Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Mar. 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0001902649 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 814-01485 | |
Entity Registrant Name | BLACKROCK PRIVATE CREDIT FUND | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-4655020 | |
Entity Address, Address Line One | 50 Hudson Yards | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10001 | |
City Area Code | 212 | |
Local Phone Number | 810-5300 | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
ICFR Auditor Attestation Flag | true | |
Document Financial Statement Error Correction Flag | false | |
Entity Public Float | $ 0 | |
Documents Incorporated by Reference [Text Block] | Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2024 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report. | |
Auditor Name | Deloitte & Touche LLP | |
Auditor Firm ID | 34 | |
Auditor Location | Los Angeles, California | |
Class S Shares | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Class S Shares, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 0 | |
Class D Shares | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Class D Shares, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 0 | |
Institutional Class Shares | ||
Document Information [Line Items] | ||
Title of 12(g) Security | Institutional Class Shares, par value $0.001 per share | |
Entity Common Stock, Shares Outstanding | 10,746,121 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Investments, at fair value | $ 400,926,373 | [1] | $ 207,554,379 |
Cash and cash equivalents | 20,393,858 | 17,633,729 | |
Interest, dividends and fees receivable | 3,399,769 | 1,265,323 | |
Deferred debt issuance costs | 1,906,373 | 1,779,632 | |
Receivable for investments sold | 618,839 | 22,548 | |
Prepaid expenses and other assets | 773,376 | 283,390 | |
Total assets | 428,018,588 | 228,539,001 | |
Liabilities | |||
Debt | 156,000,000 | 95,000,000 | |
Payable for investments purchased | 13,860,550 | 7,174,463 | |
Contribution received in advance | 11,924,839 | 4,950,000 | |
Distribution payable | 3,651,224 | 1,440,887 | |
Interest and debt related payables | 2,166,027 | 1,090,190 | |
Reimbursements due to the Investment Adviser | 247,942 | 48,566 | |
Accrued expenses and other liabilities | 1,363,980 | 1,149,618 | |
Total liabilities | 189,214,562 | 110,853,724 | |
Commitments and contingencies (Note 5) | |||
Net assets | 238,804,026 | 117,685,277 | |
Composition of net assets applicable to common shareholders | |||
Common shares of beneficial interest, $0.001 par value; 9,608,484 and 4,968,576 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively | 9,608 | 4,969 | |
Paid-in capital in excess of par | 234,370,285 | 120,449,278 | |
Distributable earnings (loss) | 4,424,133 | (2,768,970) | |
Total net assets | 238,804,026 | 117,685,277 | |
Total liabilities and net assets | $ 428,018,588 | $ 228,539,001 | |
Net assets per share | $ 24.85 | $ 23.69 | |
Non-Controlled, Non-Affiliated Investments | |||
Assets | |||
Investments, at fair value | $ 400,926,373 | $ 207,554,379 | |
[1] Includes senior secured loans |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cost | $ 398,929,289 | $ 210,903,951 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 9,608,484 | 4,968,576 |
Common stock, shares outstanding | 9,608,484 | 4,968,576 |
Non-Controlled, Non-Affiliated Investments | ||
Cost | $ 398,929,289 | $ 210,903,951 |
Consolidated Statement of Opera
Consolidated Statement of Operations (Unuadited) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | ||
Interest and Dividend Income, Operating [Abstract] | |||
Interest income | $ 20,443,324 | ||
Total investment income | $ 7,479,344 | 34,238,323 | |
Operating expenses | |||
Interest and other debt expenses | 2,263,498 | 8,398,203 | |
Incentive fees | 0 | 3,332,075 | |
Management fees | 541,482 | 2,041,069 | |
Administrative expenses | 580,396 | 1,289,972 | |
Professional fees | 370,148 | 658,223 | |
Director fees | 158,708 | 271,500 | |
Custody fees | 75,490 | 224,751 | |
Insurance expense | 31,833 | 28,933 | |
Other operating expenses | 156,512 | 426,002 | |
Total operating expenses, before management fee and incentive fee waivers | 4,178,067 | 16,670,728 | |
Management fee and incentive fee waivers | (541,482) | (5,373,144) | |
Total operating expenses, net of management fee and incentive fee waivers | 3,636,585 | 11,297,584 | |
Net investment income before taxes | 3,842,759 | 22,940,739 | |
Excise tax expense | 20,153 | 106,746 | |
Net investment income | 3,822,606 | 22,833,993 | |
Realized and unrealized gain (loss) on investments and foreign currency | |||
Net realized gain (loss) | 0 | 77,570 | |
Net change in unrealized appreciation (depreciation) | (3,349,572) | 5,346,656 | |
Net realized and unrealized gain (loss) | (3,349,572) | 5,424,226 | |
Net increase (decrease) in net assets resulting from operations | $ 473,034 | $ 28,258,219 | |
Basic earnings (loss) per share | [1] | $ (0.56) | $ 4.03 |
Basic weighted average common shares outstanding | 2,596,026 | 7,055,915 | |
Diluted earnings (loss) per share | [1] | $ (0.56) | $ 4.03 |
Diluted weighted average common shares outstanding | 2,596,026 | 7,055,915 | |
Non-Controlled, Non-Affiliated Investments | |||
Interest and Dividend Income, Operating [Abstract] | |||
Interest income | $ 7,479,344 | $ 34,238,323 | |
Realized and unrealized gain (loss) on investments and foreign currency | |||
Net realized gain (loss) | 0 | 77,570 | |
Net change in unrealized appreciation (depreciation) | $ (3,349,572) | $ 5,346,656 | |
[1] Computed based on the actual number of shares outstanding and capital activity during the time periods such earnings occurred. |
Consolidated Statement of Chang
Consolidated Statement of Changes in Net Assets (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Beginning balance | $ 100,000 | $ 117,685,277 | |
Beginning balance, Shares | 4,968,576 | ||
Issuance of common shares in private offerings | 118,555,300 | $ 96,737,065 | |
Issuance of common shares from dividend reinvestment plan | 1,819,100 | 17,295,327 | |
Net investment income | 3,822,606 | $ 3,822,606 | 22,833,993 |
Net realized and unrealized gain (loss) | (3,349,572) | (3,349,572) | 5,424,226 |
Dividends paid to common shareholders | (3,262,157) | (21,171,862) | |
Ending balance | $ 117,685,277 | $ 117,685,277 | $ 238,804,026 |
Ending balance, Shares | 4,968,576 | 4,968,576 | 9,608,484 |
Common Stock | |||
Beginning balance | $ 4 | $ 4,969 | |
Beginning balance, Shares | 4,000 | 4,968,576 | |
Issuance of common shares in private offerings | $ 4,889 | $ 3,934 | |
Issuance of common shares in private offerings | 4,888,367 | 3,934,546 | |
Issuance of common shares from dividend reinvestment plan | $ 76 | $ 705 | |
Issuance of common shares from dividend reinvestment plan, Shares | 76,209 | 705,362 | |
Ending balance | $ 4,969 | $ 4,969 | $ 9,608 |
Ending balance, Shares | 4,968,576 | 4,968,576 | 9,608,484 |
Paid in Capital in Excess of Par | |||
Beginning balance | $ 99,996 | $ 120,449,278 | |
Issuance of common shares in private offerings | 118,550,411 | 96,733,131 | |
Issuance of common shares from dividend reinvestment plan | 1,819,024 | 17,294,622 | |
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | (20,153) | (106,746) | |
Ending balance | 120,449,278 | $ 120,449,278 | 234,370,285 |
Distributable Earnings (Loss) | |||
Beginning balance | (2,768,970) | ||
Net investment income | 3,822,606 | 22,833,993 | |
Net realized and unrealized gain (loss) | (3,349,572) | 5,424,226 | |
Dividends paid to common shareholders | (3,262,157) | (21,171,862) | |
Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles | 20,153 | 106,746 | |
Ending balance | $ (2,768,970) | $ (2,768,970) | $ 4,424,133 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | |||
Net increase (decrease) in net assets resulting from operations | $ 473,034 | $ 28,258,219 | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |||
Net realized (gain) loss | 0 | (77,570) | |
Change in net unrealized (appreciation) depreciation of investments | (5,346,656) | $ 3,349,572 | |
Net amortization of investment discounts and premiums | (526,436) | (3,167,347) | |
Interest and dividend income paid in kind | (128,409) | (694,111) | |
Amortization of deferred debt issuance costs | 109,094 | 193,554 | |
Changes in assets and liabilities: | |||
Purchase of investments | (217,342,907) | (248,934,358) | |
Proceeds from disposition of investments | 7,093,801 | 64,848,048 | |
Decrease (increase) in interest, dividends and fees receivable | (1,265,323) | (2,134,446) | |
Decrease (increase) in receivable for investments sold | (22,548) | (596,291) | |
Decrease (increase) in prepaid expenses and other assets | (283,390) | (489,986) | |
Increase (decrease) in payable for investments purchased | 7,174,463 | 6,686,087 | |
Increase (decrease) in interest and debt related payables | 1,090,190 | 1,075,837 | |
Increase (decrease) in reimbursements due to the Investment Adviser | 48,566 | 199,376 | |
Increase (decrease) in accrued expenses and other liabilities | 1,149,618 | 214,362 | |
Net cash provided by (used in) operating activities | (199,080,675) | (159,965,282) | |
Financing activities | |||
Proceeds from common shares sold | 118,655,300 | 91,787,065 | |
Contribution received in advance | 4,950,000 | 11,924,839 | |
Draws on credit facilities | 135,000,000 | 121,000,000 | |
Repayments of credit facility draws | (40,000,000) | (60,000,000) | |
Payments of debt issuance costs | (1,888,726) | (320,295) | |
Dividends paid in cash to shareholders | (2,170) | (1,666,198) | |
Net cash provided by (used in) financing activities | 216,714,404 | 162,725,411 | |
Net increase (decrease) in cash and cash equivalents (including restricted cash) | 17,633,729 | 2,760,129 | |
Cash and cash equivalents (including restricted cash) at beginning of period | 0 | 17,633,729 | |
Cash and cash equivalents (including restricted cash) at end of period | 17,633,729 | 20,393,858 | $ 17,633,729 |
Supplemental cash flow information | |||
Interest payments | 1,064,214 | 7,128,811 | |
Excise tax payments | 0 | 18,395 | |
Distribution payable | 1,440,887 | 3,651,224 | |
Reinvestment of dividends during the period | $ 1,819,100 | $ 17,295,327 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments (Unaudited) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |||
Schedule Of Investments [Line Items] | |||||
Cost | $ 398,929,289 | $ 210,903,951 | |||
Fair Value | 400,926,373 | [1] | 207,554,379 | ||
Investment, Identifier [Axis]: Cash and Cash Equivalents - 15.0% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Fair Value | [2],[3] | $ 17,633,729 | |||
% of Total Cash and Investment | [2],[3] | 7.83% | |||
Percentage of Net Assets | [2],[3] | 15% | |||
Investment, Identifier [Axis]: Cash and Cash Equivalents - 8.5% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Fair Value | [4] | $ 20,393,858 | |||
% of Total Cash and Investment | [4] | 4.84% | |||
Investment, Identifier [Axis]: Cash and Investments - 176.4% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Fair Value | [4] | $ 421,320,231 | |||
% of Total Cash and Investment | [4] | 100% | |||
Investment, Identifier [Axis]: Debt Investments - 167.9% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 398,929,289 | |||
Fair Value | [4],[5] | $ 400,926,373 | |||
% of Total Cash and Investment | [4],[5] | 95.16% | |||
Investment, Identifier [Axis]: Debt Investments - 176.3% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 210,903,951 | |||
Fair Value | [2],[3] | $ 207,554,379 | |||
% of Total Cash and Investment | [2],[3] | 92.17% | |||
Percentage of Net Assets | [2],[3] | 176.30% | |||
Investment, Identifier [Axis]: Debt Investments Aerospace & Defense | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 10,728,327 | |||
Fair Value | [4],[5] | $ 10,971,875 | |||
% of Total Cash and Investment | [4],[5] | 2.60% | |||
Investment, Identifier [Axis]: Debt Investments Aerospace & Defense Arcline FM Holdings, LLC (Fairbanks Morse Defense) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.51% Total Coupon 10.88% Maturity 6/23/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.51% | |||
Total Coupon | [4],[5],[6] | 10.88% | |||
Maturity | [4],[5],[6] | Jun. 23, 2028 | |||
Principal | [4],[5],[6] | $ 9,576,077 | |||
Cost | [4],[5],[6] | 9,388,457 | |||
Fair Value | [4],[5],[6] | $ 9,600,017 | |||
% of Total Cash and Investment | [4],[5],[6] | 2.27% | |||
Investment, Identifier [Axis]: Debt Investments Aerospace & Defense Peraton Corp. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Feb. 01, 2028 | |||
Principal | [2],[3] | $ 1,385,065 | |||
Cost | [2],[3] | 1,351,296 | |||
Fair Value | [2],[3] | $ 1,355,058 | |||
% of Total Cash and Investment | [2],[3] | 0.60% | |||
Investment, Identifier [Axis]: Debt Investments Aerospace & Defense Peraton Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.85% Total Coupon 9.21% Maturity 2/1/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.85% | |||
Total Coupon | [4],[5] | 9.21% | |||
Maturity | [4],[5] | Feb. 01, 2028 | |||
Principal | [4],[5] | $ 1,366,733 | |||
Cost | [4],[5] | 1,339,870 | |||
Fair Value | [4],[5] | $ 1,371,858 | |||
% of Total Cash and Investment | [4],[5] | 0.33% | |||
Investment, Identifier [Axis]: Debt Investments Auto Components Clarios Global, LP Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Apr. 30, 2026 | |||
Principal | [2],[3] | $ 1,829,700 | |||
Cost | [2],[3] | 1,784,350 | |||
Fair Value | [2],[3] | $ 1,799,208 | |||
% of Total Cash and Investment | [2],[3] | 0.80% | |||
Investment, Identifier [Axis]: Debt Investments Capital Markets Learning Care Group (US) No. 2 Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.75% Total Coupon 10.11% Maturity 8/11/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.75% | |||
Total Coupon | [4],[5] | 10.11% | |||
Maturity | [4],[5] | Aug. 11, 2028 | |||
Principal | [4],[5] | $ 29,925 | |||
Cost | [4],[5] | 29,509 | |||
Fair Value | [4],[5] | $ 30,149 | |||
% of Total Cash and Investment | [4],[5] | 0.01% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 2,587,625 | |||
Fair Value | [4],[5] | $ 2,659,021 | |||
% of Total Cash and Investment | [4],[5] | 0.63% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals Discovery Purchaser Corporation Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.5% Spread 4.38% Total Coupon 7.97% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.38% | |||
Total Coupon | [2],[3] | 7.97% | |||
Maturity | [2],[3] | Oct. 04, 2029 | |||
Principal | [2],[3] | $ 790,000 | |||
Cost | [2],[3] | 727,460 | |||
Fair Value | [2],[3] | $ 722,653 | |||
% of Total Cash and Investment | [2],[3] | 0.32% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals Discovery Purchaser Corporation Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.38% Total Coupon 9.77% Maturity 10/4/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.38% | |||
Total Coupon | [4],[5] | 9.77% | |||
Maturity | [4],[5] | Oct. 04, 2029 | |||
Principal | [4],[5] | $ 782,115 | |||
Cost | [4],[5] | 729,370 | |||
Fair Value | [4],[5] | $ 773,598 | |||
% of Total Cash and Investment | [4],[5] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals Instrument First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 3,216,886 | |||
Fair Value | [2],[3] | $ 3,230,423 | |||
% of Total Cash and Investment | [2],[3] | 1.43% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals Momentive Performance Materials, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.25% Total Coupon 7.64% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.64% | |||
Maturity | [2],[3] | May 15, 2024 | |||
Principal | [2],[3] | $ 1,412,138 | |||
Cost | [2],[3] | 1,395,531 | |||
Fair Value | [2],[3] | $ 1,409,497 | |||
% of Total Cash and Investment | [2],[3] | 0.63% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals Momentive Performance Materials, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.50% Total Coupon 9.86% Maturity 6322/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.86% | |||
Maturity | [4],[5] | Mar. 22, 2028 | |||
Principal | [4],[5] | $ 798,963 | |||
Cost | [4],[5] | 771,669 | |||
Fair Value | [4],[5] | $ 775,497 | |||
% of Total Cash and Investment | [4],[5] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals W. R. Grace Holdings LLC Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.5% Spread 3.75% Total Coupon 8.5% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.50% | |||
Maturity | [2],[3] | Sep. 22, 2028 | |||
Principal | [2],[3] | $ 1,115,967 | |||
Cost | [2],[3] | 1,093,895 | |||
Fair Value | [2],[3] | $ 1,098,273 | |||
% of Total Cash and Investment | [2],[3] | 0.48% | |||
Investment, Identifier [Axis]: Debt Investments Chemicals W. R. Grace Holdings LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.01% Total Coupon 9.36% Maturity 9/22/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.01% | |||
Total Coupon | [4],[5] | 9.36% | |||
Maturity | [4],[5] | Sep. 22, 2028 | |||
Principal | [4],[5] | $ 1,104,695 | |||
Cost | [4],[5] | 1,086,586 | |||
Fair Value | [4],[5] | $ 1,109,926 | |||
% of Total Cash and Investment | [4],[5] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 23,048,298 | [4],[5] | $ 8,170,271 | [2],[3] | |
Fair Value | $ 23,217,331 | [4],[5] | $ 8,238,809 | [2],[3] | |
% of Total Cash and Investment | 5.51% | [4],[5] | 3.66% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Creative Artists Agency, LLC Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Nov. 26, 2026 | |||
Principal | [2],[3] | $ 1,684,841 | |||
Cost | [2],[3] | 1,663,771 | |||
Fair Value | [2],[3] | $ 1,676,939 | |||
% of Total Cash and Investment | [2],[3] | 0.74% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Creative Artists Agency, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 3.50% Total Coupon 8.86% Maturity 11/27/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 3.50% | |||
Total Coupon | [4],[5] | 8.86% | |||
Maturity | [4],[5] | Nov. 27, 2026 | |||
Principal | [4],[5] | $ 1,290,254 | |||
Cost | [4],[5] | 1,281,980 | |||
Fair Value | [4],[5] | $ 1,297,196 | |||
% of Total Cash and Investment | [4],[5] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Dealer Tire, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.5% Total Coupon 8.82% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 8.82% | |||
Maturity | [2],[3] | Dec. 12, 2025 | |||
Principal | [2],[3] | $ 1,265,163 | |||
Cost | [2],[3] | 1,220,618 | |||
Fair Value | [2],[3] | $ 1,254,409 | |||
% of Total Cash and Investment | [2],[3] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Dealer Tire, LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.50% Total Coupon 9.86% Maturity 12/12/2025 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.86% | |||
Maturity | [4],[5] | Dec. 12, 2025 | |||
Principal | [4],[5] | $ 1,252,512 | |||
Cost | [4],[5] | 1,223,249 | |||
Fair Value | [4],[5] | $ 1,258,386 | |||
% of Total Cash and Investment | [4],[5] | 0.30% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Ensemble RCM, LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 7.94% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 7.94% | |||
Maturity | [2],[3] | Aug. 03, 2026 | |||
Principal | [2],[3] | $ 1,133,335 | |||
Cost | [2],[3] | 1,120,432 | |||
Fair Value | [2],[3] | $ 1,122,710 | |||
% of Total Cash and Investment | [2],[3] | 0.50% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Ensemble RCM, LLC Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.85% Total Coupon 9.23% Maturity 8/3/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 3.85% | |||
Total Coupon | [4],[5] | 9.23% | |||
Maturity | [4],[5] | Aug. 03, 2026 | |||
Principal | [4],[5] | $ 1,121,620 | |||
Cost | [4],[5] | 1,112,772 | |||
Fair Value | [4],[5] | $ 1,125,024 | |||
% of Total Cash and Investment | [4],[5] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 8/23/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.60% | |||
Maturity | [4],[5],[6] | Aug. 23, 2028 | |||
Principal | [4],[5],[6] | $ 1,002,215 | |||
Cost | [4],[5],[6] | 982,105 | |||
Fair Value | [4],[5],[6] | $ 986,480 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 9/19/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.60% | |||
Maturity | [4],[5],[6] | Sep. 19, 2028 | |||
Principal | [4],[5],[6] | $ 2,490,277 | |||
Cost | [4],[5],[6] | 2,368,570 | |||
Fair Value | [4],[5],[6] | $ 2,367,136 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Revolver PRIME Floor 0.75% Spread 5.25% Total Coupon 13.75% Maturity 8/23/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 13.75% | |||
Maturity | [4],[5],[6] | Aug. 23, 2027 | |||
Principal | [4],[5],[6] | $ 340,497 | |||
Cost | [4],[5],[6] | 317,954 | |||
Fair Value | [4],[5],[6] | $ 324,868 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.08% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Modigent, LLC (fka Pueblo Mechanical and Controls, LLC) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.63% Maturity 8/23/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.63% | |||
Maturity | [4],[5],[6] | Aug. 23, 2028 | |||
Principal | [4],[5],[6] | $ 1,444,982 | |||
Cost | [4],[5],[6] | 1,417,028 | |||
Fair Value | [4],[5],[6] | $ 1,422,296 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.34% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Pueblo Mechanical and Controls, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6% Total Coupon 10.49% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6% | |||
Total Coupon | [2],[3],[7] | 10.49% | |||
Maturity | [2],[3],[7] | Aug. 23, 2028 | |||
Principal | [2],[3],[7] | $ 382,470 | |||
Cost | [2],[3],[7] | 365,232 | |||
