Cover
Cover - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Dec. 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Current Fiscal Year End Date | --09-30 | |
Document Transition Report | false | |
Entity File Number | 814-01505 | |
Entity Registrant Name | Golub Capital Direct Lending Unlevered Corporation | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 88-1632039 | |
Entity Address, Address Line One | 200 Park Avenue | |
Entity Address, Address Line Two | 25th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10166 | |
City Area Code | 212 | |
Local Phone Number | 750-6060 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Small Business | false | |
Entity Ex Transition Period | true | |
ICFR Auditor Attestation Flag | true | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 11,487,055.609 | |
Documents Incorporated by Reference | Portions of the registrant’s proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the registrant’s 2024 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended September 30, 2023. | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001901606 |
Audit Information
Audit Information | 12 Months Ended |
Sep. 30, 2023 | |
Auditor [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Chicago |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | ||
Assets | ||||
Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) | $ 109,904,922 | [1] | $ 53,989,670 | [2] |
Cash and cash equivalents | 30,058,926 | 14,625,142 | ||
Foreign currencies (cost of $351,577 and $4,455, respectively) | 336,728 | 4,455 | ||
Cash collateral for forward currency contracts | 350,000 | 0 | ||
Interest receivable | 918,145 | 286,885 | ||
Deferred offering costs | 175,687 | 175,665 | ||
Other assets | 151,548 | 7,172 | ||
Total Assets | 141,895,956 | 69,088,989 | ||
Liabilities | ||||
Unrealized depreciation on forward currency contracts | 193,625 | 0 | ||
Distributions payable | 1,956,082 | 328,015 | ||
Payable for investments purchased | 319,028 | 0 | ||
Management and incentive fees payable | 417,193 | 0 | ||
Accrued trustee fees | 25,834 | 18,000 | ||
Accounts payable and accrued expenses | 425,090 | 165,579 | ||
Total Liabilities | 3,336,852 | 511,594 | ||
Commitments and Contingencies (Note 10) | ||||
Net Assets | ||||
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of September 30, 2023 and 2022 | 0 | 0 | ||
Common stock, par value $0.001 per share, 200,000,000 shares authorized, 9,237,273.609 and 4,571,826.354 shares issued and outstanding as of September 30, 2023 and 2022, respectively | 9,238 | 4,572 | ||
Paid in capital in excess of par | 138,422,853 | 68,572,823 | ||
Distributable earnings (losses) | 127,013 | 0 | ||
Total Net Assets | 138,559,104 | 68,577,395 | ||
Total Liabilities and Total Net Assets | $ 141,895,956 | $ 69,088,989 | ||
Number of common shares outstanding (in shares) | 9,237,273.609 | 4,571,826.354 | ||
Net asset value per common share (in dollars per share) | $ 15 | $ 15 | ||
[1] The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 54,268,362 | $ 109,133,395 |
Foreign currencies, cost | $ 4,455 | $ 351,577 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 4,571,826.354 | 9,237,273.609 |
Common stock, shares outstanding (in shares) | 4,571,826.354 | 9,237,273.609 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Investment income | ||
Interest income | $ 963,871 | $ 8,821,864 |
Payment-in-kind interest income | 35,744 | 739,432 |
Dividend income | 0 | 51,577 |
Fee income | 4,952 | 21,219 |
Total investment income | 1,004,567 | 9,634,092 |
Expenses | ||
Base management fee | 113,498 | 832,019 |
Incentive fee | 69,682 | 930,287 |
Professional fees | 370,904 | 688,128 |
Administrative service fee | 2,574 | 102,722 |
General and administrative expenses | 42,875 | 101,248 |
Total expenses | 599,533 | 2,654,404 |
Base management fee waived (Note 4) | (113,498) | (675,912) |
Incentive fee waived (Note 4) | (69,682) | (318,993) |
Operating expenses reimbursement waived (Note 4) | (416,353) | (194,972) |
Net expenses | 0 | 1,464,527 |
Net investment income - before tax | 1,004,567 | 8,169,565 |
Excise tax | 0 | 39,783 |
Net investment income - after tax | 1,004,567 | 8,129,782 |
Net realized gain (loss) from: | ||
Investments | 0 | 6,562 |
Foreign currency transactions | (29,057) | 6,397 |
Net realized gain (loss) on investment transactions | (29,057) | 12,959 |
Net change in unrealized appreciation (depreciation) from: | ||
Investments | (148,687) | 847,129 |
Forward currency contracts | 0 | (193,625) |
Translation of assets and liabilities in foreign currencies | (130,005) | 203,505 |
Net change in unrealized appreciation (depreciation) on investment transactions | (278,692) | 857,009 |
Net gain (loss) on investment transactions | (307,749) | 869,968 |
Net increase (decrease) in net assets resulting from operations | $ 696,818 | $ 8,999,750 |
Per Common Share Data | ||
Basic earnings per common share (in dollars per share) | $ 0.30 | $ 1.47 |
Diluted earnings per common share (in dollars per share) | $ 0.30 | $ 1.47 |
Basic weighted average common shares outstanding (in shares) | 2,292,083 | 6,113,779 |
Diluted weighted average common shares outstanding (in shares) | 2,292,083 | 6,113,779 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Investment Company, Net Assets [Roll Forward] | ||
Beginning balance (in shares) | 4,571,826.354 | |
Beginning balance | $ 10,500 | $ 68,577,395 |
Issuance of common stock (in shares) | 4,569,231.867 | 4,640,929.733 |
Issuance of common stock | $ 68,538,478 | $ 69,613,946 |
Net investment income - after tax | 1,004,567 | 8,129,782 |
Net realized gain (loss) on investment transactions | (29,057) | 12,959 |
Net change in unrealized appreciation (depreciation) on investment transactions | $ (278,692) | $ 857,009 |
Stock issued in connection with dividend reinvestment plan (in shares) | 1,894.487 | 24,517.522 |
Stock issued in connection with dividend reinvestment plan | $ 28,417 | $ 367,763 |
Distributions from distributable earnings (losses) | (368,803) | (7,043,668) |
Distributions declared and payable | (328,015) | (1,956,082) |
Tax reclassification of stockholders equity in accordance with generally accepted accounting principles | 0 | |
Total increase (decrease) common stock, outstanding value | $ 68,566,895 | $ 69,981,709 |
Ending balance (in shares) | 4,571,826.354 | 9,237,273.609 |
Ending balance | $ 68,577,395 | $ 138,559,104 |
Common Stock | ||
Investment Company, Net Assets [Roll Forward] | ||
Beginning balance (in shares) | 700 | 4,571,826.354 |
Beginning balance | $ 1 | $ 4,572 |
Issuance of common stock (in shares) | 4,569,231.867 | 4,640,929.733 |
Issuance of common stock | $ 4,569 | $ 4,641 |
Stock issued in connection with dividend reinvestment plan (in shares) | 1,894.487 | 24,517.522 |
Stock issued in connection with dividend reinvestment plan | $ 2 | $ 25 |
Total increase (decrease) common stock, outstanding (in shares) | 4,571,126.354 | 4,665,447.255 |
Total increase (decrease) common stock, outstanding value | $ 4,571 | $ 4,666 |
Ending balance (in shares) | 4,571,826.354 | 9,237,273.609 |
Ending balance | $ 4,572 | $ 9,238 |
Paid in Capital in Excess of Par | ||
Investment Company, Net Assets [Roll Forward] | ||
Beginning balance | 10,499 | 68,572,823 |
Issuance of common stock | 68,533,909 | 69,609,305 |
Stock issued in connection with dividend reinvestment plan | 28,415 | 367,738 |
Tax reclassification of stockholders equity in accordance with generally accepted accounting principles | (127,013) | |
Total increase (decrease) common stock, outstanding value | 68,562,324 | 69,850,030 |
Ending balance | 68,572,823 | 138,422,853 |
Distributable Earnings (Losses) | ||
Investment Company, Net Assets [Roll Forward] | ||
Beginning balance | 0 | 0 |
Net investment income - after tax | 1,004,567 | 8,129,782 |
Net realized gain (loss) on investment transactions | (29,057) | 12,959 |
Net change in unrealized appreciation (depreciation) on investment transactions | (278,692) | 857,009 |
Distributions from distributable earnings (losses) | (368,803) | (7,043,668) |
Distributions declared and payable | (328,015) | (1,956,082) |
Tax reclassification of stockholders equity in accordance with generally accepted accounting principles | 127,013 | |
Total increase (decrease) common stock, outstanding value | 0 | 127,013 |
Ending balance | $ 0 | $ 127,013 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Cash flows from operating activities | ||
Net increase (decrease) in net assets resulting from operations | $ 696,818 | $ 8,999,750 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
Accretion of discounts and amortization of premiums | (32,006) | (264,132) |
Net realized (gain) loss on investments | 0 | (6,562) |
Net realized (gain) loss on foreign currency transactions | 29,057 | (6,397) |
Net change in unrealized (appreciation) depreciation on investments | 148,687 | (847,129) |
Net change in unrealized (appreciation) depreciation on forward currency contracts | 0 | 193,625 |
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies | 130,005 | (203,505) |
Proceeds from (fundings of) revolving loans, net | (79,455) | (162,577) |
Fundings of investments | (54,142,216) | (55,511,793) |
Proceeds from principal payments of portfolio investments | 8,211 | 1,864,056 |
Payment-in-kind interest capitalized | (22,896) | (734,393) |
Non-cash dividends capitalized | 0 | (48,208) |
Changes in operating assets and liabilities: | ||
Cash collateral for forward currency contracts | 0 | (350,000) |
Interest receivable | (286,885) | (631,260) |
Other assets | (7,172) | (144,376) |
Payable for investments purchased | 0 | 319,028 |
Management and incentive fees payable | 0 | 417,193 |
Accrued trustee fees | 18,000 | 7,834 |
Accounts payable and accrued expenses | 120,679 | 259,511 |
Net cash provided by (used in) operating activities | (53,419,173) | (46,849,335) |
Cash flows from financing activities | ||
Deferred offering costs | (130,765) | (22) |
Proceeds from issuance of common shares | 68,538,478 | 69,613,946 |
Distributions paid | (340,386) | (7,003,920) |
Net cash provided by (used in) financing activities | 68,067,327 | 62,610,004 |
Net change in cash and cash equivalents and foreign currencies | 14,648,154 | 15,760,669 |
Effect of foreign currency exchange rates | (29,057) | 5,388 |
Cash and foreign currencies, beginning of period | 10,500 | 14,629,597 |
Cash and cash equivalents and foreign currencies, end of period | 14,629,597 | 30,395,654 |
Supplemental disclosure of cash flow information: | ||
Distributions declared for the period | 696,818 | 8,999,750 |
Supplemental disclosure of non-cash financing activity: | ||
Stock issued in connection with dividend reinvestment plan | 28,417 | 367,763 |
Change in distributions payable | 328,015 | 1,628,067 |
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Cash and cash equivalents | 14,625,142 | 30,058,926 |
Foreign currencies (cost of $351,577 and $4,455, respectively) | 4,455 | 336,728 |
Total cash and cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows | $ 14,629,597 | $ 30,395,654 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Statement of Cash Flows [Abstract] | ||
Foreign currencies, cost | $ 4,455 | $ 351,577 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | |||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 109,133,395 | $ 54,268,362 | |||
Percentage of Net Assets | 79.30% | 78.70% | |||
Fair Value | $ 109,904,922 | [1] | $ 53,989,670 | [2] | |
Money market funds, at carrying value | [1] | $ 8,681,873 | |||
Money market funds, percent of net assets | 6.30% | ||||
Total investment owned, at cost and money market funds, at carrying value | $ 117,815,268 | ||||
Total investment owned and money market funds, percent of net assets | 85.60% | ||||
Total investment owned, at fair value and money market funds, at carrying value | [1] | $ 118,586,795 | |||
Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 109,186,101 | [3] | 54,006,967 | [4] | |
Amortized Cost | $ 107,236,485 | $ 53,259,995 | |||
Percentage of Net Assets | 77.80% | 77.20% | |||
Fair Value | $ 107,731,330 | [1] | $ 52,961,535 | [2] | |
Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 1,896,910 | [5],[6] | $ 1,008,367 | [7],[8] | |
Percentage of Net Assets | 1.50% | [5],[6] | 1.50% | [7],[8] | |
Fair Value | $ 2,173,592 | [1],[5],[6] | $ 1,028,135 | [2],[7],[8] | |
Aerospace and Defense | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 5,392,890 | 0 | |||
Fair Value | 5,546,042 | 0 | |||
Aerospace and Defense | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 5,394,072 | |||
Amortized Cost | $ 5,247,495 | ||||
Percentage of Net Assets | 3.90% | ||||
Fair Value | [1] | $ 5,394,072 | |||
Automobiles | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 4,542,643 | 3,112,370 | |||
Fair Value | 4,427,108 | 3,110,619 | |||
Automobiles | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 4,545,358 | [3] | 3,123,965 | [4] | |
Amortized Cost | $ 4,498,843 | $ 3,068,570 | |||
Percentage of Net Assets | 3.20% | 4.50% | |||
Fair Value | $ 4,377,178 | [1] | $ 3,066,819 | [2] | |
Beverages | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 3,298,464 | 0 | |||
Fair Value | 3,301,796 | 0 | |||
Beverages | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 3,373,303 | |||
Amortized Cost | $ 3,298,464 | ||||
Percentage of Net Assets | 2.40% | ||||
Fair Value | [1] | $ 3,301,796 | |||
Commercial Services and Supplies | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 466,362 | 0 | |||
Fair Value | 466,300 | 0 | |||
Commercial Services and Supplies | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 477,968 | |||
Amortized Cost | $ 466,362 | ||||
Percentage of Net Assets | 0.30% | ||||
Fair Value | [1] | $ 466,300 | |||
Diversified Consumer Services | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 6,977,706 | 3,606,847 | |||
Fair Value | 7,102,923 | 3,619,523 | |||
Diversified Consumer Services | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 6,658,755 | [3] | 3,592,595 | [4] | |
Amortized Cost | $ 6,522,099 | $ 3,523,264 | |||
Percentage of Net Assets | 4.80% | 5.20% | |||
Fair Value | $ 6,649,244 | [1] | $ 3,537,303 | [2] | |
Diversified Consumer Services | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 455,607 | $ 83,583 | |||
Percentage of Net Assets | 0.30% | 0.10% | |||
Fair Value | $ 453,679 | [1] | $ 82,220 | [2] | |
Diversified Financial Services | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 743,882 | 0 | |||
Fair Value | 761,537 | 0 | |||
Diversified Financial Services | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 769,900 | |||
Amortized Cost | $ 743,882 | ||||
Percentage of Net Assets | 0.50% | ||||
Fair Value | [1] | $ 761,537 | |||
Electronic Equipment, Instruments and Components | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 1,581,864 | |||
Amortized Cost | $ 1,540,368 | ||||
Percentage of Net Assets | 1.10% | ||||
Fair Value | [1] | $ 1,581,864 | |||
Health Care Technology | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 3,072,835 | 518,627 | |||
Fair Value | 3,045,648 | 513,252 | |||
Health Care Technology | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 3,124,639 | [3] | 527,945 | [4] | |
Amortized Cost | $ 3,072,835 | $ 518,627 | |||
Percentage of Net Assets | 2.20% | 0.80% | |||
Fair Value | $ 3,045,648 | [1] | $ 513,252 | [2] | |
Healthcare Equipment and Supplies | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 1,315,667 | [3] | 1,308,800 | [4] | |
Amortized Cost | $ 1,304,619 | $ 1,295,367 | |||
Percentage of Net Assets | 0.90% | 1.90% | |||
Fair Value | $ 1,315,667 | [1] | $ 1,295,098 | [2] | |
Healthcare Providers and Services | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 947,661 | [3] | 145,202 | [4] | |
Amortized Cost | $ 918,435 | $ 143,841 | |||
Percentage of Net Assets | 0.70% | 0.20% | |||
Fair Value | $ 910,771 | [1] | $ 143,536 | [2] | |
Hotels, Restaurants and Leisure | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 3,840,717 | [3] | 603,674 | [4] | |
Amortized Cost | $ 3,787,223 | $ 595,150 | |||
Percentage of Net Assets | 2.80% | 0.90% | |||
Fair Value | $ 3,816,857 | [1] | $ 588,369 | [2] | |
Household Durables | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 443,345 | 0 | |||
Fair Value | 457,524 | 0 | |||
Household Durables | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 457,524 | |||
Amortized Cost | $ 443,345 | ||||
Percentage of Net Assets | 0.30% | ||||
Fair Value | [1] | $ 457,524 | |||
Industrial Conglomerates | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 1,103,648 | 1,047,989 | |||
Fair Value | 1,117,139 | 1,050,133 | |||
Industrial Conglomerates | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 1,126,887 | [3] | 1,066,088 | [4] | |
Amortized Cost | $ 1,103,648 | $ 1,047,989 | |||
Percentage of Net Assets | 0.80% | 1.50% | |||
Fair Value | $ 1,117,139 | [1] | $ 1,050,133 | [2] | |
Insurance | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 5,676,413 | 3,800,618 | |||
Fair Value | 5,758,946 | 3,797,726 | |||
Insurance | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 5,788,187 | [3] | 3,877,726 | [4] | |
Amortized Cost | $ 5,676,413 | $ 3,800,618 | |||
Percentage of Net Assets | 4.20% | 5.50% | |||
Fair Value | $ 5,758,946 | [1] | $ 3,797,726 | [2] | |
IT Services | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 5,856,659 | 4,800,501 | |||
Fair Value | 5,839,273 | 4,777,414 | |||
IT Services | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 5,923,949 | [3] | 4,807,089 | [4] | |
Amortized Cost | $ 5,831,078 | $ 4,767,104 | |||
Percentage of Net Assets | 4.20% | 6.90% | |||
Fair Value | $ 5,804,693 | [1] | $ 4,742,277 | [2] | |
IT Services | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 25,581 | $ 33,397 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 34,580 | [1] | $ 35,137 | [2] | |
Life Sciences Tools & Services | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | [3] | 4,241,717 | |||
Amortized Cost | $ 4,134,454 | ||||
Percentage of Net Assets | 3.10% | ||||
Fair Value | [1] | $ 4,241,717 | |||
Life Sciences Tools & Services | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 186,012 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 243,413 | |||
Pharmaceuticals | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 848,166 | 778,554 | |||
Fair Value | 835,951 | 776,407 | |||
Pharmaceuticals | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 863,676 | [3] | 796,408 | [4] | |
Amortized Cost | $ 848,166 | $ 778,554 | |||
Percentage of Net Assets | 0.60% | 1.10% | |||
Fair Value | $ 835,951 | [1] | $ 776,407 | [2] | |
Professional Services | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 1,225,709 | 284,781 | |||
Fair Value | 1,247,044 | 287,247 | |||
Professional Services | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 1,250,462 | [3] | 290,885 | [4] | |
Amortized Cost | $ 1,225,709 | $ 284,781 | |||
Percentage of Net Assets | 0.90% | 0.40% | |||
Fair Value | $ 1,247,044 | [1] | $ 287,247 | [2] | |
Software | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 48,747,945 | 28,379,618 | |||
Fair Value | 49,064,803 | 28,127,900 | |||
Software | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 48,548,301 | [3] | 27,903,263 | [4] | |
Amortized Cost | $ 47,769,912 | $ 27,594,513 | |||
Percentage of Net Assets | 34.60% | 39.80% | |||
Fair Value | $ 47,874,220 | [1] | $ 27,323,402 | [2] | |
Software | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | $ 978,033 | $ 785,105 | |||
Percentage of Net Assets | 0.90% | 1.20% | |||
Fair Value | $ 1,190,583 | [1] | $ 804,498 | [2] | |
Specialty Retail | |||||
Schedule of Investments [Line Items] | |||||
Amortized Cost | 8,865,617 | 5,904,099 | |||
Fair Value | 8,822,599 | 5,902,446 | |||
Specialty Retail | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, principal amount | 8,955,494 | [3] | 5,963,327 | [4] | |
Amortized Cost | $ 8,803,135 | $ 5,841,617 | |||
Percentage of Net Assets | 6.30% | 8.50% | |||
Fair Value | $ 8,773,162 | [1] | $ 5,839,966 | [2] | |
Investment, Identifier [Axis]: ALKU Intermediate Holdings, LLC, One stop | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 6.25% | |||
Investment interest rate | [11] | 11.57% | |||
Investment owned, balance, principal amount | [3] | $ 296,300 | |||
Amortized Cost | $ 292,121 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 292,596 | |||
Investment, Identifier [Axis]: Anaplan, Inc., LP interest | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 363,726 | [3] | 363,726 | [4] | |
Amortized Cost | $ 363,933 | $ 363,933 | |||
Percentage of Net Assets | 0.40% | 0.60% | |||
Fair Value | $ 516,865 | [1] | $ 363,726 | [2] | |
Investment, Identifier [Axis]: Anaplan, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [9],[10] | 6.50% | [12],[13] | |
Investment interest rate | 11.82% | [11] | 9.53% | [14] | |
Investment owned, balance, principal amount | $ 9,257,119 | [3] | $ 9,257,119 | [4] | |
Amortized Cost | $ 9,181,454 | $ 9,168,240 | |||
Percentage of Net Assets | 6.70% | 13.20% | |||
Fair Value | $ 9,257,119 | [1] | $ 9,071,976 | [2] | |
Investment, Identifier [Axis]: Anaplan, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[15] | 6.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (1,556) | [15] | $ (1,885) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (3,954) | [2],[16] | |
Investment, Identifier [Axis]: Armstrong Bidco Limited, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5% | [10],[17],[18],[19],[20] | 5.75% | [13],[21],[22],[23],[24] | |
Investment interest rate | 10.19% | [11],[18],[19],[20] | 7.94% | [14],[22],[23],[24] | |
Investment owned, balance, principal amount | $ 624,245 | [3],[18],[19],[20] | $ 571,182 | [4],[22],[23],[24] | |
Amortized Cost | $ 610,694 | [18],[19],[20] | $ 608,466 | [22],[23],[24] | |
Percentage of Net Assets | 0.40% | [18],[19],[20] | 0.80% | [22],[23],[24] | |
Fair Value | $ 593,032 | [1],[18],[19],[20] | $ 554,046 | [2],[22],[23],[24] | |
Investment, Identifier [Axis]: Armstrong Bidco Limited, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5% | [10],[17],[18],[19],[20] | 5.75% | [13],[21],[22],[23],[24] | |
Investment interest rate | 10.19% | [11],[18],[19],[20] | 7.94% | [14],[22],[23],[24] | |
Investment owned, balance, principal amount | $ 325,730 | [3],[18],[19],[20] | $ 98,201 | [4],[22],[23],[24] | |
Amortized Cost | $ 309,702 | [18],[19],[20] | $ 96,325 | [22],[23],[24] | |
Percentage of Net Assets | 0.20% | [18],[19],[20] | 0.10% | [22],[23],[24] | |
Fair Value | $ 309,443 | [1],[18],[19],[20] | $ 89,260 | [2],[22],[23],[24] | |
Investment, Identifier [Axis]: Arrow Buyer, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.50% | |||
Investment interest rate | [11] | 11.89% | |||
Investment owned, balance, principal amount | [3] | $ 1,091,691 | |||
Amortized Cost | $ 1,063,874 | ||||
Percentage of Net Assets | 0.80% | ||||
Fair Value | [1] | $ 1,078,045 | |||
Investment, Identifier [Axis]: Arrow Buyer, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,517) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (3,149) | |||
Investment, Identifier [Axis]: Avalara, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 7.25% | |||
Investment interest rate | [11] | 12.64% | |||
Investment owned, balance, principal amount | [3] | $ 769,900 | |||
Amortized Cost | $ 753,699 | ||||
Percentage of Net Assets | 0.50% | ||||
Fair Value | [1] | $ 769,900 | |||
Investment, Identifier [Axis]: Avalara, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7.25% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,620) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[18],[20],[26] | 6% | |||
Investment interest rate | [11],[18],[20] | 9.86% | |||
Investment owned, balance, principal amount | [3],[18],[20] | $ 319,021 | |||
Amortized Cost | [18],[20] | $ 309,458 | |||
Percentage of Net Assets | [18],[20] | 0.20% | |||
Fair Value | [1],[18],[20] | $ 309,450 | |||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 6% | |||
Investment interest rate | [11] | 11.32% | |||
Investment owned, balance, principal amount | [3] | $ 484,894 | |||
Amortized Cost | $ 470,359 | ||||
Percentage of Net Assets | 0.40% | ||||
Fair Value | [1] | $ 470,347 | |||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (3,008) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (3,011) | |||
Investment, Identifier [Axis]: Bamboo US Bidco LLC, One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,136) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (1,136) | |||
Investment, Identifier [Axis]: Barteca Restaurants, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[25] | 6% | [13],[27] | |
Investment interest rate | 11.57% | [11] | 9.19% | [14] | |
Investment owned, balance, principal amount | $ 469,953 | [3] | $ 474,700 | [4] | |
Amortized Cost | $ 466,167 | $ 470,085 | |||
Percentage of Net Assets | 0.40% | 0.70% | |||
Fair Value | $ 469,953 | [1] | $ 469,953 | [2] | |
Investment, Identifier [Axis]: Barteca Restaurants, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[15] | 6% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (507) | [15] | $ (611) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (629) | [2],[16] | |
Investment, Identifier [Axis]: Barteca Restaurants, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[25] | 6% | [13],[16] | |
Investment interest rate | [11] | 11.57% | |||
Investment owned, balance, principal amount | $ 31,524 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 30,505 | $ (1,231) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 31,524 | [1] | $ (1,266) | [2],[16] | |
Investment, Identifier [Axis]: Belmont Instrument, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[25] | 6.25% | [13],[28] | |
Investment interest rate | 11.64% | [11] | 9.69% | [14] | |
Investment owned, balance, principal amount | $ 1,295,712 | [3] | $ 1,308,800 | [4] | |
Amortized Cost | $ 1,285,164 | $ 1,295,969 | |||
Percentage of Net Assets | 0.90% | 1.90% | |||
Fair Value | $ 1,295,712 | [1] | $ 1,295,712 | [2] | |
Investment, Identifier [Axis]: Belmont Instrument, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[25] | 6.25% | [13],[16] | |
Investment interest rate | [11] | 11.64% | |||
Investment owned, balance, principal amount | $ 19,955 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 19,455 | $ (602) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 19,955 | [1] | $ (614) | [2],[16] | |
Investment, Identifier [Axis]: COP Exterminators Acquisitions, Inc., Senior secured 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 5.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (336) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (346) | |||
Investment, Identifier [Axis]: COP Exterminators Acquisitions, Inc., Senior secured 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 5.50% | |||
Investment interest rate | [11] | 11.02% | |||
Investment owned, balance, principal amount | [3] | $ 200,077 | |||
Amortized Cost | $ 197,647 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 197,576 | |||
Investment, Identifier [Axis]: COP Exterminators Acquisitions, Inc., Senior secured 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 5.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,898) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (1,384) | |||
Investment, Identifier [Axis]: CST Holding Company, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 6.50% | |||
Investment interest rate | [11] | 11.92% | |||
Investment owned, balance, principal amount | [3] | $ 1,581,864 | |||
Amortized Cost | $ 1,541,639 | ||||
Percentage of Net Assets | 1.10% | ||||
Fair Value | [1] | $ 1,581,864 | |||
Investment, Identifier [Axis]: CST Holding Company, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,271) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Caerus Midco 3 S.A.R.L., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[20],[25],[29] | 5.50% | [13],[22],[27],[30] | |
Investment interest rate | 10.89% | [11],[20],[29] | 9.48% | [14],[22],[30] | |
Investment owned, balance, principal amount | $ 788,443 | [3],[20],[29] | $ 796,408 | [4],[22],[30] | |
Amortized Cost | $ 775,721 | [20],[29] | $ 781,283 | [22],[30] | |
Percentage of Net Assets | 0.60% | [20],[29] | 1.10% | [22],[30] | |
Fair Value | $ 764,790 | [1],[20],[29] | $ 780,479 | [2],[22],[30] | |
Investment, Identifier [Axis]: Caerus Midco 3 S.A.R.L., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [9],[10],[20],[29] | 5.50% | [13],[16],[22],[30] | |
Investment interest rate | [11],[20],[29] | 11.07% | |||
Investment owned, balance, principal amount | $ 22,006 | [3],[20],[29] | $ 0 | [4],[16],[22],[30] | |
Amortized Cost | $ 20,653 | [20],[29] | $ (1,592) | [16],[22],[30] | |
Percentage of Net Assets | 0% | [20],[29] | 0% | [16],[22],[30] | |
Fair Value | $ 20,329 | [1],[20],[29] | $ (1,677) | [2],[16],[22],[30] | |
Investment, Identifier [Axis]: Caerus Midco 3 S.A.R.L., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[20],[29],[31] | 5.50% | [13],[16],[22],[30] | |
Investment interest rate | [11],[20],[29] | 11.21% | |||
Investment owned, balance, principal amount | $ 53,227 | [3],[20],[29] | $ 0 | [4],[16],[22],[30] | |
Amortized Cost | $ 51,792 | [20],[29] | $ (1,137) | [16],[22],[30] | |
Percentage of Net Assets | 0% | [20],[29] | 0% | [16],[22],[30] | |
Fair Value | $ 50,832 | [1],[20],[29] | $ (2,395) | [2],[16],[22],[30] | |
Investment, Identifier [Axis]: Captive Resources Midco, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [9],[10],[32] | 5.50% | [12],[13] | |
Investment interest rate | 5.29% | [11],[32] | 8.53% | [14] | |
Investment, interest rate, paid in kind | [11],[32] | 5.78% | |||
Investment owned, balance, principal amount | $ 4,002,993 | [3],[32] | $ 3,877,726 | [4] | |
Amortized Cost | $ 3,939,607 | [32] | $ 3,802,961 | ||
Percentage of Net Assets | 2.90% | [32] | 5.50% | ||
Fair Value | $ 4,002,993 | [1],[32] | $ 3,800,171 | [2] | |
Investment, Identifier [Axis]: Captive Resources Midco, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [10],[15] | 5.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (1,936) | [15] | $ (2,343) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (2,445) | [2],[16] | |
Investment, Identifier [Axis]: Celerion Buyer, Inc., LP units 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3] | 186,012 | |||
Amortized Cost | $ 186,012 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 186,012 | |||
Investment, Identifier [Axis]: Celerion Buyer, Inc., LP units 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3] | 186,012 | |||
Amortized Cost | $ 0 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 57,401 | |||
Investment, Identifier [Axis]: Celerion Buyer, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.50% | |||
Investment interest rate | [11] | 11.93% | |||
Investment owned, balance, principal amount | [3] | $ 4,241,717 | |||
Amortized Cost | $ 4,150,081 | ||||
Percentage of Net Assets | 3.10% | ||||
Fair Value | [1] | $ 4,241,717 | |||
Investment, Identifier [Axis]: Celerion Buyer, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,061) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Celerion Buyer, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (14,566) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Citrin Cooperman Advisors LLC, One stop | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [12],[13],[28] | 5% | |||
Investment interest rate | [14] | 7.80% | |||
Investment owned, balance, principal amount | [4] | $ 146,913 | |||
Amortized Cost | $ 144,410 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [2] | $ 146,913 | |||
Investment, Identifier [Axis]: Citrin Cooperman Advisors LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 5.75% | |||
Investment interest rate | [11] | 11.14% | |||
Investment owned, balance, principal amount | [3] | $ 206,114 | |||
Amortized Cost | $ 204,002 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 206,114 | |||
Investment, Identifier [Axis]: Citrin Cooperman Advisors LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.25% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (448) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Citrin Cooperman Advisors LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.25% | |||
Investment interest rate | [11] | 11.70% | |||
Investment owned, balance, principal amount | [3] | $ 114,182 | |||
Amortized Cost | $ 111,142 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 114,468 | |||
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [9],[10] | 5.75% | [12],[13] | |
Investment interest rate | 10.82% | [11] | 8.78% | [14] | |
Investment owned, balance, principal amount | $ 254,826 | [3] | $ 257,400 | [4] | |
Amortized Cost | $ 252,848 | $ 254,994 | |||
Percentage of Net Assets | 0.20% | 0.40% | |||
Fair Value | $ 245,907 | [1] | $ 252,252 | [2] | |
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [9],[10] | 5.75% | [12],[13] | |
Investment interest rate | 10.82% | [11] | 8.78% | [14] | |
Investment owned, balance, principal amount | $ 7,400 | [3] | $ 5,550 | [4] | |
Amortized Cost | $ 7,247 | $ 5,364 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 6,105 | [1] | $ 4,810 | [2] | |
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [9],[10] | 5.75% | [13],[16] | |
Investment interest rate | [11] | 11.57% | |||
Investment owned, balance, principal amount | $ 77,060 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 75,994 | $ (520) | [16] | ||
Percentage of Net Assets | 0.10% | 0% | [16] | ||
Fair Value | $ 74,362 | [1] | $ (1,542) | [2],[16] | |
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,516) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (1,518) | |||
Investment, Identifier [Axis]: Coding Solutions Acquisition, Inc., One stop 5 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6% | |||
Investment interest rate | [11] | 11.32% | |||
Investment owned, balance, principal amount | [3] | $ 34,077 | |||
Amortized Cost | $ 33,226 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 33,225 | |||
Investment, Identifier [Axis]: Color Intermediate, LLC, One stop | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 5.50% | |||
Investment interest rate | [11] | 10.99% | |||
Investment owned, balance, principal amount | [3] | $ 731,126 | |||
Amortized Cost | $ 718,578 | ||||
Percentage of Net Assets | 0.50% | ||||
Fair Value | [1] | $ 709,192 | |||
Investment, Identifier [Axis]: Community Care Partners, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [9],[10] | 5.75% | [12],[13] | |
Investment interest rate | 11.43% | [11] | 8.89% | [14] | |
Investment owned, balance, principal amount | $ 143,746 | [3] | $ 145,202 | [4] | |
Amortized Cost | $ 142,890 | $ 144,016 | |||
Percentage of Net Assets | 0.10% | 0.20% | |||
Fair Value | $ 135,121 | [1] | $ 143,750 | [2] | |
Investment, Identifier [Axis]: Community Care Partners, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[15] | 5.75% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (128) | [15] | $ (175) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (214) | [2],[16] | |
Investment, Identifier [Axis]: Coupa Holdings, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 7.50% | |||
Investment interest rate | [11] | 12.82% | |||
Investment owned, balance, principal amount | [3] | $ 2,166,933 | |||
Amortized Cost | $ 2,117,460 | ||||
Percentage of Net Assets | 1.50% | ||||
Fair Value | [1] | $ 2,112,760 | |||
Investment, Identifier [Axis]: Coupa Holdings, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,010) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (1,120) | |||
Investment, Identifier [Axis]: Coupa Holdings, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (2,214) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (4,837) | |||
Investment, Identifier [Axis]: Critical Start, Inc., Common stock | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 16,700 | [3] | 16,700 | [4] | |
Amortized Cost | $ 16,700 | $ 16,700 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 19,923 | [1] | $ 16,700 | [2] | |
Investment, Identifier [Axis]: Critical Start, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.75% | [10],[25],[32] | 5.75% | [12],[13] | |
Investment interest rate | 8.46% | [11],[32] | 5.65% | [14] | |
Investment, interest rate, paid in kind | 3.63% | [11],[32] | 3.13% | [14] | |
Investment owned, balance, principal amount | $ 206,690 | [3],[32] | $ 200,993 | [4] | |
Amortized Cost | $ 205,144 | [32] | $ 199,113 | ||
Percentage of Net Assets | 0.10% | [32] | 0.30% | ||
Fair Value | $ 204,623 | [1],[32] | $ 198,983 | [2] | |
Investment, Identifier [Axis]: Critical Start, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.75% | [10],[15] | 5.75% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (344) | [15] | $ (418) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (445) | [1],[15] | $ (445) | [2],[16] | |
Investment, Identifier [Axis]: Critical Start, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25],[32] | 6.75% | |||
Investment interest rate | [11],[32] | 8.46% | |||
Investment, interest rate, paid in kind | [11],[32] | 3.63% | |||
Investment owned, balance, principal amount | [3],[32] | $ 112,691 | |||
Amortized Cost | [32] | $ 110,690 | |||
Percentage of Net Assets | [32] | 0.10% | |||
Fair Value | [1],[32] | $ 111,564 | |||
Investment, Identifier [Axis]: Crow River Buyer, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 7.75% | |||
Investment interest rate | [11] | 13.12% | |||
Investment owned, balance, principal amount | [3] | $ 303,800 | |||
Amortized Cost | $ 298,407 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 303,800 | |||
Investment, Identifier [Axis]: Crow River Buyer, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7.75% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (889) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Cynet Security Ltd., Preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 8,988 | [3],[20],[33] | 8,828 | [4],[22],[34] | |
Amortized Cost | $ 31,432 | [20],[33] | $ 31,432 | [22],[34] | |
Percentage of Net Assets | 0% | [20],[33] | 0.10% | [22],[34] | |
Fair Value | $ 37,861 | [1],[20],[33] | $ 31,430 | [2],[22],[34] | |
Investment, Identifier [Axis]: DISA Holdings Corp., One stop | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 5.50% | |||
Investment interest rate | [11] | 10.83% | |||
Investment owned, balance, principal amount | [3] | $ 10,474 | |||
Amortized Cost | $ 10,073 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 10,474 | |||
Investment, Identifier [Axis]: DISA Holdings Corp., Senior secured 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [9],[10] | 5.50% | [12],[13] | |
Investment interest rate | 10.83% | [11] | 8.18% | [14] | |
Investment owned, balance, principal amount | $ 226,159 | [3] | $ 142,446 | [4] | |
Amortized Cost | $ 222,395 | $ 139,626 | |||
Percentage of Net Assets | 0.20% | 0.20% | |||
Fair Value | $ 226,159 | [1] | $ 139,597 | [2] | |
Investment, Identifier [Axis]: DISA Holdings Corp., Senior secured 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [9],[10] | 5.50% | [12],[13] | |
Investment interest rate | 10.83% | [11] | 8.18% | [14] | |
Investment owned, balance, principal amount | $ 13,771 | [3] | $ 1,526 | [4] | |
Amortized Cost | $ 13,458 | $ 1,123 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 13,771 | [1] | $ 1,119 | [2] | |
Investment, Identifier [Axis]: DISA Holdings Corp., Senior secured 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [9],[10] | 5.50% | [13],[16] | |
Investment interest rate | [11] | 10.83% | |||
Investment owned, balance, principal amount | $ 4,128 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 3,671 | $ (378) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 4,128 | [1] | $ (382) | [2],[16] | |
Investment, Identifier [Axis]: DISA Holdings Corp., Subordinated debt | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10],[32] | 10% | |||
Investment interest rate | [11],[32] | 13.33% | |||
Investment, interest rate, paid in kind | [11],[32] | 2% | |||
Investment owned, balance, principal amount | [3],[32] | $ 50,519 | |||
Amortized Cost | [32] | $ 49,232 | |||
Percentage of Net Assets | [32] | 0% | |||
Fair Value | [1],[32] | $ 50,519 | |||
Investment, Identifier [Axis]: DP Flores Holdings, LLC, LLC units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 50,171 | [3] | 50,171 | [4] | |
Amortized Cost | $ 50,171 | $ 50,171 | |||
Percentage of Net Assets | 0% | 0.10% | |||
Fair Value | $ 56,739 | [1] | $ 50,171 | [2] | |
Investment, Identifier [Axis]: DP Flores Holdings, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[31] | 6.50% | [13],[28] | |
Investment interest rate | 11.59% | [11] | 10% | [14] | |
Investment owned, balance, principal amount | $ 1,842,973 | [3] | $ 1,856,900 | [4] | |
Amortized Cost | $ 1,816,212 | $ 1,824,523 | |||
Percentage of Net Assets | 1.30% | 2.70% | |||
Fair Value | $ 1,842,973 | [1] | $ 1,824,404 | [2] | |
Investment, Identifier [Axis]: DP Flores Holdings, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[15] | 6.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (896) | [15] | $ (1,076) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (1,080) | [2],[16] | |
Investment, Identifier [Axis]: DP Flores Holdings, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[15] | 6.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (8,890) | [15] | $ (10,674) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (10,714) | [2],[16] | |
Investment, Identifier [Axis]: DP Flores Holdings, LLC, One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13] | 6.50% | |||
Investment owned, balance, principal amount | [4] | $ 0 | |||
Amortized Cost | $ 0 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [2] | $ 0 | |||
Investment, Identifier [Axis]: DP Flores Holdings, LLC, One stop 5 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13] | 6.50% | |||
Investment owned, balance, principal amount | [4] | $ 0 | |||
Amortized Cost | $ 0 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [2] | $ 0 | |||
Investment, Identifier [Axis]: Disco Parent, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 7.50% | |||
Investment interest rate | [11] | 12.92% | |||
Investment owned, balance, principal amount | [3] | $ 270,167 | |||
Amortized Cost | $ 263,983 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 263,413 | |||
Investment, Identifier [Axis]: Disco Parent, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (808) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (882) | |||
Investment, Identifier [Axis]: Dwyer Instruments, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [35] | 5.75% | [10],[25] | 6% | [13] |
Investment interest rate | 11.25% | [11] | 9.67% | [14] | |
Investment owned, balance, principal amount | $ 240,021 | [3] | $ 242,454 | [4] | |
Amortized Cost | $ 236,409 | $ 237,847 | |||
Percentage of Net Assets | 0.20% | 0.30% | |||
Fair Value | $ 240,021 | [1] | $ 237,605 | [2] | |
Investment, Identifier [Axis]: Dwyer Instruments, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [9],[10],[25] | 5.50% | [13],[36] | |
Investment interest rate | 11.23% | [11] | 8.38% | [14] | |
Investment owned, balance, principal amount | $ 7,796 | [3] | $ 4,754 | [4] | |
Amortized Cost | $ 7,339 | $ 4,176 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 7,796 | [1] | $ 4,145 | [2] | |
Investment, Identifier [Axis]: Dwyer Instruments, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[15] | 6% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (458) | [15] | $ (578) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (608) | [2],[16] | |
Investment, Identifier [Axis]: ESN Venture Holdings, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6% | |||
Investment interest rate | [11] | 11.39% | |||
Investment owned, balance, principal amount | [3] | $ 1,431,335 | |||
Amortized Cost | $ 1,414,566 | ||||
Percentage of Net Assets | 1% | ||||
Fair Value | [1] | $ 1,431,335 | |||
Investment, Identifier [Axis]: ESN Venture Holdings, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6% | |||
Investment interest rate | [11] | 11.39% | |||
Investment owned, balance, principal amount | [3] | $ 9,813 | |||
Amortized Cost | $ 8,890 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 9,813 | |||
Investment, Identifier [Axis]: ESN Venture Holdings, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25],[31] | 6% | |||
Investment interest rate | [11] | 11.27% | |||
Investment owned, balance, principal amount | [3] | $ 66,369 | |||
Amortized Cost | $ 56,111 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 66,369 | |||
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (8,447) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (8,455) | |||
Investment, Identifier [Axis]: Evergreen IX Borrower 2023, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6% | |||
Investment interest rate | [11] | 11.39% | |||
Investment owned, balance, principal amount | [3] | $ 3,041,000 | |||
Amortized Cost | $ 2,965,034 | ||||
Percentage of Net Assets | 2.10% | ||||
Fair Value | [1] | $ 2,964,975 | |||
Investment, Identifier [Axis]: Excelitas Technologies Corp., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[25] | 5.75% | [13],[28] | |
Investment interest rate | 11.21% | [11] | 8.59% | [14] | |
Investment owned, balance, principal amount | $ 721,892 | [3] | $ 681,340 | [4] | |
Amortized Cost | $ 709,590 | $ 667,340 | |||
Percentage of Net Assets | 0.50% | 1% | |||
Fair Value | $ 714,673 | [1] | $ 674,526 | [2] | |
Investment, Identifier [Axis]: Excelitas Technologies Corp., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[18],[20],[37] | 5.75% | [13],[22],[23],[38] | |
Investment interest rate | 9.54% | [11],[18],[20] | 6.08% | [14],[22],[23] | |
Investment owned, balance, principal amount | $ 118,182 | [3],[18],[20] | $ 110,374 | [4],[22],[23] | |
Amortized Cost | $ 113,435 | [18],[20] | $ 113,968 | [22],[23] | |
Percentage of Net Assets | 0.10% | [18],[20] | 0.20% | [22],[23] | |
Fair Value | $ 117,000 | [1],[18],[20] | $ 109,270 | [2],[22],[23] | |
Investment, Identifier [Axis]: Excelitas Technologies Corp., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[25] | 5.75% | [13],[28] | |
Investment interest rate | 11.27% | [11] | 8.59% | [14] | |
Investment owned, balance, principal amount | $ 38,996 | [3] | $ 27,166 | [4] | |
Amortized Cost | $ 38,464 | $ 26,524 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 38,503 | [1] | $ 26,509 | [2] | |
Investment, Identifier [Axis]: Excelitas Technologies Corp., One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[15] | 5.75% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (1,131) | [15] | $ (1,288) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (854) | [1],[15] | $ (1,314) | [2],[16] | |
Investment, Identifier [Axis]: Financial Information Technologies, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in kind | [11],[32] | 14% | |||
Investment owned, balance, principal amount | [3],[32] | $ 1,863,700 | |||
Amortized Cost | [32] | $ 1,811,419 | |||
Percentage of Net Assets | [32] | 1.30% | |||
Fair Value | [1],[32] | $ 1,807,789 | |||
Investment, Identifier [Axis]: Financial Information Technologies, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.50% | |||
Investment interest rate | [11] | 11.89% | |||
Investment owned, balance, principal amount | [3] | $ 1,509,603 | |||
Amortized Cost | $ 1,487,527 | ||||
Percentage of Net Assets | 1.10% | ||||
Fair Value | [1] | $ 1,494,507 | |||
Investment, Identifier [Axis]: Financial Information Technologies, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (482) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (500) | |||
Investment, Identifier [Axis]: GTY Technology Holdings, Inc., LP units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 28,453 | [3] | 27,082 | [4] | |
Amortized Cost | $ 28,453 | $ 27,082 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 36,368 | [1] | $ 27,082 | [2] | |
Investment, Identifier [Axis]: GTY Technology Holdings, Inc., One stop | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13],[28] | 6.88% | |||
Investment interest rate | [14] | 9.81% | |||
Investment, interest rate, paid in kind | [14] | 0.63% | |||
Investment owned, balance, principal amount | [4] | $ 1,822,403 | |||
Amortized Cost | $ 1,787,534 | ||||
Percentage of Net Assets | 2.60% | ||||
Fair Value | [2] | $ 1,804,179 | |||
Investment, Identifier [Axis]: GTY Technology Holdings, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25],[32] | 6.87% | |||
Investment interest rate | [11],[32] | 7.97% | |||
Investment, interest rate, paid in kind | [11],[32] | 4.30% | |||
Investment owned, balance, principal amount | [3],[32] | $ 1,902,879 | |||
Amortized Cost | [32] | $ 1,873,159 | |||
Percentage of Net Assets | [32] | 1.40% | |||
Fair Value | [1],[32] | $ 1,883,850 | |||
Investment, Identifier [Axis]: GTY Technology Holdings, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.88% | [10],[25],[32] | 6.88% | [13],[16] | |
Investment interest rate | [11],[32] | 7.97% | |||
Investment, interest rate, paid in kind | [11],[32] | 4.30% | |||
Investment owned, balance, principal amount | $ 1,242,634 | [3],[32] | $ 0 | [4],[16] | |
Amortized Cost | $ 1,220,252 | [32] | $ (1,452) | [16] | |
Percentage of Net Assets | 0.90% | [32] | 0% | [16] | |
Fair Value | $ 1,230,208 | [1],[32] | $ (751) | [2],[16] | |
Investment, Identifier [Axis]: GTY Technology Holdings, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.88% | [10],[25],[32] | 6.88% | [13],[16] | |
Investment interest rate | [11],[32] | 7.97% | |||
Investment, interest rate, paid in kind | [11],[32] | 4.30% | |||
Investment owned, balance, principal amount | $ 227,767 | [3],[32] | $ 0 | [4],[16] | |
Amortized Cost | $ 225,966 | [32] | $ (13,736) | [16] | |
Percentage of Net Assets | 0.20% | [32] | 0% | [16] | |
Fair Value | $ 225,490 | [1],[32] | $ (14,214) | [2],[16] | |
Investment, Identifier [Axis]: GTY Technology Holdings, Inc., One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.25% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,237) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (751) | |||
Investment, Identifier [Axis]: Goldcup 31018 AB, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[18],[20],[32],[39],[40] | 7.07% | [13],[22],[23],[41],[42] | |
Investment interest rate | 10.43% | [11],[18],[20],[32],[40] | 3.57% | [14],[22],[23],[42] | |
Investment, interest rate, paid in kind | [14],[22],[23],[42] | 3.82% | |||
Investment owned, balance, principal amount | $ 795,235 | [3],[18],[20],[32],[40] | $ 707,189 | [4],[22],[23],[42] | |
Amortized Cost | $ 750,122 | [18],[20],[32],[40] | $ 713,581 | [22],[23],[42] | |
Percentage of Net Assets | 0.60% | [18],[20],[32],[40] | 1% | [22],[23],[42] | |
Fair Value | $ 787,282 | [1],[18],[20],[32],[40] | $ 698,349 | [2],[22],[23],[42] | |
Investment, Identifier [Axis]: Goldcup 31018 AB, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[15],[18],[20],[40] | 6.50% | [13],[16],[22],[23],[42] | |
Investment owned, balance, principal amount | $ 0 | [3],[15],[18],[20],[40] | $ 0 | [4],[16],[22],[23],[42] | |
Amortized Cost | $ (1,022) | [15],[18],[20],[40] | $ (1,213) | [16],[22],[23],[42] | |
Percentage of Net Assets | 0% | [15],[18],[20],[40] | 0% | [16],[22],[23],[42] | |
Fair Value | $ (882) | [1],[15],[18],[20],[40] | $ (1,022) | [2],[16],[22],[23],[42] | |
Investment, Identifier [Axis]: Goldcup 31018 AB, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[18],[20],[32],[39],[40] | 6.50% | [13],[16],[22],[23],[42] | |
Investment interest rate | [11],[18],[20],[32],[40] | 10.43% | |||
Investment owned, balance, principal amount | $ 74,186 | [3],[18],[20],[32],[40] | $ 0 | [4],[16],[22],[23],[42] | |
Amortized Cost | $ 73,141 | [18],[20],[32],[40] | $ (1,482) | [16],[22],[23],[42] | |
Percentage of Net Assets | 0.10% | [18],[20],[32],[40] | 0% | [16],[22],[23],[42] | |
Fair Value | $ 72,891 | [1],[18],[20],[32],[40] | $ (1,495) | [2],[16],[22],[23],[42] | |
Investment, Identifier [Axis]: Groundworks LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.50% | |||
Investment interest rate | [11] | 11.81% | |||
Investment owned, balance, principal amount | [3] | $ 457,524 | |||
Amortized Cost | $ 445,198 | ||||
Percentage of Net Assets | 0.30% | ||||
Fair Value | [1] | $ 457,524 | |||
Investment, Identifier [Axis]: Groundworks LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,115) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Groundworks LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (738) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: HS Spa Holdings, Inc., Common stock | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 33,412 | [3] | 33,412 | [4] | |
Amortized Cost | $ 33,412 | $ 33,412 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 34,610 | [1] | $ 32,049 | [2] | |
Investment, Identifier [Axis]: HS Spa Holdings, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[31] | 5.75% | [13],[27] | |
