.34% | |
Revolver, Unfunded Commitment | $ 446,944 | $ 1,042,869 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 1,567,506 | $ 1,567,506 | |||
Delayed Draw Term Loan, Unused Commitment Fee | 1% | 1% | |||
Impact Home Services, LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | Apr. 28, 2028 | Apr. 28, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Amortized Cost | $ 3,001,737 | ||||
Total Investments (Fair Value) | $ 2,999,569 | ||||
Investment Owned, % of Net Assets | 3.24% | 3.24% | |||
Revolver, Unfunded Commitment | $ 643,899 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Inoapps Bidco LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Feb. 15, 2027 | Feb. 15, 2027 | Feb. 15, 2027 | Feb. 15, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |
Amortized Cost | $ 8,427,679 | $ 8,455,439 | |||
Total Investments (Fair Value) | $ 8,441,506 | $ 8,399,480 | |||
Investment Owned, % of Net Assets | 9.12% | 10.47% | 9.12% | 10.47% | |
Revolver, Unfunded Commitment | $ 948,767 | $ 948,767 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 474,383 | $ 474,383 | |||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | 0.50% | |||
International Designs Group LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Industry Sector [Extensible Enumeration] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | |
Amortized Cost | $ 455,341 | $ 455,341 | |||
Total Investments (Fair Value) | $ 401,164 | $ 444,895 | |||
Investment Owned, % of Net Assets | 0.43% | 0.55% | 0.43% | 0.55% | |
Lightning Intermediate II LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Jun. 06, 2027 | Jun. 06, 2027 | Jun. 06, 2027 | Jun. 06, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Amortized Cost | $ 6,080,907 | $ 6,146,332 | |||
Total Investments (Fair Value) | $ 6,024,034 | $ 6,029,266 | |||
Investment Owned, % of Net Assets | 6.50% | 7.52% | 6.50% | 7.52% | |
Revolver, Unfunded Commitment | $ 746,891 | $ 746,891 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
MacKenzie-Childs Acquisition Inc. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Sep. 02, 2027 | Sep. 02, 2027 | Sep. 02, 2027 | Sep. 02, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |
Amortized Cost | $ 10,853,241 | $ 10,888,252 | |||
Total Investments (Fair Value) | $ 10,842,813 | $ 10,834,999 | |||
Investment Owned, % of Net Assets | 11.72% | 13.50% | 11.72% | 13.50% | |
Revolver, Unfunded Commitment | $ 204,863 | $ 204,863 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Madison Logic Holdings, Inc. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Dec. 30, 2027 | Dec. 30, 2027 | Dec. 30, 2027 | Dec. 30, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | Media Broadcasting and Subscription [Member] | Media Broadcasting and Subscription [Member] | Media Broadcasting and Subscription [Member] | Media Broadcasting and Subscription [Member] | |
Amortized Cost | $ 4,613,200 | $ 4,614,114 | |||
Total Investments (Fair Value) | $ 4,673,753 | $ 4,614,114 | |||
Investment Owned, % of Net Assets | 5.05% | 5.75% | 5.05% | 5.75% | |
Revolver, Unfunded Commitment | $ 388,726 | € 388,726 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Microbe Formulas LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Apr. 03, 2028 | Apr. 03, 2028 | Apr. 03, 2028 | Apr. 03, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Amortized Cost | $ 4,067,492 | $ 4,393,532 | |||
Total Investments (Fair Value) | $ 4,101,522 | $ 4,389,086 | |||
Investment Owned, % of Net Assets | 4.43% | 5.47% | 4.43% | 5.47% | |
Revolver, Unfunded Commitment | $ 934,990 | $ 934,990 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Monitorus Holding LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | May 24, 2027 | May 24, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 11,343,545 | $ 9,977,695 | |||
Total Investments (Fair Value) | $ 11,405,472 | $ 9,971,437 | |||
Investment Owned, % of Net Assets | 12.29% | 12.44% | 12.29% | 12.44% | |
Revolver, Unfunded Commitment | € | € 1,251,514 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Onpoint Industrial Services LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 6,983,113 | $ 7,006,103 | |||
Total Investments (Fair Value) | $ 7,083,884 | $ 7,006,103 | |||
Investment Owned, % of Net Assets | 7.65% | 8.73% | 7.65% | 8.73% | |
Pearl Media Holdings, LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Aug. 31, 2027 | Aug. 31, 2027 | Aug. 31, 2027 | Aug. 31, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |
Amortized Cost | $ 2,611,851 | $ 2,852,880 | |||
Total Investments (Fair Value) | $ 2,591,404 | $ 2,845,427 | |||
Investment Owned, % of Net Assets | 2.80% | 3.54% | 2.80% | 3.54% | |
Revolver, Unfunded Commitment | $ 696,773 | $ 464,515 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 3,594,043 | $ 3,594,043 | |||
Delayed Draw Term Loan, Unused Commitment Fee | 0.50% | 0.50% | |||
Peltram Plumbing Holdings LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | Dec. 30, 2026 | Dec. 30, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | |
Amortized Cost | $ 7,139,165 | $ 6,892,968 | |||
Total Investments (Fair Value) | $ 7,156,607 | $ 6,750,961 | |||
Investment Owned, % of Net Assets | 7.73% | 8.41% | 7.73% | 8.41% | |
Revolver, Unfunded Commitment | $ 507,903 | $ 883,310 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
RIA Advisory Borrower, LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment Maturity Date | Aug. 02, 2027 | Aug. 02, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 4,427,672 | ||||
Total Investments (Fair Value) | $ 4,424,740 | ||||
Investment Owned, % of Net Assets | 4.78% | 4.78% | |||
Revolver, Unfunded Commitment | $ 532,183 | ||||
Revolver, Unused Commitment Fee | 0.50% | ||||
Reds All Natural, LLC | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:FoodAndBeverageSectorMember | us-gaap:FoodAndBeverageSectorMember | |||
Amortized Cost | $ 5,126,448 | ||||
Total Investments (Fair Value) | $ 5,165,989 | ||||
Investment Owned, % of Net Assets | 5.58% | 5.58% | |||
Service Minds Company LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | |
Amortized Cost | $ 4,441,575 | $ 3,088,022 | |||
Total Investments (Fair Value) | $ 4,427,380 | $ 3,056,614 | |||
Investment Owned, % of Net Assets | 4.78% | 3.82% | 4.78% | 3.82% | |
Revolver, Unfunded Commitment | $ 193,976 | $ 452,611 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Delayed Draw Term Loan, Unfunded Commitment | $ 1,121,632 | ||||
Delayed Draw Term Loan, Unused Commitment Fee | 1% | ||||
Tilley Distribution Inc [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment Maturity Date | Dec. 31, 2026 | Dec. 31, 2026 | Dec. 31, 2026 | Dec. 31, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |
Amortized Cost | $ 5,900,960 | $ 6,094,066 | |||
Total Investments (Fair Value) | $ 5,760,940 | $ 5,955,848 | |||
Investment Owned, % of Net Assets | 6.22% | 7.42% | 6.22% | 7.42% | |
Revolver, Unfunded Commitment | $ 986,571 | $ 814,993 | |||
Revolver, Unused Commitment Fee | 0.50% | 0.50% | |||
Investment, Unaffiliated Issuer [Member] | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 187,087,867 | $ 158,022,677 | |||
Total Investments (Fair Value) | $ 188,323,515 | $ 157,504,755 | |||
Investment Owned, % of Net Assets | 203.38% | 196.24% | 203.38% | 196.24% | |
Investment, Identifier [Axis]: 2X LLC 2X Investors LP Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | 2X LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Jun. 05, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 503,611 | ||||
Total Investments (Fair Value) | $ 503,610 | ||||
Investment Owned, % of Net Assets | 0.54% | 0.54% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 50,361 | 50,361 | |||
Investment, Identifier [Axis]: 2X LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | 2X LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Jun. 05, 2023 | ||||
Investment Maturity Date | Jun. 05, 2028 | Jun. 05, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 2,505,461 | ||||
Amortized Cost | 2,443,566 | ||||
Total Investments (Fair Value) | $ 2,443,566 | ||||
Investment Owned, % of Net Assets | 2.64% | 2.64% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: AIPATCO Buyer LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | AIP ATCO Buyer LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 10.93% | 10.93% | |||
Investment, Investment Date | May 17, 2022 | ||||
Investment Maturity Date | May 17, 2028 | May 17, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:AutomotiveSectorMember | us-gaap:AutomotiveSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 810,347 | ||||
Amortized Cost | 810,347 | ||||
Total Investments (Fair Value) | $ 806,295 | ||||
Investment Owned, % of Net Assets | 1% | 1% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: AIPATCO Buyer LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | AIP ATCO Buyer LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 11.31% | 11.31% | |||
Investment, Investment Date | May 17, 2022 | ||||
Investment Maturity Date | May 17, 2028 | May 17, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:AutomotiveSectorMember | us-gaap:AutomotiveSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 8,845,526 | ||||
Amortized Cost | 8,682,015 | ||||
Total Investments (Fair Value) | $ 8,801,298 | ||||
Investment Owned, % of Net Assets | 10.97% | 10.97% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: American Refrigeration L L C AR-USA Holdings L L C ClassA Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | American Refrigeration, LLC | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Mar. 31, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 91,031 | ||||
Total Investments (Fair Value) | $ 147,616 | ||||
Investment Owned, % of Net Assets | 0.16% | 0.16% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 91 | 91 | |||
Investment, Identifier [Axis]: American Refrigeration L L C Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | American Refrigeration, LLC | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1.50% | 1.50% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Mar. 31, 2023 | ||||
Investment Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 3,727,007 | ||||
Amortized Cost | 3,637,283 | ||||
Total Investments (Fair Value) | $ 3,727,007 | ||||
Investment Owned, % of Net Assets | 4.02% | 4.02% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: American Refrigeration, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | American Refrigeration, LLC | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1.50% | 1.50% | |||
Investment, Interest Rate, Paid in Cash | 11.73% | 11.73% | |||
Investment, Investment Date | Mar. 31, 2023 | ||||
Investment Maturity Date | Mar. 31, 2028 | Mar. 31, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 124,339 | ||||
Total Investments (Fair Value) | $ 124,339 | ||||
Investment Owned, % of Net Assets | 0.13% | 0.13% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment Owned, Balance, Shares | shares | 124,339 | 124,339 | |||
Investment, Identifier [Axis]: Archer Systems, LLC CF Arch Holdings LLC Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Archer Systems LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Aug. 10, 2022 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 496,967 | ||||
Total Investments (Fair Value) | $ 643,698 | ||||
Investment Owned, % of Net Assets | 0.70% | 0.70% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 496,967 | 496,967 | |||
Investment, Identifier [Axis]: Archer Systems, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Archer Systems LLC [Member] | Archer Systems LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:OneMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:OneMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6% | 6.50% | 6% | 6.50% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.39% | 10.92% | 11.39% | 10.92% | |
Investment, Investment Date | Aug. 11, 2022 | Aug. 11, 2022 | |||
Investment Maturity Date | Aug. 11, 2027 | Aug. 11, 2027 | Aug. 11, 2027 | Aug. 11, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 9,191,138 | $ 9,727,427 | |||
Amortized Cost | 9,034,335 | 9,545,572 | |||
Total Investments (Fair Value) | $ 9,191,138 | $ 9,581,515 | |||
Investment Owned, % of Net Assets | 9.94% | 11.94% | 9.94% | 11.94% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Axis Portable Air LLC Axis Air Parent LLC Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Axis Portable Air LLC [Member] | Axis Portable Air LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Mar. 22, 2022 | Mar. 22, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Amortized Cost | $ 152,661 | $ 152,661 | |||
Total Investments (Fair Value) | $ 251,123 | $ 236,215 | |||
Investment Owned, % of Net Assets | 0.27% | 0.29% | 0.27% | 0.29% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,527 | 1,527 | 1,527 | 1,527 | |
Investment, Identifier [Axis]: Axis Portable Air, LLC Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Axis Portable Air LLC [Member] | Axis Portable Air LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | 5.75% | 5.75% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.14% | 10.48% | 11.14% | 10.48% | |
Investment, Investment Date | Mar. 22, 2022 | Mar. 22, 2022 | |||
Investment Maturity Date | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 1,344,512 | $ 1,344,512 | |||
Amortized Cost | 1,332,703 | 1,331,735 | |||
Total Investments (Fair Value) | $ 1,344,512 | $ 1,337,789 | |||
Investment Owned, % of Net Assets | 1.45% | 1.67% | 1.45% | 1.67% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Axis Portable Air, LLC Delayed Draw Term Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Axis Portable Air LLC [Member] | Axis Portable Air LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | 5.75% | 5.75% | |
Investment, Interest Rate, Floor | 2% | 2% | 2% | 2% | |
Investment, Interest Rate, Paid in Cash | 11.14% | 10.48% | 11.14% | 10.48% | |
Investment, Investment Date | Nov. 03, 2022 | Nov. 03, 2022 | |||
Investment Maturity Date | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 4,115,854 | $ 2,195,122 | |||
Amortized Cost | 4,115,854 | 2,195,122 | |||
Total Investments (Fair Value) | $ 4,115,854 | $ 2,184,146 | |||
Investment Owned, % of Net Assets | 4.44% | 2.72% | 4.44% | 2.72% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Axis Portable Air, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Axis Portable Air LLC [Member] | Axis Portable Air LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | 5.75% | 5.75% | |
Investment, Interest Rate, Floor | 2% | 1% | 2% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.14% | 10.48% | 11.14% | 10.48% | |
Investment, Investment Date | Mar. 22, 2022 | Mar. 22, 2022 | |||
Investment Maturity Date | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | Mar. 22, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 1,509,146 | $ 1,509,146 | |||
Amortized Cost | 1,484,232 | 1,482,068 | |||
Total Investments (Fair Value) | $ 1,509,146 | $ 1,501,600 | |||
Investment Owned, % of Net Assets | 1.63% | 1.87% | 1.63% | 1.87% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Axis Portable Air, LLC Term Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Axis Portable Air LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.14% | 11.14% | |||
Investment, Investment Date | Apr. 17, 2023 | ||||
Investment Maturity Date | Mar. 22, 2028 | Mar. 22, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 854,937 | ||||
Amortized Cost | 838,275 | ||||
Total Investments (Fair Value) | $ 854,937 | ||||
Investment Owned, % of Net Assets | 0.92% | 0.92% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: B D S Solutions Intermediate Co L L C Term Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | BDS Solutions Intermediateco LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 11.39% | 11.39% | |||
Investment, Investment Date | Mar. 27, 2023 | ||||
Investment Maturity Date | Feb. 07, 2027 | Feb. 07, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | Retail Sector [Member] | Retail Sector [Member] | |||
Investment Owned, Balance, Principal Amount | $ 650,974 | ||||
Amortized Cost | 644,799 | ||||
Total Investments (Fair Value) | $ 644,464 | ||||
Investment Owned, % of Net Assets | 0.70% | 0.70% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: BDS Solutions Intermediateco LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BDS Solutions Intermediateco LLC [Member] | BDS Solutions Intermediateco LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.39% | 10.55% | 11.39% | 10.55% | |
Investment, Investment Date | Feb. 24, 2022 | Feb. 24, 2022 | |||
Investment Maturity Date | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 499,402 | $ 236,828 | |||
Amortized Cost | 499,402 | 236,828 | |||
Total Investments (Fair Value) | $ 494,408 | $ 233,276 | |||
Investment Owned, % of Net Assets | 0.53% | 0.29% | 0.53% | 0.29% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BDS Solutions Intermediateco LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BDS Solutions Intermediateco LLC [Member] | BDS Solutions Intermediateco LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.39% | 10.71% | 11.39% | 10.71% | |
Investment, Investment Date | Feb. 24, 2022 | Feb. 24, 2022 | |||
Investment Maturity Date | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 4,652,269 | $ 4,679,065 | |||
Amortized Cost | 4,616,454 | 4,638,875 | |||
Total Investments (Fair Value) | $ 4,605,746 | $ 4,608,879 | |||
Investment Owned, % of Net Assets | 4.97% | 5.74% | 4.97% | 5.74% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BDS Solutions Intermediateco LLC Term Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BDS Solutions Intermediateco LLC [Member] | BDS Solutions Intermediateco LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.39% | 10.71% | 11.39% | 10.71% | |
Investment, Investment Date | Jun. 24, 2022 | Jun. 24, 2022 | |||
Investment Maturity Date | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | Feb. 07, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | Retail Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 453,219 | $ 455,829 | |||
Amortized Cost | 449,505 | 451,673 | |||
Total Investments (Fair Value) | $ 448,687 | $ 448,992 | |||
Investment Owned, % of Net Assets | 0.48% | 0.56% | 0.48% | 0.56% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BLP Buyer Inc BL Products Parent LP Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BLP Buyer Inc [Member] | BLP Buyer Inc [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Amortized Cost | $ 442,307 | $ 339,326 | |||
Total Investments (Fair Value) | $ 595,974 | $ 346,544 | |||
Investment Owned, % of Net Assets | 0.64% | 0.43% | 0.64% | 0.43% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 395,294 | 339,326 | 395,294 | 339,326 | |
Investment, Identifier [Axis]: BLP Buyer Inc Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BLP Buyer Inc [Member] | BLP Buyer Inc [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1.25% | 1% | 1.25% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.44% | 10.67% | 11.44% | 10.67% | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 292,061 | $ 139,482 | |||
Amortized Cost | 292,061 | 139,482 | |||
Total Investments (Fair Value) | $ 287,680 | $ 135,995 | |||
Investment Owned, % of Net Assets | 0.31% | 0.17% | 0.31% | 0.17% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BLP Buyer Inc Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BLP Buyer Inc [Member] | BLP Buyer Inc [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1.25% | 1% | 1.25% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.44% | 10.49% | 11.44% | 10.49% | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 2,764,448 | $ 2,778,445 | |||
Amortized Cost | 2,722,460 | 2,731,359 | |||
Total Investments (Fair Value) | $ 2,722,981 | $ 2,708,984 | |||
Investment Owned, % of Net Assets | 2.94% | 3.38% | 2.94% | 3.38% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BLP Buyer Inc Term Loan 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BLP Buyer Inc [Member] | BLP Buyer Inc [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | 6.50% | 6.50% | |
Investment, Interest Rate, Floor | 1.25% | 1% | 1.25% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.69% | 10.21% | 11.69% | 10.21% | |
Investment, Investment Date | Oct. 03, 2022 | Oct. 03, 2022 | |||
Investment Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 1,272,317 | $ 1,278,711 | |||
Amortized Cost | 1,244,972 | 1,248,201 | |||
Total Investments (Fair Value) | $ 1,253,232 | $ 1,246,743 | |||
Investment Owned, % of Net Assets | 1.35% | 1.55% | 1.35% | 1.55% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BLP Buyer Inc Term Loan 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | BLP Buyer Inc [Member] | BLP Buyer Inc [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:OneMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:OneMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.75% | 6.75% | 6.75% | 6.75% | |
Investment, Interest Rate, Floor | 2% | 2% | 2% | 2% | |
Investment, Interest Rate, Paid in Cash | 11.94% | 11.08% | 11.94% | 11.08% | |
Investment, Investment Date | Dec. 08, 2022 | Dec. 08, 2022 | |||
Investment Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | Feb. 01, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 4,840,631 | $ 4,852,763 | |||
Amortized Cost | 4,711,264 | 4,709,383 | |||
Total Investments (Fair Value) | $ 4,768,022 | $ 4,731,444 | |||
Investment Owned, % of Net Assets | 5.15% | 5.89% | 5.15% | 5.89% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: BLP Buyer, Inc. Term Loan 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | BLP Buyer Inc [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.75% | 6.75% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.94% | 11.94% | |||
Investment, Investment Date | Apr. 14, 2023 | ||||
Investment Maturity Date | Feb. 01, 2027 | Feb. 01, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 781,051 | ||||
Amortized Cost | 758,794 | ||||
Total Investments (Fair Value) | $ 769,335 | ||||
Investment Owned, % of Net Assets | 0.83% | 0.83% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: BSC Blue Water Holdings, LLC Series A Units Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Baker Manufacturing Company, LLC | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Jul. 05, 2022 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |||
Amortized Cost | $ 330,978 | ||||
Total Investments (Fair Value) | $ 262,680 | ||||
Investment Owned, % of Net Assets | 0.33% | 0.33% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 330,978 | 330,978 | |||
Investment, Identifier [Axis]: Baker Manufacturing Company, LLC BSC Blue Water Holdings, LLC Series A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Baker Manufacturing Company, LLC | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Jul. 05, 2022 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |||
Amortized Cost | $ 330,978 | ||||
Total Investments (Fair Value) | $ 352,257 | ||||
Investment Owned, % of Net Assets | 0.38% | 0.38% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 330,978 | 330,978 | |||
Investment, Identifier [Axis]: Baker Manufacturing Company, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Baker Manufacturing Company, LLC | Baker Manufacturing Company, LLC | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 5.25% | 5.25% | 5.25% | 5.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.36% | 10.75% | 11.36% | 10.75% | |
Investment, Investment Date | Jul. 05, 2022 | Jul. 05, 2022 | |||
Investment Maturity Date | Jul. 05, 2027 | Jul. 05, 2027 | Jul. 05, 2027 | Jul. 05, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | spcbdc:CapitalEquipmentSectorMember | |
Investment Owned, Balance, Principal Amount | $ 6,169,082 | $ 6,169,082 | |||
Amortized Cost | 6,063,547 | 6,053,037 | |||
Total Investments (Fair Value) | $ 6,138,237 | $ 6,076,546 | |||
Investment Owned, % of Net Assets | 6.63% | 7.57% | 6.63% | 7.57% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: CF Arch Holdings LLC Class A Units Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Archer Systems LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Aug. 10, 2022 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 496,967 | ||||
Total Investments (Fair Value) | $ 527,885 | ||||
Investment Owned, % of Net Assets | 0.66% | 0.66% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 496,967 | 496,967 | |||
Investment, Identifier [Axis]: COPILOT Provider Support Services, L L C QHP Project Captivate Blocker, Inc. Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | COPILOT Provider Support Services, LLC | COPILOT Provider Support Services, LLC | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Nov. 22, 2022 | Nov. 22, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |
Amortized Cost | $ 544,779 | $ 544,779 | |||
Total Investments (Fair Value) | $ 546,847 | $ 544,779 | |||
Investment Owned, % of Net Assets | 0.59% | 0.68% | 0.59% | 0.68% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 8 | 8 | 8 | 8 | |
Investment, Identifier [Axis]: COPILOT Provider Support Services, L L C Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | COPILOT Provider Support Services, LLC | COPILOT Provider Support Services, LLC | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | 6.50% | 6.50% | |
Investment, Interest Rate, Floor | 2% | 2% | 2% | 2% | |
Investment, Interest Rate, Paid in Cash | 11.89% | 11.23% | 11.89% | 11.23% | |
Investment, Investment Date | Nov. 22, 2022 | Nov. 22, 2022 | |||
Investment Maturity Date | Nov. 22, 2027 | Nov. 22, 2027 | Nov. 22, 2027 | Nov. 22, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |
Investment Owned, Balance, Principal Amount | $ 9,462,134 | $ 9,509,802 | |||
Amortized Cost | 9,289,818 | 9,321,496 | |||
Total Investments (Fair Value) | $ 9,367,512 | $ 9,321,496 | |||
Investment Owned, % of Net Assets | 10.13% | 11.61% | 10.13% | 11.61% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Cerebro Buyer L L C Cerebro Holdings Partnership, L.P. Series A Partner Interests | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Cerebro Buyer, LLC | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Mar. 15, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |||
Amortized Cost | $ 34,135 | ||||
Total Investments (Fair Value) | $ 201,624 | ||||
Investment Owned, % of Net Assets | 0.22% | 0.22% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 34,135 | 34,135 | |||
Investment, Identifier [Axis]: Cerebro Buyer L L C Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Cerebro Buyer, LLC | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.75% | 6.75% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 11.95% | 11.95% | |||
Investment, Investment Date | Mar. 15, 2023 | ||||