Fair Value | [2],[3],[7] | $ 358,957 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.16% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Pueblo Mechanical and Controls, LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6% Total Coupon 10.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6% | |||
Total Coupon | [2],[3],[7],[8] | 10.58% | |||
Maturity | [2],[3],[7],[8] | Aug. 23, 2027 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (5,507) | |||
Fair Value | [2],[3],[7],[8] | $ (5,478) | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Pueblo Mechanical and Controls, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6% Total Coupon 10.32% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6% | |||
Total Coupon | [2],[3],[7] | 10.32% | |||
Maturity | [2],[3],[7] | Aug. 23, 2028 | |||
Principal | [2],[3],[7] | $ 1,459,615 | |||
Cost | [2],[3],[7] | 1,425,264 | |||
Fair Value | [2],[3],[7] | $ 1,425,606 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.63% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies TA TT Buyer, LLC (TouchTunes, Octave Music) Instrument First Lien Term Loan SOFR(Q) Floor 0.50% Spread 5.25% Total Coupon 10.35% Maturity 3/25/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 5.25% | |||
Total Coupon | [4],[5] | 10.35% | |||
Maturity | [4],[5] | Mar. 25, 2029 | |||
Principal | [4],[5] | $ 12,093,753 | |||
Cost | [4],[5] | 11,972,815 | |||
Fair Value | [4],[5] | $ 12,033,285 | |||
% of Total Cash and Investment | [4],[5] | 2.85% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Verscend Holding Corp. Instrument First Lien Term Loan Ref LIBOR(M) Spread 4% Total Coupon 8.38% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.38% | |||
Maturity | [2],[3] | Aug. 27, 2025 | |||
Principal | [2],[3] | $ 2,416,237 | |||
Cost | [2],[3] | 2,380,461 | |||
Fair Value | [2],[3] | $ 2,405,666 | |||
% of Total Cash and Investment | [2],[3] | 1.07% | |||
Investment, Identifier [Axis]: Debt Investments Commercial Services & Supplies Verscend Holding Corp. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.11% Total Coupon 9.47% Maturity 8/27/2025 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 4.11% | |||
Total Coupon | [4],[5] | 9.47% | |||
Maturity | [4],[5] | Aug. 27, 2025 | |||
Principal | [4],[5] | $ 2,391,706 | |||
Cost | [4],[5] | 2,371,825 | |||
Fair Value | [4],[5] | $ 2,402,660 | |||
% of Total Cash and Investment | [4],[5] | 0.57% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 22,157,640 | [4],[5] | $ 4,750,239 | [2],[3] | |
Fair Value | $ 22,365,800 | [4],[5] | $ 4,487,987 | [2],[3] | |
% of Total Cash and Investment | 5.31% | [4],[5] | 1.99% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Geo Parent Corporation Instrument First Lien Term Loan Ref SOFR(S) Spread 5.35% Total Coupon 10.80% Maturity 12/19/2025 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 5.35% | |||
Total Coupon | [4],[5] | 10.80% | |||
Maturity | [4],[5] | Dec. 19, 2025 | |||
Principal | [4],[5] | $ 6,921,741 | |||
Cost | [4],[5] | 6,855,307 | |||
Fair Value | [4],[5] | $ 6,904,437 | |||
% of Total Cash and Investment | [4],[5] | 1.63% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Groupe Solmax Inc. (Canada), Solmax U.S. LP Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.01% Total Coupon 10.36% Maturity 5/29/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[9] | 1% | |||
Spread | [4],[5],[9] | 5.01% | |||
Total Coupon | [4],[5],[9] | 10.36% | |||
Maturity | [4],[5],[9] | May 29, 2028 | |||
Principal | [4],[5],[9] | $ 2,455,919 | |||
Cost | [4],[5],[9] | 2,340,440 | |||
Fair Value | [4],[5],[9] | $ 2,365,357 | |||
% of Total Cash and Investment | [4],[5],[9] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Groupe Solmax, Inc. (Canada) Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.48% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[10] | 0.75% | |||
Spread | [2],[3],[7],[10] | 4.75% | |||
Total Coupon | [2],[3],[7],[10] | 9.48% | |||
Maturity | [2],[3],[7],[10] | May 29, 2028 | |||
Principal | [2],[3],[7],[10] | $ 2,481,108 | |||
Cost | [2],[3],[7],[10] | 2,337,687 | |||
Fair Value | [2],[3],[7],[10] | $ 2,071,725 | |||
% of Total Cash and Investment | [2],[3],[7],[10] | 0.92% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.03% Maturity 2/1/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.65% | |||
Total Coupon | [4],[5],[6] | 12.03% | |||
Maturity | [4],[5],[6] | Feb. 01, 2030 | |||
Principal | [4],[5],[6] | $ 119,916 | |||
Cost | [4],[5],[6] | 114,341 | |||
Fair Value | [4],[5],[6] | $ 115,305 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.03% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 12.04% Maturity 2/1/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 6.65% | |||
Total Coupon | [4],[5],[6],[11] | 12.04% | |||
Maturity | [4],[5],[6],[11] | Feb. 01, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | 3,129 | |||
Fair Value | [4],[5],[6],[11] | $ (1,846) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering LJ Avalon Holdings, LLC (Ardurra) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.650% Total Coupon 12.04% Maturity 2/1/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.65% | |||
Total Coupon | [4],[5],[6] | 12.04% | |||
Maturity | [4],[5],[6] | Feb. 01, 2030 | |||
Principal | [4],[5],[6] | $ 753,223 | |||
Cost | [4],[5],[6] | 733,576 | |||
Fair Value | [4],[5],[6] | $ 741,925 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Legence Holdings LLC (Refficiency) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.50% Total Coupon 8.96% Maturity 12/16/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 3.50% | |||
Total Coupon | [4],[5],[6] | 8.96% | |||
Maturity | [4],[5],[6] | Dec. 16, 2027 | |||
Principal | [4],[5],[6] | $ 250,718 | |||
Cost | [4],[5],[6] | 249,011 | |||
Fair Value | [4],[5],[6] | $ 251,371 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.06% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Northstar Group Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1% Spread 5.5% Total Coupon 9.94% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 5.50% | |||
Total Coupon | [2],[3] | 9.94% | |||
Maturity | [2],[3] | Nov. 12, 2026 | |||
Principal | [2],[3] | $ 2,450,980 | |||
Cost | [2],[3] | 2,412,552 | |||
Fair Value | [2],[3] | $ 2,416,262 | |||
% of Total Cash and Investment | [2],[3] | 1.07% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Northstar Group Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.61% Total Coupon 10.97% Maturity 11/12/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.61% | |||
Total Coupon | [4],[5],[6] | 10.97% | |||
Maturity | [4],[5],[6] | Nov. 12, 2026 | |||
Principal | [4],[5],[6] | $ 2,385,620 | |||
Cost | [4],[5],[6] | 2,357,894 | |||
Fair Value | [4],[5],[6] | $ 2,384,129 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.57% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Northstar Group Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.61% Total Coupon 10.97% Maturity 11/9/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.61% | |||
Total Coupon | [4],[5],[6] | 10.97% | |||
Maturity | [4],[5],[6] | Nov. 09, 2026 | |||
Principal | [4],[5],[6] | $ 5,410,295 | |||
Cost | [4],[5],[6] | 5,327,025 | |||
Fair Value | [4],[5],[6] | $ 5,406,914 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.28% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% 9/4/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.36% | |||
Maturity | [4],[5],[6] | Sep. 04, 2029 | |||
Principal | [4],[5],[6] | $ 624,114 | |||
Cost | [4],[5],[6] | 553,957 | |||
Fair Value | [4],[5],[6] | $ 611,633 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.15% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/4/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.36% | |||
Maturity | [4],[5],[6] | Sep. 04, 2029 | |||
Fair Value | [4],[5],[6] | $ (52,433) | |||
% of Total Cash and Investment | [4],[5],[6] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% 9/4/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.36% | |||
Maturity | [4],[5],[6] | Sep. 04, 2029 | |||
Principal | [4],[5],[6] | $ 27,849 | |||
Cost | [4],[5],[6] | 21,212 | |||
Fair Value | [4],[5],[6] | $ 23,306 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.01% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Vortex Companies, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/4/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.36% | |||
Maturity | [4],[5],[6] | Sep. 04, 2029 | |||
Principal | [4],[5],[6] | $ 2,726,499 | |||
Cost | [4],[5],[6] | 2,666,282 | |||
Fair Value | [4],[5],[6] | $ 2,671,969 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.63% | |||
Investment, Identifier [Axis]: Debt Investments Construction & Engineering Vortex Companies, LLC1 Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 11.36% Maturity 9/4/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.36% | |||
Maturity | [4],[5],[6] | Sep. 04, 2029 | |||
Principal | [4],[5],[6] | $ 962,993 | |||
Cost | [4],[5],[6] | 941,724 | |||
Fair Value | [4],[5],[6] | $ 943,733 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.22% | |||
Investment, Identifier [Axis]: Debt Investments Construction Materials | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 2,683,084 | |||
Fair Value | [2],[3] | $ 2,700,315 | |||
% of Total Cash and Investment | [2],[3] | 1.20% | |||
Investment, Identifier [Axis]: Debt Investments Construction Materials Filtration Group Corporation Instrument First Lien Term Loan Ref LIBOR(M) Spread 3% Total Coupon 7.38% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3% | |||
Total Coupon | [2],[3] | 7.38% | |||
Maturity | [2],[3] | Mar. 29, 2025 | |||
Principal | [2],[3] | $ 1,593,937 | |||
Cost | [2],[3] | 1,557,781 | |||
Fair Value | [2],[3] | $ 1,580,660 | |||
% of Total Cash and Investment | [2],[3] | 0.70% | |||
Investment, Identifier [Axis]: Debt Investments Construction Materials Tamko Building Products LLC Instrument First Lien Term Loan Ref LIBOR(Q) Spread 3% Total Coupon 7.57% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3% | |||
Total Coupon | [2],[3] | 7.57% | |||
Maturity | [2],[3] | May 29, 2026 | |||
Principal | [2],[3] | $ 1,152,798 | |||
Cost | [2],[3] | 1,125,303 | |||
Fair Value | [2],[3] | $ 1,119,655 | |||
% of Total Cash and Investment | [2],[3] | 0.50% | |||
Investment, Identifier [Axis]: Debt Investments Consumer Finance | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 6,588,944 | [4],[5] | $ 2,601,383 | [2],[3] | |
Fair Value | $ 6,561,083 | [4],[5] | $ 2,586,190 | [2],[3] | |
% of Total Cash and Investment | 1.56% | [4],[5] | 1.15% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1% Spread 9% Total Coupon 13.95% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 9% | |||
Total Coupon | [2],[3],[7],[8] | 13.95% | |||
Maturity | [2],[3],[7],[8] | Sep. 21, 2027 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (10,656) | |||
Fair Value | [2],[3],[7],[8] | $ (22,295) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 9.00% Total Coupon 14.64% Maturity 9/21/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 9% | |||
Total Coupon | [4],[5],[6] | 14.64% | |||
Maturity | [4],[5],[6] | Sep. 21, 2027 | |||
Principal | [4],[5],[6] | $ 891,790 | |||
Cost | [4],[5],[6] | 875,151 | |||
Fair Value | [4],[5],[6] | $ 860,577 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Term Loan Ref SOFR(S) Floor 1% Spread 9% Total Coupon 13.95% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 9% | |||
Total Coupon | [2],[3],[7] | 13.95% | |||
Maturity | [2],[3],[7] | Sep. 21, 2027 | |||
Principal | [2],[3],[7] | $ 2,675,369 | |||
Cost | [2],[3],[7] | 2,612,039 | |||
Fair Value | [2],[3],[7] | $ 2,608,485 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.16% | |||
Investment, Identifier [Axis]: Debt Investments Consumer Finance Freedom Financial Network Funding, LLC Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 9.00% Total Coupon 14.50% Maturity 9/21/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 9% | |||
Total Coupon | [4],[5],[6] | 14.50% | |||
Maturity | [4],[5],[6] | Sep. 21, 2027 | |||
Principal | [4],[5],[6] | $ 2,675,369 | |||
Cost | [4],[5],[6] | 2,625,454 | |||
Fair Value | [4],[5],[6] | $ 2,581,731 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.61% | |||
Investment, Identifier [Axis]: Debt Investments Consumer Finance Lucky US BuyerCo LLC (Global Payments) Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 3/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.50% | |||
Total Coupon | [4],[5],[6],[11] | 12.85% | |||
Maturity | [4],[5],[6],[11] | Mar. 30, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (10,789) | |||
Fair Value | [4],[5],[6],[11] | $ (7,290) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Consumer Finance Lucky US BuyerCo LLC (Global Payments) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 3/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.50% | |||
Total Coupon | [4],[5],[6] | 12.85% | |||
Maturity | [4],[5],[6] | Mar. 30, 2029 | |||
Principal | [4],[5],[6] | $ 3,182,717 | |||
Cost | [4],[5],[6] | 3,099,128 | |||
Fair Value | [4],[5],[6] | $ 3,126,065 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.75% | |||
Investment, Identifier [Axis]: Debt Investments Containers & Packaging | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 2,348,683 | |||
Fair Value | [2],[3] | $ 2,340,705 | |||
% of Total Cash and Investment | [2],[3] | 1.04% | |||
Investment, Identifier [Axis]: Debt Investments Containers & Packaging Charter Next Generation, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Dec. 01, 2027 | |||
Principal | [2],[3] | $ 1,778,779 | |||
Cost | [2],[3] | 1,726,873 | |||
Fair Value | [2],[3] | $ 1,731,117 | |||
% of Total Cash and Investment | [2],[3] | 0.77% | |||
Investment, Identifier [Axis]: Debt Investments Containers & Packaging Charter Next Generation, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 9.22% Maturity 12/1/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.22% | |||
Maturity | [4],[5] | Dec. 01, 2027 | |||
Principal | [4],[5] | $ 1,760,674 | |||
Cost | [4],[5] | 1,719,640 | |||
Fair Value | [4],[5] | $ 1,770,859 | |||
% of Total Cash and Investment | [4],[5] | 0.42% | |||
Investment, Identifier [Axis]: Debt Investments Containers & Packaging Clydesdale Acquisition Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 4.18% Total Coupon 8.6% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.18% | |||
Total Coupon | [2],[3] | 8.60% | |||
Maturity | [2],[3] | Apr. 13, 2029 | |||
Principal | [2],[3] | $ 638,396 | |||
Cost | [2],[3] | 621,810 | |||
Fair Value | [2],[3] | $ 609,588 | |||
% of Total Cash and Investment | [2],[3] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 7,339,829 | [4],[5] | $ 7,380,680 | [2],[3] | |
Fair Value | $ 7,429,583 | [4],[5] | $ 7,368,765 | [2],[3] | |
% of Total Cash and Investment | 1.76% | [4],[5] | 3.27% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Amentum Government Services Holdings LLC Instrument First Lien Term Loan Ref LIBOR(M) Spread 4% Total Coupon 8.33% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.33% | |||
Maturity | [2],[3] | Jan. 31, 2027 | |||
Principal | [2],[3] | $ 993,047 | |||
Cost | [2],[3] | 970,603 | |||
Fair Value | [2],[3] | $ 973,598 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Amentum Government Services Holdings LLC Instrument First Lien Term Loan Ref SOFR(M) Spread 4.11% Total Coupon 9.47% Maturity 1/31/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5] | 4.11% | |||
Total Coupon | [4],[5] | 9.47% | |||
Maturity | [4],[5] | Jan. 31, 2027 | |||
Principal | [4],[5] | $ 982,862 | |||
Cost | [4],[5] | 966,087 | |||
Fair Value | [4],[5] | $ 985,624 | |||
% of Total Cash and Investment | [4],[5] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Ascend Learning, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.5% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Dec. 10, 2028 | |||
Principal | [2],[3] | $ 1,116,602 | |||
Cost | [2],[3] | 1,068,781 | |||
Fair Value | [2],[3] | $ 1,058,522 | |||
% of Total Cash and Investment | [2],[3] | 0.47% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Ascend Learning, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.60% Total Coupon 8.96% Maturity 12/10/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.60% | |||
Total Coupon | [4],[5] | 8.96% | |||
Maturity | [4],[5] | Dec. 10, 2028 | |||
Principal | [4],[5] | $ 1,105,323 | |||
Cost | [4],[5] | 1,065,905 | |||
Fair Value | [4],[5] | $ 1,088,130 | |||
% of Total Cash and Investment | [4],[5] | 0.26% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.78% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.25% | |||
Total Coupon | [2],[3],[7],[8] | 10.78% | |||
Maturity | [2],[3],[7],[8] | Sep. 15, 2027 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (7,857) | |||
Fair Value | [2],[3],[7],[8] | $ (7,942) | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.72% Maturity 9/15/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Revolver Ref SOFR(S) Floor 0.75% Spread 6.25% Total Coupon 11.72% Maturity 9/15/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5],[6],[11] | 6.25% | |||
Total Coupon | [4],[5],[6],[11] | 11.72% | |||
Maturity | [4],[5],[6],[11] | Sep. 15, 2027 | |||
Cost | [4],[5],[6],[11] | $ (6,187) | |||
Fair Value | [4],[5],[6],[11] | $ (3,786) | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.78% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6.25% | |||
Total Coupon | [2],[3],[7] | 10.78% | |||
Maturity | [2],[3],[7] | Sep. 14, 2029 | |||
Principal | [2],[3],[7] | $ 4,546,388 | |||
Cost | [2],[3],[7] | 4,448,408 | |||
Fair Value | [2],[3],[7] | $ 4,447,277 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.97% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 6.25% Total Coupon 11.72% Maturity 9/14/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.72% | |||
Maturity | [4],[5],[6] | Sep. 14, 2029 | |||
Principal | [4],[5],[6] | $ 4,500,924 | |||
Cost | [4],[5],[6] | 4,418,385 | |||
Fair Value | [4],[5],[6] | $ 4,459,966 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.06% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Consumer Services Sothebys Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.5% Spread 4.5% Total Coupon 8.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 8.58% | |||
Maturity | [2],[3] | Jan. 15, 2027 | |||
Principal | [2],[3] | $ 917,260 | |||
Cost | [2],[3] | 900,745 | |||
Fair Value | [2],[3] | $ 897,310 | |||
% of Total Cash and Investment | [2],[3] | 0.40% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 23,259,486 | [4],[5] | $ 11,267,570 | [2],[3] | |
Fair Value | $ 24,175,667 | [4],[5] | $ 11,280,698 | [2],[3] | |
% of Total Cash and Investment | 5.74% | [4],[5] | 5.01% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.60% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.60% | |||
Maturity | [4],[5],[6] | Aug. 29, 2029 | |||
Principal | [4],[5],[6] | $ 185,198 | |||
Cost | [4],[5],[6] | 173,358 | |||
Fair Value | [4],[5],[6] | $ 187,050 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.04% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan A Ref SOFR(Q) Floor 0.75% Spread 6.5% Total Coupon 11.08% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.50% | |||
Total Coupon | [2],[3],[7],[8] | 11.08% | |||
Maturity | [2],[3],[7],[8] | Aug. 29, 2029 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (2,973) | |||
Fair Value | [2],[3],[7],[8] | $ (4,163) | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.38% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.38% | |||
Maturity | [4],[5],[6] | Aug. 29, 2029 | |||
Principal | [4],[5],[6] | $ 346,048 | |||
Cost | [4],[5],[6] | 323,925 | |||
Fair Value | [4],[5],[6] | $ 349,508 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.08% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.83% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.25% | |||
Total Coupon | [2],[3],[7],[8] | 10.83% | |||
Maturity | [2],[3],[7],[8] | Aug. 29, 2029 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (3,717) | |||
Fair Value | [2],[3],[7],[8] | $ (9,020) | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 11.63% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.63% | |||
Maturity | [4],[5],[6] | Aug. 29, 2029 | |||
Principal | [4],[5],[6] | $ 1,394,863 | |||
Cost | [4],[5],[6] | 1,305,688 | |||
Fair Value | [4],[5],[6] | $ 1,438,452 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.34% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.35% Maturity 8/31/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 6% | |||
Total Coupon | [4],[5],[6],[11] | 11.35% | |||
Maturity | [4],[5],[6],[11] | Aug. 31, 2028 | |||
Principal | [4],[5],[6],[11] | $ 1 | |||
Cost | [4],[5],[6],[11] | (4,077) | |||
Fair Value | [4],[5],[6],[11] | $ 1 | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.83% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.25% | |||
Total Coupon | [2],[3],[7],[8] | 10.83% | |||
Maturity | [2],[3],[7],[8] | Aug. 31, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (5,897) | |||
Fair Value | [2],[3],[7],[8] | $ (7,216) | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.35% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.35% | |||
Maturity | [4],[5],[6] | Aug. 29, 2029 | |||
Principal | [4],[5],[6] | $ 2,567,486 | |||
Cost | [4],[5],[6] | 2,508,415 | |||
Fair Value | [4],[5],[6] | $ 2,593,161 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.62% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.83% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6.25% | |||
Total Coupon | [2],[3],[7] | 10.83% | |||
Maturity | [2],[3],[7] | Aug. 29, 2029 | |||
Principal | [2],[3],[7] | $ 3,177,741 | |||
Cost | [2],[3],[7] | 3,109,641 | |||