Investment interest rate | 11.07% | [11] | 7.51% | [14] | |
Investment owned, balance, principal amount | $ 476,271 | [3] | $ 481,094 | [4] | |
Amortized Cost | $ 468,556 | $ 471,928 | |||
Percentage of Net Assets | 0.40% | 0.70% | |||
Fair Value | $ 471,508 | [1] | $ 471,472 | [2] | |
Investment, Identifier [Axis]: HS Spa Holdings, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [9],[10],[25] | 5.75% | [13],[16] | |
Investment interest rate | [11] | 11.07% | |||
Investment owned, balance, principal amount | $ 8,711 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 7,637 | $ (1,304) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 8,194 | [1] | $ (1,380) | [2],[16] | |
Investment, Identifier [Axis]: Health Buyer, LLC, Senior secured 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [10],[25],[35] | 5.25% | [13],[27] | |
Investment interest rate | 10.80% | [11] | 7.98% | [14] | |
Investment owned, balance, principal amount | $ 126,423 | [3] | $ 127,700 | [4] | |
Amortized Cost | $ 124,899 | $ 125,888 | |||
Percentage of Net Assets | 0.10% | 0.20% | |||
Fair Value | $ 121,998 | [1] | $ 120,038 | [2] | |
Investment, Identifier [Axis]: Health Buyer, LLC, Senior secured 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [10],[15] | 5.25% | [12],[13] | |
Investment interest rate | [14] | 8.03% | |||
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 1,274 | [4] | |
Amortized Cost | $ (211) | [15] | $ 1,019 | ||
Percentage of Net Assets | 0% | [15] | 0% | ||
Fair Value | $ (546) | [1],[15] | $ 273 | [2] | |
Investment, Identifier [Axis]: Health Buyer, LLC, Senior secured 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 5.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (394) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (405) | |||
Investment, Identifier [Axis]: Health Buyer, LLC, Senior secured 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 5.50% | |||
Investment interest rate | [11] | 10.89% | |||
Investment owned, balance, principal amount | [3] | $ 64,800 | |||
Amortized Cost | $ 63,226 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 63,180 | |||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 5.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (8,197) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (8,363) | |||
Investment, Identifier [Axis]: Hyland Software, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 6% | |||
Investment interest rate | [11] | 11.32% | |||
Investment owned, balance, principal amount | [3] | $ 7,283,552 | |||
Amortized Cost | $ 7,174,815 | ||||
Percentage of Net Assets | 5.20% | ||||
Fair Value | [1] | $ 7,174,299 | |||
Investment, Identifier [Axis]: Hyland Software, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10] | 6% | |||
Investment owned, balance, principal amount | [3] | $ 0 | |||
Amortized Cost | $ (1,492) | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ (1,500) | |||
Investment, Identifier [Axis]: ICIMS, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 7.25% | [10],[25],[32] | 6.75% | [13],[28] | |
Investment interest rate | 8.76% | [11],[32] | 9.49% | [14] | |
Investment, interest rate, paid in kind | [11],[32] | 3.88% | |||
Investment owned, balance, principal amount | $ 3,175,440 | [3],[32] | $ 3,082,600 | [4] | |
Amortized Cost | $ 3,131,500 | [32] | $ 3,028,893 | ||
Percentage of Net Assets | 2.20% | [32] | 4.50% | ||
Fair Value | $ 3,111,931 | [1],[32] | $ 3,055,627 | [2] | |
Investment, Identifier [Axis]: ICIMS, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.75% | [10],[25] | 6.75% | [13],[16] | |
Investment interest rate | [11] | 12.14% | |||
Investment owned, balance, principal amount | $ 16,450 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 15,748 | $ (845) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 14,480 | [1] | $ (862) | [2],[16] | |
Investment, Identifier [Axis]: ICIMS, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 7.25% | [10],[15] | 6.75% | [13] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4] | |
Amortized Cost | $ 0 | [15] | $ 0 | ||
Percentage of Net Assets | 0% | [15] | 0% | ||
Fair Value | $ (14,521) | [1],[15] | $ 0 | [2] | |
Investment, Identifier [Axis]: IQN Holding Corp., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [10],[25] | 5.50% | [13],[28] | |
Investment interest rate | 10.67% | [11] | 8.41% | [14] | |
Investment owned, balance, principal amount | $ 805,775 | [3] | $ 720,124 | [4] | |
Amortized Cost | $ 799,716 | $ 713,351 | |||
Percentage of Net Assets | 0.60% | 1% | |||
Fair Value | $ 789,659 | [1] | $ 712,923 | [2] | |
Investment, Identifier [Axis]: IQN Holding Corp., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [10],[15] | 5.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (2,629) | [15] | $ (555) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (3,549) | [1],[15] | $ (595) | [2],[16] | |
Investment, Identifier [Axis]: IQN Holding Corp., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.25% | [10],[15] | 5.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (455) | [15] | $ (3,930) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (1,043) | [1],[15] | $ (3,382) | [2],[16] | |
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10],[25],[31] | 6% | |||
Investment interest rate | [11] | 11.38% | |||
Investment owned, balance, principal amount | [3] | $ 229,727 | |||
Amortized Cost | $ 224,129 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 223,983 | |||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (600) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (618) | |||
Investment, Identifier [Axis]: Integrated Specialty Coverages, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (646) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (663) | |||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (110) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Integrity Marketing Acquisition, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (7,083) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (14,580) | |||
Investment, Identifier [Axis]: Island Bidco AB, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 7.25% | [10],[18],[20],[32],[39],[40] | 7.25% | [13],[22],[23],[41],[42] | |
Investment interest rate | 3.93% | [11],[18],[20],[32],[40] | 0.23% | [14],[22],[23],[42] | |
Investment, interest rate, paid in kind | 7.25% | [11],[18],[20],[32],[40] | 7.25% | [14],[22],[23],[42] | |
Investment owned, balance, principal amount | $ 387,900 | [3],[18],[20],[32],[40] | $ 328,747 | [4],[22],[23],[42] | |
Amortized Cost | $ 380,136 | [18],[20],[32],[40] | $ 346,361 | [22],[23],[42] | |
Percentage of Net Assets | 0.30% | [18],[20],[32],[40] | 0.50% | [22],[23],[42] | |
Fair Value | $ 387,900 | [1],[18],[20],[32],[40] | $ 325,460 | [2],[22],[23],[42] | |
Investment, Identifier [Axis]: Island Bidco AB, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 7% | [10],[20],[31],[32],[40] | 7% | [13],[22],[27],[42] | |
Investment interest rate | 8.84% | [11],[20],[32],[40] | 6.09% | [14],[22],[42] | |
Investment, interest rate, paid in kind | 3.50% | [11],[20],[32],[40] | 3.50% | [14],[22],[42] | |
Investment owned, balance, principal amount | $ 188,617 | [3],[20],[32],[40] | $ 180,600 | [4],[22],[42] | |
Amortized Cost | $ 187,192 | [20],[32],[40] | $ 178,870 | [22],[42] | |
Percentage of Net Assets | 0.10% | [20],[32],[40] | 0.30% | [22],[42] | |
Fair Value | $ 188,617 | [1],[20],[32],[40] | $ 178,794 | [2],[22],[42] | |
Investment, Identifier [Axis]: Island Bidco AB, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[15],[20],[40] | 6.50% | [13],[16],[22],[42] | |
Investment owned, balance, principal amount | $ 0 | [3],[15],[20],[40] | $ 0 | [4],[16],[22],[42] | |
Amortized Cost | $ (231) | [15],[20],[40] | $ (280) | [16],[22],[42] | |
Percentage of Net Assets | 0% | [15],[20],[40] | 0% | [16],[22],[42] | |
Fair Value | $ 0 | [1],[15],[20],[40] | $ (292) | [2],[16],[22],[42] | |
Investment, Identifier [Axis]: Island Bidco AB, One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[15],[18],[20],[40] | 6.50% | [13],[16],[22],[23],[42] | |
Investment owned, balance, principal amount | $ 0 | [3],[15],[18],[20],[40] | $ 0 | [4],[16],[22],[23],[42] | |
Amortized Cost | $ (446) | [15],[18],[20],[40] | $ (540) | [16],[22],[23],[42] | |
Percentage of Net Assets | 0% | [15],[18],[20],[40] | 0% | [16],[22],[23],[42] | |
Fair Value | $ 0 | [1],[15],[18],[20],[40] | $ (530) | [2],[16],[22],[23],[42] | |
Investment, Identifier [Axis]: Kaseya Inc., LP interest | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 20,004 | [3] | 20,004 | [4] | |
Amortized Cost | $ 20,014 | $ 20,004 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 21,988 | [1] | $ 20,004 | [2] | |
Investment, Identifier [Axis]: Kaseya Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[25],[32] | 5.75% | [13],[27] | |
Investment interest rate | 9.12% | [11],[32] | 8.29% | [14] | |
Investment, interest rate, paid in kind | [11],[32] | 2.50% | |||
Investment owned, balance, principal amount | $ 1,788,642 | [3],[32] | $ 1,784,800 | [4] | |
Amortized Cost | $ 1,766,280 | [32] | $ 1,758,539 | ||
Percentage of Net Assets | 1.30% | [32] | 2.50% | ||
Fair Value | $ 1,770,756 | [1],[32] | $ 1,749,104 | [2] | |
Investment, Identifier [Axis]: Kaseya Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [9],[10],[32] | 5.75% | [13],[16] | |
Investment interest rate | [11],[32] | 9.07% | |||
Investment, interest rate, paid in kind | [11],[32] | 2.50% | |||
Investment owned, balance, principal amount | $ 27,072 | [3],[32] | $ 0 | [4],[16] | |
Amortized Cost | $ 26,192 | [32] | $ (1,034) | [16] | |
Percentage of Net Assets | 0% | [32] | 0% | [16] | |
Fair Value | $ 25,995 | [1],[32] | $ (2,152) | [2],[16] | |
Investment, Identifier [Axis]: Kaseya Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[25],[32] | 5.75% | [13],[16] | |
Investment interest rate | [11],[32] | 9.12% | |||
Investment, interest rate, paid in kind | [11],[32] | 2.50% | |||
Investment owned, balance, principal amount | $ 6,578 | [3],[32] | $ 0 | [4],[16] | |
Amortized Cost | $ 5,698 | [32] | $ (1,034) | [16] | |
Percentage of Net Assets | 0% | [32] | 0% | [16] | |
Fair Value | $ 5,502 | [1],[32] | $ (2,152) | [2],[16] | |
Investment, Identifier [Axis]: Kaseya Inc., Preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in kind | [11],[43] | 11.75% | |||
Investment owned, balance, shares (in shares) | 340 | [3],[43] | 340 | [4] | |
Amortized Cost | $ 375,432 | [43] | $ 331,598 | ||
Percentage of Net Assets | 0.30% | [43] | 0.50% | ||
Fair Value | $ 382,365 | [1],[43] | $ 351,200 | [2] | |
Investment, Identifier [Axis]: Kleinfelder Intermediate, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.25% | |||
Investment interest rate | [11] | 11.66% | |||
Investment owned, balance, principal amount | [3] | $ 7,968 | |||
Amortized Cost | $ 6,649 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 6,640 | |||
Investment, Identifier [Axis]: Kleinfelder Intermediate, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.25% | |||
Investment interest rate | [11] | 11.66% | |||
Investment owned, balance, principal amount | [3] | $ 470,000 | |||
Amortized Cost | $ 460,648 | ||||
Percentage of Net Assets | 0.30% | ||||
Fair Value | [1] | $ 460,600 | |||
Investment, Identifier [Axis]: Kleinfelder Intermediate, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.25% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (935) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (940) | |||
Investment, Identifier [Axis]: Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio (CUSIP 61747C582) | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [11],[44] | 5.20% | |||
Money market funds, at carrying value | [1] | $ 8,681,873 | |||
Money market funds, percent of net assets | 6.30% | ||||
Investment, Identifier [Axis]: NSG Buyer, Inc., LP units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3],[20] | 372 | |||
Amortized Cost | [20] | $ 372,024 | |||
Percentage of Net Assets | [20] | 0.30% | |||
Fair Value | [1],[20] | $ 362,330 | |||
Investment, Identifier [Axis]: NSG Buyer, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [9],[10] | 6% | [12],[13] | |
Investment interest rate | 11.92% | [11] | 9.13% | [14] | |
Investment owned, balance, principal amount | $ 4,130,723 | [3] | $ 1,169,950 | [4] | |
Amortized Cost | $ 4,051,343 | $ 1,158,677 | |||
Percentage of Net Assets | 3% | 1.70% | |||
Fair Value | $ 4,130,723 | [1] | $ 1,169,950 | [2] | |
Investment, Identifier [Axis]: NSG Buyer, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[15] | 6% | [12],[13] | |
Investment interest rate | [14] | 9.13% | |||
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 35,905 | [4] | |
Amortized Cost | $ (6,852) | [15] | $ 35,559 | ||
Percentage of Net Assets | 0% | [15] | 0.10% | ||
Fair Value | $ 0 | [1],[15] | $ 35,905 | [2] | |
Investment, Identifier [Axis]: NSG Buyer, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[15] | 6% | [12],[13] | |
Investment interest rate | [14] | 9.13% | |||
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 20,944 | [4] | |
Amortized Cost | $ (424) | [15] | $ 20,743 | ||
Percentage of Net Assets | 0% | [15] | 0% | ||
Fair Value | $ 0 | [1],[15] | $ 20,944 | [2] | |
Investment, Identifier [Axis]: NSG Buyer, Inc., One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [12],[13] | 6% | |||
Investment interest rate | [14] | 9.13% | |||
Investment owned, balance, principal amount | [4] | $ 19,748 | |||
Amortized Cost | $ 17,412 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [2] | $ 19,748 | |||
Investment, Identifier [Axis]: NSG Buyer, Inc., One stop 5 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [12],[13] | 6% | |||
Investment interest rate | [14] | 9.13% | |||
Investment owned, balance, principal amount | [4] | $ 8,054 | |||
Amortized Cost | $ 7,476 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [2] | $ 8,054 | |||
Investment, Identifier [Axis]: National Express Wash Parent Holdco, LLC, LP units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 438 | [3] | 438 | [4] | |
Amortized Cost | $ 43,800 | $ 43,800 | |||
Percentage of Net Assets | 0% | 0.10% | |||
Fair Value | $ 49,930 | [1] | $ 43,800 | [2] | |
Investment, Identifier [Axis]: National Express Wash Parent Holdco, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[25],[31] | 5.50% | [13],[27] | |
Investment interest rate | 10.89% | [11] | 8.27% | [14] | |
Investment owned, balance, principal amount | $ 3,573,802 | [3] | $ 2,260,800 | [4] | |
Amortized Cost | $ 3,544,253 | $ 2,238,881 | |||
Percentage of Net Assets | 2.50% | 3.20% | |||
Fair Value | $ 3,430,850 | [1] | $ 2,238,192 | [2] | |
Investment, Identifier [Axis]: National Express Wash Parent Holdco, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[15] | 5.50% | [13],[27] | |
Investment interest rate | [14] | 8.39% | |||
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 44,000 | [4] | |
Amortized Cost | $ (2,215) | [15] | $ 42,720 | ||
Percentage of Net Assets | 0% | [15] | 0.10% | ||
Fair Value | $ (10,715) | [1],[15] | $ 42,680 | [2] | |
Investment, Identifier [Axis]: National Express Wash Parent Holdco, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[31] | 5.50% | [13],[16] | |
Investment interest rate | [11] | 10.96% | |||
Investment owned, balance, principal amount | $ 66,000 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 64,909 | $ (15,582) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 60,720 | [1] | $ (16,072) | [2],[16] | |
Investment, Identifier [Axis]: Neptune Holdings, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (616) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (625) | |||
Investment, Identifier [Axis]: Neptune Holdings, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6% | |||
Investment interest rate | [11] | 11.50% | |||
Investment owned, balance, principal amount | [3] | $ 1,448,116 | |||
Amortized Cost | $ 1,426,534 | ||||
Percentage of Net Assets | 1% | ||||
Fair Value | [1] | $ 1,430,015 | |||
Investment, Identifier [Axis]: Netwrix Corporation, LLC units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 4,378 | [3],[43] | 8,231 | [4] | |
Amortized Cost | $ 8,881 | [43] | $ 16,697 | ||
Percentage of Net Assets | 0% | [43] | 0% | ||
Fair Value | $ 14,657 | [1],[43] | $ 18,437 | [2] | |
Investment, Identifier [Axis]: Netwrix Corporation, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5% | [10],[25],[31] | 5% | [13],[28] | |
Investment interest rate | 10.37% | [11] | 7.90% | [14] | |
Investment owned, balance, principal amount | $ 3,854,438 | [3] | $ 3,246,128 | [4] | |
Amortized Cost | $ 3,828,150 | $ 3,217,658 | |||
Percentage of Net Assets | 2.70% | 4.70% | |||
Fair Value | $ 3,777,349 | [1] | $ 3,213,667 | [2] | |
Investment, Identifier [Axis]: Netwrix Corporation, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5% | [10],[15] | 5% | [13],[28] | |
Investment interest rate | [14] | 8.44% | |||
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 118,320 | [4] | |
Amortized Cost | $ (5,885) | [15] | $ 111,073 | ||
Percentage of Net Assets | 0% | [15] | 0.10% | ||
Fair Value | $ (22,026) | [1],[15] | $ 100,951 | [2] | |
Investment, Identifier [Axis]: Netwrix Corporation, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5% | [10],[31] | 5% | [13],[16] | |
Investment interest rate | [11] | 10.47% | |||
Investment owned, balance, principal amount | $ 29,250 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 28,299 | $ (1,118) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 26,910 | [1] | $ (1,170) | [2],[16] | |
Investment, Identifier [Axis]: Onit, Inc., Preferred stock | |||||
Schedule of Investments [Line Items] | |||||
Investment, interest rate, paid in kind | [11],[43] | 15% | |||
Investment owned, balance, shares (in shares) | [3],[43] | 50 | |||
Amortized Cost | [43] | $ 46,375 | |||
Percentage of Net Assets | [43] | 0.10% | |||
Fair Value | [1],[43] | $ 50,075 | |||
Investment, Identifier [Axis]: Onit, Inc., Warrant | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3] | 33 | |||
Amortized Cost | $ 6,499 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 7,312 | |||
Investment, Identifier [Axis]: PING Identity Holding Corp., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 7% | |||
Investment interest rate | [11] | 12.32% | |||
Investment owned, balance, principal amount | [3] | $ 641,698 | |||
Amortized Cost | $ 633,248 | ||||
Percentage of Net Assets | 0.50% | ||||
Fair Value | [1] | $ 641,698 | |||
Investment, Identifier [Axis]: PING Identity Holding Corp., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (674) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[25] | 5.75% | [13],[27],[28] | |
Investment interest rate | 11.17% | [11] | 9.29% | [14] | |
Investment owned, balance, principal amount | $ 3,761,968 | [3] | $ 3,028,491 | [4] | |
Amortized Cost | $ 3,706,169 | $ 2,970,513 | |||
Percentage of Net Assets | 2.70% | 4.30% | |||
Fair Value | $ 3,705,538 | [1] | $ 2,967,922 | [2] | |
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | 13.50% | [11],[32] | 13% | [14] | |
Investment owned, balance, principal amount | $ 418,310 | [3],[32] | $ 367,236 | [4] | |
Amortized Cost | $ 410,458 | [32] | $ 358,250 | ||
Percentage of Net Assets | 0.30% | [32] | 0.50% | ||
Fair Value | $ 393,211 | [1],[32] | $ 358,055 | [2] | |
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 5.75% | |||
Investment interest rate | [14],[16] | 13% | |||
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 100 | [4],[16] | |
Amortized Cost | $ (4,023) | [15] | $ (1,398) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (3,570) | [1],[15] | $ (1,415) | [2],[16] | |
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13],[16] | 5.75% | |||
Investment interest rate | [11],[32] | 13.50% | |||
Investment owned, balance, principal amount | $ 17,440 | [3],[32] | $ 0 | [4],[16] | |
Amortized Cost | $ 15,867 | [32] | $ (4,703) | [16] | |
Percentage of Net Assets | 0% | [32] | 0% | [16] | |
Fair Value | $ 16,394 | [1],[32] | $ (4,761) | [2],[16] | |
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 5 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13],[16] | 5.75% | |||
Investment interest rate | [11],[32] | 13.50% | |||
Investment owned, balance, principal amount | $ 96,654 | [3],[32] | $ 0 | [4],[16] | |
Amortized Cost | $ 95,706 | [32] | $ (9,110) | [16] | |
Percentage of Net Assets | 0.10% | [32] | 0% | [16] | |
Fair Value | $ 90,855 | [1],[32] | $ (7,335) | [2],[16] | |
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 6 | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [11],[32] | 13.50% | |||
Investment owned, balance, principal amount | [3],[32] | $ 17,741 | |||
Amortized Cost | [32] | $ 17,563 | |||
Percentage of Net Assets | [32] | 0% | |||
Fair Value | [1],[32] | $ 16,676 | |||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, One stop 7 | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [11],[32] | 14.25% | |||
Investment owned, balance, principal amount | [3],[32] | $ 1,389,248 | |||
Amortized Cost | [32] | $ 1,348,876 | |||
Percentage of Net Assets | [32] | 1% | |||
Fair Value | [1],[32] | $ 1,347,570 | |||
Investment, Identifier [Axis]: PPW Aero Buyer, Inc., LP units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3] | 14,540 | |||
Amortized Cost | $ 145,395 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 151,970 | |||
Investment, Identifier [Axis]: PPW Aero Buyer, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10],[31] | 7% | |||
Investment interest rate | [11] | 12.33% | |||
Investment owned, balance, principal amount | [3] | $ 5,394,072 | |||
Amortized Cost | $ 5,248,839 | ||||
Percentage of Net Assets | 3.90% | ||||
Fair Value | [1] | $ 5,394,072 | |||
Investment, Identifier [Axis]: PPW Aero Buyer, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 7% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,344) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Panzura, LLC, LLC units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3] | 740 | |||
Amortized Cost | $ 4,000 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 4,000 | |||
Investment, Identifier [Axis]: Panzura, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment interest rate | [11],[32] | 2% | |||
Investment, interest rate, paid in kind | [11],[32] | 13% | |||
Investment owned, balance, principal amount | [3],[32] | $ 50,000 | |||
Amortized Cost | [32] | $ 44,152 | |||
Percentage of Net Assets | [32] | 0% | |||
Fair Value | [1],[32] | $ 44,000 | |||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.50% | |||
Investment interest rate | [11] | 11.97% | |||
Investment owned, balance, principal amount | [3] | $ 964,000 | |||
Amortized Cost | $ 945,640 | ||||
Percentage of Net Assets | 0.70% | ||||
Fair Value | [1] | $ 964,000 | |||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.50% | |||
Investment interest rate | [11] | 11.97% | |||
Investment owned, balance, principal amount | [3] | $ 321,300 | |||
Amortized Cost | $ 315,181 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 321,300 | |||
Investment, Identifier [Axis]: Pareto Health Intermediate Holdings, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (944) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Plasma Buyer LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[25] | 5.75% | [13],[28] | |
Investment interest rate | 11.14% | [11] | 9.30% | [14] | |
Investment owned, balance, principal amount | $ 262,345 | [3] | $ 264,995 | [4] | |
Amortized Cost | $ 258,137 | $ 259,989 | |||
Percentage of Net Assets | 0.20% | 0.40% | |||
Fair Value | $ 241,357 | [1] | $ 259,695 | [2] | |
Investment, Identifier [Axis]: Plasma Buyer LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[25] | 5.75% | [13],[16] | |
Investment interest rate | [11] | 11.14% | |||
Investment owned, balance, principal amount | $ 5,889 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 5,436 | $ (551) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 3,828 | [1] | $ (589) | [2],[16] | |
Investment, Identifier [Axis]: Plasma Buyer LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.75% | [10],[15] | 5.75% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (551) | [15] | $ (649) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ 0 | [1],[15] | $ (1,374) | [2],[16] | |
Investment, Identifier [Axis]: Quant Buyer, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[31] | 5.50% | [13],[28] | |
Investment interest rate | 11.30% | [11] | 8.47% | [14] | |
Investment owned, balance, principal amount | $ 2,685,816 | [3] | $ 2,712,957 | [4] | |
Amortized Cost | $ 2,664,050 | $ 2,687,101 | |||
Percentage of Net Assets | 1.90% | 3.80% | |||
Fair Value | $ 2,625,385 | [1] | $ 2,618,872 | [2] | |
Investment, Identifier [Axis]: Quant Buyer, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[31] | 5.50% | [13],[28] | |
Investment interest rate | 11.30% | [11] | 8.47% | [14] | |
Investment owned, balance, principal amount | $ 2,262,843 | [3] | $ 2,285,700 | [4] | |
Amortized Cost | $ 2,244,505 | $ 2,263,915 | |||
Percentage of Net Assets | 1.60% | 3.20% | |||
Fair Value | $ 2,211,929 | [1] | $ 2,206,432 | [2] | |
Investment, Identifier [Axis]: Quant Buyer, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[15] | 5.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (812) | [15] | $ (955) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (2,255) | [1],[15] | $ (3,475) | [2],[16] | |
Investment, Identifier [Axis]: Quant Buyer, Inc., One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (1,566) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Rainforest Bidco Limited, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[17],[18],[19],[20],[32] | 5.75% | [13],[21],[22],[23],[24] | |
Investment interest rate | 8.69% | [11],[18],[19],[20],[32] | 7.94% | [14],[22],[23],[24] | |
Investment, interest rate, paid in kind | [11],[18],[19],[20],[32] | 2% | |||
Investment owned, balance, principal amount | $ 688,550 | [3],[18],[19],[20],[32] | $ 613,023 | [4],[22],[23],[24] | |
Amortized Cost | $ 656,978 | [18],[19],[20],[32] | $ 636,381 | [22],[23],[24] | |
Percentage of Net Assets | 0.50% | [18],[19],[20],[32] | 0.90% | [22],[23],[24] | |
Fair Value | $ 657,565 | [1],[18],[19],[20],[32] | $ 604,594 | [2],[22],[23],[24] | |
Investment, Identifier [Axis]: Rainforest Bidco Limited, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[19],[20],[32],[45] | 5.75% | [13],[22],[23],[24] | |
Investment interest rate | [11],[19],[20],[32] | 8.80% | |||
Investment, interest rate, paid in kind | [11],[19],[20],[32] | 2% | |||
Investment owned, balance, principal amount | $ 133,276 | [3],[19],[20],[32] | $ 0 | [4],[22],[23],[24] | |
Amortized Cost | $ 131,793 | [19],[20],[32] | $ 0 | [22],[23],[24] | |
Percentage of Net Assets | 0.10% | [19],[20],[32] | 0% | [22],[23],[24] | |
Fair Value | $ 126,945 | [1],[19],[20],[32] | $ 0 | [2],[22],[23],[24] | |
Investment, Identifier [Axis]: Rainforest Bidco Limited, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 5.50% | [10],[17],[18],[19],[20],[32] | 5.75% | [13],[16],[22],[23],[24] | |
Investment interest rate | [11],[18],[19],[20],[32] | 8.69% | |||
Investment, interest rate, paid in kind | [11],[18],[19],[20],[32] | 2% | |||
Investment owned, balance, principal amount | $ 50,601 | [3],[18],[19],[20],[32] | $ 0 | [4],[16],[22],[23],[24] | |
Amortized Cost | $ 48,337 | [18],[19],[20],[32] | $ (2,472) | [16],[22],[23],[24] | |
Percentage of Net Assets | 0% | [18],[19],[20],[32] | 0% | [16],[22],[23],[24] | |
Fair Value | $ 48,324 | [1],[18],[19],[20],[32] | $ (2,408) | [2],[16],[22],[23],[24] | |
Investment, Identifier [Axis]: ReliaQuest Holdings, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 10.75% | [10],[25] | 10.75% | [13],[28] | |
Investment interest rate | 16.12% | [11] | 14.30% | [14] | |
Investment owned, balance, principal amount | $ 224,149 | [3] | $ 224,149 | [4] | |
Amortized Cost | $ 220,969 | $ 219,917 | |||
Percentage of Net Assets | 0.20% | 0.30% | |||
Fair Value | $ 224,149 | [1] | $ 224,149 | [2] | |
Investment, Identifier [Axis]: ReliaQuest Holdings, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 10.75% | [10],[25] | 10.75% | [13],[28] | |
Investment interest rate | 16.12% | [11] | 14.30% | [14] | |
Investment owned, balance, principal amount | $ 54,315 | [3] | $ 10,184 | [4] | |
Amortized Cost | $ 54,315 | $ 10,184 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 54,315 | [1] | $ 10,184 | [2] | |
Investment, Identifier [Axis]: ReliaQuest Holdings, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 10.75% | [10],[25] | 10.75% | [13],[16] | |
Investment interest rate | [11] | 16.12% | |||
Investment owned, balance, principal amount | $ 16,770 | [3] | $ 0 | [4],[16] | |
Amortized Cost | $ 16,532 | $ (317) | [16] | ||
Percentage of Net Assets | 0% | 0% | [16] | ||
Fair Value | $ 16,770 | [1] | $ 0 | [2],[16] | |
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [9],[10] | 6.25% | [12],[13] | |
Investment interest rate | 11.58% | [11] | 9.10% | [14] | |
Investment owned, balance, principal amount | $ 3,893,507 | [3] | $ 3,893,507 | [4] | |
Amortized Cost | $ 3,827,260 | $ 3,815,992 | |||
Percentage of Net Assets | 2.80% | 5.60% | |||
Fair Value | $ 3,854,572 | [1] | $ 3,854,572 | [2] | |
Investment, Identifier [Axis]: SailPoint Technologies Holdings, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.25% | [10],[15] | 6.25% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (865) | [15] | $ (1,043) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (1,065) | [1],[15] | $ (1,065) | [2],[16] | |
Investment, Identifier [Axis]: Salon Lofts Group, LLC, LP units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 62 | [3] | 62 | [4] | |
Amortized Cost | $ 62,482 | $ 62,482 | |||
Percentage of Net Assets | 0% | 0.10% | |||
Fair Value | $ 49,437 | [1] | $ 62,480 | [2] | |
Investment, Identifier [Axis]: Salon Lofts Group, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13],[28] | 5.75% | |||
Investment interest rate | [14] | 9.30% | |||
Investment owned, balance, principal amount | [4] | $ 2,567,500 | |||
Amortized Cost | $ 2,542,188 | ||||
Percentage of Net Assets | 3.70% | ||||
Fair Value | [2] | $ 2,541,825 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13],[16] | 5.75% | |||
Investment owned, balance, principal amount | [4],[16] | $ 0 | |||
Amortized Cost | [16] | $ (1,211) | |||
Percentage of Net Assets | [16] | 0% | |||
Fair Value | [2],[16] | $ (1,228) | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [13],[16] | 5.75% | |||
Investment owned, balance, principal amount | [4],[16] | $ 0 | |||
Amortized Cost | [16] | $ (12,912) | |||
Percentage of Net Assets | [16] | 0% | |||
Fair Value | [2],[16] | $ (13,097) | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Second lien 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 9% | |||
Investment interest rate | [11] | 14.45% | |||
Investment owned, balance, principal amount | [3] | $ 62,576 | |||
Amortized Cost | $ 57,622 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 58,821 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.25% | |||
Investment interest rate | [11] | 11.63% | |||
Investment owned, balance, principal amount | [3] | $ 38,442 | |||
Amortized Cost | $ 38,127 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 38,058 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 10 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.25% | |||
Investment interest rate | [11] | 11.64% | |||
Investment owned, balance, principal amount | [3] | $ 54,780 | |||
Amortized Cost | $ 54,332 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 54,233 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.25% | |||
Investment interest rate | [11] | 11.68% | |||
Investment owned, balance, principal amount | [3] | $ 171,343 | |||
Amortized Cost | $ 169,939 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 169,630 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.25% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (4,111) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (4,164) | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.25% | |||
Investment interest rate | [11] | 11.59% | |||
Investment owned, balance, principal amount | [3] | $ 166,115 | |||
Amortized Cost | $ 164,754 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 164,454 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 5 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.25% | |||
Investment interest rate | [11] | 11.59% | |||
Investment owned, balance, principal amount | [3] | $ 2,541,825 | |||
Amortized Cost | $ 2,520,999 | ||||
Percentage of Net Assets | 1.80% | ||||
Fair Value | [1] | $ 2,516,407 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 6 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.25% | |||
Investment interest rate | [11] | 11.64% | |||
Investment owned, balance, principal amount | [3] | $ 41,529 | |||
Amortized Cost | $ 41,189 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 41,114 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 7 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.25% | |||
Investment interest rate | [11] | 11.60% | |||
Investment owned, balance, principal amount | [3] | $ 46,050 | |||
Amortized Cost | $ 45,044 | ||||
Percentage of Net Assets | 0% | ||||
Fair Value | [1] | $ 44,822 | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 8 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.25% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (5,772) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (7,045) | |||
Investment, Identifier [Axis]: Salon Lofts Group, LLC, Senior secured 9 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.25% | |||
Investment interest rate | [11] | 11.64% | |||
Investment owned, balance, principal amount | [3] | $ 131,473 | |||
Amortized Cost | $ 130,396 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 130,158 | |||
Investment, Identifier [Axis]: Spotless Brands, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[25] | 6.50% | [13],[28] | |
Investment interest rate | 12% | [11] | 9.19% | [14] | |
Investment owned, balance, principal amount | $ 761,382 | [3] | $ 767,150 | [4] | |
Amortized Cost | $ 749,162 | $ 752,283 | |||
Percentage of Net Assets | 0.60% | 1.10% | |||
Fair Value | $ 753,768 | [1] | $ 751,807 | [2] | |
Investment, Identifier [Axis]: Spotless Brands, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[25] | 6.50% | [12],[13] | |
Investment interest rate | 12.02% | [11] | 9.44% | [14] | |
Investment owned, balance, principal amount | $ 82,761 | [3] | $ 39,188 | [4] | |
Amortized Cost | $ 82,098 | $ 38,382 | |||
Percentage of Net Assets | 0.10% | 0.10% | |||
Fair Value | $ 81,933 | [1] | $ 38,356 | [2] | |
Investment, Identifier [Axis]: Spotless Brands, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[25] | 6.50% | [12],[13],[46] | |
Investment interest rate | 11.99% | [11] | 9.92% | [14] | |
Investment owned, balance, principal amount | $ 61,413 | [3] | $ 12,827 | [4] | |
Amortized Cost | $ 60,920 | $ 12,484 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 60,799 | [1] | $ 12,473 | [2] | |
Investment, Identifier [Axis]: Spotless Brands, LLC, One stop 4 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[15] | 6.50% | [13],[16] | |
Investment owned, balance, principal amount | $ 0 | [3],[15] | $ 0 | [4],[16] | |
Amortized Cost | $ (284) | [15] | $ (598) | [16] | |
Percentage of Net Assets | 0% | [15] | 0% | [16] | |
Fair Value | $ (177) | [1],[15] | $ (617) | [2],[16] | |
Investment, Identifier [Axis]: Templafy APS and Templafy, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[20],[31],[47] | 6.50% | [13],[22],[27],[48] | |
Investment interest rate | 11.68% | [11],[20],[47] | 9.64% | [14],[22],[48] | |
Investment owned, balance, principal amount | $ 552,300 | [3],[20],[47] | $ 552,300 | [4],[22],[48] | |
Amortized Cost | $ 540,109 | [20],[47] | $ 537,562 | [22],[48] | |
Percentage of Net Assets | 0.40% | [20],[47] | 0.80% | [22],[48] | |
Fair Value | $ 552,300 | [1],[20],[47] | $ 536,753 | [2],[22],[48] | |
Investment, Identifier [Axis]: Templafy APS and Templafy, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[15],[20],[47] | 6.50% | [13],[16],[22],[48] | |
Investment owned, balance, principal amount | $ 0 | [3],[15],[20],[47] | $ 0 | [4],[16],[22],[48] | |
Amortized Cost | $ (201) | [15],[20],[47] | $ (243) | [16],[22],[48] | |
Percentage of Net Assets | 0% | [15],[20],[47] | 0% | [16],[22],[48] | |
Fair Value | $ 0 | [1],[15],[20],[47] | $ (251) | [2],[16],[22],[48] | |
Investment, Identifier [Axis]: Templafy APS and Templafy, LLC, One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6% | [10],[15],[20],[47] | 6.50% | [13],[16],[22],[48] | |
Investment owned, balance, principal amount | $ 0 | [3],[15],[20],[47] | $ 0 | [4],[16],[22],[48] | |
Amortized Cost | $ (2,492) | [15],[20],[47] | $ (3,013) | [16],[22],[48] | |
Percentage of Net Assets | 0% | [15],[20],[47] | 0% | [16],[22],[48] | |
Fair Value | $ 0 | [1],[15],[20],[47] | $ (3,107) | [2],[16],[22],[48] | |
Investment, Identifier [Axis]: Templafy APS and Templafy, LLC, Warrant | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | 29 | [3],[20],[47] | 29 | [4],[22],[48] | |
Amortized Cost | $ 11,056 | [20],[47] | $ 11,056 | [22],[48] | |
Percentage of Net Assets | 0% | [20],[47] | 0% | [22],[48] | |
Fair Value | $ 8,036 | [1],[20],[47] | $ 11,056 | [2],[22],[48] | |
Investment, Identifier [Axis]: WPEngine, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[31] | 6.50% | |||
Investment interest rate | [11] | 11.92% | |||
Investment owned, balance, principal amount | [3] | $ 244,300 | |||
Amortized Cost | $ 239,401 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 240,636 | |||
Investment, Identifier [Axis]: WPEngine, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (359) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (368) | |||
Investment, Identifier [Axis]: YE Brands Holding, LLC, One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 5.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (450) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ (459) | |||
Investment, Identifier [Axis]: YE Brands Holding, LLC, One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [9],[10] | 5.75% | |||
Investment interest rate | [11] | 11.18% | |||
Investment owned, balance, principal amount | [3] | $ 1,640,500 | |||
Amortized Cost | $ 1,624,421 | ||||
Percentage of Net Assets | 1.20% | ||||
Fair Value | [1] | $ 1,624,095 | |||
Investment, Identifier [Axis]: Zarya Holdco, Inc., Senior secured 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[25] | 6.50% | [12],[13] | |
Investment interest rate | 11.92% | [11] | 9.63% | [14] | |
Investment owned, balance, principal amount | $ 299,376 | [3] | $ 300,126 | [4] | |
Amortized Cost | $ 299,376 | $ 300,126 | |||
Percentage of Net Assets | 0.20% | 0.50% | |||
Fair Value | $ 299,376 | [1] | $ 300,126 | [2] | |
Investment, Identifier [Axis]: Zarya Holdco, Inc., Senior secured 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | 6.50% | [10],[25] | 6.50% | [13] | |
Investment interest rate | [11] | 11.91% | |||
Investment owned, balance, principal amount | $ 12,549 | [3] | $ 0 | [4] | |
Amortized Cost | $ 12,549 | $ 0 | |||
Percentage of Net Assets | 0% | 0% | |||
Fair Value | $ 12,549 | [1] | $ 0 | [2] | |
Investment, Identifier [Axis]: Zendesk, Inc., LP units | |||||
Schedule of Investments [Line Items] | |||||
Investment owned, balance, shares (in shares) | [3] | 9,084 | |||
Amortized Cost | $ 90,839 | ||||
Percentage of Net Assets | 0.10% | ||||
Fair Value | [1] | $ 125,713 | |||
Investment, Identifier [Axis]: Zendesk, Inc., One stop 1 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25],[32] | 6.75% | |||
Investment interest rate | [11],[32] | 8.90% | |||
Investment, interest rate, paid in kind | [11],[32] | 3.25% | |||
Investment owned, balance, principal amount | [3],[32] | $ 4,029,686 | |||
Amortized Cost | [32] | $ 3,961,795 | |||
Percentage of Net Assets | [32] | 2.90% | |||
Fair Value | [1],[32] | $ 4,029,686 | |||
Investment, Identifier [Axis]: Zendesk, Inc., One stop 2 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (857) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: Zendesk, Inc., One stop 3 | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[15] | 6.50% | |||
Investment owned, balance, principal amount | [3],[15] | $ 0 | |||
Amortized Cost | [15] | $ (8,486) | |||
Percentage of Net Assets | [15] | 0% | |||
Fair Value | [1],[15] | $ 0 | |||
Investment, Identifier [Axis]: bswift, LLC, One stop | |||||
Schedule of Investments [Line Items] | |||||
Investment, basis spread, variable rate | [10],[25] | 6.63% | |||
Investment interest rate | [11] | 11.91% | |||
Investment owned, balance, principal amount | [3] | $ 328,815 | |||
Amortized Cost | $ 320,063 | ||||
Percentage of Net Assets | 0.20% | ||||
Fair Value | [1] | $ 328,815 | |||
[1] The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments. The total principal amount is presented for debt investments while the number of shares or units owned is presented for equity investments. Equity investments are non-income producing securities, unless otherwise noted. Ownership of certain equity investments occurs through a holding company or partnership. Equity investments are non-income producing securities. Ownership of certain equity investments occurs through a holding company or partnership. Denotes that all or a portion of the contract was indexed to the 30-day Term SOFR which was 5.32% as of September 30, 2023. which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2023. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2023, which was the last business day of the period on which the applicable index rates were determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2023, as the loan may have priced or repriced based on an index rate prior to September 30, 2023. For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2023. (g) Denotes that all or a portion of the loan was indexed to the 30-day Term SOFR which was 3.04% as of September 30, 2022. which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over the applicable index and the weighted average current interest rate in effect as of September 30, 2022. Certain investments are subject to an interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. For positions with multiple outstanding contracts, the spread for the largest outstanding contract is shown. Listed below are the index rates as of September 30, 2022, which was the last business day of the period on which the applicable index was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of September 30, 2022, as the loan may have priced or repriced based on an index rate prior to September 30, 2022. For positions with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of September 30, 2022. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan or the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. Denotes that all or a portion of the contract was indexed to SONIA, which was 5.19% as of September 30, 2023. Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See “Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation”. The headquarters of this portfolio company is located in the United Kingdom. The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the ‘‘1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, total non-qualifying assets at fair value represented 3.9% of the Company’s total assets calculated in accordance with the 1940 Act. (f) Denotes that all or a portion of the loan was indexed to SONIA, which was 2.19% as of September 30, 2022. The investment is treated as a non-qualifying asset under the 1940 Act. Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2022, total non-qualifying assets at fair value represented 5.7% of the Company’s total assets calculated in accordance with the 1940 Act. Investment is denominated in foreign currency and is translated into U.S. dollars as of the valuation date or the date of the transaction. See Note 2. Significant Accounting Policies and Recent Accounting Updates - Foreign Currency Translation. The headquarters of this portfolio company is located in the United Kingdom. (i) Denotes that all or a portion of the loan was indexed to the 180-day Term SOFR which was 3.99% as of September 30, 2022. (h) Denotes that all or a portion of the loan was indexed to the 90-day Term SOFR which was 3.59% as of September 30, 2022. The headquarters of this portfolio company is located in Luxembourg. The headquarters of this portfolio company is located in Luxembourg. All or a portion of the loan interest was capitalized into the outstanding principal balance of the loan in accordance with the terms of the credit agreement during the year ended September 30, 2023. The headquarters of this portfolio company is located in Israel. The headquarters of this portfolio company is located in Israel. (b) Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 4.23% as of September 30, 2022 . (d) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was 1.17% as of September 30, 2022 . Denotes that all or a portion of the contract was indexed to the 180-day EURIBOR, which was 4.13% as of September 30, 2023. The headquarters of this portfolio company is located in Sweden. (e) Denotes that all or a portion of the loan was indexed to the 180-day EURIBOR, which was 1.81% as of September 30, 2022 . The headquarters of this portfolio company is located in Sweden. The Company holds an equity investment that is income producing. The rate shown is the annualized seven-day yield as of September 30, 2023 . Denotes that all or a portion of the contract was indexed to Daily SOFR which was 5.31% as of September 30, 2023. (c) Denotes that all or a portion of the loan was indexed to the Prime rate, which was 6.25% as of September 30, 2022 . The headquarters of this portfolio company is located in Denmark. The headquarters of this portfolio company is located in Denmark. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Non-qualifying Asset | Investments, at Fair Value | Asset Concentration Risk | ||
Schedule of Investments [Line Items] | ||
Concentration risk, percentage | 5.70% | 3.90% |
Organization