Investment Maturity Date | Mar. 15, 2029 | Mar. 15, 2029 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 2,108,715 | ||||
Amortized Cost | 2,057,957 | ||||
Total Investments (Fair Value) | $ 2,077,084 | ||||
Investment Owned, % of Net Assets | 2.24% | 2.24% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Cerebro Buyer, L L C Cerebro Holdings Partnership, L.P. Series B Partner Interests | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Cerebro Buyer, LLC | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Mar. 15, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:HealthcareSectorMember | us-gaap:HealthcareSectorMember | |||
Amortized Cost | $ 184,925 | ||||
Investment Owned, % of Net Assets | 0% | 0% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 184,925 | 184,925 | |||
Investment, Identifier [Axis]: Craftable Intermediate II Inc. Guage Craftable LP Partnership Interests | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Craftable Intermediate II Inc. [Member] | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Jun. 30, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |||
Amortized Cost | $ 485,218 | ||||
Total Investments (Fair Value) | $ 485,218 | ||||
Investment Owned, % of Net Assets | 0.52% | 0.52% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment Owned, Balance, Shares | shares | 485,218 | 485,218 | |||
Investment, Identifier [Axis]: Craftable Intermediate II Inc. Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Craftable Intermediate II Inc. [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1.50% | 1.50% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Jun. 30, 2023 | ||||
Investment Maturity Date | Jun. 30, 2028 | Jun. 30, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |||
Investment Owned, Balance, Principal Amount | $ 4,735,553 | ||||
Amortized Cost | 4,640,842 | ||||
Total Investments (Fair Value) | $ 4,640,842 | ||||
Investment Owned, % of Net Assets | 5.01% | 5.01% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Curion Holdings, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Curion Holdings, LLC [Member] | Curion Holdings, LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.75% | 6.25% | 6.75% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 12.14% | 10.98% | 12.14% | 10.98% | |
Investment, Investment Date | Jul. 29, 2022 | Jul. 29, 2022 | |||
Investment Maturity Date | Jul. 29, 2027 | Jul. 29, 2027 | Jul. 29, 2027 | Jul. 29, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 1,275,886 | $ 893,121 | |||
Amortized Cost | 1,275,886 | 893,121 | |||
Total Investments (Fair Value) | $ 1,218,471 | $ 870,793 | |||
Investment Owned, % of Net Assets | 1.32% | 1.08% | 1.32% | 1.08% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Curion Holdings, LLC SP CS Holdings LLC Class A Units Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Curion Holdings, LLC [Member] | Curion Holdings, LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Jul. 29, 2022 | Jul. 29, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 343,529 | $ 343,529 | |||
Total Investments (Fair Value) | $ 105,946 | $ 274,144 | |||
Investment Owned, % of Net Assets | 0.11% | 0.34% | 0.11% | 0.34% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 343,529 | 343,529 | 343,529 | 343,529 | |
Investment, Identifier [Axis]: Curion Holdings, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Curion Holdings, LLC [Member] | Curion Holdings, LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.75% | 6.25% | 6.75% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 12.14% | 10.98% | 12.14% | 10.98% | |
Investment, Investment Date | Jul. 29, 2022 | Jul. 29, 2022 | |||
Investment Maturity Date | Jul. 29, 2027 | Jul. 29, 2027 | Jul. 29, 2027 | Jul. 29, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 3,525,014 | $ 3,542,772 | |||
Amortized Cost | 3,465,085 | 3,476,632 | |||
Total Investments (Fair Value) | $ 3,366,388 | $ 3,454,203 | |||
Investment Owned, % of Net Assets | 3.64% | 4.30% | 3.64% | 4.30% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Equine Network, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Equine Network, LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 11.72% | 11.72% | |||
Investment, Investment Date | May 22, 2023 | ||||
Investment Maturity Date | May 22, 2028 | May 22, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Investment Owned, Balance, Principal Amount | $ 2,261,138 | ||||
Amortized Cost | 2,205,295 | ||||
Total Investments (Fair Value) | $ 2,205,295 | ||||
Investment Owned, % of Net Assets | 2.38% | 2.38% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Exigo LLC Gauge Exigo CoinvestLLC Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Exigo LLC [Member] | Exigo LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Mar. 16, 2022 | Mar. 16, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | |
Amortized Cost | $ 168,003 | $ 168,003 | |||
Total Investments (Fair Value) | $ 168,003 | $ 151,768 | |||
Investment Owned, % of Net Assets | 0.18% | 0.19% | 0.18% | 0.19% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 168,003 | 168,003 | 168,003 | 168,003 | |
Investment, Identifier [Axis]: Exigo LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Exigo LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthLiborMember | spcbdc:OneMonthLiborMember | |||
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 10.13% | 10.13% | |||
Investment, Investment Date | Mar. 16, 2022 | ||||
Investment Maturity Date | Mar. 16, 2027 | Mar. 16, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | |||
Investment Owned, Balance, Principal Amount | $ 47,642 | ||||
Amortized Cost | 47,642 | ||||
Total Investments (Fair Value) | $ 46,927 | ||||
Investment Owned, % of Net Assets | 0.06% | 0.06% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Exigo LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Exigo LLC [Member] | Exigo LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthLiborMember | spcbdc:OneMonthSofrMember | spcbdc:OneMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | 5.75% | 5.75% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 10.95% | 10.13% | 10.95% | 10.13% | |
Investment, Investment Date | Mar. 16, 2022 | Mar. 16, 2022 | |||
Investment Maturity Date | Mar. 16, 2027 | Mar. 16, 2027 | Mar. 16, 2027 | Mar. 16, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | spcbdc:SoftwareIndustryMember | |
Investment Owned, Balance, Principal Amount | $ 4,001,839 | ||||
Amortized Cost | $ 3,895,115 | 3,949,517 | |||
Total Investments (Fair Value) | $ 3,941,358 | $ 3,941,811 | |||
Investment Owned, % of Net Assets | 4.26% | 4.91% | 4.26% | 4.91% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment Owned, Balance, Shares | shares | 3,941,358 | 3,941,358 | |||
Investment, Identifier [Axis]: Florachem Corporation Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Florachem Corporation [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 11.89% | 11.89% | |||
Investment, Investment Date | Apr. 29, 2022 | ||||
Investment Maturity Date | Apr. 29, 2028 | Apr. 29, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 1,310,369 | ||||
Amortized Cost | 1,310,369 | ||||
Total Investments (Fair Value) | $ 1,290,713 | ||||
Investment Owned, % of Net Assets | 1.39% | 1.39% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Florachem Corporation SK FC Holdings LP Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Florachem Corporation [Member] | Florachem Corporation [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Apr. 29, 2022 | Apr. 29, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |
Amortized Cost | $ 161,283 | $ 161,283 | |||
Total Investments (Fair Value) | $ 129,027 | $ 162,513 | |||
Investment Owned, % of Net Assets | 0.14% | 0.20% | 0.14% | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 161 | 161 | 161 | 161 | |
Investment, Identifier [Axis]: Florachem Corporation Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Florachem Corporation [Member] | Florachem Corporation [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | 6.50% | 6.50% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.89% | 11.23% | 11.89% | 11.23% | |
Investment, Investment Date | Apr. 29, 2022 | Apr. 29, 2022 | |||
Investment Maturity Date | Apr. 29, 2028 | Apr. 29, 2028 | Apr. 29, 2028 | Apr. 29, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |
Investment Owned, Balance, Principal Amount | $ 1,252,186 | $ 1,258,510 | |||
Amortized Cost | 1,230,940 | 1,235,422 | |||
Total Investments (Fair Value) | $ 1,233,403 | $ 1,233,340 | |||
Investment Owned, % of Net Assets | 1.33% | 1.54% | 1.33% | 1.54% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: HV Watterson Holdings LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | HV Watterson Holdings LLC [Member] | HV Watterson Holdings LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.64% | 11.18% | 11.64% | 11.18% | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 8,118,651 | $ 8,159,862 | |||
Amortized Cost | 8,057,827 | 8,091,364 | |||
Total Investments (Fair Value) | $ 7,996,871 | $ 7,915,066 | |||
Investment Owned, % of Net Assets | 8.65% | 9.86% | 8.65% | 9.86% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: HV Watterson Holdings, LLC Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | HV Watterson Holdings LLC [Member] | HV Watterson Holdings LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.64% | 11.18% | 11.64% | 11.18% | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 197,208 | $ 198,201 | |||
Amortized Cost | 195,552 | 196,345 | |||
Total Investments (Fair Value) | $ 194,250 | $ 192,255 | |||
Investment Owned, % of Net Assets | 0.21% | 0.24% | 0.21% | 0.24% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: HV Watterson Holdings, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | HV Watterson Holdings LLC [Member] | HV Watterson Holdings LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.64% | 11.18% | 11.64% | 11.18% | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment Maturity Date | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | Dec. 17, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 794,567 | $ 198,642 | |||
Amortized Cost | 794,567 | 198,642 | |||
Total Investments (Fair Value) | $ 782,648 | $ 192,683 | |||
Investment Owned, % of Net Assets | 0.85% | 0.24% | 0.85% | 0.24% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Heartland Business Systems, LLC AMCO HBS Holdings, LP Class A Units Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Heartland Business Systems LLC [Member] | Heartland Business Systems LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Aug. 26, 2022 | Aug. 26, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 143,455 | $ 157,008 | |||
Total Investments (Fair Value) | $ 334,380 | $ 243,972 | |||
Investment Owned, % of Net Assets | 0.36% | 0.30% | 0.36% | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,570 | 1,570 | 1,570 | 1,570 | |
Investment, Identifier [Axis]: Heartland Business Systems, LLC Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Heartland Business Systems LLC [Member] | Heartland Business Systems LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.64% | 10.91% | 11.64% | 10.91% | |
Investment, Investment Date | Aug. 26, 2022 | Aug. 26, 2022 | |||
Investment Maturity Date | Aug. 26, 2027 | Aug. 26, 2027 | Aug. 26, 2027 | Aug. 26, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 3,307,862 | $ 1,658,076 | |||
Amortized Cost | 3,274,783 | 1,641,495 | |||
Total Investments (Fair Value) | $ 3,307,862 | $ 1,633,205 | |||
Investment Owned, % of Net Assets | 3.57% | 2.03% | 3.57% | 2.03% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Heartland Business Systems, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Heartland Business Systems LLC [Member] | Heartland Business Systems LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.64% | 10.79% | 11.64% | 10.79% | |
Investment, Investment Date | Aug. 26, 2022 | Aug. 26, 2022 | |||
Investment Maturity Date | Aug. 26, 2027 | Aug. 26, 2027 | Aug. 26, 2027 | Aug. 26, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 3,186,607 | $ 3,202,660 | |||
Amortized Cost | 3,133,045 | 3,142,195 | |||
Total Investments (Fair Value) | $ 3,186,607 | $ 3,154,620 | |||
Investment Owned, % of Net Assets | 3.44% | 3.93% | 3.44% | 3.93% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Heat Makes Sense Shared Services, LLC Ishtar Co-Invest-B LP Partnership Interests Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Heat Makes Sense Shared Services, LLC | Heat Makes Sense Shared Services, LLC | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Jul. 01, 2022 | Jul. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Amortized Cost | $ 298,251 | $ 298,251 | |||
Total Investments (Fair Value) | $ 515,046 | $ 340,070 | |||
Investment Owned, % of Net Assets | 0.56% | 0.42% | 0.56% | 0.42% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 298,251 | 298,251 | 298,251 | 298,251 | |
Investment, Identifier [Axis]: Heat Makes Sense Shared Services, LLC Oshun Co-Invest-B LP Partnership Interests Equity | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Heat Makes Sense Shared Services, LLC | Heat Makes Sense Shared Services, LLC | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Jul. 01, 2022 | Jul. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Amortized Cost | $ 85,213 | $ 85,213 | |||
Total Investments (Fair Value) | $ 147,154 | $ 97,162 | |||
Investment Owned, % of Net Assets | 0.16% | 0.12% | 0.16% | 0.12% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 85,213 | 85,213 | 85,213 | 85,213 | |
Investment, Identifier [Axis]: Heat Makes Sense Shared Services, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Heat Makes Sense Shared Services, LLC | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 5.50% | 5.50% | |||
Investment, Interest Rate, Floor | 0.75% | 0.75% | |||
Investment, Interest Rate, Paid in Cash | 10.37% | 10.37% | |||
Investment, Investment Date | Jul. 01, 2022 | ||||
Investment Maturity Date | Jul. 01, 2028 | Jul. 01, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 295,410 | ||||
Amortized Cost | 295,410 | ||||
Total Investments (Fair Value) | $ 290,979 | ||||
Investment Owned, % of Net Assets | 0.36% | 0.36% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Heat Makes Sense Shared Services, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Heat Makes Sense Shared Services, LLC | Heat Makes Sense Shared Services, LLC | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 5.25% | 5.50% | 5.25% | 5.50% | |
Investment, Interest Rate, Floor | 0.75% | 0.75% | 0.75% | 0.75% | |
Investment, Interest Rate, Paid in Cash | 10.26% | 9.63% | 10.26% | 9.63% | |
Investment, Investment Date | Jul. 01, 2022 | Jul. 01, 2022 | |||
Investment Maturity Date | Jul. 01, 2029 | Jul. 01, 2029 | Jul. 01, 2029 | Jul. 01, 2029 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Investment Owned, Balance, Principal Amount | $ 7,480,115 | ||||
Amortized Cost | $ 7,306,669 | 7,334,957 | |||
Total Investments (Fair Value) | $ 7,442,620 | $ 7,367,913 | |||
Investment Owned, % of Net Assets | 8.05% | 9.18% | 8.05% | 9.18% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment Owned, Balance, Shares | shares | 7,442,620 | 7,442,620 | |||
Investment, Identifier [Axis]: Impact Home Services LLC Impact Holdings Georgia LLC Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Impact Home Services, LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Apr. 28, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Amortized Cost | $ 175,908 | ||||
Total Investments (Fair Value) | $ 175,908 | ||||
Investment Owned, % of Net Assets | 0.19% | 0.19% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment Owned, Balance, Shares | shares | 176 | 176 | |||
Investment, Identifier [Axis]: Impact Home Services LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Impact Home Services, LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Apr. 28, 2023 | ||||
Investment Maturity Date | Apr. 28, 2028 | Apr. 28, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Investment Owned, Balance, Principal Amount | $ 91,986 | ||||
Amortized Cost | 91,986 | ||||
Total Investments (Fair Value) | $ 89,743 | ||||
Investment Owned, % of Net Assets | 0.10% | 0.10% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Impact Home Services LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Impact Home Services, LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Apr. 28, 2023 | ||||
Investment Maturity Date | Apr. 28, 2028 | Apr. 28, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Investment Owned, Balance, Principal Amount | $ 2,680,423 | ||||
Amortized Cost | 2,615,052 | ||||
Total Investments (Fair Value) | $ 2,615,052 | ||||
Investment Owned, % of Net Assets | 2.82% | 2.82% | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Impact Home Services LLC Term Loan One | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Impact Home Services, LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Jun. 30, 2023 | ||||
Investment Maturity Date | Apr. 28, 2028 | Apr. 28, 2028 | |||
Investment, Industry Sector [Extensible Enumeration] | Consumer Services Sector [Member] | Consumer Services Sector [Member] | |||
Investment Owned, Balance, Principal Amount | $ 121,837 | ||||
Amortized Cost | 118,791 | ||||
Total Investments (Fair Value) | $ 118,866 | ||||
Investment Owned, % of Net Assets | 0.13% | 0.13% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Inoapps Bidco LLC Inoapps Holdings LLC Series A1 Preferred Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Inoapps Bidco LLC [Member] | Inoapps Bidco LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Feb. 15, 2022 | Feb. 15, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |
Amortized Cost | $ 543,572 | $ 543,572 | |||
Total Investments (Fair Value) | $ 531,603 | $ 529,959 | |||
Investment Owned, % of Net Assets | 0.57% | 0.66% | 0.57% | 0.66% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 512,365 | 512,365 | 512,365 | 512,365 | |
Investment, Identifier [Axis]: Inoapps Bidco LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Inoapps Bidco LLC [Member] | Inoapps Bidco LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | 5.75% | 5.75% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.02% | 10.19% | 11.02% | 10.19% | |
Investment, Investment Date | Feb. 15, 2022 | Feb. 15, 2022 | |||
Investment Maturity Date | Feb. 15, 2027 | Feb. 15, 2027 | Feb. 15, 2027 | Feb. 15, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |
Investment Owned, Balance, Principal Amount | $ 5,635,674 | $ 5,664,137 | |||
Amortized Cost | 5,549,538 | 5,567,760 | |||
Total Investments (Fair Value) | $ 5,579,317 | $ 5,550,854 | |||
Investment Owned, % of Net Assets | 6.03% | 6.92% | 6.03% | 6.92% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Inoapps Bidco, LLC Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Inoapps Bidco LLC [Member] | Inoapps Bidco LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 5.75% | 5.75% | 5.75% | 5.75% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.02% | 10.19% | 11.02% | 10.19% | |
Investment, Investment Date | Feb. 15, 2022 | Feb. 15, 2022 | |||
Investment Maturity Date | Feb. 15, 2027 | Feb. 15, 2027 | Feb. 15, 2027 | Feb. 15, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | us-gaap:TechnologySectorMember | |
Investment Owned, Balance, Principal Amount | $ 2,354,127 | $ 2,365,987 | |||
Amortized Cost | 2,334,569 | 2,344,107 | |||
Total Investments (Fair Value) | $ 2,330,586 | $ 2,318,667 | |||
Investment Owned, % of Net Assets | 2.52% | 2.89% | 2.52% | 2.89% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: International Designs Group LLC International Designs Holdings LLC Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | International Designs Group LLC [Member] | International Designs Group LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Apr. 01, 2022 | Apr. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | |
Amortized Cost | $ 455,341 | $ 455,341 | |||
Total Investments (Fair Value) | $ 401,164 | $ 444,895 | |||
Investment Owned, % of Net Assets | 0.43% | 0.55% | 0.43% | 0.55% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 455,341 | 455,341 | 455,341 | 455,341 | |
Investment, Identifier [Axis]: Lightning Intermediate II LLC Gauge Vimergy Coinvest LLC Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Lightning Intermediate II LLC [Member] | Lightning Intermediate II LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Jun. 06, 2022 | Jun. 06, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Amortized Cost | $ 178,347 | $ 178,347 | |||
Total Investments (Fair Value) | $ 112,858 | $ 133,477 | |||
Investment Owned, % of Net Assets | 0.12% | 0.17% | 0.12% | 0.17% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 178 | 178 | 178 | 178 | |
Investment, Identifier [Axis]: Lightning Intermediate II LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Lightning Intermediate II LLC [Member] | Lightning Intermediate II LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | spcbdc:SixMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | 6.50% | 6.50% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 12.09% | 11.54% | 12.09% | 11.54% | |
Investment, Investment Date | Jun. 06, 2022 | Jun. 06, 2022 | |||
Investment Maturity Date | Jun. 06, 2027 | Jun. 06, 2027 | Jun. 06, 2027 | Jun. 06, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Investment Owned, Balance, Principal Amount | $ 6,001,194 | $ 6,078,133 | |||
Amortized Cost | 5,902,560 | 5,967,985 | |||
Total Investments (Fair Value) | $ 5,911,176 | $ 5,895,789 | |||
Investment Owned, % of Net Assets | 6.38% | 7.35% | 6.38% | 7.35% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc, MacKenzie-Childs Investment, LP Partnership Interests | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | MacKenzie-Childs Acquisition Inc. [Member] | MacKenzie-Childs Acquisition Inc. [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 02, 2022 | Sep. 02, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |
Amortized Cost | $ 311,482 | $ 311,482 | |||
Total Investments (Fair Value) | $ 286,305 | $ 285,502 | |||
Investment Owned, % of Net Assets | 0.31% | 0.36% | 0.31% | 0.36% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 311,482 | 311,482 | 311,482 | 311,482 | |
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc, Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | MacKenzie-Childs Acquisition Inc. [Member] | MacKenzie-Childs Acquisition Inc. [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:SixMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6% | 6% | 6% | 6% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.11% | 10.73% | 11.11% | 10.73% | |
Investment, Investment Date | Sep. 02, 2022 | Sep. 02, 2022 | |||
Investment Maturity Date | Sep. 02, 2027 | Sep. 02, 2027 | Sep. 02, 2027 | Sep. 02, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |
Investment Owned, Balance, Principal Amount | $ 1,331,608 | $ 1,331,608 | |||
Amortized Cost | 1,331,608 | 1,331,608 | |||
Total Investments (Fair Value) | $ 1,318,292 | $ 1,311,634 | |||
Investment Owned, % of Net Assets | 1.42% | 1.63% | 1.42% | 1.63% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: MacKenzie Childs Acquisition, Inc, Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | MacKenzie-Childs Acquisition Inc. [Member] | MacKenzie-Childs Acquisition Inc. [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:SixMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6% | 6% | 6% | 6% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.11% | 10.73% | 11.11% | 10.73% | |
Investment, Investment Date | Sep. 02, 2022 | Sep. 02, 2022 | |||
Investment Maturity Date | Sep. 02, 2027 | Sep. 02, 2027 | Sep. 02, 2027 | Sep. 02, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |
Investment Owned, Balance, Principal Amount | $ 9,331,532 | $ 9,378,542 | |||
Amortized Cost | 9,210,151 | 9,245,162 | |||
Total Investments (Fair Value) | $ 9,238,216 | $ 9,237,863 | |||
Investment Owned, % of Net Assets | 9.99% | 11.51% | 9.99% | 11.51% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Madison Logic Holdings, Inc Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Madison Logic Holdings, Inc. [Member] | Madison Logic Holdings, Inc. [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 7% | 7% | 7% | 7% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 12.24% | 11.58% | 12.24% | 11.58% | |
Investment, Investment Date | Dec. 30, 2022 | Dec. 30, 2022 | |||
Investment Maturity Date | Dec. 30, 2028 | Dec. 30, 2027 | Dec. 30, 2028 | Dec. 30, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | Media Broadcasting and Subscription [Member] | Media Broadcasting and Subscription [Member] | Media Broadcasting and Subscription [Member] | Media Broadcasting and Subscription [Member] | |
Investment Owned, Balance, Principal Amount | $ 4,744,927 | $ 4,756,819 | |||
Amortized Cost | 4,613,200 | 4,614,114 | |||
Total Investments (Fair Value) | $ 4,673,753 | $ 4,614,114 | |||
Investment Owned, % of Net Assets | 5.05% | 5.75% | 5.05% | 5.75% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Microbe Formulas LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Microbe Formulas LLC [Member] | Microbe Formulas LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.44% | 10.67% | 11.44% | 10.67% | |
Investment, Investment Date | Apr. 04, 2022 | Apr. 04, 2022 | |||
Investment Maturity Date | Apr. 03, 2028 | Apr. 03, 2028 | Apr. 03, 2028 | Apr. 03, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | spcbdc:NonDurableConsumerGoodsSectorMember | |
Investment Owned, Balance, Principal Amount | $ 4,101,522 | $ 4,433,420 | |||
Amortized Cost | 4,067,492 | 4,393,532 | |||
Total Investments (Fair Value) | $ 4,101,522 | $ 4,389,086 | |||
Investment Owned, % of Net Assets | 4.43% | 5.47% | 4.43% | 5.47% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Monitorus Holding L L C Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | |||
Investment, Interest Rate, Coupon Rate | 7% | 7% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 12.54% | 12.54% | |||
Investment, Investment Date | May 24, 2022 | ||||
Investment Maturity Date | May 24, 2027 | May 24, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |||
Investment Owned, Balance, Principal Amount | € | € 1,251,514 | ||||
Amortized Cost | $ 1,360,599 | ||||
Total Investments (Fair Value) | $ 1,353,796 | ||||
Investment Owned, % of Net Assets | 1.46% | 1.46% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Monitorus Holding LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 7% | 7% | 7% | 7% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 12.54% | 11.73% | 12.54% | 11.73% | |
Investment, Investment Date | May 24, 2022 | May 24, 2022 | |||