Fair Value | [2],[3],[7] | $ 3,095,120 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.37% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Accordion Partners LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.88% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.88% | |||
Maturity | [4],[5],[6] | Aug. 29, 2029 | |||
Principal | [4],[5],[6] | $ 3,198,468 | |||
Cost | [4],[5],[6] | 3,124,880 | |||
Fair Value | [4],[5],[6] | $ 3,230,453 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.77% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Acuris Finance US, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.5% Spread 4% Total Coupon 8.73% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.73% | |||
Maturity | [2],[3] | Feb. 16, 2028 | |||
Principal | [2],[3] | $ 973,010 | |||
Cost | [2],[3] | 946,997 | |||
Fair Value | [2],[3] | $ 958,415 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services Acuris Finance US, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.15% Total Coupon 9.50% Maturity 2/16/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.50% | |||
Spread | [4],[5],[6] | 4.15% | |||
Total Coupon | [4],[5],[6] | 9.50% | |||
Maturity | [4],[5],[6] | Feb. 16, 2028 | |||
Principal | [4],[5],[6] | $ 973,010 | |||
Cost | [4],[5],[6] | 952,115 | |||
Fair Value | [4],[5],[6] | $ 974,075 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services AlixPartners, LLP Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 2.75% Total Coupon 7.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 2.75% | |||
Total Coupon | [2],[3] | 7.13% | |||
Maturity | [2],[3] | Feb. 04, 2028 | |||
Principal | [2],[3] | $ 1,594,699 | |||
Cost | [2],[3] | 1,555,925 | |||
Fair Value | [2],[3] | $ 1,584,021 | |||
% of Total Cash and Investment | [2],[3] | 0.70% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1% Spread 6.75% Total Coupon 11.15% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 6.75% | |||
Total Coupon | [2],[3],[7],[8] | 11.15% | |||
Maturity | [2],[3],[7],[8] | Aug. 21, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (6,146) | |||
Fair Value | [2],[3],[7],[8] | $ (19,113) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 6.25% Total Coupon 11.71% Maturity 8/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.71% | |||
Maturity | [4],[5],[6] | Aug. 21, 2028 | |||
Principal | [4],[5],[6] | $ 652,932 | |||
Cost | [4],[5],[6] | 642,849 | |||
Fair Value | [4],[5],[6] | $ 640,200 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.15% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Incremental Term Loan Ref SOFR(S) Floor 1.00% Spread 6.50% Total Coupon 11.96% Maturity 8/19/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.96% | |||
Maturity | [4],[5],[6] | Aug. 19, 2028 | |||
Principal | [4],[5],[6] | $ 8,966,513 | |||
Cost | [4],[5],[6] | 8,719,824 | |||
Fair Value | [4],[5],[6] | $ 8,872,365 | |||
% of Total Cash and Investment | [4],[5],[6] | 2.11% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Term Loan Ref SOFR(S) Floor 1% Spread 6.75% Total Coupon 11.15% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 6.75% | |||
Total Coupon | [2],[3],[7] | 11.15% | |||
Maturity | [2],[3],[7] | Aug. 21, 2028 | |||
Principal | [2],[3],[7] | $ 2,350,555 | |||
Cost | [2],[3],[7] | 2,306,390 | |||
Fair Value | [2],[3],[7] | $ 2,281,919 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.01% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) Instrument First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.25% Total Coupon 11.71% Maturity 8/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.25% | |||
Total Coupon | [4],[5],[6] | 11.71% | |||
Maturity | [4],[5],[6] | Aug. 21, 2028 | |||
Principal | [4],[5],[6] | $ 2,350,555 | |||
Cost | [4],[5],[6] | 2,314,258 | |||
Fair Value | [4],[5],[6] | $ 2,304,719 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.55% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services GC Waves Holdings, Inc. (Mercer) Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 11.46% Maturity 8/11/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.10% | |||
Total Coupon | [4],[5],[6] | 11.46% | |||
Maturity | [4],[5],[6] | Aug. 11, 2028 | |||
Principal | [4],[5],[6] | $ 1,185,824 | |||
Cost | [4],[5],[6] | 890,011 | |||
Fair Value | [4],[5],[6] | $ 1,185,824 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.28% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services KKR Apple Bidco, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 2.75% Total Coupon 7.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 2.75% | |||
Total Coupon | [2],[3] | 7.13% | |||
Maturity | [2],[3] | Sep. 23, 2028 | |||
Principal | [2],[3] | $ 1,485,670 | |||
Cost | [2],[3] | 1,444,227 | |||
Fair Value | [2],[3] | $ 1,467,679 | |||
% of Total Cash and Investment | [2],[3] | 0.65% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services TransNetwork, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 5.50% Total Coupon 10.87% Maturity 11/20/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.50% | |||
Spread | [4],[5],[6] | 5.50% | |||
Total Coupon | [4],[5],[6] | 10.87% | |||
Maturity | [4],[5],[6] | Nov. 20, 2030 | |||
Principal | [4],[5],[6] | $ 1,573,581 | |||
Cost | [4],[5],[6] | 1,510,638 | |||
Fair Value | [4],[5],[6] | $ 1,569,647 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.37% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services VS Buyer, LLC Instrument First Lien Term Loan Ref LIBOR(M) Spread 3% Total Coupon 7.38% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3% | |||
Total Coupon | [2],[3] | 7.38% | |||
Maturity | [2],[3] | Feb. 28, 2027 | |||
Principal | [2],[3] | $ 1,152,845 | |||
Cost | [2],[3] | 1,125,337 | |||
Fair Value | [2],[3] | $ 1,123,303 | |||
% of Total Cash and Investment | [2],[3] | 0.50% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services White Cap Supply Holdings, LLC (Numerix) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 9.11% Maturity 10/19/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.50% | |||
Spread | [4],[5],[6] | 3.75% | |||
Total Coupon | [4],[5],[6] | 9.11% | |||
Maturity | [4],[5],[6] | Oct. 19, 2027 | |||
Principal | [4],[5],[6] | $ 827,452 | |||
Cost | [4],[5],[6] | 797,602 | |||
Fair Value | [4],[5],[6] | $ 830,212 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Financial Services White Cap Supply Holdings, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 3.75% Total Coupon 8.07% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.07% | |||
Maturity | [2],[3] | Oct. 19, 2027 | |||
Principal | [2],[3] | $ 835,874 | |||
Cost | [2],[3] | 797,786 | |||
Fair Value | [2],[3] | $ 809,753 | |||
% of Total Cash and Investment | [2],[3] | 0.36% | |||
Investment, Identifier [Axis]: Debt Investments Diversified Telecommunication Services Cincinnati Bell, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 3.25% Total Coupon 7.67% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.67% | |||
Maturity | [2],[3] | Nov. 23, 2028 | |||
Principal | [2],[3] | $ 973,399 | |||
Cost | [2],[3] | 955,296 | |||
Fair Value | [2],[3] | $ 957,825 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Energy Equipment & Services Liquid Tech Solutions Holdings, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 10.22% Maturity 3/20/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 4.75% | |||
Total Coupon | [4],[5],[6] | 10.22% | |||
Maturity | [4],[5],[6] | Mar. 20, 2028 | |||
Principal | [4],[5],[6] | $ 6,467,500 | |||
Cost | [4],[5],[6] | 6,347,651 | |||
Fair Value | [4],[5],[6] | $ 6,370,488 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.51% | |||
Investment, Identifier [Axis]: Debt Investments Entertainment | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 3,964,961 | |||
Fair Value | [2],[3] | $ 3,912,623 | |||
% of Total Cash and Investment | [2],[3] | 1.74% | |||
Investment, Identifier [Axis]: Debt Investments Entertainment EP Purchaser, LLC Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.5% Spread 3.5% Total Coupon 8.23% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 8.23% | |||
Maturity | [2],[3] | Nov. 06, 2028 | |||
Principal | [2],[3] | $ 618,442 | |||
Cost | [2],[3] | 616,123 | |||
Fair Value | [2],[3] | $ 613,034 | |||
% of Total Cash and Investment | [2],[3] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Entertainment Renaissance Holding Corp. Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | May 30, 2025 | |||
Principal | [2],[3] | $ 1,444,800 | |||
Cost | [2],[3] | 1,408,588 | |||
Fair Value | [2],[3] | $ 1,381,229 | |||
% of Total Cash and Investment | [2],[3] | 0.61% | |||
Investment, Identifier [Axis]: Debt Investments Entertainment Renaissance Holding Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 4.5% Total Coupon 8.72% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 8.72% | |||
Maturity | [2],[3] | Mar. 30, 2029 | |||
Principal | [2],[3] | $ 1,990,000 | |||
Cost | [2],[3] | 1,940,250 | |||
Fair Value | [2],[3] | $ 1,918,360 | |||
% of Total Cash and Investment | [2],[3] | 0.86% | |||
Investment, Identifier [Axis]: Debt Investments Environmental, Maintenance & Security Service TruGreen Limited Partnership Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 4% Total Coupon 8.38% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.38% | |||
Maturity | [2],[3] | Nov. 02, 2027 | |||
Principal | [2],[3] | $ 743,921 | |||
Cost | [2],[3] | 726,133 | |||
Fair Value | [2],[3] | $ 662,558 | |||
% of Total Cash and Investment | [2],[3] | 0.29% | |||
Investment, Identifier [Axis]: Debt Investments Environmental, Maintenance & Security Service TruGreen Limited Partnership Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.10% Total Coupon 9.46% Maturity 11/2/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.10% | |||
Total Coupon | [4],[5] | 9.46% | |||
Maturity | [4],[5] | Nov. 02, 2027 | |||
Principal | [4],[5] | $ 480,406 | |||
Cost | [4],[5] | 470,106 | |||
Fair Value | [4],[5] | $ 464,913 | |||
% of Total Cash and Investment | [4],[5] | 0.11% | |||
Investment, Identifier [Axis]: Debt Investments Food Products | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 1,337,658 | [4],[5] | $ 1,041,966 | [2],[3] | |
Fair Value | $ 1,378,575 | [4],[5] | $ 1,064,747 | [2],[3] | |
% of Total Cash and Investment | 0.33% | [4],[5] | 0.47% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Food Products Chobani, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 1% Spread 3.5% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Oct. 23, 2027 | |||
Principal | [2],[3] | $ 584,477 | |||
Cost | [2],[3] | 551,074 | |||
Fair Value | [2],[3] | $ 575,464 | |||
% of Total Cash and Investment | [2],[3] | 0.26% | |||
Investment, Identifier [Axis]: Debt Investments Food Products Chobani, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.61% Total Coupon 8.97% Maturity 10/23/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Oct. 23, 2027 | |||
Principal | [4],[5] | $ 578,497 | |||
Cost | [4],[5] | 552,323 | |||
Fair Value | [4],[5] | $ 580,232 | |||
% of Total Cash and Investment | [4],[5] | 0.14% | |||
Investment, Identifier [Axis]: Debt Investments Food Products Chobani, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.61% Total Coupon 8.97% Maturity 10/25/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Oct. 25, 2027 | |||
Principal | [4],[5] | $ 294,000 | |||
Cost | [4],[5] | 292,536 | |||
Fair Value | [4],[5] | $ 294,857 | |||
% of Total Cash and Investment | [4],[5] | 0.07% | |||
Investment, Identifier [Axis]: Debt Investments Food Products Sovos Brands Intermediate, Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 3.5% Total Coupon 7.91% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.91% | |||
Maturity | [2],[3] | Jun. 08, 2028 | |||
Principal | [2],[3] | $ 500,971 | |||
Cost | [2],[3] | 490,892 | |||
Fair Value | [2],[3] | $ 489,283 | |||
% of Total Cash and Investment | [2],[3] | 0.21% | |||
Investment, Identifier [Axis]: Debt Investments Food Products Sovos Brands Intermediate, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.50% Total Coupon 9.14% Maturity 6/8/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.50% | |||
Total Coupon | [4],[5] | 9.14% | |||
Maturity | [4],[5] | Jun. 08, 2028 | |||
Principal | [4],[5] | $ 500,971 | |||
Cost | [4],[5] | 492,799 | |||
Fair Value | [4],[5] | $ 503,486 | |||
% of Total Cash and Investment | [4],[5] | 0.12% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Equipment & Supplies | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 1,755,127 | |||
Fair Value | [4],[5] | $ 1,823,795 | |||
% of Total Cash and Investment | [4],[5] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Equipment & Supplies | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 1,759,761 | |||
Fair Value | [2],[3] | $ 1,743,150 | |||
% of Total Cash and Investment | [2],[3] | 0.77% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Equipment & Supplies Chariot Buyer, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Nov. 03, 2028 | |||
Principal | [2],[3] | $ 914,083 | |||
Cost | [2],[3] | 864,945 | |||
Fair Value | [2],[3] | $ 863,808 | |||
% of Total Cash and Investment | [2],[3] | 0.38% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Equipment & Supplies Chariot Buyer, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.71% Maturity 11/3/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.25% | |||
Total Coupon | [4],[5] | 8.71% | |||
Maturity | [4],[5] | Nov. 03, 2028 | |||
Principal | [4],[5] | $ 904,850 | |||
Cost | [4],[5] | 864,485 | |||
Fair Value | [4],[5] | $ 903,882 | |||
% of Total Cash and Investment | [4],[5] | 0.21% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Oct. 21, 2028 | |||
Principal | [2],[3] | $ 923,577 | |||
Cost | [2],[3] | 894,816 | |||
Fair Value | [2],[3] | $ 879,342 | |||
% of Total Cash and Investment | [2],[3] | 0.39% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Equipment & Supplies Medline Borrower, LP Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.11% Total Coupon 8.47% Maturity 10/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.11% | |||
Total Coupon | [4],[5] | 8.47% | |||
Maturity | [4],[5] | Oct. 21, 2028 | |||
Principal | [4],[5] | $ 914,272 | |||
Cost | [4],[5] | 890,642 | |||
Fair Value | [4],[5] | $ 919,913 | |||
% of Total Cash and Investment | [4],[5] | 0.22% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 15,864,403 | [4],[5] | $ 17,507,507 | [2],[3] | |
Fair Value | $ 15,942,694 | [4],[5] | $ 17,358,057 | [2],[3] | |
% of Total Cash and Investment | 3.78% | [4],[5] | 7.71% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services AHP Health Partners, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.5% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Aug. 24, 2028 | |||
Principal | [2],[3] | $ 923,542 | |||
Cost | [2],[3] | 902,427 | |||
Fair Value | [2],[3] | $ 909,402 | |||
% of Total Cash and Investment | [2],[3] | 0.40% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services AHP Health Partners, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.97% Maturity 8/24/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Aug. 24, 2028 | |||
Principal | [4],[5] | $ 914,189 | |||
Cost | [4],[5] | 896,947 | |||
Fair Value | [4],[5] | $ 918,618 | |||
% of Total Cash and Investment | [4],[5] | 0.22% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services CHG Healthcare Services, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Sep. 30, 2028 | |||
Principal | [2],[3] | $ 1,432,003 | |||
Cost | [2],[3] | 1,393,424 | |||
Fair Value | [2],[3] | $ 1,404,065 | |||
% of Total Cash and Investment | [2],[3] | 0.62% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services CHG Healthcare Services, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 9/29/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Sep. 29, 2028 | |||
Principal | [4],[5] | $ 1,417,501 | |||
Cost | [4],[5] | 1,385,924 | |||
Fair Value | [4],[5] | $ 1,421,364 | |||
% of Total Cash and Investment | [4],[5] | 0.34% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien 2023 Delayed Draw Term Loan Ref SOFR(S) Floor 0.75% Spread 5.25% Total Coupon 10.72% Maturity 4/27/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[11] | 0.75% | |||
Spread | [4],[5],[11] | 5.25% | |||
Total Coupon | [4],[5],[11] | 10.72% | |||
Maturity | [4],[5],[11] | Apr. 27, 2028 | |||
Cost | [4],[5],[11] | $ (4,949) | |||
Fair Value | [4],[5],[11] | $ 0 | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien 2023 Incremental Term Loan Ref SOFR(S) Floor 0.75% Spread 5.25% Total Coupon 10.72% Maturity 4/27/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 5.25% | |||
Total Coupon | [4],[5] | 10.72% | |||
Maturity | [4],[5] | Apr. 27, 2028 | |||
Principal | [4],[5] | $ 1,135,838 | |||
Cost | [4],[5] | 1,111,214 | |||
Fair Value | [4],[5] | $ 1,135,838 | |||
% of Total Cash and Investment | [4],[5] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 4.5% Total Coupon 9.23% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 9.23% | |||
Maturity | [2],[3] | Apr. 27, 2028 | |||
Principal | [2],[3] | $ 2,481,119 | |||
Cost | [2],[3] | 2,424,273 | |||
Fair Value | [2],[3] | $ 2,350,860 | |||
% of Total Cash and Investment | [2],[3] | 1.04% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 5.00% Total Coupon 10.47% | |||||
Schedule Of Investments [Line Items] | |||||
% of Total Cash and Investment | [4],[5] | 1.11% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services ImageFirst Holdings, LLC Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 5.00% Total Coupon 10.47% Maturity 4/27/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 5% | |||
Total Coupon | [4],[5] | 10.47% | |||
Maturity | [4],[5] | Apr. 27, 2028 | |||
Principal | [4],[5] | $ 4,679,401 | |||
Cost | [4],[5] | 4,560,193 | |||
Fair Value | [4],[5] | $ 4,679,401 | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services Ingenovis Health, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.75% Total Coupon 8.14% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.14% | |||
Maturity | [2],[3] | Mar. 05, 2028 | |||
Principal | [2],[3] | $ 746,203 | |||
Cost | [2],[3] | 732,084 | |||
Fair Value | [2],[3] | $ 712,001 | |||
% of Total Cash and Investment | [2],[3] | 0.32% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services Ingenovis Health, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 9.22% Maturity 3/5/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.22% | |||
Maturity | [4],[5] | Mar. 05, 2028 | |||
Principal | [4],[5] | $ 659,171 | |||
Cost | [4],[5] | 649,105 | |||
Fair Value | [4],[5] | $ 641,868 | |||
% of Total Cash and Investment | [4],[5] | 0.15% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services Opco Borrower, LLC (Giving Home Health Care) Instrument First Lien Revolver Ref SOFR(M) Floor 1% Spread 6.5% Total Coupon 10.87% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 6.50% | |||
Total Coupon | [2],[3],[7] | 10.87% | |||
Maturity | [2],[3],[7] | Aug. 19, 2027 | |||
Principal | [2],[3],[7] | $ 38,636 | |||
Cost | [2],[3],[7] | 36,846 | |||
Fair Value | [2],[3],[7] | $ 35,275 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.02% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services Opco Borrower, LLC (Giving Home Health Care) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1% Spread 6.5% Total Coupon 11.08% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 6.50% | |||
Total Coupon | [2],[3],[7] | 11.08% | |||
Maturity | [2],[3],[7] | Aug. 19, 2027 | |||
Principal | [2],[3],[7] | $ 2,111,700 | |||
Cost | [2],[3],[7] | 2,092,133 | |||
Fair Value | [2],[3],[7] | $ 2,074,956 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.92% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services PetVet Care Centers, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.5% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Feb. 14, 2025 | |||
Principal | [2],[3] | $ 743,849 | |||
Cost | [2],[3] | 723,301 | |||
Fair Value | [2],[3] | $ 701,375 | |||
% of Total Cash and Investment | [2],[3] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services Premise Health Holding Corp. Instrument First Lien Term Loan Ref SOFR(S) Floor 0.5% Spread 4.75% Total Coupon 8.98% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.50% | |||
Spread | [2],[3],[7] | 4.75% | |||
Total Coupon | [2],[3],[7] | 8.98% | |||
Maturity | [2],[3],[7] | Jul. 10, 2025 | |||
Principal | [2],[3],[7] | $ 4,975,000 | |||
Cost | [2],[3],[7] | 4,892,567 | |||
Fair Value | [2],[3],[7] | $ 4,867,043 | |||
% of Total Cash and Investment | [2],[3],[7] | 2.16% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services Premise Health Holding Corp. Instrument First Lien Term Loan Ref SOFR(S) Floor 0.50% Spread 4.90% Total Coupon 10.25% Maturity 7/10/2025 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.50% | |||
Spread | [4],[5],[6] | 4.90% | |||
Total Coupon | [4],[5],[6] | 10.25% | |||
Maturity | [4],[5],[6] | Jul. 10, 2025 | |||
Principal | [4],[5],[6] | $ 4,925,000 | |||
Cost | [4],[5],[6] | 4,875,794 | |||
Fair Value | [4],[5],[6] | $ 4,891,510 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.15% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services U.S. Anesthesia Partners, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 4.25% Total Coupon 8.37% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.25% | |||
Total Coupon | [2],[3] | 8.37% | |||
Maturity | [2],[3] | Oct. 01, 2028 | |||
Principal | [2],[3] | $ 2,481,156 | |||
Cost | [2],[3] | 2,400,556 | |||
Fair Value | [2],[3] | $ 2,368,660 | |||
% of Total Cash and Investment | [2],[3] | 1.06% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services U.S. Anesthesia Partners, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.36% Total Coupon 9.71% Maturity 10/1/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.36% | |||
Total Coupon | [4],[5] | 9.71% | |||
Maturity | [4],[5] | Oct. 01, 2028 | |||