Organization | 12 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Golub Capital Direct Lending Unlevered Corporation (“GDLCU” and, collectively with its consolidated subsidiaries, the “Company”) is an externally managed, closed-end, non-diversified management investment company that elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), on April 1 , 2022. On April 1, 2022, the date of comme ncement of operations, the Company entered into subscription agreements (collectively, the “Subscription Agreements”) to sell shares of GDLCU’s common stock in private placements. In addition, for U.S. federal income tax purposes, GDLCU has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The use of “unlevered” in the Company’s name is intended to mean that the Company will be unlevered, except for borrowing funds on a short-term basis to fulfill working capital needs. The Company’s investment strategy is to invest primarily in one stop loans (a loan that combines characteristics of traditional first lien senior secured loans and second lien or subordinated loans and that are often referred to by other middle-market lenders as unitranche loans) and other senior secured loans of U.S. middle-market companies that are, in most cases, sponsored by private equity firms. The Company also selectively invests in second lien and subordinated (a loan that ranks senior only to a borrower’s equity securities and ranks junior to all of such borrower’s other indebtedness in priority of payment) loans of, and warrants and minority equity securities in, primarily U.S. middle-market companies. The Company has entered into an investment advisory agreement (the “Investment Advisory Agreement”) with GC Advisors LLC (the “Investment Adviser”), under which the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. Under an administration agreement (the “Administration Agreement”) the Company is provided with certain services by an administrator (the “Administrator”), which is currently Golub Capital LLC. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Updates | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Recent Accounting Updates | Significant Accounting Policies and Recent Accounting Updates Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 - Financial Services - Investment Companies (“ASC Topic 946”). The accompanying consolidated financial statements of the Company and related financial information have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) for financial information and pursuant to the requirements for reporting on Form 10-K and Regulation S-X. In the opinion of management, the consolidated financial statements reflect all adjustments and reclassifications consisting solely of normal accruals that are necessary for the fair presentation of financial results as of and for the periods presented. All intercompany balances and transactions have been eliminated. Certain prior period amounts have been reclassified to conform to the current period presentation. Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”) . ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 7. Fair Value Measurements. Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Consolidation: As provided under ASC Topic 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company c onsolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital Direct Lending Unlevered Corporation Holdings LLC and Golub Capital Direct Lending Unlevered Corporation Holdings Coinvest, Inc., i n its consolidated financial statements. Cash and cash equivalents and foreign currencies: Cash and cash equivalents and foreign currencies are highly liquid investments with an original maturity of three months or less at the date of acquisition. The Company deposits its cash in financial institutions and, at times, such balances exceed the Federal Deposit Insurance Corporation insurance limits. Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the year are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of year-end. Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. The primary risks associated with forward currency contracts include failure of the counterparty to meet the terms of the contract and the value of the foreign currency changing unfavorably. These risks can exceed the amounts reflected in the Consolidated Statements of Financial Condition. Refer to Note 6. Forward Currency Contracts for more information regarding the forward currency contracts. Revenue recognition: Investments and related investment income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. Loan origination fees, original issue discount and market discount or premium are capitalized, and the Company accretes or amortizes such amounts over the life of the loan as interest income. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, interest income included $264,132 and $32,006, respectively, of accretion of discounts and amortization of premiums. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company received loan origination fees of $1,259,751 and $936,004, respectively. For investments with contractual payment-in-kind (“PIK”) interest, which represents contractual interest accrued and added to the principal balance that generally becomes due at maturity, the Company will not accrue PIK interest if the portfolio company valuation indicates that the PIK interest is not collectible. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, interest income included $739,432 and $35,744, respectively, of PIK interest and the Company capitalized PIK interest of $734,393 and $22,896, respectively, into the principal balance of certain debt investments. In addition, the Company generates revenue in the form of amendment, structuring or due diligence fees, fees for providing managerial assistance, consulting fees, administrative agent fees, and prepayment premiums on loans. The Company records these fees as fee income when earned. All other income is recorded into income when earned. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, fee income included no prepayment premiums. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company received interest and fee income in cash, which excluded capitalized loan origination fees, in the amounts of $7,947,692 and $662,779, respectively. Dividend income on equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. The Company has certain preferred equity securities in the portfolio that contain a PIK dividend provision that are accrued and recorded as income at the contractual rates, if deemed collectible. The accrued PIK and non-cash dividends are capitalized to the cost basis of the preferred equity security and are generally collected when redeemed by the issuer. For the year ended September 30, 2023, the Company recognized PIK and non-cash dividend income of $48,208, which was capitalized into the cost basis of certain preferred equity investments. For the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company had no capitalized PIK and non-cash dividends. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company received no cash payments of accrued and capitalized preferred dividends in cash. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax-basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the amortized cost basis of the investment. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company did not recognize dividend income received in cash and did not receive any return of capital distributions in cash. Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations. Non-accrual loans: A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, payments are likely to remain current. As of September 30, 2023 and 2022, the Company had no portfolio company investments on non-accrual status. Income taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is e arned. For the year ended September 30, 2023, $39,783 was recorded for U.S. federal excise tax. For the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company did not record any U.S. federal excise tax. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in its consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized tax benefits or unrecognized tax liabilities related to uncertain income tax positions through September 30, 2023. The Company's tax returns for the 2022 tax year remain subject to examination by U.S. federal and most state tax authorities. Dividends and distributions: Dividends and distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company intends to authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act). Deferred offering costs: Deferred offering costs consist of fees paid in relation to legal, accounting, regulatory and printing work completed in preparation of equity offerings. Deferred offering costs are amortized on a straight-line basis over three years. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company amortized $106,209 and $19,535, respectively, of deferred offering costs, which are included in professional fees on the Consolidated Statements of Operations. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity GDLCU is authorized to issue 1,000,000 shares of preferred stock at a par value of $0.001 per share and 200,000,000 shares of common stock at a par value of $0.001 per share. Since the commencement of operations on April 1, 2022, GDLCU has entered into Subscription Agreements with several investors, including with affiliates of the Investment Adviser, providing for the private placement of GDLCU’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase GDLCU’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by GDLCU with a minimum of 10 calendar days prior notice. As of September 30, 2023 and 2022, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders: As of September 30, 2023 As of September 30, 2022 Subscriptions Contributions Subscriptions Contributions GDLCU Stockholders $ 374,915,500 $ 138,162,924 $ 348,715,500 $ 68,548,978 As of September 30, 2023 and 2022, the ratio of total contributed capital to total capital subscriptions was 36.9% and 19.7%, respectively, and the Company had uncalled capital commitments of $236,752,576 and $280,166,522, respectively. The following table summarizes the shares of GDLCU common stock issued for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Date Shares Issued NAV ($) per share Proceeds Shares issued for the period from April 1, 2022 (commencement of operations) to September 30, 2022 Issuance of shares 04/25/22 733,361.334 $ 15.00 $ 11,000,420 Issuance of shares 05/27/22 1,394,862.000 15.00 20,922,930 Issuance of shares 06/27/22 1,046,146.533 15.00 15,692,198 Issuance of shares 08/31/22 697,431.000 15.00 10,461,465 Issuance of shares 09/26/22 697,431.000 15.00 10,461,465 Shares issued for capital drawdowns 4,569,231.867 $ 68,538,478 Issuance of shares 07/08/22 47.994 $ 15.00 $ 720 Issuance of shares 09/15/22 1,846.493 15.00 27,697 Shares issued through DRIP 1,894.487 $ 28,417 Shares issued for the year ended September 30, 2023 Issuance of shares 11/14/22 717,431.000 $ 15.00 $ 10,761,465 Issuance of shares 02/07/23 956,574.667 15.00 14,348,620 Issuance of shares 06/26/23 717,431.000 15.00 10,761,465 Issuance of shares 09/06/23 1,124,746.533 15.00 16,871,198 Issuance of shares 09/27/23 1,124,746.533 15.00 16,871,198 Shares issued for capital drawdowns 4,640,929.733 $ 69,613,946 Issuance of shares 11/23/22 1,664.799 $ 15.00 $ 24,972 Issuance of shares 12/29/22 4,782.751 15.00 71,742 Issuance of shares 03/01/23 2,895.367 15.00 43,430 Issuance of shares 03/22/23 3,478.115 15.00 52,172 Issuance of shares 05/24/23 8,465.003 15.00 126,975 Issuance of shares 06/22/23 3,231.487 15.00 48,472 Shares issued through DRIP 24,517.522 $ 367,763 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Investment Advisory Agreement: Under the Investment Advisory Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. The Board most recently reapproved the Investment Advisory Agreement in May 2023. The Investment Adviser is a registered investment adviser with the SEC. The Investment Adviser receives fees for providing services, consisting of two components, a base management fee and an Incentive Fee (as defined below). The base management fee is calculated at an annual rate equal to 1.00% of the fair value of the average adjusted gross assets of the Company at the end of the two most recently completed calendar quarters (including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit for such derivative instruments with custodian, but adjusted to exclude cash and cash equivalents so that investors do not pay the base management fee for such assets) and is payable quarterly in arrears. Additionally, the Investment Adviser voluntarily excludes any assets funded with secured borrowing proceeds from the base management fee calculation. The base management fee is adjusted, based on the actual number of days elapsed relative to the total number of days in such calendar quarter, for any share issuances or repurchases during such calendar quarter. For purposes of the Investment Advisory Agreement, cash equivalents mean U.S. government securities and commercial paper instruments maturing within 270 days of purchase (which is different than the GAAP definition, which defines cash equivalents as U.S. government securities and commercial paper instruments maturing within 90 days of purchase). To the extent that the Investment Adviser or any of its affiliates provides investment advisory, collateral management or other similar services to a subsidiary of GDLCU, the base management fee will be reduced by an amount equal to the product of (1) the total fees paid to the Investment Adviser by such subsidiary for such services and (2) the percentage of such subsidiary’s total equity, including membership interests and any class of notes not exclusively held by one or more third parties, that is owned, directly or indirectly, by the Company. The Investment Adviser has agreed to certain waivers with respect to the base management fee for the periods following April 1, 2022, the initial closing date for the private placement of shares of the Company's common stock (the “Initial Closing”), and will irrevocably waive 100% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2022 to March 31, 2023; 66.7% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2023 to March 31, 2024; and 33.3% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from April 1, 2024 to March 31, 2025. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the base management fees incurred by the Company were $832,019 and $113,498, respectively, and the base management fees irrevocably waived by the Investment Adviser were $675,912 and $113,498, respectively. The Incentive Fee consists of three parts: the income component (the “Income Incentive Fee”), the capital gains component (the “Capital Gain Incentive Fee”) and the subordinated liquidation incentive component (the “Subordinated Liquidation Incentive Fee” and, together with the Income Incentive Fee and the Capital Gain Incentive Fee, the “Incentive Fee”). The Income Incentive Fee is calculated quarterly in arrears based on Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the calendar quarter, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the Investment Advisory Agreement and the Administration Agreement, any expenses of securitizations and any interest expense and dividends paid on any outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities, accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Because of the structure of the Income Incentive Fee, it is possible that an Incentive Fee is calculated under this formula with respect to a period in which the Company has incurred a loss. For example, if the Company receives Pre-Incentive Fee Net Investment Income in excess of the hurdle rate (as defined below) for a calendar quarter, the Income Incentive Fee will result in a positive value, and an Income Incentive Fee will be paid even if the Company has incurred a loss in such period due to realized and/or unrealized capital losses unless the payment of such Income Incentive Fee would cause the Company to pay Income Incentive Fees and Capital Gain Incentive Fees on a cumulative basis that exceed the Incentive Fee Cap described below. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company’s net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed ‘‘hurdle rate’’ of 1.0% quarterly. If market interest rates rise, it is possible that the Company will be able to invest funds in debt instruments that provide for a higher return, which would increase the Company’s Pre-Incentive Fee Net Investment Income and make it easier for the Investment Adviser to surpass the fixed hurdle rate and receive an Income Incentive Fee. Pre-Incentive Fee Net Investment Income used to calculate this part of the Incentive Fee is also included in the amount of the Company’s total assets (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization-related assets, unrealized depreciation or appreciation on derivative instruments and cash collateral on deposit with custodian) used to calculate the base management fee. The Company calculates the Income Incentive Fee with respect to its Pre-Incentive Fee Net Investment Income quarterly, in arrears, as follows: • Zero in any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate; • 100% of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 10.0% of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did not apply. This portion of Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate is referred to as the ‘‘catch-up’’ provision; and • 10.0% of the amount of Pre-Incentive Fee Net Investment Income, if any, that exceeds the catch-up provision in any calendar quarter. The sum of these calculations yields the Income Incentive Fee. This amount is appropriately adjusted for any share issuances or repurchases during the quarter. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Income Incentive Fee incurred was $874,107 and $69,682, respectively. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, $318,993 and $69,682, respectively, of the Income Incentive Fee was irrevocably waived by the Investment Adviser in connection with the Operating Expenses Reimbursement Waiver as defined in the Other related party transactions section below. The second part of the Incentive Fee, the Capital Gain Incentive Fee, equals (a) 10.0% of the Company’s Capital Gain Incentive Fee Base (as defined below), if any, calculated in arrears as of the end of each calendar year (or, upon termination of the Investment Advisory Agreement, as of the termination date), commencing with the calendar year ended December 31, 2022, less (b) the aggregate amount of any previously paid Capital Gain Incentive Fees. The Company’s ‘‘Capital Gain Incentive Fee Base’’ equals (1) the sum of (A) realized capital gains, if any, on a cumulative positive basis, (B) all realized capital losses on a cumulative basis and (C) all unrealized capital depreciation on a cumulative basis, less (2) unamortized deferred debt issuance costs as of the date of calculation, if and to the extent such costs exceed all unrealized capital appreciation on a cumulative basis from April 1, 2022, the date the Company elected to be a BDC. • The cumulative aggregate realized capital losses are calculated as the sum of the amounts by which (a) the net sales price of each investment in the Company’s portfolio when sold is less than (b) the accreted or amortized cost basis of such investment. • The cumulative aggregate realized capital gains are calculated as the sum of the differences, if positive, between (a) the net sales price of each investment in the Company’s portfolio when sold and (b) the accreted or amortized cost basis of such investment. • The aggregate unrealized capital depreciation is calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable Capital Gain Incentive Fee calculation date and (b) the accreted or amortized cost basis of such investment. • The aggregate unrealized capital appreciation is calculated as the sum of the differences, if positive, between (a) the valuation of each investment in our portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment. Realized capital gains and losses include gains and losses on investments, foreign currencies, derivative contracts and any income tax related to cumulative aggregate realized gains and losses. The Capital Gain Incentive Fee is calculated on a cumulative basis from April 1, 2022 through the end of each calendar year or the termination of the Investment Advisory Agreement. As of September 30, 2023 and September 30, 2022, there was no Capital Gain Incentive Fee as calculated under the Investment Advisory Agreement as described above. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. Any payment due under the terms of the Investment Advisory Agreement is calculated in arrears at the end of each calendar year. The Company has not paid any Capital Gain Incentive Fees calculated in accordance with the Investment Advisory Agreement on or prior to September 30, 2023. In accordance with GAAP, the Company also is required to include the aggregate unrealized capital appreciation on investments in the calculation and accrue a capital gain incentive fee on a quarterly basis as if such unrealized capital appreciation were realized, even though such unrealized capital appreciation is not permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. If the Capital Gain Incentive Fee Base, adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a period, then GAAP requires the Company to accrue a capital gain incentive fee equal to 10.0% of such amount, less the aggregate amount of the actual Capital Gain Incentive Fees paid and capital gain incentive fees accrued under GAAP in all prior periods. If such amount is negative, then there is no accrual for such period. The resulting accrual under GAAP in a given period results in additional expense if such cumulative amount is greater than in the prior period or a reversal of previously recorded expense if such cumulative amount is less than in the prior period. For the year ended September 30, 2023, the Company accrued a capital gain incentive fee under GAAP of $56,180. For the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company did not accrue a capital gain incentive fee under GAAP. As of September 30, 2023, there was $56,180 accrued for the capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. As of September 30, 2022, there was no accrual for the capital gain incentive fee under GAAP included in management and incentive fees payable on the Consolidated Statements of Financial Condition. The third part of the Incentive Fee, the Subordinated Liquidation Incentive Fee, equals 10.0% of the net proceeds from a liquidation of the Company in excess of adjusted capital, as calculated immediately prior to liquidation. For purposes of this calculation, (a) ‘‘liquidation’’ includes the sale of all or substantially all of the Company's assets or the acquisition of all or substantially all of the shares of the Company’s common stock in a single or series of related transactions and (b) ‘‘adjusted capital’’ means the net asset value of the Company calculated immediately prior to liquidation in accordance with GAAP less unrealized capital appreciation that would have been subject to the Capital Gain Incentive Fee had capital gain been recognized on the transfer of such assets in the liquidation. The Company has structured the calculation of the Incentive Fee to include a fee limitation such that the Income Incentive Fee and the Capital Gain Incentive Fee will not be paid at any time if, after such payment, the cumulative Income Incentive Fees and Capital Gain Incentive Fees paid to date would exceed an incentive fee cap (the ‘‘Incentive Fee Cap’’). The Incentive Fee Cap in any quarter is equal to the difference between (a) 10% of Cumulative Pre-Incentive Fee Net Income and (b) cumulative incentive fees of any kind paid to the Investment Adviser by the Company since April 1, 2022. To the extent the Incentive Fee Cap is zero or a negative value in any quarter, no incentive fee would be payable in that quarter. ‘‘Cumulative Pre-Incentive Fee Net Income’’ is equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period since April 1, 2022 and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation since April 1, 2022. Administration Agreement: Under the Administration Agreement, the Administrator furnishes the Company with office facilities and equipment, provides the Company with clerical, bookkeeping and record keeping services at such facilities and provides the Company with other administrative services as the Administrator, subject to review by the Board, determines necessary to conduct the Company’s day-to-day operations. The Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by it in performing its obligations under the Administration Agreement, including rent, fees and expenses associated with performing compliance functions and the Company's allocable portion of the cost of its chief financial officer and chief compliance officer and their respective staffs. The Board reviews such expenses to determine that these expenses, including any allocation of expenses among the Company and other entities for which the Administrator provides similar services, are reasonable and comparable to administrative services charged by unaffiliated third party asset managers. Under the Administration Agreement, the Administrator also provides, on the Company’s behalf, managerial assistance to those portfolio companies to which the Company is required to provide such assistance and will be paid an additional amount based on the cost of the services provided, which amount shall not exceed the amount the Company receives from such portfolio companies. As of September 30, 2023, included in accounts payable and accrued expenses is $33,285 for accrued allocated shared services under the Administration Agreement. As of September 30, 2022, there were no amounts included in accounts payable and accrued expenses for accrued allocated shared services under the Administration Agreement, as a result of the Operating Expenses Reimbursement Waiver as defined in the Other related party transactions section below. Other related party transactions: The Investment Adviser elected to incur the organizational costs associated with the Company’s formation and professional fees through April 1, 2022 and has incurred $56,183 of organization costs and professional fees on behalf of the Company since the Company’s formation in September 2021. The Company agreed to reimburse the Investment Adviser for formation and costs associated with the initial closing of the Subscription Agreements incurred on its behalf up to an aggregate amount of $700,000. Any costs in excess of $700,000 will be borne by the Investment Adviser. As of September 30, 2023 and 2022, the formation and initial closing costs paid by the Investment Adviser on behalf of the Company subject to reimbursement by the Company totaled $301,431 and $195,200, respectively. The Administrator and Investment Adviser voluntarily agreed to irrevocably waive reimbursement from the Company for operating expenses, including but not limited to, audit fees, fees related to professional tax services, administrative fees payable under the Administration Agreement, trustee fees, and fees payable pursuant to the Investment Advisory Agreement, net of the base management fee waivers described above, until the aggregate amount of such waived expense reimbursements equals $1,000,000 (the “Operating Expenses Reimbursement Waiver”). For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Administrator and Investment Adviser waived the reimbursement of $194,972 and $416,353, respectively, in operating expenses. As of September 30, 2023, the total operating expenses and fees payable pursuant to the Investment Advisory Agreement and Administration Agreement waived under the Operating Expenses Reimbursement Waiver totaled $1,000,000. The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. Such expenses include postage, printing, office supplies, rating agency fees and professional fees. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. These expenses are subsequently reimbursed in cash. Total expenses reimbursed to the Administrator during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 were $411,502 and $23,758, respectively. As of September 30, 2023, there was $175,940 included in accounts payable and accrued expenses for reimbursable expenses that were paid by the Administrator on behalf of the Company. As of September 30, 2022, there were no amounts included in accounts payable and accrued expenses for reimbursable expenses, net of the Operating Expenses Reimbursement Waiver, that were paid by the Administrator on behalf of the Company, and other assets included $1,636 of receivable due from the Administrator pursuant to the Operating Expense Reimbursement Waiver. On April 1, 2022, GGP Holdings LP, an affiliate of the Investment Adviser, acquired 700.000 shares of common stock of the Company as part of the Company's conversion to a Maryland corporation, in respect of GGP Holdings LP's capital contribution to the Company prior to such date of $10,500. Additionally, on April 1, 2022, GGP Holdings LP transferred its 700.000 shares of common stock of the Company to its wholly-owned subsidiary, GGP Class B-P, LLC. GGP Class B-P, LLC concurrently entered into a Subscription Agreement for $25,000,000. As of September 30, 2023, GGP Class B-P, LLC has an aggregate commitment of $25,010,500. As of September 30, 2023, the Company had issued 659,309.933 shares of its common stock to GGP Class B-P, LLC in exchange for aggregate capital contributions totaling $9,889,649 and has also issued 26,412.009 shares to GGP Class B-P, LLC through the DRIP. The Company is party to an unsecured revolving credit facility with the Investment Adviser (the “Adviser Revolver”) which, as of September 30, 2023, permits the Company to borrow a maximum of $40,000,000 and expires on April 1, 2025. Refer to Note 8. Borrowings for discussion of the Adviser Revolver. |
Investments
Investments | 12 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments as of September 30, 2023 and September 30, 2022 consisted of the following: As of September 30, 2023 As of September 30, 2022 Principal Amortized Fair Principal Amortized Fair Senior secured $ 3,826,915 $ 3,777,354 $ 3,771,798 $ 573,072 $ 567,404 $ 560,771 One stop 105,246,091 103,352,277 103,850,192 53,433,895 52,692,591 52,400,764 Second lien 62,576 57,622 58,821 — — — Subordinated debt 50,519 49,232 50,519 — — — Equity N/A 1,896,910 2,173,592 N/A 1,008,367 1,028,135 Total $ 109,186,101 $ 109,133,395 $ 109,904,922 $ 54,006,967 $ 54,268,362 $ 53,989,670 The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. As of September 30, 2023 As of September 30, 2022 Amortized Cost: United States Mid-Atlantic $ 14,718,447 13.5 % $ 7,080,362 13.0 % Midwest 18,443,969 16.9 7,435,161 13.7 Northeast 21,956,549 20.1 12,164,952 22.4 Southeast 18,266,768 16.7 6,342,481 11.7 Southwest 8,189,972 7.5 4,297,622 7.9 West 22,983,224 21.1 13,018,439 24.0 United Kingdom 1,757,504 1.6 1,338,700 2.5 Luxembourg 848,166 0.8 778,554 1.4 Sweden 1,388,892 1.3 1,235,297 2.3 Israel 31,432 0.0 * 31,432 0.1 Denmark 548,472 0.5 545,362 1.0 Total $ 109,133,395 100.0 % $ 54,268,362 100.0 % Fair Value: United States Mid-Atlantic $ 14,828,779 13.5 % $ 7,127,929 13.2 % Midwest 18,561,432 16.9 7,430,867 13.8 Northeast 22,063,056 20.1 12,054,680 22.3 Southeast 18,350,650 16.7 6,342,591 11.8 Southwest 8,221,607 7.5 4,329,390 8.0 West 23,274,133 21.2 12,907,169 23.9 United Kingdom 1,735,309 1.6 1,245,492 2.3 Luxembourg 835,951 0.7 776,407 1.4 Sweden 1,435,808 1.3 1,199,264 2.2 Israel 37,861 0.0 * 31,430 0.1 Denmark 560,336 0.5 544,451 1.0 Total $ 109,904,922 100.0 % $ 53,989,670 100.0 % * Represents an amount less than 0.1% The industry compositions of the portfolio at amortized cost and fair value as of September 30, 2023 and September 30, 2022 were as follows: As of September 30, 2023 As of September 30, 2022 Amortized Cost: Aerospace and Defense $ 5,392,890 4.9 % $ — — % Automobiles 4,542,643 4.2 3,112,370 5.7 Beverages 3,298,464 3.0 — — Commercial Services and Supplies 466,362 0.4 — — Diversified Consumer Services 6,977,706 6.4 3,606,847 6.7 Diversified Financial Services 743,882 0.7 — — Electronic Equipment, Instruments and Components 1,540,368 1.4 — — Health Care Technology 3,072,835 2.8 518,627 1.0 Healthcare Equipment and Supplies 1,304,619 1.2 1,295,367 2.4 Healthcare Providers and Services 918,435 0.8 143,841 0.3 Hotels, Restaurants and Leisure 3,787,223 3.5 595,150 1.1 Household Durables 443,345 0.4 — — Industrial Conglomerates 1,103,648 1.0 1,047,989 1.9 Insurance 5,676,413 5.2 3,800,618 7.0 IT Services 5,856,659 5.4 4,800,501 8.8 Life Sciences Tools & Services 4,320,466 4.0 — — Pharmaceuticals 848,166 0.8 778,554 1.4 Professional Services 1,225,709 1.1 284,781 0.5 Software 48,747,945 44.7 28,379,618 52.3 Specialty Retail 8,865,617 8.1 5,904,099 10.9 Total $ 109,133,395 100.0 % $ 54,268,362 100.0 % As of September 30, 2023 As of September 30, 2022 Fair Value: Aerospace and Defense $ 5,546,042 5.1 % $ — — % Automobiles 4,427,108 4.0 3,110,619 5.8 Beverages 3,301,796 3.0 — — Commercial Services and Supplies 466,300 0.4 — — Diversified Consumer Services 7,102,923 6.5 3,619,523 6.7 Diversified Financial Services 761,537 0.7 — — Electronic Equipment, Instruments and Components 1,581,864 1.4 — — Health Care Technology 3,045,648 2.8 513,252 1.0 Healthcare Equipment and Supplies 1,315,667 1.2 1,295,098 2.4 Healthcare Providers and Services 910,771 0.8 143,536 0.3 Hotels, Restaurants and Leisure 3,816,857 3.5 588,369 1.1 Household Durables 457,524 0.4 — — Industrial Conglomerates 1,117,139 1.0 1,050,133 2.0 Insurance 5,758,946 5.3 3,797,726 7.0 IT Services 5,839,273 5.3 4,777,414 8.8 Life Sciences Tools & Services 4,485,130 4.1 — — Pharmaceuticals 835,951 0.8 776,407 1.4 Professional Services 1,247,044 1.1 287,247 0.5 Software 49,064,803 44.6 28,127,900 52.1 Specialty Retail 8,822,599 8.0 5,902,446 10.9 Total $ 109,904,922 100.0 % $ 53,989,670 100.0 % |
Forward Currency Contracts
Forward Currency Contracts | 12 Months Ended |
Sep. 30, 2023 | |
Foreign Currency [Abstract] | |
Forward Currency Contracts | Forward Currency Contracts The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company's investments denominated in foreign currencies. The outstanding forward currency contracts as of September 30, 2023 were as follows: As of September 30, 2023 Counterparty Currency to be sold Currency to be purchased Settlement Date Unrealized appreciation ($) Unrealized depreciation ($) Macquarie Bank Limited £ 1,125,000 GBP $ 1,246,950 USD 10/13/2023 $ — $ (125,594) Macquarie Bank Limited € 1,150,000 EUR $ 1,148,218 USD 10/13/2023 — (68,031) $ — $ (193,625) There were no outstanding forward currency contracts as of September 30, 2022. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) with its derivative counterparty, Macquarie Bank Limited (“Macquarie”). The ISDA Master Agreement is a bilateral agreement between the Company and Macquarie that governs over the counter (“OTC”) derivatives, including forward currency contracts, and contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Company and cash collateral received from Macquarie, if any, is included in the Consolidated Statements of Financial Condition as cash collateral held for forward currency contracts or cash collateral received for forward currency contracts. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. The following table is intended to provide additional information about the effect of the forward currency contracts on the consolidated financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of September 30, 2023. As of September 30, 2023 Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statements of Financial Condition Collateral (Received) Pledged (1) Net Amount (2) Macquarie Bank Limited Foreign exchange $ — $ (193,625) $ (193,625) $ 193,625 $ — (1) The actual collateral pledged may be more than the amount shown due to over collateralization. (2) Represents the net amount due from/(to) counterparties in the event of default. The impact of derivative transactions for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below: Realized gain (loss) on forward currency contracts recognized in income Risk exposure category Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Foreign exchange $ — $ — Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income Risk exposure category Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Foreign exchange $ (193,625) $ — The following table is a summary of the average outstanding daily volume for forward currency contracts for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Forward currency contracts $ 2,329,546 $ — Exclusion of the Investment Adviser from Commodity Pool Operator Definition Engaging in commodity interest transactions such as swap transactions or futures contracts for the Company may cause the Investment Adviser to fall within the definition of “commodity pool operator” under the Commodity Exchange Act (the “CEA”) and related Commodity Futures Trading Commission (the “CFTC”) regulations. The Investment Adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the CEA and the CFTC regulations in connection with its management of the Company and, therefore, is not subject to CFTC registration or regulation under the CEA as a commodity pool operator with respect to its management of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities. Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation. In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized. Investments Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of September 30, 2023 and 2022 were valued using Level 3 inputs. As of September 30, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs. As of September 30, 2022, the Company held no money market funds or forward currency contracts. When determining fair value of Level 3 debt and equity investments, the Company takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value. In addition, for certain debt investments, the Company bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment. Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2023 and 2022: As of September 30, 2023 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Assets, at fair value: Debt investments (1) $ — $ — $ 107,731,330 $ 107,731,330 Equity investments (1) — — 2,173,592 2,173,592 Money market funds (1)(2) 8,681,873 — — 8,681,873 Total assets, at fair value: $ 8,681,873 $ — $ 109,904,922 $ 118,586,795 Liabilities, at fair value: Forward currency contracts $ — $ 193,625 $ — $ 193,625 Total liabilities, at fair value: $ — $ 193,625 $ — $ 193,625 As of September 30, 2022 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Assets, at fair value: Debt investments (1) $ — $ — $ 52,961,535 $ 52,961,535 Equity investments (1) — — 1,028,135 1,028,135 Total assets, at fair value: $ — $ — $ 53,989,670 $ 53,989,670 (1) Refer to the Consolidated Schedules of Investments for further details. (2) Included in cash and cash equivalents on the Consolidated Statements of Financial Condition. The net change in unrealized appreciation (depreciation) for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, reported within the net change in unrealized appreciation (depreciation) on investments in the Company’s Consolidated Statements of Operations attributable to the Company's Level 3 assets held as of September 30, 2023 and 2022 was $1,066,729 and ($278,692), respectively. The following tables present the changes in investments measured at fair value using Level 3 inputs for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: For the year ended September 30, 2023 Debt Equity Total Fair value, beginning of period $ 52,961,535 $ 1,028,135 $ 53,989,670 Net change in unrealized appreciation (depreciation) on investments 590,215 256,914 847,129 Net translation of investments in foreign currencies 203,090 — 203,090 Realized gain (loss) on investments — 6,562 6,562 Realized gain (loss) on translation of investments in foreign currencies 1,424 — 1,424 Fundings of (proceeds from) revolving loans, net 162,577 — 162,577 Fundings of investments 54,612,206 899,587 55,511,793 PIK interest and non-cash dividends 734,393 48,208 782,601 Proceeds from principal payments and sales of portfolio investments (1,798,242) (65,814) (1,864,056) Accretion of discounts and amortization of premiums 264,132 — 264,132 Fair value, end of period $ 107,731,330 $ 2,173,592 $ 109,904,922 For the period from April 1, 2022 (commencement of operations) to September 30, 2022 Debt Equity Total Fair value, beginning of period $ — $ — $ — Net change in unrealized appreciation (depreciation) on investments (168,455) 19,768 (148,687) Net translation of investments in foreign currencies (130,005) — (130,005) Fundings of (proceeds from) revolving loans, net 79,455 — 79,455 Fundings of investments 53,133,849 1,008,367 54,142,216 PIK interest and non-cash dividends 22,896 — 22,896 Proceeds from principal payments and sales of portfolio investments (8,211) — (8,211) Accretion of discounts and amortization of premiums 32,006 — 32,006 Fair value, end of period $ 52,961,535 $ 1,028,135 $ 53,989,670 The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2023 and 2022: Quantitative information about Level 3 Fair Value Measurements Fair Value as of September 30, 2023 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Assets, at fair value: Senior secured loans $ 3,771,798 Yield analysis Market interest rate 9.0% - 10.0% (9.9%) Market comparable companies EBITDA multiples 8.5x - 16.1x (11.5x) One stop loans (2) $ 103,850,192 Yield analysis Market interest rate 7.5% - 19.8% (10.3%) Market comparable companies EBITDA multiples 9.5x - 34.0x (18.6x) Market comparable companies Revenue multiples 5.5x - 27.0x (11.8x) Subordinated debt and second lien loans $ 109,340 Yield analysis Market interest rate 13.0% - 13.5% (13.2%) Market comparable companies EBITDA multiples 9.5x - 11.5x (10.6x) Equity (3) $ 2,173,592 Market comparable companies EBITDA multiples 11.5x - 26.0x (19.3x) Revenue multiples 5.5x - 16.5x (13.7x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) The Company valued $72,979,184 and $30,871,008 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (3) The Company valued $1,367,439 and $806,153 of equity investments using EBITDA and revenue multiples, respectively. Quantitative information about Level 3 Fair Value Measurements Fair Value as of September 30, 2022 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Assets, at fair value: Senior secured loans $ 560,771 Yield analysis Market interest rate 8.8% - 9.5% (9.4%) Market comparable companies EBITDA multiples 10.3x - 26.2x (18.9x) One stop loans (2) $ 52,400,764 Yield analysis Market interest rate 8.0% - 13.5% (9.4%) Market comparable companies EBITDA multiples 7.0x - 32.9x (18.6x) Market comparable companies Revenue multiples 7.8x - 16.7x (14.0x) Equity (3) $ 1,028,135 Market comparable companies EBITDA multiples 12.6x - 25.9x (22.8x) Revenue multiples 7.8x - 16.7x (15.9x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) The Company valued $32,469,726 and $19,931,038 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (3) The Company valued $578,141 and $449,994 of equity investments using EBITDA and revenue multiples, respectively. The above tables are not intended to be all-inclusive but rather to provide information on significant unobservable inputs and valuation techniques used by the Company. The significant unobservable inputs used in the fair value measurement of the Company’s debt and equity investments are EBITDA multiples, revenue multiples and market interest rates. The Company uses EBITDA multiples and, to a lesser extent, revenue multiples on its debt and equity investments to determine any credit gains or losses. Increases or decreases in either of these inputs in isolation would have resulted in a significantly lower or higher fair value measurement. The Company uses market interest rates for loans to determine if the effective yield on a loan is commensurate with the market yields for that type of loan. If a loan’s effective yield was significantly less than the market yield for a similar loan with a similar credit profile, then the resulting fair value of the loan may have been lower. Other Financial Assets and Liabilities |
Borrowings
Borrowings | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The Company has not sought or obtained any approval necessary to be subject to the reduced asset coverage requirements available to BDCs pursuant to Section 61(a)(2) of the 1940 Act, which permits a BDC to have asset coverage of 150%, or a ratio of total consolidated assets to outstanding indebtedness of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement under the 1940 Act. As of September 30, 2023, the Company did not have any outstanding borrowings or senior securities representing indebtedness. Adviser Revolver: The Company has entered into the Adviser Revolver with the Investment Adviser pursuant to which, as of September 30, 2023 and 2022, the Company was permitted to borrow up to $40,000,000 in U.S. dollars and certain agreed upon foreign currencies and which had a maturity date of April 1, 2025. The Adviser Revolver bears an interest rate equal to the short-term Applicable Federal Rate (“AFR”). The short-term AFR as of September 30, 2023 was 5.0%. For the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022, the Company had no borrowings and made no repayments on the Adviser Revolver. As of September 30, 2023 and 2022, the Company did not have any outstanding borrowings under the Adviser Revolver. |
Federal Income Tax Matters
Federal Income Tax Matters | 12 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Federal Income Tax Matters | Federal Income Tax Matters The Company has elected to be treated and intends to be subject to tax as a RIC under Subchapter M of the Code. As a result, the Company must distribute substantially all of its net taxable income each tax year as dividends to its stockholders. Accordingly, no provision for federal income tax has been made in the consolidated financial statements. Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts determined in accordance with GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-tax differences have no impact on net assets. The following permanent differences were reclassified for tax purposes among the components of net assets for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Increase/(decrease) in Paid in Capital in Excess of Par $ (127,013) $ — Increase/(decrease) in Distributable Earnings (Losses) 127,013 — Taxable income generally differs from net increase (decrease) in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses and generally excludes unrealized appreciation (depreciation) on investment transactions as investment gains and losses are not included in taxable income until they are realized. The following table reconciles net increase in net assets resulting from operations to taxable income for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Net increase in net assets resulting from operations $ 8,999,750 $ 696,818 Net change in unrealized (appreciation) depreciation on investment transactions (857,009) 278,692 Other income not currently taxable (51,577) (8) Expenses not currently deductible 185,603 — Expenses deductible for tax but not book (23) — Other realized gain/loss differences (6,561) — Taxable income before deductions for distributions $ 8,270,183 $ 975,502 The tax character of distributions paid during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 were as follows: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Ordinary Income $ 7,371,683 $ 368,803 The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings/(deficit) on a book basis for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 were as follows: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Undistributed ordinary income – tax basis $ 1,505,199 $ 606,699 Net unrealized appreciation (depreciation) on investments 634,077 (278,684) Other temporary differences (2,012,263) (328,015) Total accumulated earnings (loss) – book basis 127,013 — Capital losses in excess of capital gains earned in a tax year may generally be carried forward and used to offset capital gains, subject to certain limitations. Capital losses incurred by the Company are not subject to expiration and retain their character as either short-term or long-term capital losses. As of September 30, 2023, the Company estimates that it will not have a capital loss carryforward available for use in subsequent tax years. For tax purposes, the Company may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of September 30, 2023 and 2022, the Company did not elect to defer any ordinary losses, short-term capital losses and long-term capital losses. For the tax year ended September 30, 2023, the Company estimates taxable income in excess of the distributions made from such taxable income during the tax year, and therefore, the Company has elected to carry forward the excess for distribution to stockholders in tax year September 30, 2024. The amount carried forward to tax year September 30, 2024 is estimated to be approximately $1,505,199 of ordinary income, although this amount will not be finalized until the September 30, 2023 tax returns are filed in 2024. As of September 30, 2023, the federal tax cost of investments was $109,077,637, resulting in estimated gross unrealized gains and losses of $1,309,939 and $482,654, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies Commitments: As of September 30, 2023, the Company had outstanding commitments to fund investments totaling $16,131,661, including $3,471,987 of commitments on undrawn revolvers. As of September 30, 2022, the Company had outstanding commitments to fund investments totaling $14,646,625, including $2,352,541 of commitments on undrawn revolvers. Indemnifications: In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as these involve future claims against the Company that have not occurred. The Company expects the risk of any future obligations under these indemnifications to be remote. Off-balance sheet risk: Off-balance sheet risk refers to an unrecorded potential liability that may result in a future obligation or loss, even though it does not appear on the Consolidated Statements of Financial Condition. The Company has entered and, in the future, may again enter into derivative instruments that contain elements of off-balance sheet market and credit risk. Refer to Note 6. Forward Currency Contracts for outstanding forward currency contracts as of September 30, 2023. As of September 30, 2022, there were no commitments outstanding for derivative contracts. Derivative instruments can be affected by market conditions, such as interest rate and foreign currency volatility, which could impact the fair value of the derivative instruments. If market conditions move against the Company, it may not achieve the anticipated benefits of the derivative instruments and may realize a loss. The Company minimizes market risk through monitoring its investments and borrowings. Concentration of credit and counterparty risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of the contract. The Company has engaged and in the future may engage again in derivative transactions with counterparties. In the event that the counterparties do not fulfill their obligations, the Company may be exposed to risk. The risk of default depends on the creditworthiness of the counterparties or issuers of the instruments. The Company’s maximum loss that it could incur related to counterparty risk on its derivative instruments is the value of the collateral for that respective derivative instrument. It is the Company’s policy to review, as necessary, the credit standing of each counterparty. Legal proceedings: In the normal course of business, the Company is subject to legal and regulatory proceedings that are generally incidental to its ongoing operations. While there can be no assurance of the ultimate disposition of any such proceedings, the Company does not believe any disposition will have a material adverse effect on the Company’s consolidated financial statements. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The financial highlights for the Company are as follows: Per share data: (1) Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Net asset value at beginning of period $ 15.00 $ 15.00 Distributions declared: (2) From net investment income - after tax (1.45) (0.22) Net investment income - after tax 1.33 0.44 Net realized gain (loss) on investment transactions 0.00 ^ (0.01) Net change in unrealized appreciation (depreciation) on investment transactions (3) 0.12 (0.21) Net asset value at end of period $ 15.00 $ 15.00 Total return based on net asset value per share (4) 8.15 % 1.50 % Number of common shares outstanding 9,237,273.609 4,571,826.354 Listed below are supplemental data and ratios to the financial highlights: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Ratio of net investment income - after tax to average net assets *(5) 8.89 % 5.83 % Ratio of total expenses to average net assets *(5) 2.94 % 3.28 % Ratio of management fee waiver to average net assets * (0.74) % (0.66) % Ratio of incentive fee waiver to average net assets (5) (0.35) % (0.20) % Ratio of operating expense waiver to average net assets * (0.21) % (1.20) % Ratio of incentive fees to average net assets (5) 1.02 % 0.20 % Ratio of excise tax to average net assets (5) 0.04 % — % Ratio of net expenses to average net assets *(5) 1.64 % 1.22 % Ratio of total expenses (without incentive fees) to average net assets *(5) 0.98 % 3.08 % Total return based on average net asset value (6) 9.84 % 2.03 % Total return based on average net asset value - annualized (6) 9.84 % 4.05 % Net assets at end of period $ 138,559,104 $ 68,577,395 Average debt outstanding $ — $ — Average debt outstanding per share $ — $ — Portfolio Turnover * 2.27 % 0.06 % Asset coverage ratio (7) N/A N/A Asset coverage ratio per unit (8) N/A N/A Average market value per unit (9) : Adviser Revolver N/A N/A * Annualized for a period less than one year, unless otherwise noted. ^ Represents an amount less than $0.01 per share. (1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate. (2) The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period. (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 the shares outstanding at the end of the period and as of the dividend record date. (4) Total return based on net asset value per share assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load. (5) Incentive fees and excise taxes are not annualized in the calculation. (6) Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load. (7) In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The ratio is not applicable as there was no debt outstanding as of September 30, 2023. (8) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. The ratio is not applicable as there was no debt outstanding as of September 30, 2023. (9) Not applicable as the Adviser Revolver is not registered for public trading. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following information sets forth the computation of the net increase in net assets per share resulting from operations for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Earnings available to stockholders $ 8,999,750 $ 696,818 Basic and diluted weighted average shares outstanding 6,113,779 2,292,083 Basic and diluted earnings per share $ 1.47 $ 0.30 |
Dividends and Distributions
Dividends and Distributions | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Dividends and Distributions | Dividends and Distributions The Company’s dividends and distributions are recorded on the record date. The following table summarizes the Company’s dividend declarations and distributions with a record date during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Date Declared Record Date Payment Date Shares Outstanding Amount Per Share Total Dividends Declared For the year ended September 30, 2023 08/05/2022 10/18/2022 12/29/2022 4,571,826.354 $ 0.0980 $ 447,823 11/18/2022 11/21/2022 12/29/2022 5,289,257.354 0.0964 509,660 11/18/2022 12/15/2022 03/01/2023 5,290,922.153 0.1096 580,139 11/18/2022 01/17/2023 03/22/2023 5,295,704.904 0.1301 689,210 02/07/2023 02/24/2023 05/24/2023 6,252,279.571 0.1148 717,968 02/07/2023 03/17/2023 05/24/2023 6,255,174.938 0.1558 974,352 02/07/2023 04/28/2023 06/22/2023 6,258,653.053 0.1023 640,103 05/05/2023 05/26/2023 08/23/2023 6,267,118.056 0.1106 692,841 05/05/2023 06/16/2023 08/23/2023 6,267,118.056 0.1579 989,887 05/05/2023 07/28/2023 09/20/2023 6,987,780.543 0.1147 801,685 08/03/2023 08/30/2023 11/22/2023 6,987,780.543 0.1218 850,784 08/03/2023 09/22/2023 11/22/2023 8,112,527.076 0.1362 1,105,298 Total dividends declared for the year ended September 30, 2023 $ 8,999,750 For the period from April 1, 2022 (commencement of operations) to September 30, 2022 05/06/2022 05/06/2022 07/08/2022 734,061.334 $ 0.0001 $ 47 05/06/2022 05/20/2022 07/08/2022 734,061.334 0.0106 7,794 05/06/2022 06/24/2022 09/15/2022 2,128,923.334 0.0263 56,021 05/06/2022 07/19/2022 09/15/2022 3,175,117.861 0.0960 304,941 08/05/2022 08/30/2022 11/23/2022 3,175,117.861 0.0386 122,582 08/05/2022 09/20/2022 11/23/2022 3,874,395.354 0.0530 205,433 Total dividends declared for the period from April 1, 2022 (commencement of operations) to September 30, 2022 $ 696,818 The following table summarizes the Company’s distributions reinvested during the year ended September 30, 2023: Payment Date DRIP Shares Issued NAV ($) per share DRIP Shares Value (1) For the year ended September 30, 2023 November 23, 2022 1,664.799 $ 15.00 $ 24,972 December 29, 2022 4,782.751 15.00 71,742 March 1, 2023 2,895.367 15.00 43,430 March 22, 2023 3,478.115 15.00 52,172 May 24, 2023 8,465.003 15.00 126,975 June 22, 2023 3,231.487 15.00 48,472 24,517.522 $ 367,763 (1) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In preparing these consolidated financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date of issuance. There are no subsequent events to disclose except for the following: On October 17, 2023, October 31, 2023 and December 5, 2023, the Company issued capital calls to stockholders that were due on October 27, 2023, November 10, 2023 and December 15, 2023, respectively. The estimated shares and proceeds are summarized in the table below: Date Shares Issued NAV ($) per share Proceeds Issuance of Shares 10/27/2023 1,124,891.000 $ 15.00 $ 16,873,365 Issuance of Shares 11/10/2023 1,124,891.000 $ 15.00 $ 16,873,365 Issuance of Shares 12/15/2023 1,999,805.999 $ 15.00 $ 29,997,090 On August 3, 2023 and November 17, 2023, the Company’s board of directors declared distributions to holders of record as set forth in the table below: Record Date Payment Date Amount Per Share October 20, 2023 December 28, 2023 In an amount (if positive) such that the net asset value of the Company as of October 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2023 through October 31, 2023 and the payment of this distribution is $15.00 per share November 20, 2023 December 28, 2023 In an amount (if positive) such that the net asset value of the Company as of November 30, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period November 1, 2023 through November 30, 2023 and the payment of this distribution is $15.00 per share December 15, 2023 February 21, 2024 In an amount (if positive) such that the net asset value of the Company as of December 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period December 1, 2023 through December 31, 2023 and the payment of this distribution is $15.00 per share January 19, 2024 March 20, 2024 In an amount (if positive) such that the net asset value of the Company as of January 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period January 1, 2024 through January 31, 2024 and the payment of this distribution is $15.00 per share |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Pay vs Performance Disclosure | ||