Investment Maturity Date | May 24, 2027 | May 24, 2027 | May 24, 2027 | May 24, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Investment Owned, Balance, Principal Amount | $ 6,119,464 | $ 6,119,464 | |||
Amortized Cost | 6,069,362 | 6,064,112 | |||
Total Investments (Fair Value) | $ 6,088,867 | $ 6,058,269 | |||
Investment Owned, % of Net Assets | 6.58% | 7.54% | 6.58% | 7.54% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 7% | 7% | 7% | 7% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 12.54% | 11.73% | 12.54% | 11.73% | |
Investment, Investment Date | May 24, 2022 | May 24, 2022 | |||
Investment Maturity Date | May 24, 2027 | May 24, 2027 | May 24, 2027 | May 24, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Investment Owned, Balance, Principal Amount | € | € 3,585,699 | € 3,585,699 | |||
Amortized Cost | $ 3,619,086 | $ 3,619,085 | |||
Total Investments (Fair Value) | $ 3,600,991 | $ 3,582,895 | |||
Investment Owned, % of Net Assets | 3.89% | 4.45% | 3.89% | 4.45% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class A Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,819 | 1,635,819 | 1,635,819 | 1,635,819 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class B Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class C Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class D Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class E Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class F Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class G Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class H Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Monitorus Holding, LLC, Sapphire Aggregator S.a r.l. Class I Shares | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Monitorus Holding LLC [Member] | Monitorus Holding LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Sep. 01, 2022 | Sep. 01, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | spcbdc:DiversifiedAndProductionMediaSectorMember | |
Amortized Cost | $ 32,722 | $ 32,722 | |||
Total Investments (Fair Value) | $ 40,202 | $ 36,697 | |||
Investment Owned, % of Net Assets | 0.04% | 0.05% | 0.04% | 0.05% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 1,635,814 | 1,635,814 | 1,635,814 | 1,635,814 | |
Investment, Identifier [Axis]: Onpoint Industrial Services, LLC Spearhead TopCo, LLC Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Onpoint Industrial Services LLC [Member] | Onpoint Industrial Services LLC [Member] | |||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | |
Investment, Investment Date | Nov. 16, 2022 | Nov. 16, 2022 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Amortized Cost | $ 335,499 | $ 335,499 | |||
Total Investments (Fair Value) | $ 380,592 | $ 335,499 | |||
Investment Owned, % of Net Assets | 0.41% | 0.42% | 0.41% | 0.42% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | false | false | false | false | |
Investment Owned, Balance, Shares | shares | 335,499 | 335,499 | 335,499 | 335,499 | |
Investment, Identifier [Axis]: Onpoint Industrial Services, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Onpoint Industrial Services LLC [Member] | Onpoint Industrial Services LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 7% | 7% | 7% | 7% | |
Investment, Interest Rate, Floor | 1.75% | 1.75% | 1.75% | 1.75% | |
Investment, Interest Rate, Paid in Cash | 12.24% | 11.58% | 12.24% | 11.58% | |
Investment, Investment Date | Nov. 16, 2022 | Nov. 16, 2022 | |||
Investment Maturity Date | Nov. 16, 2027 | Nov. 16, 2027 | Nov. 16, 2027 | Nov. 16, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |
Investment Owned, Balance, Principal Amount | $ 6,771,002 | $ 6,805,027 | |||
Amortized Cost | 6,647,614 | 6,670,604 | |||
Total Investments (Fair Value) | $ 6,703,292 | $ 6,670,604 | |||
Investment Owned, % of Net Assets | 7.24% | 8.31% | 7.24% | 8.31% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Pearl Media Holdings, LLC, Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Pearl Media Holdings, LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | |||
Investment, Interest Rate, Floor | 1.50% | 1.50% | |||
Investment, Interest Rate, Paid in Cash | 10.93% | 10.93% | |||
Investment, Investment Date | Aug. 31, 2022 | ||||
Investment Maturity Date | Aug. 31, 2027 | Aug. 31, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 232,258 | ||||
Amortized Cost | 232,258 | ||||
Total Investments (Fair Value) | $ 227,613 | ||||
Investment Owned, % of Net Assets | 0.28% | 0.28% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Pearl Media Holdings, LLC, Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Pearl Media Holdings, LLC [Member] | Pearl Media Holdings, LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6.25% | 6.25% | 6.25% | 6.25% | |
Investment, Interest Rate, Floor | 1.50% | 1.50% | 1.50% | 1.50% | |
Investment, Interest Rate, Paid in Cash | 11.64% | 10.98% | 11.64% | 10.98% | |
Investment, Investment Date | Aug. 31, 2022 | Aug. 31, 2022 | |||
Investment Maturity Date | Aug. 31, 2027 | Aug. 31, 2027 | Aug. 31, 2027 | Aug. 31, 2027 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | us-gaap:ConsumerSectorMember | |
Investment Owned, Balance, Principal Amount | $ 2,657,850 | $ 2,671,239 | |||
Amortized Cost | 2,611,851 | 2,620,622 | |||
Total Investments (Fair Value) | $ 2,591,404 | $ 2,617,814 | |||
Investment Owned, % of Net Assets | 2.80% | 3.26% | 2.80% | 3.26% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Peltram Plumbing Holdings LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Peltram Plumbing Holdings LLC [Member] | Peltram Plumbing Holdings LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 6.50% | 6.25% | 6.50% | 6.25% | |
Investment, Interest Rate, Floor | 2% | 1% | 2% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.74% | 10.98% | 11.74% | 10.98% | |
Investment, Investment Date | Feb. 01, 2022 | Feb. 01, 2022 | |||
Investment Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | Dec. 30, 2026 | Dec. 30, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | Construction Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 6,853,489 | $ 6,995,815 | |||
Amortized Cost | 6,763,758 | 6,892,968 | |||
Total Investments (Fair Value) | $ 6,784,954 | $ 6,750,961 | |||
Investment Owned, % of Net Assets | 7.33% | 8.41% | 7.33% | 8.41% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Peltram Plumbing Holdings, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Peltram Plumbing Holdings LLC [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.74% | 11.74% | |||
Investment, Investment Date | Feb. 01, 2022 | ||||
Investment Maturity Date | Dec. 30, 2026 | Dec. 30, 2026 | |||
Investment, Industry Sector [Extensible Enumeration] | Construction Sector [Member] | Construction Sector [Member] | |||
Investment Owned, Balance, Principal Amount | $ 375,407 | ||||
Amortized Cost | 375,407 | ||||
Total Investments (Fair Value) | $ 371,653 | ||||
Investment Owned, % of Net Assets | 0.40% | 0.40% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: RIA Advisory Borrower, LLC RIA Advisory Aggregator, LLC Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | spcbdc:RiaAdvisoryLlcMember | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | May 01, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 131,446 | ||||
Total Investments (Fair Value) | $ 99,798 | ||||
Investment Owned, % of Net Assets | 0.11% | 0.11% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 113,911 | 113,911 | |||
Investment, Identifier [Axis]: RIA Advisory Borrower, LLC RIA Products Aggregator, LLC Class A Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | spcbdc:RiaAdvisoryLlcMember | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | May 01, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Amortized Cost | $ 62,419 | ||||
Total Investments (Fair Value) | $ 94,068 | ||||
Investment Owned, % of Net Assets | 0.10% | 0.10% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 107,370 | 107,370 | |||
Investment, Identifier [Axis]: RIA Advisory Borrower, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | spcbdc:RiaAdvisoryLlcMember | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.69% | 11.69% | |||
Investment, Investment Date | May 01, 2023 | ||||
Investment Maturity Date | Aug. 02, 2027 | Aug. 02, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 151,105 | ||||
Amortized Cost | 151,105 | ||||
Total Investments (Fair Value) | $ 148,172 | ||||
Investment Owned, % of Net Assets | 0.16% | 0.16% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: RIA Advisory Borrower, LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | spcbdc:RiaAdvisoryLlcMember | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:OneMonthSofrMember | spcbdc:OneMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6.50% | 6.50% | |||
Investment, Interest Rate, Floor | 2% | 2% | |||
Investment, Interest Rate, Paid in Cash | 11.69% | 11.69% | |||
Investment, Investment Date | May 01, 2023 | ||||
Investment Maturity Date | Aug. 02, 2027 | Aug. 02, 2027 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:BusinessSectorMember | spcbdc:BusinessSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 4,163,519 | ||||
Amortized Cost | 4,082,702 | ||||
Total Investments (Fair Value) | $ 4,082,702 | ||||
Investment Owned, % of Net Assets | 4.41% | 4.41% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Red's All Natural, LLC, Centeotl Co-Invest B, LP Common Units | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Reds All Natural, LLC | ||||
Investment, Type [Extensible Enumeration] | Equity Securities [Member] | Equity Securities [Member] | |||
Investment, Investment Date | Jan. 31, 2023 | ||||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:FoodAndBeverageSectorMember | us-gaap:FoodAndBeverageSectorMember | |||
Amortized Cost | $ 318,998 | ||||
Total Investments (Fair Value) | $ 314,254 | ||||
Investment Owned, % of Net Assets | 0.34% | 0.34% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | false | false | |||
Investment Owned, Balance, Shares | shares | 318,998 | 318,998 | |||
Investment, Identifier [Axis]: Red's All Natural, LLC, Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Reds All Natural, LLC | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 6% | 6% | |||
Investment, Interest Rate, Floor | 1.50% | 1.50% | |||
Investment, Interest Rate, Paid in Cash | 12.25% | 12.25% | |||
Investment, Investment Date | Jan. 31, 2023 | ||||
Investment Maturity Date | Jan. 31, 2029 | Jan. 31, 2029 | |||
Investment, Industry Sector [Extensible Enumeration] | us-gaap:FoodAndBeverageSectorMember | us-gaap:FoodAndBeverageSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 4,900,742 | ||||
Amortized Cost | 4,807,450 | ||||
Total Investments (Fair Value) | $ 4,851,735 | ||||
Investment Owned, % of Net Assets | 5.24% | 5.24% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Service Minds Company LLC Delayed Draw Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Service Minds Company LLC [Member] | Service Minds Company LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthLiborMember | spcbdc:OneMonthLiborMember | spcbdc:SixMonthLiborMember | spcbdc:OneMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 5.50% | 5% | 5.50% | 5% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 10.68% | 9.29% | 10.68% | 9.29% | |
Investment, Investment Date | Feb. 07, 2022 | Feb. 07, 2022 | |||
Investment Maturity Date | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 1,645,033 | $ 531,687 | |||
Amortized Cost | 1,630,307 | 526,873 | |||
Total Investments (Fair Value) | $ 1,620,358 | $ 518,395 | |||
Investment Owned, % of Net Assets | 1.75% | 0.65% | 1.75% | 0.65% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Service Minds Company LLC Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Service Minds Company LLC [Member] | Service Minds Company LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:SixMonthLiborMember | spcbdc:OneMonthLiborMember | spcbdc:SixMonthLiborMember | spcbdc:OneMonthLiborMember | |
Investment, Interest Rate, Coupon Rate | 5.50% | 5% | 5.50% | 5% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 10.68% | 9.29% | 10.68% | 9.29% | |
Investment, Investment Date | Feb. 07, 2022 | Feb. 07, 2022 | |||
Investment Maturity Date | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 2,397,157 | $ 2,409,325 | |||
Amortized Cost | 2,358,657 | 2,367,173 | |||
Total Investments (Fair Value) | $ 2,361,200 | $ 2,349,092 | |||
Investment Owned, % of Net Assets | 2.55% | 2.93% | 2.55% | 2.93% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Service Minds Company, LLC Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Service Minds Company LLC [Member] | Service Minds Company LLC [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthLiborMember | spcbdc:OneMonthSofrMember | spcbdc:ThreeMonthLiborMember | spcbdc:OneMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 5.50% | 5% | 5.50% | 5% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 10.70% | 9.44% | 10.70% | 9.44% | |
Investment, Investment Date | Feb. 07, 2022 | Feb. 07, 2022 | |||
Investment Maturity Date | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | Feb. 07, 2028 | |
Investment, Industry Sector [Extensible Enumeration] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | us-gaap:ConsumerSectorMember | Consumer Services Sector [Member] | |
Investment Owned, Balance, Principal Amount | $ 452,611 | $ 193,976 | |||
Amortized Cost | 452,611 | 193,976 | |||
Total Investments (Fair Value) | $ 445,822 | $ 189,127 | |||
Investment Owned, % of Net Assets | 0.48% | 0.24% | 0.48% | 0.24% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true | |
Investment, Identifier [Axis]: Tilley Distribution Inc Revolver | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |||
Investment, Issuer Name [Extensible Enumeration] | Tilley Distribution Inc [Member] | ||||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |||
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |||
Investment, Interest Rate, Coupon Rate | 5.50% | 5.50% | |||
Investment, Interest Rate, Floor | 1% | 1% | |||
Investment, Interest Rate, Paid in Cash | 10.14% | 10.14% | |||
Investment, Investment Date | Apr. 01, 2022 | ||||
Investment Maturity Date | Dec. 31, 2026 | Dec. 31, 2026 | |||
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |||
Investment Owned, Balance, Principal Amount | $ 171,578 | ||||
Amortized Cost | 171,578 | ||||
Total Investments (Fair Value) | $ 165,573 | ||||
Investment Owned, % of Net Assets | 0.21% | 0.21% | |||
Investment, Significant Unobservable Input [true false] | true | true | |||
Investment, Non-income Producing [true false] | true | true | |||
Investment, Identifier [Axis]: Tilley Distribution Inc Term Loan | |||||
Schedule of Investments [Line Items] | |||||
Investment, Issuer Affiliation [Extensible Enumeration] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | Investment, Unaffiliated Issuer [Member] | |
Investment, Issuer Name [Extensible Enumeration] | Tilley Distribution Inc [Member] | Tilley Distribution Inc [Member] | |||
Investment, Type [Extensible Enumeration] | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | spcbdc:FirstLienMember | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | spcbdc:ThreeMonthSofrMember | |
Investment, Interest Rate, Coupon Rate | 6% | 5.50% | 6% | 5.50% | |
Investment, Interest Rate, Floor | 1% | 1% | 1% | 1% | |
Investment, Interest Rate, Paid in Cash | 11.39% | 10.14% | 11.39% | 10.14% | |
Investment, Investment Date | Apr. 01, 2022 | Apr. 01, 2022 | |||
Investment Maturity Date | Dec. 31, 2026 | Dec. 31, 2026 | Dec. 31, 2026 | Dec. 31, 2026 | |
Investment, Industry Sector [Extensible Enumeration] | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | spcbdc:ChemicalsPlasticsAndRubberSectorMember | |
Investment Owned, Balance, Principal Amount | $ 5,969,886 | $ 6,000,285 | |||
Amortized Cost | 5,900,960 | 5,922,488 | |||
Total Investments (Fair Value) | $ 5,760,940 | $ 5,790,275 | |||
Investment Owned, % of Net Assets | 6.22% | 7.21% | 6.22% | 7.21% | |
Investment, Significant Unobservable Input [true false] | true | true | true | true | |
Investment, Non-income Producing [true false] | true | true | true | true |
NATURE OF OPERATIONS AND SIGNIF
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 — NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Stellus Private Credit BDC (“we”, “us”, “our” and the “Company”) was formed on December 7, 2021 (“Inception”) as a Delaware statutory trust and is an externally managed, closed-end, non-diversified investment management company. Prior to February 1, 2022 (“Commencement of Operations”), the Company was devoting substantially all of its efforts to establishing the business and conducting organizational and marketing efforts. The Company is applying the guidance of Accounting Standards Codification Topic 946, Financial Services Investment Companies As of June 30, 2023, the Company has issued a total of 6,182,924 common shares of beneficial interest pursuant to draw downs of $80,000,000 of capital commitments, immediate share purchases of $11,350,000 from investors pursuant to subscription agreements, and $318,962 from dividend reinvestments for total for total contributed capital of $91,668,962. As of June 30, 2023, the Company had $151,687,500 in uncalled capital commitments pursuant to draw down subscription agreements. On February 11, 2022, the Company formed PBDC Consolidated Blocker, LLC (the “Taxable Subsidiary”), which is structured as a Delaware entity, to hold equity or equity-like investments in portfolio companies organized as limited liability companies, or LLCs (or other forms of pass-through entities). The Taxable Subsidiary is consolidated for U.S. generally accepted accounting principles (“U.S. GAAP”) reporting purposes, and the portfolio investments held by the Taxable Subsidiary are included in the consolidated financial statements. As a BDC, the Company is required to comply with certain regulatory requirements. In accordance with the 1940 Act, we are required to meet a coverage ratio of total assets (less total liabilities other than indebtedness) to total borrowings and other senior securities (including any preferred stock that we may issue in the future) of at least 150%. If this ratio declines below 150%, we cannot incur additional leverage and could be required to sell a portion of our investments to repay some leverage when it is disadvantageous to do so. The amount of leverage that we employ at any time depends on our assessment of the market and other factors at the time of any proposed borrowing. As of June 30, 2023, our asset coverage ratio was 197%. The Company’s investment objective is to maximize the total return to its shareholders in the form of current income and capital appreciation through debt and related equity investments in middle-market companies. The Company seeks to achieve its investment objective by originating and investing primarily in private U.S. middle-market companies (typically those with $5,000,000 to $50,000,000 of EBITDA (earnings before interest, taxes, depreciation, and amortization)) through first lien, second lien, unitranche and unsecured debt financing, with corresponding equity co-investments. The Company sources investments primarily through the extensive network of relationships that the principals of Stellus Capital have developed with financial sponsor firms, financial institutions, middle-market companies, management teams and other professional intermediaries. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, certain disclosures accompanying the annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of the financial statements for the interim periods included herein. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the operating results to be expected for the full year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. In accordance with Regulation S-X under the Exchange Act, the Company does not consolidate portfolio company investments. The accounting records of the Company are maintained in U.S. dollars. Economic Developments Economic activity has continued to accelerate across sectors and regions. Nonetheless, we have observed and may continue to observe supply chain interruptions, labor resource shortages, commodity inflation, rising interest rates, economic sanctions in response to international conflicts and instances of geopolitical, economic, and financial market instability in the United States and abroad. One or more of these factors may contribute to increased market volatility and may have long- and short-term effects in the United States and worldwide financial markets. Portfolio Investment Classification The Company classifies its portfolio investments in accordance with the requirements of the 1940 Act as follows: (a) “Control Investments” are defined as investments in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which the Company owns between 5% and 25% of the voting securities and does not have rights to maintain greater than 50% of the board representation, and (c) “Non-controlled, non-affiliate investments” are defined as investments that are neither Control Investments or Affiliate Investments. Cash and Cash Equivalents As of June 30, 2023, cash balances totaling $9,490 did not exceed Federal Deposit Insurance Corporation (“FDIC”) insurance protection levels of $250,000. As of December 31, 2022, the Company held $12,500,000 of cash equivalents in U.S. Treasury Bills that matured on January 4, 2023. The U.S. Treasury Bills were purchased using $1,000,000 margin cash and proceeds from a $11,500,000 short-term loan from Raymond James Financial Inc., accruing interest at an annual rate of approximately 6.50%. As of June 30, 2023, no U.S. Treasury Bills were held. For the three and six months ended June 30, 2023, the Company incurred interest expense of $448 and $2,187 related to the short-term loan, respectively. For the three and six months ended June 30, 2022, the Company accrued interest expense of $2,603 related to the short-term loan. For the six months ended June 30, 2023, the Company paid $6,359 related to the short-term loan. In addition, at June 30, 2023, the Company held $740,947 in cash equivalents, which are carried at cost, which approximates fair value. Cash consists of bank demand deposits. We deem certain U.S. Treasury Bills and other high-quality, short-term debt securities as cash equivalents. All of the Company's cash deposits are held at large established high credit quality financial institutions and management believes that risk of loss associated with any uninsured balances is remote. Fair Value Measurements We account for all of our financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures Consolidation As permitted under Regulation S-X under the Exchange Act and ASC Topic 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary. Accordingly, we consolidated the results of the Taxable Subsidiary. All intercompany balances have been eliminated upon consolidation. Use of Estimates The preparation of the Consolidated Statements of Assets and Liabilities in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. Deferred Financing Costs Deferred financing costs consists of prepaid loan structure fees and expenses paid in connection with the closing of our Credit Facilities and are capitalized at the time of payment. These costs are amortized using the straight line method over the term of the respective instrument and presented as an offset to the corresponding debt on the Consolidated Statements of Assets and Liabilities. Organizational Costs Organizational costs include costs relating to the formation and incorporation of the Company, which generally include legal fees. These costs are expensed as incurred. Deferred Offering Costs Costs associated with the offering of common shares of beneficial interest of the Company are capitalized as deferred offering costs, included on the Statements of Assets and Liabilities and amortized over a twelve-month period from Commencement of Operations. These expenses include legal, accounting, printing fees and other related expenses and costs incurred in connection with preparing the offering documents relating to the Private Offering. As of June 30, 2023 and December 31, 2022, $86,760 and $54,394 of such offering costs had yet to be amortized, respectively. Investments In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Advisor as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. As a BDC, the Company will generally invest in illiquid loans and securities including debt and equity securities of private middle-market companies. Section 2(a)(41) of the 1940 Act requires that a BDC value its assets as follows: (i) the third party price for securities for which a quotation is readily available; and (ii) for all other securities and assets, fair value, as determined in good faith by a BDC's Board of Trustees. Under procedures established by our Board, the Company intends to value investments for which market quotations are readily available at such market quotations. The Company will obtain these market values from an independent pricing service or at the midpoint of the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by our Board. Such determination of fair values may involve subjective judgments and estimates. The Company also engages independent valuation providers to review the valuation of each portfolio investment that does not have a readily available market quotation at least twice annually. Debt and equity investments purchased within approximately 90 days of the valuation date will be valued at cost, plus accreted discount, or minus amortized premium, which approximates fair value. With respect to unquoted securities, our Board will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board will use the pricing indicated by the external event to corroborate and/or assist us in its valuation. Because the Company expects that there will not be a readily available market quotation for many of the investments in its portfolio, the Company expects to value most of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In following these approaches, the types of factors that will be taken into account in fair value pricing investments will include, as relevant, but not be limited to: ● available current market data, including relevant and applicable market trading and transaction comparables; ● applicable market yields and multiples; ● financial covenants; ● call protection provisions; ● information rights; ● the nature and realizable value of any collateral; ● the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; ● comparisons of financial ratios of peer companies that are public; ● comparable merger and acquisition transactions; and ● the principal market and enterprise values. Revenue Recognition We record interest income on an accrual basis to the extent such interest is deemed collectible. Payment-in-kind (“PIK”) interest represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. We will not accrue any form of interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. We record prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the declaration date. A presentation of the interest income we have received from portfolio companies for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Loan interest $ 4,931,471 $ 1,193,400 $ 9,340,920 $ 1,535,846 Fee amortization income (1) 208,690 52,477 368,519 68,306 Fee income acceleration (2) 18,612 1,341 181,286 2,077 Total Interest Income $ 5,158,773 $ 1,247,218 $ 9,890,725 $ 1,606,229 (1) Includes amortization of fees on unfunded commitments. (2) Unamortized loan origination fees recognized upon full or partial realization of investment. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the repayment, sale or disposition and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. Investment Transaction Costs Costs that are material associated with an investment transaction, including legal expenses, are included in the cost basis of purchases, and deducted from the proceeds of sales unless such costs are reimbursed by the borrower. Receivables and Payables for Unsettled Securities Transaction The Company records all investments on a trade date basis. U.S. Federal Income Taxes The Company qualifies and intends to elect to be treated as a RIC under Subchapter M of the Code, and to operate in a manner to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, among other things, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, for each year. 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 by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To avoid a 4% U.S federal excise tax on undistributed earnings, the Company is required to distribute each calendar year the sum of (i) 98% of its ordinary income for such calendar year, (ii) 98.2% of its net capital gains for the one-year period ending December 31, and (iii) any income recognized, but not distributed, in preceding years and on which the Company paid no federal income tax (the “Excise Tax Avoidance Requirement”). For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount of cash available to be distributed to shareholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned. As of December 31, 2022, the Company estimates that it had $277,935 of undistributed taxable income that was carried forward toward distributions to be paid in 2023. All of the undistributed ordinary income as of December 31, 2022 will have been distributed within the required period of time such that the Company will not have to pay corporate-level U.S. federal income tax related to the year ended December 31, 2022. Current income tax expense estimates for the three and six months ended June 30, 2023 of $8,855 and $16,690 , respectively, is related to federal excise taxes. There was no such expense for the three and six months ended June 30, 2022. The Company evaluates tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the applicable period. As of June 30, 2023, the Company had not recorded a liability for any uncertain tax positions. Management’s evaluation of uncertain tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. The Company’s policy is to include interest and penalties related to income taxes, if applicable, in general and administrative expenses. There were no such expenses for the three and six months ended June 30, 2023 and 2022. The Taxable Subsidiary is a direct wholly-owned subsidiary of the Company that has elected to be a taxable entity. The Taxable Subsidiary permits the Company to hold equity investments in portfolio companies that are “pass through” entities for U.S. federal income tax purposes and continue to comply with the “source-of-income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiary is not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements. The Taxable Subsidiary uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. For the three and six months ended June 30, 2023 and 2022, the Company had no deferred tax assets or liabilities. Earnings per Share Basic per share calculations are computed utilizing the weighted average number of common shares of beneficial interest outstanding for the period. The Company has no common share of beneficial interest equivalents. As a result, there is no difference between diluted earnings per share and basic per share amounts. Paid In Capital The Company records the proceeds from the sale of its common shares of beneficial interest on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding all commissions and marketing support fees. Distributable Earnings The components that make up total distributable gain (loss) on the Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022 is as follows: June 30, 2023 December 31, 2022 Accumulated net realized gain from investments $ 13,271 $ 1,950 Net unrealized appreciation (depreciation) on non-controlled non-affiliated investments and cash equivalents 1,208,494 (538,883) Net unrealized appreciation on foreign currency translations 27,154 20,961 Accumulated undistributed net investment income (loss) 67,531 (226,750) Total distributable gain (loss) $ 1,316,450 $ (742,722) Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. The Company has agreements that have the London Interbank Offered Rate (“LIBOR”) as a reference rate with certain portfolio companies and with certain lenders. Many of these agreements include language for choosing an alternative successor rate, such as the Secured Overnigh Financing Rate (“SOFR”), if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in February 2022 and plans to apply the amendments in this update to account for contract modifications as contracts are amended to include a new reference rate or when LIBOR reference is no longer used. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three and six months ended June 30, 2023. From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. We believe the impact of the recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. |
RELATED PARTY ARRANGEMENTS
RELATED PARTY ARRANGEMENTS | 6 Months Ended |
Jun. 30, 2023 | |
RELATED PARTY ARRANGEMENTS | |
RELATED PARTY ARRANGEMENTS | NOTE 2 — RELATED PARTY ARRANGEMENTS Investment Advisory Agreement The Company has entered into an investment advisory agreement with the Advisor pursuant to which the Advisor serves as its investment adviser (the “Advisory Agreement”). Pursuant to this agreement and a related fee waiver letter agreement, the Company has agreed to pay the Advisor an annual base management fee (the “Base Management Fee”) of 1.50% of gross assets, including assets purchased with borrowed funds or other forms of leverage (including preferred stock, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) The Base Management Fee will be payable quarterly in arrears and be appropriately prorated for any partial quarter. Incentive Fee The Incentive Fee will consist of two components, an income-based incentive fee and a capital gains-based incentive fee, that are independent of each other, with the result that one component may be payable even if the other is not. Income-Based Incentive Fee. listing of our shares on a national securities exchange, 15.0% of any Pre-Incentive Fee Net Investment Income in excess of 1.7647% in any calendar quarter is payable to the Advisor. Pre-Incentive Fee Net Investment Income means interest income, fee income, distribution/dividend income and any other income accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee and expenses payable under the Administration Agreement but excluding any Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature, accrued income that the Company has not yet received in cash. The Advisor is not obligated to return the Income Incentive Fee it receives on deferred interest that is later determined to be uncollectible in cash. Notwithstanding the foregoing, an Income Incentive Fee shall be paid to the Advisor for any quarter only to the extent that, after such payment, the cumulative Income Incentive Fees paid to the Advisor for the period that includes the then-current fiscal quarter and the three full preceding fiscal quarters (the “Income Incentive Fee Look-Back Period”) is less than or equal to, prior to any listing of our shares on a national securities exchange, 10% and, subsequent to any listing of our shares on a national securities exchange, 15% of the Company’s Cumulative Pre-Incentive Fee Net Return (as defined below) during the Income Incentive Fee Look-Back Period (the “Income Incentive Fee Cap”). “Cumulative Pre-Incentive Fee Net Return” during the Income Incentive Fee Look-Back Period means the sum of (a) Pre-Incentive Fee Net Investment Income for each period during the relevant Income Incentive Fee Look-Back Period and (b) the sum of realized capital gains and unrealized capital appreciation during the applicable Income Incentive Fee Look-Back Period less the sum of realized capital losses and unrealized capital depreciation during the applicable Income Incentive Fee Look-Back Period. For the three months ended June 30, 2023 and 2022, the Company accrued Income Incentive Fees of $468,011 and $77,677, respectively. For the six months ended June 30, 2023 and 2022, the Company accrued Income Incentive Fees of $907,677 and $77,677, respectively. For the three months ended June 30, 2023 and 2022, $156,004 and $0 of Income Incentive Fees accrued were waived, pursuant to the 5% waiver prior to any listing of our shares on a national securities exchange. For the six months ended June 30, 2023 and 2022, $302,559 and $38,839 of Income Incentive Fees accrued were waived, pursuant to the 5% waiver prior to any listing of our shares on a national securities exchange. No Income Incentive Fees accrued but not paid by the Company were deferred, pursuant to the Cumulative Pre-Incentive Fee Net Return limitation, and are not currently payable. The Income Incentive Fees that have been waived by the Advisor are not subject to recoupment. Capital Gains Incentive Fee U.S. GAAP requires that the accrual considers the cumulative aggregate realized gains and losses and unrealized capital appreciation or depreciation of investments and other financial instruments in the calculation, as an Incentive Fee would be payable if such realized gains and losses and unrealized capital appreciation or depreciation were realized, even though such realized gains and losses and unrealized capital appreciation or depreciation is not permitted to be considered in calculating the fee actually payable under the Advisory Agreement. There can be no assurance that unrealized appreciation or depreciation will be realized in the future. Accordingly, such fees, as calculated and accrued, may not necessarily be payable under the Advisory Agreement, and may never be paid based upon the computation of Incentive Fees in subsequent periods. For both the three and six months ended June 30, 2023, the Company accrued $124,892 of Capital Gains Incentive Fee. For the three and six months ended June 30, 2022, the Company did not accrue any Capital Gains Incentive Fee. As of July 31, 2023 and December 31, 2022, $124,892 and $0, respectively, of Capital Gains Incentive Fees were accrued but not currently payable to the Advisor. Expense Support and Conditional Reimbursement The Advisor has contractually agreed to reimburse expenses, beginning with the Commencement of Operations, to keep annual operating expenses to be no more than an amount equal to 12.5 basis points of the Company’s total assets per quarter (50 basis points of its total assets per annum), pro-rated for partial periods, for the covered operating expenses (as defined below). The contractual fee reimbursements may be modified or terminated only with the approval of the Board, including a majority of the Independent Trustees. For purposes of the reimbursed expense calculations, covered operating expenses do not include organizational and offering expenses; costs relating to the offerings of the Company’s common shares of beneficial interest and other securities (including underwriting, placement agent and similar fees and commissions); interest payable on debt, if any, incurred to finance the Company’s investments and other fees and expenses related to the Company’s borrowings; federal, state and local taxes; all costs of registration and listing the Company’s shares on any securities exchange; investment advisory and management fees payable to the Advisor; and third-party investor hosting and similar platforms and service providers. For the three months ended June 30, 2023 and 2022, the Company recorded expense reimbursements of $139,229 and $87,423, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded expense reimbursements of $359,109 and $245,356, respectively. Reimbursements made by the Advisor with respect to the Company, pursuant to the Expense Support and Conditional Reimbursement Agreement, are subject to recoupment from the Company within a three year time period, provided that the Company is able to effect such payment to the Advisor without exceeding the applicable expense limitations in effect at the time such reimbursements occurred. For the three and six months ended June 30, 2023 and 2022, expenses reimbursed by the Advisor included in the Consolidated Statement of Operations, subject to recoupment by the Company over three years is as follows: For the Three Amount Subject Amount Balance Subject Date of Months Ended to Recoupment Recouped to Recoupment Expiration March 31, 2022 $ 157,933 $ — $ 157,933 March 31, 2025 June 30, 2022 87,423 — 87,423 June 30, 2025 September 30, 2022 79,475 — 79,475 September 30, 2025 December 31, 2022 63,511 — 63,511 December 31, 2025 March 31, 2023 219,880 — 219,880 March 31, 2026 June 30, 2023 139,229 — 139,229 June 30, 2026 Trustees’ Fees Each Independent Trustee of the Board is paid an annual board retainer of $50,000, payable in quarterly installments. The Company reimburses Independent Trustees for any out-of-pocket expenses related to their service as members of the Board. The Independent Trustees of the Board do not receive any stock-based compensation for their service as members of the Board. The Company’s trustees who are employed by Stellus Capital do not receive any compensation for their service as members of the Board. In addition, the Audit Committee Chairman is paid an additional annual retainer of $10,000. For both the three months ended June 30, 2023 and 2022, the Company recorded an expense relating to trustees’ fees of $40,000. For the six months ended June 30, 2023 and 2022, the Company recorded an expense relating to trustees’ fees of $80,000 and $78,000, respectively. As of both June 30, 2023 and December 31, 2022, no trustees’ fees were payable to the Company’s trustees. Co-Investment Pursuant to SEC Order On May 9, 2022, the Company received an exemptive order (the “Order”) from the SEC that permits it to co-invest with investment funds managed by the Advisor and its affiliates where doing so is consistent with the Company’s investment strategy as well as applicable law (including the terms and conditions of the exemptive order issued by the SEC). Under the terms of the relief permitting the Company to co-invest with other funds managed by the Advisor and its affiliates, a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Trustees must make certain conclusions in connection with a co-investment transaction, including (1) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its and do not involve overreaching of the Company or its shareholders on the part of any person concerned and (2) the transaction is consistent with the interests of its shareholders and is consistent with the Company’s investment objectives and strategies. The Company co-invests, subject to the conditions in the Order, with private credit funds and a BDC managed by Stellus Capital or its affiliate that have an investment strategy that is similar or identical to the Company's investment strategy, and the Company may co-invest with other BDCs, and registered investment companies managed by Stellus Capital or an adviser that is controlled, controlling, or under common control with Stellus Capital in the future. The Company believes that such co-investments may afford it additional investment opportunities and an ability to achieve greater diversification. License Agreement The Company has entered into a license agreement with Stellus Capital under which Stellus Capital has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Stellus Capital.” Under this agreement, the Company has a right to use the “Stellus Capital” name for so long as the Advisor, Stellus Capital or one of their affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Stellus Capital” name. This license agreement will remain in effect for so long as the Advisory Agreement with the Advisor is in effect. Administration Agreement Under the Administration Agreement, Stellus Capital furnishes the Company with office facilities and equipment and will provide the Company with clerical, bookkeeping, recordkeeping, and other administrative services at such facilities. Stellus Capital also performs, or oversees the performance of, the Company’s required administrative services, which include being responsible for the financial and other records that the Company is required to maintain and preparing reports to its shareholders and reports and other materials filed with the SEC. In addition, Stellus Capital assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its shareholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to the Company by others. Under the Administration Agreement, Stellus Capital also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted the Company’s offer to provide such assistance. Payments under the Administration Agreement are equal to an amount based upon the Company’s allocable portion (subject to the review of the Board) of Stellus Capital’s overhead in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and the Company’s allocable portion of the cost of the Company’s Chief Financial Officer and Chief Compliance Officer and his staff. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, Stellus Capital will be paid an additional amount based on the services provided, which shall not exceed the amount that the Company receives from such portfolio companies for providing this assistance. The Administration Agreement has an initial term of two years and may be renewed with the approval of the Board. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. To the extent that Stellus Capital outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without any incremental profit to Stellus Capital. The Board, including a majority of the Independent Trustees, will review the reimbursement payments made by the Company to the Administrator to determine if the provisions of the Administration Agreement are carried out satisfactorily and to determine, among other things, whether the reimbursement payments under the Administration Agreement are reasonable in light of the services provided. For the three months ended June 30, 2023 and 2022, the Company recorded expenses of $75,124 and $14,574, respectively, relating to the Administration Agreement. For the six months ended June 30, 2023 and 2022, the Company recorded expenses of $147,625 and $41,216, respectively, relating to the Administration Agreement. As of June 30, 2023 and December 31, 2022, $75,124 and $51,737, respectively, remained payable to Stellus Capital under the Administration Agreement. Indemnifications Under the Advisory Agreement, the Advisor has not assumed any responsibility to the Company other than to render the services called for under that agreement. It will not be responsible for any action of the Board in following or declining to follow the Advisor’s advice or recommendations. Under the Advisory Agreement, the Advisor, its officers, members and personnel, and any person controlling or controlled by the Advisor will not be liable to the Company, any of its subsidiaries, its trustees, its shareholders or any subsidiary’s shareholders or partners for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting gross negligence, willful misfeasance, bad faith or reckless disregard of the duties that the Advisor owes to the Company under the Advisory Agreement. In addition, as part of the Advisory Agreement, the Company has agreed to indemnify the Advisor and each of its officers, trustees, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with the Advisor, from and against any claims, damages, liabilities, costs and expenses, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with the Company’s business and operations or any action taken or omitted on the Company’s behalf pursuant to authority granted by the Advisory Agreement or otherwise as the Company's investment adviser, except where attributable to gross negligence, willful misfeasance, bad faith or reckless disregard of such person’s duties under the Advisory Agreement. These protections may lead the Advisor to act in a riskier manner when acting on the Company’s behalf than it would when acting for its own account. |
DISTRIBUTIONS
DISTRIBUTIONS | 6 Months Ended |
Jun. 30, 2023 | |
DISTRIBUTIONS | |
DISTRIBUTIONS | NOTE 3 — DISTRIBUTIONS D istributions are generally declared by the Company’s Board each calendar quarter and recognized as distribution liabilities on the declaration date. The stockholder distributions, if any, will be determined by the Board. Any distribution to stockholders will be declared out of assets legally available for distribution. For the three and six months ended June 30, 2023, the Company declared aggregate distributions of $0.44 and $0.86 per share on its common stock, respectively. The Company has declared distributions of $1.73 per share on its common stock since Inception: Date Declared Record Date Payment Date Per Share (1) Fiscal 2022 Various $ 0.87 Fiscal 2023 March 14, 2023 March 17, 2023 April 5, 2023 $ 0.42 June 27, 2023 June 30, 2023 July 5, 2023 $ 0.44 Total $ 1.73 (1) Distributions for the year ended 2022 are shown in aggregate amounts. In addition, the Company has adopted a dividend reinvestment plan (“DRIP”), pursuant to which each shareholder will receive dividends in the form of additional common shares of beneficial interest unless they notify the Plan Administrator and the Company's transfer agent and registrar in writing that they instead desire to receive cash. If a shareholder receives dividends in the form of shares, dividend proceeds that otherwise would have been distributed in cash will be retained by the Company for reinvestment. Shareholders who receive dividends and other distributions in the form of common shares of beneficial interest generally are subject to the same U.S. federal tax consequences as investors who elect to receive their distributions in cash; however, since their cash dividends will be reinvested, those investors will not receive cash with which to pay any applicable taxes on re-invested dividends. A shareholder may elect to receive dividends and other distributions in cash by notifying the Plan Administrator and the Company's transfer agent and registrar in writing so that such notice is received by the Plan Administrator no later than the record date fixed by the Board for such distribution. If such notice is not received by the record date fixed by the Board for such distribution, then that dividend will be paid in the form of common shares of beneficial interest and any subsequent dividends will be paid in cash. The Company issued 10,629 and 18,646 shares through the DRIP for the three and six months ended June 30, 2023, respectively. No DRIP shares were issued for the three and six months ended June 30, 2022. |
EQUITY OFFERINGS AND RELATED EX
EQUITY OFFERINGS AND RELATED EXPENSES | 6 Months Ended |
Jun. 30, 2023 | |
EQUITY OFFERINGS AND RELATED EXPENSES | |
EQUITY OFFERINGS AND RELATED EXPENSES | NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES On January 31, 2022, the Company completed an initial closing of capital commitments and received an aggregate capital commitment of $226,687,500. On this same date, pursuant to this capital commitment, the Company issued 2,333,334 common shares of beneficial interest at a price of $15.00 for total aggregate proceeds of $35,000,000. As of June 30, 2023, the Company has issued a total of 6,182,924 common shares of beneficial interest in connection with draw downs of $80,000,000 of capital commitments and immediate share purchases of $11,350,000 from investors pursuant to subscription agreements and $318,962 from dividend reinvestments for total contributed capital of $91,668,962. Organizational Offering Common Shares Number of Gross Expense Net Price Type of Common Shares Issuance Issuance Date Shares Proceeds Allocation (1) Proceeds (2) Per Share Capital draw down January 31, 2022 2,333,334 $ 35,000,000 $ — $ 35,000,000 $ 15.00 Capital draw down May 11, 2022 1,355,013 20,000,000 — 20,000,000 14.76 Capital draw down August 30, 2022 1,358,696 20,000,000 — 20,000,000 14.72 Dividend reinvestment August 31, 2022 294 4,328 — 4,328 14.72 Immediate share issuance September 27, 2022 91,403 1,345,451 4,549 1,350,000 14.72 Immediate share issuance November 7, 2022 342,037 4,983,487 16,513 5,000,000 14.57 Dividend reinvestment November 10, 2022 2,656 39,566 — 39,566 14.90 Dividend reinvestment January 13, 2023 8,017 119,453 — 119,453 14.90 Capital draw down March 29, 2023 341,529 5,000,000 — 5,000,000 14.64 Dividend reinvestment April 5, 2023 10,629 155,615 — 155,615 14.64 Immediate share issuance May 10, 2023 339,316 4,981,160 18,840 5,000,000 14.68 Total 6,182,924 $ 91,629,060 $ 39,902 $ 91,668,962 (1) Pro rata expense of organizational and offering costs incurred by the Company in connection with the Company’s formation and offerings. The Organizational Expense Allocation represents a reduction to capital commitments to investors subsequent to the initial closing. (2) Net Proceeds per this equity table will differ from the Statement of Assets and Liabilities as of June 30, 2023, in the amount of $388,214 , which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)) . |
NET INCREASE IN NET ASSETS PER
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST | 6 Months Ended |
Jun. 30, 2023 | |
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST | |
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST | NOTE 5 — NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST The following information sets forth the computation of net increase in net assets resulting from operations per common share of beneficial interest for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net increase in net assets resulting from operations $ 4,510,399 $ 617,112 $ 7,086,067 $ 585,915 Weighted average common shares of beneficial interest 6,037,036 3,092,695 5,770,879 2,790,962 Net increase in net assets from operations per share $ 0.75 $ 0.20 $ 1.23 $ 0.21 |
PORTFOLIO INVESTMENTS AND FAIR
PORTFOLIO INVESTMENTS AND FAIR VALUE | 6 Months Ended |
Jun. 30, 2023 | |
PORTFOLIO INVESTMENTS AND FAIR VALUE | |
PORTFOLIO INVESTMENTS AND FAIR VALUE | NOTE 6 — PORTFOLIO INVESTMENTS AND FAIR VALUE In accordance with the authoritative guidance on fair value measurements and disclosures under U.S. GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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; 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. The Company considers whether the volume and level of activity for the asset or liability have significantly decreased and identifies transactions that are not orderly in determining fair value. Accordingly, if the Company determines that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and management judgment will be required to estimate fair value. Valuation techniques such as an income approach might be appropriate to supplement or replace a market approach in those circumstances. At June 30, 2023, the Company had investments in 32 portfolio companies. The composition of our investments as of June 30, 2023 is as follows: Cost Fair Value Senior Secured – First Lien (1) $ 179,814,011 $ 180,437,624 Equity 7,273,856 7,885,891 Total Investments $ 187,087,867 $ 188,323,515 (1) Includes unitranche investments, which may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the “last-out” portion of the unitranche loans which account for 5.8% of our portfolio at fair value. At December 31, 2022, the Company had investments in 25 portfolio companies. The composition of our investments as of December 31, 2022 is as follows: Cost Fair Value Senior Secured – First Lien (1) $ 152,825,940 $ 152,257,418 Equity 5,196,737 5,247,337 Total Investments $ 158,022,677 $ 157,504,755 (1) Includes unitranche investments, which may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the “last-out” portion of the unitranche loans which account for 3.9% of our portfolio at fair value. The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of June 30, 2023 and December 31, 2022, the Company had 26 and 22 of such investments with aggregate unfunded commitments of $32,698,976 and $36,293,611, respectively. The Company maintains sufficient liquidity (through cash on hand, its ability to drawdown capital from investors, and/or available borrowings under the Credit Facilities) to fund such unfunded commitments should the need arise. The aggregate gross unrealized appreciation (depreciation) and the aggregate cost and fair value of the Company’s portfolio company securities as June 30, 2023 and December 31, 2022 was as follows: June 30, 2023 December 31, 2022 Aggregate cost of portfolio company securities $ 187,087,867 $ 158,022,677 Gross unrealized appreciation of portfolio company securities 2,355,976 550,229 Gross unrealized depreciation of portfolio company securities (1,147,482) (1,089,112) Gross unrealized appreciation on foreign currency translation 27,154 20,961 Aggregate fair value of portfolio company securities $ 188,323,515 $ 157,504,755 The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of June 30, 2023 are as follows: Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Securities Inputs Inputs (Level 1) (Level 2) (Level 3) Total Senior Secured – First Lien $ — $ — $ 180,437,624 $ 180,437,624 Equity — — 7,885,891 7,885,891 Total Investments $ — $ — $ 188,323,515 $ 188,323,515 The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2022 are as follows: Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Securities Inputs Inputs (Level 1) (Level 2) (Level 3) Total Senior Secured – First Lien $ — $ — $ 152,257,418 $ 152,257,418 Equity — — 5,247,337 5,247,337 Total Investments $ — $ — $ 157,504,755 $ 157,504,755 The aggregate values of Level 3 portfolio investments change during the six months ended June 30, 2023 are as follows: Senior Secured Loans-First Lien Equity Total Fair value at December 31, 2022 $ 152,257,418 $ 5,247,337 $ 157,504,755 Purchases of investments 39,328,107 2,090,671 41,418,778 Sales and Redemptions (12,561,190) (13,553) (12,574,743) Change in unrealized appreciation on investments included in earnings 1,192,134 555,243 1,747,377 Change in unrealized appreciation on foreign currency translation included in earnings — 6,193 6,193 Amortization of premium and accretion of discount, net 221,155 — 221,155 Fair value at June 30, 2023 $ 180,437,624 $ 7,885,891 $ 188,323,515 There were no Level 3 transfers during the six months ended June 30, 2023. The aggregate values of Level 3 portfolio investments change during the year ended December 31, 2022 are as follows: Senior Secured Loans-First Lien Equity Total Fair value at December 31, 2021 $ — $ — $ — Purchases of investments 163,129,279 5,196,737 168,326,016 Sales and Redemptions (10,501,404) — (10,501,404) Change in unrealized (depreciation) appreciation on investments included in earnings (568,522) 29,639 (538,883) Change in unrealized appreciation on foreign currency translation included in earnings — 20,961 20,961 Amortization of premium and accretion of discount, net 198,065 — 198,065 Fair value at December 31, 2022 $ 152,257,418 $ 5,247,337 $ 157,504,755 There were no Level 3 transfers during the year ended December 31, 2022. The following is a summary of geographical concentration of our investment portfolio as of June 30, 2023: % of Total Cost Fair Value Investments Texas $ 46,914,981 $ 47,584,275 25.26 % Florida 40,551,893 40,635,492 21.57 % New York 23,611,915 24,022,550 12.76 % Illinois 14,132,446 13,664,574 7.26 % United Kingdom 11,343,545 11,405,472 6.06 % Arizona 7,923,725 8,075,572 4.29 % Washington 7,139,165 7,156,607 3.80 % Wisconsin 6,551,283 6,828,849 3.63 % Indiana 6,394,525 6,490,494 3.45 % Maryland 5,900,960 5,760,940 3.06 % Tennessee 5,126,448 5,165,989 2.74 % Idaho 4,067,492 4,101,522 2.18 % Pennsylvania 2,947,177 2,947,176 1.56 % South Carolina 2,277,017 2,278,708 1.21 % Colorado 2,205,295 2,205,295 1.17 % $ 187,087,867 $ 188,323,515 100.00 % The following is a summary of geographical concentration of our investment portfolio as of December 31, 2022: % of Total Cost Fair Value Investments Texas $ 41,689,874 $ 41,670,626 26.46 % Florida 25,824,710 25,639,155 16.28 % New York 23,971,538 23,990,132 15.23 % Illinois 13,199,633 12,899,144 8.19 % United Kingdom 9,977,695 9,971,437 6.33 % Michigan 9,492,362 9,607,593 6.10 % Washington 6,892,968 6,750,961 4.29 % Indiana 6,384,015 6,339,226 4.02 % Maryland 6,094,066 5,955,848 3.78 % Arizona 5,161,586 5,259,750 3.34 % Wisconsin 4,940,698 5,031,797 3.19 % Idaho 4,393,532 4,389,086 2.79 % $ 158,022,677 $ 157,504,755 100.00 % The following is a summary of industry concentration of our investment portfolio as of June 30, 2023: % of Total Cost Fair Value Investments Services: Business $ 48,425,646 $ 48,783,021 25.91 % Capital Equipment 24,490,108 24,963,290 13.26 % Consumer Goods: Non-Durable 17,838,532 18,230,376 9.68 % High Tech Industries 13,553,739 13,567,566 7.20 % Consumer Goods: Durable 13,465,092 13,434,217 7.13 % Healthcare & Pharmaceuticals 12,111,614 12,193,067 6.47 % Media: Diversified & Production 11,343,545 11,405,472 6.07 % Services: Consumer 9,648,607 9,632,244 5.11 % Chemicals, Plastics, & Rubber 8,603,552 8,414,083 4.47 % Construction & Building 7,594,506 7,557,771 4.01 % Retail 6,210,160 6,193,305 3.29 % Beverage, Food, & Tobacco 5,126,448 5,165,989 2.74 % Media: Broadcasting & Subscription 4,613,200 4,673,753 2.48 % Software 4,063,118 4,109,361 2.18 % $ 187,087,867 $ 188,323,515 100.00 % The following is a summary of industry concentration of our investment portfolio as of December 31, 2022: % of Total Cost Fair Value Investments Services: Business $ 35,188,973 $ 35,046,444 22.25 % Capital Equipment 20,713,352 20,768,686 13.19 % Consumer Goods: Non-Durable 18,553,695 18,514,476 11.75 % Consumer Goods: Durable 13,741,132 13,680,426 8.69 % Media: Diversified & Production 9,977,695 9,971,437 6.33 % Healthcare & Pharmaceuticals 9,866,275 9,866,275 6.26 % Automotive 9,492,362 9,607,593 6.10 % High Tech Industries 8,455,439 8,399,480 5.33 % Chemicals, Plastics, & Rubber 7,490,771 7,351,701 4.67 % Construction & Building 7,348,309 7,195,856 4.57 % Retail 5,327,376 5,291,147 3.36 % Media: Broadcasting & Subscription 4,614,114 4,614,114 2.93 % Software 4,165,162 4,140,506 2.63 % Services: Consumer 3,088,022 3,056,614 1.94 % $ 158,022,677 $ 157,504,755 100.00 % The following provides quantitative information about Level 3 fair value measurements as of June 30, 2023: Description: Fair Value Valuation Technique Unobservable Inputs Range (Average) (1)(3) First lien debt $ 180,437,624 Income/Market HY credit spreads, -0.88% to 0.92% (-0.09%) approach (2) Risk free rates 0.00% to 2.54% (1.09%) Market multiples 5.0x to 17.0x (10.3x) (4) Equity investments $ 7,885,891 Market approach (5) Underwriting multiple/ EBITDA Multiple 5.7x to 22.5x (11.2x) $ 188,323,515 (1) Weighted average based on fair value as of June 30, 2023. (2) Income approach is based on discounting future cash flows using an appropriate market yield. (3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from -0.88% ( -88 basis points) to 0.92% ( 92 basis points). The average of all changes was -0.09% ( -9 basis points). (4) Median of LTM (last twelve months) EBITDA multiples of comparable companies. (5) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach. The following provides quantitative information about Level 3 fair value measurements as of December 31, 2022: Description: Fair Value Valuation Technique Unobservable Inputs Range (Average) (1)(3) First lien debt $ 152,257,418 Income/Market HY credit spreads, -0.09% to 1.72% (1.06%) approach (2) Risk free rates 0.63% to 2.87% (1.47%) Market multiples 5.2x to 15.1x (10.0x) (4) Equity investments $ 5,247,337 Market approach (5) Underwriting multiple/ EBITDA Multiple 5.5x to 22.1x (10.4x) $ 157,504,755 (1) Weighted average based on fair value as of December 31, 2022. (2) Income approach is based on discounting future cash flows using an appropriate market yield. (3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from -0.09% ( -9 basis points) to 1.72% ( 172 basis points). The average of all changes was 1.06% ( 106 basis points). (4) Median of LTM (last twelve months) EBITDA multiples of comparable companies. (5) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 — COMMITMENTS AND CONTINGENCIES The Company is currently not subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our business, financial condition, or results of operations. A s of June 30, 2023, the Company had $32,698,976 in unfunded debt commitments to 26 existing portfolio companies. As of December 31, 2022, the Company had $36,293,611 in unfunded debt commitments to 22 existing portfolio companies. As of June 30, 2023, the Company had sufficient liquidity (through cash on hand, its ability to drawdown capital from investors, and/or available borrowings under the Credit Facilities (as defined below)) to fund such unfunded commitments should the need arise |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 6 Months Ended |
Jun. 30, 2023 | |
FINANCIAL HIGHLIGHTS | |
FINANCIAL HIGHLIGHTS | NOTE 8 — FINANCIAL HIGHLIGHTS For the Period from Commencement of Six Months Ended Operations through June 30, 2023 June 30, 2022 (unaudited) (unaudited) Per Share Data: (1) Net asset value at beginning of period $ 14.64 $ 14.77 (2) Net investment income 0.92 0.28 Change in unrealized appreciation (depreciation) on investments 0.31 (0.07) Total from operations $ 1.23 $ 0.21 Stockholder distributions from: Net investment income (0.87) — Other (3) (0.02) (0.05) Net asset value at end of period $ 14.98 $ 14.93 Total return based on market value (4) 8.24 % 2.64 % Weighted average shares outstanding 5,770,879 2,790,962 Ratio/Supplemental Data: Net assets at end of period $ 92,597,198 $ 55,053,070 Weighted average net assets $ 84,578,371 $ 41,432,778 Annualized ratio of net operating expenses to weighted average net assets (5)(6) 11.46 % 4.36 % Annualized ratio of interest expense and other fees to weighted average net assets (6) 8.41 % 2.06 % Annualized ratio of net investment income to weighted average net assets (5)(6) 8.08 % 5.32 % Portfolio turnover (7) 14.90 % 3.95 % Credit Facilities payable $ 95,200,000 $ 46,450,000 Short-term loan payable $ — $ 25,000,000 Asset coverage ratio (8) 1.97 x 2.19 x (1) Financial highlights are based on weighted average shares outstanding for the period. (2) The initial offering price of $15.00 per share less $0.23 per share of organization costs. (3) Includes the impact of different share amounts 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 the period end. (4) 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. Total return is not annualized. (5) Net of 4.60% and 3.74% for the six months ended June 30, 2023 and 2022, respectively, from expenses reimbursed and fees waived by the Advisor. (6) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g., organization costs of $3,534 for the period from Commencement of Operations through June 30, 2022). (7) Portfolio turnover is calculated as the lesser of purchases or sales and proceeds from sales and repayments of investments divided by average portfolio balance and is not annualized. (8) Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities . |
CREDIT FACILITIES
CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2023 | |
CREDIT FACILITIES | |
CREDIT FACILITIES | NOTE 9 — CREDIT FACILITIES Commitment Facility On February 1, 2022, the Company entered into a revolving credit and security agreement with Signature Bank as subsequently amended (the “Commitment Facility”). On May 5, 2022, the Company entered into a First Amendment to Revolving Credit and Security Agreement (the “First Amendment”) by and between the Company, as the borrower and Signature Bank as the lender. The First Amendment increased the maximum commitment amount under the Commitment Facility from $50,000,000 to $75,000,000 on a committed basis. On June 17, 2022, the Company entered into a Second Amendment to Revolving Credit and Security Agreement (the “Second Amendment”) by and between the Company, as the borrower and Signature Bank, as the lender. The Second Amendment increased the maximum commitment amount under the Commitment Facility from $75,000,000 to $100,000,000 on a committed basis. The Commitment Facility was further amended by the Third Amendment to Revolving Credit and Security Agreement, dated July 19, 2022, and the Fourth Amendment to Revolving Credit and Security Agreement, dated September 7, 2022. Borrowings under the Commitment Facility bear interest, subject to the Company’s election, on a per annum basis equal to (i) one-month Term SOFR plus 1.80% plus a credit spread adjustment of 0.10% subject to a zero percent floor (ii) daily simple SOFR plus 1.80% plus a credit spread adjustment of 0.10% or (iii) (a) an alternate base rate based on the greatest of (I) the Prime Rate, (II) Federal Funds Rate plus 0.50% and (III) one-month Term SOFR plus 1.80%, minus (b) 0.80%. Interest is payable monthly in arrears. On March 10, 2023, Signature Bank was placed into receivership by the FDIC. On March 12, 2023, the FDIC created Signature Bridge Bank, N.A. (“Signature Bridge”) to take over the operations of Signature Bank. As of June 30, 2023, the Commitment Facility remained in full force and effect and is now serviced by Signature Bridge. Any amounts borrowed under the Commitment Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on December 31, 2023. The Company's obligations to the lenders under the Commitment Facility are secured by investors' uncalled capital commitments, and the availability under the Commitment Facility is based on an advance rate for each investor's uncalled capital commitments. The Commitment Facility contains certain covenants, including but not limited to, maintaining an asset coverage ratio of at least 1.50 to 1.00. As of June 30, 2023 and December 31, 2022, the Company was in compliance with these covenants. As of June 30, 2023 and December 31, 2022, $45,000,000 and $80,615,000, respectively, was outstanding under the Commitment Facility. The carrying amount of the amount outstanding under the Commitment Facility approximates its fair value. The fair value of the Commitment Facility is determined in accordance with ASC Topic 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Commitment Facility is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. The Company has incurred loan structure fees of $627,276 in connection with the current Commitment Facility, which are being amortized over the life of the facility. As of June 30, 2023 and December 31, 2022, $96,945 and $44,678, respectively, of such prepaid loan structure fees had yet to be amortized. These prepaid loan structure fees are presented on the Consolidated Statements of Assets and Liabilities as a deduction from the Commitment Facility payable. The following is a summary of the Commitment Facility, net of prepaid loan structure fees: June 30, 2023 December 31, 2022 Commitment Facility payable $ 45,000,000 $ 80,615,000 Prepaid loan structure fees (96,945) (44,678) Commitment Facility payable, net of prepaid loan structure fees $ 44,903,055 $ 80,570,322 Interest is paid monthly in arrears. The following table summarizes the interest expense and amortized financing costs on the Commitment Facility for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest expense $ 786,155 $ 178,110 $ 1,669,097 $ 203,508 Loan structure fees amortization 47,944 97,191 123,551 144,560 Total interest and other fees $ 834,099 $ 275,301 $ 1,792,648 $ 348,068 Weighted average interest rate 7.0 % 3.1 % (1) 6.7 % 3.4 % (1) Effective interest rate (including fee amortization) 7.4 % 4.8 % (1) 7.2 % 5.8 % (1) Average debt outstanding $ 45,000,000 $ 23,106,593 (1) $ 49,966,796 14,644,667 (1) Cash paid for interest and unused fees $ 1,271,798 $ — $ 2,073,214 $ — (1) Calculated for the period from February 1, 2022, the date of the Commitment Facility, through June 30, 2022 . Credit Facility On September 30, 2022, the Company entered into a senior secured revolving credit agreement, as amended, that was amended on December 9, 2022 with Zions Bancorporation, N.A., dba Amegy Bank and various other lenders (the "Credit Facility", and together with the Commitment Facility, the "Credit Facilities"). The September 2022 Credit Facility provides for borrowings up to a maximum of $150,000,000 on a committed basis with an accordion feature that allows the Company to increase the aggregate commitments up to $200,000,000, subject to new or existing lenders agreeing to participate in the increase and other customary conditions. The Credit Facility bears interest, subject to the Company’s election, on a per annum basis equal to (i) Term SOFR plus 2.50% (or 2.75% during certain periods in which the Company’s asset coverage ratio is equal to or below 1.90 to 1.00) plus a credit spread adjustment (0.10% for one-month Term SOFR and 0.15% for three-month Term SOFR), subject to a 0.25% floor, or (ii) 1.50% (or 1.75% during certain periods in which the Company’s asset coverage ratio is equal to or below 1.90 to 1.00) plus an alternate base rate, which is subject to a 3.00% floor, based on the highest of (a) the Prime Rate, (b) Federal Funds Rate plus 0.50% and (c) one-month Term SOFR plus a credit spread adjustment of 0.10% (subject to a 0.25% floor), plus 1.00%. The Company pays unused commitment fees of 0.50% per annum on the unused lender commitments under the Credit Facility. Interest is payable monthly or quarterly in arrears. The commitment to fund the revolver expires on September 30, 2026, after which the Company may no longer borrow under the Credit Facility and must begin repaying principal equal to 1/12 of the aggregate amount outstanding under the Credit Facility each month. Any amounts borrowed under the Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on September 30, 2027. Our obligations to the lenders under the Credit Facility are secured by a first priority security interest in its portfolio of securities and cash held. The Credit Facility contains certain covenants, including but not limited to: (i) maintaining a minimum liquidity test of at least $10,000,000, including cash, liquid investments, and undrawn availability, (ii) maintaining an asset coverage ratio of at least 1.67 to 1.00, (iii) maintaining a certain minimum stockholder’s equity, and (iv) maintaining a minimum interest coverage ratio of at least 1.75 to 1.00. As of June 30, 2023 and December 31, 2022, the Company was in compliance with these covenants. As of June 30, 2023 and December 31, 2022, there was $50,200,000 and $0, respectively, outstanding under the Credit Facility. The carrying amount of the amount outstanding under the Credit Facility approximates its fair value. The fair value of the Credit Facility is determined in accordance with ASC Topic 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value of the Credit Facility is estimated based upon market interest rates for our own borrowings or entities with similar credit risk, adjusted for nonperformance risk, if any. The Company has incurred costs of $1,370,961 in connection with the current Credit Facility, which are being amortized over the life of the facility. As of June 30, 2023 and December 31, 2022, $1,123,695 and $1,122,188 of such prepaid loan structure fees and administration fees had yet to be amortized, respectively. These prepaid loan fees are presented on our Consolidated Statements of Assets and Liabilities as a deduction from the debt liability. The following is a summary of the Credit Facility, net of prepaid loan structure fees: June 30, 2023 December 31, 2022 Credit Facility payable $ 50,200,000 $ — Prepaid loan structure fees (1,123,695) (1,122,188) Credit Facility payable, net of prepaid loan structure fees $ 49,076,305 $ (1,122,188) Interest is paid monthly in arrears. The following table summarizes the interest expense and amortized financing costs on the Credit Facility for the three and six months ended June 30, 2023: Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Interest expense $ 893,728 $ 1,555,656 Loan structure fees amortization 94,132 175,419 Total interest and other fees $ 987,860 $ 1,731,075 Weighted average interest rate 9.1 % 9.0 % Effective interest rate (including fee amortization) 10.0 % 10.1 % Average debt outstanding $ 39,588,462 $ 34,677,072 Cash paid for interest and unused fees $ 901,154 $ 1,537,279 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 10 — SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except for the following described below. Investment Portfolio The Company invested in the following portfolio companies subsequent to June 30, 2023: Activity Type Date Company Name Company Description Investment Amount Instrument Type New Investment July 7, 2023 Madison Logic, Inc.* Provider of B2B account based marketing services $ 461,351 Equity New Investment July 31, 2023 EHI Buyer, Inc. Provider of design, engineering, installation, and maintenance services for building management systems $ 2,820,685 Senior Secured – First Lien $ 1,410,343 Delayed Draw Term Loan Commitment $ 3,149,231 Revolver Commitment $ 492,017 Equity New Investment August 2, 2023 Compost 360 Acquisition, LLC Organic waste recycler and producer of compost, mulch, and engineered soils $ 5,915,156 Senior Secured – First Lien $ 2,609,627 Delayed Draw Term Loan Commitment $ 2,919,023 Revolver Commitment $ 208,069 Equity New Investment August 3, 2023 Morgan Electrical Group Intermediate Holdings, Inc. Provider of commercial electrical services $ 2,022,258 Senior Secured – First Lien $ 1,304,682 Delayed Draw Term Loan Commitment $ 717,227 Revolver Commitment $ 194,900 Equity New Investment August 7, 2023 The Hardenbergh Group, Inc. Provider of temporary professional staffing of Medical Services Professionals, external peer review, consulting and physician leadership solutions $ 4,783,836 Senior Secured – First Lien $ 1,679,360 Revolver Commitment $ 264,885 Equity New Investment August 8, 2023 Green Intermediateco II, Inc. Cyber-security focused value-added reseller and associated service provider $ 6,361,759 Senior Secured – First Lien $ 2,002,253 Delayed Draw Term Loan Commitment $ 194,512 Equity * Existing portfolio company Credit Facilities As of August 11, 2023, the outstanding balance under the Commitment Facility was $45,000,000 and the outstanding balance under the Credit Facility was $73,800,000. Sale of Unregistered Securities Since June 30, 2023, the Company sold 73,161 common shares of beneficial interest at a price of $14.98 per share for aggregate proceeds of $1,095,959 , which included $4,041 of Organizational Expense Allocation pursuant to Subscription Agreements entered into between the Company and investors Additionally, on July 31, 2023, the Company called $10,000,000 pursuant to capital draw down subscription agreements between the Company and its shareholders. The transaction is expected to close on August 15, 2023 and result in the issuance of 667,557 at a price of $14.98 per share. Since June 30, 2023, the Company also issued 11,413 common shares of beneficial interest for aggregate proceeds of $167,537 under the DRIP. |
NATURE OF OPERATIONS AND SIGN_2
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared on the accrual basis of accounting in conformity with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, certain disclosures accompanying the annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. In the opinion of management, the unaudited consolidated financial results included herein contain all adjustments, consisting solely of normal recurring accruals, considered necessary for the fair presentation of the financial statements for the interim periods included herein. The results of operations for the three and six months ended June 30, 2023 and 2022 are not necessarily indicative of the operating results to be expected for the full year. Also, the unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2022. In accordance with Regulation S-X under the Exchange Act, the Company does not consolidate portfolio company investments. The accounting records of the Company are maintained in U.S. dollars. |