Principal | [4],[5] | $ 2,456,030 | |||
Cost | [4],[5] | 2,390,175 | |||
Fair Value | [4],[5] | $ 2,254,095 | |||
% of Total Cash and Investment | [4],[5] | 0.54% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Providers & Services WP CityMD Bidco, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Dec. 23, 2028 | |||
Principal | [2],[3] | $ 1,936,008 | |||
Cost | [2],[3] | 1,909,896 | |||
Fair Value | [2],[3] | $ 1,934,420 | |||
% of Total Cash and Investment | [2],[3] | 0.86% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 7,004,244 | |||
Fair Value | [4],[5] | $ 6,997,327 | |||
% of Total Cash and Investment | [4],[5] | 1.66% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 7,046,998 | |||
Fair Value | [2],[3] | $ 6,733,138 | |||
% of Total Cash and Investment | [2],[3] | 2.99% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology Athenahealth Group Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 8.61% Maturity 2/15/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.25% | |||
Total Coupon | [4],[5] | 8.61% | |||
Maturity | [4],[5] | Feb. 15, 2029 | |||
Principal | [4],[5] | $ 886,895 | |||
Cost | [4],[5] | 871,914 | |||
Fair Value | [4],[5] | $ 884,234 | |||
% of Total Cash and Investment | [4],[5] | 0.21% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology Gainwell Acquisition Corp. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 4% Total Coupon 8.73% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.73% | |||
Maturity | [2],[3] | Oct. 01, 2027 | |||
Principal | [2],[3] | $ 3,935,777 | |||
Cost | [2],[3] | 3,870,009 | |||
Fair Value | [2],[3] | $ 3,704,550 | |||
% of Total Cash and Investment | [2],[3] | 1.65% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology Gainwell Acquisition Corp. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.10% Total Coupon 9.45% Maturity 10/1/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.10% | |||
Total Coupon | [4],[5] | 9.45% | |||
Maturity | [4],[5] | Oct. 01, 2027 | |||
Principal | [4],[5] | $ 3,895,616 | |||
Cost | [4],[5] | 3,844,162 | |||
Fair Value | [4],[5] | $ 3,798,226 | |||
% of Total Cash and Investment | [4],[5] | 0.90% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology PointClickCare Technologies Inc. (Canada) B Ref SOFR(Q) Floor 0.75% Spread 4.00% Total Coupon 9.35% Maturity 12/29/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[9] | 0.75% | |||
Spread | [4],[5],[6],[9] | 4% | |||
Total Coupon | [4],[5],[6],[9] | 9.35% | |||
Maturity | [4],[5],[6],[9] | Dec. 29, 2027 | |||
Principal | [4],[5],[6],[9] | $ 957,814 | |||
Cost | [4],[5],[6],[9] | 955,868 | |||
Fair Value | [4],[5],[6],[9] | $ 960,209 | |||
% of Total Cash and Investment | [4],[5],[6],[9] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology PointClickCare Technologies Inc. (Canada) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4% Total Coupon 8.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[10] | 0.75% | |||
Spread | [2],[3],[7],[10] | 4% | |||
Total Coupon | [2],[3],[7],[10] | 8.58% | |||
Maturity | [2],[3],[7],[10] | Dec. 29, 2027 | |||
Principal | [2],[3],[7],[10] | $ 967,563 | |||
Cost | [2],[3],[7],[10] | 965,144 | |||
Fair Value | [2],[3],[7],[10] | $ 960,306 | |||
% of Total Cash and Investment | [2],[3],[7],[10] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology PointClickCare Technologies Inc. (Canada) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.00% Total Coupon 10.16% Maturity 01/15/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.76% | |||
Total Coupon | [4],[5] | 10.16% | |||
Maturity | [4],[5] | Jan. 15, 2027 | |||
Principal | [4],[5] | $ 907,971 | |||
Cost | [4],[5] | 895,639 | |||
Fair Value | [4],[5] | $ 899,649 | |||
% of Total Cash and Investment | [4],[5] | 0.21% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology Polaris Newco, LLC B Ref SOFR(M) Floor 0.50% Spread 4.11% Total Coupon 9.47% Maturity 6/4/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.11% | |||
Total Coupon | [4],[5] | 9.47% | |||
Maturity | [4],[5] | Jun. 04, 2028 | |||
Principal | [4],[5] | $ 1,371,285 | |||
Cost | [4],[5] | 1,332,300 | |||
Fair Value | [4],[5] | $ 1,354,658 | |||
% of Total Cash and Investment | [4],[5] | 0.32% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology Polaris Newco, LLC Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.5% Spread 4% Total Coupon 8.73% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.73% | |||
Maturity | [2],[3] | Jun. 04, 2028 | |||
Principal | [2],[3] | $ 1,385,313 | |||
Cost | [2],[3] | 1,337,095 | |||
Fair Value | [2],[3] | $ 1,267,561 | |||
% of Total Cash and Investment | [2],[3] | 0.55% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology athenahealth Group Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 3.5% Total Coupon 7.82% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.82% | |||
Maturity | [2],[3] | Feb. 15, 2029 | |||
Principal | [2],[3] | $ 859,305 | |||
Cost | [2],[3] | 841,390 | |||
Fair Value | [2],[3] | $ 777,980 | |||
% of Total Cash and Investment | [2],[3] | 0.35% | |||
Investment, Identifier [Axis]: Debt Investments Health Care Technology athenahealth Group Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 3.5% Total Coupon 7.82% One | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.82% | |||
Maturity | [2],[3] | Feb. 15, 2029 | |||
Principal | [2],[3] | $ 36,594 | |||
Cost | [2],[3] | 33,360 | |||
Fair Value | [2],[3] | $ 22,741 | |||
% of Total Cash and Investment | [2],[3] | 0.01% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 15,499,329 | |||
Fair Value | [4],[5] | $ 15,591,152 | |||
% of Total Cash and Investment | [4],[5] | 3.70% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Fertitta Entertainment, LLC First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 4.00% Total Coupon 9.36% Maturity 1/17/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4% | |||
Total Coupon | [4],[5] | 9.36% | |||
Maturity | [4],[5] | Jan. 27, 2029 | |||
Principal | [4],[5] | $ 1,171,387 | |||
Cost | [4],[5] | 1,133,099 | |||
Fair Value | [4],[5] | $ 1,173,402 | |||
% of Total Cash and Investment | [4],[5] | 0.28% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Fertitta Entertainment, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 4% Total Coupon 8.32% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.32% | |||
Maturity | [2],[3] | Jan. 27, 2029 | |||
Principal | [2],[3] | $ 1,183,309 | |||
Cost | [2],[3] | 1,137,129 | |||
Fair Value | [2],[3] | $ 1,127,404 | |||
% of Total Cash and Investment | [2],[3] | 0.50% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Four Seasons Holdings Inc. (Canada) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.5% Spread 3.25% Total Coupon 7.67% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[10] | 0.50% | |||
Spread | [2],[3],[10] | 3.25% | |||
Total Coupon | [2],[3],[10] | 7.67% | |||
Maturity | [2],[3],[10] | Nov. 30, 2029 | |||
Principal | [2],[3],[10] | $ 509,993 | |||
Cost | [2],[3],[10] | 502,421 | |||
Fair Value | [2],[3],[10] | $ 510,720 | |||
% of Total Cash and Investment | [2],[3],[10] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure IRB Holding Corp. Instrument First Lien Term Loan Ref LIBOR(M) Floor 1% Spread 2.75% Total Coupon 7.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 2.75% | |||
Total Coupon | [2],[3] | 7.13% | |||
Maturity | [2],[3] | Feb. 05, 2025 | |||
Principal | [2],[3] | $ 1,929,467 | |||
Cost | [2],[3] | 1,880,860 | |||
Fair Value | [2],[3] | $ 1,915,295 | |||
% of Total Cash and Investment | [2],[3] | 0.85% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Instrument First Lien Term Loan | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 4,522,654 | |||
Fair Value | [2],[3] | $ 4,564,040 | |||
% of Total Cash and Investment | [2],[3] | 2.03% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Mesquite Bidco, LLC First Lien Revolver B Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.48% Maturity 11/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7% | |||
Total Coupon | [4],[5],[6],[11] | 12.48% | |||
Maturity | [4],[5],[6],[11] | Nov. 30, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (19,775) | |||
Fair Value | [4],[5],[6],[11] | $ (20,058) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Mesquite Bidco, LLC First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.10% Total Coupon 12.48% Maturity 11/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[6] | 1% | |||
Spread | [4],[6] | 7.10% | |||
Total Coupon | [4],[6] | 12.48% | |||
Maturity | [4],[6] | Nov. 30, 2029 | |||
Principal | [4],[6] | $ 11,032,131 | |||
Cost | [4],[6] | 10,705,844 | |||
Fair Value | [4],[6] | $ 10,701,168 | |||
% of Total Cash and Investment | [4],[6] | 2.53% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.60% Total Coupon 12.97% Maturity 8/7/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.60% | |||
Total Coupon | [4],[5],[6],[11] | 12.97% | |||
Maturity | [4],[5],[6],[11] | Aug. 07, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (1,986) | |||
Fair Value | [4],[5],[6],[11] | $ (2,850) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Revolver B Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 13.40% Maturity 8/7/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.50% | |||
Total Coupon | [4],[5],[6],[11] | 13.40% | |||
Maturity | [4],[5],[6],[11] | Aug. 07, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (4,965) | |||
Fair Value | [4],[5],[6],[11] | $ (3,562) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Showtime Acquisition, L.L.C. (World Choice) First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.60% Total Coupon 12.98% Maturity 8/7/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.60% | |||
Total Coupon | [4],[5],[6] | 12.98% | |||
Maturity | [4],[5],[6] | Aug. 07, 2028 | |||
Principal | [4],[5],[6] | $ 2,756,946 | |||
Cost | [4],[5],[6] | 2,687,773 | |||
Fair Value | [4],[5],[6] | $ 2,707,321 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.64% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Whatabrands, LLC First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 3.11% Total Coupon 8.47% Maturity 8/3/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.11% | |||
Total Coupon | [4],[5] | 8.47% | |||
Maturity | [4],[5] | Aug. 03, 2028 | |||
Principal | [4],[5] | $ 1,032,685 | |||
Cost | [4],[5] | 999,339 | |||
Fair Value | [4],[5] | $ 1,035,731 | |||
% of Total Cash and Investment | [4],[5] | 0.25% | |||
Investment, Identifier [Axis]: Debt Investments Hotels, Restaurants & Leisure Whatabrands, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Aug. 03, 2028 | |||
Principal | [2],[3] | $ 1,043,222 | |||
Cost | [2],[3] | 1,002,244 | |||
Fair Value | [2],[3] | $ 1,010,621 | |||
% of Total Cash and Investment | [2],[3] | 0.45% | |||
Investment, Identifier [Axis]: Debt Investments Household Durables First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 11.37% Maturity 11/9/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.37% | |||
Maturity | [4],[5],[6] | Nov. 09, 2029 | |||
Principal | [4],[5],[6] | $ 7,510,059 | |||
Cost | [4],[5],[6] | 7,325,923 | |||
Fair Value | [4],[5],[6] | $ 7,209,657 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.71% | |||
Investment, Identifier [Axis]: Debt Investments IT Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 22,797,819 | [4],[5] | $ 13,266,403 | [2],[3] | |
Fair Value | $ 22,612,014 | [4],[5] | $ 12,714,981 | [2],[3] | |
% of Total Cash and Investment | 5.37% | [4],[5] | 5.65% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments IT Services Avalara, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.64% Maturity 10/19/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 7.25% | |||
Total Coupon | [4],[5],[6] | 12.60% | |||
Maturity | [4],[5],[6] | Oct. 19, 2028 | |||
Principal | [4],[5],[6] | $ 3,776,510 | |||
Cost | [4],[5],[6] | 3,701,040 | |||
Fair Value | [4],[5],[6] | $ 3,833,158 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.91% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Avalara, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 11.83% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 7.25% | |||
Total Coupon | [2],[3],[7],[8] | 11.83% | |||
Maturity | [2],[3],[7],[8] | Oct. 19, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (9,121) | |||
Fair Value | [2],[3],[7],[8] | $ (11,330) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments IT Services Avalara, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.60% Maturity 10/19/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 7.25% | |||
Total Coupon | [4],[5],[6],[11] | 12.60% | |||
Maturity | [4],[5],[6],[11] | Oct. 19, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (7,547) | |||
Fair Value | [4],[5],[6],[11] | $ 0 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Avalara, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 11.83% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 7.25% | |||
Total Coupon | [2],[3],[7] | 11.83% | |||
Maturity | [2],[3],[7] | Oct. 19, 2028 | |||
Principal | [2],[3],[7] | $ 3,776,510 | |||
Cost | [2],[3],[7] | 3,685,300 | |||
Fair Value | [2],[3],[7] | $ 3,663,215 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.63% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Avalara, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.60% Maturity 10/19/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Investment, Identifier [Axis]: Debt Investments IT Services CrewLine Buyer, Inc. (New Relic) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.10% Maturity 11/8/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 6.75% | |||
Maturity | [4],[5],[6],[11] | Nov. 08, 2030 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | 24,368 | |||
Fair Value | [4],[5],[6],[11] | $ (9,957) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments IT Services CrewLine Buyer, Inc. (New Relic) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.10% Maturity 11/8/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.75% | |||
Total Coupon | [4],[5],[6] | 12.10% | |||
Maturity | [4],[5],[6] | Nov. 08, 2030 | |||
Principal | [4],[5],[6] | $ 9,559,143 | |||
Cost | [4],[5],[6] | 9,325,212 | |||
Fair Value | [4],[5],[6] | $ 9,463,553 | |||
% of Total Cash and Investment | [4],[5],[6] | 2.24% | |||
Investment, Identifier [Axis]: Debt Investments IT Services CrewLine Buyer, Inc. (New Relic)Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.10% Maturity 11/8/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Total Coupon | [4],[5],[6],[11] | 12.10% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Hyland Software, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.50% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Jul. 01, 2024 | |||
Principal | [2],[3] | $ 1,757,912 | |||
Cost | [2],[3] | 1,732,650 | |||
Fair Value | [2],[3] | $ 1,737,916 | |||
% of Total Cash and Investment | [2],[3] | 0.77% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Madison Logic Holdings, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00 % Spread 7.00%Total Coupon 12.35% Maturity 12/30/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7% | |||
Total Coupon | [4],[5],[6],[11] | 12.35% | |||
Maturity | [4],[5],[6],[11] | Dec. 30, 2027 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (3,908) | |||
Fair Value | [4],[5],[6],[11] | $ (4,565) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Madison Logic Holdings, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 11.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 7% | |||
Total Coupon | [2],[3],[7],[8] | 11.58% | |||
Maturity | [2],[3],[7],[8] | Dec. 30, 2027 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (4,891) | |||
Fair Value | [2],[3],[7],[8] | $ (4,891) | |||
Investment, Identifier [Axis]: Debt Investments IT Services Madison Logic Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 11.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 7% | |||
Total Coupon | [2],[3],[7] | 11.58% | |||
Maturity | [2],[3],[7] | Dec. 29, 2028 | |||
Principal | [2],[3],[7] | $ 2,271,646 | |||
Cost | [2],[3],[7] | 2,203,557 | |||
Fair Value | [2],[3],[7] | $ 2,203,497 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.98% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Madison Logic Holdings, Inc. Instument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.00% Total Coupon 12.35% Maturity 12/29/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7% | |||
Total Coupon | [4],[5],[6] | 12.35% | |||
Maturity | [4],[5],[6] | Dec. 29, 2028 | |||
Principal | [4],[5],[6] | $ 2,254,609 | |||
Cost | [4],[5],[6] | 2,198,288 | |||
Fair Value | [4],[5],[6] | $ 2,191,480 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.52% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Optiv Security, Inc. Instrument First Lien Term Loan Ref LIBOR(S) Floor 1.00% Spread 3.25% Total Coupon 7.42% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.42% | |||
Maturity | [2],[3] | Feb. 01, 2024 | |||
Principal | [2],[3] | $ 1,013,320 | |||
Cost | [2],[3] | 991,650 | |||
Fair Value | [2],[3] | $ 971,733 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Research Now Group, LLC Instrument First Lien Term Loan Ref LIBOR(S) Floor 1.00% Spread 5.50% Total Coupon 8.84% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 5.50% | |||
Total Coupon | [2],[3] | 8.84% | |||
Maturity | [2],[3] | Dec. 20, 2024 | |||
Principal | [2],[3] | $ 2,480,418 | |||
Cost | [2],[3] | 2,367,143 | |||
Fair Value | [2],[3] | $ 1,877,887 | |||
% of Total Cash and Investment | [2],[3] | 0.83% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Research Now Group, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.76% Total Coupon 11.14% Maturity 12/20/2024 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 5.76% | |||
Total Coupon | [4],[5] | 11.14% | |||
Maturity | [4],[5] | Dec. 20, 2024 | |||
Principal | [4],[5] | $ 2,454,308 | |||
Cost | [4],[5] | 2,399,345 | |||
Fair Value | [4],[5] | $ 1,832,889 | |||
% of Total Cash and Investment | [4],[5] | 0.44% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 4.26% Total Coupon 9.64% Maturity 5/13/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 4.26% | |||
Total Coupon | [4],[5],[6],[11] | 9.64% | |||
Maturity | [4],[5],[6],[11] | May 13, 2030 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | 9,311 | |||
Fair Value | [4],[5],[6],[11] | $ (2,460) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.88% Maturity 5/13/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.88% | |||
Maturity | [4],[5],[6] | May 13, 2030 | |||
Principal | [4],[5],[6] | $ 4,099,217 | |||
Cost | [4],[5],[6] | 4,006,111 | |||
Fair Value | [4],[5],[6] | $ 4,074,622 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.97% | |||
Investment, Identifier [Axis]: Debt Investments IT Services TierPoint, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | May 05, 2026 | |||
Principal | [2],[3] | $ 1,115,568 | |||
Cost | [2],[3] | 1,080,512 | |||
Fair Value | [2],[3] | $ 1,046,191 | |||
% of Total Cash and Investment | [2],[3] | 0.46% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Zelis Cost Management Buyer, Inc. Instrument First Lien Incremental Term Loan Ref LIBOR(M) Spread 3.50% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Sep. 30, 2026 | |||
Principal | [2],[3] | $ 1,242,016 | |||
Cost | [2],[3] | 1,219,603 | |||
Fair Value | [2],[3] | $ 1,230,763 | |||
% of Total Cash and Investment | [2],[3] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments IT Services Zelis Cost Management Buyer, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.97% Maturity 9/30/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Sep. 30, 2026 | |||
Principal | [4],[5] | $ 1,229,342 | |||
Cost | [4],[5] | 1,212,957 | |||
Fair Value | [4],[5] | $ 1,233,294 | |||
% of Total Cash and Investment | [4],[5] | 0.29% | |||
Investment, Identifier [Axis]: Debt Investments Insurance | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 38,338,551 | [4],[5] | $ 16,708,529 | [2],[3] | |
Fair Value | $ 39,063,297 | [4],[5] | $ 16,926,383 | [2],[3] | |
% of Total Cash and Investment | 9.27% | [4],[5] | 7.52% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Insurance Alera Group, Inc. First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 0.75% Spread 6.60% Total Coupon 11.96% Maturity 10/2/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.60% | |||
Total Coupon | [4],[5],[6] | 11.96% | |||
Maturity | [4],[5],[6] | Oct. 02, 2028 | |||
Principal | [4],[5],[6] | $ 479,506 | |||
Cost | [4],[5],[6] | 470,914 | |||
Fair Value | [4],[5],[6] | $ 485,010 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.12% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Alera Group, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 6.5% Total Coupon 10.92% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6.50% | |||
Total Coupon | [2],[3],[7] | 10.92% | |||
Maturity | [2],[3],[7] | Sep. 30, 2028 | |||
Principal | [2],[3],[7] | $ 310,396 | |||
Cost | [2],[3],[7] | 299,906 | |||
Fair Value | [2],[3],[7] | $ 292,085 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.13% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Alera Group, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 6.5% Total Coupon 10.92% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6.50% | |||
Total Coupon | [2],[3],[7] | 10.92% | |||
Maturity | [2],[3],[7] | Sep. 30, 2028 | |||
Principal | [2],[3],[7] | $ 277,139 | |||
Cost | [2],[3],[7] | 271,901 | |||
Fair Value | [2],[3],[7] | $ 267,993 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.12% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Alera Group, Inc.First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 0.75% Spread 6.60% Total Coupon 11.96% Maturity 11/1/2025 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.60% | |||