Net increase (decrease) in net assets resulting from operations | $ 696,818 | $ 8,999,750 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 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 | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2023 | Sep. 27, 2023 | Sep. 06, 2023 | Jun. 26, 2023 | Jun. 22, 2023 | May 24, 2023 | Mar. 22, 2023 | Mar. 01, 2023 | Feb. 07, 2023 | Dec. 29, 2022 | Nov. 23, 2022 | Nov. 14, 2022 | Sep. 30, 2022 | Sep. 26, 2022 | Sep. 15, 2022 | Aug. 31, 2022 | Jul. 08, 2022 | Jun. 27, 2022 | May 27, 2022 | Apr. 25, 2022 | Mar. 31, 2022 | |
Cover [Abstract] | |||||||||||||||||||||
Entity Central Index Key | 0001901606 | ||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||
Securities Act File Number | 814-01505 | ||||||||||||||||||||
Document Type | 10-K | ||||||||||||||||||||
Entity Registrant Name | Golub Capital Direct Lending Unlevered Corporation | ||||||||||||||||||||
Entity Address, Address Line One | 200 Park Avenue | ||||||||||||||||||||
Entity Address, Address Line Two | 25th Floor | ||||||||||||||||||||
Entity Address, City or Town | New York | ||||||||||||||||||||
Entity Address, State or Province | NY | ||||||||||||||||||||
Entity Address, Postal Zip Code | 10166 | ||||||||||||||||||||
City Area Code | 212 | ||||||||||||||||||||
Local Phone Number | 750-6060 | ||||||||||||||||||||
Entity Well-known Seasoned Issuer | No | ||||||||||||||||||||
Entity Emerging Growth Company | true | ||||||||||||||||||||
Entity Ex Transition Period | true | ||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Investment Objectives and Practices [Text Block] | Investment Criteria/Guidelines Our investment objective is to generate current income and capital appreciation by investing primarily in senior secured and one stop loans to U.S. middle-market companies in industries we believe are resistant to recessions. We seek to generate strong risk-adjusted net returns by assembling a portfolio of investments across a broad range of industries and private equity investors. ______________________ (1) Standard & Poor’s “High-End Middle-Market Lending Review Q4 2021” – New-issue first-lien yield-to-maturity. Middle-Market loans have, on average, generated higher yields in comparison to large corporate loans based on data starting in June 2005. We primarily target U.S. middle-market companies controlled by private equity investors that require capital for growth, acquisitions, recapitalizations, refinancings and leveraged buyouts. We seek to have a portfolio of first-lien, senior secured loans to borrowers focused on a number of sectors and industries that we believe have shown resilience during economic disruptions and are likely to show resilience in future recessionary periods, including, for example, software and technology companies as well as business, financial and healthcare services among others. We also make opportunistic loans to independently owned and publicly held middle market companies. We seek to partner with strong management teams executing long-term growth strategies. Target businesses will typically exhibit some or all of the following characteristics: • annual EBITDA of less than $100.0 million; • sustainable leading positions in their respective markets; • scalable revenues and operating cash flow; • experienced management teams with successful track records; • insulation from the effects of economic disruptions, such as the COVID-19 pandemic; • stable, predictable cash flows with low technology and market risks; • a substantial equity cushion in the form of capital ranking junior to our investment provided by a middle-market private equity sponsor; • low capital expenditures requirements; • a North American base of operations; • strong customer relationships; • products, services or distribution channels having distinctive competitive advantages; • defensible niche strategy or other barriers to entry; and • demonstrated growth strategies. While we believe that the criteria listed above are important in identifying and investing in prospective portfolio companies, not all of these criteria will be met by each prospective portfolio company. Investment Process Overview We view our investment process as consisting of four distinct phases described below: Origination. GC Advisors sources investment opportunities through access to a network of over 10,000 individual contacts developed in the financial services and related industries by Golub Capital and managed through a proprietary customer relationship database. Among these contacts is an extensive network of private equity firms and relationships with leading middle-market senior lenders. The senior deal professionals of Golub Capital supplement these leads through personal visits and marketing campaigns. It is their responsibility to identify specific opportunities, to refine opportunities through candid exploration of the underlying facts and circumstances and to apply creative and flexible thinking to solve clients’ financing needs. The investment professionals of Golub Capital have a long and successful track record investing in companies across many industry sectors. Collectively, these investment professionals have closed investments in over 2,300 loans at Golub Capital. Golub Capital’s investments have been made in the following industries, among others: healthcare, restaurant and retail, software, digital and technology services, specialty manufacturing, business services, consumer products and services, food and beverages, aerospace and defense and value-added distribution. Golub Capital has principal lending offices in Chicago, New York, London and San Francisco. Each of Golub Capital’s originators maintains long-standing customer relationships and is responsible for covering a specified target market. We believe those originators’ strength and breadth of relationships across a wide range of markets generate numerous financing opportunities, which we believe enables GC Advisors to be highly selective in recommending investments to us. Underwriting. We utilize the systematic, consistent approach to underwriting developed by Golub Capital, with a particular focus on determining the value of a business in a downside scenario. The key criteria that we consider include (1) strong and resilient underlying business fundamentals, (2) a substantial equity cushion in the form of capital ranking junior in right of payment to our investment and (3) a conclusion that overall “downside” risk is manageable. While the size of this equity cushion will vary over time and across industries, the equity cushion generally sought by GC Advisors today is between 35% and 45% of total portfolio capitalization. We generally focus on the criteria developed by Golub Capital for evaluating prospective portfolio companies, which uses a combination of analyses, including (1) fundamental analysis of a business’s financial statements, health, management, competitive advantages, competitors and markets; (2) analysis of opportunities in a given market based upon fluctuations due to seasonal, financial and economic factors; (3) quantitative analysis of the relative risk-return characteristics of investments and a comparison of yields between asset classes and other indicators; and (4) analysis of proprietary and secondary models. In evaluating a particular company, we put more emphasis on credit considerations (such as (1) loan-to-value ratio (which is the amount of our loan divided by the enterprise value of the company in which we are investing), (2) the ability of the company to maintain a liquidity cushion through economic cycles and in downside scenarios, (3) the ability of the company to service its fixed charge obligations under a variety of scenarios and (4) its anticipated strategic value in a downturn) than on profit potential and loan pricing. Based upon a combination of bottom-up analysis of the individual investment and GC Advisors’ expectations of future market conditions, GC Advisors seeks to assess the relative risk and reward for each investment. GC Advisors seeks to mitigate the risks of a single company or single industry through portfolio diversification. GC Advisors also considers environmental, social and governance (ESG) considerations in the investment decision-making process, in accordance with its ESG policy, including analysis of the likelihood of material ESG-related risk based on the industry and industry subsector of the potential portfolio company, with further diligence and analysis based on this categorization as well as other factors identified during diligence. ESG related risks can include, among others, issues related to environmental impact and climate change, anti-discrimination and anti-harassment, data privacy and security, social and labor conditions and ethics and compliance. Although GC Advisors typically avoids investing in portfolio companies in industries that tend to raise ESG related risks, GC Advisors would not necessarily pass on such investment opportunities solely for ESG reasons. Golub Capital’s due diligence process for middle-market credits will typically entail: • a thorough review of historical and pro forma financial information; • on-site visits; • interviews with management and employees; • a review of loan documents and material contracts; • third-party “quality of earnings” accounting due diligence; • when appropriate, background checks on key managers and research relating to the company’s business, industry, markets, customers, suppliers, products and services and competitors; and • the commission of third-party market studies when appropriate. | ||||||||||||||||||||
Risk Factors [Table Text Block] | Risks Relating to Our Business and Structure We are a new company with a limited operating history. We were formed in September 2021 and did not commence operations until April 2022. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective, that we will not qualify or maintain our qualification to be treated as a RIC and that the value of your investment could decline substantially. We are subject to risks associated with the current interest rate environment. Many of our debt investments will have floating interest rates that reset on a periodic basis, and many of our investments are subject to interest rate floors. As a result, a change in market interest rates could have a material adverse effect on our net investment income. You should be aware that a rise in the general level of interest rates typically will lead to higher interest rates applicable to our debt investments, which could result in an increase of the amount of incentive fees payable to GC Advisors. In addition, a decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our common stock. We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. A number of entities compete with us to make the types of investments that we plan to make, and we believe that recent market trends, including sustained periods of low interest rates, have increased the number of competitors seeking to invest in loans to private, middle-market companies in the United States. We compete with public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors could have access to funding sources that are not available to us. In addition, some of our competitors could have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a business development company or the source of income, asset diversification and distribution requirements we must satisfy to maintain our qualification as a RIC. The competitive pressures we face could have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we can provide no assurance that we will be able to take advantage of attractive investment opportunities that arise from time to time, and we can provide no assurance that we will be able to identify and make investments that are consistent with our investment objective. An excess of the amount of capital in the private debt markets and overall competition for loans could result in short term returns for us that are lower than our long-term targets. In the event these conditions continue for an extended amount of time, they could have a material adverse effect on our business, financial condition and results of operations. Identifying, structuring and consummating investments involves competition among capital providers and market and transaction uncertainty. GC Advisors can provide no assurance that it will be able to identify a sufficient number of suitable investment opportunities or to avoid prepayment of existing investments to satisfy our investment objectives. This could result in GC Advisors calling a smaller portion of capital commitments in the private placement of our common stock or calling capital commitments more slowly than it otherwise would. The loan origination market is very competitive, which can result in loan terms that are more favorable to borrowers, and conversely less favorable to lenders, such as lower interest rates and fees, weaker borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Increased competition could cause us to make more loans that are “cov-lite” in nature and, in a distressed scenario, there can be no assurance that these loans will retain the same value as loans with a full package of covenants. As a result of these conditions, the market for leveraged loans could become less advantageous than expected for us, and this could increase default rates, decrease recovery rates or otherwise harm our returns. The risk of prepayment is also higher in the current competitive environment if borrowers are offered more favorable terms by other lenders. The financial markets have experienced substantial fluctuations in prices and liquidity for leveraged loans. Any further disruption in the credit and other financial markets could have substantial negative effects on general economic conditions, the availability of required capital for companies and the operating performance of such companies. These conditions also could result in increased default rates and credit downgrades, and affect the liquidity and pricing of the investments made by us. Conversely, periods of economic stability and increased competition among capital providers could increase the difficulty of locating investments that are desirable for us. With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors could make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we compete generally on the basis of pricing terms. With respect to all investments, we could lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we could experience decreased net interest income, lower yields and increased risk of credit loss. We will also compete for investment opportunities with accounts managed or sponsored by GC Advisors or its affiliates. Although GC Advisors allocates opportunities in accordance with its allocation policy, allocations to such other accounts will reduce the amount and frequency of opportunities available to us and thus not necessarily be in the best interests of us and our securityholders. Moreover, the performance of investments will not be known at the time of allocation. See “Risks Relating to Our Business and Structure — There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns — and “Item 13. Certain Relationships and Related Transactions, and Director Independence.” Rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans. Interest rate risk refers to the risk of market changes in interest rates. Interest rate changes affect the value of debt. In general, rising interest rates will negatively impact the price of fixed rate debt, and falling interest rates will have a positive effect on price. Adjustable rate debt also reacts to interest rate changes in a similar manner, although generally to a lesser degree. Interest rate sensitivity is generally larger and less predictable in debt with uncertain payment or prepayment schedules. Further, rising interest rates make it more difficult for borrowers to repay debt, which could increase the risk of payment defaults. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows. We are subject to risks associated with the transition away from LIBOR. Following their publication on June 30, 2023, no settings of the London Interbank Offered Rate (“LIBOR”) continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities. In April 2018, the Bank of England began publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated. Further, on March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration) has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S.-dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S.-dollar LIBOR until the end of this period. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex and it could cause a disruption in the credit markets generally and could have adverse impacts on our business financial condition and results of operations, including, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR or which have been transitioned away from LIBOR to a different rate like SOFR and, in any case, could result in a reduction in the value of certain investments held by us. We are dependent upon GC Advisors for our success and upon its access to the investment professionals and partners of Golub Capital and its affiliates. We do not have any internal management capacity or employees. We rely on GC Advisors to manage and conduct our affairs and make all investment decisions. Subject to the oversight of our board of directors, GC Advisors has sole discretion in originating, structuring, negotiating, purchasing, financing and eventually divesting our investments, and our investors will not be able to evaluate for themselves the merits of particular investments prior to us making such investments. We depend on the diligence, skill and network of business contacts of the senior investment professionals of GC Advisors to achieve our investment objective. GC Advisors’ investment committee, which consists of two members of our board of directors and additional employees of Golub Capital LLC, provides oversight over our investment activities. We also cannot assure you that we will replicate the historical results achieved by members of the investment committee, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. We expect that GC Advisors will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of the Investment Advisory Agreement. We can offer no assurance, however, that the senior investment professionals of GC Advisors will continue to provide investment advice to us. If these individuals do not maintain their existing relationships with Golub Capital LLC and its affiliates and do not develop new relationships with other sources of investment opportunities, we can provide no assurance that GC Advisors or its affiliates will be able to identify appropriate replacements or grow our investment portfolio. The loss of any member of GC Advisors’ investment committee or of other senior investment professionals of GC Advisors and its affiliates would limit our ability to achieve our investment objective and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows. The Staffing Agreement provides that Golub Capital LLC makes available to GC Advisors experienced investment professionals and provides access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. We are not a party to the Staffing Agreement and cannot assure you that Golub Capital LLC will fulfill its obligations under the agreement. If Golub Capital LLC fails to perform, we cannot assure you that GC Advisors will enforce the Staffing Agreement, that such agreement will not be terminated by either party or that we will continue to have access to the investment professionals of Golub Capital LLC and its affiliates or their information and deal flow. Our business model depends to a significant extent upon strong referral relationships with sponsors and investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. GC Advisors is highly dependent on relationships with private equity sponsors in connection with the sourcing of investments. If private equity sponsors find new sources of debt capital that are more advantageous to them, or if GC Advisors suffers reputational harm such that it becomes a less attractive source of capital for private equity sponsors, GC Advisors could have difficulty finding and sourcing new middle-market debt investments. Private equity sponsors could experience financial distress, which could be related or unrelated to the portfolio companies to which we have exposure. Once in financial distress, such sponsors likely would be unable to provide the same level of managerial, operating or financial support to such portfolio companies, resulting in an increased risk of default or inability to repay remaining principal at maturity. From time to time, we expect to have direct or indirect exposure to companies controlled by private equity sponsors in which the sponsors have completed one or more dividend recapitalizations, thereby allowing the private equity sponsor to substantially reduce or eliminate its net investment in an underlying portfolio company. These investments generally present different investment characteristics to us than investments where a private equity sponsor retains a significant net contributed capital position in the company. These investments could experience a higher rate of default. Even when a default does not occur, private equity sponsors could be less willing to provide ongoing financial, managerial or operating support to a portfolio company after it has received one or more capital distributions on its investment. We believe that purchase price multiples of companies (as measured by the price paid by a private equity sponsor to purchase a company divided by the company’s trailing twelve-month earnings) to which we have direct or indirect exposure are close to all-time highs. When considering the appropriate amount of financing to provide a prospective borrower, GC Advisors considers the value cushion as measured by the difference between the enterprise value of the company and the total amount of financing. If market purchase price multiples decline or if a portfolio company experiences financial distress, the value cushion supporting our investment could deteriorate and the investment could become impaired, resulting in losses for us. The risk of such losses for us are greater during periods when purchase price multiples are close to all-time highs. We can provide no assurance that we will be able to replicate the historical results achieved by other entities managed or sponsored by members of GC Advisors’ investment committee, or by GC Advisors or its affiliates. Investors are cautioned that past investment performance of similar portfolios and other investment vehicles managed by GC Advisors or its affiliates is not indicative of how we will perform. Our investments could differ from some existing accounts and funds that are or have been sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or affiliates of GC Advisors. Investors in our securities are not acquiring an interest in any accounts that are or have been sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or affiliates of GC Advisors. We often co-invest in portfolio investments with other accounts sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or its affiliates. Such investments are subject to regulatory limitations and approvals by directors who are not “interested persons,” as defined in the 1940 Act. We can offer no assurance, however, that we will obtain such approvals or develop opportunities that comply with such limitations. We also cannot assure you that we will replicate the historical results achieved by us or by members of the investment committee, and we caution you that our investment returns could be substantially lower than the returns achieved in prior periods. Additionally, all or a portion of the prior results were achieved in particular market conditions that might never be repeated. Moreover, current or future market volatility and regulatory uncertainty can have an adverse impact on our future performance. Our financial condition, results of operations and cash flows depend on our ability to manage our business effectively. Our ability to achieve our investment objective depends on our ability to manage our business and to grow. This depends, in turn, on GC Advisors’ ability to identify, invest in and monitor companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis depends upon GC Advisors’ execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. GC Advisors has substantial responsibilities under the Investment Advisory Agreement, as well as responsibilities in connection with the management of other accounts sponsored or managed by GC Advisors, members of GC Advisors’ investment committee or the Administrator. The personnel of the Administrator and its affiliates could be called upon to provide managerial assistance to our portfolio companies. These activities could distract them or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows. There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns. As a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee, there will be times when GC Advisors or such persons have interests that differ from those of our security holders, giving rise to a conflict of interest, many of which are described in the following risk factors. GC Advisors attempts to identify, monitor and mitigate conflicts of interest. Further, GC Advisors has implemented policies and procedures reasonably designed to ensure its clients are treated fairly and equitably over time. GC Advisors believes that these factors, together with Golub Capital’s commitment to put investors first, effectively mitigate the risks associated with such conflicts of interest. However, it can be difficult to ensure that conflicts of interest do not adversely affect us. There are conflicts related to the obligations of GC Advisors’ investment committee, GC Advisors or its affiliates have to other clients and conflicts related to fees and expenses of such other clients. The members of GC Advisors’ investment committee serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of accounts sponsored or managed by GC Advisors or its affiliates. Currently, certain of our directors and officers also serve as directors and officers of GBDC, GBDC 3, GDLC, GBDC 4 and GCRED, each a closed-end, non-diversified management investment company that has also elected to be regulated as a business development company under the 1940 Act. Similarly, GC Advisors and its affiliates manage other clients with similar or competing investment objectives. GC Advisors’ management team will share its time and attention between us and other investment vehicles and accounts. Neither we nor any investor in us unaffiliated with GC Advisors will have any rights in or to independent ventures of GC Advisors or its affiliates or in the income or profits derived therefrom. GC Advisors does not expect to have any dedicated personnel who spend all or substantially all of their time managing our investing activities. In serving in these multiple capacities, GC Advisors and its personnel have obligations to other clients or investors in those entities, the fulfillment of which could conflict with the best interests of us or our stockholders. Economic disruption and uncertainty precipitated by certain events, including for example public health crises such as the COVID-19 pandemic, could require GC Advisors and its affiliates to devote additional time and focus to existing portfolio companies in which other funds and accounts managed by GC Advisors and its affiliates hold investments. The allocation of time and focus by personnel of GC Advisors and its affiliates to existing portfolio company investments held by other funds and accounts could reduce the time that such individuals have to spend on our investing activities. Our investment objective overlaps with the investment objectives of other affiliated accounts. For example, GC Advisors and its affiliates currently manage GBDC, GBDC 3, GDLC, GBDC 4, GCRED and multiple private funds and separate accounts that pursue an investment strategy similar to ours, some of which will seek additional capital from time to time. We compete with these and other accounts sponsored or managed by GC Advisors and its affiliates for capital and investment opportunities. As a result, GC Advisors and its affiliates face conflicts in the allocation of investment opportunities among us and other accounts advised by or affiliated with GC Advisors and, in certain circumstances, in the timing of the sale of an investment. Certain of these accounts provide for higher management or incentive fees, allow GC Advisors to recover greater expense reimbursements or overhead allocations, and/or permit GC Advisors and its affiliates to receive higher origination and other transaction fees, all of which could contribute to this conflict of interest and create an incentive for GC Advisors to favor such other accounts. For example, the 1940 Act restricts GC Advisors from receiving more than a 1% fee in connection with loans that we acquire or originate, a limitation that does not exist for certain other accounts. GC Advisors seeks to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time, and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us. Furthermore, because allocations under GC Advisors’ allocation policy are based on total capital of the relevant investing funds, including us, we expect to receive smaller allocations relative to larger accounts, including accounts that can incur material amounts of leverage, which could have a material adverse effect on our business, financial condition, results of operations and cash flows during such ramp-up period. With respect to the sale of investments, the sale of an investment by one account advised by GC Advisors or its affiliates could potentially adversely affect the market value of the interests in such investment that continue to be held by other accounts, including us. GC Advisors’ investment committee, GC Advisors or its affiliates could, from time to time, possess material non-public information, limiting our investment discretion. Principals of GC Advisors and its affiliates and members of GC Advisors’ investment committee could serve as directors of, or in a similar capacity with, companies in which we invest, the securities of which are purchased or sold on our behalf. In the event that material non-public information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition could have an adverse effect on us. Our management and incentive fee structure creates incentives for GC Advisors that are not fully aligned with the interests of our stockholders and could induce GC Advisors to make certain investments, including speculative investments. In the course of our investing activities, we pay management and incentive fees to GC Advisors. The management fee is based on our average adjusted gross assets and the incentive fee is computed and paid on income and capital gains, both of which would include any short-term borrowings. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one could achieve through direct investments. GC Advisors benefits to the extent we incur any debt or use leverage. A default on any debt or other leverage that we incur would disfavor our securityholders. Additionally, the incentive fee payable by us to GC Advisors could create an incentive for GC Advisors to cause us to realize capital gains or losses that are not in the best interests of us or our stockholders. Under the incentive fee structure, GC Advisors benefits when we recognize capital gains and, because GC Advisors determines when an investment is sold, GC Advisors controls the timing of the recognition of such capital gains. Our board of directors is charged with protecting our stockholders’ interests by monitoring how GC Advisors addresses these and other conflicts of interest associated with its management services and compensation. The part of the management and incentive fees payable to GC Advisors that relates to our net investment income is computed and paid on income that includes interest income that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends, zero coupon securities and other deferred interest instruments. This compensation arrangement creates an incentive for GC Advisors to make investments on our behalf that are riskier or more speculative, including debt financings that provide for deferred interest, rather than current cash payments of interest. Under these investments, we accrue the interest over the life of the investment but do not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our investment fee, however, includes accrued interest. GC Advisors has an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the fees even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because GC Advisors is not obligated to reimburse us for any fees received even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. Our securities could be purchased by GC Advisors or its affiliates. Affiliates of GC Advisors have purchased, and GC Advisors and its affiliates in the future expect to purchase, certain of our securities. The purchase of our securities, including shares of our common stock, by GC Advisors and its affiliates could create certain risks. For example, GC Advisors and its affiliates could have an interest in disposing of our securities at a date that differs from that of our other investors so as to recover their investment in such securities. The valuation process for certain of our portfolio holdings creates a conflict of interest. The majority of our portfolio investments are in the form of securities that are not publicly traded. As a result, our board of directors determines the fair value of these securities in good faith. Valuations of private investments and private companies require judgment, are inherently uncertain, often fluctuate and are frequently based on estimates. It is possible that determinations of fair value will differ materially from the values that would have been used if an active market for these investments existed. If determinations regarding the fair value of investments were materially higher than the values that were ultimately realized upon the sale of such investments, the returns to our investors would be adversely affected. In connection with that determination, investment professionals from GC Advisors will provide our board of directors with portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of GC Advisors’ investment professionals in our valuation process, and the indirect pecuniary interest in GC Advisors by Lawrence E. Golub and David B. Golub, results in a conflict of interest as GC Advisors’ management fee is based, in part, on our average adjusted gross assets and our capital gain and subordinated liquidation incentive fees are based, in part, on unrealized gains and losses. Conflicts related to other arrangements with GC Advisors or its affiliates. We have entered into a license agreement with Golub Capital LLC, under which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.” See “Management Agreements — License Agreement.” In addition, we pay to the Administrator our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, such as rent and our allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. These arrangements create conflicts of interest, including in the allocation of expenses and the enforcement of the respective agreements, that our board of directors must monitor. Our ability to enter into transactions with our affiliates will be restricted, which could limit the scope of investments available to us. We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, five percent or more of our outstanding voting securities is our a | ||||||||||||||||||||
NAV Per Share | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 |
New Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are a new company with a limited operating history. We were formed in September 2021 and did not commence operations until April 2022. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective, that we will not qualify or maintain our qualification to be treated as a RIC and that the value of your investment could decline substantially. | ||||||||||||||||||||
Changes In Interest Rate Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are subject to risks associated with the current interest rate environment. Many of our debt investments will have floating interest rates that reset on a periodic basis, and many of our investments are subject to interest rate floors. As a result, a change in market interest rates could have a material adverse effect on our net investment income. You should be aware that a rise in the general level of interest rates typically will lead to higher interest rates applicable to our debt investments, which could result in an increase of the amount of incentive fees payable to GC Advisors. In addition, a decline in the prices of the debt we own could adversely affect our net asset value. Also, an increase in interest rates available to investors could make an investment in our common stock less attractive if we are not able to increase our distribution rate, which could reduce the value of our common stock. | ||||||||||||||||||||
Competitive Market Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. A number of entities compete with us to make the types of investments that we plan to make, and we believe that recent market trends, including sustained periods of low interest rates, have increased the number of competitors seeking to invest in loans to private, middle-market companies in the United States. We compete with public and private funds, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors could have access to funding sources that are not available to us. In addition, some of our competitors could have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a business development company or the source of income, asset diversification and distribution requirements we must satisfy to maintain our qualification as a RIC. The competitive pressures we face could have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we can provide no assurance that we will be able to take advantage of attractive investment opportunities that arise from time to time, and we can provide no assurance that we will be able to identify and make investments that are consistent with our investment objective. An excess of the amount of capital in the private debt markets and overall competition for loans could result in short term returns for us that are lower than our long-term targets. In the event these conditions continue for an extended amount of time, they could have a material adverse effect on our business, financial condition and results of operations. Identifying, structuring and consummating investments involves competition among capital providers and market and transaction uncertainty. GC Advisors can provide no assurance that it will be able to identify a sufficient number of suitable investment opportunities or to avoid prepayment of existing investments to satisfy our investment objectives. This could result in GC Advisors calling a smaller portion of capital commitments in the private placement of our common stock or calling capital commitments more slowly than it otherwise would. The loan origination market is very competitive, which can result in loan terms that are more favorable to borrowers, and conversely less favorable to lenders, such as lower interest rates and fees, weaker borrower financial and other covenants, borrower rights to cure defaults, and other terms more favorable to borrowers than current or historical norms. Increased competition could cause us to make more loans that are “cov-lite” in nature and, in a distressed scenario, there can be no assurance that these loans will retain the same value as loans with a full package of covenants. As a result of these conditions, the market for leveraged loans could become less advantageous than expected for us, and this could increase default rates, decrease recovery rates or otherwise harm our returns. The risk of prepayment is also higher in the current competitive environment if borrowers are offered more favorable terms by other lenders. The financial markets have experienced substantial fluctuations in prices and liquidity for leveraged loans. Any further disruption in the credit and other financial markets could have substantial negative effects on general economic conditions, the availability of required capital for companies and the operating performance of such companies. These conditions also could result in increased default rates and credit downgrades, and affect the liquidity and pricing of the investments made by us. Conversely, periods of economic stability and increased competition among capital providers could increase the difficulty of locating investments that are desirable for us. With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors could make loans with interest rates that will be lower than the rates we offer. In the secondary market for acquiring existing loans, we compete generally on the basis of pricing terms. With respect to all investments, we could lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we could experience decreased net interest income, lower yields and increased risk of credit loss. We will also compete for investment opportunities with accounts managed or sponsored by GC Advisors or its affiliates. Although GC Advisors allocates opportunities in accordance with its allocation policy, allocations to such other accounts will reduce the amount and frequency of opportunities available to us and thus not necessarily be in the best interests of us and our securityholders. Moreover, the performance of investments will not be known at the time of allocation. See “Risks Relating to Our Business and Structure — There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns — and “Item 13. Certain Relationships and Related Transactions, and Director Independence.” | ||||||||||||||||||||
Rising Interest Rates Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Rising interest rates could affect the value of our investments and make it more difficult for portfolio companies to make periodic payments on their loans. Interest rate risk refers to the risk of market changes in interest rates. Interest rate changes affect the value of debt. In general, rising interest rates will negatively impact the price of fixed rate debt, and falling interest rates will have a positive effect on price. Adjustable rate debt also reacts to interest rate changes in a similar manner, although generally to a lesser degree. Interest rate sensitivity is generally larger and less predictable in debt with uncertain payment or prepayment schedules. Further, rising interest rates make it more difficult for borrowers to repay debt, which could increase the risk of payment defaults. Any failure of one or more portfolio companies to repay or refinance its debt at or prior to maturity or the inability of one or more portfolio companies to make ongoing payments following an increase in contractual interest rates could have a material adverse effect on our business, financial condition, results of operations and cash flows. | ||||||||||||||||||||
Discontinuation Of LIBOR Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are subject to risks associated with the transition away from LIBOR. Following their publication on June 30, 2023, no settings of the London Interbank Offered Rate (“LIBOR”) continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by Treasury securities. In April 2018, the Bank of England began publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated. Further, on March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration) has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S.-dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S.-dollar LIBOR until the end of this period. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex and it could cause a disruption in the credit markets generally and could have adverse impacts on our business financial condition and results of operations, including, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR or which have been transitioned away from LIBOR to a different rate like SOFR and, in any case, could result in a reduction in the value of certain investments held by us. | ||||||||||||||||||||
Dependent Upon Advisors Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are dependent upon GC Advisors for our success and upon its access to the investment professionals and partners of Golub Capital and its affiliates. We do not have any internal management capacity or employees. We rely on GC Advisors to manage and conduct our affairs and make all investment decisions. Subject to the oversight of our board of directors, GC Advisors has sole discretion in originating, structuring, negotiating, purchasing, financing and eventually divesting our investments, and our investors will not be able to evaluate for themselves the merits of particular investments prior to us making such investments. We depend on the diligence, skill and network of business contacts of the senior investment professionals of GC Advisors to achieve our investment objective. GC Advisors’ investment committee, which consists of two members of our board of directors and additional employees of Golub Capital LLC, provides oversight over our investment activities. We also cannot assure you that we will replicate the historical results achieved by members of the investment committee, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. We expect that GC Advisors will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of the Investment Advisory Agreement. We can offer no assurance, however, that the senior investment professionals of GC Advisors will continue to provide investment advice to us. If these individuals do not maintain their existing relationships with Golub Capital LLC and its affiliates and do not develop new relationships with other sources of investment opportunities, we can provide no assurance that GC Advisors or its affiliates will be able to identify appropriate replacements or grow our investment portfolio. The loss of any member of GC Advisors’ investment committee or of other senior investment professionals of GC Advisors and its affiliates would limit our ability to achieve our investment objective and operate as we anticipate. This could have a material adverse effect on our financial condition, results of operations and cash flows. The Staffing Agreement provides that Golub Capital LLC makes available to GC Advisors experienced investment professionals and provides access to the senior investment personnel of Golub Capital LLC for purposes of evaluating, negotiating, structuring, closing and monitoring our investments. We are not a party to the Staffing Agreement and cannot assure you that Golub Capital LLC will fulfill its obligations under the agreement. If Golub Capital LLC fails to perform, we cannot assure you that GC Advisors will enforce the Staffing Agreement, that such agreement will not be terminated by either party or that we will continue to have access to the investment professionals of Golub Capital LLC and its affiliates or their information and deal flow. | ||||||||||||||||||||
Dependent On Advisors To Maintain Or Develop Strong Referral Relationship Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our business model depends to a significant extent upon strong referral relationships with sponsors and investing in companies backed by private equity sponsors. Any inability of GC Advisors to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. GC Advisors is highly dependent on relationships with private equity sponsors in connection with the sourcing of investments. If private equity sponsors find new sources of debt capital that are more advantageous to them, or if GC Advisors suffers reputational harm such that it becomes a less attractive source of capital for private equity sponsors, GC Advisors could have difficulty finding and sourcing new middle-market debt investments. Private equity sponsors could experience financial distress, which could be related or unrelated to the portfolio companies to which we have exposure. Once in financial distress, such sponsors likely would be unable to provide the same level of managerial, operating or financial support to such portfolio companies, resulting in an increased risk of default or inability to repay remaining principal at maturity. From time to time, we expect to have direct or indirect exposure to companies controlled by private equity sponsors in which the sponsors have completed one or more dividend recapitalizations, thereby allowing the private equity sponsor to substantially reduce or eliminate its net investment in an underlying portfolio company. These investments generally present different investment characteristics to us than investments where a private equity sponsor retains a significant net contributed capital position in the company. These investments could experience a higher rate of default. Even when a default does not occur, private equity sponsors could be less willing to provide ongoing financial, managerial or operating support to a portfolio company after it has received one or more capital distributions on its investment. We believe that purchase price multiples of companies (as measured by the price paid by a private equity sponsor to purchase a company divided by the company’s trailing twelve-month earnings) to which we have direct or indirect exposure are close to all-time highs. When considering the appropriate amount of financing to provide a prospective borrower, GC Advisors considers the value cushion as measured by the difference between the enterprise value of the company and the total amount of financing. If market purchase price multiples decline or if a portfolio company experiences financial distress, the value cushion supporting our investment could deteriorate and the investment could become impaired, resulting in losses for us. The risk of such losses for us are greater during periods when purchase price multiples are close to all-time highs. | ||||||||||||||||||||
No Assurance Over Replicate Historical Results Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We can provide no assurance that we will be able to replicate the historical results achieved by other entities managed or sponsored by members of GC Advisors’ investment committee, or by GC Advisors or its affiliates. Investors are cautioned that past investment performance of similar portfolios and other investment vehicles managed by GC Advisors or its affiliates is not indicative of how we will perform. Our investments could differ from some existing accounts and funds that are or have been sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or affiliates of GC Advisors. Investors in our securities are not acquiring an interest in any accounts that are or have been sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or affiliates of GC Advisors. We often co-invest in portfolio investments with other accounts sponsored or managed by members of GC Advisors’ investment committee, GC Advisors or its affiliates. Such investments are subject to regulatory limitations and approvals by directors who are not “interested persons,” as defined in the 1940 Act. We can offer no assurance, however, that we will obtain such approvals or develop opportunities that comply with such limitations. We also cannot assure you that we will replicate the historical results achieved by us or by members of the investment committee, and we caution you that our investment returns could be substantially lower than the returns achieved in prior periods. Additionally, all or a portion of the prior results were achieved in particular market conditions that might never be repeated. Moreover, current or future market volatility and regulatory uncertainty can have an adverse impact on our future performance. | ||||||||||||||||||||