Economic Developments | Economic Developments Economic activity has continued to accelerate across sectors and regions. Nonetheless, we have observed and may continue to observe supply chain interruptions, labor resource shortages, commodity inflation, rising interest rates, economic sanctions in response to international conflicts and instances of geopolitical, economic, and financial market instability in the United States and abroad. One or more of these factors may contribute to increased market volatility and may have long- and short-term effects in the United States and worldwide financial markets. |
Portfolio Investment Classification | Portfolio Investment Classification The Company classifies its portfolio investments in accordance with the requirements of the 1940 Act as follows: (a) “Control Investments” are defined as investments in which the Company owns more than 25% of the voting securities or has rights to maintain greater than 50% of the board representation, (b) “Affiliate Investments” are defined as investments in which the Company owns between 5% and 25% of the voting securities and does not have rights to maintain greater than 50% of the board representation, and (c) “Non-controlled, non-affiliate investments” are defined as investments that are neither Control Investments or Affiliate Investments. |
Cash and Cash Equivalents | Cash and Cash Equivalents As of June 30, 2023, cash balances totaling $9,490 did not exceed Federal Deposit Insurance Corporation (“FDIC”) insurance protection levels of $250,000. As of December 31, 2022, the Company held $12,500,000 of cash equivalents in U.S. Treasury Bills that matured on January 4, 2023. The U.S. Treasury Bills were purchased using $1,000,000 margin cash and proceeds from a $11,500,000 short-term loan from Raymond James Financial Inc., accruing interest at an annual rate of approximately 6.50%. As of June 30, 2023, no U.S. Treasury Bills were held. For the three and six months ended June 30, 2023, the Company incurred interest expense of $448 and $2,187 related to the short-term loan, respectively. For the three and six months ended June 30, 2022, the Company accrued interest expense of $2,603 related to the short-term loan. For the six months ended June 30, 2023, the Company paid $6,359 related to the short-term loan. In addition, at June 30, 2023, the Company held $740,947 in cash equivalents, which are carried at cost, which approximates fair value. Cash consists of bank demand deposits. We deem certain U.S. Treasury Bills and other high-quality, short-term debt securities as cash equivalents. All of the Company's cash deposits are held at large established high credit quality financial institutions and management believes that risk of loss associated with any uninsured balances is remote. |
Fair Value Measurements | Fair Value Measurements We account for all of our financial instruments at fair value in accordance with ASC Topic 820, Fair Value Measurements and Disclosures |
Consolidation | Consolidation As permitted under Regulation S-X under the Exchange Act and ASC Topic 946, we generally do not consolidate our investment in a portfolio company other than an investment company subsidiary. Accordingly, we consolidated the results of the Taxable Subsidiary. All intercompany balances have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the Consolidated Statements of Assets and Liabilities in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consists of prepaid loan structure fees and expenses paid in connection with the closing of our Credit Facilities and are capitalized at the time of payment. These costs are amortized using the straight line method over the term of the respective instrument and presented as an offset to the corresponding debt on the Consolidated Statements of Assets and Liabilities. |
Organizational Costs | Organizational Costs Organizational costs include costs relating to the formation and incorporation of the Company, which generally include legal fees. These costs are expensed as incurred. |
Deferred Offering Costs | Deferred Offering Costs Costs associated with the offering of common shares of beneficial interest of the Company are capitalized as deferred offering costs, included on the Statements of Assets and Liabilities and amortized over a twelve-month period from Commencement of Operations. These expenses include legal, accounting, printing fees and other related expenses and costs incurred in connection with preparing the offering documents relating to the Private Offering. As of June 30, 2023 and December 31, 2022, $86,760 and $54,394 of such offering costs had yet to be amortized, respectively. |
Investments | Investments In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, and had a compliance date of September 8, 2022. While our Board has not elected to designate the Advisor as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. As a BDC, the Company will generally invest in illiquid loans and securities including debt and equity securities of private middle-market companies. Section 2(a)(41) of the 1940 Act requires that a BDC value its assets as follows: (i) the third party price for securities for which a quotation is readily available; and (ii) for all other securities and assets, fair value, as determined in good faith by a BDC's Board of Trustees. Under procedures established by our Board, the Company intends to value investments for which market quotations are readily available at such market quotations. The Company will obtain these market values from an independent pricing service or at the midpoint of the bid and ask prices obtained from at least two brokers or dealers (if available, otherwise by a principal market maker or a primary market dealer). Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at fair value as determined in good faith by our Board. Such determination of fair values may involve subjective judgments and estimates. The Company also engages independent valuation providers to review the valuation of each portfolio investment that does not have a readily available market quotation at least twice annually. Debt and equity investments purchased within approximately 90 days of the valuation date will be valued at cost, plus accreted discount, or minus amortized premium, which approximates fair value. With respect to unquoted securities, our Board will value each investment considering, among other measures, discounted cash flow models, comparisons of financial ratios of peer companies that are public and other factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board will use the pricing indicated by the external event to corroborate and/or assist us in its valuation. Because the Company expects that there will not be a readily available market quotation for many of the investments in its portfolio, the Company expects to value most of our portfolio investments at fair value as determined in good faith by the Board using a documented valuation policy and a consistently applied valuation process. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material. In following these approaches, the types of factors that will be taken into account in fair value pricing investments will include, as relevant, but not be limited to: ● available current market data, including relevant and applicable market trading and transaction comparables; ● applicable market yields and multiples; ● financial covenants; ● call protection provisions; ● information rights; ● the nature and realizable value of any collateral; ● the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; ● comparisons of financial ratios of peer companies that are public; ● comparable merger and acquisition transactions; and ● the principal market and enterprise values. |
Revenue Recognition | Revenue Recognition We record interest income on an accrual basis to the extent such interest is deemed collectible. Payment-in-kind (“PIK”) interest represents contractual interest accrued and added to the loan balance that generally becomes due at maturity. We will not accrue any form of interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount and market discount or premium are capitalized, and we then accrete or amortize such amounts using the effective interest method as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fee is recorded as interest income. We record prepayment premiums on loans and debt securities as other income. Dividend income, if any, will be recognized on the declaration date. A presentation of the interest income we have received from portfolio companies for the three and six months ended June 30, 2023 and 2022 is as follows: Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Loan interest $ 4,931,471 $ 1,193,400 $ 9,340,920 $ 1,535,846 Fee amortization income (1) 208,690 52,477 368,519 68,306 Fee income acceleration (2) 18,612 1,341 181,286 2,077 Total Interest Income $ 5,158,773 $ 1,247,218 $ 9,890,725 $ 1,606,229 (1) Includes amortization of fees on unfunded commitments. (2) Unamortized loan origination fees recognized upon full or partial realization of investment. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Realized gains or losses are measured by the difference between the net proceeds from the repayment, sale or disposition and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. |
Investment Transaction Costs | Investment Transaction Costs Costs that are material associated with an investment transaction, including legal expenses, are included in the cost basis of purchases, and deducted from the proceeds of sales unless such costs are reimbursed by the borrower. |
Receivables and Payables for Unsettled Securities Transaction | Receivables and Payables for Unsettled Securities Transaction The Company records all investments on a trade date basis. |
U.S. Federal Income Taxes | U.S. Federal Income Taxes The Company qualifies and intends to elect to be treated as a RIC under Subchapter M of the Code, and to operate in a manner to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, among other things, the Company is required to timely distribute to its shareholders at least 90% of investment company taxable income, as defined by the Code, for each year. 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 by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To avoid a 4% U.S federal excise tax on undistributed earnings, the Company is required to distribute each calendar year the sum of (i) 98% of its ordinary income for such calendar year, (ii) 98.2% of its net capital gains for the one-year period ending December 31, and (iii) any income recognized, but not distributed, in preceding years and on which the Company paid no federal income tax (the “Excise Tax Avoidance Requirement”). For this purpose, however, any net ordinary income or capital gain net income retained by us that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Company, at its discretion, may choose not to distribute all its taxable income for the calendar year and pay a non-deductible 4% excise tax on this income. If the Company chooses to do so, all other things being equal, this would increase expenses and reduce the amount of cash available to be distributed to shareholders. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, the Company accrues excise taxes on estimated excess taxable income as taxable income is earned. As of December 31, 2022, the Company estimates that it had $277,935 of undistributed taxable income that was carried forward toward distributions to be paid in 2023. All of the undistributed ordinary income as of December 31, 2022 will have been distributed within the required period of time such that the Company will not have to pay corporate-level U.S. federal income tax related to the year ended December 31, 2022. Current income tax expense estimates for the three and six months ended June 30, 2023 of $8,855 and $16,690 , respectively, is related to federal excise taxes. There was no such expense for the three and six months ended June 30, 2022. The Company evaluates tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet a “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the applicable period. As of June 30, 2023, the Company had not recorded a liability for any uncertain tax positions. Management’s evaluation of uncertain tax positions may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. The Company’s policy is to include interest and penalties related to income taxes, if applicable, in general and administrative expenses. There were no such expenses for the three and six months ended June 30, 2023 and 2022. The Taxable Subsidiary is a direct wholly-owned subsidiary of the Company that has elected to be a taxable entity. The Taxable Subsidiary permits the Company to hold equity investments in portfolio companies that are “pass through” entities for U.S. federal income tax purposes and continue to comply with the “source-of-income” requirements contained in RIC tax provisions of the Code. The Taxable Subsidiary is not consolidated with the Company for U.S. federal income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s consolidated financial statements. The Taxable Subsidiary uses the liability method in accounting for income taxes. Deferred tax assets and liabilities are recorded for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, using statutory tax rates in effect for the year in which the temporary differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized. Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses. Taxable income generally excludes net unrealized appreciation or depreciation, as investment gains or losses are not included in taxable income until they are realized. For the three and six months ended June 30, 2023 and 2022, the Company had no deferred tax assets or liabilities. |
Earnings per Share | Earnings per Share Basic per share calculations are computed utilizing the weighted average number of common shares of beneficial interest outstanding for the period. The Company has no common share of beneficial interest equivalents. As a result, there is no difference between diluted earnings per share and basic per share amounts. |
Paid In Capital | Paid In Capital The Company records the proceeds from the sale of its common shares of beneficial interest on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding all commissions and marketing support fees. |
Distributable Earnings | Distributable Earnings The components that make up total distributable gain (loss) on the Statements of Assets and Liabilities as of June 30, 2023 and December 31, 2022 is as follows: June 30, 2023 December 31, 2022 Accumulated net realized gain from investments $ 13,271 $ 1,950 Net unrealized appreciation (depreciation) on non-controlled non-affiliated investments and cash equivalents 1,208,494 (538,883) Net unrealized appreciation on foreign currency translations 27,154 20,961 Accumulated undistributed net investment income (loss) 67,531 (226,750) Total distributable gain (loss) $ 1,316,450 $ (742,722) |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard is effective as of March 12, 2020 through December 31, 2022. The Company has agreements that have the London Interbank Offered Rate (“LIBOR”) as a reference rate with certain portfolio companies and with certain lenders. Many of these agreements include language for choosing an alternative successor rate, such as the Secured Overnigh Financing Rate (“SOFR”), if LIBOR reference is no longer considered to be appropriate. Contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. The Company adopted this amendment in February 2022 and plans to apply the amendments in this update to account for contract modifications as contracts are amended to include a new reference rate or when LIBOR reference is no longer used. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the three and six months ended June 30, 2023. From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. We believe the impact of the recently issued standards and any that are not yet effective will not have a material impact on our consolidated financial statements upon adoption. |
NATURE OF OPERATIONS AND SIGN_3
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of interest income received from portfolio companies | Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Loan interest $ 4,931,471 $ 1,193,400 $ 9,340,920 $ 1,535,846 Fee amortization income (1) 208,690 52,477 368,519 68,306 Fee income acceleration (2) 18,612 1,341 181,286 2,077 Total Interest Income $ 5,158,773 $ 1,247,218 $ 9,890,725 $ 1,606,229 (1) Includes amortization of fees on unfunded commitments. (2) Unamortized loan origination fees recognized upon full or partial realization of investment. |
Schedule of accumulated undistributed deficit | June 30, 2023 December 31, 2022 Accumulated net realized gain from investments $ 13,271 $ 1,950 Net unrealized appreciation (depreciation) on non-controlled non-affiliated investments and cash equivalents 1,208,494 (538,883) Net unrealized appreciation on foreign currency translations 27,154 20,961 Accumulated undistributed net investment income (loss) 67,531 (226,750) Total distributable gain (loss) $ 1,316,450 $ (742,722) |
RELATED PARTY ARRANGEMENTS (Tab
RELATED PARTY ARRANGEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
RELATED PARTY ARRANGEMENTS | |
Schedule of expenses reimbursed by the Advisor | For the Three Amount Subject Amount Balance Subject Date of Months Ended to Recoupment Recouped to Recoupment Expiration March 31, 2022 $ 157,933 $ — $ 157,933 March 31, 2025 June 30, 2022 87,423 — 87,423 June 30, 2025 September 30, 2022 79,475 — 79,475 September 30, 2025 December 31, 2022 63,511 — 63,511 December 31, 2025 March 31, 2023 219,880 — 219,880 March 31, 2026 June 30, 2023 139,229 — 139,229 June 30, 2026 |
DISTRIBUTIONS - (Tables)
DISTRIBUTIONS - (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
DISTRIBUTIONS | |
Schedule of aggregate distributions | Date Declared Record Date Payment Date Per Share (1) Fiscal 2022 Various $ 0.87 Fiscal 2023 March 14, 2023 March 17, 2023 April 5, 2023 $ 0.42 June 27, 2023 June 30, 2023 July 5, 2023 $ 0.44 Total $ 1.73 (1) Distributions for the year ended 2022 are shown in aggregate amounts. |
EQUITY OFFERINGS AND RELATED _2
EQUITY OFFERINGS AND RELATED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
EQUITY OFFERINGS AND RELATED EXPENSES | |
Summary of number of common stock shares issued through various equity offerings and pursuant to DRIP | Organizational Offering Common Shares Number of Gross Expense Net Price Type of Common Shares Issuance Issuance Date Shares Proceeds Allocation (1) Proceeds (2) Per Share Capital draw down January 31, 2022 2,333,334 $ 35,000,000 $ — $ 35,000,000 $ 15.00 Capital draw down May 11, 2022 1,355,013 20,000,000 — 20,000,000 14.76 Capital draw down August 30, 2022 1,358,696 20,000,000 — 20,000,000 14.72 Dividend reinvestment August 31, 2022 294 4,328 — 4,328 14.72 Immediate share issuance September 27, 2022 91,403 1,345,451 4,549 1,350,000 14.72 Immediate share issuance November 7, 2022 342,037 4,983,487 16,513 5,000,000 14.57 Dividend reinvestment November 10, 2022 2,656 39,566 — 39,566 14.90 Dividend reinvestment January 13, 2023 8,017 119,453 — 119,453 14.90 Capital draw down March 29, 2023 341,529 5,000,000 — 5,000,000 14.64 Dividend reinvestment April 5, 2023 10,629 155,615 — 155,615 14.64 Immediate share issuance May 10, 2023 339,316 4,981,160 18,840 5,000,000 14.68 Total 6,182,924 $ 91,629,060 $ 39,902 $ 91,668,962 (1) Pro rata expense of organizational and offering costs incurred by the Company in connection with the Company’s formation and offerings. The Organizational Expense Allocation represents a reduction to capital commitments to investors subsequent to the initial closing. (2) Net Proceeds per this equity table will differ from the Statement of Assets and Liabilities as of June 30, 2023, in the amount of $388,214 , which represents a tax reclassification of stockholders’ equity in accordance with U.S. GAAP. This reclassification reduces paid-in capital and increases (decreases) distributable earnings (loss) (by increasing (decreasing) accumulated undistributed gain (deficit)) . |
NET INCREASE IN NET ASSETS PE_2
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST | |
Schedule of computation of net increase in net assets resulting from operations per common share of beneficial interest | Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net increase in net assets resulting from operations $ 4,510,399 $ 617,112 $ 7,086,067 $ 585,915 Weighted average common shares of beneficial interest 6,037,036 3,092,695 5,770,879 2,790,962 Net increase in net assets from operations per share $ 0.75 $ 0.20 $ 1.23 $ 0.21 |
PORTFOLIO INVESTMENTS AND FAI_2
PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
PORTFOLIO INVESTMENTS AND FAIR VALUE | |
Schedule of total fair value and cost of investments | At June 30, 2023, the Company had investments in 32 portfolio companies. The composition of our investments as of June 30, 2023 is as follows: Cost Fair Value Senior Secured – First Lien (1) $ 179,814,011 $ 180,437,624 Equity 7,273,856 7,885,891 Total Investments $ 187,087,867 $ 188,323,515 (1) Includes unitranche investments, which may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the “last-out” portion of the unitranche loans which account for 5.8% of our portfolio at fair value. At December 31, 2022, the Company had investments in 25 portfolio companies. The composition of our investments as of December 31, 2022 is as follows: Cost Fair Value Senior Secured – First Lien (1) $ 152,825,940 $ 152,257,418 Equity 5,196,737 5,247,337 Total Investments $ 158,022,677 $ 157,504,755 (1) Includes unitranche investments, which may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the “last-out” portion of the unitranche loans which account for 3.9% of our portfolio at fair value. |
Schedule of aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities | June 30, 2023 December 31, 2022 Aggregate cost of portfolio company securities $ 187,087,867 $ 158,022,677 Gross unrealized appreciation of portfolio company securities 2,355,976 550,229 Gross unrealized depreciation of portfolio company securities (1,147,482) (1,089,112) Gross unrealized appreciation on foreign currency translation 27,154 20,961 Aggregate fair value of portfolio company securities $ 188,323,515 $ 157,504,755 |
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy | The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of June 30, 2023 are as follows: Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Securities Inputs Inputs (Level 1) (Level 2) (Level 3) Total Senior Secured – First Lien $ — $ — $ 180,437,624 $ 180,437,624 Equity — — 7,885,891 7,885,891 Total Investments $ — $ — $ 188,323,515 $ 188,323,515 The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2022 are as follows: Quoted Prices in Active Markets Significant Other Significant for Identical Observable Unobservable Securities Inputs Inputs (Level 1) (Level 2) (Level 3) Total Senior Secured – First Lien $ — $ — $ 152,257,418 $ 152,257,418 Equity — — 5,247,337 5,247,337 Total Investments $ — $ — $ 157,504,755 $ 157,504,755 |
Schedule of aggregate values of Level 3 portfolio investments change | The aggregate values of Level 3 portfolio investments change during the six months ended June 30, 2023 are as follows: Senior Secured Loans-First Lien Equity Total Fair value at December 31, 2022 $ 152,257,418 $ 5,247,337 $ 157,504,755 Purchases of investments 39,328,107 2,090,671 41,418,778 Sales and Redemptions (12,561,190) (13,553) (12,574,743) Change in unrealized appreciation on investments included in earnings 1,192,134 555,243 1,747,377 Change in unrealized appreciation on foreign currency translation included in earnings — 6,193 6,193 Amortization of premium and accretion of discount, net 221,155 — 221,155 Fair value at June 30, 2023 $ 180,437,624 $ 7,885,891 $ 188,323,515 The aggregate values of Level 3 portfolio investments change during the year ended December 31, 2022 are as follows: Senior Secured Loans-First Lien Equity Total Fair value at December 31, 2021 $ — $ — $ — Purchases of investments 163,129,279 5,196,737 168,326,016 Sales and Redemptions (10,501,404) — (10,501,404) Change in unrealized (depreciation) appreciation on investments included in earnings (568,522) 29,639 (538,883) Change in unrealized appreciation on foreign currency translation included in earnings — 20,961 20,961 Amortization of premium and accretion of discount, net 198,065 — 198,065 Fair value at December 31, 2022 $ 152,257,418 $ 5,247,337 $ 157,504,755 |
Summary of geographical concentration of investment portfolio | The following is a summary of geographical concentration of our investment portfolio as of June 30, 2023: % of Total Cost Fair Value Investments Texas $ 46,914,981 $ 47,584,275 25.26 % Florida 40,551,893 40,635,492 21.57 % New York 23,611,915 24,022,550 12.76 % Illinois 14,132,446 13,664,574 7.26 % United Kingdom 11,343,545 11,405,472 6.06 % Arizona 7,923,725 8,075,572 4.29 % Washington 7,139,165 7,156,607 3.80 % Wisconsin 6,551,283 6,828,849 3.63 % Indiana 6,394,525 6,490,494 3.45 % Maryland 5,900,960 5,760,940 3.06 % Tennessee 5,126,448 5,165,989 2.74 % Idaho 4,067,492 4,101,522 2.18 % Pennsylvania 2,947,177 2,947,176 1.56 % South Carolina 2,277,017 2,278,708 1.21 % Colorado 2,205,295 2,205,295 1.17 % $ 187,087,867 $ 188,323,515 100.00 % The following is a summary of geographical concentration of our investment portfolio as of December 31, 2022: % of Total Cost Fair Value Investments Texas $ 41,689,874 $ 41,670,626 26.46 % Florida 25,824,710 25,639,155 16.28 % New York 23,971,538 23,990,132 15.23 % Illinois 13,199,633 12,899,144 8.19 % United Kingdom 9,977,695 9,971,437 6.33 % Michigan 9,492,362 9,607,593 6.10 % Washington 6,892,968 6,750,961 4.29 % Indiana 6,384,015 6,339,226 4.02 % Maryland 6,094,066 5,955,848 3.78 % Arizona 5,161,586 5,259,750 3.34 % Wisconsin 4,940,698 5,031,797 3.19 % Idaho 4,393,532 4,389,086 2.79 % $ 158,022,677 $ 157,504,755 100.00 % |
Summary of industry concentration of investment portfolio | The following is a summary of industry concentration of our investment portfolio as of June 30, 2023: % of Total Cost Fair Value Investments Services: Business $ 48,425,646 $ 48,783,021 25.91 % Capital Equipment 24,490,108 24,963,290 13.26 % Consumer Goods: Non-Durable 17,838,532 18,230,376 9.68 % High Tech Industries 13,553,739 13,567,566 7.20 % Consumer Goods: Durable 13,465,092 13,434,217 7.13 % Healthcare & Pharmaceuticals 12,111,614 12,193,067 6.47 % Media: Diversified & Production 11,343,545 11,405,472 6.07 % Services: Consumer 9,648,607 9,632,244 5.11 % Chemicals, Plastics, & Rubber 8,603,552 8,414,083 4.47 % Construction & Building 7,594,506 7,557,771 4.01 % Retail 6,210,160 6,193,305 3.29 % Beverage, Food, & Tobacco 5,126,448 5,165,989 2.74 % Media: Broadcasting & Subscription 4,613,200 4,673,753 2.48 % Software 4,063,118 4,109,361 2.18 % $ 187,087,867 $ 188,323,515 100.00 % The following is a summary of industry concentration of our investment portfolio as of December 31, 2022: % of Total Cost Fair Value Investments Services: Business $ 35,188,973 $ 35,046,444 22.25 % Capital Equipment 20,713,352 20,768,686 13.19 % Consumer Goods: Non-Durable 18,553,695 18,514,476 11.75 % Consumer Goods: Durable 13,741,132 13,680,426 8.69 % Media: Diversified & Production 9,977,695 9,971,437 6.33 % Healthcare & Pharmaceuticals 9,866,275 9,866,275 6.26 % Automotive 9,492,362 9,607,593 6.10 % High Tech Industries 8,455,439 8,399,480 5.33 % Chemicals, Plastics, & Rubber 7,490,771 7,351,701 4.67 % Construction & Building 7,348,309 7,195,856 4.57 % Retail 5,327,376 5,291,147 3.36 % Media: Broadcasting & Subscription 4,614,114 4,614,114 2.93 % Software 4,165,162 4,140,506 2.63 % Services: Consumer 3,088,022 3,056,614 1.94 % $ 158,022,677 $ 157,504,755 100.00 % |