Total Coupon | [4],[5],[6] | 11.96% | |||
Maturity | [4],[5],[6] | Nov. 17, 2025 | |||
Principal | [4],[5],[6] | $ 0 | |||
Cost | [4],[5],[6] | (87,828) | |||
Fair Value | [4],[5],[6] | $ 0 | |||
% of Total Cash and Investment | [4],[5],[6] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Alera Group, Inc.First Lien Term Loan B Ref SOFR(M) Floor 0.75% Spread 6.60% Total Coupon 11.96% Maturity 10/2/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.60% | |||
Total Coupon | [4],[5],[6] | 11.96% | |||
Maturity | [4],[5],[6] | Oct. 02, 2028 | |||
Principal | [4],[5],[6] | $ 274,361 | |||
Cost | [4],[5],[6] | 270,077 | |||
Fair Value | [4],[5],[6] | $ 277,105 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.07% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Alliant Holdings Intermediate, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.5% Total Coupon 7.85% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.85% | |||
Maturity | [2],[3] | Nov. 06, 2027 | |||
Principal | [2],[3] | $ 1,615,387 | |||
Cost | [2],[3] | 1,568,466 | |||
Fair Value | [2],[3] | $ 1,581,059 | |||
% of Total Cash and Investment | [2],[3] | 0.70% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Alliant Holdings Intermediate, LLC.First Lien Term Loan B Ref SOFR(M) Floor 1.00% Spread 3.50% Total Coupon 8.86% Maturity 10/31/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 3.50% | |||
Total Coupon | [4],[5] | 8.86% | |||
Maturity | [4],[5] | Oct. 31, 2030 | |||
Principal | [4],[5] | $ 1,735,112 | |||
Cost | [4],[5] | 1,702,640 | |||
Fair Value | [4],[5] | $ 1,744,985 | |||
% of Total Cash and Investment | [4],[5] | 0.41% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.75% | |||
Total Coupon | [4],[5],[6] | 11.14% | |||
Maturity | [4],[5],[6] | Aug. 31, 2029 | |||
Principal | [4],[5],[6] | $ 623,057 | |||
Cost | [4],[5],[6] | 611,937 | |||
Fair Value | [4],[5],[6] | $ 615,561 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.15% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/2029 One | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 5.75% | |||
Total Coupon | [4],[5],[6],[11] | 11.14% | |||
Maturity | [4],[5],[6],[11] | Aug. 31, 2029 | |||
Principal | [4],[5],[6],[11] | $ 1 | |||
Cost | [4],[5],[6],[11] | 230,566 | |||
Fair Value | [4],[5],[6],[11] | $ (119,352) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | (0.03%) | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC First Lien Revolver B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 5.75% | |||
Total Coupon | [4],[5],[6],[11] | 11.14% | |||
Maturity | [4],[5],[6],[11] | Aug. 31, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (5,869) | |||
Fair Value | [4],[5],[6],[11] | $ (3,775) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 11.14% Maturity 8/31/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.75% | |||
Total Coupon | [4],[5],[6] | 11.14% | |||
Maturity | [4],[5],[6] | Aug. 31, 2029 | |||
Principal | [4],[5],[6] | $ 2,989,756 | |||
Cost | [4],[5],[6] | 2,941,368 | |||
Fair Value | [4],[5],[6] | $ 2,959,858 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.70% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 0.75% Spread 5.75% Total Coupon 10.15% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5.75% | |||
Total Coupon | [2],[3],[7] | 10.15% | |||
Maturity | [2],[3],[7] | Aug. 31, 2029 | |||
Principal | [2],[3],[7] | $ 503,326 | |||
Cost | [2],[3],[7] | 491,343 | |||
Fair Value | [2],[3],[7] | $ 472,371 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.21% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 5.75% | |||
Total Coupon | [2],[3],[7],[8] | 9.58% | |||
Maturity | [2],[3],[7],[8] | Aug. 31, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (7,126) | |||
Fair Value | [2],[3],[7],[8] | $ (15,477) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments Insurance AmeriLife Holdings, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.58% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5.75% | |||
Total Coupon | [2],[3],[7] | 9.58% | |||
Maturity | [2],[3],[7] | Aug. 31, 2029 | |||
Principal | [2],[3],[7] | $ 3,019,956 | |||
Cost | [2],[3],[7] | 2,962,461 | |||
Fair Value | [2],[3],[7] | $ 2,896,138 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.29% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AssuredPartners, Inc. First Lien Term Loan B Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.9% Maturity 2/12/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Feb. 12, 2027 | |||
Principal | [4],[5] | $ 983,232 | |||
Cost | [4],[5] | 958,013 | |||
Fair Value | [4],[5] | $ 986,919 | |||
% of Total Cash and Investment | [4],[5] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Insurance AssuredPartners, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.5% Spread 3.5% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Feb. 12, 2027 | |||
Principal | [2],[3] | $ 993,317 | |||
Cost | [2],[3] | 959,671 | |||
Fair Value | [2],[3] | $ 964,511 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Galway Borrower LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 11.10% Maturity 9/29/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 5.75% | |||
Total Coupon | [4],[5],[6],[11] | 11.10% | |||
Maturity | [4],[5],[6],[11] | Sep. 29, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (47,359) | |||
Fair Value | [4],[5],[6],[11] | $ (135,000) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | (0.03%) | |||
Investment, Identifier [Axis]: Debt Investments Insurance Galway Borrower LLC First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 11.10% Maturity 9/29/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.75% | |||
Total Coupon | [4],[5],[6] | 11.10% | |||
Maturity | [4],[5],[6] | Sep. 29, 2028 | |||
Principal | [4],[5],[6] | $ 3,582,000 | |||
Cost | [4],[5],[6] | 3,519,170 | |||
Fair Value | [4],[5],[6] | $ 3,492,450 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.83% | |||
Investment, Identifier [Axis]: Debt Investments Insurance HUB International Limited First Lien Incremental Term Loan B Ref SOFR(Q) Floor 0.75% Spread 4.00% Total Coupon 9.37% Maturity 11/10/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4% | |||
Total Coupon | [4],[5] | 9.37% | |||
Maturity | [4],[5] | Nov. 10, 2029 | |||
Principal | [4],[5] | $ 208,486 | |||
Cost | [4],[5] | 201,639 | |||
Fair Value | [4],[5] | $ 209,528 | |||
% of Total Cash and Investment | [4],[5] | 0.05% | |||
Investment, Identifier [Axis]: Debt Investments Insurance HUB International Limited First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 4.25% Total Coupon 9.66% Maturity 6/20/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 9.66% | |||
Maturity | [4],[5] | Jun. 20, 2030 | |||
Principal | [4],[5] | $ 1,459,787 | |||
Cost | [4],[5] | 1,459,787 | |||
Fair Value | [4],[5] | $ 1,467,896 | |||
% of Total Cash and Investment | [4],[5] | 0.35% | |||
Investment, Identifier [Axis]: Debt Investments Insurance HUB International Limited Instrument First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 4% Total Coupon 8.22% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.22% | |||
Maturity | [2],[3] | Nov. 10, 2029 | |||
Principal | [2],[3] | $ 401,000 | |||
Cost | [2],[3] | 389,706 | |||
Fair Value | [2],[3] | $ 397,325 | |||
% of Total Cash and Investment | [2],[3] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Insurance HUB International Limited Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 3.25% Total Coupon 7.53% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.53% | |||
Maturity | [2],[3] | Apr. 25, 2025 | |||
Principal | [2],[3] | $ 1,757,193 | |||
Cost | [2],[3] | 1,721,594 | |||
Fair Value | [2],[3] | $ 1,743,812 | |||
% of Total Cash and Investment | [2],[3] | 0.77% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Higginbotham Insurance Agency, Inc. First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 10.96% Maturity 11/25/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.60% | |||
Total Coupon | [4],[5],[6] | 10.96% | |||
Maturity | [4],[5],[6] | Nov. 25, 2026 | |||
Principal | [4],[5],[6] | $ 840,186 | |||
Cost | [4],[5],[6] | 840,186 | |||
Fair Value | [4],[5],[6] | $ 835,145 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Higginbotham Insurance Agency, Inc. First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 10.96% Maturity 11/25/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.60% | |||
Total Coupon | [4],[5],[6] | 10.96% | |||
Maturity | [4],[5],[6] | Nov. 25, 2028 | |||
Principal | [4],[5],[6] | $ 7,310,232 | |||
Cost | [4],[5],[6] | 7,224,877 | |||
Fair Value | [4],[5],[6] | $ 7,244,319 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.72% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Higginbotham Insurance Agency, Inc. First Lien Term Loan B Ref SOFR(M) Floor 1.00% Spread 5.60% Total Coupon 10.96% Maturity 11/25/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.60% | |||
Total Coupon | [4],[5],[6] | 10.96% | |||
Maturity | [4],[5],[6] | Nov. 25, 2026 | |||
Principal | [4],[5],[6] | $ 2,881,760 | |||
Cost | [4],[5],[6] | 2,881,760 | |||
Fair Value | [4],[5],[6] | $ 2,864,469 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.68% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.39% | |||
Maturity | [4],[5],[6] | Aug. 27, 2026 | |||
Principal | [4],[5],[6] | $ 1,334,926 | |||
Cost | [4],[5],[6] | 1,313,204 | |||
Fair Value | [4],[5],[6] | $ 1,324,247 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 6% | |||
Total Coupon | [4],[5],[6],[11] | 11.39% | |||
Maturity | [4],[5],[6],[11] | Aug. 27, 2026 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | 164,703 | |||
Fair Value | [4],[5],[6],[11] | $ 0 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.39% | |||
Maturity | [4],[5],[6] | Aug. 27, 2026 | |||
Principal | [4],[5],[6] | $ 1,999,270 | |||
Cost | [4],[5],[6] | 1,966,765 | |||
Fair Value | [4],[5],[6] | $ 1,983,276 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.47% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.89% Maturity 8/27/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.89% | |||
Maturity | [4],[5],[6] | Aug. 27, 2026 | |||
Principal | [4],[5],[6] | $ 2,959,939 | |||
Cost | [4],[5],[6] | 2,925,841 | |||
Fair Value | [4],[5],[6] | $ 2,959,939 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.70% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC First Lien Term Loan Ref SOFR(Q) Spread 3.36% Total Coupon 8.72% Maturity 2/13/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Feb. 13, 2027 | |||
Principal | [4],[5] | $ 983,024 | |||
Cost | [4],[5] | 951,550 | |||
Fair Value | [4],[5] | $ 989,247 | |||
% of Total Cash and Investment | [4],[5] | 0.23% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC Instrument First Lien Incremental Revolver Ref SOFR(M) Floor 0.75% Spread 6.5% Total Coupon 10.82% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.50% | |||
Total Coupon | [2],[3],[7],[8] | 10.82% | |||
Maturity | [2],[3],[7],[8] | Aug. 27, 2025 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (229,212) | |||
Fair Value | [2],[3],[7],[8] | $ (23,918) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC Instrument First Lien Incremental Term Loan Ref SOFR(M) Floor 0.75% Spread 6.5% Total Coupon 10.82% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6.50% | |||
Total Coupon | [2],[3],[7] | 10.82% | |||
Maturity | [2],[3],[7] | Aug. 27, 2025 | |||
Principal | [2],[3],[7] | $ 2,989,762 | |||
Cost | [2],[3],[7] | 2,938,020 | |||
Fair Value | [2],[3],[7] | $ 2,965,844 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.32% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Integrity Marketing Acquisition, LLC1 First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 11.39% Maturity 8/27/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6% | |||
Total Coupon | [4],[5],[6] | 11.39% | |||
Maturity | [4],[5],[6] | Aug. 27, 2026 | |||
Principal | [4],[5],[6] | $ 203,761 | |||
Cost | [4],[5],[6] | 189,910 | |||
Fair Value | [4],[5],[6] | $ 180,420 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.04% | |||
Investment, Identifier [Axis]: Debt Investments Insurance NFP Corp. Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Feb. 13, 2027 | |||
Principal | [2],[3] | $ 993,237 | |||
Cost | [2],[3] | 951,272 | |||
Fair Value | [2],[3] | $ 952,445 | |||
% of Total Cash and Investment | [2],[3] | 0.42% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance First Lien Delayed B Ref SOFR(M) Floor 0.75% Spread 6.11% Total Coupon 11.47% Maturity 7/19/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 6.11% | |||
Total Coupon | [4],[5],[6],[11] | 11.47% | |||
Maturity | [4],[5],[6],[11] | Jul. 19, 2030 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (31,367) | |||
Fair Value | [4],[5],[6],[11] | $ 34,315 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0.01% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance First Lien Term Loan B Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.86% Maturity 7/19/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.86% | |||
Maturity | [4],[5],[6] | Jul. 19, 2030 | |||
Principal | [4],[5],[6] | $ 3,422,931 | |||
Cost | [4],[5],[6] | 3,360,354 | |||
Fair Value | [4],[5],[6] | $ 3,457,160 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.82% | |||
Investment, Identifier [Axis]: Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.02% Total Coupon 11.39% Maturity 10/30/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.02% | |||
Total Coupon | [4],[5],[6] | 11.39% | |||
Maturity | [4],[5],[6] | Oct. 30, 2026 | |||
Principal | [4],[5],[6] | $ 546,041 | |||
Cost | [4],[5],[6] | 546,041 | |||
Fair Value | [4],[5],[6] | $ 540,581 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.13% | |||
Investment, Identifier [Axis]: Debt Investments Insurance RSC Acquisition, Inc. (Risk Strategies) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.02% Total Coupon 11.39% Maturity 10/30/2026 One | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.02% | |||
Total Coupon | [4],[5],[6] | 11.39% | |||
Maturity | [4],[5],[6] | Oct. 30, 2026 | |||
Principal | [4],[5],[6] | $ 243,378 | |||
Cost | [4],[5],[6] | 189,578 | |||
Fair Value | [4],[5],[6] | $ 228,089 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.05% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) First Lien Term Loan B Ref SOFR(M) Spread 3.75% Total Coupon 9.11% Maturity 9/3/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.11% | |||
Maturity | [4],[5] | Sep. 03, 2026 | |||
Principal | [4],[5] | $ 1,922,008 | |||
Cost | [4],[5] | 1,888,391 | |||
Fair Value | [4],[5] | $ 1,930,282 | |||
% of Total Cash and Investment | [4],[5] | 0.46% | |||
Investment, Identifier [Axis]: Debt Investments Insurance Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Sep. 03, 2026 | |||
Principal | [2],[3] | $ 1,936,532 | |||
Cost | [2],[3] | 1,893,975 | |||
Fair Value | [2],[3] | $ 1,904,376 | |||
% of Total Cash and Investment | [2],[3] | 0.85% | |||
Investment, Identifier [Axis]: Debt Investments Insurance USI, Inc. First Lien Term Loan B Ref SOFR(Q) Spread 3.00% Total Coupon 8.36% Maturity 11/22/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3% | |||
Total Coupon | [4],[5] | 8.36% | |||
Maturity | [4],[5] | Nov. 22, 2029 | |||
Principal | [4],[5] | $ 2,502,602 | |||
Cost | [4],[5] | 2,492,241 | |||
Fair Value | [4],[5] | $ 2,510,623 | |||
% of Total Cash and Investment | [4],[5] | 0.60% | |||
Investment, Identifier [Axis]: Debt Investments Insurance USI, Inc. Instrument First Lien Incremental Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 8.33% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.33% | |||
Maturity | [2],[3] | Nov. 22, 2029 | |||
Principal | [2],[3] | $ 400,000 | |||
Cost | [2],[3] | 398,500 | |||
Fair Value | [2],[3] | $ 399,832 | |||
% of Total Cash and Investment | [2],[3] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Insurance USI, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 8.33% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.33% | |||
Maturity | [2],[3] | May 16, 2024 | |||
Principal | [2],[3] | $ 2,128,881 | |||
Cost | [2],[3] | 2,098,052 | |||
Fair Value | [2],[3] | $ 2,127,987 | |||
% of Total Cash and Investment | [2],[3] | 0.94% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Catalog Retail | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 3,400,116 | [4],[5] | $ 3,394,233 | [2],[3] | |
Fair Value | $ 3,374,743 | [4],[5] | $ 3,317,182 | [2],[3] | |
% of Total Cash and Investment | 0.80% | [4],[5] | 1.47% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Internet & Catalog Retail CommerceHub, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.40% Total Coupon 11.79% Maturity 2/12/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 6.40% | |||
Total Coupon | [4],[5],[6] | 11.79% | |||
Maturity | [4],[5],[6] | Dec. 29, 2027 | |||
Principal | [4],[5],[6] | $ 2,299,629 | |||
Cost | [4],[5],[6] | 2,174,189 | |||
Fair Value | [4],[5],[6] | $ 2,139,805 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.51% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Catalog Retail CommerceHub, Inc. Instrument First Lien Term Loan Ref PRIME Floor 0.75% Spread 5.25% Total Coupon 12.25% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5.25% | |||
Total Coupon | [2],[3],[7] | 12.25% | |||
Maturity | [2],[3],[7] | Dec. 29, 2027 | |||
Principal | [2],[3],[7] | $ 2,322,858 | |||
Cost | [2],[3],[7] | 2,164,287 | |||
Fair Value | [2],[3],[7] | $ 2,162,581 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.96% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Catalog Retail Syndigo, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 9.979% Maturity 12/14/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.97% | |||
Maturity | [4],[5] | Dec. 14, 2027 | |||
Principal | [4],[5] | $ 1,259,338 | |||
Cost | [4],[5] | 1,225,927 | |||
Fair Value | [4],[5] | $ 1,234,938 | |||
% of Total Cash and Investment | [4],[5] | 0.29% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Catalog Retail Syndigo, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 4.50% Total Coupon 8.84% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 4.50% | |||
Total Coupon | [2],[3],[7] | 8.84% | |||
Maturity | [2],[3],[7] | Dec. 15, 2027 | |||
Principal | [2],[3],[7] | $ 1,272,288 | |||
Cost | [2],[3],[7] | 1,229,946 | |||
Fair Value | [2],[3],[7] | $ 1,154,601 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.51% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Direct Marketing Retail | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 1,665,889 | |||
Fair Value | [2],[3] | $ 1,564,264 | |||
% of Total Cash and Investment | [2],[3] | 0.69% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Direct Marketing Retail CNT Holdings I Corp. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.50% Total Coupon 7.24% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.24% | |||
Maturity | [2],[3] | Nov. 08, 2027 | |||
Principal | [2],[3] | $ 973,778 | |||
Cost | [2],[3] | 952,102 | |||
Fair Value | [2],[3] | $ 944,998 | |||
% of Total Cash and Investment | [2],[3] | 0.42% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Direct Marketing Retail Pug LLC First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.97% Maturity 2/12/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Feb. 12, 2027 | |||
Principal | [4],[5] | $ 736,195 | |||
Cost | [4],[5] | 713,646 | |||
Fair Value | [4],[5] | $ 726,223 | |||
% of Total Cash and Investment | [4],[5] | 0.17% | |||
Investment, Identifier [Axis]: Debt Investments Internet & Direct Marketing Retail Pug, LLC Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.50% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Feb. 13, 2027 | |||
Principal | [2],[3] | $ 743,863 | |||
Cost | [2],[3] | 713,787 | |||
Fair Value | [2],[3] | $ 619,266 | |||
% of Total Cash and Investment | [2],[3] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 9,617,939 | |||
Fair Value | [2],[3] | $ 9,295,074 | |||
% of Total Cash and Investment | [2],[3] | 4.13% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services Anaconda, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 11.86% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 7.50% | |||
Total Coupon | [2],[3],[7] | 11.86% | |||
Maturity | [2],[3],[7] | Aug. 22, 2027 | |||
Principal | [2],[3],[7] | $ 700,040 | |||
Cost | [2],[3],[7] | 693,547 | |||
Fair Value | [2],[3],[7] | $ 690,239 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services Gympass US, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.00% Cash + 4.00% PIK Total Coupon 12.77% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Investment, Interest Rate, Paid in Kind | [2],[3],[7] | 4% | |||
Interest Rate, Cash | [2],[3],[7] | 4% | |||
Total Coupon | [2],[3],[7] | 12.77% | |||
Maturity | [2],[3],[7] | Jul. 08, 2027 | |||
Principal | [2],[3],[7] | $ 2,544,480 | |||
Cost | [2],[3],[7] | 2,521,908 | |||
Fair Value | [2],[3],[7] | $ 2,501,224 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.11% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services Magenta Buyer, LLC (McAfee) Instrument First Lien Incremental Term Loan Ref Fixed Spread 12.00% Total Coupon 12.00% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 12% | |||
Total Coupon | [2],[3] | 12% | |||
Maturity | [2],[3] | Jul. 27, 2028 | |||
Principal | [2],[3] | $ 431,701 | |||
Cost | [2],[3] | 388,530 | |||
Fair Value | [2],[3] | $ 403,640 | |||
% of Total Cash and Investment | [2],[3] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 4.75% Total Coupon 9.17% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4.75% | |||
Total Coupon | [2],[3] | 9.17% | |||
Maturity | [2],[3] | Jul. 27, 2028 | |||
Principal | [2],[3] | $ 2,487,437 | |||
Cost | [2],[3] | 2,401,053 | |||
Fair Value | [2],[3] | $ 2,141,534 | |||