Ability To Manage Business And To Grow Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our financial condition, results of operations and cash flows depend on our ability to manage our business effectively. Our ability to achieve our investment objective depends on our ability to manage our business and to grow. This depends, in turn, on GC Advisors’ ability to identify, invest in and monitor companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis depends upon GC Advisors’ execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. GC Advisors has substantial responsibilities under the Investment Advisory Agreement, as well as responsibilities in connection with the management of other accounts sponsored or managed by GC Advisors, members of GC Advisors’ investment committee or the Administrator. The personnel of the Administrator and its affiliates could be called upon to provide managerial assistance to our portfolio companies. These activities could distract them or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows. | ||||||||||||||||||||
Conflict Of Interest With Advisor Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | There are significant potential conflicts of interest as a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee that could affect our investment returns. As a result of our arrangements with GC Advisors and its affiliates and GC Advisors’ investment committee, there will be times when GC Advisors or such persons have interests that differ from those of our security holders, giving rise to a conflict of interest, many of which are described in the following risk factors. GC Advisors attempts to identify, monitor and mitigate conflicts of interest. Further, GC Advisors has implemented policies and procedures reasonably designed to ensure its clients are treated fairly and equitably over time. GC Advisors believes that these factors, together with Golub Capital’s commitment to put investors first, effectively mitigate the risks associated with such conflicts of interest. However, it can be difficult to ensure that conflicts of interest do not adversely affect us. | ||||||||||||||||||||
Obligation Of Advisors And Conflict Related To Fees And Expense Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | There are conflicts related to the obligations of GC Advisors’ investment committee, GC Advisors or its affiliates have to other clients and conflicts related to fees and expenses of such other clients. The members of GC Advisors’ investment committee serve as officers, directors or principals of entities that operate in the same or a related line of business as we do or of accounts sponsored or managed by GC Advisors or its affiliates. Currently, certain of our directors and officers also serve as directors and officers of GBDC, GBDC 3, GDLC, GBDC 4 and GCRED, each a closed-end, non-diversified management investment company that has also elected to be regulated as a business development company under the 1940 Act. Similarly, GC Advisors and its affiliates manage other clients with similar or competing investment objectives. GC Advisors’ management team will share its time and attention between us and other investment vehicles and accounts. Neither we nor any investor in us unaffiliated with GC Advisors will have any rights in or to independent ventures of GC Advisors or its affiliates or in the income or profits derived therefrom. GC Advisors does not expect to have any dedicated personnel who spend all or substantially all of their time managing our investing activities. In serving in these multiple capacities, GC Advisors and its personnel have obligations to other clients or investors in those entities, the fulfillment of which could conflict with the best interests of us or our stockholders. Economic disruption and uncertainty precipitated by certain events, including for example public health crises such as the COVID-19 pandemic, could require GC Advisors and its affiliates to devote additional time and focus to existing portfolio companies in which other funds and accounts managed by GC Advisors and its affiliates hold investments. The allocation of time and focus by personnel of GC Advisors and its affiliates to existing portfolio company investments held by other funds and accounts could reduce the time that such individuals have to spend on our investing activities. Our investment objective overlaps with the investment objectives of other affiliated accounts. For example, GC Advisors and its affiliates currently manage GBDC, GBDC 3, GDLC, GBDC 4, GCRED and multiple private funds and separate accounts that pursue an investment strategy similar to ours, some of which will seek additional capital from time to time. We compete with these and other accounts sponsored or managed by GC Advisors and its affiliates for capital and investment opportunities. As a result, GC Advisors and its affiliates face conflicts in the allocation of investment opportunities among us and other accounts advised by or affiliated with GC Advisors and, in certain circumstances, in the timing of the sale of an investment. Certain of these accounts provide for higher management or incentive fees, allow GC Advisors to recover greater expense reimbursements or overhead allocations, and/or permit GC Advisors and its affiliates to receive higher origination and other transaction fees, all of which could contribute to this conflict of interest and create an incentive for GC Advisors to favor such other accounts. For example, the 1940 Act restricts GC Advisors from receiving more than a 1% fee in connection with loans that we acquire or originate, a limitation that does not exist for certain other accounts. GC Advisors seeks to allocate investment opportunities among eligible accounts in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time, and there can be no assurance that we will be able to participate in all investment opportunities that are suitable to us. Furthermore, because allocations under GC Advisors’ allocation policy are based on total capital of the relevant investing funds, including us, we expect to receive smaller allocations relative to larger accounts, including accounts that can incur material amounts of leverage, which could have a material adverse effect on our business, financial condition, results of operations and cash flows during such ramp-up period. With respect to the sale of investments, the sale of an investment by one account advised by GC Advisors or its affiliates could potentially adversely affect the market value of the interests in such investment that continue to be held by other accounts, including us. | ||||||||||||||||||||
Investment Discretion Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | GC Advisors’ investment committee, GC Advisors or its affiliates could, from time to time, possess material non-public information, limiting our investment discretion. | ||||||||||||||||||||
Management And Incentive Fees For Advisors Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our management and incentive fee structure creates incentives for GC Advisors that are not fully aligned with the interests of our stockholders and could induce GC Advisors to make certain investments, including speculative investments. In the course of our investing activities, we pay management and incentive fees to GC Advisors. The management fee is based on our average adjusted gross assets and the incentive fee is computed and paid on income and capital gains, both of which would include any short-term borrowings. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one could achieve through direct investments. GC Advisors benefits to the extent we incur any debt or use leverage. A default on any debt or other leverage that we incur would disfavor our securityholders. Additionally, the incentive fee payable by us to GC Advisors could create an incentive for GC Advisors to cause us to realize capital gains or losses that are not in the best interests of us or our stockholders. Under the incentive fee structure, GC Advisors benefits when we recognize capital gains and, because GC Advisors determines when an investment is sold, GC Advisors controls the timing of the recognition of such capital gains. Our board of directors is charged with protecting our stockholders’ interests by monitoring how GC Advisors addresses these and other conflicts of interest associated with its management services and compensation. The part of the management and incentive fees payable to GC Advisors that relates to our net investment income is computed and paid on income that includes interest income that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends, zero coupon securities and other deferred interest instruments. This compensation arrangement creates an incentive for GC Advisors to make investments on our behalf that are riskier or more speculative, including debt financings that provide for deferred interest, rather than current cash payments of interest. Under these investments, we accrue the interest over the life of the investment but do not receive the cash income from the investment until the end of the term. Our net investment income used to calculate the income portion of our investment fee, however, includes accrued interest. GC Advisors has an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the fees even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because GC Advisors is not obligated to reimburse us for any fees received even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. | ||||||||||||||||||||
Securities Purchased By Advisor Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our securities could be purchased by GC Advisors or its affiliates. Affiliates of GC Advisors have purchased, and GC Advisors and its affiliates in the future expect to purchase, certain of our securities. The purchase of our securities, including shares of our common stock, by GC Advisors and its affiliates could create certain risks. For example, GC Advisors and its affiliates could have an interest in disposing of our securities at a date that differs from that of our other investors so as to recover their investment in such securities. | ||||||||||||||||||||
Conflict Of Interest On Valuation Process Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The valuation process for certain of our portfolio holdings creates a conflict of interest. The majority of our portfolio investments are in the form of securities that are not publicly traded. As a result, our board of directors determines the fair value of these securities in good faith. Valuations of private investments and private companies require judgment, are inherently uncertain, often fluctuate and are frequently based on estimates. It is possible that determinations of fair value will differ materially from the values that would have been used if an active market for these investments existed. If determinations regarding the fair value of investments were materially higher than the values that were ultimately realized upon the sale of such investments, the returns to our investors would be adversely affected. In connection with that determination, investment professionals from GC Advisors will provide our board of directors with portfolio company valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. The participation of GC Advisors’ investment professionals in our valuation process, and the indirect pecuniary interest in GC Advisors by Lawrence E. Golub and David B. Golub, results in a conflict of interest as GC Advisors’ management fee is based, in part, on our average adjusted gross assets and our capital gain and subordinated liquidation incentive fees are based, in part, on unrealized gains and losses. | ||||||||||||||||||||
Conflict Related To Other Arrangement With Advisors Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Conflicts related to other arrangements with GC Advisors or its affiliates. We have entered into a license agreement with Golub Capital LLC, under which Golub Capital LLC has granted us a non-exclusive, royalty-free license to use the name “Golub Capital.” See “Management Agreements — License Agreement.” In addition, we pay to the Administrator our allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, such as rent and our allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. These arrangements create conflicts of interest, including in the allocation of expenses and the enforcement of the respective agreements, that our board of directors must monitor. | ||||||||||||||||||||
Scope Of Investment Availability Limitation Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our ability to enter into transactions with our affiliates will be restricted, which could limit the scope of investments available to us. We are prohibited under the 1940 Act from participating in certain transactions with our affiliates without the prior approval of our independent directors and, in some cases, the SEC. Any person that owns, directly or indirectly, five percent or more of our outstanding voting securities is our affiliate for purposes of the 1940 Act, and we are generally prohibited from buying or selling any security from or to such affiliate, absent the prior approval of our independent directors. GC Advisors and its affiliates are considered our affiliates for such purposes. The 1940 Act also prohibits certain “joint” transactions with certain of our affiliates, which could include investments in the same portfolio company, without prior approval of our independent directors and, in some cases, the SEC. We are prohibited from buying or selling any security from or to, among others, any person who owns more than 25% of our voting securities or certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. We can, however, invest alongside GC Advisors’ and its affiliates’ other clients in certain circumstances where doing so is consistent with applicable law, SEC staff, or Staff, interpretations, and any co-investment exemptive relief order from the SEC. For example, we can invest alongside such accounts consistent with guidance promulgated by the Staff permitting us and such other accounts to purchase interests in a single class of privately placed securities so long as certain conditions are met, including that GC Advisors, acting on our behalf and on behalf of its other clients, negotiates no term other than price. We can also invest alongside GC Advisors’ other clients as otherwise permissible under regulatory guidance, applicable regulations and GC Advisors’ allocation policy. Under this allocation policy, GC Advisors will determine the amount of any proposed investment to be made by us and similar eligible accounts. We expect that these determinations will be made similarly for other accounts sponsored or managed by GC Advisors and its affiliates. Because allocations under GC Advisors’ allocation policy are based on total capital of the relevant investing funds, including us, we expect to receive smaller allocations relative to larger accounts. If sufficient securities or loan amounts are available to satisfy our and each such account’s proposed investment, the opportunity will be allocated in accordance with GC Advisors’ pre-transaction determination. Where there is an insufficient amount of an investment opportunity to fully satisfy us and other accounts sponsored or managed by GC Advisors or its affiliates, the allocation policy further provides that allocations among us and other accounts will generally be made pro rata based on the relative capital available for investment of each of us and such other eligible accounts, subject to minimum and maximum investment size limits. In situations in which co-investment with other entities sponsored or managed by GC Advisors or its affiliates is not permitted or appropriate, GC Advisors will need to decide whether we or such other entity or entities will proceed with the investment. GC Advisors will make these determinations based on its policies and procedures, which generally require that such opportunities be offered to eligible accounts on a basis that will be fair and equitable over time, including, for example, through random or rotational methods. However, we can offer no assurance that investment opportunities will be allocated to us fairly or equitably in the short-term or over time. On occasion, an investment opportunity will be too large to satisfy our desired position size and that of other investment funds and accounts managed by GC Advisors and its affiliates. GC Advisors can provide no assurance that it will be able to identify counterparties to participate in such investment opportunities, and could be required to decline to make investments where it does not believe that it can successfully sell some of the investment opportunity to another market participant. In situations in which co-investment with other accounts sponsored or managed by GC Advisors or its affiliates is not permitted or appropriate, such as when, in the absence of the exemptive relief described below, we and such other accounts cannot make investments in the same issuer or where the different investments could be expected to result in a conflict between our interest and those of other accounts, GC Advisors needs to decide whether we or such other accounts will proceed with such investments. GC Advisors makes these determinations based on its policies and procedures, which generally require that such investment opportunities be offered to eligible accounts on a basis that is fair and equitable over time, including, for example, through random or rotational methods. Moreover, we generally will be unable to invest in an issuer in which an account sponsored or managed by GC Advisors or its affiliates has previously invested. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. These restrictions limit the scope of investment opportunities that would otherwise be available to us. We, GC Advisors and certain other funds and accounts sponsored or managed by GC Advisors and its affiliates, have received exemptive relief from the SEC to permit greater flexibility to negotiate the terms of co-investments if our board of directors determines that it would be advantageous for us to co-invest with other accounts sponsored or managed by GC Advisors or its affiliates in a manner consistent with our investment objectives, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Under the terms of this exemptive relief, a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors is required to make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the proposed transaction are reasonable and fair to us and our stockholders and do not involve overreaching of us or our stockholders on the part of any person concerned and (2) the transaction is consistent with the interests of our stockholders and is consistent with our investment strategies and policies. We believe that co-investment by us and accounts sponsored or managed by GC Advisors and its affiliates will afford us additional investment opportunities and the ability to achieve greater diversification. There could be many follow-on opportunities available to other entities advised by GC Advisors and its affiliates that are unavailable to us due to the limitations of the exemptive relief granted to GC Advisors and its affiliates. Although the terms of the exemptive relief require that GC Advisors will be given the opportunity to cause us to participate in certain transactions originated by affiliates of GC Advisors, GC Advisors could determine that we not participate in those transactions and for certain other transactions (as set forth in certain criteria approved by our board of directors) GC Advisors may not have the opportunity to cause us to participate. In addition, even if we and any such other entities sponsored or managed by GC Advisors or its affiliates invest in the same securities or loans, conflicts of interest could still arise. For example, it is possible that, as a result of legal, tax, regulatory, accounting, political or other considerations, the terms of such investment (and divestment thereof) (including with respect to price and timing) for us and such other entities advised by GC Advisors and its affiliates could differ. Additionally, we and such other entities advised by GC Advisors and its affiliates will generally have different investment periods and/or investment objectives (including return profiles) and, as a result, have conflicting goals with respect to the price and timing of disposition opportunities. As such, to the extent permissible under applicable law and any applicable order issued by the SEC, we and such other entities could dispose of co-investments at different times and on different terms. | ||||||||||||||||||||
Conflict Of Interest Between Advisors' Obligation Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We have entered into the Adviser Revolver resulting in a conflict of interest between GC Advisors’ obligation to act in its own best interest and in our best interest. We have entered into an unsecured revolving loan agreement with GC Advisors, or the Adviser Revolver, in order to borrow funds on a short-term basis to fulfill working capital needs. We would generally intend to repay borrowings under such facility within 30-45 days from which they are drawn and will repay all of our borrowings within 180 days after incurrence. In such arrangements, GC Advisors has a conflict of interest between its obligation to act in our best interest and its own best interest. Any such loans or advances made to us under the Adviser Revolver will be consistent with applicable law, GC Advisors’ fiduciary obligations to act in our best interests, our investment objectives, and the asset coverage ratio requirements under the 1940 Act. The terms associated with any such loans from GC Advisors or its affiliates, including the interest charged, shall, in the aggregate, be no more favorable to GC Advisors or its affiliates than could be obtained in an arm’s length transaction but will not necessarily be on the same terms or at the same interest rate charged by GC Advisors to other funds that it manages. Neither GC Advisors nor any of its affiliates is obligated to extend any such loans to us and such loans will not necessarily be made available to us in the same amounts or on the same economic terms as are made available to other funds advised by GC Advisors or its affiliates, or at all. In the event that we are required to find third-party financing in place of or in addition to loans from GC Advisors and its affiliates, such third-party financing could be at less favorable economic terms than the loans from GC Advisors and its affiliates, which could reduce our returns. | ||||||||||||||||||||
Potential For Advisors And Its Affiliates To Received Economic Benefit Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | GC Advisors could make certain investment decisions for the purpose of receiving transaction fees. | ||||||||||||||||||||
Reductions, Waivers Or Absorptions Of Fees And Cost Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Reductions, waivers or absorptions of fees and costs can temporarily result in higher returns to investors than they would otherwise receive if full fees and costs were charged. GC Advisors and its affiliates are permitted to reduce, waive or absorb some of the fees or costs otherwise due by us. For example, GC Advisors has agreed to irrevocably waive 100%, 66.7%, and 33.3% of the Base Management Fee for its first, second, and third year of operations following the Initial Closing Date, respectively. While this activity can be seen as friendly to investors, reductions, waivers and absorptions of fees and costs result in higher returns to investors than such investors would receive if full fees and costs were charged. Such fee waivers also create a conflict of interest as GC Advisors has an incentive to delay calling capital commitments to later periods in which such waivers are no longer in effect. There is no guarantee that any reductions, waivers or absorptions will occur in the future, and any reductions, waivers and absorptions are entirely at the discretion of GC Advisors or the Administrator, as applicable. | ||||||||||||||||||||
Seeking The Most Advantageous Terms For An Investment Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | GC Advisors could prioritize its relationship with a borrower or private equity sponsor instead of seeking the most advantageous terms for our investments. GC Advisors will not make any investment on behalf of us that it does not believe to be in our best interest. However, conflicts can arise in any particular transaction between obtaining the most advantageous terms for an investment, which benefits us and other clients of GC Advisors participating in that investment, and maintaining GC Advisors’ relationship with a borrower or private equity sponsor, which likely serves the long-term best interests of GC Advisors’ clients overall, including us. For example, affiliates of GC Advisors hold relatively small, minority investments in unaffiliated private equity funds, which arguably creates an incentive for GC Advisors to cause us to invest in portfolio companies owned by such private equity funds and to treat such portfolio companies more favorably in a workout situation. As another example of the conflicts that could arise, GC Advisors is permitted to reduce or waive transaction or prepayment fees, offer loan terms that are more favorable to the borrower (and conversely, less favorable to us), accept a below target position size, agree to amend certain terms or waive existing terms or defaults or make other similar concessions to maintain or improve a relationship with a private equity sponsor or borrower, which GC Advisors believes will increase the likelihood of repeat business that will benefit us and GC Advisors’ other clients. | ||||||||||||||||||||
Business Lines Conflict Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | GC Advisors operates in multiple business lines and could pursue additional business lines, which could create a conflict of interest in the allocation of its time and focus. While Golub Capital maintains two major business lines, it has explored and will continue to explore opportunities outside these business lines. Such activity could adversely affect us. These risks include reputational damage, loss of management attention and time due to multiple constraints, regulatory sanctions, adverse impact to business relationships, increased competition of capital allocations, and expansion of potential risks to GC Advisors’ business as a whole outside those previously disclosed. New business lines could also exacerbate existing conflicts of interest and raise new conflicts. Investors should be aware that other lines of business at Golub Capital could indirectly affect their investment in us, even if we are not directly exposed to those lines of business. While GC Advisors and its affiliates keep each investment client as a legally distinct entity or account, there are risks that a separate business line suffering a material adverse condition could affect other business lines to which we have direct exposure, and consequently, our performance. These risks could materially affect GC Advisors’ business as a whole, and include loss of reputation, loss of management time and focus, regulatory sanctions, and adverse impact to business relationships. | ||||||||||||||||||||
Strategic Transactions Conflict Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Golub Capital could pursue strategic transactions, which could create a conflict of interest in the allocation of GC Advisors’ time and focus. Golub Capital could engage in any number of strategic transactions, including acquisitions, divestitures, joint ventures, new business formations, restructurings, launches of new investment fund strategies and structures or even a fund that pursues a strategy that is different than what Golub Capital has historically focused on, such as a private equity fund of funds. Additionally, Golub Capital could sell stakes in itself or in its affiliates or acquire stakes in other asset managers, service providers or investment vehicles, including to or from investors in GDLCU. In August 2018, Golub Capital sold a passive, non-voting minority stake in its management companies and could engage in strategic transactions in the future. Strategic transactions are subject to many risks, such as the risk that the transaction might not be successful in meeting its strategic goals, or the risk that the transaction might divert the attention of GC Advisors from our core investment activities, or the risk that the management team will not be successful in developing and operating the underlying business involved in the strategic transaction. | ||||||||||||||||||||
Litigation Or Regulatory Investigations Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We and GC Advisors could be the target of litigation or regulatory investigations. We as well as GC Advisors and its affiliates participate in a highly regulated industry and are each subject to regulatory examinations in the ordinary course of business. There can be no assurance that we and GC Advisors and/or any of its affiliates will avoid regulatory investigation and possible enforcement actions stemming therefrom. GC Advisors is a registered investment adviser and, as such, is subject to the provisions of the Investment Advisers Act. We and GC Advisors are each, from time to time, subject to formal and informal examinations, investigations, inquiries, audits and reviews from numerous regulatory authorities both in response to issues and questions raised in such examinations or investigations and in connection with the changing priorities of the applicable regulatory authorities across the market in general. There is also a material risk that applicable governmental authorities and regulators in the United States and other jurisdictions will continue to adopt new laws or regulations (such as tax, privacy and anti-money laundering laws or regulations), or change existing laws or regulations, or enhance the interpretation or enforcement of existing laws and regulations, in each case in a manner that is burdensome for GC Advisors and for us. Any such events or changes could occur during the term of GDLCU and could adversely affect us or GC Advisors and GC Advisors’ ability to operate and/or pursue its management strategies on behalf of us. Further, any such events or changes could adversely affect obligors’ ability to make payments on loans to which we are directly or indirectly exposed or otherwise adversely affect the value of such investments. Such risks are often difficult or impossible to predict, avoid or mitigate in advance. As a result, there can be no assurance that any of the foregoing will not have an adverse impact on the business of GC Advisors and/or any of its affiliates or our performance. From time to time, GC Advisors and its affiliates could take certain actions that they determine are necessary, appropriate or in the best interests of us and our stockholders, taken as a whole, to mitigate the application or impact of certain laws or regulations. GC Advisors, its affiliates and/or any of their respective principals and employees could also be named as defendants in, or otherwise become involved in, litigation. Litigation and regulatory actions can be time-consuming and expensive and can lead to unexpected losses, which expenses and losses are often subject to indemnification by us. Legal proceedings could continue without resolution for long periods of time and their outcomes, which could materially and adversely affect the value of us or the ability of GC Advisors to manage us, are often impossible to anticipate. GC Advisors would likely be required to expend significant resources responding to any litigation or regulatory action related to it, and these actions could be a distraction to the activities of GC Advisors. Our investment activities are subject to the normal risks of becoming involved in litigation by third parties. This risk would be somewhat greater if we were to exercise control or significant influence over a portfolio company’s direction. The expense of defending against claims by third parties and paying any amounts pursuant to settlements or judgments would, absent willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved by GC Advisors, the Administrator, or any of our officers, be borne by us and would reduce our net assets. GC Advisors and others are indemnified by us in connection with such litigation, subject to certain conditions. | ||||||||||||||||||||
Qualify As A RIC Conflict Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We will be subject to corporate-level income tax if we are unable to qualify as a RIC. In order to qualify as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we distribute to our stockholders dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of our investment company taxable income, which is generally our net ordinary income plus the excess of our net short-term capital gains in excess of our net long-term capital losses, determined without regard to any deduction for dividends paid, to our stockholders each taxable year. We are subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we could fail to qualify as a RIC and, thus, could be subject to corporate-level income tax irrespective of the level of distributions paid to our stockholders. To qualify as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet these requirements could result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. Because most of our investments are in private or thinly traded public companies, any such dispositions could be made at disadvantageous prices and could result in substantial losses. If we fail to qualify as a RIC for any reason and become subject to corporate-level income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to stockholders and the amount of our distributions and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our securityholders. See “Business —Taxation as a RIC.” | ||||||||||||||||||||
Additional Capital Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could need to raise additional capital to grow because we must distribute most of our income. We can offer no assurance that we would be successful in meeting our target for capital commitments from investors in the private placement of our common stock or that we could raise a sufficient amount of capital to permit us to effectively implement our investment strategy and objectives. As a result, we could need additional capital to fund new investments and grow our portfolio of investments. A reduction in the availability of new capital could limit our ability to grow. In addition, in order to qualify as a RIC, we are required to distribute each taxable year an amount generally at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, or investment company taxable income, determined without regard to any deduction for dividends paid as dividends for U.S. federal income tax purposes, to our stockholders. As a result, these earnings are not available to fund new investments. An inability to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which could have an adverse effect on the value of our securities. Furthermore, to the extent we are not able to raise capital and because we will not use leverage except for borrowings on a short-term basis, we could receive smaller allocations, if any, on new investment opportunities under GC Advisors’ allocation policy. | ||||||||||||||||||||
Difficulty Paying Required Distributions Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income. For U.S. federal income tax purposes, we include in income certain amounts that we have not yet received in cash, such as the accretion of original issue discount. This could arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such original issue discount, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contractual PIK arrangements, is included in income before we receive any corresponding cash payments. We also could be required to include in income certain other amounts that we do not receive in cash. That part of the incentive fee payable by us that relates to our net investment income is computed and paid on income that includes interest that has been accrued but not yet received in cash, such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities. It is possible that accrued interest or other income previously used in the calculation of the incentive fee will become uncollectible, and GC Advisors has no obligation to refund any fees it received in respect of such accrued income. Since in certain cases we could recognize income before or without receiving cash representing such income, we could have difficulty meeting the requirement to distribute dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid, to our stockholders in order to maintain our qualification as a RIC. In such a case, we could have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we could fail to qualify as a RIC and thus be subject to corporate-level income tax. See “Business — Taxation as a RIC.” | ||||||||||||||||||||
Publicly Offered Regulated Investment Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | If we are not treated as a “publicly offered regulated investment company,” as defined in the Code, U.S. stockholders that are individuals, trusts or estates could be subject to tax as though they received a distribution of some of our expenses. | ||||||||||||||||||||
Investment Period Extension Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our investment period, or the Investment Period, could be extended. The Investment Period and, consequently, the term could be extended, thereby allowing us to make additional commitments for a longer duration. If an extension is approved, Investors will be required to fund drawdown purchases for a period beyond the original six-year term. In addition, an extension of the Investment Period will delay the commencement of the wind down period, an Accelerated Liquidity Event, if any, and our ultimate liquidation. | ||||||||||||||||||||
Adverse Tax Consequences Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our stockholders could receive shares of our common stock as dividends, which could result in adverse tax consequences to them. Although we currently do not intend to do so, we are permitted to declare a large portion of a dividend in shares of common stock at the election of each stockholder. Revenue Procedures issued by the IRS allow a publicly offered regulated investment company (as defined above) to distribute its own stock as a dividend for the purpose of fulfilling its distribution requirements, if certain conditions are satisfied. Among other things, the aggregate amount of cash available to be distributed to all stockholders is required to be at least 20% of the aggregate declared distribution for distributions declared on or after January 1, 2023. The Internal Revenue Service has also issued private letter rulings on cash/stock dividends paid by regulated investment companies and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Stockholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in stock) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our current and accumulated earnings and profits for federal income tax purposes. As a result, stockholders could be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear to what extent we will be able to pay taxable dividends in cash and common stock (whether pursuant to IRS Revenue Procedures, a private letter ruling or otherwise). | ||||||||||||||||||||
Tax Treatment Of A Non-U.S. Stockholder's Jurisdiction Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The tax treatment of a non-U.S. stockholder in its jurisdiction of tax residence will depend entirely on the laws of such jurisdiction and could vary considerably from jurisdiction to jurisdiction . Depending on (1) the laws of such non-U.S. stockholder’s jurisdiction of tax residence, (2) how we are treated in such jurisdiction, and (3) our activities, an investment in us could result in such non-U.S. stockholder recognizing adverse tax consequences in its jurisdiction of tax residence, including with respect to any generally required or additional tax filings and/or additional disclosure required in such filings in relation to the treatment for tax purposes in the relevant jurisdiction of an interest in us and/or of distributions from us and any uncertainties arising in that respect (GDLCU not being established under the laws of the relevant jurisdiction), the possibility of taxable income significantly in excess of cash distributed to a non-U.S. stockholder, and possibly in excess of our actual economic income, the possibilities of losing deductions or the ability to utilize tax basis and of sums invested being returned in the form of taxable income or gains, and the possibility of being subject to tax at unfavorable tax rates. A non-U.S. stockholder could also be subject to restrictions on the use of its share of our deductions and losses in its jurisdiction of tax residence. Each stockholder is urged to consult its own tax advisers with respect to the tax and tax filing consequences, if any, in its jurisdiction of tax residence of an investment in us, as well as any other jurisdiction in which such prospective investor is subject to taxation. | ||||||||||||||||||||
Raising Additional Capital Exposure Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Regulations governing our operation as a business development company affect our ability to, and the way in which we, raise additional capital. As a business development company, the necessity of raising additional capital exposes us to risks. We are not generally able to issue and sell our common stock at a price below net asset value per share. We could, however, sell our common stock, or warrants, options or rights to acquire our common stock, at a price below the then-current net asset value per share of our common stock if our board of directors determines that such sale is in the best interests of us and our stockholders, and, in certain cases, if our stockholders approve such sale. In any such case, the price at which our securities are to be issued and sold cannot be less than a price that, in the determination of our board of directors, closely approximates the market value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our stockholders at that time would decrease, and holders of our common stock could experience dilution. | ||||||||||||||||||||
Investors Failure To Fund Capital Commitments Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We have the right to call an investor’s entire capital commitment, but expect to call only a limited amount of capital commitments for each drawdown purchase and there is no assurance we will call an investor’s entire capital commitment during our Investment Period. The timing of drawdown purchases is difficult to predict, requiring each investor to maintain sufficient liquidity until its capital commitments to purchase shares of common stock are fully funded. In addition, there is no assurance that all investors will satisfy their respective capital commitments to purchase shares of common stock. To the extent that one or more investors does not satisfy its or their capital commitments when due or at all, there could be a material adverse effect on our business, financial condition and results of operations, including an inability to fund our investment obligations, make appropriate distributions to our stockholders or to continue to satisfy applicable regulatory requirements under the 1940 Act. If an investor fails to satisfy any part of its capital commitment when due, other stockholders who have outstanding capital commitments could be required to fund such capital commitment sooner than they otherwise would have absent such default. We cannot assure you that we will recover the full amount of the capital commitment of any defaulting investor. Given the current economic and competitive environments, GC Advisors believes that it will be advantageous to have significant unfunded capital commitments available to be called so that we are well positioned to capitalize on opportunities if and when they arise in an evolving market. As such, Golub Capital expects to raise additional investment funds with the same or similar strategies as us and to call capital from such additional investment funds, in each case, at any time, including prior to all capital commitments being fully called. Additionally, GC Advisors and its affiliates currently manage other investment funds for which capital commitments have not been fully called. There is no guarantee that the pace at which the capital commitments will be called will be similar to the pace at which other investment funds managed by GC Advisors or its affiliates have had capital called. These factors pose conflicts of interest with respect to the pace of drawdown purchases by investors. | ||||||||||||||||||||
Participate In Dividend Reinvestment Plan Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our stockholders will experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan, or DRIP. All distributions declared in cash payable to stockholders that are participants in our DRIP are automatically reinvested in shares of our common stock. As a result, our stockholders that do not participate in our DRIP will experience dilution in their ownership percentage of our common stock over time. | ||||||||||||||||||||
Holding Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are a holding company and could depend on payments from our subsidiaries in order to pay distributions on our common stock. We are a holding company and expect to fund a substantial portion of our investments through wholly owned subsidiaries, and a substantial portion of the assets that we hold directly are the equity interests in such subsidiaries. We depend upon the cash flow from our subsidiaries and the receipt of funds from them in the form of dividends, and other distributions, any of which could be subject to restriction or limitations. Our ability to pay distributions to our stockholders could be affected by a subsidiary’s ability to exit investments. The illiquidity of the underlying investments held by a subsidiary of ours (directly or indirectly) can make it difficult for the subsidiary to make net income or return of capital distributions to us, and thereby affect our ability to make distributions or wind down at the end of our term. | ||||||||||||||||||||
Adverse Developments In Financial Services Industry Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties could have a material adverse effect on us, GC Advisors and our portfolio companies. Cash not held in custody accounts and held by us, GC Advisors and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts could, at times, exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, GC Advisors, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limits. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, GC Advisors’ and our portfolio companies’ business, financial condition, results of operations, or prospects. Although we and GC Advisors assess our and our portfolio companies’ banking and financing relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize current and projected future business operations could be significantly impaired by factors that affect the financial institutions with which we, GC Advisors or our portfolio companies have arrangements directly or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, GC Advisors or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, GC Advisors, or our portfolio companies to acquire financing on acceptable terms or at all. | ||||||||||||||||||||
Limitation Over Ability To Invest In Public Companies Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our ability to invest in public companies is limited in certain circumstances. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company or be precluded from investing according to our current business strategy and decrease our operating flexibility. To maintain our status as a business development company, we are not permitted to acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Subject to certain exceptions for follow-on investments and investments in distressed companies, an investment in an issuer that has outstanding securities listed on a national securities exchange could be treated as qualifying assets only if such issuer has a common equity market capitalization that is less than $250.0 million at the time of such investment. See “Business -Regulation - Qualifying Assets.” We could be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to business development companies. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We can provide no assurance that we will be able to find a buyer for such investments and, even if we do find a buyer, we could be forced to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows. | ||||||||||||||||||||
Uncertainty On Value Of The Portfolio Investment Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The majority of our portfolio investments are recorded at fair value as determined in good faith by our board of directors and, as a result, there could be uncertainty as to the value of our portfolio investments. Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined pursuant to policies adopted by, and subject to the oversight of, our board of directors. The majority of our portfolio investments take the form of securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded is often not readily determinable, and we value these securities at fair value as determined in good faith by our board of directors, including to reflect significant events affecting the value of our securities. As discussed in more detail under “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies,” most if not all, of our investments (other than cash and cash equivalents) are classified as Level 3 under Accounting Standards Codification, or ASC, Topic 820, Fair Value Measurement , as amended, or ASC Topic 820. This means that our portfolio valuations are based on unobservable inputs and our board of directors’ assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation, the level of which could increase or decrease during periods of volatility or uncertainty. See “Risks Relating to Our Business and Structure – We are currently in a period of capital markets disruption and economic uncertainty.” Even if observable market data are available, such information could be the result of consensus pricing information or broker quotes, which could include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We have retained the services of several independent service providers to review the valuation of these securities. At least once annually, the valuation for each portfolio investment for which a market quote is not readily available is reviewed by an independent valuation firm. The types of factors that our board of directors could take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities, including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, could fluctuate over short periods of time and could be based on estimates, our determinations of fair value could differ materially from the values that would have been used if a ready market for these securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such securities. | ||||||||||||||||||||
Government Intervention In Credit Markets Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Government intervention in the credit markets could adversely affect our business. The central banks and, in particular, the U.S. Federal Reserve, have taken unprecedented steps in response to the financial crises of 2008-2009, the global COVID-19 pandemic and, more recently, inflationary pressures. It is impossible to predict if, how, and to what extent the United States and other governments would further intervene in the credit markets. Such intervention is often prompted by politically sensitive issues involving family homes, student loans, real estate speculation, credit card receivables, pandemics, etc., and could, as a result, be contrary to what we would predict from an “economically rational” perspective. On the other hand, recent governmental intervention could mean that the willingness of governmental bodies to take additional extraordinary action is diminished. As a result, in the event of near-term major market disruptions, like those caused by a global health crisis such as the COVID-19 pandemic, there might be only limited additional government intervention, resulting in correspondingly greater market dislocation and materially greater market risk. | ||||||||||||||||||||