Schedule of quantitative information about Level 3 fair value measurements | The following provides quantitative information about Level 3 fair value measurements as of June 30, 2023: Description: Fair Value Valuation Technique Unobservable Inputs Range (Average) (1)(3) First lien debt $ 180,437,624 Income/Market HY credit spreads, -0.88% to 0.92% (-0.09%) approach (2) Risk free rates 0.00% to 2.54% (1.09%) Market multiples 5.0x to 17.0x (10.3x) (4) Equity investments $ 7,885,891 Market approach (5) Underwriting multiple/ EBITDA Multiple 5.7x to 22.5x (11.2x) $ 188,323,515 (1) Weighted average based on fair value as of June 30, 2023. (2) Income approach is based on discounting future cash flows using an appropriate market yield. (3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from -0.88% ( -88 basis points) to 0.92% ( 92 basis points). The average of all changes was -0.09% ( -9 basis points). (4) Median of LTM (last twelve months) EBITDA multiples of comparable companies. (5) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach. The following provides quantitative information about Level 3 fair value measurements as of December 31, 2022: Description: Fair Value Valuation Technique Unobservable Inputs Range (Average) (1)(3) First lien debt $ 152,257,418 Income/Market HY credit spreads, -0.09% to 1.72% (1.06%) approach (2) Risk free rates 0.63% to 2.87% (1.47%) Market multiples 5.2x to 15.1x (10.0x) (4) Equity investments $ 5,247,337 Market approach (5) Underwriting multiple/ EBITDA Multiple 5.5x to 22.1x (10.4x) $ 157,504,755 (1) Weighted average based on fair value as of December 31, 2022. (2) Income approach is based on discounting future cash flows using an appropriate market yield. (3) The Company calculates the price of the loan by discounting future cash flows, which include forecasted future rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on: changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed and the valuation date ranged from -0.09% ( -9 basis points) to 1.72% ( 172 basis points). The average of all changes was 1.06% ( 106 basis points). (4) Median of LTM (last twelve months) EBITDA multiples of comparable companies. (5) The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach. |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
FINANCIAL HIGHLIGHTS | |
Schedule of financial highlight | For the Period from Commencement of Six Months Ended Operations through June 30, 2023 June 30, 2022 (unaudited) (unaudited) Per Share Data: (1) Net asset value at beginning of period $ 14.64 $ 14.77 (2) Net investment income 0.92 0.28 Change in unrealized appreciation (depreciation) on investments 0.31 (0.07) Total from operations $ 1.23 $ 0.21 Stockholder distributions from: Net investment income (0.87) — Other (3) (0.02) (0.05) Net asset value at end of period $ 14.98 $ 14.93 Total return based on market value (4) 8.24 % 2.64 % Weighted average shares outstanding 5,770,879 2,790,962 Ratio/Supplemental Data: Net assets at end of period $ 92,597,198 $ 55,053,070 Weighted average net assets $ 84,578,371 $ 41,432,778 Annualized ratio of net operating expenses to weighted average net assets (5)(6) 11.46 % 4.36 % Annualized ratio of interest expense and other fees to weighted average net assets (6) 8.41 % 2.06 % Annualized ratio of net investment income to weighted average net assets (5)(6) 8.08 % 5.32 % Portfolio turnover (7) 14.90 % 3.95 % Credit Facilities payable $ 95,200,000 $ 46,450,000 Short-term loan payable $ — $ 25,000,000 Asset coverage ratio (8) 1.97 x 2.19 x (1) Financial highlights are based on weighted average shares outstanding for the period. (2) The initial offering price of $15.00 per share less $0.23 per share of organization costs. (3) Includes the impact of different share amounts 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 the period end. (4) 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. Total return is not annualized. (5) Net of 4.60% and 3.74% for the six months ended June 30, 2023 and 2022, respectively, from expenses reimbursed and fees waived by the Advisor. (6) The ratios reflect an annualized amount, except in the case of non-recurring expenses (e.g., organization costs of $3,534 for the period from Commencement of Operations through June 30, 2022). (7) Portfolio turnover is calculated as the lesser of purchases or sales and proceeds from sales and repayments of investments divided by average portfolio balance and is not annualized. (8) Asset coverage ratio is equal to total assets less all liabilities and indebtedness not represented by senior securities over the aggregate amount of the senior securities . |
CREDIT FACILITIES (Tables)
CREDIT FACILITIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revolving credit facility | |
Line of Credit Facility [Line Items] | |
Summary of Commitment and Credit Facilities | June 30, 2023 December 31, 2022 Commitment Facility payable $ 45,000,000 $ 80,615,000 Prepaid loan structure fees (96,945) (44,678) Commitment Facility payable, net of prepaid loan structure fees $ 44,903,055 $ 80,570,322 |
Summary of interest expense and amortized financing costs on Commitment and Credit Facilities | Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Interest expense $ 786,155 $ 178,110 $ 1,669,097 $ 203,508 Loan structure fees amortization 47,944 97,191 123,551 144,560 Total interest and other fees $ 834,099 $ 275,301 $ 1,792,648 $ 348,068 Weighted average interest rate 7.0 % 3.1 % (1) 6.7 % 3.4 % (1) Effective interest rate (including fee amortization) 7.4 % 4.8 % (1) 7.2 % 5.8 % (1) Average debt outstanding $ 45,000,000 $ 23,106,593 (1) $ 49,966,796 14,644,667 (1) Cash paid for interest and unused fees $ 1,271,798 $ — $ 2,073,214 $ — (1) Calculated for the period from February 1, 2022, the date of the Commitment Facility, through June 30, 2022 . |
Senior Secured Revolving Credit Agreement | |
Line of Credit Facility [Line Items] | |
Summary of Commitment and Credit Facilities | The following is a summary of the Credit Facility, net of prepaid loan structure fees: June 30, 2023 December 31, 2022 Credit Facility payable $ 50,200,000 $ — Prepaid loan structure fees (1,123,695) (1,122,188) Credit Facility payable, net of prepaid loan structure fees $ 49,076,305 $ (1,122,188) |
Summary of interest expense and amortized financing costs on Commitment and Credit Facilities | Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Interest expense $ 893,728 $ 1,555,656 Loan structure fees amortization 94,132 175,419 Total interest and other fees $ 987,860 $ 1,731,075 Weighted average interest rate 9.1 % 9.0 % Effective interest rate (including fee amortization) 10.0 % 10.1 % Average debt outstanding $ 39,588,462 $ 34,677,072 Cash paid for interest and unused fees $ 901,154 $ 1,537,279 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
SUBSEQUENT EVENTS | |
Schedule of investment portfolio | The Company invested in the following portfolio companies subsequent to June 30, 2023: Activity Type Date Company Name Company Description Investment Amount Instrument Type New Investment July 7, 2023 Madison Logic, Inc.* Provider of B2B account based marketing services $ 461,351 Equity New Investment July 31, 2023 EHI Buyer, Inc. Provider of design, engineering, installation, and maintenance services for building management systems $ 2,820,685 Senior Secured – First Lien $ 1,410,343 Delayed Draw Term Loan Commitment $ 3,149,231 Revolver Commitment $ 492,017 Equity New Investment August 2, 2023 Compost 360 Acquisition, LLC Organic waste recycler and producer of compost, mulch, and engineered soils $ 5,915,156 Senior Secured – First Lien $ 2,609,627 Delayed Draw Term Loan Commitment $ 2,919,023 Revolver Commitment $ 208,069 Equity New Investment August 3, 2023 Morgan Electrical Group Intermediate Holdings, Inc. Provider of commercial electrical services $ 2,022,258 Senior Secured – First Lien $ 1,304,682 Delayed Draw Term Loan Commitment $ 717,227 Revolver Commitment $ 194,900 Equity New Investment August 7, 2023 The Hardenbergh Group, Inc. Provider of temporary professional staffing of Medical Services Professionals, external peer review, consulting and physician leadership solutions $ 4,783,836 Senior Secured – First Lien $ 1,679,360 Revolver Commitment $ 264,885 Equity New Investment August 8, 2023 Green Intermediateco II, Inc. Cyber-security focused value-added reseller and associated service provider $ 6,361,759 Senior Secured – First Lien $ 2,002,253 Delayed Draw Term Loan Commitment $ 194,512 Equity * Existing portfolio company |
NATURE OF OPERATIONS AND SIGN_4
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 18 Months Ended | |||||||||
May 10, 2023 | Mar. 29, 2023 | Nov. 07, 2022 | Sep. 27, 2022 | Aug. 30, 2022 | May 11, 2022 | Jan. 31, 2022 | Aug. 11, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Issuance of common shares of beneficial interest (in shares) | 2,333,334 | 73,161 | 6,182,924 | 6,182,924 | ||||||||
Proceeds from issuance of common shares of beneficial interest | $ 35,000,000 | $ 1,095,959 | $ 10,275,069 | $ 55,000,000 | $ 91,668,962 | |||||||
Proceeds from dividend reinvestment plan | $ 167,537 | 318,962 | ||||||||||
Proceeds from contributed capital | 91,668,962 | |||||||||||
Capital commitments remain undrawn | 151,687,500 | |||||||||||
Other accrued expenses and liabilities | 127,045 | $ 127,045 | $ 119,274 | |||||||||
Capital draw down | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Issuance of common shares of beneficial interest (in shares) | 341,529 | 1,358,696 | 1,355,013 | 2,333,334 | ||||||||
Proceeds from issuance of common shares of beneficial interest | $ 5,000,000 | $ 20,000,000 | $ 20,000,000 | $ 35,000,000 | 80,000,000 | |||||||
Immediate share issuance | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Issuance of common shares of beneficial interest (in shares) | 339,316 | 342,037 | 91,403 | |||||||||
Proceeds from issuance of common shares of beneficial interest | $ 5,000,000 | $ 5,000,000 | $ 1,350,000 | $ 11,350,000 |
NATURE OF OPERATIONS AND SIGN_5
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES - Cash and Cash Equivalents (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Line Items] | |||||
FDIC insured amount | $ 9,490 | $ 9,490 | |||
Cash margin | $ 1,000,000 | ||||
Proceeds from short-term loan | (11,250,000) | $ 25,000,000 | |||
Accrued interest rate (as a percent) | 6.50% | ||||
Cash paid for interest expense | 3,616,852 | 113,999 | |||
Cash equivalents | 740,947 | 740,947 | |||
Raymond James Financial Inc. | |||||
Cash and Cash Equivalents [Line Items] | |||||
Proceeds from short-term loan | $ 11,500,000 | ||||
Interest expense related to short-term loan | 448 | $ 2,603 | 2,187 | $ 2,603 | |
Cash paid for interest expense | 6,359 | ||||
U.S. Treasury Bills | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash equivalents | $ 0 | $ 0 | $ 12,500,000 |
NATURE OF OPERATIONS AND SIGN_6
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES - Deferred Offering Costs (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | ||
Deferred offering costs | $ 86,760 | $ 54,394 |
NATURE OF OPERATIONS AND SIGN_7
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | ||||
Loan interest | $ 4,931,471 | $ 1,193,400 | $ 9,340,920 | $ 1,535,846 |
Fee amortization income | 208,690 | 52,477 | 368,519 | 68,306 |
Fee income acceleration | 18,612 | 1,341 | 181,286 | 2,077 |
Total Interest Income | $ 5,158,773 | $ 1,247,218 | $ 9,890,725 | $ 1,606,229 |
NATURE OF OPERATIONS AND SIGN_8
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES - U.S. Federal Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | |||||
Interest expense and penalties | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred tax assets | 0 | 0 | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | 0 | 0 | |
Undistributed earnings | $ 277,935 | ||||
Current income tax expense | $ 8,855 | $ 0 | $ 16,690 | $ 0 |
NATURE OF OPERATIONS AND SIGN_9
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES - Distributable Earnings (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES | ||
Accumulated net realized gain from investments | $ 13,271 | $ 1,950 |
Net unrealized appreciation (depreciation) on non-controlled non-affiliated investments and cash equivalents | 1,208,494 | (538,883) |
Net unrealized appreciation on foreign currency translations | 27,154 | 20,961 |
Accumulated undistributed net investment income (loss) | 67,531 | (226,750) |
Total distributable gain (loss) | $ 1,316,450 | $ (742,722) |
RELATED PARTY ARRANGEMENTS - In
RELATED PARTY ARRANGEMENTS - Investment Advisory Agreement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Management fees | $ 666,721 | $ 299,076 | $ 1,268,560 | $ 391,365 |
Advisory Agreement | ||||
Related Party Transaction [Line Items] | ||||
Base management fee (as a percent) | 1.50% | |||
Base management fee waived (as a percent) | 1% | |||
Management fees | $ 666,721 | $ 299,076 | $ 1,268,560 | $ 391,365 |
RELATED PARTY ARRANGEMENTS - _2
RELATED PARTY ARRANGEMENTS - Income-Based Incentive Fee (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | ||||
Accrued income incentive fees | $ 468,011 | $ 77,677 | $ 907,677 | $ 77,677 |
Income based incentive fee waived | $ 156,004 | $ 0 | $ 302,559 | $ 38,839 |
Percentage of income based incentive fee waived | 5% | 5% | 5% | 5% |
Incentive Fee | $ 0 | $ 0 | ||
Excess of 1.5% | ||||
Related Party Transaction [Line Items] | ||||
Pre-incentive fee NII prior to listing (as a percent) | 1.50% | |||
Total pre-incentive fee NII prior to listing (as a percent) | 100% | |||
Pre-incentive fee NII subsequent to listing (as a percent) | 1.50% | |||
Total pre-incentive fee NII subsequent to listing (as a percent) | 100% | |||
Excess of 1.6667% | ||||
Related Party Transaction [Line Items] | ||||
Pre-incentive fee NII prior to listing (as a percent) | 1.6667% | |||
Total pre-incentive fee NII prior to listing (as a percent) | 10% | |||
Pre-incentive fee NII subsequent to listing (as a percent) | 1.6667% | |||
Total pre-incentive fee NII subsequent to listing (as a percent) | 10% | |||
Excess of 1.7647% | ||||
Related Party Transaction [Line Items] | ||||
Pre-incentive fee NII subsequent to listing (as a percent) | 1.7647% | |||
Total pre-incentive fee NII subsequent to listing (as a percent) | 15% | |||
Equals 1.6667% | ||||
Related Party Transaction [Line Items] | ||||
Pre-incentive fee NII prior to listing (as a percent) | 1.6667% | |||
Total pre-incentive fee NII prior to listing (as a percent) | 10% | |||
Annualized hurdle rate prior to listing (as a percent) | 6.6667% | |||
Equals 1.7647% | ||||
Related Party Transaction [Line Items] | ||||
Pre-incentive fee NII subsequent to listing (as a percent) | 1.7647% | |||
Total pre-incentive fee NII subsequent to listing (as a percent) | 15% | |||
Annualized hurdle rate subsequent to listing (as a percent) | 7.00588% |
RELATED PARTY ARRANGEMENTS - Ca
RELATED PARTY ARRANGEMENTS - Capital Gains Incentive Fee (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
RELATED PARTY ARRANGEMENTS | |||
Capital gains incentive fee prior to listing (as a percent) | 10% | ||
Capital gains incentive fee subsequent to listing (as a percent) | 15% | ||
Capital gains incentive fee | $ 124,892 | $ 124,892 | |
Accrued Capital gains incentive fee | $ 124,892 | $ 124,892 | $ 0 |
RELATED PARTY ARRANGEMENTS - Ex
RELATED PARTY ARRANGEMENTS - Expense Support and Conditional Reimbursement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
RELATED PARTY ARRANGEMENTS | ||||||||
Basis points to be maintained per quarter | 12.50% | |||||||
Basis points to be maintained per annum | 50% | |||||||
Expense reimbursements | $ 139,229 | $ 87,423 | $ 359,109 | $ 245,356 | ||||
Recoupment term (in years) | 3 years | |||||||
Amount subject to recoupment | 139,229 | $ 219,880 | $ 63,511 | $ 79,475 | 87,423 | $ 157,933 | ||
Balance subject to recoupment | $ 139,229 | $ 219,880 | $ 63,511 | $ 79,475 | $ 87,423 | $ 157,933 |
RELATED PARTY ARRANGEMENTS - Tr
RELATED PARTY ARRANGEMENTS - Trustees' Fees (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
RELATED PARTY ARRANGEMENTS | |||||
Annual board retainer fees paid | $ 50,000 | ||||
Additional annual board retainer fees paid | 10,000 | ||||
Trustee's fee expense | $ 40,000 | $ 40,000 | 80,000 | $ 78,000 | |
Trustee's fees payable | $ 0 | $ 0 | $ 0 |
RELATED PARTY ARRANGEMENTS - Ad
RELATED PARTY ARRANGEMENTS - Administration Agreement (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | |||||
Other accrued expenses and liabilities | $ 127,045 | $ 127,045 | $ 119,274 | ||
Administration Agreement | Stellus Capital | |||||
Related Party Transaction [Line Items] | |||||
Initial term (in years) | 2 years | ||||
Termination period | 60 days | ||||
Administrative services expenses | 75,124 | $ 14,574 | $ 147,625 | $ 41,216 | |
Other accrued expenses and liabilities | $ 75,124 | $ 75,124 | $ 51,737 |
DISTRIBUTIONS - Additional Info
DISTRIBUTIONS - Additional Information (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | 19 Months Ended | ||
Aug. 11, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
DISTRIBUTIONS | ||||||
Dividend per share | $ 0.44 | $ 0 | $ 0.86 | $ 0 | $ 1.73 | |
Shares issued through DRIP | 11,413 | 10,629 | 0 | 18,646 | 0 |
DISTRIBUTIONS (Details)
DISTRIBUTIONS (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 19 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Dividends Payable [Line Items] | |||||
Per Share | $ 0.44 | $ 0 | $ 0.86 | $ 0 | $ 1.73 |
Fiscal 2022 | |||||
Dividends Payable [Line Items] | |||||
Per Share | $ 0.87 | ||||
March 14, 2023 | |||||
Dividends Payable [Line Items] | |||||
Date Declared | Mar. 14, 2023 | ||||
Record Date | Mar. 17, 2023 | ||||
Payment Date | Apr. 05, 2023 | ||||
Per Share | $ 0.42 | ||||
June 27, 2023 | |||||
Dividends Payable [Line Items] | |||||
Date Declared | Jun. 27, 2023 | ||||
Record Date | Jun. 30, 2023 | ||||
Payment Date | Jul. 05, 2023 | ||||
Per Share | $ 0.44 |
EQUITY OFFERINGS AND RELATED _3
EQUITY OFFERINGS AND RELATED EXPENSES - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 18 Months Ended | |||||||||
May 10, 2023 | Mar. 29, 2023 | Nov. 07, 2022 | Sep. 27, 2022 | Aug. 30, 2022 | May 11, 2022 | Jan. 31, 2022 | Aug. 11, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Aggregate capital commitment | $ 226,687,500 | |||||||||||
Issuance of common shares of beneficial interest (in shares) | 2,333,334 | 73,161 | 6,182,924 | 6,182,924 | ||||||||
Beneficial interest price per share | $ 15 | $ 14.98 | $ 15 | |||||||||
Proceeds from dividend reinvestment plan | $ 167,537 | $ 318,962 | ||||||||||
Proceeds from issuance of common shares of beneficial interest | $ 35,000,000 | $ 1,095,959 | 10,275,069 | $ 55,000,000 | $ 91,668,962 | |||||||
Tax reclassification of stockholders' equity | 388,214 | $ 388,214 | ||||||||||
Capital draw down | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Issuance of common shares of beneficial interest (in shares) | 341,529 | 1,358,696 | 1,355,013 | 2,333,334 | ||||||||
Beneficial interest price per share | $ 14.64 | $ 14.72 | $ 14.76 | $ 15 | ||||||||
Proceeds from issuance of common shares of beneficial interest | $ 5,000,000 | $ 20,000,000 | $ 20,000,000 | $ 35,000,000 | 80,000,000 | |||||||
Immediate share issuance | ||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||
Issuance of common shares of beneficial interest (in shares) | 339,316 | 342,037 | 91,403 | |||||||||
Beneficial interest price per share | $ 14.68 | $ 14.57 | $ 14.72 | |||||||||
Proceeds from issuance of common shares of beneficial interest | $ 5,000,000 | $ 5,000,000 | $ 1,350,000 | $ 11,350,000 |
EQUITY OFFERINGS AND RELATED _4
EQUITY OFFERINGS AND RELATED EXPENSES - Issuance of Common Stock (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 18 Months Ended | |||||||||||||
May 10, 2023 | Apr. 05, 2023 | Mar. 29, 2023 | Jan. 13, 2023 | Nov. 10, 2022 | Nov. 07, 2022 | Sep. 27, 2022 | Aug. 31, 2022 | Aug. 30, 2022 | May 11, 2022 | Jan. 31, 2022 | Aug. 11, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Number of Shares | 2,333,334 | 73,161 | 6,182,924 | 6,182,924 | ||||||||||||
Gross Proceeds | $ 91,629,060 | |||||||||||||||
Organizational Expense allocation | $ 4,041 | 39,902 | ||||||||||||||
Net Proceeds | $ 35,000,000 | $ 1,095,959 | $ 10,275,069 | $ 55,000,000 | $ 91,668,962 | |||||||||||
Offering Price per share | $ 15 | $ 14.98 | $ 15 | |||||||||||||
Capital draw down | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Number of Shares | 341,529 | 1,358,696 | 1,355,013 | 2,333,334 | ||||||||||||
Gross Proceeds | $ 5,000,000 | $ 20,000,000 | $ 20,000,000 | $ 35,000,000 | ||||||||||||
Net Proceeds | $ 5,000,000 | $ 20,000,000 | $ 20,000,000 | $ 35,000,000 | 80,000,000 | |||||||||||
Offering Price per share | $ 14.64 | $ 14.72 | $ 14.76 | $ 15 | ||||||||||||
Dividend reinvestment | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Number of Shares | 10,629 | 8,017 | 2,656 | 294 | ||||||||||||
Gross Proceeds | $ 155,615 | $ 119,453 | $ 39,566 | $ 4,328 | ||||||||||||
Net Proceeds | $ 155,615 | $ 119,453 | $ 39,566 | $ 4,328 | ||||||||||||
Offering Price per share | $ 14.64 | $ 14.90 | $ 14.90 | $ 14.72 | ||||||||||||
Immediate share issuance | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Number of Shares | 339,316 | 342,037 | 91,403 | |||||||||||||
Gross Proceeds | $ 4,981,160 | $ 4,983,487 | $ 1,345,451 | |||||||||||||
Organizational Expense allocation | 18,840 | 16,513 | 4,549 | |||||||||||||
Net Proceeds | $ 5,000,000 | $ 5,000,000 | $ 1,350,000 | $ 11,350,000 | ||||||||||||
Offering Price per share | $ 14.68 | $ 14.57 | $ 14.72 |
NET INCREASE IN NET ASSETS PE_3
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
NET INCREASE IN NET ASSETS PER COMMON SHARE OF BENEFICIAL INTEREST | ||||
Net Income (Loss) | $ 4,510,399 | $ 617,112 | $ 7,086,067 | $ 585,915 |
Weighted average common shares of beneficial interest - Basic | 6,037,036 | 3,092,695 | 5,770,879 | 2,790,962 |
Weighted average common shares of beneficial interest - Diluted | 6,037,036 | 3,092,695 | 5,770,879 | 2,790,962 |
Net increase from operations per share - Basic | $ 0.75 | $ 0.20 | $ 1.23 | $ 0.21 |
Net increase from operations per share - Diluted | $ 0.75 | $ 0.20 | $ 1.23 | $ 0.21 |
PORTFOLIO INVESTMENTS AND FAI_3
PORTFOLIO INVESTMENTS AND FAIR VALUE - Total Fair Value and Cost of Investments (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) company | Dec. 31, 2022 USD ($) company | |
Investment Holdings 1 [Line Items] | ||
Cost | $ 187,087,867 | $ 158,022,677 |
Fair Value | $ 188,323,515 | $ 157,504,755 |
Investments In Number Of Portfolio Companies | company | 32 | 25 |
% of Total Investments | 100% | 100% |
Senior Secured - First Lien | ||
Investment Holdings 1 [Line Items] | ||
Fair Value | $ 180,437,624 | $ 152,257,418 |
% of Total Investments | 5.80% | 3.90% |
Equity | ||
Investment Holdings 1 [Line Items] | ||
Fair Value | $ 7,885,891 | $ 5,247,337 |
Cost | ||
Investment Holdings 1 [Line Items] | ||
Cost | 187,087,867 | 158,022,677 |
Cost | Senior Secured - First Lien | ||
Investment Holdings 1 [Line Items] | ||
Cost | 179,814,011 | 152,825,940 |
Cost | Equity | ||
Investment Holdings 1 [Line Items] | ||
Cost | 7,273,856 | 5,196,737 |
Fair Value | ||
Investment Holdings 1 [Line Items] | ||
Fair Value | 188,323,515 | 157,504,755 |
Fair Value | Senior Secured - First Lien | ||
Investment Holdings 1 [Line Items] | ||
Fair Value | 180,437,624 | 152,257,418 |
Fair Value | Equity | ||
Investment Holdings 1 [Line Items] | ||
Fair Value | $ 7,885,891 | $ 5,247,337 |
PORTFOLIO INVESTMENTS AND FAI_4
PORTFOLIO INVESTMENTS AND FAIR VALUE - Aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | |
Investment Holdings 1 [Line Items] | ||
Number Of Investments | item | 26 | 22 |
Aggregate cost of portfolio company securities | $ 187,087,867 | $ 158,022,677 |
Gross unrealized appreciation of portfolio company securities | 2,355,976 | 550,229 |
Gross unrealized depreciation of portfolio company securities | (1,147,482) | (1,089,112) |
Gross unrealized appreciation on foreign currency translation | 27,154 | 20,961 |
Total Investments (Fair Value) | 188,323,515 | 157,504,755 |
Unfunded loan commitments | ||
Investment Holdings 1 [Line Items] | ||
Aggregate cost of portfolio company securities | $ 32,698,976 | $ 36,293,611 |
PORTFOLIO INVESTMENTS AND FAI_5
PORTFOLIO INVESTMENTS AND FAIR VALUE - Fair values of investments disaggregated into three levels of fair value hierarchy (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments (Fair Value) | $ 188,323,515 | $ 157,504,755 |
Senior Secured - First Lien | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments (Fair Value) | 180,437,624 | 152,257,418 |
Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments (Fair Value) | 7,885,891 | 5,247,337 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments (Fair Value) | 188,323,515 | 157,504,755 |
Significant Unobservable Inputs (Level 3) | Senior Secured - First Lien | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments (Fair Value) | 180,437,624 | 152,257,418 |
Significant Unobservable Inputs (Level 3) | Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Investments (Fair Value) | $ 7,885,891 | $ 5,247,337 |
PORTFOLIO INVESTMENTS AND FAI_6
PORTFOLIO INVESTMENTS AND FAIR VALUE - Aggregate values of Level 3 portfolio investments change (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | $ 157,504,755 | |
Purchases of investments | 41,418,778 | $ 168,326,016 |
Sales and Redemptions | (12,574,743) | (10,501,404) |
Change in unrealized (depreciation) appreciation on investments included in earnings | 1,747,377 | (538,883) |
Change in unrealized appreciation on foreign currency translation included in earnings | 6,193 | 20,961 |
Amortization of premium and accretion of discount, net | 221,155 | 198,065 |
Fair value at end of period | 188,323,515 | 157,504,755 |
Level 3 transfers | 0 | 0 |
Senior Secured Loans - First Lien | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | 152,257,418 | |