% of Total Cash and Investment | [2],[3] | 0.95% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 7.97% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 7.97% | |||
Maturity | [2],[3] | Mar. 01, 2029 | |||
Principal | [2],[3] | $ 716,400 | |||
Cost | [2],[3] | 693,117 | |||
Fair Value | [2],[3] | $ 668,810 | |||
% of Total Cash and Investment | [2],[3] | 0.30% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software & Services Spartan Bidco Pty Ltd (StarRez) (Australia) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 0.75% Cash + 6.50% PIK Total Coupon 11.46% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[10] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [2],[3],[7],[10] | 6.50% | |||
Interest Rate, Cash | [2],[3],[7],[10] | 0.75% | |||
Total Coupon | [2],[3],[7],[10] | 11.46% | |||
Maturity | [2],[3],[7],[10] | Jan. 24, 2028 | |||
Principal | [2],[3],[7],[10] | $ 2,973,479 | |||
Cost | [2],[3],[7],[10] | 2,919,784 | |||
Fair Value | [2],[3],[7],[10] | $ 2,889,627 | |||
% of Total Cash and Investment | [2],[3],[7],[10] | 1.28% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 23,534,274 | |||
Fair Value | [4],[5] | $ 22,872,457 | |||
% of Total Cash and Investment | [4],[5] | 5.43% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Anaconda, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.85% Maturity 8/22/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.50% | |||
Total Coupon | [4],[5],[6] | 12.85% | |||
Maturity | [4],[5],[6] | Aug. 22, 2027 | |||
Principal | [4],[5],[6] | $ 700,040 | |||
Cost | [4],[5],[6] | 693,996 | |||
Fair Value | [4],[5],[6] | $ 686,739 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.16% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Anaconda, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.87% Maturity 8/22/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.50% | |||
Total Coupon | [4],[5],[6] | 12.87% | |||
Maturity | [4],[5],[6] | Aug. 22, 2027 | |||
Principal | [4],[5],[6] | $ 841,208 | |||
Cost | [4],[5],[6] | 834,920 | |||
Fair Value | [4],[5],[6] | $ 825,225 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) Instrument First Lien Revolver B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[9],[11] | 1% | |||
Spread | [4],[5],[6],[9],[11] | 7.25% | |||
Total Coupon | [4],[5],[6],[9],[11] | 12.63% | |||
Maturity | [4],[5],[6],[9],[11] | Jan. 26, 2029 | |||
Principal | [4],[5],[6],[9],[11] | $ 0 | |||
Cost | [4],[5],[6],[9],[11] | (1,194) | |||
Fair Value | [4],[5],[6],[9],[11] | $ (2,944) | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Bynder Bidco B.V. (Netherlands) Instrument First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[9] | 1% | |||
Spread | [4],[5],[6],[9] | 7.25% | |||
Total Coupon | [4],[5],[6],[9] | 12.63% | |||
Maturity | [4],[5],[6],[9] | Jan. 26, 2029 | |||
Principal | [4],[5],[6],[9] | $ 2,110,569 | |||
Cost | [4],[5],[6],[9] | 2,057,121 | |||
Fair Value | [4],[5],[6],[9] | $ 2,074,267 | |||
% of Total Cash and Investment | [4],[5],[6],[9] | 0.49% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Instrument First Lien Revolver A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[9] | 1% | |||
Spread | [4],[5],[6],[9] | 7.25% | |||
Total Coupon | [4],[5],[6],[9] | 12.63% | |||
Maturity | [4],[5],[6],[9] | Jan. 26, 2029 | |||
Principal | [4],[5],[6],[9] | $ 0 | |||
Cost | [4],[5],[6],[9] | (4,335) | |||
Fair Value | [4],[5],[6],[9] | $ (811) | |||
% of Total Cash and Investment | [4],[5],[6],[9] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Instrument First Lien Term Loan A Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.63% Maturity 1/26/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[9] | 1% | |||
Spread | [4],[5],[6],[9] | 7.25% | |||
Total Coupon | [4],[5],[6],[9] | 12.63% | |||
Maturity | [4],[5],[6],[9] | Jan. 26, 2029 | |||
Principal | [4],[5],[6],[9] | $ 582,226 | |||
Cost | [4],[5],[6],[9] | 567,482 | |||
Fair Value | [4],[5],[6],[9] | $ 572,212 | |||
% of Total Cash and Investment | [4],[5],[6],[9] | 0.14% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Gympass US, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.00% Cash + 400% PIK Total Coupon 13.47% Maturity 7/8/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Investment, Interest Rate, Paid in Kind | [4],[5] | 4% | |||
Interest Rate, Cash | [4],[5] | 4% | |||
Total Coupon | [4],[5] | 13.47% | |||
Maturity | [4],[5] | Jul. 08, 2027 | |||
Principal | [4],[5] | $ 2,651,286 | |||
Cost | [4],[5] | 2,633,764 | |||
Fair Value | [4],[5] | $ 2,651,286 | |||
% of Total Cash and Investment | [4],[5] | 0.63% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Incremental Term Loan Ref Fixed Spread 12.00% Total Coupon 12.00% Maturity 7/27/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5],[6] | 12% | |||
Total Coupon | [4],[5],[6] | 12% | |||
Maturity | [4],[5],[6] | Jul. 27, 2028 | |||
Principal | [4],[5],[6] | $ 841,504 | |||
Cost | [4],[5],[6] | 776,449 | |||
Fair Value | [4],[5],[6] | $ 652,166 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.15% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.85% Total Coupon 9.19% Maturity 8/1/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.85% | |||
Total Coupon | [4],[5] | 9.19% | |||
Maturity | [4],[5] | Mar. 01, 2029 | |||
Principal | [4],[5] | $ 709,200 | |||
Cost | [4],[5] | 691,301 | |||
Fair Value | [4],[5] | $ 708,168 | |||
% of Total Cash and Investment | [4],[5] | 0.17% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Magenta Buyer, LLC (McAfee) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.26% Total Coupon 10.64% Maturity 7/27/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 5.26% | |||
Total Coupon | [4],[5] | 10.64% | |||
Maturity | [4],[5] | Jul. 27, 2028 | |||
Principal | [4],[5] | $ 2,462,312 | |||
Cost | [4],[5] | 2,392,230 | |||
Fair Value | [4],[5] | $ 1,762,092 | |||
% of Total Cash and Investment | [4],[5] | 0.42% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.75% Total Coupon 13.13% Maturity 2/1/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [4],[5],[6],[11] | 7.75% | |||
Total Coupon | [4],[5],[6],[11] | 13.13% | |||
Maturity | [4],[5],[6],[11] | Feb. 01, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (3,829) | |||
Fair Value | [4],[5],[6],[11] | $ 0 | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Oranje Holdco, Inc. (KnowBe4) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.75% Total Coupon 12.88% Maturity 2/1/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.50% | |||
Total Coupon | [4],[5],[6] | 12.88% | |||
Maturity | [4],[5],[6] | Feb. 01, 2029 | |||
Principal | [4],[5],[6] | $ 1,445,490 | |||
Cost | [4],[5],[6] | 1,414,859 | |||
Fair Value | [4],[5],[6] | $ 1,461,390 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.35% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 0.90% Cash + 6.25% PIK Total Coupon 12.53% Maturity 1/24/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[9] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6],[9] | 6.25% | |||
Interest Rate, Cash | [4],[5],[6],[9] | 0.90% | |||
Total Coupon | [4],[5],[6],[9] | 12.53% | |||
Maturity | [4],[5],[6],[9] | Jan. 24, 2028 | |||
Principal | [4],[5],[6],[9] | $ 3,165,951 | |||
Cost | [4],[5],[6],[9] | 3,122,916 | |||
Fair Value | [4],[5],[6],[9] | $ 3,134,608 | |||
% of Total Cash and Investment | [4],[5],[6],[9] | 0.74% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.89% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[11] | 1% | |||
Spread | [4],[11] | 6.50% | |||
Total Coupon | [4],[11] | 11.89% | |||
Maturity | [4],[11] | Aug. 29, 2029 | |||
Principal | [4],[11] | $ 0 | |||
Cost | [4],[11] | (18,386) | |||
Fair Value | [4],[11] | $ (19,264) | |||
% of Total Cash and Investment | [4],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 11.89% Maturity 8/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.89% | |||
Maturity | [4],[5],[6] | Aug. 29, 2029 | |||
Principal | [4],[5],[6] | $ 8,579,230 | |||
Cost | [4],[5],[6] | 8,376,980 | |||
Fair Value | [4],[5],[6] | $ 8,367,323 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.98% | |||
Investment, Identifier [Axis]: Debt Investments Leisure Products SRAM, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 2.75% Total Coupon 7.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 2.75% | |||
Total Coupon | [2],[3] | 7.13% | |||
Maturity | [2],[3] | May 18, 2028 | |||
Principal | [2],[3] | $ 638,560 | |||
Cost | [2],[3] | 620,459 | |||
Fair Value | [2],[3] | $ 623,394 | |||
% of Total Cash and Investment | [2],[3] | 0.28% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 2,540,613 | [4],[5] | $ 3,620,200 | [2],[3] | |
Fair Value | $ 2,495,321 | [4],[5] | $ 3,397,896 | [2],[3] | |
% of Total Cash and Investment | 0.59% | [4],[5] | 1.51% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.00% Total Coupon 11.42% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 7% | |||
Total Coupon | [2],[3],[7],[8] | 11.42% | |||
Maturity | [2],[3],[7],[8] | Dec. 21, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (2,899) | |||
Fair Value | [2],[3],[7],[8] | $ (2,913) | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.10% | |||
Total Coupon | [4],[5],[6],[11] | 12.46% | |||
Maturity | [4],[5],[6],[11] | Dec. 21, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (2,414) | |||
Fair Value | [4],[5],[6],[11] | $ 1,665 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 7.00% Total Coupon 11.42% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 7% | |||
Total Coupon | [2],[3],[7],[8] | 11.42% | |||
Maturity | [2],[3],[7],[8] | Dec. 21, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (4,638) | |||
Fair Value | [2],[3],[7],[8] | $ (4,661) | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.10% | |||
Total Coupon | [4],[5],[6],[11] | 12.46% | |||
Maturity | [4],[5],[6],[11] | Dec. 21, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (3,862) | |||
Fair Value | [4],[5],[6],[11] | $ 0 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.00% Total Coupon 11.42% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 7% | |||
Total Coupon | [2],[3],[7] | 11.42% | |||
Maturity | [2],[3],[7] | Dec. 21, 2028 | |||
Principal | [2],[3],[7] | $ 998,822 | |||
Cost | [2],[3],[7] | 964,035 | |||
Fair Value | [2],[3],[7] | $ 963,863 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Alcami Corporation Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 12.46% Maturity 12/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.10% | |||
Total Coupon | [4],[5],[6] | 12.46% | |||
Maturity | [4],[5],[6] | Dec. 21, 2028 | |||
Principal | [4],[5],[6] | $ 988,833 | |||
Cost | [4],[5],[6] | 960,144 | |||
Fair Value | [4],[5],[6] | $ 1,008,610 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.24% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Curia Global, Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 3.75% Total Coupon 8.16% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.16% | |||
Maturity | [2],[3] | Aug. 30, 2026 | |||
Principal | [2],[3] | $ 1,475,916 | |||
Cost | [2],[3] | 1,431,917 | |||
Fair Value | [2],[3] | $ 1,222,708 | |||
% of Total Cash and Investment | [2],[3] | 0.54% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Curia Global, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.85% Total Coupon 9.23% Maturity 8/30/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.85% | |||
Total Coupon | [4],[5] | 9.23% | |||
Maturity | [4],[5] | Aug. 30, 2026 | |||
Principal | [4],[5] | $ 1,460,932 | |||
Cost | [4],[5] | 1,429,243 | |||
Fair Value | [4],[5] | $ 1,318,951 | |||
% of Total Cash and Investment | [4],[5] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Parexel International, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Nov. 15, 2028 | |||
Principal | [2],[3] | $ 1,262,741 | |||
Cost | [2],[3] | 1,231,785 | |||
Fair Value | [2],[3] | $ 1,218,899 | |||
% of Total Cash and Investment | [2],[3] | 0.54% | |||
Investment, Identifier [Axis]: Debt Investments Life Sciences Tools & Services Parexel International, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.26% Total Coupon 8.72% Maturity 11/15/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Nov. 15, 2028 | |||
Principal | [4],[5] | $ 164,920 | |||
Cost | [4],[5] | 157,502 | |||
Fair Value | [4],[5] | $ 166,095 | |||
% of Total Cash and Investment | [4],[5] | 0.04% | |||
Investment, Identifier [Axis]: Debt Investments Machinery | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 8,310,034 | [4],[5] | $ 4,733,640 | [2],[3] | |
Fair Value | $ 8,498,539 | [4],[5] | $ 4,673,719 | [2],[3] | |
% of Total Cash and Investment | 2.02% | [4],[5] | 2.08% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Machinery AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.25% Total Coupon 9.09% Maturity 7/30/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[9] | 0.50% | |||
Spread | [4],[5],[9] | 3.75% | |||
Total Coupon | [4],[5],[9] | 9.09% | |||
Maturity | [4],[5],[9] | Jul. 30, 2028 | |||
Principal | [4],[5],[9] | $ 1,413,671 | |||
Cost | [4],[5],[9] | 1,365,855 | |||
Fair Value | [4],[5],[9] | $ 1,416,512 | |||
% of Total Cash and Investment | [4],[5],[9] | 0.34% | |||
Investment, Identifier [Axis]: Debt Investments Machinery AI Aqua Merger Sub, Inc. (Osmosis Buyer) (United Kingdom) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 7.97% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[10] | 0.50% | |||
Spread | [2],[3],[10] | 3.75% | |||
Total Coupon | [2],[3],[10] | 7.97% | |||
Maturity | [2],[3],[10] | Jul. 30, 2028 | |||
Principal | [2],[3],[10] | $ 1,428,023 | |||
Cost | [2],[3],[10] | 1,369,254 | |||
Fair Value | [2],[3],[10] | $ 1,348,588 | |||
% of Total Cash and Investment | [2],[3],[10] | 0.60% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Blackbird Purchaser, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.86% Maturity 12/19/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 5.50% | |||
Total Coupon | [4],[5],[6],[11] | 10.86% | |||
Maturity | [4],[5],[6],[11] | Dec. 19, 2030 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (9,405) | |||
Fair Value | [4],[5],[6],[11] | $ (9,453) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Blackbird Purchaser, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.86% Maturity 12/19/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 5.50% | |||
Total Coupon | [4],[5],[6],[11] | 10.86% | |||
Maturity | [4],[5],[6],[11] | Dec. 19, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (6,265) | |||
Fair Value | [4],[5],[6],[11] | $ (6,302) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Blackbird Purchaser, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 10.86% Maturity 12/19/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.50% | |||
Total Coupon | [4],[5],[6] | 10.86% | |||
Maturity | [4],[5],[6] | Dec. 19, 2030 | |||
Principal | [4],[5],[6] | $ 2,394,823 | |||
Cost | [4],[5],[6] | 2,347,170 | |||
Fair Value | [4],[5],[6] | $ 2,346,927 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments Machinery CPM Holdings Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.50% Total Coupon 9.84% Maturity 9/22/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.84% | |||
Maturity | [4],[5] | Sep. 22, 2028 | |||
Principal | [4],[5] | $ 388,000 | |||
Cost | [4],[5] | 382,443 | |||
Fair Value | [4],[5] | $ 389,779 | |||
% of Total Cash and Investment | [4],[5] | 0.09% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Distributed Power Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.25% Total Coupon 6.00% Maturity 10/31/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 6% | |||
Maturity | [4],[5] | Oct. 31, 2028 | |||
Principal | [4],[5] | $ 378,993 | |||
Cost | [4],[5] | 377,098 | |||
Fair Value | [4],[5] | $ 379,783 | |||
% of Total Cash and Investment | [4],[5] | 0.09% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Indicor, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.00% Total Coupon 9.35% Maturity 11/22/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 4% | |||
Total Coupon | [4],[5] | 9.35% | |||
Maturity | [4],[5] | Nov. 22, 2029 | |||
Principal | [4],[5] | $ 496,256 | |||
Cost | [4],[5] | 493,460 | |||
Fair Value | [4],[5] | $ 497,963 | |||
% of Total Cash and Investment | [4],[5] | 0.12% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Madison IAQ LLC Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.50% Spread 3.25% Total Coupon 7.99% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.99% | |||
Maturity | [2],[3] | Jun. 21, 2028 | |||
Principal | [2],[3] | $ 1,037,367 | |||
Cost | [2],[3] | 973,797 | |||
Fair Value | [2],[3] | $ 967,739 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Madison IAQ LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 6/21/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Jun. 21, 2028 | |||
Principal | [4],[5] | $ 1,026,835 | |||
Cost | [4],[5] | 975,430 | |||
Fair Value | [4],[5] | $ 1,025,084 | |||
% of Total Cash and Investment | [4],[5] | 0.24% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Service Logic Acquisition Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 4.00% Total Coupon 8.37% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.37% | |||
Maturity | [2],[3] | Oct. 29, 2027 | |||
Principal | [2],[3] | $ 2,481,465 | |||
Cost | [2],[3] | 2,390,589 | |||
Fair Value | [2],[3] | $ 2,357,392 | |||
% of Total Cash and Investment | [2],[3] | 1.05% | |||
Investment, Identifier [Axis]: Debt Investments Machinery Service Logic Acquisition Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.26% Total Coupon 9.64% Maturity 10/29/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.26% | |||
Total Coupon | [4],[5] | 9.64% | |||
Maturity | [4],[5] | Oct. 29, 2027 | |||
Principal | [4],[5] | $ 2,456,207 | |||
Cost | [4],[5] | 2,384,248 | |||
Fair Value | [4],[5] | $ 2,458,246 | |||
% of Total Cash and Investment | [4],[5] | 0.58% | |||
Investment, Identifier [Axis]: Debt Investments Media | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 9,583,599 | [4],[5] | $ 8,085,817 | [2],[3] | |
Fair Value | $ 9,276,724 | [4],[5] | $ 7,671,904 | [2],[3] | |
% of Total Cash and Investment | 2.20% | [4],[5] | 3.41% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Media NEP Group, Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Spread 3.25% Total Coupon 7.98% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.98% | |||
Maturity | [2],[3] | Oct. 20, 2025 | |||
Principal | [2],[3] | $ 2,992,208 | |||
Cost | [2],[3] | 2,573,299 | |||
Fair Value | [2],[3] | $ 2,594,499 | |||
% of Total Cash and Investment | [2],[3] | 1.15% | |||
Investment, Identifier [Axis]: Debt Investments Media NEP Group, Inc. et al Instrument First Lien Revolver Ref SOFR(M) Spread 3.36% Total Coupon 8.72% Maturity 8/19/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Aug. 19, 2026 | |||
Principal | [4],[5] | $ 4,409,263 | |||
Cost | [4],[5] | 4,044,679 | |||
Fair Value | [4],[5] | $ 4,221,869 | |||
% of Total Cash and Investment | [4],[5] | 1% | |||
Investment, Identifier [Axis]: Debt Investments Media Radiate Holdco, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Sep. 25, 2026 | |||
Principal | [2],[3] | $ 1,385,340 | |||
Cost | [2],[3] | 1,339,220 | |||
Fair Value | [2],[3] | $ 1,131,726 | |||
% of Total Cash and Investment | [2],[3] | 0.50% | |||
Investment, Identifier [Axis]: Debt Investments Media Radiate Holdco, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.25% Total Coupon 8.72% Maturity 9/25/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.25% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Sep. 25, 2026 | |||
Principal | [4],[5] | $ 1,371,346 | |||
Cost | [4],[5] | 1,337,884 | |||
Fair Value | [4],[5] | $ 1,104,578 | |||
% of Total Cash and Investment | [4],[5] | 0.26% | |||
Investment, Identifier [Axis]: Debt Investments Media Streamland Media Midco LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.11% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 6.75% | |||
Total Coupon | [2],[3],[7],[8] | 11.11% | |||
Maturity | [2],[3],[7],[8] | Aug. 31, 2023 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (19,482) | |||
Fair Value | [2],[3],[7],[8] | $ (51,790) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.02%) | |||
Investment, Identifier [Axis]: Debt Investments Media Streamland Media Midco LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 11.11% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 6.75% | |||
Total Coupon | [2],[3],[7] | 11.11% | |||
Maturity | [2],[3],[7] | Aug. 31, 2023 | |||
Principal | [2],[3],[7] | $ 3,556,309 | |||
Cost | [2],[3],[7] | 3,485,182 | |||
Fair Value | [2],[3],[7] | $ 3,392,719 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.51% | |||
Investment, Identifier [Axis]: Debt Investments Media Streamland Media Midco LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Cash + 0.5% PIK Total Coupon 12.89% Maturity 12/31/2024 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6] | 0.50% | |||
Interest Rate, Cash | [4],[5],[6] | 7.01% | |||
Total Coupon | [4],[5],[6] | 12.89% | |||
Maturity | [4],[5],[6] | Dec. 31, 2024 | |||
Principal | [4],[5],[6] | $ 3,525,813 | |||
Cost | [4],[5],[6] | 3,496,551 | |||
Fair Value | [4],[5],[6] | $ 3,331,893 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.79% | |||
Investment, Identifier [Axis]: Debt Investments Media Zayo Group Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.25% Total Coupon 8.57% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.25% | |||
Total Coupon | [2],[3] | 8.57% | |||
Maturity | [2],[3] | Mar. 09, 2027 | |||
Principal | [2],[3] | $ 724,525 | |||
Cost | [2],[3] | 707,598 | |||
Fair Value | [2],[3] | $ 604,750 | |||
% of Total Cash and Investment | [2],[3] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Media Zayo Group Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.33% Total Coupon 9.68% Maturity 3/9/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.33% | |||