Board Of Director Changes Over Investment Objective Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our board of directors could change our investment objective, operating policies and strategies without prior notice or stockholder approval. Our board of directors has the authority, except as otherwise provided in the 1940 Act, to modify or waive our investment objective and certain of our operating policies and strategies without prior notice and without stockholder approval. However, absent stockholder approval, we cannot change the nature of our business so as to cease to be, or withdraw our election as, a business development company. Under Maryland law, we also cannot be dissolved without prior stockholder approval. We cannot predict the effect any changes to our current investment objective, operating policies and strategies would have on our business, operating results and the price of our common stock. Nevertheless, any such changes could adversely affect our business and impair our ability to make distributions. | ||||||||||||||||||||
MGCL And Certificate Of Incorporation Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts, which could have an adverse effect on the price of our common stock. The Maryland General Corporation Law, or the MGCL, our charter and our bylaws contain provisions that could discourage, delay or make more difficult a change in control of us or the removal of our directors. We are subject to the Maryland Business Combination Act, the application of which is subject to any applicable requirements of the 1940 Act. Under the Maryland Business Combination Act, if our board of directors does not first approve a business combination, the Maryland Business Combination Act could discourage third parties from trying to acquire control of us and increase the difficulty of consummating such an offer. In addition, our bylaws exempt from the Maryland Control Share Acquisition Act acquisitions of our common stock by any person. If we amend our bylaws to repeal the exemption from such act, it can make it more difficult for a third-party to obtain control of us and increase the difficulty of consummating such an offer. Also, our charter provides for classifying our board of directors in three classes serving staggered three-year terms, and provisions of our charter authorize our board of directors to classify or reclassify shares of our stock in one or more classes or series, to cause the issuance of additional shares of our stock and to amend our charter, without stockholder approval, to increase or decrease the number of shares of stock that we have authority to issue. These takeover defense provisions could inhibit a change of control in circumstances that would otherwise provide value to our stockholders. | ||||||||||||||||||||
Advisors Resign On 60 Days Notice Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | GC Advisors can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. GC Advisors has the right to resign under the Investment Advisory Agreement at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If GC Advisors resigns, we can provide no assurance that we would be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our business, financial condition and results of operations and cash flows as well as our ability to pay distributions are likely to be adversely affected and the value of our common stock could decline. In addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by GC Advisors and its affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective and portfolio could result in additional costs and time delays that could adversely affect our business, financial condition, results of operations and cash flows. | ||||||||||||||||||||
Administrator Resign On 60 Days Notice Risk Member [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The Administrator can resign on 60 days’ notice, and we can provide no assurance that we would be able to find a suitable replacement, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. The Administrator has the right to resign under the Administration Agreement at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Administrator resigns, we can provide no assurance that we would be able to find a new administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions are likely to be adversely affected and the value of our common stock could decline. In addition, the coordination of our internal management and administrative activities is likely to suffer if we are unable to identify and reach an agreement with a service provider or individuals with the expertise possessed by the Administrator. Even if we are able to retain a comparable service provider or individuals to perform such services, whether internal or external, their integration into our business and lack of familiarity with our investment objective and portfolio could result in additional costs and time delays that could adversely affect our business, financial condition, results of operations and cash flows. | ||||||||||||||||||||
Limit Participation In Common Stock By Certain Investors Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We intend to limit participation in our common stock by certain investors due to certain restrictions of the Employee Retirement Income Security Act of 1974 (ERISA) as amended. Prior to the registration of our common stock under the Exchange Act sufficient to cause our common stock to be a “publicly offered security” for purposes of the Plan Assets Regulation, as described below, we do not intend to permit employee benefit plans and other plans, as defined in and subject to Section 4975 of the Code, to hold twenty-five percent (25%) (or such higher percentage as can be specified in regulations promulgated by the United States Department of Labor) or more of the value of any outstanding class of our capital stock. Accordingly, we expect that our assets will not be treated as “plan assets” subject to Title I of ERISA or Section 4975 of the Code, as amended, though there is no assurance that this will be the case. Were our assets to be treated as “plan assets” (that is, if 25% or more of the value of any class of capital stock is held by certain benefit plan investors), we could, among other things, be subject to certain restrictions on our ability to carry out our activities as described herein. Moreover, we can require certain benefit plan investors or other employee benefit plans not subject to Title I of ERISA or Section 4975 of the Code to reduce or terminate their interests in us at such time. | ||||||||||||||||||||
Economic Recessions Or Downturns Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Economic recessions or downturns could impair our portfolio companies and defaults by our portfolio companies will harm our operating results. Many of our portfolio companies are susceptible to economic slowdowns or recessions and could be unable to repay our loans during these periods. Therefore, our non-performing assets are likely to increase and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions could decrease the value of collateral securing any of our loans and the value of any equity investments. A severe recession could further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. 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 our operating results. Any deterioration of general economic conditions could lead to significant declines in corporate earnings or loan performance, and the ability of corporate borrowers to service their debt, any of which could trigger a period of global economic slowdown, and have an adverse impact on our performance and financial results, and the value and the liquidity of our investments. In an economic downturn, we could have non-performing assets or an increase in non-performing assets, and we would anticipate that the value of our portfolio would decrease during these periods. Failure to satisfy financial or operating covenants imposed by lenders to a portfolio company, including us, could lead to defaults and, potentially, acceleration of payments on such loans and foreclosure on the assets representing collateral for the portfolio company’s obligations. Cross default provisions under other agreements could be triggered and thus limit the portfolio company’s ability to satisfy its obligations under any debt that we hold and affect the value of any equity securities we own. We would expect to incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a portfolio company following or in anticipation of a default. | ||||||||||||||||||||
Inflation Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Inflation could adversely affect the business, results of operations and financial condition of our portfolio companies. Certain of our portfolio companies are in industries that could be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. | ||||||||||||||||||||
Debt Investment Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our debt investments are risky and we could lose all or part of our investments. The debt that we invest in is typically not initially rated by any rating agency, but we believe that if such investments were rated, they would be below investment grade (rated lower than “Baa3” by Moody’s Investors Service, lower than “BBB-” by Fitch Ratings or lower than “BBB-” by Standard & Poor’s Ratings Services), which under the guidelines established by these entities is an indication of having predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” Therefore, our investments could result in an above average amount of risk and volatility or loss of principal. | ||||||||||||||||||||
Investment In Leveraged Portfolio Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our investments in leveraged portfolio companies are risky, and we could lose all or part of our investment. Leveraged companies in which we invest could have limited financial resources and could be unable to meet their obligations under their debt securities that we hold. These companies could be subject to restrictive financial and operating covenants and their leverage could impair their ability to finance their future operations and capital needs. As a result, these companies’ flexibility to respond to changing business and economic conditions and to take advantage of business opportunities could be limited. Such developments could be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we could have obtained in connection with our investment. Smaller leveraged companies also could have less predictable operating results and could require substantial additional capital to support their operations, finance their expansion or maintain their competitive position. | ||||||||||||||||||||
Private And Middle-Market Portfolio Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment. Investment in private and middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and we rely on the ability of GC Advisors’ investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If GC Advisors is unable to uncover all material information about these companies, it would not be able to make a fully informed investment decision and we could lose money on our investments. Compared to larger companies, middle-market companies typically have shorter operating histories, more limited financial resources, newer technologies and/or products, smaller market shares, less experienced management teams and less predictable operating results, and often participate in quickly evolving markets, and are more reliant on a small number of products, managers or clients. Middle-market companies could also require substantial additional capital to support their operations, finance expansion or maintain their competitive position and could have difficulty accessing the capital markets to meet future capital needs, which could limit their ability to grow or to repay their outstanding indebtedness upon maturity. In addition, the middle-market companies in which we invest could be subject to governmental and non-governmental regulations, including by federal and state regulators and various self-regulatory organizations and the costs of complying with these laws and regulations could be more material to the company as compared to a larger company. If a company in which we directly or indirectly invest fails to comply with an applicable regulatory regime, it could be subject to fines, injunctions, operating restrictions or criminal prosecution, any of which could materially and adversely affect the value of our investment. We will not control a portfolio company’s management or the manner in which a company’s management addresses the company’s risks except in the event that a portfolio company defaults on its loan from us and we seek to enforce our security interest. In addition, middle-market companies often require additional financing to expand or maintain their competitive position, and they could have a more difficult time obtaining additional capital than larger companies. An important concern in making investments is the possibility of material misrepresentation or omission on the part of the portfolio company. Such inaccuracy or incompleteness can adversely affect, among other things, the valuation of collateral, other debt obligations, our ability to perfect or effectuate a lien on the collateral securing a loan or other debt obligation, the financial condition of the issuer, or the business prospects of the issuer. We will rely upon the accuracy and completeness of representations made by portfolio companies to the extent reasonable. However, there can be no guarantee that such representations are accurate or complete. If the issuer of securities purchased by us does not perform to GC Advisors’ expectations, the value of its equity and debt securities would likely decline and the issuer could default on its obligations. Poor performance can be caused by a number of factors, including failures of management, competitive pressures, pressure by customers and suppliers, labor unrest, or force majeure events, such as the COVID-19 pandemic. While GC Advisors intends to invest in portfolio companies in industries that it believes are resistant to recessions, there can be no assurance that such portfolio companies will not be adversely affected by other market or economic conditions. The value of our investments in loans will likely be detrimentally affected to the extent a borrower defaults on its obligations, there is insufficient collateral, and/or there are extensive legal and other costs incurred in collecting on a defaulted loan. GC Advisors will attempt to minimize this risk, for example, by maintaining low loan-to-liquidation values with each loan and the collateral underlying the loan. However, there can be no assurance that the liquidation value assigned by GC Advisors would be realized by the portfolio company upon liquidation, nor can there be any assurance that such collateral will retain its value. In addition, certain of our loans will be supported, in whole or in part, by personal guarantees made by the borrower or an affiliate of the borrower. If such guarantee is called and the guarantor fails to meet its obligations under the guarantee, the amount realizable with respect to a loan will generally be detrimentally affected. There could be a monetary as well as a time cost involved in collecting on defaulted loans and, if applicable, taking possession of various types of collateral. In addition, any activity deemed to be active lending/origination by us could subject it to additional regulation. | ||||||||||||||||||||
Lack Of Available Information On Privately Held Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | An investment strategy focused primarily on privately held companies presents certain challenges, including, but not limited to, the lack of available information about these companies. We invest primarily in privately held companies. Because private companies have reduced access to the capital markets, such companies could have diminished capital resources and ability to withstand financial distress. Often, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the departure of one or more of these persons could have a material adverse impact on the portfolio company and, as a result our investments. | ||||||||||||||||||||
Operation Of Portfolio Company Upon Default Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We would be subject to risks if we are required to assume operation of portfolio companies upon default. We, together with other funds managed by GC Advisors and its affiliates, would be expected to take over a portfolio company if the company defaults on its loans. Depending on factors including the health of the economy, the credit cycle, and the portfolio companies’ various industries, it is reasonable to assume that portfolio companies will default over time, and this risk is significantly increased in periods of market uncertainty, including as a result of global health crises, such as the COVID-19 pandemic, or periods of elevated inflation and rising interest rates. In such circumstances, we and the other funds would likely seek to enforce our rights under the applicable credit documentation and could opt to take over such portfolio companies. When a portfolio company is taken over, we and the other funds and their investors are subject to different risks than we are as holders of interests in loans to such portfolio company. Operating a portfolio company, even for a limited period of time pending the sale of collateral, can distract senior personnel of GC Advisors and its affiliates from their normal business. Additionally, defaulting portfolio companies often require additional capital to be effectively turned around. There is no guarantee that any defaulting portfolio company can be turned around or that our investments in such portfolio company will be successful. Finally, operating a portfolio company could subject us to potential liabilities, including management, employment, and/or environmental liabilities. | ||||||||||||||||||||
Lack Of Liquidity In Investment [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The lack of liquidity in our investments could adversely affect our business. The debt to which we are primarily exposed is expected to consist predominantly of loans and notes that are obligations of corporations, partnerships or other entities. This debt often has no, or only a limited, trading market. The investment in illiquid debt will often restrict our ability to dispose of investments in a timely fashion, for a fair price, or at all. If an underlying issuer of debt experiences an adverse event, this illiquidity would make it more difficult for us to sell such debt, and we could instead be required to pursue a workout or alternate way out of the position. To the extent debt in a portfolio company is also held by other third-party investors, we would generally have limited control over a workout or alternate means of disposition and the person(s) having such control could have interests that are not aligned with ours. We would likely also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, GC Advisors, Golub Capital or any of its affiliates have material non-public information regarding such portfolio company. | ||||||||||||||||||||
Price Declines And Illiquidity In The Corporate Debt Markets Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Price declines and illiquidity in the corporate debt markets could adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. As a business development company, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our board of directors. The fair value methodology utilized is in accordance with the fair value principles established by the ASC Topic 820. Our board of directors uses the services of one or more independent service providers to review the valuation of our illiquid investments. Valuations reflect significant events that affect the value of the instruments. As part of the valuation process, we could take into account the following types of factors, if relevant, in determining the fair value of our investments: • a comparison of the portfolio company’s securities to publicly traded securities; • the enterprise value of the portfolio company; • the nature and realizable value of any collateral; • the portfolio company’s ability to make payments and its earnings and discounted cash flow; • the markets in which the portfolio company does business; and • changes in the interest rate environment and the credit markets generally that could affect the price at which similar investments could be made in the future and other relevant factors. The fair value measurement seeks to approximate the price that would be received for an investment on a current sale and assumes that the transaction to sell an asset occurs in the principal market for such asset or, in the absence of a principal market, the most advantageous market for such asset, which could be a hypothetical market, and excludes transaction costs. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets could result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio could reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and could suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Because orderly markets currently do not exist for some investments, and because valuations, and particularly valuations of private investments and private companies, require judgment, are inherently uncertain, could fluctuate over short periods and are often based on estimates, our determinations of the fair value of investments could differ materially from the values that would have been used had a ready market existed for such investments. | ||||||||||||||||||||
Prepay Loans Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our portfolio companies could prepay loans, which could reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields. | ||||||||||||||||||||
Credit And Default Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are subject to credit and default risk and our portfolio companies could be unable to repay or refinance outstanding principal on their loans at or prior to maturity. Credit risk refers to the likelihood that a borrower will default in the payment of principal and/or interest. Financial strength and solvency of a borrower are the primary factors influencing credit risk. Lack or inadequacy of collateral or credit enhancement for a debt instrument could also affect its credit risk. Credit risk can change over the life of a loan, and securities and other debt instruments that are rated by rating agencies can be downgraded. This risk and the risk of default is increased to the extent that the loan documents do not require the portfolio companies to pay down the outstanding principal of such debt prior to maturity, which is expected to be a common feature among many of our loan investments. Investments with a deferred interest feature, such as original issue discount income and payment-in-kind interest, could represent a higher credit risk than investments that must pay interest in full in cash on a regular basis. A significant downturn in the economy or a particular economic sector could have a significant impact on the business prospects of the portfolio companies to which we are exposed, whether directly or indirectly. Such developments could adversely affect the ability of such companies to comply with their loan repayment obligations. It is possible that the issuer of a note or other instrument in which we invest could default on its debts, in which case we could lose most or all of our investment in that instrument, subjecting us to significant loss. | ||||||||||||||||||||
Difficulty Sourcing Investment Opportunity Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We have not yet identified the portfolio company investments we will acquire and we could have difficulty sourcing investment opportunities. While we currently hold a portfolio of investments, we have not yet identified additional potential investments for our portfolio that we will acquire with the proceeds of any offering of securities or repayments of investments currently in our portfolio. Privately negotiated investments in loans and illiquid securities or private middle-market companies require substantial due diligence and structuring, and we cannot provide any assurance that we will achieve our anticipated investment pace. As a result, investors will not be able to evaluate any future portfolio company investments prior to purchasing our securities. Additionally, GC Advisors selects all of our investments, and our stockholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our securities. We anticipate that we will use substantially all of the net proceeds of any sale of our securities within approximately six months following the completion of any sale of our securities, depending on the availability of appropriate investment opportunities consistent with our investment objectives and market conditions. Until such appropriate investment opportunities can be found, we could also invest the net proceeds in cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less from the date of investment. We expect these temporary investments to earn yields substantially lower than the income that we expect to receive in respect of our targeted investment types. As a result, any distributions we make during this period could be substantially smaller than the distributions that we expect to pay when our portfolio is fully invested. | ||||||||||||||||||||
Proportion Of Assets Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are a non-diversified investment company within the meaning of the 1940 Act and, therefore we are not limited with respect to the proportion of our assets that could be invested in securities of a single issuer. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we could invest in securities of a single issuer. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value could fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We could also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Beyond our asset diversification requirements as a RIC under the Code, we do not have fixed guidelines for diversification, and our investments could be concentrated in relatively few portfolio companies. Although we are classified as a non-diversified investment company within the meaning of the 1940 Act, we maintain the flexibility to operate as a diversified investment company and could do so for an extended period of time. | ||||||||||||||||||||
Debt Instrument Defaults Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our portfolio could be concentrated in a limited number of portfolio companies and industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. It is possible that our portfolio could be concentrated in a limited number of portfolio companies and industries. As a result, our interests could be impaired by the concentration of our investments in any one obligor or obligors in a particular industry or geographic location in the event that such obligor, industry or geographic location were to experience adverse business conditions or other adverse events, including as a result of the effects of a global health pandemic such as the COVID-19 pandemic or during periods of elevated inflation and rising interest rates. In addition, defaults could be highly correlated with particular obligors, industries or geographic locations. If loans involving a particular obligor, industry or geographic location represent more than a small proportion of our portfolio, and that obligor, industry or geographic location were to experience difficulties that would affect payments on the loans, the overall timing and amount of collections on the loans held by us could differ from what was expected. | ||||||||||||||||||||
Bankruptcy On Debt Securities Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could hold the debt securities of leveraged companies that could, due to the significant volatility of such companies, enter into bankruptcy proceedings. Leveraged companies could experience bankruptcy or similar financial distress, and the risk of these events would be expected to significantly increase upon the occurrence of adverse events, including, for example, an inflationary economic environment or a global health crisis, such as the COVID-19 pandemic. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are products of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by an issuer could have adverse and permanent effects on the issuer. If the proceeding is converted to a liquidation, the value of the issuer will not necessarily equal the liquidation value that was believed to exist at the time of the investment. A bankruptcy or other workout, often raises conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants), including between investors who hold different types of interests in the applicable company. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs of a bankruptcy proceeding are frequently high and are paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations it owns could be reduced by increases in the number and monetary value of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) can be substantial. Depending on the facts and circumstances of our investments and the extent of our involvement in the management of a portfolio company, upon the bankruptcy of a portfolio company, a bankruptcy court could recharacterize our debt investments as equity interests and subordinate all or a portion of our claim to that of other creditors. This could occur even though we have structured our investment as senior debt. | ||||||||||||||||||||
Failure To Make Follow-on Investment Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Following an initial investment in a portfolio company, we could make additional investments in that portfolio company as “follow-on” investments, in seeking to: • increase or maintain in whole or in part our position as a creditor or equity ownership percentage in a portfolio company; • exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or • preserve or enhance the value of our investment. We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part to make follow-on investments could, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or could result in a missed opportunity for us to increase our participation in a successful portfolio company. Even if we have sufficient capital to make a desired follow-on investment, we could elect not to make a follow-on investment because we do not want to increase our level of risk, because we prefer other opportunities or because of regulatory or other considerations. Our ability to make follow-on investments could also be limited by GC Advisors’ allocation policy. | ||||||||||||||||||||
Non-holding Controlling Equity Interest Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Because we generally do not hold controlling equity interests in our portfolio companies, we generally will not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. To the extent we do not hold controlling equity positions in our portfolio companies, we are subject to the risk that a portfolio company makes business decisions with which we disagree, and that the management and/or stockholders of a portfolio company could take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we typically hold in our portfolio companies, we can provide no assurance that we will be able to dispose of our investments in the event we disagree with the actions of a portfolio company and could therefore suffer a decrease in the value of our investments. | ||||||||||||||||||||
Debt Obligation Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our portfolio companies could incur debt that ranks equally with, or senior to, our investments in such companies and such portfolio companies could fail to generate sufficient cash flow to service their debt obligations to us. We have invested and intend to invest a portion of our capital in second lien and subordinated loans issued by our portfolio companies, and we could have exposure to a variety of debt that captures particular layers of a borrower’s credit structure, such as “last out” or “second lien” debt, or other subordinated investments that rank below other obligations of the borrower in right of payment. Subordinated investments are subject to greater risk of loss than senior obligations where there are adverse changes to the financial condition of the borrower or a decline in general economic conditions. Subordinated investments could expose us to particular risks in a distress scenario, such as the risk that creditors are not aligned. Holders of subordinated investments generally have less ability to affect the results of a distressed scenario than holders of more senior investments. Additionally, lenders to companies operating in workout modes are, in certain circumstances, subject to potential liabilities that could exceed the amount of such loan purchased by us. We have made in the past, and could make in the future, unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on a portfolio company’s collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and could secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all loans secured by collateral. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. The rights we could have with respect to the collateral securing any junior priority loans we make to our portfolio companies could also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that could be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: • the ability to cause the commencement of enforcement proceedings against the collateral; • the ability to control the conduct of such proceedings; • the approval of amendments to collateral documents; • releases of liens on the collateral; and • waivers of past defaults under collateral documents. | ||||||||||||||||||||
Contingent Liabilities Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The disposition of our investments could result in contingent liabilities. A significant portion of our investments involve private securities. In connection with the disposition of an investment in private securities, we could be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We could also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements could result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of payments previously received by us. | ||||||||||||||||||||
Advisors Act In A Riskier Manner Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | GC Advisors’ liability is limited, and we have agreed to indemnify GC Advisors against certain liabilities, which could lead GC Advisors to act in a riskier manner on our behalf than it would when acting for its own account. Under the Investment Advisory Agreement, GC Advisors does not assume any responsibility to us other than to render the services called for under that agreement, and it is not responsible for any action of our board of directors in following or declining to follow GC Advisors’ advice or recommendations. Under the terms of the Investment Advisory Agreement, GC Advisors, its officers, members, personnel and any person controlling or controlled by GC Advisors are not liable to us, any subsidiary of ours, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of GC Advisors’ duties under the Investment Advisory Agreement. In addition, we have agreed to indemnify GC Advisors and each of its officers, directors, members, managers and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Investment Advisory Agreement, except where attributable to gross negligence, willful misconduct, bad faith or reckless disregard of such person’s duties under the Investment Advisory Agreement. These protections could lead GC Advisors to act in a riskier manner when acting on our behalf than it would when acting for its own account. | ||||||||||||||||||||
Non-U.S. Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could be subject to risks related to investments in non-U.S. companies. We have invested and continue to make investments in issuers located outside the United States. Investments in issuers located outside the United States that are generally denominated in non-U.S. currencies involve both risks and opportunities not typically associated with investing in securities of United States companies. The legal and regulatory environments often have material differences, particularly as to bankruptcy and reorganization. Other considerations include changes in exchange rates and exchange control regulations, political and social instability, general economic conditions, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than is generally the case in the United States, higher transaction costs, foreign government restrictions, less government supervision of exchanges, brokers and issuers, greater risks associated with counterparties and settlement, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. Among the factors that could affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. We could employ hedging techniques to minimize these risks, but we cannot assure you that such strategies will be effective or without risk to us. As of September 30, 2023, we were invested in securities of seven non-U.S. companies. Securities issued by non-U.S. companies are not “qualifying assets” under the 1940 Act, and we could invest in non-U.S. companies, including emerging markets issuers, to the limited extent such investments are permitted under the 1940 Act. | ||||||||||||||||||||
Hedging Transactions Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could be subject to risks if we engage in hedging transactions and could become subject to risks if we invest in foreign securities. Under the 1940 Act, a business development company is restricted from acquiring any asset other than assets of the type listed in the 1940 Act, which are referred to as “qualifying assets,” unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets. In order for our investments to be classified as “qualifying assets,” among other requirements, such investments must be in issuers organized under the laws of, and which have their principal place of business in, any state of the United States, the District of Columbia, Puerto Rico, the Virgin Islands or any other possession of the United States. We can invest in non-U.S. companies, including emerging market issuers, to the limited extent such investments are permitted under the 1940 Act. We expect that these investments would focus on the same types of investments that we make in U.S. middle-market companies and accordingly would be complementary to our overall strategy and enhance the diversity of our holdings. Investing in securities of emerging market issuers involves many risks including economic, social, political, financial, tax and security conditions in the emerging market, potential inflationary economic environments, regulation by foreign governments, different accounting standards and political uncertainties. Economic, social, political, financial, tax and security conditions also could negatively affect the value of emerging market companies. These factors could include changes in the emerging market government’s economic and fiscal policies, the possible imposition of, or changes in, currency exchange laws or other laws or restrictions applicable to the emerging market companies or investments in their securities and the possibility of fluctuations in the rate of exchange between currencies. Any of our portfolio company investments that are denominated in foreign currencies will be subject to the risks associated with fluctuations in currency exchange rates, which fluctuations could adversely affect our performance. We have and could in the future enter into hedging transactions to the limited extent such transactions are permitted under the 1940 Act and applicable commodities laws. Engaging in hedging transactions or investing in foreign securities would entail additional risks to our stockholders. We could, for example, use instruments such as interest rate swaps, caps, collars and floors and, if we were to invest in foreign securities, we could use instruments such as forward contracts or currency options in currencies selected to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. In each such case, we generally would seek to hedge against fluctuations of the relative values of our portfolio positions from changes in market interest rates or currency exchange rates. While hedging transactions can reduce such risks, they generally will not be designed to prevent all loss from our position. There also could be barriers that prevent us from entering into certain hedging transactions. These barriers will not necessarily impact other investment funds managed by GC Advisors or its affiliates. Hedging transactions could result in a lower overall performance for us than if it had not entered into hedging transactions and generally introduces new risks, such as counterparty risk and greater illiquidity. Conversely, to the extent that we do not enter into hedging transactions, borrower defaults and fluctuations in currency exchange rates or interest rates could result in poorer overall performance for us than if it had entered into such hedging transactions. The success of any hedging transactions that we enter into will depend on our ability to correctly predict movements in currency and interest rates. Therefore, while we could enter into hedging transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates could result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged could vary. Moreover, for a variety of reasons, we would not necessarily seek to (or be able to) establish a perfect correlation between the hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation could prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it is often not possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities would likely fluctuate as a result of factors not related to currency fluctuations. Our ability to engage in hedging transactions could also be limited under the Code as well as adversely affected by rules adopted by the CFTC. | ||||||||||||||||||||
Equity Investment Loss Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could suffer losses from our equity investments. While our investment portfolio will be focused on loans, we are also permitted to invest in equity securities. Such investments are expected to represent minority ownership in the issuer and are subordinate to the claims of the issuer’s creditors and, to the extent such securities are common securities, to preferred equity holders. The value of equity securities is dependent on the performance of the issuer and can fluctuate based on the issuer’s financial performance, market conditions, and overall economic conditions. Dividends paid to equity holders could be suspended or cancelled at any time, and minority owners could have limited protections. We also could be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow us to sell our underlying equity interests. In addition, if an issuer of equity securities in which we have invested sells additional shares of its equity securities, our interest in the issuer will be diluted and the value of our investment could decrease. For the foregoing reasons, investments in equity securities can be highly speculative and carry a substantial risk of loss of investment. Investments in equity securities can carry additional risks or have other characteristics that require different structuring. As such, these investments can be made directly, or indirectly through blocker entities or otherwise. | ||||||||||||||||||||
Lender Liability Claims Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could be subject to lender liability claims with respect to our portfolio company investments. A number of judicial decisions have upheld judgments for borrowers against lending institutions on the basis of various legal theories, collectively termed “lender liability”. Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing or a similar duty owed to the borrower, or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or stockholders. We could be required to defend allegations of lender liability from time to time. Loans to companies operating in workout modes or under Chapter 11 of the U.S. Bankruptcy Code are, in certain circumstances, subject to certain potential liabilities that could exceed the amount of such loan purchased by us. Under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (i) intentionally takes an action that results in the undercapitalization of a borrower to the detriment of other creditors of such borrower, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as a stockholder to dominate or control a borrower to the detriment of other creditors of such borrower, a court could elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination”. Because of the nature of the loans, the loans could be subject to claims of subordination. | ||||||||||||||||||||
No Public Market For Shares Of Our Common Stock Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | There is no public market for shares of our common stock, and we do not expect there to be a market for shares of our common stock. | ||||||||||||||||||||
Restrictions On Ability Of Holders Of Common Stock To Transfer Shares Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | There are restrictions on the ability of holders of our common stock to transfer shares in excess of the restrictions typically associated with a private placement of securities under Regulation D and other exemptions from regulations under the Securities Act, and these additional restrictions could further limit the liquidity of an investment in shares of our common stock and the price at which holders may be able to sell shares of our common stock. Our common stock will not be registered under the Securities Act, nor any other securities laws, and will not be readily transferable, if at all. There will be no market for shares of our common stock, and we do not expect any market to develop. Shares of our common stock will have limited transferability and require our consent, which can be withheld in our sole discretion, to any transfer. Although we, in our discretion, can permit a transfer of shares or, if authorized by our board of directors, repurchase shares, an investor generally will have no right to transfer its shares. We will not seek to pursue an initial public offering or listing on a national securities exchange of our shares of common stock, meaning that the shares will remain subject to these restrictions on transfer until our dissolution or the closing of an Accelerated Liquidity Event. However, there is no guarantee of an Accelerated Liquidity Event, see “Risks Relating to Our Common Stock —There is no guarantee of an Accelerated Liquidity Event; therefore, there is no guarantee that an investor will be able to exit its investment in us by a specific date” below. | ||||||||||||||||||||
Securities Involve In Average Degree Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Investing in our securities could involve an above average degree of risk. The investments we make in accordance with our investment objective could result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our securities may not be suitable for someone with a lower risk tolerance. In addition, our common stock is intended for long-term investors and should not be treated as a trading vehicle. | ||||||||||||||||||||
Equity Securities Distribution Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | There is a risk that investors in our equity securities will not receive distributions or that our distributions will not grow over time and a portion of our distributions could be a return of capital. We intend to make periodic distributions to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions could be adversely affected by the impact of one or more of the risk factors described in this Annual Report on Form 10-K as well as any amendments reflected in subsequent filings with the SEC. In addition, all distributions are and will be paid at the discretion of our board of directors and will depend on our earnings, financial condition, maintenance of our RIC status, compliance with applicable business development company regulations and such other factors as our board of directors could deem relevant from time to time. If we declare a distribution and if more stockholders opt to receive cash distributions rather than participate in our dividend reinvestment plan, we could be forced to sell some of our investments in order to make cash distribution payments. In the event that we encounter delays in locating suitable investment opportunities, we could also pay all or a substantial portion of our distributions from the proceeds of private placements of our common stock or from borrowings in anticipation of future cash flow, which could constitute a return of stockholders’ capital. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital is generally not currently taxable, such distributions would generally decrease a stockholder’s basis in our common stock and could therefore increase such stockholder’s tax liability for capital gains upon the future sale or other disposition of such common stock. A return of capital distribution could cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price. Distributions from the proceeds of private placements of our common stock or from borrowings could also reduce the amount of capital we ultimately invest in our portfolio companies. | ||||||||||||||||||||
No Guarantee Of Liquidity Event Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | There is no guarantee of an Accelerated Liquidity Event; therefore, there is no guarantee that an investor will be able to exit its investment in us by a specific date. At any time following the expiration of the Investment Period, the board of directors could seek stockholder approval of an Accelerated Liquidity Event. An Accelerated Liquidity Event includes the sale by us of all or substantially all of either (a) our assets or (b) our shares of common stock to, or other liquidity event with, an entity for consideration of cash and/or publicly listed securities of the acquirer, provided that any Accelerated Liquidity Event presented for approval of our stockholders must provide our stockholders with the option to receive consideration per share consisting of cash in an amount that is not less than the net asset value per share held by such investor or securities of the acquirer. An Accelerated Liquidity Event does not include an initial public offering or listing on a national securities exchange of our shares of common stock. There is no assurance that we will complete an Accelerated Liquidity Event by a specified date or at all. If we do not successfully complete an Accelerated Liquidity Event, investors will not be able to fully exit their investment in us until such time as we complete our liquidation, which is not required to be complete by any specific date and could be expected to occur over a prolonged period of time. | ||||||||||||||||||||
Liquidity Event Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are subject to risks associated with an Accelerated Liquidity Event and we cannot provide any assurance that we will be able to complete a liquidity event on acceptable terms or at all. We cannot assure you that we will be able to complete an Accelerated Liquidity Event. We will be subject to risks in connection with an Accelerated Liquidity Event. Any Accelerated Liquidity Event must be presented for approval by our stockholders and must provide our stockholders with the option to receive consideration per share consisting of cash in an amount that is not less than the net asset value per share held by such investor or securities of the acquirer. Risks of an Accelerated Liquidity Event include the risk that our stockholders experience a reduction in percentage ownership and voting power in any resulting entity and the risk that the anticipated benefits of any merger or liquidity event are not realized by the resulting entity. In addition, an Accelerated Liquidity Event could trigger “change of control” provisions and other restrictions in certain of our contracts, including credit facilities, and the failure to obtain any required consents or waivers from counterparties could permit such counterparties to terminate, or otherwise increase their rights or our obligations under, any such agreements. If such agreements are terminated or amended, we cannot assure you that we would be able to replace, amend or obtain a waiver under any such agreement on acceptable terms, or at all. | ||||||||||||||||||||