Purchases of investments | 39,328,107 | 163,129,279 |
Sales and Redemptions | (12,561,190) | (10,501,404) |
Change in unrealized (depreciation) appreciation on investments included in earnings | 1,192,134 | (568,522) |
Amortization of premium and accretion of discount, net | 221,155 | 198,065 |
Fair value at end of period | 180,437,624 | 152,257,418 |
Equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value at beginning of period | 5,247,337 | |
Purchases of investments | 2,090,671 | 5,196,737 |
Sales and Redemptions | (13,553) | |
Change in unrealized (depreciation) appreciation on investments included in earnings | 555,243 | 29,639 |
Change in unrealized appreciation on foreign currency translation included in earnings | 6,193 | 20,961 |
Fair value at end of period | $ 7,885,891 | $ 5,247,337 |
PORTFOLIO INVESTMENTS AND FAI_7
PORTFOLIO INVESTMENTS AND FAIR VALUE - Geographical concentration of investment portfolio (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Investment Holdings 1 [Line Items] | ||
Cost | $ 187,087,867 | $ 158,022,677 |
Fair Value | $ 188,323,515 | $ 157,504,755 |
% of Total Investments | 100% | 100% |
Texas | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 46,914,981 | $ 41,689,874 |
Fair Value | $ 47,584,275 | $ 41,670,626 |
% of Total Investments | 25.26% | 26.46% |
Florida | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 40,551,893 | $ 25,824,710 |
Fair Value | $ 40,635,492 | $ 25,639,155 |
% of Total Investments | 21.57% | 16.28% |
New York | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 23,611,915 | $ 23,971,538 |
Fair Value | $ 24,022,550 | $ 23,990,132 |
% of Total Investments | 12.76% | 15.23% |
Illinois | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 14,132,446 | $ 13,199,633 |
Fair Value | $ 13,664,574 | $ 12,899,144 |
% of Total Investments | 7.26% | 8.19% |
United Kingdom | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 11,343,545 | $ 9,977,695 |
Fair Value | $ 11,405,472 | $ 9,971,437 |
% of Total Investments | 6.06% | 6.33% |
Arizona | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 7,923,725 | $ 5,161,586 |
Fair Value | $ 8,075,572 | $ 5,259,750 |
% of Total Investments | 4.29% | 3.34% |
Washington | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 7,139,165 | $ 6,892,968 |
Fair Value | $ 7,156,607 | $ 6,750,961 |
% of Total Investments | 3.80% | 4.29% |
Wisconsin | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 6,551,283 | $ 4,940,698 |
Fair Value | $ 6,828,849 | $ 5,031,797 |
% of Total Investments | 3.63% | 3.19% |
Indiana | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 6,394,525 | $ 6,384,015 |
Fair Value | $ 6,490,494 | $ 6,339,226 |
% of Total Investments | 3.45% | 4.02% |
Maryland | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 5,900,960 | $ 6,094,066 |
Fair Value | $ 5,760,940 | $ 5,955,848 |
% of Total Investments | 3.06% | 3.78% |
Tennessee | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 5,126,448 | |
Fair Value | $ 5,165,989 | |
% of Total Investments | 2.74% | |
Idaho | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 4,067,492 | $ 4,393,532 |
Fair Value | $ 4,101,522 | $ 4,389,086 |
% of Total Investments | 2.18% | 2.79% |
Pennsylvania | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 2,947,177 | |
Fair Value | $ 2,947,176 | |
% of Total Investments | 1.56% | |
South Carolina | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 2,277,017 | |
Fair Value | $ 2,278,708 | |
% of Total Investments | 1.21% | |
Colorado | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 2,205,295 | |
Fair Value | $ 2,205,295 | |
% of Total Investments | 1.17% | |
Michigan | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 9,492,362 | |
Fair Value | $ 9,607,593 | |
% of Total Investments | 6.10% |
PORTFOLIO INVESTMENTS AND FAI_8
PORTFOLIO INVESTMENTS AND FAIR VALUE - Industry concentration of investment portfolio (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Investment Holdings 1 [Line Items] | ||
Cost | $ 187,087,867 | $ 158,022,677 |
Fair Value | $ 188,323,515 | $ 157,504,755 |
% of Total Investments | 100% | 100% |
Services: Business | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 48,425,646 | $ 35,188,973 |
Fair Value | $ 48,783,021 | $ 35,046,444 |
% of Total Investments | 25.91% | 22.25% |
Capital Equipment | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 24,490,108 | $ 20,713,352 |
Fair Value | $ 24,963,290 | $ 20,768,686 |
% of Total Investments | 13.26% | 13.19% |
Consumer Goods: Non-Durable | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 17,838,532 | $ 18,553,695 |
Fair Value | $ 18,230,376 | $ 18,514,476 |
% of Total Investments | 9.68% | 11.75% |
Consumer Goods: Durable | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 13,465,092 | $ 13,741,132 |
Fair Value | $ 13,434,217 | $ 13,680,426 |
% of Total Investments | 7.13% | 8.69% |
Healthcare & Pharmaceuticals | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 12,111,614 | $ 9,866,275 |
Fair Value | $ 12,193,067 | $ 9,866,275 |
% of Total Investments | 6.47% | 6.26% |
Automotive | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 9,492,362 | |
Fair Value | $ 9,607,593 | |
% of Total Investments | 6.10% | |
Media: Diversified & Production | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 11,343,545 | $ 9,977,695 |
Fair Value | $ 11,405,472 | $ 9,971,437 |
% of Total Investments | 6.07% | 6.33% |
Chemicals, Plastics, & Rubber | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 8,603,552 | $ 7,490,771 |
Fair Value | $ 8,414,083 | $ 7,351,701 |
% of Total Investments | 4.47% | 4.67% |
High Tech Industries | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 13,553,739 | $ 8,455,439 |
Fair Value | $ 13,567,566 | $ 8,399,480 |
% of Total Investments | 7.20% | 5.33% |
Construction & Building | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 7,594,506 | $ 7,348,309 |
Fair Value | $ 7,557,771 | $ 7,195,856 |
% of Total Investments | 4.01% | 4.57% |
Media: Broadcasting & Subscription | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 4,613,200 | |
Fair Value | $ 4,673,753 | |
% of Total Investments | 2.48% | |
Retail | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 6,210,160 | $ 5,327,376 |
Fair Value | $ 6,193,305 | $ 5,291,147 |
% of Total Investments | 3.29% | 3.36% |
Media Broadcasting and Subscription [Member] | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 4,614,114 | |
Fair Value | $ 4,614,114 | |
% of Total Investments | 2.93% | |
Beverage, Food, & Tobacco | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 5,126,448 | |
Fair Value | $ 5,165,989 | |
% of Total Investments | 2.74% | |
Software | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 4,063,118 | $ 4,165,162 |
Fair Value | $ 4,109,361 | $ 4,140,506 |
% of Total Investments | 2.18% | 2.63% |
Services: Consumer | ||
Investment Holdings 1 [Line Items] | ||
Cost | $ 9,648,607 | $ 3,088,022 |
Fair Value | $ 9,632,244 | $ 3,056,614 |
% of Total Investments | 5.11% | 1.94% |
PORTFOLIO INVESTMENTS AND FAI_9
PORTFOLIO INVESTMENTS AND FAIR VALUE - Quantitative information about Level 3 fair value measurements (Details) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 188,323,515 | $ 157,504,755 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 188,323,515 | 157,504,755 |
Senior Secured Loans - First Lien | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 180,437,624 | 152,257,418 |
Senior Secured Loans - First Lien | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 180,437,624 | 152,257,418 |
Senior Secured Loans - First Lien | Income/Market approach | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 180,437,624 | $ 152,257,418 |
Senior Secured Loans - First Lien | Minimum | Income/Market approach | Significant Unobservable Inputs (Level 3) | HY credit spreads | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | (0.0088) | (0.0009) |
Senior Secured Loans - First Lien | Minimum | Income/Market approach | Significant Unobservable Inputs (Level 3) | Risk free rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 0 | 0.0063 |
Senior Secured Loans - First Lien | Minimum | Income/Market approach | Significant Unobservable Inputs (Level 3) | Market multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 5 | 5.2 |
Senior Secured Loans - First Lien | Maximum | Income/Market approach | Significant Unobservable Inputs (Level 3) | HY credit spreads | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 0.0092 | 0.0172 |
Senior Secured Loans - First Lien | Maximum | Income/Market approach | Significant Unobservable Inputs (Level 3) | Risk free rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 0.0254 | 0.0287 |
Senior Secured Loans - First Lien | Maximum | Income/Market approach | Significant Unobservable Inputs (Level 3) | Market multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 17 | 15.1 |
Senior Secured Loans - First Lien | Weighted average | Income/Market approach | Significant Unobservable Inputs (Level 3) | HY credit spreads | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | (0.0009) | 0.0106 |
Senior Secured Loans - First Lien | Weighted average | Income/Market approach | Significant Unobservable Inputs (Level 3) | Risk free rates | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 0.0109 | 0.0147 |
Senior Secured Loans - First Lien | Weighted average | Income/Market approach | Significant Unobservable Inputs (Level 3) | Market multiples | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt | 10.3 | 10 |
Equity investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 7,885,891 | $ 5,247,337 |
Equity investments | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 7,885,891 | 5,247,337 |
Equity investments | Market approach | Significant Unobservable Inputs (Level 3) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 7,885,891 | $ 5,247,337 |
Equity investments | Minimum | Market approach | Significant Unobservable Inputs (Level 3) | Underwriting multiple/EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity investments | 5.7 | 5.5 |
Equity investments | Maximum | Market approach | Significant Unobservable Inputs (Level 3) | Underwriting multiple/EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity investments | 22.5 | 22.1 |
Equity investments | Weighted average | Market approach | Significant Unobservable Inputs (Level 3) | Underwriting multiple/EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity investments | 11.2 | 10.4 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | |
COMMITMENTS AND CONTINGENCIES. | ||
Unfunded debt commitments | $ | $ 32,698,976 | $ 36,293,611 |
Number of existing portfolio companies | item | 26 | 22 |
FINANCIAL HIGHLIGHTS - Roll For
FINANCIAL HIGHLIGHTS - Roll Forward (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Per Share Data: | |||||
Net asset value at beginning of period | $ 14.64 | $ 14.77 | |||
Net investment income | 0.92 | 0.28 | |||
Change in unrealized appreciation on investments | 0.31 | (0.07) | |||
Total from operations | 1.23 | 0.21 | |||
Net investment income | (0.87) | ||||
Other | (0.02) | (0.05) | |||
Net asset value at end of period | $ 14.98 | $ 14.93 | $ 14.98 | $ 14.93 | |
Total return based on market value | 8.24% | 2.64% | |||
Weighted Average Shares of Common Shares of Beneficial Interest Outstanding - basic | 6,037,036 | 3,092,695 | 5,770,879 | 2,790,962 | |
Ratio/Supplemental Data: | |||||
Net assets at end of period | $ 92,597,198 | $ 55,053,070 | $ 92,597,198 | $ 55,053,070 | $ 80,262,957 |
Weighted average net assets | $ 84,578,371 | $ 41,432,778 | |||
Annualized ratio of net operating expenses to weighted average net assets | 11.46% | 4.36% | |||
Annualized ratio of interest expense and other fees to weighted average net assets | 8.41% | 2.06% | |||
Annualized ratio of net investment income to weighted average net assets | 8.08% | 5.32% | |||
Portfolio turnover | 14.90% | 3.95% | |||
Credit Facilities payable | $ 95,200,000 | 46,450,000 | $ 95,200,000 | $ 46,450,000 | |
Short-term loan payable | $ 25,000,000 | $ 25,000,000 | |||
Asset coverage ratio | 1.97% | 2.19% |
FINANCIAL HIGHLIGHTS - Addition
FINANCIAL HIGHLIGHTS - Additional Information (Details) | 5 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2023 $ / shares | Jun. 30, 2022 | Aug. 11, 2023 $ / shares | Dec. 31, 2022 $ / shares | Jan. 31, 2022 $ / shares | |
FINANCIAL HIGHLIGHTS | ||||||
Beneficial interest price per share | $ 14.98 | $ 15 | $ 15 | |||
Organization costs per share | 0.23 | |||||
Net expenses reimbursed and fees | 4.60% | 3.74% | ||||
Organization costs | $ | $ 3,534 |
CREDIT FACILITIES - Additional
CREDIT FACILITIES - Additional Information (Details) | 6 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Jun. 17, 2022 | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 09, 2022 USD ($) | Jul. 17, 2022 USD ($) | May 05, 2022 USD ($) | May 04, 2022 USD ($) | |
Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus Alternate Base Rate Based Prime Rate Subject 3 Floor, Federal Funds Rate plus 0.50 and One Month SOFR Plus 1.00 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 1.75% | |||||||
Revolving credit facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | $ 50,000,000 | |||||||
Asset coverage ratio | 1.50 | |||||||
Credit facility, before loan structure fee | $ 45,000,000 | $ 80,615,000 | ||||||
Loan structure fees | 627,276 | |||||||
Prepaid loan structure fees to be amortized | 96,945 | 44,678 | ||||||
Revolving credit facility | SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 1.80% | |||||||
Credit facility, variable rate adjustment | 0.10 | |||||||
Revolving credit facility | One-month Term SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 1.80% | |||||||
Credit facility, variable rate adjustment | 0.80 | |||||||
Revolving credit facility | Federal funds rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 0.50% | |||||||
Revolving credit facility | Floor rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 0 | |||||||
Senior Secured Revolving Credit Agreement | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | $ 150,000,000 | $ 200,000,000 | ||||||
Credit facility, variable rate percentage | 1.50% | |||||||
Unused commitment fees percentage | 0.50% | |||||||
Asset coverage ratio | 1.67 | |||||||
Minimum liquidity test amount | $ 10,000,000 | |||||||
Interest coverage ratio | 1.75 | |||||||
Credit facility, before loan structure fee | 50,200,000 | 0 | ||||||
Deferred financing cost | 1,370,961 | |||||||
Prepaid loan structure fees to be amortized | $ 1,123,695 | $ 1,122,188 | ||||||
Senior Secured Revolving Credit Agreement | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus Alternate Base Rate Based Prime Rate Subject 3 Floor, Federal Funds Rate plus 0.50 and One Month SOFR Plus 1.00 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 1 | |||||||
Asset coverage ratio | 1.90 | |||||||
Senior Secured Revolving Credit Agreement | SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 2.50% | |||||||
Senior Secured Revolving Credit Agreement | SOFR | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus 0.10% one Month SOFR and 0.15% Three Month SOFR With 0.25% SOFR Floor | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 2.75% | |||||||
Senior Secured Revolving Credit Agreement | One-month Term SOFR | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus 0.10% one Month SOFR and 0.15% Three Month SOFR With 0.25% SOFR Floor | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 0.10 | |||||||
Senior Secured Revolving Credit Agreement | One-month Term SOFR | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus Alternate Base Rate Based Prime Rate Subject 3 Floor, Federal Funds Rate plus 0.50 and One Month SOFR Plus 1.00 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 0.10 | |||||||
Senior Secured Revolving Credit Agreement | Three-month term SOFR | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus 0.10% one Month SOFR and 0.15% Three Month SOFR With 0.25% SOFR Floor | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 0.15 | |||||||
Senior Secured Revolving Credit Agreement | Prime rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 0.50 | |||||||
Senior Secured Revolving Credit Agreement | Floor rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate percentage | 3% | |||||||
Senior Secured Revolving Credit Agreement | Floor rate | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus 0.10% one Month SOFR and 0.15% Three Month SOFR With 0.25% SOFR Floor | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 0.25 | |||||||
Senior Secured Revolving Credit Agreement | Floor rate | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus Alternate Base Rate Based Prime Rate Subject 3 Floor, Federal Funds Rate plus 0.50 and One Month SOFR Plus 1.00 [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility, variable rate adjustment | 0.25 | |||||||
Senior Secured Revolving Credit Agreement | Maximum | Scenario, Asset Coverage Ratio Equals or Below 1.90 Plus 0.10% one Month SOFR and 0.15% Three Month SOFR With 0.25% SOFR Floor | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Asset coverage ratio | 1.90 | |||||||
First Amendment | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | $ 75,000,000 | |||||||
Second Amendment | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity under credit facility | $ 100,000,000 |
CREDIT FACILITIES - Summary of
CREDIT FACILITIES - Summary of credit facility (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Line of Credit Facility [Line Items] | ||
Facility payable, net of prepaid loan structure fees | $ 93,979,360 | $ 79,448,134 |
Revolving credit facility | ||
Line of Credit Facility [Line Items] | ||
Facility payable | 45,000,000 | 80,615,000 |
Prepaid loan structure fees | (96,945) | (44,678) |
Facility payable, net of prepaid loan structure fees | 44,903,055 | 80,570,322 |
Senior Secured Revolving Credit Agreement | ||
Line of Credit Facility [Line Items] | ||
Facility payable | 50,200,000 | 0 |
Prepaid loan structure fees | (1,123,695) | (1,122,188) |
Facility payable, net of prepaid loan structure fees | $ 49,076,305 | $ 1,122,188 |
CREDIT FACILITIES - Summary o_2
CREDIT FACILITIES - Summary of interest expense and amortized financing costs on credit facility (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||||
Total interest and other fees | $ 1,822,407 | $ 277,904 | $ 3,525,910 | $ 350,671 |
Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Interest expense | 786,155 | 178,110 | 1,669,097 | 203,508 |
Loan structure fees amortization | 47,944 | 97,191 | 123,551 | 144,560 |
Total interest and other fees | $ 834,099 | $ 275,301 | $ 1,792,648 | $ 348,068 |
Weighted average interest rate | 7 | 3.1 | 6.7 | 3.4 |
Effective interest rate (including fee amortization) | 7.4 | 4.8 | 7.2 | 5.8 |
Average debt outstanding | $ 45,000,000 | $ 23,106,593 | $ 49,966,796 | $ 14,644,667 |
Cash paid for interest and unused fees | 1,271,798 | 2,073,214 | ||
Senior Secured Revolving Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Interest expense | 893,728 | 1,555,656 | ||
Loan structure fees amortization | 94,132 | 175,419 | ||
Total interest and other fees | $ 987,860 | $ 1,731,075 | ||
Weighted average interest rate | 9.1 | 9 | ||
Effective interest rate (including fee amortization) | 10.0 | 10.1 | ||
Average debt outstanding | $ 39,588,462 | $ 34,677,072 | ||
Cash paid for interest and unused fees | $ 901,154 | $ 1,537,279 |
SUBSEQUENT EVENTS - (Details)
SUBSEQUENT EVENTS - (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||||||||||
Aug. 11, 2023 | Jul. 31, 2023 | Jan. 31, 2022 | Aug. 11, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Aug. 08, 2023 | Aug. 07, 2023 | Aug. 03, 2023 | Aug. 02, 2023 | Jul. 07, 2023 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||||||||||||||
Outstanding credit facility | $ 93,979,360 | $ 93,979,360 | $ 93,979,360 | $ 79,448,134 | |||||||||||
Shares issued through DRIP | 11,413 | 10,629 | 0 | 18,646 | 0 | ||||||||||
Proceeds from dividend reinvestment plan | $ 167,537 | $ 318,962 | |||||||||||||
Issuance of common shares of beneficial interest (in shares) | 2,333,334 | 73,161 | 6,182,924 | 6,182,924 | |||||||||||
Beneficial interest price per share | $ 14.98 | $ 15 | $ 14.98 | $ 15 | |||||||||||
Net Proceeds | $ 35,000,000 | $ 1,095,959 | $ 10,275,069 | $ 55,000,000 | $ 91,668,962 | ||||||||||
Organizational Expense allocation | 4,041 | $ 39,902 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Issuance of common shares of beneficial interest (in shares) | 667,557 | ||||||||||||||
Beneficial interest price per share | $ 14.98 | ||||||||||||||
Net Proceeds | $ 10,000,000 | ||||||||||||||
Subsequent Event [Member] | Senior Secured Revolving Credit Agreement Member [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Outstanding credit facility | $ 73,800,000 | $ 73,800,000 | |||||||||||||
Credit Facility payable | $ 45,000,000 | ||||||||||||||
Subsequent Event [Member] | Madison Logic, Inc [Member] | Equity [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 461,351 | ||||||||||||||
Subsequent Event [Member] | Enviromatic Holdings, Inc [Member] | Senior Loans [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 2,820,685 | ||||||||||||||
Subsequent Event [Member] | Enviromatic Holdings, Inc [Member] | Equity [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 492,017 | ||||||||||||||
Subsequent Event [Member] | Enviromatic Holdings, Inc [Member] | Revolver Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 3,149,231 | ||||||||||||||
Subsequent Event [Member] | Enviromatic Holdings, Inc [Member] | Delayed Draw Term Loan Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 1,410,343 | ||||||||||||||
Subsequent Event [Member] | Nature's Choice [Member] | Senior Loans [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 5,915,156 | ||||||||||||||
Subsequent Event [Member] | Nature's Choice [Member] | Equity [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 208,069 | ||||||||||||||
Subsequent Event [Member] | Nature's Choice [Member] | Revolver Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 2,919,023 | ||||||||||||||
Subsequent Event [Member] | Nature's Choice [Member] | Delayed Draw Term Loan Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 2,609,627 | ||||||||||||||
Subsequent Event [Member] | RK Electric, Inc [Member] | Senior Loans [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 2,022,258 | ||||||||||||||
Subsequent Event [Member] | RK Electric, Inc [Member] | Equity [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 194,900 | ||||||||||||||
Subsequent Event [Member] | RK Electric, Inc [Member] | Revolver Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 717,227 | ||||||||||||||
Subsequent Event [Member] | RK Electric, Inc [Member] | Delayed Draw Term Loan Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 1,304,682 | ||||||||||||||
Subsequent Event [Member] | The Hardenbergh Group [Member] | Senior Loans [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 4,783,836 | ||||||||||||||
Subsequent Event [Member] | The Hardenbergh Group [Member] | Equity [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 264,885 | ||||||||||||||
Subsequent Event [Member] | The Hardenbergh Group [Member] | Revolver Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 1,679,360 | ||||||||||||||
Subsequent Event [Member] | Green Intermediateco II, Inc. [Member] | Senior Loans [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 6,361,759 | ||||||||||||||
Subsequent Event [Member] | Green Intermediateco II, Inc. [Member] | Equity [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | 194,512 | ||||||||||||||
Subsequent Event [Member] | Green Intermediateco II, Inc. [Member] | Delayed Draw Term Loan Commitment [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Investment Amount | $ 2,002,253 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 4,510,399 | $ 617,112 | $ 7,086,067 | $ 585,915 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
N-2
N-2 - $ / shares | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | ||||
Entity Central Index Key | 0001901037 | |||
Amendment Flag | false | |||
Securities Act File Number | 000-56378 | |||
Document Type | 10-Q | |||
Entity Registrant Name | Stellus Private Credit BDC | |||
Entity Address, Address Line One | 4400 Post Oak Parkway | |||
Entity Address, Address Line Two | Suite 2200 | |||
Entity Address, City or Town | Houston | |||
Entity Address, State or Province | TX | |||
Entity Address, Postal Zip Code | 77027 | |||
City Area Code | 713 | |||
Local Phone Number | 292-5400 | |||
Entity Emerging Growth Company | true | |||
Entity Ex Transition Period | false | |||
General Description of Registrant [Abstract] | ||||
Risk Factors [Table Text Block] | Item 1A. Risk Factors You should carefully consider the risks described below and all other information contained in this quarterly report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. The risks and uncertainties described below are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the following risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, you may lose all or part of your investment. Other than as set forth below, there have been no material changes known to us during the period ended June 30, 2023 to the risk factors discussed in “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2022, filed with the SEC on March 3, 2023. Our business and our portfolio companies may be susceptible to economic slowdowns or recessions and to risks related to bank impairments or failures Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. In March 2023, the Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank and subsequently in May 2023 of First Republic Bank due to liquidity concerns and concerns have arisen regarding the stability of other banks and financial institutions. Also, the impairment or failure of one or more banks with whom the Company, its portfolio companies, and/or the Adviser transact may inhibit the ability of the Company or its portfolio companies to access depository accounts. In such cases, the Company may be forced to delay or forgo investments, resulting in lower Company performance. In the event of such a failure of a banking institution where the Company or one or more of its portfolio companies holds depository accounts, access to such accounts could be restricted and FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Company and its affected portfolio companies would not recover such excess, uninsured amounts. To the extent that the Company or the portfolio companies are impacted, their ability to access existing cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities to service our portfolio companies, may be threatened. | |||
NAV Per Share | $ 14.98 | $ 14.64 | $ 14.93 | $ 14.77 |