Total Coupon | [4],[5] | 9.68% | |||
Maturity | [4],[5] | Mar. 09, 2027 | |||
Principal | [4],[5] | $ 717,225 | |||
Cost | [4],[5] | 704,485 | |||
Fair Value | [4],[5] | $ 618,384 | |||
% of Total Cash and Investment | [4],[5] | 0.15% | |||
Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 12.06% Maturity 10/2/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.75% | |||
Total Coupon | [4],[5],[6] | 12.06% | |||
Maturity | [4],[5],[6] | Oct. 02, 2029 | |||
Principal | [4],[5],[6] | $ 1,276,947 | |||
Cost | [4],[5],[6] | 1,239,564 | |||
Fair Value | [4],[5],[6] | $ 1,245,023 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.30% | |||
Investment, Identifier [Axis]: Debt Investments Paper & Forest Products Alpine Acquisition Corp II (48Forty) Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 11.44% Maturity 11/30/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.10% | |||
Total Coupon | [4],[5],[6] | 11.44% | |||
Maturity | [4],[5],[6] | Nov. 30, 2026 | |||
Principal | [4],[5],[6] | $ 4,896,719 | |||
Cost | [4],[5],[6] | 4,762,351 | |||
Fair Value | [4],[5],[6] | $ 4,728,762 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.13% | |||
Investment, Identifier [Axis]: Debt Investments Paper & Forest Products Alpine Acquisition Corp II (48Forty) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 10.26% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Spread | [2],[3],[7] | 6% | |||
Total Coupon | [2],[3],[7] | 10.26% | |||
Maturity | [2],[3],[7] | Nov. 30, 2026 | |||
Principal | [2],[3],[7] | $ 4,946,306 | |||
Cost | [2],[3],[7] | 4,763,739 | |||
Fair Value | [2],[3],[7] | $ 4,715,808 | |||
% of Total Cash and Investment | [2],[3],[7] | 2.09% | |||
Investment, Identifier [Axis]: Debt Investments Paper and Forest Products | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4],[5] | $ 6,313,240 | |||
Fair Value | [4],[5] | $ 6,258,362 | |||
% of Total Cash and Investment | [4],[5] | 1.49% | |||
Investment, Identifier [Axis]: Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.15% Total Coupon 11.56% Maturity 12/23/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1.25% | |||
Spread | [4],[5],[6] | 6.15% | |||
Total Coupon | [4],[5],[6] | 11.56% | |||
Maturity | [4],[5],[6] | Dec. 23, 2026 | |||
Principal | [4],[5],[6] | $ 1,586,722 | |||
Cost | [4],[5],[6] | 1,550,889 | |||
Fair Value | [4],[5],[6] | $ 1,529,600 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.36% | |||
Investment, Identifier [Axis]: Debt Investments Pharmaceuticals Nephron Pharmaceuticals Corp. et al Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 9.00% Total Coupon 14.57% Maturity 9/11/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1.50% | |||
Spread | [4],[5],[6] | 9% | |||
Total Coupon | [4],[5],[6] | 14.57% | |||
Maturity | [4],[5],[6] | Sep. 11, 2026 | |||
Principal | [4],[5],[6] | $ 9,079,279 | |||
Cost | [4],[5],[6] | 8,753,220 | |||
Fair Value | [4],[5],[6] | $ 7,853,576 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.86% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 43,679,641 | [4],[5] | $ 14,615,183 | [2],[3] | |
Fair Value | $ 43,972,436 | [4],[5] | $ 14,343,672 | [2],[3] | |
% of Total Cash and Investment | 10.44% | [4],[5] | 6.37% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Professional Services Allied Benefit Systems Intermediate, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.63% Maturity 10/31/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 5.25% | |||
Total Coupon | [4],[5],[6],[11] | 10.63% | |||
Maturity | [4],[5],[6],[11] | Oct. 31, 2030 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (21,381) | |||
Fair Value | [4],[5],[6],[11] | $ (10,226) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Allied Benefit Systems Intermediate, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 10.63% Maturity 10/31/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 10.63% | |||
Maturity | [4],[5],[6] | Oct. 31, 2030 | |||
Principal | [4],[5],[6] | $ 7,985,796 | |||
Cost | [4],[5],[6] | 7,868,914 | |||
Fair Value | [4],[5],[6] | $ 7,929,895 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.88% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cast & Crew Payroll, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 8.07% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.07% | |||
Maturity | [2],[3] | Dec. 30, 2028 | |||
Principal | [2],[3] | $ 1,163,172 | |||
Cost | [2],[3] | 1,137,018 | |||
Fair Value | [2],[3] | $ 1,149,505 | |||
% of Total Cash and Investment | [2],[3] | 0.51% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.79% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5.50% | |||
Total Coupon | [2],[3],[7] | 9.79% | |||
Maturity | [2],[3],[7] | Jun. 30, 2028 | |||
Principal | [2],[3],[7] | $ 395,373 | |||
Cost | [2],[3],[7] | 383,557 | |||
Fair Value | [2],[3],[7] | $ 369,879 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.16% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory LLC Instrument First Lien Revolver Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5.50% | |||
Total Coupon | [2],[3],[7] | 9.82% | |||
Maturity | [2],[3],[7] | Jun. 30, 2028 | |||
Principal | [2],[3],[7] | $ 134,176 | |||
Cost | [2],[3],[7] | 125,982 | |||
Fair Value | [2],[3],[7] | $ 121,429 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.05% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.50% Total Coupon 9.82% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5.50% | |||
Total Coupon | [2],[3],[7] | 9.82% | |||
Maturity | [2],[3],[7] | Jun. 30, 2028 | |||
Principal | [2],[3],[7] | $ 2,180,588 | |||
Cost | [2],[3],[7] | 2,140,597 | |||
Fair Value | [2],[3],[7] | $ 2,118,441 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.94% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 5.25% | |||
Total Coupon | [4],[5],[6],[11] | 10.61% | |||
Maturity | [4],[5],[6],[11] | Jun. 30, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (18,486) | |||
Fair Value | [4],[5],[6],[11] | $ (19,021) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/2028-One | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 10.61% | |||
Maturity | [4],[5],[6] | Jun. 30, 2028 | |||
Principal | [4],[5],[6] | $ 889,307 | |||
Cost | [4],[5],[6] | 875,975 | |||
Fair Value | [4],[5],[6] | $ 856,136 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Revolver Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 5.25% | |||
Total Coupon | [4],[5],[6],[11] | 10.61% | |||
Maturity | [4],[5],[6],[11] | Jun. 30, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (6,701) | |||
Fair Value | [4],[5],[6],[11] | $ (16,683) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 10.61% Maturity 6/30/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 10.61% | |||
Maturity | [4],[5],[6] | Jun. 30, 2028 | |||
Principal | [4],[5],[6] | $ 2,158,673 | |||
Cost | [4],[5],[6] | 2,126,328 | |||
Fair Value | [4],[5],[6] | $ 2,078,154 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.49% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Cherry Bekaert Advisory, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 11.61% Maturity 6/30/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 11.11% | |||
Maturity | [4],[5],[6] | Jun. 30, 2028 | |||
Principal | [4],[5],[6] | $ 752,921 | |||
Cost | [4],[5],[6] | 738,579 | |||
Fair Value | [4],[5],[6] | $ 738,164 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services DTI Holdco, Inc. (Epiq) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 10.13% Maturity 4/21/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.75% | |||
Total Coupon | [4],[5] | 10.13% | |||
Maturity | [4],[5] | Apr. 21, 2029 | |||
Principal | [4],[5] | $ 2,468,750 | |||
Cost | [4],[5] | 2,371,727 | |||
Fair Value | [4],[5] | $ 2,446,272 | |||
% of Total Cash and Investment | [4],[5] | 0.58% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services DTI Holdco, Inc. (Epiq) Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.84% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4.75% | |||
Total Coupon | [2],[3] | 8.84% | |||
Maturity | [2],[3] | Apr. 26, 2029 | |||
Principal | [2],[3] | $ 2,493,750 | |||
Cost | [2],[3] | 2,377,151 | |||
Fair Value | [2],[3] | $ 2,303,602 | |||
% of Total Cash and Investment | [2],[3] | 1.02% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Deerfield Dakota Holding, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.75% Total Coupon 8.07% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.07% | |||
Maturity | [2],[3] | Apr. 09, 2027 | |||
Principal | [2],[3] | $ 1,936,685 | |||
Cost | [2],[3] | 1,880,747 | |||
Fair Value | [2],[3] | $ 1,813,531 | |||
% of Total Cash and Investment | [2],[3] | 0.81% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Deerfield Dakota Holding, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.75% Total Coupon 9.10% Maturity 4/9/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.10% | |||
Maturity | [4],[5] | Apr. 09, 2027 | |||
Principal | [4],[5] | $ 942,148 | |||
Cost | [4],[5] | 914,860 | |||
Fair Value | [4],[5] | $ 935,082 | |||
% of Total Cash and Investment | [4],[5] | 0.22% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Element Materials Technology Group US Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.25% Total Coupon 8.93% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.25% | |||
Total Coupon | [2],[3] | 8.93% | |||
Maturity | [2],[3] | Jun. 22, 2029 | |||
Principal | [2],[3] | $ 225,772 | |||
Cost | [2],[3] | 223,136 | |||
Fair Value | [2],[3] | $ 221,163 | |||
% of Total Cash and Investment | [2],[3] | 0.10% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Element Materials Technology Group US Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.35% Total Coupon 9.70% Maturity 6/22/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.35% | |||
Total Coupon | [4],[5] | 9.70% | |||
Maturity | [4],[5] | Jun. 24, 2029 | |||
Principal | [4],[5] | $ 223,514 | |||
Cost | [4],[5] | 221,242 | |||
Fair Value | [4],[5] | $ 222,117 | |||
% of Total Cash and Investment | [4],[5] | 0.05% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Element Materials Technology Group US Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.25% Total Coupon 8.93% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.25% | |||
Total Coupon | [2],[3] | 8.93% | |||
Maturity | [2],[3] | Jun. 22, 2029 | |||
Principal | [2],[3] | $ 464,595 | |||
Cost | [2],[3] | 459,181 | |||
Fair Value | [2],[3] | $ 455,110 | |||
% of Total Cash and Investment | [2],[3] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Element Materials Technology Group US Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.35% Total Coupon 9.70% Maturity 6/22/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.35% | |||
Total Coupon | [4],[5] | 9.70% | |||
Maturity | [4],[5] | Jun. 22, 2029 | |||
Principal | [4],[5] | $ 470,174 | |||
Cost | [4],[5] | 465,373 | |||
Fair Value | [4],[5] | $ 467,235 | |||
% of Total Cash and Investment | [4],[5] | 0.11% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services GI Consilio Parent, LLC. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.50% Total Coupon 9.97% Maturity 5/12/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.50% | |||
Spread | [4],[5],[6] | 4.50% | |||
Total Coupon | [4],[5],[6] | 9.97% | |||
Maturity | [4],[5],[6] | May 12, 2028 | |||
Principal | [4],[5],[6] | $ 11,000,000 | |||
Cost | [4],[5],[6] | 10,794,210 | |||
Fair Value | [4],[5],[6] | $ 11,000,000 | |||
% of Total Cash and Investment | [4],[5],[6] | 2.62% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services ICIMS, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 12.62% Maturity 8/18/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 7.25% | |||
Total Coupon | [4],[5],[6] | 12.62% | |||
Maturity | [4],[5],[6] | Aug. 18, 2028 | |||
Principal | [4],[5],[6] | $ 1,152,092 | |||
Cost | [4],[5],[6] | 1,136,049 | |||
Fair Value | [4],[5],[6] | $ 1,145,179 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.27% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Monotype Imaging Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 10.45% Maturity 10/9/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 5% | |||
Total Coupon | [4],[5] | 10.45% | |||
Maturity | [4],[5] | Oct. 09, 2026 | |||
Principal | [4],[5] | $ 2,456,030 | |||
Cost | [4],[5] | 2,405,418 | |||
Fair Value | [4],[5] | $ 2,470,349 | |||
% of Total Cash and Investment | [4],[5] | 0.59% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Monotype Imaging Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 9.68% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 5% | |||
Total Coupon | [2],[3],[7] | 9.68% | |||
Maturity | [2],[3],[7] | Oct. 09, 2026 | |||
Principal | [2],[3],[7] | $ 2,481,156 | |||
Cost | [2],[3],[7] | 2,411,515 | |||
Fair Value | [2],[3],[7] | $ 2,443,939 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.09% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services OMNIA Partners, LLC Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.25% Total Coupon 9.63% Maturity 7/18/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[11] | 1% | |||
Spread | [4],[5],[11] | 4.25% | |||
Total Coupon | [4],[5],[11] | 9.63% | |||
Maturity | [4],[5],[11] | Jul. 18, 2030 | |||
Principal | [4],[5],[11] | $ 0 | |||
Cost | [4],[5],[11] | (119) | |||
Fair Value | [4],[5],[11] | $ 188 | |||
% of Total Cash and Investment | [4],[5],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services OMNIA Partners, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.25% Total Coupon 9.63% Maturity 7/18/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 9.63% | |||
Maturity | [4],[5] | Jul. 18, 2030 | |||
Principal | [4],[5] | $ 265,996 | |||
Cost | [4],[5] | 263,465 | |||
Fair Value | [4],[5] | $ 267,992 | |||
% of Total Cash and Investment | [4],[5] | 0.06% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Syntellis Performance Solutions, LLC (Axiom Global, Inc.) Instrument First Lien Incremental Term Loan Ref SOFR(M) Floor 0.75% Spread 4.85% Total Coupon 10.21% Maturity 7/31/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 4.85% | |||
Total Coupon | [4],[5],[6] | 10.21% | |||
Maturity | [4],[5],[6] | Jul. 31, 2027 | |||
Principal | [4],[5],[6] | $ 2,984,456 | |||
Cost | [4],[5],[6] | 2,931,410 | |||
Fair Value | [4],[5],[6] | $ 2,909,845 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.69% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services VT TopCo, Inc. (Veritext) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.25% Total Coupon 9.61% Maturity 8/3/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 9.61% | |||
Maturity | [4],[5] | Aug. 03, 2030 | |||
Principal | [4],[5] | $ 5,000,000 | |||
Cost | [4],[5] | 4,952,669 | |||
Fair Value | [4],[5] | $ 5,031,250 | |||
% of Total Cash and Investment | [4],[5] | 1.19% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 10.63% Maturity 2/26/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 10.63% | |||
Maturity | [4],[5],[6] | Feb. 26, 2027 | |||
Principal | [4],[5],[6] | $ 816,139 | |||
Cost | [4],[5],[6] | 715,756 | |||
Fair Value | [4],[5],[6] | $ 717,095 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.17% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 10.12% Maturity 2/28/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Spread | [4],[5],[6],[11] | 4.75% | |||
Total Coupon | [4],[5],[6],[11] | 10.12% | |||
Maturity | [4],[5],[6],[11] | Feb. 28, 2027 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (22) | |||
Fair Value | [4],[5],[6],[11] | $ (47) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.77% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 4.75% | |||
Total Coupon | [2],[3],[7],[8] | 8.77% | |||
Maturity | [2],[3],[7],[8] | Mar. 26, 2027 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (2,782) | |||
Fair Value | [2],[3],[7],[8] | $ (69,761) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.03%) | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 10.12% Maturity 2/28/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 4.75% | |||
Total Coupon | [4],[5],[6] | 10.12% | |||
Maturity | [4],[5],[6] | Feb. 28, 2027 | |||
Principal | [4],[5],[6] | $ 4,944,375 | |||
Cost | [4],[5],[6] | 4,944,375 | |||
Fair Value | [4],[5],[6] | $ 4,803,460 | |||
% of Total Cash and Investment | [4],[5],[6] | 1.14% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services Vensure Employer Services, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.77% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 4.75% | |||
Total Coupon | [2],[3],[7] | 8.77% | |||
Maturity | [2],[3],[7] | Mar. 26, 2027 | |||
Principal | [2],[3],[7] | $ 2,346,506 | |||
Cost | [2],[3],[7] | 2,346,506 | |||
Fair Value | [2],[3],[7] | $ 2,284,558 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.02% | |||
Investment, Identifier [Axis]: Debt Investments Professional Services iCIMS, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.25% Total Coupon 11.52% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 7.25% | |||
Total Coupon | [2],[3],[7] | 11.52% | |||
Maturity | [2],[3],[7] | Aug. 18, 2028 | |||
Principal | [2],[3],[7] | $ 1,152,092 | |||
Cost | [2],[3],[7] | 1,132,575 | |||
Fair Value | [2],[3],[7] | $ 1,132,276 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.50% | |||
Investment, Identifier [Axis]: Debt Investments Real Estate Management & Development Forest City Enterprises, L.P. Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.50% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Dec. 08, 2025 | |||
Principal | [2],[3] | $ 902,764 | |||
Cost | [2],[3] | 885,737 | |||
Fair Value | [2],[3] | $ 871,027 | |||
% of Total Cash and Investment | [2],[3] | 0.39% | |||
Investment, Identifier [Axis]: Debt Investments Real Estate Management & Development Forest City Enterprises, L.P. Instrument First Lien Term Loan Ref SOFR(M) Spread 3.61% Total Coupon 8.97% Maturity 12/8/2025 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Dec. 08, 2025 | |||
Principal | [4],[5] | $ 902,764 | |||
Cost | [4],[5] | 891,545 | |||
Fair Value | [4],[5] | $ 859,318 | |||
% of Total Cash and Investment | [4],[5] | 0.20% | |||
Investment, Identifier [Axis]: Debt Investments Software | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 65,935,598 | [4],[5] | $ 35,126,241 | [2],[3] | |
Fair Value | $ 66,985,334 | [4],[5] | $ 34,782,379 | [2],[3] | |
% of Total Cash and Investment | 15.90% | [4],[5] | 15.45% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Software Applied Systems, Inc Instrument First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 9.85% Maturity 9/19/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.85% | |||
Maturity | [4],[5] | Sep. 19, 2026 | |||
Principal | [4],[5] | $ 510,145 | |||
Cost | [4],[5] | 508,851 | |||
Fair Value | [4],[5] | $ 513,101 | |||
% of Total Cash and Investment | [4],[5] | 0.12% | |||
Investment, Identifier [Axis]: Debt Investments Software Applied Systems, Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.50% Spread 3.00% Total Coupon 7.73% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3% | |||
Total Coupon | [2],[3] | 7.73% | |||
Maturity | [2],[3] | Sep. 19, 2024 | |||
Principal | [2],[3] | $ 1,786,914 | |||
Cost | [2],[3] | 1,752,573 | |||
Fair Value | [2],[3] | $ 1,783,510 | |||
% of Total Cash and Investment | [2],[3] | 0.79% | |||
Investment, Identifier [Axis]: Debt Investments Software Barracuda Parent LLC. Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.50% Total Coupon 9.88% Maturity 8/15/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.88% | |||
Maturity | [4],[5] | Aug. 15, 2029 | |||
Principal | [4],[5] | $ 574,200 | |||
Cost | [4],[5] | 561,664 | |||
Fair Value | [4],[5] | $ 562,179 | |||
% of Total Cash and Investment | [4],[5] | 0.13% | |||
Investment, Identifier [Axis]: Debt Investments Software Barracuda Parent, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 8.59% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 8.59% | |||
Maturity | [2],[3] | Aug. 15, 2029 | |||
Principal | [2],[3] | $ 580,000 | |||
Cost | [2],[3] | 564,475 | |||
Fair Value | [2],[3] | $ 560,344 | |||
% of Total Cash and Investment | [2],[3] | 0.25% | |||
Investment, Identifier [Axis]: Debt Investments Software Bluefin Holding, LLC (Allvue) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.72% Maturity 9/12/20329 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.25% | |||
Total Coupon | [4],[5],[6],[11] | 12.72% | |||
Maturity | [4],[5],[6],[11] | Sep. 12, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | 28,259 | |||
Fair Value | [4],[5],[6],[11] | $ (20,241) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Software Bluefin Holding, LLC (Allvue) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.25% Total Coupon 12.72% Maturity 9/12/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.25% | |||
Total Coupon | [4],[5],[6] | 12.72% | |||
Maturity | [4],[5],[6] | Sep. 12, 2029 | |||
Principal | [4],[5],[6] | $ 12,076,774 | |||
Cost | [4],[5],[6] | 11,790,144 | |||
Fair Value | [4],[5],[6] | $ 11,871,470 | |||
% of Total Cash and Investment | [4],[5],[6] | 2.83% | |||
Investment, Identifier [Axis]: Debt Investments Software Boxer Parent Company, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Oct. 02, 2025 | |||
Principal | [2],[3] | $ 1,314,202 | |||
Cost | [2],[3] | 1,273,137 | |||
Fair Value | [2],[3] | $ 1,261,338 | |||
% of Total Cash and Investment | [2],[3] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments Software Boxer Parent Company, Inc. Instrument First Lien Term Loan Ref SOFR(M) Spread 4.25% Total Coupon 9.61% Maturity 12/29/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 9.61% | |||
Maturity | [4],[5] | Dec. 29, 2029 | |||