Reduction of Capital Invest In Assets Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We have not established any limit on the amount of funds we can use from available sources, such as borrowings, if any, or proceeds from private placements of our common stock, to fund distributions (which could reduce the amount of capital we ultimately invest in assets). Any distributions made from sources other than cash flow from operations or relying on fee or expense reimbursement waivers, if any, from GC Advisors or the Administrator are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or GC Advisors or the Administrator continues to make such expense reimbursements, if any. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our DRIP, how quickly we invest the proceeds from any offerings of our securities and the performance of our investments. There can be no assurance that we will achieve such performance in order to sustain any level of distributions, or be able to pay distributions at all. GC Advisors and the Administrator have no obligation to waive fees or receipt of expense reimbursements, if any. | ||||||||||||||||||||
Distribute Assets In-Kind Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We can distribute assets in-kind. We are permitted to distribute our investments “in-kind” to stockholders. If we do not complete an Accelerated Liquidity Event, our board of directors (consistent with its fiduciary duties) could determine that it is necessary or appropriate to distribute securities or other assets as a distribution-in-kind. When a stockholder receives an in-kind distribution of an investment, it will have to make investment decisions concerning the investment without the services of GC Advisors. In addition, after receiving an in-kind distribution of an investment, the stockholder will be responsible for all costs associated with the maintenance and disposition of such investment, which could cause the stockholder’s return on such investment to be lower than had the distribution in-kind not occurred. Further, there is no guarantee that there will be a market for such investment and such stockholder could have to hold such investment indefinitely. | ||||||||||||||||||||
Capital Markets Disruption And Economic Uncertainty Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are currently in a period of capital markets disruption and economic uncertainty. The success of our activities is affected by general economic and market conditions, including, among others, interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and trade barriers. These factors could affect the level and volatility of securities prices and the liquidity of our investments. Volatility or illiquidity could impair our profitability or result in losses. In recent years, U.S. capital markets have experienced volatility and disruptions including as a result of the COVID-19 pandemic, certain regional bank failures, and an inflationary economic environment. These disruptions in the capital markets have in the past and could in the future increase the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. Such disruptions could adversely affect our business, financial condition, results of operations and cash flows, and future market disruptions and/or illiquidity could negatively impact us. These unfavorable economic conditions could increase our funding costs and limit our access to the capital markets and could result in a decision by lenders not to extend credit to us in the future. These events could limit our investments, our ability to grow and could negatively impact our operating results and the fair values of our debt and equity investments. | ||||||||||||||||||||
Market Volatility Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Events outside of our control, including public health crises, could negatively affect our portfolio companies, our investment adviser and the results of our operations. Periods of market volatility could occur in response to pandemics or other events outside of our control. We, GC Advisors, and the portfolio companies in which we invest in could be affected by force majeure events ( i.e., events beyond the control of the party claiming that the event has occurred, such as acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, labor strikes, government shutdowns, major plant breakdowns, pipeline or electricity line ruptures, failure of technology, defective design and construction, accidents, demographic changes, government macroeconomic policies, social instability, etc.). Some force majeure events could adversely affect the ability of a party (including us, GC Advisors, a portfolio company or a counterparty to us, GC Advisors, or a portfolio company) to perform its obligations until it is able to remedy the force majeure event. In addition, force majeure events, such as the cessation of the operation of equipment for repair or upgrade, could similarly lead to the unavailability of essential equipment and technologies. These risks could, among other effects, adversely impact the cash flows available from a portfolio company, cause personal injury or loss of life, including to a senior manager of GC Advisors or its affiliates, damage property, or instigate disruptions of service. In addition, the cost to a portfolio company or us of repairing or replacing damaged assets resulting from such force majeure event could be considerable. It will not be possible to insure against all such events, and insurance proceeds received, if any, could be inadequate to completely or even partially cover any loss of revenues or investments, any increases in operating and maintenance expenses, or any replacements or rehabilitation of property. Certain events causing catastrophic loss could be either uninsurable, or insurable at such high rates as to adversely impact us, GC Advisors, or portfolio companies, as applicable. Force majeure events that are incapable of or are too costly to cure could have permanent adverse effects. Certain force majeure events (such as war or an outbreak of an infectious disease) could have a broader negative impact on the world economy and international business activity generally, or in any of the countries in which we invest or our portfolio companies operate specifically. Such force majeure events could result in or coincide with: increased volatility in the global securities, derivatives and currency markets; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; less governmental regulation and supervision of the securities markets and market participants and decreased monitoring of the markets by governments or self-regulatory organizations and reduced enforcement of regulations; limited, or limitations on, the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control over one or more portfolio companies or its assets, could result in a loss to us, including if the investment in such portfolio companies is canceled, unwound or acquired (which could result in inadequate compensation). Any of the foregoing could therefore adversely affect the performance of us and our investments. | ||||||||||||||||||||
Fluctuation In Quarterly Operation Results Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We could experience fluctuations in our quarterly operating results. We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the debt securities we acquire, the default rate on such securities, the number and size of investments we originate or acquire, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of our performance in future periods. | ||||||||||||||||||||
Political Uncertainty Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Political uncertainty could adversely affect our business. U.S. and non-U.S. markets could experience political uncertainty and/or change that subjects investments to heightened risks, including, for instance, risks related to elections in the U.S., the large-scale invasion of Ukraine by Russia that began in February 2022, or the effect on world leaders and governments of global health pandemics, such as the COVID-19 pandemic. These heightened risks could also include: increased risk of default (by both government and private issuers); greater social, trade, economic and political instability (including the risk of war or terrorist activity); greater governmental involvement in the economy; greater governmental supervision and regulation of the securities markets and market participants resulting in increased expenses related to compliance; greater fluctuations in currency exchange rates; controls or restrictions on foreign investment and/or trade, capital controls and limitations on repatriation of invested capital and on the ability to exchange currencies; inability to purchase and sell investments or otherwise settle security or derivative transactions (i.e., a market freeze); unavailability of currency hedging techniques; and slower clearance. During times of political uncertainty and/or change, global markets often become more volatile. There could also be a lower level of monitoring and regulation of markets while a country is experiencing political uncertainty and/or change, and the activities of investors in such markets and enforcement of existing regulations could become more limited. Markets experiencing political uncertainty and/or change could have substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates typically have negative effects on such countries’ economies and markets. Tax laws could change materially, and any changes in tax laws could have an unpredictable effect on us, our investments and our investors. There can be no assurance that political changes will not cause us or our investors to suffer losses. | ||||||||||||||||||||
Impact Of Brexit Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | The continuing impact of Brexit on our investments is uncertain and could adversely affect our business. On January 31, 2020, the United Kingdom, or the UK, ended its membership in the European Union, or the EU, referred to as Brexit. Following the termination of a transition period, the UK and the EU entered into a trade and cooperation agreement to govern the future relationship between the parties, which was provisionally applied as of January 1, 2021 and entered into force on May 1, 2021 following ratification by the EU. With respect to financial services, the agreement leaves decisions on equivalence and adequacy to be determined by each of the U.K. and E.U. unilaterally in due course. As a result, certain UK licensed entities are unable to provide regulated services in a number of EU jurisdictions from the end of December 2020, absent regulatory relief or other measures implemented by individual countries. Such agreement is untested and could lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the United Kingdom and in wider European and global markets for some time. The longer term economic, legal, political and social implications of Brexit are unclear at this stage. Brexit has led to ongoing political and economic uncertainty and periods of increased volatility in both the UK and in wider European markets for some time. Brexit could lead to calls for similar referendums in other European jurisdictions, which could cause increased economic volatility in the European and global markets. This mid-to long-term uncertainty could have adverse effects on the economy generally and on our ability to earn attractive returns. In particular, currency volatility could mean that our returns are adversely affected by market movements and could make it more difficult, or more expensive, for us to execute prudent currency hedging policies. Potential decline in the value of the British Pound and/or the Euro against other currencies, along with the potential further downgrading of the UK’s sovereign credit rating, could also have an impact on the performance of certain investments made in the UK or Europe. | ||||||||||||||||||||
New Or Modified Laws Or Regulation Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | New or modified laws or regulations governing our operations could adversely affect our business. We and our portfolio companies are subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, could change from time to time, including as the result of interpretive guidance or other directives from the U.S. President and others in the executive branch, and new laws, regulations and interpretations could also come into effect. For example, the current U.S. presidential administration could support an enhanced regulatory agenda that imposes greater costs on all sectors and on financial services companies in particular. Any such new or changed laws or regulations could have a material adverse effect on our business, and political uncertainty could increase regulatory uncertainty in the near term. The effects of legislative and regulatory proposals directed at the financial services industry or affecting taxation, could negatively impact the operations, cash flows or financial condition of us or our portfolio companies, impose additional costs on us or our portfolio companies, intensify the regulatory supervision of us or our portfolio companies or otherwise adversely affect our business or the business of our portfolio companies. In addition, if we do not comply with applicable laws and regulations, we could lose any licenses that we then hold for the conduct of our business and could be subject to civil fines and criminal penalties. We invest in securities of issuers that are subject to governmental and non-governmental regulations, including by federal and state regulators and various self-regulatory organizations. Companies participating in regulated activities could incur significant costs to comply with these laws and regulations. If a company in which we invest fails to comply with an applicable regulatory regime, it could be subject to fines, injunctions, operating restrictions or criminal prosecution, any of which could materially and adversely affect the value of our investment. Additionally, changes to the laws and regulations governing our operations, including those associated with RICs, could cause us to alter our investment strategy in order to avail ourselves of new or different opportunities or result in the imposition of corporate-level taxes on us. Such changes could result in material differences to our strategies and plans and could shift our investment focus from the areas of expertise of GC Advisors to other types of investments in which GC Advisors could have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. If we invest in commodity interests in the future, GC Advisors could determine not to use investment strategies that trigger additional regulation by the U.S. Commodity Futures Trading Commission, or the CFTC, or could determine to operate subject to CFTC regulation, if applicable. If we or GC Advisors were to operate subject to CFTC regulation, we could incur additional expenses and would be subject to additional regulation. Over the last several years, there also has been an increase in regulatory attention to the extension of credit outside of the traditional banking sector, raising the possibility that some portion of the non-bank financial sector will be subject to new regulation. While it cannot be known at this time whether any regulation will be implemented or what form it will take, increased regulation of non-bank credit extension could negatively impact our operations, cash flows or financial condition, impose additional costs on us, intensify the regulatory supervision of us or otherwise adversely affect our business, financial condition and results of operations. | ||||||||||||||||||||
Significant Cost Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We incur significant costs as a result of having securities registered under the Exchange Act. We incur legal, accounting and other expenses, including costs associated with the periodic reporting requirements applicable to a company whose securities are registered under the Exchange Act, as well as additional corporate governance requirements, including requirements under the Sarbanes-Oxley Act and other rules implemented by the SEC. | ||||||||||||||||||||
Emerging Growth Company Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are an “emerging growth company,” and we do not know if such status will make our shares of common stock less attractive to investors. We are an “emerging growth company,” as defined in the JOBS Act, until the earliest of: • the last day of the fiscal year ending after the fifth anniversary of any initial public offering of shares of our common stock; • the year in which our total annual gross revenues first exceed $1.235 billion; • the date on which we have, during the prior three-year period, issued more than $1.0 billion in non-convertible debt; and • the last day of a fiscal year in which we (1) have an aggregate worldwide market value of our common stock held by non-affiliates of $700 million or more, computed at the end of each fiscal year as of the last business day of our most recently completed second fiscal quarter, and (2) have been a reporting company under the Exchange Act for at least one year (and filed at least one annual report under the Exchange Act). As an emerging growth company, we are eligible to take advantage of some or all of the reduced regulatory and disclosure requirements permitted by the JOBS Act and, as a result, some investors could consider our common stock less attractive. For example, while we are an emerging growth company and/or a non-accelerated filer within the meaning of the Exchange Act, we can take advantage of an exemption from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an attestation report on the effectiveness of our internal control over financial reporting. This could increase the risk that material weaknesses or other deficiencies in our internal control over financial reporting go undetected. | ||||||||||||||||||||
Sarbanes-Oxley Act Compliance Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our compliance with Section 404 of the Sarbanes-Oxley Act involves significant expenditures, and non-compliance with Section 404 of the Sarbanes-Oxley Act would adversely affect us and the value of our common stock. Under current SEC rules, we are required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act and related rules and regulations of the SEC. As such, we are required to review on an annual basis our internal control over financial reporting, and on a quarterly and annual basis to evaluate and disclose changes in our internal control over financial reporting. As a result, we incur expenses that could negatively impact our financial performance and our ability to make distributions. This process also results in a diversion of management’s time and attention. We cannot ensure that our evaluation, testing and remediation process is effective or that our internal control over financial reporting will be effective. In the event that we are unable to maintain compliance with Section 404 of the Sarbanes-Oxley Act and related rules, we and the market price of our securities would be adversely affected. | ||||||||||||||||||||
Technological Innovations And Industry Disruptions Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Technological innovations and industry disruptions could negatively impact us. Technological innovations have disrupted traditional approaches in multiple industries and can permit younger companies to achieve success and in the process disrupt markets and market practices. We can provide no assurance that new businesses and approaches will not be created that would compete with us and/or our portfolio companies or alter the market practices in which GC Advisors and its affiliates and us have been designed to function within and on which we depend on for our investment return. New approaches could damage our investments, disrupt the market in which we operate and subject us to increased competition, which could materially and adversely affect our business, financial condition and results of investments. | ||||||||||||||||||||
System Failure Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | We are highly dependent on information systems and systems failures could significantly disrupt our business, which could, in turn, negatively affect the market price of our common stock and our ability to pay distributions. Our business depends on the communications and information systems of GC Advisors and its affiliates. GC Advisors and the Administrator are heavily reliant on the information technology infrastructure, processes and procedures of Golub Capital, which has devoted significant resources to developing effective and reliable information technology systems. Information technology changes rapidly, however, and Golub Capital could fail to stay ahead of such advances. Moreover, Golub Capital could find itself a target of cyberattacks, including cyber espionage, malware, ransomware, and other types of hacking. If any of the Golub Capital information technology systems do not operate properly or are disabled, whether as a result of tampering or a breach of network security systems or otherwise, we and Golub Capital could suffer, among other consequences, financial loss, disruption of businesses and reputational damage and, in the case of Golub Capital, liability to clients. While steps have been taken to mitigate the risk and impact of such attacks, no system is fully attack-proof, and a cyberattack could have an adverse impact on us. | ||||||||||||||||||||
Data Breach Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | A data breach could negatively impact our business and result in significant penalties. GC Advisors is subject to numerous laws in various jurisdictions relating to privacy and the storage, sharing, use, processing, disclosure and protection of information that we and our affiliates hold. The EU’s General Data Protection Regulation, the Cayman Islands Data Protection Law, 2017, and the California Consumer Privacy Act of 2018 are recent examples of such laws, and GC Advisors anticipates new privacy and data protection laws will be passed in other jurisdictions in the future. In general, these laws introduce many new obligations on GC Advisors and its affiliates and service providers and create new rights for parties who have given us their personal information, such as investors and others. Breach of these laws could result in significant financial penalties for GC Advisors and/or us. As interpretation of these laws evolves and new laws are passed, GC Advisors could be required to make changes to its business practices, which could result in additional risks, costs and liabilities to us and adversely affect investment returns. While GC Advisors intends to comply with its privacy and data protection obligations under the privacy and data protection laws that are applicable to it, it is possible that GC Advisors will not be able to accurately anticipate the ways in which regulators and courts will apply or interpret these laws. A violation of applicable privacy and data protection law could result in negative publicity and/or subject GC Advisors or us, to significant costs associated with litigation, settlements, regulatory action, judgments, liabilities and/or penalties. | ||||||||||||||||||||
Cybersecurity Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies. The operations of us, Golub Capital, any third-party service provider to us or Golub Capital and our portfolio companies are susceptible to risks from cybersecurity attacks and incidents due to reliance on the secure processing, storage and transmission of confidential and other information in relevant computer systems and networks. An adverse event that threatens the confidentiality, integrity or availability of the information resources of us or our portfolio companies, or a cyber incident, may be an intentional attack or an unintentional event and could involve gaining unauthorized access to the information systems of us, Golub Capital or our portfolio companies for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber security incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will likely continue to increase in frequency in the future. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen assets or information, increased cybersecurity protection and insurance costs, litigation and damage to business relationships. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. As our and our portfolio companies’ reliance on technology has increased, so have the risks posed to information systems of ours, Golub Capital and our portfolio companies. Although Golub Capital takes protective measures, these measures, as well as an increased awareness of the nature and extent of a risk of a cyber incident, do not guarantee that a cyber incident will not occur and/or that the financial results, operations or confidential information of ours or our portfolio companies will not be negatively impacted by any such incident. Cybersecurity risks require continuous and increasing attention and other resources, which attention diverts time and other resources from other activities of ours, Golub Capital and our portfolio companies. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, Golub Capital or our portfolio companies will be effective. Network, system, application and data breaches as a result of cybersecurity risks or cyber incidents could result in operational disruptions or information misappropriation that could have a material adverse effect on the business, results of operations and financial condition of us and of our portfolio companies. | ||||||||||||||||||||
Litigation Forum Risk [Member] | |||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||
Risk [Text Block] | Our bylaws provide that the Circuit Court for Baltimore City, Maryland (or, if the Circuit Court for Baltimore City, Maryland does not have jurisdiction, the United States District Court of Maryland, Baltimore Division) is the sole and exclusive forum for certain litigation that could be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for such disputes with us or our directors, officers or employees. Our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland (or, if the Circuit Court for Baltimore City, Maryland does not have jurisdiction, the United States District Court of Maryland, Baltimore Division) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of any duty owed by any director or officer or other employee of the Corporation to the Company or to the stockholders of the Company, (iii) any action asserting a claim against the Company or any director or officer or other employee of the Company arising pursuant to any provision of the MGCL, the Company’s certificate of incorporation or the bylaws or (iv) any action asserting a claim against the Company or any director or officer or other employee of the Company that is governed by the internal affairs doctrine. This exclusive forum provision would not apply to claims arising under the federal securities laws. The choice of forum provision could limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers or other employees, which could discourage such lawsuits against us and our directors, officers and other employees. Alternatively, if a court were to find the choice of forum provision contained in our bylaws to be inapplicable or unenforceable in an action, we could incur additional costs associated with resolving such action in other jurisdictions. |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Updates (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: The Company is an investment company as defined in the accounting and reporting guidance under Accounting Standards Codification (“ASC”) Topic 946 - Financial Services - Investment Companies (“ASC Topic 946”). |
Fair value of financial instruments | Fair value of financial instruments: The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820 - Fair Value Measurement (“ASC Topic 820”) . ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3. |
Use of estimates | Use of estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation | Consolidation: As provided under ASC Topic 946 and Regulation S-X, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company c onsolidated the results of the Company’s wholly-owned subsidiaries, Golub Capital Direct Lending Unlevered Corporation Holdings LLC and Golub Capital Direct Lending Unlevered Corporation Holdings Coinvest, Inc., i |
Cash and cash equivalents and foreign currencies | Cash and cash equivalents and foreign currencies: |
Foreign currency translation | Foreign currency translation: The Company’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars. Non-U.S. dollar transactions during the year are valued at the prevailing spot rates on the applicable transaction date and the related assets and liabilities are revalued at the prevailing spot rates as of year-end. Net assets and fair values are presented based on the applicable foreign exchange rates and fluctuations arising from the translation of assets and liabilities are included with the net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies on the Consolidated Statements of Operations. Foreign security and currency transactions involve certain considerations and risks not typically associated with investing in U.S. companies. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. |
Forward currency contracts | Forward currency contracts: A forward currency contract is an obligation between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Company utilized forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. The use of forward currency contracts does not eliminate fluctuations in the price of the underlying securities the Company owns or intends to acquire but establishes a rate of exchange in advance. Fluctuations in the value of these contracts are measured by the difference in the exchange rates on the contract date and reporting date and are recorded as unrealized appreciation (depreciation) until the contracts are closed. When the contracts are closed, realized gains (losses) are recorded. Realized gains (losses) and unrealized appreciation (depreciation) on the contracts are included in the Consolidated Statements of Operations. Unrealized appreciation (depreciation) on forward currency contracts is recorded on the Consolidated Statements of Financial Condition by counterparty on a net basis, not taking into account collateral posted which is recorded separately, if applicable. |
Revenue recognition | Revenue recognition: Investments and related investment income: Interest income is accrued based upon the outstanding principal amount and contractual interest terms of debt investments. |
Investment transactions | Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investment transactions in the Consolidated Statements of Operations. |
Non-accrual loans | Non-accrual loans: |
Income taxes | Income taxes: The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. The Company has made, and intends to continue to make, the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. Depending on the level of taxable income earned in a tax year, the Company can determine to retain taxable income in excess of current year dividend distributions and distribute such taxable income in the next tax year. The Company may then be required to incur a 4% excise tax on such income. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is e arned. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes |
Dividends and distributions | Dividends and distributions: Dividends and distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company intends to authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (“DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act). |
Deferred offering costs | Deferred offering costs: |
Fair Value Measurement | The Company follows ASC Topic 820 for measuring fair value. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Assets and liabilities are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the asset or liability as of the measurement date. The three levels are defined as follows: Level 1: Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and inputs that are observable for the assets or liabilities, either directly or indirectly, for substantially the full term of the assets or liabilities. Level 3: Inputs include significant unobservable inputs for the assets or liabilities and include situations where there is little, if any, market activity for the assets or liabilities. The inputs into the determination of fair value are based upon the best information available and require significant management judgment or estimation. In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized. Investments Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of each portfolio investment without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process. This valuation process is conducted at the end of each fiscal quarter, with approximately 25% (based on the number of portfolio companies) of the Company’s valuations of debt and equity investments without readily available market quotations subject to review by an independent valuation firm. All investments as of September 30, 2023 and 2022 were valued using Level 3 inputs. As of September 30, 2023, all money market funds included in cash and cash equivalents were valued using Level 1 inputs and all forward currency contracts were valued using Level 2 inputs. As of September 30, 2022, the Company held no money market funds or forward currency contracts. When determining fair value of Level 3 debt and equity investments, the Company takes into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that affect the price at which similar investments are made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). A portfolio company’s EBITDA can include pro-forma adjustments for items such as acquisitions, divestitures, or expense reductions. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value. In addition, for certain debt investments, the Company bases its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Company generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment. Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that are ultimately received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company could realize significantly less than the value at which such investment had previously been recorded. The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | As of September 30, 2023 and 2022, the Company had the following subscriptions, pursuant to the Subscription Agreements, and contributions from its stockholders: As of September 30, 2023 As of September 30, 2022 Subscriptions Contributions Subscriptions Contributions GDLCU Stockholders $ 374,915,500 $ 138,162,924 $ 348,715,500 $ 68,548,978 The following table summarizes the shares of GDLCU common stock issued for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Date Shares Issued NAV ($) per share Proceeds Shares issued for the period from April 1, 2022 (commencement of operations) to September 30, 2022 Issuance of shares 04/25/22 733,361.334 $ 15.00 $ 11,000,420 Issuance of shares 05/27/22 1,394,862.000 15.00 20,922,930 Issuance of shares 06/27/22 1,046,146.533 15.00 15,692,198 Issuance of shares 08/31/22 697,431.000 15.00 10,461,465 Issuance of shares 09/26/22 697,431.000 15.00 10,461,465 Shares issued for capital drawdowns 4,569,231.867 $ 68,538,478 Issuance of shares 07/08/22 47.994 $ 15.00 $ 720 Issuance of shares 09/15/22 1,846.493 15.00 27,697 Shares issued through DRIP 1,894.487 $ 28,417 Shares issued for the year ended September 30, 2023 Issuance of shares 11/14/22 717,431.000 $ 15.00 $ 10,761,465 Issuance of shares 02/07/23 956,574.667 15.00 14,348,620 Issuance of shares 06/26/23 717,431.000 15.00 10,761,465 Issuance of shares 09/06/23 1,124,746.533 15.00 16,871,198 Issuance of shares 09/27/23 1,124,746.533 15.00 16,871,198 Shares issued for capital drawdowns 4,640,929.733 $ 69,613,946 Issuance of shares 11/23/22 1,664.799 $ 15.00 $ 24,972 Issuance of shares 12/29/22 4,782.751 15.00 71,742 Issuance of shares 03/01/23 2,895.367 15.00 43,430 Issuance of shares 03/22/23 3,478.115 15.00 52,172 Issuance of shares 05/24/23 8,465.003 15.00 126,975 Issuance of shares 06/22/23 3,231.487 15.00 48,472 Shares issued through DRIP 24,517.522 $ 367,763 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Fair Value, Assets Measured on Recurring Basis | Investments as of September 30, 2023 and September 30, 2022 consisted of the following: As of September 30, 2023 As of September 30, 2022 Principal Amortized Fair Principal Amortized Fair Senior secured $ 3,826,915 $ 3,777,354 $ 3,771,798 $ 573,072 $ 567,404 $ 560,771 One stop 105,246,091 103,352,277 103,850,192 53,433,895 52,692,591 52,400,764 Second lien 62,576 57,622 58,821 — — — Subordinated debt 50,519 49,232 50,519 — — — Equity N/A 1,896,910 2,173,592 N/A 1,008,367 1,028,135 Total $ 109,186,101 $ 109,133,395 $ 109,904,922 $ 54,006,967 $ 54,268,362 $ 53,989,670 |
Schedules of Portfolio Composition at Amortization Cost and Fair Value | The following tables show the portfolio composition by geographic region at amortized cost and fair value as a percentage of total investments in portfolio companies. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business. As of September 30, 2023 As of September 30, 2022 Amortized Cost: United States Mid-Atlantic $ 14,718,447 13.5 % $ 7,080,362 13.0 % Midwest 18,443,969 16.9 7,435,161 13.7 Northeast 21,956,549 20.1 12,164,952 22.4 Southeast 18,266,768 16.7 6,342,481 11.7 Southwest 8,189,972 7.5 4,297,622 7.9 West 22,983,224 21.1 13,018,439 24.0 United Kingdom 1,757,504 1.6 1,338,700 2.5 Luxembourg 848,166 0.8 778,554 1.4 Sweden 1,388,892 1.3 1,235,297 2.3 Israel 31,432 0.0 * 31,432 0.1 Denmark 548,472 0.5 545,362 1.0 Total $ 109,133,395 100.0 % $ 54,268,362 100.0 % Fair Value: United States Mid-Atlantic $ 14,828,779 13.5 % $ 7,127,929 13.2 % Midwest 18,561,432 16.9 7,430,867 13.8 Northeast 22,063,056 20.1 12,054,680 22.3 Southeast 18,350,650 16.7 6,342,591 11.8 Southwest 8,221,607 7.5 4,329,390 8.0 West 23,274,133 21.2 12,907,169 23.9 United Kingdom 1,735,309 1.6 1,245,492 2.3 Luxembourg 835,951 0.7 776,407 1.4 Sweden 1,435,808 1.3 1,199,264 2.2 Israel 37,861 0.0 * 31,430 0.1 Denmark 560,336 0.5 544,451 1.0 Total $ 109,904,922 100.0 % $ 53,989,670 100.0 % * Represents an amount less than 0.1% The industry compositions of the portfolio at amortized cost and fair value as of September 30, 2023 and September 30, 2022 were as follows: As of September 30, 2023 As of September 30, 2022 Amortized Cost: Aerospace and Defense $ 5,392,890 4.9 % $ — — % Automobiles 4,542,643 4.2 3,112,370 5.7 Beverages 3,298,464 3.0 — — Commercial Services and Supplies 466,362 0.4 — — Diversified Consumer Services 6,977,706 6.4 3,606,847 6.7 Diversified Financial Services 743,882 0.7 — — Electronic Equipment, Instruments and Components 1,540,368 1.4 — — Health Care Technology 3,072,835 2.8 518,627 1.0 Healthcare Equipment and Supplies 1,304,619 1.2 1,295,367 2.4 Healthcare Providers and Services 918,435 0.8 143,841 0.3 Hotels, Restaurants and Leisure 3,787,223 3.5 595,150 1.1 Household Durables 443,345 0.4 — — Industrial Conglomerates 1,103,648 1.0 1,047,989 1.9 Insurance 5,676,413 5.2 3,800,618 7.0 IT Services 5,856,659 5.4 4,800,501 8.8 Life Sciences Tools & Services 4,320,466 4.0 — — Pharmaceuticals 848,166 0.8 778,554 1.4 Professional Services 1,225,709 1.1 284,781 0.5 Software 48,747,945 44.7 28,379,618 52.3 Specialty Retail 8,865,617 8.1 5,904,099 10.9 Total $ 109,133,395 100.0 % $ 54,268,362 100.0 % As of September 30, 2023 As of September 30, 2022 Fair Value: Aerospace and Defense $ 5,546,042 5.1 % $ — — % Automobiles 4,427,108 4.0 3,110,619 5.8 Beverages 3,301,796 3.0 — — Commercial Services and Supplies 466,300 0.4 — — Diversified Consumer Services 7,102,923 6.5 3,619,523 6.7 Diversified Financial Services 761,537 0.7 — — Electronic Equipment, Instruments and Components 1,581,864 1.4 — — Health Care Technology 3,045,648 2.8 513,252 1.0 Healthcare Equipment and Supplies 1,315,667 1.2 1,295,098 2.4 Healthcare Providers and Services 910,771 0.8 143,536 0.3 Hotels, Restaurants and Leisure 3,816,857 3.5 588,369 1.1 Household Durables 457,524 0.4 — — Industrial Conglomerates 1,117,139 1.0 1,050,133 2.0 Insurance 5,758,946 5.3 3,797,726 7.0 IT Services 5,839,273 5.3 4,777,414 8.8 Life Sciences Tools & Services 4,485,130 4.1 — — Pharmaceuticals 835,951 0.8 776,407 1.4 Professional Services 1,247,044 1.1 287,247 0.5 Software 49,064,803 44.6 28,127,900 52.1 Specialty Retail 8,822,599 8.0 5,902,446 10.9 Total $ 109,904,922 100.0 % $ 53,989,670 100.0 % |
Forward Currency Contracts (Tab
Forward Currency Contracts (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Foreign Currency [Abstract] | |
Schedule of Outstanding Forward Currency Contracts | The outstanding forward currency contracts as of September 30, 2023 were as follows: As of September 30, 2023 Counterparty Currency to be sold Currency to be purchased Settlement Date Unrealized appreciation ($) Unrealized depreciation ($) Macquarie Bank Limited £ 1,125,000 GBP $ 1,246,950 USD 10/13/2023 $ — $ (125,594) Macquarie Bank Limited € 1,150,000 EUR $ 1,148,218 USD 10/13/2023 — (68,031) $ — $ (193,625) |
Schedule of Forward Currency Contract, Fair Value | The following table is intended to provide additional information about the effect of the forward currency contracts on the consolidated financial statements of the Company including: the fair value of derivatives by risk category, the location of those fair values on the Consolidated Statements of Financial Condition, and the Company’s gross and net amount of assets and liabilities available for offset under netting arrangements as well as any related collateral received or pledged by the Company as of September 30, 2023. As of September 30, 2023 Counterparty Risk exposure category Unrealized appreciation on forward currency contracts Unrealized depreciation on forward currency contracts Net amounts presented in the Consolidated Statements of Financial Condition Collateral (Received) Pledged (1) Net Amount (2) Macquarie Bank Limited Foreign exchange $ — $ (193,625) $ (193,625) $ 193,625 $ — (1) The actual collateral pledged may be more than the amount shown due to over collateralization. (2) |
Schedule of Realized and Unrealized Gain (Loss) on Forward Currency Contract | The impact of derivative transactions for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 on the Consolidated Statements of Operations, including realized and unrealized gains (losses) is summarized in the table below: Realized gain (loss) on forward currency contracts recognized in income Risk exposure category Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Foreign exchange $ — $ — Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income Risk exposure category Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Foreign exchange $ (193,625) $ — |
Schedule of Average Outstanding Daily Volume for Forward Currency Contract | The following table is a summary of the average outstanding daily volume for forward currency contracts for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Forward currency contracts $ 2,329,546 $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present fair value measurements of the Company’s investments and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2023 and 2022: As of September 30, 2023 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Assets, at fair value: Debt investments (1) $ — $ — $ 107,731,330 $ 107,731,330 Equity investments (1) — — 2,173,592 2,173,592 Money market funds (1)(2) 8,681,873 — — 8,681,873 Total assets, at fair value: $ 8,681,873 $ — $ 109,904,922 $ 118,586,795 Liabilities, at fair value: Forward currency contracts $ — $ 193,625 $ — $ 193,625 Total liabilities, at fair value: $ — $ 193,625 $ — $ 193,625 As of September 30, 2022 Fair Value Measurements Using Description Level 1 Level 2 Level 3 Total Assets, at fair value: Debt investments (1) $ — $ — $ 52,961,535 $ 52,961,535 Equity investments (1) — — 1,028,135 1,028,135 Total assets, at fair value: $ — $ — $ 53,989,670 $ 53,989,670 (1) Refer to the Consolidated Schedules of Investments for further details. (2) Included in cash and cash equivalents on the Consolidated Statements of Financial Condition. |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present the changes in investments measured at fair value using Level 3 inputs for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: For the year ended September 30, 2023 Debt Equity Total Fair value, beginning of period $ 52,961,535 $ 1,028,135 $ 53,989,670 Net change in unrealized appreciation (depreciation) on investments 590,215 256,914 847,129 Net translation of investments in foreign currencies 203,090 — 203,090 Realized gain (loss) on investments — 6,562 6,562 Realized gain (loss) on translation of investments in foreign currencies 1,424 — 1,424 Fundings of (proceeds from) revolving loans, net 162,577 — 162,577 Fundings of investments 54,612,206 899,587 55,511,793 PIK interest and non-cash dividends 734,393 48,208 782,601 Proceeds from principal payments and sales of portfolio investments (1,798,242) (65,814) (1,864,056) Accretion of discounts and amortization of premiums 264,132 — 264,132 Fair value, end of period $ 107,731,330 $ 2,173,592 $ 109,904,922 For the period from April 1, 2022 (commencement of operations) to September 30, 2022 Debt Equity Total Fair value, beginning of period $ — $ — $ — Net change in unrealized appreciation (depreciation) on investments (168,455) 19,768 (148,687) Net translation of investments in foreign currencies (130,005) — (130,005) Fundings of (proceeds from) revolving loans, net 79,455 — 79,455 Fundings of investments 53,133,849 1,008,367 54,142,216 PIK interest and non-cash dividends 22,896 — 22,896 Proceeds from principal payments and sales of portfolio investments (8,211) — (8,211) Accretion of discounts and amortization of premiums 32,006 — 32,006 Fair value, end of period $ 52,961,535 $ 1,028,135 $ 53,989,670 |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of September 30, 2023 and 2022: Quantitative information about Level 3 Fair Value Measurements Fair Value as of September 30, 2023 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Assets, at fair value: Senior secured loans $ 3,771,798 Yield analysis Market interest rate 9.0% - 10.0% (9.9%) Market comparable companies EBITDA multiples 8.5x - 16.1x (11.5x) One stop loans (2) $ 103,850,192 Yield analysis Market interest rate 7.5% - 19.8% (10.3%) Market comparable companies EBITDA multiples 9.5x - 34.0x (18.6x) Market comparable companies Revenue multiples 5.5x - 27.0x (11.8x) Subordinated debt and second lien loans $ 109,340 Yield analysis Market interest rate 13.0% - 13.5% (13.2%) Market comparable companies EBITDA multiples 9.5x - 11.5x (10.6x) Equity (3) $ 2,173,592 Market comparable companies EBITDA multiples 11.5x - 26.0x (19.3x) Revenue multiples 5.5x - 16.5x (13.7x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) The Company valued $72,979,184 and $30,871,008 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (3) The Company valued $1,367,439 and $806,153 of equity investments using EBITDA and revenue multiples, respectively. Quantitative information about Level 3 Fair Value Measurements Fair Value as of September 30, 2022 Valuation Techniques Unobservable Input Range (Weighted Average) (1) Assets, at fair value: Senior secured loans $ 560,771 Yield analysis Market interest rate 8.8% - 9.5% (9.4%) Market comparable companies EBITDA multiples 10.3x - 26.2x (18.9x) One stop loans (2) $ 52,400,764 Yield analysis Market interest rate 8.0% - 13.5% (9.4%) Market comparable companies EBITDA multiples 7.0x - 32.9x (18.6x) Market comparable companies Revenue multiples 7.8x - 16.7x (14.0x) Equity (3) $ 1,028,135 Market comparable companies EBITDA multiples 12.6x - 25.9x (22.8x) Revenue multiples 7.8x - 16.7x (15.9x) (1) Unobservable inputs were weighted by the relative fair value of the instruments. (2) The Company valued $32,469,726 and $19,931,038 of one stop loans using EBITDA and revenue multiples, respectively. All one stop loans were also valued using the market rate approach. (3) The Company valued $578,141 and $449,994 of equity investments using EBITDA and revenue multiples, respectively. |
Federal Income Tax Matters (Tab
Federal Income Tax Matters (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Reclassification Taxable Income | The following permanent differences were reclassified for tax purposes among the components of net assets for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Increase/(decrease) in Paid in Capital in Excess of Par $ (127,013) $ — Increase/(decrease) in Distributable Earnings (Losses) 127,013 — |
Schedule of Net Increase in Net Assets Resulting from Operations to Taxable Income | The following table reconciles net increase in net assets resulting from operations to taxable income for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Net increase in net assets resulting from operations $ 8,999,750 $ 696,818 Net change in unrealized (appreciation) depreciation on investment transactions (857,009) 278,692 Other income not currently taxable (51,577) (8) Expenses not currently deductible 185,603 — Expenses deductible for tax but not book (23) — Other realized gain/loss differences (6,561) — Taxable income before deductions for distributions $ 8,270,183 $ 975,502 |
Schedule of Tax Character of Distributions Paid | The tax character of distributions paid during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 were as follows: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Ordinary Income $ 7,371,683 $ 368,803 |
Schedule of Tax Basis Components of Distributable Earnings/(Accumulated Losses) and Reconciliation to Accumulated Earnings/(Deficit) on a Book Basis | The tax basis components of distributable earnings/(accumulated losses) and reconciliation to accumulated earnings/(deficit) on a book basis for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022 were as follows: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Undistributed ordinary income – tax basis $ 1,505,199 $ 606,699 Net unrealized appreciation (depreciation) on investments 634,077 (278,684) Other temporary differences (2,012,263) (328,015) Total accumulated earnings (loss) – book basis 127,013 — |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of Investment Company, Financial Highlights | The financial highlights for the Company are as follows: Per share data: (1) Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Net asset value at beginning of period $ 15.00 $ 15.00 Distributions declared: (2) From net investment income - after tax (1.45) (0.22) Net investment income - after tax 1.33 0.44 Net realized gain (loss) on investment transactions 0.00 ^ (0.01) Net change in unrealized appreciation (depreciation) on investment transactions (3) 0.12 (0.21) Net asset value at end of period $ 15.00 $ 15.00 Total return based on net asset value per share (4) 8.15 % 1.50 % Number of common shares outstanding 9,237,273.609 4,571,826.354 Listed below are supplemental data and ratios to the financial highlights: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Ratio of net investment income - after tax to average net assets *(5) 8.89 % 5.83 % Ratio of total expenses to average net assets *(5) 2.94 % 3.28 % Ratio of management fee waiver to average net assets * (0.74) % (0.66) % Ratio of incentive fee waiver to average net assets (5) (0.35) % (0.20) % Ratio of operating expense waiver to average net assets * (0.21) % (1.20) % Ratio of incentive fees to average net assets (5) 1.02 % 0.20 % Ratio of excise tax to average net assets (5) 0.04 % — % Ratio of net expenses to average net assets *(5) 1.64 % 1.22 % Ratio of total expenses (without incentive fees) to average net assets *(5) 0.98 % 3.08 % Total return based on average net asset value (6) 9.84 % 2.03 % Total return based on average net asset value - annualized (6) 9.84 % 4.05 % Net assets at end of period $ 138,559,104 $ 68,577,395 Average debt outstanding $ — $ — Average debt outstanding per share $ — $ — Portfolio Turnover * 2.27 % 0.06 % Asset coverage ratio (7) N/A N/A Asset coverage ratio per unit (8) N/A N/A Average market value per unit (9) : Adviser Revolver N/A N/A * Annualized for a period less than one year, unless otherwise noted. ^ Represents an amount less than $0.01 per share. (1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate. (2) The per share data for distributions reflect the amount of distributions paid or payable with a record date during the applicable period. (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 the shares outstanding at the end of the period and as of the dividend record date. (4) Total return based on net asset value per share assumes distributions are reinvested in accordance with the DRIP. Total return does not include sales load. (5) Incentive fees and excise taxes are not annualized in the calculation. (6) Total return based on average net asset value is calculated as (a) the net increase (decrease) in net assets resulting from operations divided by (b) the daily average of total net assets. Total return does not include sales load. (7) In accordance with the 1940 Act, with certain limited exceptions, the Company is currently allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowing. The ratio is not applicable as there was no debt outstanding as of September 30, 2023. (8) Asset coverage ratio per unit is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage ratio per unit is expressed in terms of dollar amounts per $1,000 of indebtedness. The ratio is not applicable as there was no debt outstanding as of September 30, 2023. (9) Not applicable as the Adviser Revolver is not registered for public trading. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of the Net Increase in Net Assets Per Share Resulting from Operations | The following information sets forth the computation of the net increase in net assets per share resulting from operations for the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Year ended September 30, 2023 Period from April 1, 2022 (commencement of operations) to September 30, 2022 Earnings available to stockholders $ 8,999,750 $ 696,818 Basic and diluted weighted average shares outstanding 6,113,779 2,292,083 Basic and diluted earnings per share $ 1.47 $ 0.30 |
Dividends and Distributions (Ta
Dividends and Distributions (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Dividends Declarations and Distributions | The following table summarizes the Company’s dividend declarations and distributions with a record date during the year ended September 30, 2023 and the period from April 1, 2022 (commencement of operations) to September 30, 2022: Date Declared Record Date Payment Date Shares Outstanding Amount Per Share Total Dividends Declared For the year ended September 30, 2023 08/05/2022 10/18/2022 12/29/2022 4,571,826.354 $ 0.0980 $ 447,823 11/18/2022 11/21/2022 12/29/2022 5,289,257.354 0.0964 509,660 11/18/2022 12/15/2022 03/01/2023 5,290,922.153 0.1096 580,139 11/18/2022 01/17/2023 03/22/2023 5,295,704.904 0.1301 689,210 02/07/2023 02/24/2023 05/24/2023 6,252,279.571 0.1148 717,968 02/07/2023 03/17/2023 05/24/2023 6,255,174.938 0.1558 974,352 02/07/2023 04/28/2023 06/22/2023 6,258,653.053 0.1023 640,103 05/05/2023 05/26/2023 08/23/2023 6,267,118.056 0.1106 692,841 05/05/2023 06/16/2023 08/23/2023 6,267,118.056 0.1579 989,887 05/05/2023 07/28/2023 09/20/2023 6,987,780.543 0.1147 801,685 08/03/2023 08/30/2023 11/22/2023 6,987,780.543 0.1218 850,784 08/03/2023 09/22/2023 11/22/2023 8,112,527.076 0.1362 1,105,298 Total dividends declared for the year ended September 30, 2023 $ 8,999,750 For the period from April 1, 2022 (commencement of operations) to September 30, 2022 05/06/2022 05/06/2022 07/08/2022 734,061.334 $ 0.0001 $ 47 05/06/2022 05/20/2022 07/08/2022 734,061.334 0.0106 7,794 05/06/2022 06/24/2022 09/15/2022 2,128,923.334 0.0263 56,021 05/06/2022 07/19/2022 09/15/2022 3,175,117.861 0.0960 304,941 08/05/2022 08/30/2022 11/23/2022 3,175,117.861 0.0386 122,582 08/05/2022 09/20/2022 11/23/2022 3,874,395.354 0.0530 205,433 Total dividends declared for the period from April 1, 2022 (commencement of operations) to September 30, 2022 $ 696,818 |
Schedule of Distributions Reinvested | The following table summarizes the Company’s distributions reinvested during the year ended September 30, 2023: Payment Date DRIP Shares Issued NAV ($) per share DRIP Shares Value (1) For the year ended September 30, 2023 November 23, 2022 1,664.799 $ 15.00 $ 24,972 December 29, 2022 4,782.751 15.00 71,742 March 1, 2023 2,895.367 15.00 43,430 March 22, 2023 3,478.115 15.00 52,172 May 24, 2023 8,465.003 15.00 126,975 June 22, 2023 3,231.487 15.00 48,472 24,517.522 $ 367,763 (1) |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Schedule of Estimated Shares and Proceeds | The estimated shares and proceeds are summarized in the table below: Date Shares Issued NAV ($) per share Proceeds Issuance of Shares 10/27/2023 1,124,891.000 $ 15.00 $ 16,873,365 Issuance of Shares 11/10/2023 1,124,891.000 $ 15.00 $ 16,873,365 Issuance of Shares 12/15/2023 1,999,805.999 $ 15.00 $ 29,997,090 |
Schedule of Declared Distributions to Holders | On August 3, 2023 and November 17, 2023, the Company’s board of directors declared distributions to holders of record as set forth in the table below: Record Date Payment Date Amount Per Share October 20, 2023 December 28, 2023 In an amount (if positive) such that the net asset value of the Company as of October 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period October 1, 2023 through October 31, 2023 and the payment of this distribution is $15.00 per share November 20, 2023 December 28, 2023 In an amount (if positive) such that the net asset value of the Company as of November 30, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period November 1, 2023 through November 30, 2023 and the payment of this distribution is $15.00 per share December 15, 2023 February 21, 2024 In an amount (if positive) such that the net asset value of the Company as of December 31, 2023 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period December 1, 2023 through December 31, 2023 and the payment of this distribution is $15.00 per share January 19, 2024 March 20, 2024 In an amount (if positive) such that the net asset value of the Company as of January 31, 2024 on a pro forma basis after giving effect to the net increase in net assets resulting from operations earned by the Company (if positive) as determined in accordance with GAAP for the period January 1, 2024 through January 31, 2024 and the payment of this distribution is $15.00 per share |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Updates (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Interest income, operating, accretion of discounts and amortization of premiums | $ 32,006 | $ 264,132 |
Amortization of deferred loan origination fees, net | 936,004 | 1,259,751 |
Payment-in-kind interest income | 35,744 | 739,432 |
Payment-in-kind interest capitalized | 22,896 | 734,393 |
Premium prepayment fees | 0 | 0 |
Interest and fee income | 662,779 | 7,947,692 |
Capitalized PIK | 0 | 48,208 |
Non-cash dividends | 0 | 48,208 |
Proceeds from dividends received | 0 | 0 |
Dividend income | 0 | 51,577 |
Excise tax expense (reduction), net | 0 | $ 39,783 |
Deferred offering cost, amortization duration | 3 years | |
Amortization of deferred offering costs | 19,535 | $ 106,209 |
Non-Senior Loan Fund | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Return of capital | $ 0 | $ 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | shares | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | shares | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Minimum notice period | 10 days | |
Total contributed capital to total capital subscription, ratio | 0.369 | 0.197 |
Uncalled capital commitment, amount | $ | $ 236,752,576 | $ 280,166,522 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Subscription and Contribution (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Equity [Abstract] | ||
Subscriptions | $ 374,915,500 | $ 348,715,500 |
Contributions | $ 138,162,924 | $ 68,548,978 |
Stockholders_ Equity - Schedule
Stockholders’ Equity - Schedule of Shares Issued by Date (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 27, 2023 | Sep. 06, 2023 | Jun. 26, 2023 | Jun. 22, 2023 | May 24, 2023 | Mar. 22, 2023 | Mar. 01, 2023 | Feb. 07, 2023 | Dec. 29, 2022 | Nov. 23, 2022 | Nov. 14, 2022 | Sep. 26, 2022 | Sep. 15, 2022 | Aug. 31, 2022 | Jul. 08, 2022 | Jun. 27, 2022 | May 27, 2022 | Apr. 25, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | |||||||||||||||||||||
Issuance of common stock (in shares) | 1,124,746.533 | 1,124,746.533 | 717,431 | 956,574.667 | 717,431 | 697,431 | 697,431 | 1,046,146.533 | 1,394,862 | 733,361.334 | 4,569,231.867 | 4,640,929.733 | |||||||||
Net asset value per common share (in dollars per share) | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 |
Issuance of common stock | $ 16,871,198 | $ 16,871,198 | $ 10,761,465 | $ 14,348,620 | $ 10,761,465 | $ 10,461,465 | $ 10,461,465 | $ 15,692,198 | $ 20,922,930 | $ 11,000,420 | $ 68,538,478 | $ 69,613,946 | |||||||||
Stock issued in connection with dividend reinvestment plan (in shares) | 3,231.487 | 8,465.003 | 3,478.115 | 2,895.367 | 4,782.751 | 1,664.799 | 1,846.493 | 47.994 | 1,894.487 | 24,517.522 | |||||||||||
Stock issued in connection with dividend reinvestment plan | $ 48,472 | $ 126,975 | $ 52,172 | $ 43,430 | $ 71,742 | $ 24,972 | $ 27,697 | $ 720 | $ 28,417 | $ 367,763 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | 12 Months Ended | 13 Months Ended | 25 Months Ended | ||||
Apr. 01, 2022 | Sep. 30, 2022 | Mar. 31, 2025 | Mar. 31, 2024 | Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Related Party Transaction [Line Items] | ||||||||
Investment company, management and service fees, base rate waiver, percentage of base management fee payable | 0.66% | 0.74% | ||||||
Base management fee | $ 113,498 | $ 832,019 | ||||||
Base management fee waived | 113,498 | 675,912 | ||||||
Incentive fee | 69,682 | 930,287 | ||||||
Incentive fee waived | 69,682 | 318,993 | ||||||
Accounts payable and accrued expenses | 165,579 | 425,090 | $ 165,579 | $ 425,090 | ||||
Investment company, voluntary fee waived | 416,353 | 194,972 | ||||||
Receivables due | 7,172 | 151,548 | 7,172 | 151,548 | ||||
Subscriptions | $ 348,715,500 | $ 374,915,500 | $ 348,715,500 | $ 374,915,500 | ||||
Common stock, shares issued (in shares) | 4,571,826.354 | 9,237,273.609 | 4,571,826.354 | 9,237,273.609 | ||||
Contributions | $ 68,548,978 | $ 138,162,924 | $ 68,548,978 | $ 138,162,924 | ||||
Related Party | Revolving Credit Facility | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 40,000,000 | 40,000,000 | ||||||
Related Party | GGP Class B-P, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Subscriptions | $ 25,010,500 | $ 25,010,500 | ||||||
Common stock, shares issued (in shares) | 659,309.933 | 659,309.933 | ||||||
Contributions | $ 9,889,649 | $ 9,889,649 | ||||||
Common stock, shares, issued, dividend reinvestment plan (in shares) | 26,412.009 | 26,412.009 | ||||||
Related Party | GGP Class B-P, LLC | Common Stock | GGP Holdings LP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Related party transaction, share transferred (in shares) | 700 | |||||||
Investment, Administrator | ||||||||
Related Party Transaction [Line Items] | ||||||||
Receivables due | 1,636 | 1,636 | ||||||
Investment Advisory Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, base rate | 1% | |||||||
Investment company, management and service fees, base rate waiver, percentage of base management fee payable | 100% | |||||||
Base management fee | 113,498 | $ 832,019 | ||||||
Base management fee waived | 113,498 | $ 675,912 | ||||||
Management and service fees, incentive rate cap, percentage of cumulative pre-incentive fee net income | 10% | |||||||
Investment Advisory Agreement | Related Party | Forecast | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment company, management and service fees, base rate waiver, percentage of base management fee payable | 33.30% | 66.70% | ||||||
Investment Advisory Agreement | Investment, Administrator | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment company, excess expense reimbursable | 23,758 | $ 411,502 | ||||||
Investment Management Agreement - Incentive Rate, Quarterly Hurdle Rate | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 1% | |||||||
Investment Management Agreement - Incentive Rate, Pre-Incentive Fee Net Investment Income Below Catch-Up | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 100% | |||||||
Investment Advisory Agreement, Cumulative Pre-Incentive Fee Net Investment Income | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 10% | |||||||
Investment Advisory Agreement, Income Incentive Fee | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive fee | 69,682 | $ 874,107 | ||||||
Incentive fee waived | 69,682 | $ 318,993 | ||||||
Investment Advisory Agreement, Capital Gain Incentive Fee Base | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 10% | |||||||
Investment Advisory Agreement, Capital Gain Incentive Fee | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Incentive fee | 0 | $ 56,180 | ||||||
Management and incentive fees payable | 0 | $ 56,180 | 0 | $ 56,180 | ||||
Investment Advisory Agreement, Subordinated Liquidation Incentive Fee Base | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Management and service fees, incentive rate | 10% | |||||||
Administration Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts payable and accrued expenses | 0 | $ 33,285 | 0 | 33,285 | ||||
Investment, Adviser | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Organization costs and professional fees | 56,183 | |||||||
Investment company, excess expense reimbursable | 700,000 | |||||||
Formation And Initial Closing Cost Paid | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Investment company, excess expense reimbursable | 195,200 | 301,431 | ||||||
Investment Advisory Agreement And Administration Agreement, Operating Expenses Reimbursement Waiver | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts payable and accrued expenses | 1,000,000 | 1,000,000 | ||||||
Investment company, voluntary fee waiver, threshold expense reimbursements waived | 1,000,000 | |||||||
Investment company, voluntary fee waived | 416,353 | 194,972 | ||||||
Expenses Paid | Investment, Administrator | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts payable and accrued expenses | $ 0 | $ 175,940 | $ 0 | $ 175,940 | ||||
Conversion to Maryland Corporation, Acquisition of Stock | Related Party | GGP Holdings LP | ||||||||
Related Party Transaction [Line Items] | ||||||||
Sale of stock, number of shares issued in transaction (in shares) | 700 | |||||||
Subscriptions | $ 10,500 | |||||||
Subscription Agreement | Related Party | GGP Class B-P, LLC. GGP Class B-P, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Subscriptions | $ 25,000,000 |
Investments - Schedule of Fair
Investments - Schedule of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | ||
Schedule of Investments [Line Items] | ||||
Principal | $ 109,186,101 | $ 54,006,967 | ||
Amortized Cost | 109,133,395 | 54,268,362 | ||
Fair Value | 109,904,922 | [1] | 53,989,670 | [2] |
Senior secured | ||||
Schedule of Investments [Line Items] | ||||
Principal | 3,826,915 | 573,072 | ||
Amortized Cost | 3,777,354 | 567,404 | ||
Fair Value | 3,771,798 | 560,771 | ||
One stop | ||||
Schedule of Investments [Line Items] | ||||
Principal | 105,246,091 | 53,433,895 | ||
Amortized Cost | 103,352,277 | 52,692,591 | ||
Fair Value | 103,850,192 | 52,400,764 | ||
Second lien | ||||
Schedule of Investments [Line Items] | ||||
Principal | 62,576 | 0 | ||
Amortized Cost | 57,622 | 0 | ||
Fair Value | 58,821 | 0 | ||
Subordinated debt | ||||
Schedule of Investments [Line Items] | ||||
Principal | 50,519 | 0 | ||
Amortized Cost | 49,232 | 0 | ||
Fair Value | 50,519 | 0 | ||
Equity | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 1,896,910 | [3],[4] | 1,008,367 | [5],[6] |
Fair Value | $ 2,173,592 | [1],[3],[4] | $ 1,028,135 | [2],[5],[6] |
[1] The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. Equity investments are non-income producing securities, unless otherwise noted. Ownership of certain equity investments occurs through a holding company or partnership. Equity investments are non-income producing securities. Ownership of certain equity investments occurs through a holding company or partnership. |
Investments - Schedules of Port
Investments - Schedules of Portfolio Composition by Geographic Region at Amortization Cost and Fair Value (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2023 | |||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 54,268,362 | $ 109,133,395 | ||
Fair Value | $ 53,989,670 | [1] | $ 109,904,922 | [2] |
Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Mid-Atlantic | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 7,080,362 | $ 14,718,447 | ||
Fair Value | $ 7,127,929 | $ 14,828,779 | ||
Mid-Atlantic | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 13% | 13.50% | ||
Mid-Atlantic | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 13.20% | 13.50% | ||
Midwest | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 7,435,161 | $ 18,443,969 | ||
Fair Value | $ 7,430,867 | $ 18,561,432 | ||
Midwest | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 13.70% | 16.90% | ||
Midwest | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 13.80% | 16.90% | ||
Northeast | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 12,164,952 | $ 21,956,549 | ||
Fair Value | $ 12,054,680 | $ 22,063,056 | ||
Northeast | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 22.40% | 20.10% | ||
Northeast | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 22.30% | 20.10% | ||
Southeast | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 6,342,481 | $ 18,266,768 | ||
Fair Value | $ 6,342,591 | $ 18,350,650 | ||
Southeast | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 11.70% | 16.70% | ||
Southeast | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 11.80% | 16.70% | ||
Southwest | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 4,297,622 | $ 8,189,972 | ||
Fair Value | $ 4,329,390 | $ 8,221,607 | ||
Southwest | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 7.90% | 7.50% | ||
Southwest | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 8% | 7.50% | ||
West | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 13,018,439 | $ 22,983,224 | ||
Fair Value | $ 12,907,169 | $ 23,274,133 | ||
West | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 24% | 21.10% | ||
West | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 23.90% | 21.20% | ||
United Kingdom | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,338,700 | $ 1,757,504 | ||
Fair Value | $ 1,245,492 | $ 1,735,309 | ||
United Kingdom | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.50% | 1.60% | ||
United Kingdom | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.30% | 1.60% | ||
Luxembourg | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 778,554 | $ 848,166 | ||
Fair Value | $ 776,407 | $ 835,951 | ||
Luxembourg | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.40% | 0.80% | ||
Luxembourg | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.40% | 0.70% | ||
Sweden | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,235,297 | $ 1,388,892 | ||
Fair Value | $ 1,199,264 | $ 1,435,808 | ||
Sweden | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.30% | 1.30% | ||
Sweden | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.20% | 1.30% | ||
Israel | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 31,432 | $ 31,432 | ||
Fair Value | $ 31,430 | $ 37,861 | ||
Israel | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.10% | 0% | ||
Israel | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.10% | 0% | ||
Denmark | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 545,362 | $ 548,472 | ||
Fair Value | $ 544,451 | $ 560,336 | ||
Denmark | Investments, at Amortized Cost | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1% | 0.50% | ||
Denmark | Investments, at Fair Value | Geographic Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1% | 0.50% | ||
[1] The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. |
Investments - Schedule of Portf
Investments - Schedule of Portfolio Composition by Industry at Amortization Cost and Fair Value (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2023 | |||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 54,268,362 | $ 109,133,395 | ||
Fair Value | $ 53,989,670 | [1] | $ 109,904,922 | [2] |
Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 100% | 100% | ||
Aerospace and Defense | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 5,392,890 | ||
Fair Value | $ 0 | $ 5,546,042 | ||
Aerospace and Defense | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 4.90% | ||
Aerospace and Defense | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 5.10% | ||
Automobiles | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 3,112,370 | $ 4,542,643 | ||
Fair Value | $ 3,110,619 | $ 4,427,108 | ||
Automobiles | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.70% | 4.20% | ||
Automobiles | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 5.80% | 4% | ||
Beverages | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 3,298,464 | ||
Fair Value | $ 0 | $ 3,301,796 | ||
Beverages | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 3% | ||
Beverages | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 3% | ||
Commercial Services and Supplies | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 466,362 | ||
Fair Value | $ 0 | $ 466,300 | ||
Commercial Services and Supplies | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0.40% | ||
Commercial Services and Supplies | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0.40% | ||
Diversified Consumer Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 3,606,847 | $ 6,977,706 | ||
Fair Value | $ 3,619,523 | $ 7,102,923 | ||
Diversified Consumer Services | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 6.70% | 6.40% | ||
Diversified Consumer Services | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 6.70% | 6.50% | ||
Diversified Financial Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 743,882 | ||
Fair Value | $ 0 | $ 761,537 | ||
Diversified Financial Services | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0.70% | ||
Diversified Financial Services | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0.70% | ||
Electronic Equipment, Instruments and Components | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 1,540,368 | ||
Fair Value | $ 0 | $ 1,581,864 | ||
Electronic Equipment, Instruments and Components | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 1.40% | ||
Electronic Equipment, Instruments and Components | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 1.40% | ||
Health Care Technology | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 518,627 | $ 3,072,835 | ||
Fair Value | $ 513,252 | $ 3,045,648 | ||
Health Care Technology | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1% | 2.80% | ||
Health Care Technology | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1% | 2.80% | ||
Healthcare Equipment and Supplies | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,295,367 | $ 1,304,619 | ||
Fair Value | $ 1,295,098 | $ 1,315,667 | ||
Healthcare Equipment and Supplies | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.40% | 1.20% | ||
Healthcare Equipment and Supplies | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2.40% | 1.20% | ||
Healthcare Providers and Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 143,841 | $ 918,435 | ||
Fair Value | $ 143,536 | $ 910,771 | ||
Healthcare Providers and Services | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.30% | 0.80% | ||
Healthcare Providers and Services | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.30% | 0.80% | ||
Hotels, Restaurants and Leisure | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 595,150 | $ 3,787,223 | ||
Fair Value | $ 588,369 | $ 3,816,857 | ||
Hotels, Restaurants and Leisure | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.10% | 3.50% | ||
Hotels, Restaurants and Leisure | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.10% | 3.50% | ||
Household Durables | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 443,345 | ||
Fair Value | $ 0 | $ 457,524 | ||
Household Durables | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0.40% | ||
Household Durables | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 0.40% | ||
Industrial Conglomerates | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 1,047,989 | $ 1,103,648 | ||
Fair Value | $ 1,050,133 | $ 1,117,139 | ||
Industrial Conglomerates | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.90% | 1% | ||
Industrial Conglomerates | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 2% | 1% | ||
Insurance | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 3,800,618 | $ 5,676,413 | ||
Fair Value | $ 3,797,726 | $ 5,758,946 | ||
Insurance | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 7% | 5.20% | ||
Insurance | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 7% | 5.30% | ||
IT Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 4,800,501 | $ 5,856,659 | ||
Fair Value | $ 4,777,414 | $ 5,839,273 | ||
IT Services | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 8.80% | 5.40% | ||
IT Services | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 8.80% | 5.30% | ||
Life Sciences Tools & Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 4,320,466 | ||
Fair Value | $ 0 | $ 4,485,130 | ||
Life Sciences Tools & Services | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 4% | ||
Life Sciences Tools & Services | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0% | 4.10% | ||
Pharmaceuticals | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 778,554 | $ 848,166 | ||
Fair Value | $ 776,407 | $ 835,951 | ||
Pharmaceuticals | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.40% | 0.80% | ||
Pharmaceuticals | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 1.40% | 0.80% | ||
Professional Services | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 284,781 | $ 1,225,709 | ||
Fair Value | $ 287,247 | $ 1,247,044 | ||
Professional Services | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.50% | 1.10% | ||
Professional Services | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 0.50% | 1.10% | ||
Software | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 28,379,618 | $ 48,747,945 | ||
Fair Value | $ 28,127,900 | $ 49,064,803 | ||
Software | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 52.30% | 44.70% | ||
Software | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 52.10% | 44.60% | ||
Specialty Retail | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 5,904,099 | $ 8,865,617 | ||
Fair Value | $ 5,902,446 | $ 8,822,599 | ||
Specialty Retail | Investments, at Amortized Cost | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 10.90% | 8.10% | ||
Specialty Retail | Investments, at Fair Value | Industry Concentration Risk | ||||
Schedule of Investments [Line Items] | ||||
Concentration risk, percentage | 10.90% | 8% | ||
[1] The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. |
Forward Currency Contracts - Sc
Forward Currency Contracts - Schedule of Outstanding Forward Currency Contracts (Details) - Sep. 30, 2023 | GBP (£) | USD ($) | EUR (€) |
Open Forward Foreign Currency Contract [Line Items] | |||
Unrealized appreciation ($) | $ 0 | ||
Unrealized depreciation ($) | (193,625) | ||
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Settlement Date 10/13/2023 Contract 1 | |||
Open Forward Foreign Currency Contract [Line Items] | |||
Currency to be sold | £ | £ 1,125,000 | ||
Currency to be purchased | 1,246,950 | ||
Unrealized appreciation ($) | 0 | ||
Unrealized depreciation ($) | (125,594) | ||
Open Forward Foreign Currency Contract, Identifier [Axis]: Macquarie Bank Limited, Settlement Date 10/13/2023 Contract 2 | |||
Open Forward Foreign Currency Contract [Line Items] | |||
Currency to be sold | € | € 1,150,000 | ||
Currency to be purchased | 1,148,218 | ||
Unrealized appreciation ($) | 0 | ||
Unrealized depreciation ($) | $ (68,031) |
Forward Currency Contracts - _2
Forward Currency Contracts - Schedule of Forward Currency Contract, Fair Value (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Open Forward Foreign Currency Contract [Line Items] | ||
Net amounts presented in the Consolidated Statements of Financial Condition | $ (193,625) | $ 0 |
Forward currency contracts | ||
Open Forward Foreign Currency Contract [Line Items] | ||
Unrealized appreciation on forward currency contracts | 0 | |
Unrealized depreciation on forward currency contracts | (193,625) | |
Net amounts presented in the Consolidated Statements of Financial Condition | (193,625) | |
Collateral (received) pledged | 193,625 | |
Net amount | $ 0 |
Forward Currency Contracts - _3
Forward Currency Contracts - Schedule of Realized and Unrealized Gain (Loss) on Forward Currency Contract (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Open Forward Foreign Currency Contract [Line Items] | ||
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income | $ 0 | $ (193,625) |
Forward currency contracts | ||
Open Forward Foreign Currency Contract [Line Items] | ||
Realized gain (loss) on forward currency contracts recognized in income | 0 | 0 |
Change in unrealized appreciation (depreciation) on forward currency contracts recognized in income | $ 0 | $ (193,625) |
Forward Currency Contracts - _4
Forward Currency Contracts - Schedule of Average Outstanding Daily Volume for Forward Currency Contract (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Forward currency contracts | ||
Open Forward Foreign Currency Contract [Line Items] | ||
Average U.S. Dollar notional outstanding | $ 0 | $ 2,329,546 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | $ 109,904,922 | [1] | $ 53,989,670 | [2] |
Money market funds | 8,681,873 | |||
Total assets, at fair value: | 118,586,795 | 53,989,670 | ||
Forward currency contracts | 193,625 | |||
Total liabilities, at fair value: | 193,625 | |||
Debt Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 107,731,330 | [1] | 52,961,535 | [2] |
Equity Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 2,173,592 | [1],[3],[4] | 1,028,135 | [2],[5],[6] |
Level 1 | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Money market funds | 8,681,873 | |||
Total assets, at fair value: | 8,681,873 | 0 | ||
Forward currency contracts | 0 | |||
Total liabilities, at fair value: | 0 | |||
Level 1 | Debt Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 1 | Equity Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Money market funds | 0 | |||
Total assets, at fair value: | 0 | 0 | ||
Forward currency contracts | 193,625 | |||
Total liabilities, at fair value: | 193,625 | |||
Level 2 | Debt Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 2 | Equity Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 0 | 0 | ||
Level 3 | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Money market funds | 0 | |||
Total assets, at fair value: | 109,904,922 | 53,989,670 | ||
Forward currency contracts | 0 | |||
Total liabilities, at fair value: | 0 | |||
Level 3 | Debt Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | 107,731,330 | 52,961,535 | ||
Level 3 | Equity Investments | ||||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||||
Fair Value | $ 2,173,592 | $ 1,028,135 | ||
[1] The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. Equity investments are non-income producing securities, unless otherwise noted. Ownership of certain equity investments occurs through a holding company or partnership. Equity investments are non-income producing securities. Ownership of certain equity investments occurs through a holding company or partnership. |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net change in unrealized appreciation (depreciation) on investment transactions | $ (278,692) | $ 857,009 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net change in unrealized appreciation (depreciation) on investment transactions | $ (278,692) | $ 1,066,729 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | $ 0 | $ 53,989,670 |
Fundings of (proceeds from) revolving loans, net | 79,455 | 162,577 |
Fundings of investments | 54,142,216 | 55,511,793 |
PIK interest and non-cash dividends | 22,896 | 782,601 |
Proceeds from principal payments and sales of portfolio investments | (8,211) | (1,864,056) |
Fair value, end of period | $ 53,989,670 | $ 109,904,922 |
Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ (148,687) | $ 847,129 |
Net translation of investments in foreign currencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ (130,005) | $ 203,090 |
Realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Investments | |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ 6,562 | |
Realized gain (loss) on translation of investments in foreign currencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) | |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ 1,424 | |
Accretion of discounts and amortization of premiums | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, asset, recurring basis, unobservable input reconciliation, gain (loss), statement of income or comprehensive income [Extensible Enumeration] | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) | Non-controlled/non-affiliate company investments at fair value (amortized cost of $109,133,395 and $54,268,362, respectively) |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ 32,006 | $ 264,132 |
Debt Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0 | 52,961,535 |
Fundings of (proceeds from) revolving loans, net | 79,455 | 162,577 |
Fundings of investments | 53,133,849 | 54,612,206 |
PIK interest and non-cash dividends | 22,896 | 734,393 |
Proceeds from principal payments and sales of portfolio investments | (8,211) | (1,798,242) |
Fair value, end of period | 52,961,535 | 107,731,330 |
Debt Investments | Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | (168,455) | 590,215 |
Debt Investments | Net translation of investments in foreign currencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | (130,005) | 203,090 |
Debt Investments | Realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 0 | |
Debt Investments | Realized gain (loss) on translation of investments in foreign currencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 1,424 | |
Debt Investments | Accretion of discounts and amortization of premiums | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 32,006 | 264,132 |
Equity Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 0 | 1,028,135 |
Fundings of (proceeds from) revolving loans, net | 0 | 0 |
Fundings of investments | 1,008,367 | 899,587 |
PIK interest and non-cash dividends | 0 | 48,208 |
Proceeds from principal payments and sales of portfolio investments | 0 | (65,814) |
Fair value, end of period | 1,028,135 | 2,173,592 |
Equity Investments | Net change in unrealized appreciation (depreciation) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 19,768 | 256,914 |
Equity Investments | Net translation of investments in foreign currencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 0 | 0 |
Equity Investments | Realized gain (loss) on investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 6,562 | |
Equity Investments | Realized gain (loss) on translation of investments in foreign currencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | 0 | |
Equity Investments | Accretion of discounts and amortization of premiums | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ 0 | $ 0 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 109,904,922 | [1] | $ 53,989,670 | [2] |
Level 3 | Senior secured loans | Yield analysis | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 3,771,798 | |||
Level 3 | Senior secured loans | Yield analysis | Minimum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.090 | |||
Level 3 | Senior secured loans | Yield analysis | Maximum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.100 | |||
Level 3 | Senior secured loans | Yield analysis | Weighted Average | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.099 | |||
Level 3 | Senior secured loans | Market comparable companies | Minimum | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 8.5 | 10.3 | ||
Level 3 | Senior secured loans | Market comparable companies | Maximum | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 16.1 | 26.2 | ||
Level 3 | Senior secured loans | Market comparable companies | Weighted Average | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 11.5 | 18.9 | ||
Level 3 | Senior secured loans | Market Rate Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 560,771 | |||
Level 3 | Senior secured loans | Market Rate Approach | Minimum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.088 | |||
Level 3 | Senior secured loans | Market Rate Approach | Maximum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.095 | |||
Level 3 | Senior secured loans | Market Rate Approach | Weighted Average | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.094 | |||
Level 3 | One stop | Yield analysis | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 103,850,192 | |||
Level 3 | One stop | Yield analysis | Minimum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.075 | |||
Level 3 | One stop | Yield analysis | Maximum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.198 | |||
Level 3 | One stop | Yield analysis | Weighted Average | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.103 | |||
Level 3 | One stop | Market comparable companies | Minimum | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 9.5 | 7 | ||
Level 3 | One stop | Market comparable companies | Minimum | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 5.5 | 7.8 | ||
Level 3 | One stop | Market comparable companies | Maximum | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 34 | 32.9 | ||
Level 3 | One stop | Market comparable companies | Maximum | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 27 | 16.7 | ||
Level 3 | One stop | Market comparable companies | Weighted Average | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 18.6 | 18.6 | ||
Level 3 | One stop | Market comparable companies | Weighted Average | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 11.8 | 14 | ||
Level 3 | One stop | Market Rate Approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 52,400,764 | |||
Level 3 | One stop | Market Rate Approach | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 72,979,184 | 32,469,726 | ||
Level 3 | One stop | Market Rate Approach | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 30,871,008 | $ 19,931,038 | ||
Level 3 | One stop | Market Rate Approach | Minimum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.080 | |||
Level 3 | One stop | Market Rate Approach | Maximum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.135 | |||
Level 3 | One stop | Market Rate Approach | Weighted Average | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.094 | |||
Level 3 | Subordinated debt and second lien loans | Yield analysis | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 109,340 | |||
Level 3 | Subordinated debt and second lien loans | Yield analysis | Minimum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.130 | |||
Level 3 | Subordinated debt and second lien loans | Yield analysis | Maximum | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.135 | |||
Level 3 | Subordinated debt and second lien loans | Yield analysis | Weighted Average | Market interest rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 0.132 | |||
Level 3 | Subordinated debt and second lien loans | Market comparable companies | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 9.5 | |||
Level 3 | Equity | Market comparable companies | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 2,173,592 | $ 1,028,135 | ||
Level 3 | Equity | Market comparable companies | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,367,439 | 578,141 | ||
Level 3 | Equity | Market comparable companies | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 806,153 | $ 449,994 | ||
Level 3 | Equity | Market comparable companies | Minimum | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 11.5 | 12.6 | ||
Level 3 | Equity | Market comparable companies | Minimum | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 5.5 | 7.8 | ||
Level 3 | Equity | Market comparable companies | Maximum | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 26 | 25.9 | ||
Level 3 | Equity | Market comparable companies | Maximum | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 16.5 | 16.7 | ||
Level 3 | Equity | Market comparable companies | Weighted Average | EBITDA multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 19.3 | 22.8 | ||
Level 3 | Equity | Market comparable companies | Weighted Average | Revenue multiples | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investment company, investment owned, measurement input | 13.7 | 15.9 | ||
[1] The fair values of investments were valued using significant unobservable inputs, unless otherwise noted. See “Note 7. Fair Value Measurements”. The fair value of the investment was valued using significant unobservable inputs. See Note 7. Fair Value Measurements. |
Borrowings (Details)
Borrowings (Details) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||
Minimum asset coverage ratio required | 1.50 | |
Revolving Credit Facility | Adviser Revolver | Short-term Applicable Federal Rate | ||
Debt Instrument [Line Items] | ||
Debt instrument, basis spread on variable rate | 5% | |
Revolving Credit Facility | Adviser Revolver | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 40,000,000 | $ 40,000,000 |
Proceeds from long-term lines of credit | 0 | 0 |
Repayments of long-term lines of credit | 0 | 0 |
Outstanding borrowings | $ 0 | $ 0 |
Federal Income Tax Matters - Sc
Federal Income Tax Matters - Schedule of Reclassification Taxable Income (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Schedule of Investments [Abstract] | ||
Increase/(decrease) in Paid in Capital in Excess of Par | $ 0 | $ (127,013) |
Increase/(decrease) in Distributable Earnings (Losses) | $ 0 | $ 127,013 |
Federal Income Tax Matters - _2
Federal Income Tax Matters - Schedule of Net Increase in Net Assets Resulting from Operations to Taxable Income (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Schedule of Investments [Abstract] | ||
Net increase in net assets resulting from operations | $ 696,818 | $ 8,999,750 |
Net change in unrealized (appreciation) depreciation on investment transactions | 278,692 | (857,009) |
Other income not currently taxable | (8) | (51,577) |
Expenses not currently deductible | 0 | 185,603 |
Expenses deductible for tax but not book | 0 | (23) |
Other realized gain/loss differences | 0 | (6,561) |
Taxable income before deductions for distributions | $ 975,502 | $ 8,270,183 |
Federal Income Tax Matters - _3
Federal Income Tax Matters - Schedule of Tax Character of Distributions Paid (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Schedule of Investments [Abstract] | ||
Ordinary Income | $ 368,803 | $ 7,371,683 |
Federal Income Tax Matters - _4
Federal Income Tax Matters - Schedule of Tax Basis Components of Distributable Earnings/(Accumulated Losses) and Reconciliation to Accumulated Earnings/(Deficit) on a Book Basis (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Schedule of Investments [Abstract] | ||
Undistributed ordinary income – tax basis | $ 1,505,199 | $ 606,699 |
Net unrealized appreciation (depreciation) on investments | 634,077 | (278,684) |
Other temporary differences | (2,012,263) | (328,015) |
Total accumulated earnings (loss) – book basis | $ 127,013 | $ 0 |
Federal Income Tax Matters - Na
Federal Income Tax Matters - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Deferred tax assets, capital loss carryforwards | $ 0 | $ 0 |
Ordinary income | $ 368,803 | 7,371,683 |
Tax basis of investments, cost for income tax purposes | 109,077,637 | |
Unrealized gain on investment | 1,309,939 | |
Unrealized loss on investment | 482,654 | |
Investment Tax Credit Carryforward | Tax Year 2024 | ||
Investments, Owned, Federal Income Tax Note [Line Items] | ||
Ordinary income | $ 1,505,199 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Sep. 30, 2023 | Sep. 30, 2022 |
Loss Contingencies [Line Items] | ||
Investment company, financial commitment to investee, future amount | $ 16,131,661 | $ 14,646,625 |
Undrawn Revolver | ||
Loss Contingencies [Line Items] | ||
Investment company, financial commitment to investee, future amount | $ 3,471,987 | $ 2,352,541 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Sep. 22, 2023 | Aug. 30, 2023 | Jul. 28, 2023 | Jun. 16, 2023 | May 26, 2023 | Apr. 28, 2023 | Mar. 17, 2023 | Feb. 24, 2023 | Jan. 17, 2023 | Dec. 15, 2022 | Nov. 21, 2022 | Oct. 18, 2022 | Sep. 20, 2022 | Aug. 30, 2022 | Jul. 19, 2022 | Jun. 24, 2022 | May 20, 2022 | May 06, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Mar. 31, 2022 | |
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||||||||||
Net asset value at beginning of period (in dollars per share) | $ 15 | $ 15 | |||||||||||||||||||
Distribution declared (in dollars per share) | $ (0.1362) | $ (0.1218) | $ (0.1147) | $ (0.1579) | $ (0.1106) | $ (0.1023) | $ (0.1558) | $ (0.1148) | $ (0.1301) | $ (0.1096) | $ (0.0964) | $ (0.0980) | $ (0.0530) | $ (0.0386) | $ (0.0960) | $ (0.0263) | $ (0.0106) | $ (0.0001) | |||
Net investment income (in dollars per share) | 0.44 | 1.33 | |||||||||||||||||||
Net realized gain (loss) on investment transactions (in dollars per share) | (0.01) | 0 | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment transactions (in dollars per share) | (0.21) | 0.12 | |||||||||||||||||||
Net asset value at end of period (in dollars per share) | $ 15 | $ 15 | |||||||||||||||||||
Total return based on net asset value per share | 1.50% | 8.15% | |||||||||||||||||||
Number of common shares outstanding (in shares) | 8,112,527.076 | 6,987,780.543 | 6,987,780.543 | 6,267,118.056 | 6,267,118.056 | 6,258,653.053 | 6,255,174.938 | 6,252,279.571 | 5,295,704.904 | 5,290,922.153 | 5,289,257.354 | 4,571,826.354 | 3,874,395.354 | 3,175,117.861 | 3,175,117.861 | 2,128,923.334 | 734,061.334 | 734,061.334 | 4,571,826.354 | 9,237,273.609 | |
Ratio of net investment income - after tax to average net assets | 5.83% | 8.89% | |||||||||||||||||||
Ratio of total expenses to average net assets | 3.28% | 2.94% | |||||||||||||||||||
Ratio of management fee waiver to average net assets | (0.66%) | (0.74%) | |||||||||||||||||||
Ratio of incentive fee waiver to average net assets | (0.20%) | (0.35%) | |||||||||||||||||||
Ratio of operating expense waiver to average net assets | (1.20%) | (0.21%) | |||||||||||||||||||
Ratio of incentive fees to average net assets | 0.20% | 1.02% | |||||||||||||||||||
Ratio of excise tax to average net assets | 0% | 0.04% | |||||||||||||||||||
Ratio of net expenses to average net assets | 1.22% | 1.64% | |||||||||||||||||||
Ratio of total expenses (without incentive fees) to average net assets | 3.08% | 0.98% | |||||||||||||||||||
Total return based on average net asset value | 2.03% | 9.84% | |||||||||||||||||||
Total return based on average net asset value - annualized | 4.05% | 9.84% | |||||||||||||||||||
Net assets at end of period | $ 68,577,395 | $ 138,559,104 | $ 10,500 | ||||||||||||||||||
Average debt outstanding | $ 0 | $ 0 | |||||||||||||||||||
Average debt outstanding per share (in dollars per share) | $ 0 | $ 0 | |||||||||||||||||||
Portfolio Turnover | 0.06% | 2.27% | |||||||||||||||||||
Net Investment Income | |||||||||||||||||||||
Investment Company, Financial Highlights [Roll Forward] | |||||||||||||||||||||
Distribution declared (in dollars per share) | $ (0.22) | $ (1.45) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2023 | |
Earnings Per Share [Abstract] | ||
Earnings available to stockholders | $ 696,818 | $ 8,999,750 |
Basic weighted average shares outstanding (in shares) | 2,292,083 | 6,113,779 |
Diluted weighted average shares outstanding (in shares) | 2,292,083 | 6,113,779 |
Basic earnings per share (in dollars per share) | $ 0.30 | $ 1.47 |
Diluted earnings per share (in dollars per share) | $ 0.30 | $ 1.47 |
Dividends and Distributions - S
Dividends and Distributions - Schedule of Dividends Declarations and Distributions (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 22, 2023 | Aug. 30, 2023 | Jul. 28, 2023 | Jun. 16, 2023 | May 26, 2023 | Apr. 28, 2023 | Mar. 17, 2023 | Feb. 24, 2023 | Jan. 17, 2023 | Dec. 15, 2022 | Nov. 21, 2022 | Oct. 18, 2022 | Sep. 20, 2022 | Aug. 30, 2022 | Jul. 19, 2022 | Jun. 24, 2022 | May 20, 2022 | May 06, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||
Number of common shares outstanding (in shares) | 8,112,527.076 | 6,987,780.543 | 6,987,780.543 | 6,267,118.056 | 6,267,118.056 | 6,258,653.053 | 6,255,174.938 | 6,252,279.571 | 5,295,704.904 | 5,290,922.153 | 5,289,257.354 | 4,571,826.354 | 3,874,395.354 | 3,175,117.861 | 3,175,117.861 | 2,128,923.334 | 734,061.334 | 734,061.334 | 4,571,826.354 | 9,237,273.609 |
Distribution declared (in dollars per share) | $ 0.1362 | $ 0.1218 | $ 0.1147 | $ 0.1579 | $ 0.1106 | $ 0.1023 | $ 0.1558 | $ 0.1148 | $ 0.1301 | $ 0.1096 | $ 0.0964 | $ 0.0980 | $ 0.0530 | $ 0.0386 | $ 0.0960 | $ 0.0263 | $ 0.0106 | $ 0.0001 | ||
Total Dividends Declared | $ 1,105,298 | $ 850,784 | $ 801,685 | $ 989,887 | $ 692,841 | $ 640,103 | $ 974,352 | $ 717,968 | $ 689,210 | $ 580,139 | $ 509,660 | $ 447,823 | $ 205,433 | $ 122,582 | $ 304,941 | $ 56,021 | $ 7,794 | $ 47 | $ 696,818 | $ 8,999,750 |
Dividends and Distributions -_2
Dividends and Distributions - Schedule of Distributions Reinvested (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 22, 2023 | May 24, 2023 | Mar. 22, 2023 | Mar. 01, 2023 | Dec. 29, 2022 | Nov. 23, 2022 | Sep. 15, 2022 | Jul. 08, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 27, 2023 | Sep. 06, 2023 | Jun. 26, 2023 | Feb. 07, 2023 | Nov. 14, 2022 | Sep. 26, 2022 | Aug. 31, 2022 | Jun. 27, 2022 | May 27, 2022 | Apr. 25, 2022 | Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||
DRIP shares issued (in shares) | 3,231.487 | 8,465.003 | 3,478.115 | 2,895.367 | 4,782.751 | 1,664.799 | 1,846.493 | 47.994 | 1,894.487 | 24,517.522 | |||||||||||
NAV per share (in dollars per share) | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 |
DRIP shares value | $ 48,472 | $ 126,975 | $ 52,172 | $ 43,430 | $ 71,742 | $ 24,972 | $ 27,697 | $ 720 | $ 28,417 | $ 367,763 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Estimated Shares and Proceeds (Details) - USD ($) | Dec. 15, 2023 | Nov. 10, 2023 | Oct. 27, 2023 | Sep. 30, 2023 | Sep. 27, 2023 | Sep. 06, 2023 | Jun. 26, 2023 | Jun. 22, 2023 | May 24, 2023 | Mar. 22, 2023 | Mar. 01, 2023 | Feb. 07, 2023 | Dec. 29, 2022 | Nov. 23, 2022 | Nov. 14, 2022 | Sep. 30, 2022 | Sep. 26, 2022 | Sep. 15, 2022 | Aug. 31, 2022 | Jul. 08, 2022 | Jun. 27, 2022 | May 27, 2022 | Apr. 25, 2022 | Mar. 31, 2022 |
Subsequent Event [Line Items] | ||||||||||||||||||||||||
NAV per share (in dollars per share) | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | $ 15 | |||
Forecast | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Shares issued (in shares) | 1,999,805.999 | |||||||||||||||||||||||
NAV per share (in dollars per share) | $ 15 | |||||||||||||||||||||||
Proceeds | $ 29,997,090 | |||||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Shares issued (in shares) | 1,124,891 | 1,124,891 | ||||||||||||||||||||||
NAV per share (in dollars per share) | $ 15 | $ 15 | ||||||||||||||||||||||
Proceeds | $ 16,873,365 | $ 16,873,365 |
Subsequent Events - Schedule _2
Subsequent Events - Schedule of Declared Distributions to Holders (Details) - $ / shares | Jan. 19, 2024 | Dec. 15, 2023 | Nov. 20, 2023 | Oct. 20, 2023 | Sep. 22, 2023 | Aug. 30, 2023 | Jul. 28, 2023 | Jun. 16, 2023 | May 26, 2023 | Apr. 28, 2023 | Mar. 17, 2023 | Feb. 24, 2023 | Jan. 17, 2023 | Dec. 15, 2022 | Nov. 21, 2022 | Oct. 18, 2022 | Sep. 20, 2022 | Aug. 30, 2022 | Jul. 19, 2022 | Jun. 24, 2022 | May 20, 2022 | May 06, 2022 |
Subsequent Event [Line Items] | ||||||||||||||||||||||
Distribution declared (in dollars per share) | $ 0.1362 | $ 0.1218 | $ 0.1147 | $ 0.1579 | $ 0.1106 | $ 0.1023 | $ 0.1558 | $ 0.1148 | $ 0.1301 | $ 0.1096 | $ 0.0964 | $ 0.0980 | $ 0.0530 | $ 0.0386 | $ 0.0960 | $ 0.0263 | $ 0.0106 | $ 0.0001 | ||||
Forecast | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Distribution declared (in dollars per share) | $ 15 | $ 15 | ||||||||||||||||||||
Subsequent Event | ||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||
Distribution declared (in dollars per share) | $ 15 | $ 15 |