Principal | [4],[5] | $ 1,302,660 | |||
Cost | [4],[5] | 1,263,621 | |||
Fair Value | [4],[5] | $ 1,313,895 | |||
% of Total Cash and Investment | [4],[5] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Software Capstone Borrower, Inc. (Cvent, Inc.). Instrument First Lien Term Loan B Ref SOFR(Q) Spread 3.75% Total Coupon 9.10% Maturiy 5/17/2030 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.10% | |||
Maturity | [4],[5] | May 17, 2030 | |||
Principal | [4],[5] | $ 4,990,385 | |||
Cost | [4],[5] | 4,921,163 | |||
Fair Value | [4],[5] | $ 5,002,861 | |||
% of Total Cash and Investment | [4],[5] | 1.19% | |||
Investment, Identifier [Axis]: Debt Investments Software Central Parent Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 9.08% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 9.08% | |||
Maturity | [2],[3] | Jul. 06, 2029 | |||
Principal | [2],[3] | $ 1,000,000 | |||
Cost | [2],[3] | 978,881 | |||
Fair Value | [2],[3] | $ 992,670 | |||
% of Total Cash and Investment | [2],[3] | 0.44% | |||
Investment, Identifier [Axis]: Debt Investments Software Central Parent Inc.. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.00% Total Coupon 9.35% Maturity 7/6/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4% | |||
Total Coupon | [4],[5] | 9.35% | |||
Maturity | [4],[5] | Jul. 06, 2029 | |||
Principal | [4],[5] | $ 992,500 | |||
Cost | [4],[5] | 974,748 | |||
Fair Value | [4],[5] | $ 999,269 | |||
% of Total Cash and Investment | [4],[5] | 0.24% | |||
Investment, Identifier [Axis]: Debt Investments Software Cloudera, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Oct. 08, 2028 | |||
Principal | [2],[3] | $ 745,858 | |||
Cost | [2],[3] | 710,582 | |||
Fair Value | [2],[3] | $ 705,653 | |||
% of Total Cash and Investment | [2],[3] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Software Cloudera, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.85% Total Coupon 9.21% Maturity 10/8/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.85% | |||
Total Coupon | [4],[5] | 9.21% | |||
Maturity | [4],[5] | Oct. 08, 2028 | |||
Principal | [4],[5] | $ 162,737 | |||
Cost | [4],[5] | 152,443 | |||
Fair Value | [4],[5] | $ 161,618 | |||
% of Total Cash and Investment | [4],[5] | 0.04% | |||
Investment, Identifier [Axis]: Debt Investments Software Cornerstone OnDemand, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Oct. 15, 2028 | |||
Principal | [2],[3] | $ 744,415 | |||
Cost | [2],[3] | 704,582 | |||
Fair Value | [2],[3] | $ 668,112 | |||
% of Total Cash and Investment | [2],[3] | 0.30% | |||
Investment, Identifier [Axis]: Debt Investments Software Cornerstone OnDemand, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.86% Total Coupon 9.22% Maturity 10/15/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.86% | |||
Total Coupon | [4],[5] | 9.22% | |||
Maturity | [4],[5] | Oct. 15, 2028 | |||
Principal | [4],[5] | $ 736,914 | |||
Cost | [4],[5] | 704,284 | |||
Fair Value | [4],[5] | $ 714,807 | |||
% of Total Cash and Investment | [4],[5] | 0.17% | |||
Investment, Identifier [Axis]: Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.89% Maturity 3/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Spread | [4],[5],[6],[11] | 7.50% | |||
Total Coupon | [4],[5],[6],[11] | 12.89% | |||
Maturity | [4],[5],[6],[11] | Mar. 30, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (5,083) | |||
Fair Value | [4],[5],[6],[11] | $ 0 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Software Disco Parent, Inc. (Duck Creek Technologies) Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 12.89% Maturity 3/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 7.50% | |||
Total Coupon | [4],[5],[6] | 12.89% | |||
Maturity | [4],[5],[6] | Mar. 30, 2029 | |||
Principal | [4],[5],[6] | $ 2,327,225 | |||
Cost | [4],[5],[6] | 2,276,397 | |||
Fair Value | [4],[5],[6] | $ 2,331,879 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.55% | |||
Investment, Identifier [Axis]: Debt Investments Software Epicor Software Corp. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.25% Total Coupon 7.63% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.63% | |||
Maturity | [2],[3] | Jul. 31, 2027 | |||
Principal | [2],[3] | $ 2,147,303 | |||
Cost | [2],[3] | 2,089,641 | |||
Fair Value | [2],[3] | $ 2,066,650 | |||
% of Total Cash and Investment | [2],[3] | 0.92% | |||
Investment, Identifier [Axis]: Debt Investments Software Epicor Software Corp. LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 3.36% Total Coupon 8.72% Maturity 7/31/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Jul. 31, 2027 | |||
Principal | [4],[5] | $ 2,125,335 | |||
Cost | [4],[5] | 2,082,403 | |||
Fair Value | [4],[5] | $ 2,135,398 | |||
% of Total Cash and Investment | [4],[5] | 0.51% | |||
Investment, Identifier [Axis]: Debt Investments Software Flexera Software, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.75% Total Coupon 8.14% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.14% | |||
Maturity | [2],[3] | Mar. 03, 2028 | |||
Principal | [2],[3] | $ 744,330 | |||
Cost | [2],[3] | 722,669 | |||
Fair Value | [2],[3] | $ 716,187 | |||
% of Total Cash and Investment | [2],[3] | 0.32% | |||
Investment, Identifier [Axis]: Debt Investments Software Flexera Software, LLC Instrument First LienTerm Loan Ref SOFR(M) Floor 0.75% Spread 3.75% Total Coupon 9.22% Maturity 3/3/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.22% | |||
Maturity | [4],[5] | Mar. 03, 2028 | |||
Principal | [4],[5] | $ 733,651 | |||
Cost | [4],[5] | 716,948 | |||
Fair Value | [4],[5] | $ 734,168 | |||
% of Total Cash and Investment | [4],[5] | 0.17% | |||
Investment, Identifier [Axis]: Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.62% Maturity 5/22/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6],[11] | 3.75% | |||
Interest Rate, Cash | [4],[5],[6],[11] | 3.50% | |||
Total Coupon | [4],[5],[6],[11] | 12.62% | |||
Maturity | [4],[5],[6],[11] | May 22, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (12,596) | |||
Fair Value | [4],[5],[6],[11] | $ (9,610) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.25% Cash + 3.75% PIK Total Coupon 11.40% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Investment, Interest Rate, Paid in Kind | [2],[3],[7] | 3.75% | |||
Interest Rate, Cash | [2],[3],[7] | 3.25% | |||
Total Coupon | [2],[3],[7] | 11.40% | |||
Maturity | [2],[3],[7] | Aug. 30, 2028 | |||
Principal | [2],[3],[7] | $ 3,168,138 | |||
Cost | [2],[3],[7] | 3,098,041 | |||
Fair Value | [2],[3],[7] | $ 3,060,421 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.36% | |||
Investment, Identifier [Axis]: Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.50% Cash + 3.75% PIK Total Coupon 12.62% Maturity 5/22/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6] | 3.75% | |||
Interest Rate, Cash | [4],[5],[6] | 3.50% | |||
Total Coupon | [4],[5],[6] | 12.62% | |||
Maturity | [4],[5],[6] | May 22, 2029 | |||
Principal | [4],[5],[6] | $ 3,886,777 | |||
Cost | [4],[5],[6] | 3,819,376 | |||
Fair Value | [4],[5],[6] | $ 3,805,155 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.90% | |||
Investment, Identifier [Axis]: Debt Investments Software Fusion Risk Management, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 10.90% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 1% | |||
Spread | [2],[3],[7],[8] | 6.50% | |||
Total Coupon | [2],[3],[7],[8] | 10.90% | |||
Maturity | [2],[3],[7],[8] | Aug. 30, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (6,665) | |||
Fair Value | [2],[3],[7],[8] | $ (10,669) | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.40% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [2],[3],[7] | 4.30% | |||
Interest Rate, Cash | [2],[3],[7] | 2.58% | |||
Total Coupon | [2],[3],[7] | 11.40% | |||
Maturity | [2],[3],[7] | Jul. 09, 2029 | |||
Principal | [2],[3],[7] | $ 1,147,092 | |||
Cost | [2],[3],[7] | 1,134,783 | |||
Fair Value | [2],[3],[7] | $ 1,110,385 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.49% | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6] | 4.30% | |||
Interest Rate, Cash | [4],[5],[6] | 2.58% | |||
Total Coupon | [4],[5],[6] | 12.22% | |||
Maturity | [4],[5],[6] | Jul. 09, 2029 | |||
Principal | [4],[5],[6] | $ 1,197,985 | |||
Cost | [4],[5],[6] | 1,179,932 | |||
Fair Value | [4],[5],[6] | $ 1,197,146 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.28% | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 1% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6],[11] | 4.30% | |||
Interest Rate, Cash | [4],[5],[6],[11] | 2.58% | |||
Total Coupon | [4],[5],[6],[11] | 12.22% | |||
Maturity | [4],[5],[6],[11] | Jul. 09, 2029 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (21,443) | |||
Fair Value | [4],[5],[6],[11] | $ (760) | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Revolver Ref PRIME(Q) Floor 0.75% Spread 5.25% Total Coupon 13.75% Maturity 7/9/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 5.25% | |||
Total Coupon | [4],[5],[6] | 13.75% | |||
Maturity | [4],[5],[6] | Jul. 09, 2029 | |||
Principal | [4],[5],[6] | $ 26,438 | |||
Cost | [4],[5],[6] | 22,260 | |||
Fair Value | [4],[5],[6] | $ 26,253 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.01% | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.83% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.25% | |||
Total Coupon | [2],[3],[7],[8] | 10.83% | |||
Maturity | [2],[3],[7],[8] | Jul. 09, 2029 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (4,941) | |||
Fair Value | [2],[3],[7],[8] | $ (8,460) | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 11.46% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [2],[3],[7] | 4.30% | |||
Interest Rate, Cash | [2],[3],[7] | 2.58% | |||
Total Coupon | [2],[3],[7] | 11.46% | |||
Maturity | [2],[3],[7] | Jul. 09, 2029 | |||
Principal | [2],[3],[7] | $ 1,484,761 | |||
Cost | [2],[3],[7] | 1,457,604 | |||
Fair Value | [2],[3],[7] | $ 1,437,249 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.64% | |||
Investment, Identifier [Axis]: Debt Investments Software GTY Technology Holdings Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.58% Cash + 4.30% PIK Total Coupon 12.22% Maturity 7/9/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6] | 4.30% | |||
Interest Rate, Cash | [4],[5],[6] | 2.58% | |||
Total Coupon | [4],[5],[6] | 12.22% | |||
Maturity | [4],[5],[6] | Jul. 09, 2029 | |||
Principal | [4],[5],[6] | $ 1,550,326 | |||
Cost | [4],[5],[6] | 1,527,349 | |||
Fair Value | [4],[5],[6] | $ 1,549,240 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.37% | |||
Investment, Identifier [Axis]: Debt Investments Software Greeneden U.S. Holdings II, LLC Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 4.00% Total Coupon 8.38% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.38% | |||
Maturity | [2],[3] | Dec. 01, 2027 | |||
Principal | [2],[3] | $ 2,737,495 | |||
Cost | [2],[3] | 2,682,329 | |||
Fair Value | [2],[3] | $ 2,634,278 | |||
% of Total Cash and Investment | [2],[3] | 1.17% | |||
Investment, Identifier [Axis]: Debt Investments Software Greeneden U.S. Holdings II, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.11% Total Coupon 9.47% Maturity 12/1/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.11% | |||
Total Coupon | [4],[5] | 9.47% | |||
Maturity | [4],[5] | Dec. 01, 2027 | |||
Principal | [4],[5] | $ 2,709,633 | |||
Cost | [4],[5] | 2,667,976 | |||
Fair Value | [4],[5] | $ 2,723,411 | |||
% of Total Cash and Investment | [4],[5] | 0.65% | |||
Investment, Identifier [Axis]: Debt Investments Software JOBVITE, Inc. (Employ, Inc.) Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 8.00% Total Coupon 10.93% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 8% | |||
Total Coupon | [2],[3],[7] | 10.93% | |||
Maturity | [2],[3],[7] | Aug. 05, 2028 | |||
Principal | [2],[3],[7] | $ 2,321,515 | |||
Cost | [2],[3],[7] | 2,266,822 | |||
Fair Value | [2],[3],[7] | $ 2,243,048 | |||
% of Total Cash and Investment | [2],[3],[7] | 1% | |||
Investment, Identifier [Axis]: Debt Investments Software JOBVITE, Inc. (Employ, Inc.) Instrument First Lien Term Loan Ref SOFR(S) Floor 0.75% Spread 8.00% Total Coupon 13.43% Maturity 8/7/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Spread | [4],[5],[6] | 8% | |||
Total Coupon | [4],[5],[6] | 13.43% | |||
Maturity | [4],[5],[6] | Aug. 07, 2028 | |||
Principal | [4],[5],[6] | $ 2,321,514 | |||
Cost | [4],[5],[6] | 2,275,240 | |||
Fair Value | [4],[5],[6] | $ 2,286,924 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.54% | |||
Investment, Identifier [Axis]: Debt Investments Software Kong Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Cash + 3.25% PIK Total Coupon 12.99% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 1% | |||
Investment, Interest Rate, Paid in Kind | [2],[3],[7] | 3.25% | |||
Interest Rate, Cash | [2],[3],[7] | 5.50% | |||
Total Coupon | [2],[3],[7] | 12.99% | |||
Maturity | [2],[3],[7] | Nov. 01, 2027 | |||
Principal | [2],[3],[7] | $ 909,947 | |||
Cost | [2],[3],[7] | 892,141 | |||
Fair Value | [2],[3],[7] | $ 891,748 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.40% | |||
Investment, Identifier [Axis]: Debt Investments Software Kong Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Cash + 3.25% PIK Total Coupon 14.21% Maturity 11/1/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6] | 3.25% | |||
Interest Rate, Cash | [4],[5],[6] | 5.50% | |||
Total Coupon | [4],[5],[6] | 14.21% | |||
Maturity | [4],[5],[6] | Nov. 01, 2027 | |||
Principal | [4],[5],[6] | $ 939,965 | |||
Cost | [4],[5],[6] | 924,763 | |||
Fair Value | [4],[5],[6] | $ 939,119 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.22% | |||
Investment, Identifier [Axis]: Debt Investments Software MH Sub I, LLC (Micro Holding Corp.) Instrument First Lien 2023 Incremental Term Loan Ref SOFR(M) Floor 1.00% Spread 4.25% Total Coupon 9.61% Maturity 4/25/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 9.61% | |||
Maturity | [4],[5] | Apr. 25, 2028 | |||
Principal | [4],[5] | $ 1,452,700 | |||
Cost | [4],[5] | 1,420,930 | |||
Fair Value | [4],[5] | $ 1,430,910 | |||
% of Total Cash and Investment | [4],[5] | 0.34% | |||
Investment, Identifier [Axis]: Debt Investments Software MH Sub I, LLC (Micro Holding Corp.) Instrument First Lien Term Loan Ref LIBOR(M) Floor 1.00% Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | Sep. 15, 2024 | |||
Principal | [2],[3] | $ 1,474,959 | |||
Cost | [2],[3] | 1,430,971 | |||
Fair Value | [2],[3] | $ 1,436,507 | |||
% of Total Cash and Investment | [2],[3] | 0.64% | |||
Investment, Identifier [Axis]: Debt Investments Software Maverick Bidco, Inc. (Mitratech) Instrument First Lien No. 2 Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.51% Total Coupon 9.89% Maturity 5/18/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.51% | |||
Total Coupon | [4],[5] | 9.89% | |||
Maturity | [4],[5] | May 18, 2028 | |||
Principal | [4],[5] | $ 6,965,000 | |||
Cost | [4],[5] | 6,687,228 | |||
Fair Value | [4],[5] | $ 6,904,056 | |||
% of Total Cash and Investment | [4],[5] | 1.64% | |||
Investment, Identifier [Axis]: Debt Investments Software Planview Parent, Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.75% Spread 4.00% Total Coupon 8.73% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.73% | |||
Maturity | [2],[3] | Dec. 17, 2027 | |||
Principal | [2],[3] | $ 834,183 | |||
Cost | [2],[3] | 806,876 | |||
Fair Value | [2],[3] | $ 779,064 | |||
% of Total Cash and Investment | [2],[3] | 0.35% | |||
Investment, Identifier [Axis]: Debt Investments Software Planview Parent, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.26% Total Coupon 9.61% Maturity 12/17/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.26% | |||
Total Coupon | [4],[5] | 9.61% | |||
Maturity | [4],[5] | Dec. 17, 2027 | |||
Principal | [4],[5] | $ 825,671 | |||
Cost | [4],[5] | 804,073 | |||
Fair Value | [4],[5] | $ 820,457 | |||
% of Total Cash and Investment | [4],[5] | 0.19% | |||
Investment, Identifier [Axis]: Debt Investments Software Project Alpha Intermediate Holding, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Spread 4.00% Total Coupon 8.39% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.39% | |||
Maturity | [2],[3] | Apr. 26, 2024 | |||
Principal | [2],[3] | $ 1,295,450 | |||
Cost | [2],[3] | 1,275,150 | |||
Fair Value | [2],[3] | $ 1,266,950 | |||
% of Total Cash and Investment | [2],[3] | 0.56% | |||
Investment, Identifier [Axis]: Debt Investments Software Proofpoint, Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.50% Spread 3.25% Total Coupon 7.98% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.25% | |||
Total Coupon | [2],[3] | 7.98% | |||
Maturity | [2],[3] | Aug. 31, 2028 | |||
Principal | [2],[3] | $ 1,634,985 | |||
Cost | [2],[3] | 1,582,725 | |||
Fair Value | [2],[3] | $ 1,576,166 | |||
% of Total Cash and Investment | [2],[3] | 0.70% | |||
Investment, Identifier [Axis]: Debt Investments Software Proofpoint, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.36% Total Coupon 8.72% Maturity 8/31/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.36% | |||
Total Coupon | [4],[5] | 8.72% | |||
Maturity | [4],[5] | Aug. 31, 2028 | |||
Principal | [4],[5] | $ 1,618,470 | |||
Cost | [4],[5] | 1,575,776 | |||
Fair Value | [4],[5] | $ 1,621,221 | |||
% of Total Cash and Investment | [4],[5] | 0.38% | |||
Investment, Identifier [Axis]: Debt Investments Software RealPage, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 3.00% Total Coupon 7.38% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3% | |||
Total Coupon | [2],[3] | 7.38% | |||
Maturity | [2],[3] | Apr. 22, 2028 | |||
Principal | [2],[3] | $ 1,205,735 | |||
Cost | [2],[3] | 1,165,650 | |||
Fair Value | [2],[3] | $ 1,149,065 | |||
% of Total Cash and Investment | [2],[3] | 0.51% | |||
Investment, Identifier [Axis]: Debt Investments Software Sophia, L.P. Instrument First Lien Term Loan Ref LIBOR(Q) Floor 0.50% Spread 3.50% Total Coupon 8.23% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 8.23% | |||
Maturity | [2],[3] | Oct. 07, 2027 | |||
Principal | [2],[3] | $ 1,963,800 | |||
Cost | [2],[3] | 1,903,011 | |||
Fair Value | [2],[3] | $ 1,899,986 | |||
% of Total Cash and Investment | [2],[3] | 0.84% | |||
Investment, Identifier [Axis]: Debt Investments Software Sophia, L.P. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.60% Total Coupon 8.96% Maturity 10/7/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.60% | |||
Total Coupon | [4],[5] | 8.96% | |||
Maturity | [4],[5] | Oct. 07, 2027 | |||
Principal | [4],[5] | $ 1,943,914 | |||
Cost | [4],[5] | 1,897,729 | |||
Fair Value | [4],[5] | $ 1,950,446 | |||
% of Total Cash and Investment | [4],[5] | 0.46% | |||
Investment, Identifier [Axis]: Debt Investments Software Sovos Compliance, LLC (fka Taxware, LLC) Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 4.50% Total Coupon 8.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 8.88% | |||
Maturity | [2],[3] | Aug. 11, 2028 | |||
Principal | [2],[3] | $ 748,112 | |||
Cost | [2],[3] | 730,480 | |||
Fair Value | [2],[3] | $ 691,068 | |||
% of Total Cash and Investment | [2],[3] | 0.31% | |||
Investment, Identifier [Axis]: Debt Investments Software Sovos Compliance, LLC (fka Taxware, LLC) Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.50% Total Coupon 9.97% Maturity 8/11/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.50% | |||
Total Coupon | [4],[5] | 9.97% | |||
Maturity | [4],[5] | Aug. 11, 2028 | |||
Principal | [4],[5] | $ 309,539 | |||
Cost | [4],[5] | 303,683 | |||
Fair Value | [4],[5] | $ 306,444 | |||
% of Total Cash and Investment | [4],[5] | 0.07% | |||
Investment, Identifier [Axis]: Debt Investments Software TIBCO Software Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 9.18% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 4.50% | |||
Total Coupon | [2],[3] | 9.18% | |||
Maturity | [2],[3] | Mar. 30, 2029 | |||
Principal | [2],[3] | $ 1,300,000 | |||
Cost | [2],[3] | 1,181,454 | |||
Fair Value | [2],[3] | $ 1,164,196 | |||
% of Total Cash and Investment | [2],[3] | 0.52% | |||
Investment, Identifier [Axis]: Debt Investments Software TIBCO Software Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.60% Total Coupon 9.95% Maturity 3/30/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 4.60% | |||
Total Coupon | [4],[5] | 9.95% | |||
Maturity | [4],[5] | Mar. 30, 2029 | |||
Principal | [4],[5] | $ 1,290,250 | |||
Cost | [4],[5] | 1,191,481 | |||
Fair Value | [4],[5] | $ 1,263,561 | |||
% of Total Cash and Investment | [4],[5] | 0.30% | |||
Investment, Identifier [Axis]: Debt Investments Software Trintech, Inc. Instrument First Lien Revolver Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 11.86% Maturity 7/25/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.86% | |||
Maturity | [4],[5],[6] | Jul. 25, 2029 | |||
Principal | [4],[5],[6] | $ 206,737 | |||
Cost | [4],[5],[6] | 186,614 | |||
Fair Value | [4],[5],[6] | $ 185,898 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.04% | |||
Investment, Identifier [Axis]: Debt Investments Software Trintech, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.50% Total Coupon 11.86% Maturity 7/25/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 1% | |||
Spread | [4],[5],[6] | 6.50% | |||
Total Coupon | [4],[5],[6] | 11.86% | |||
Maturity | [4],[5],[6] | Jul. 25, 2029 | |||
Principal | [4],[5],[6] | $ 9,406,523 | |||
Cost | [4],[5],[6] | 9,144,926 | |||
Fair Value | [4],[5],[6] | $ 9,135,616 | |||
% of Total Cash and Investment | [4],[5],[6] | 2.17% | |||
Investment, Identifier [Axis]: Debt Investments Software UKG Inc. Instrument First Lien Term Loan Ref LIBOR(M) Spread 3.75% Total Coupon 8.13% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.13% | |||
Maturity | [2],[3] | May 03, 2026 | |||
Principal | [2],[3] | $ 2,411,095 | |||
Cost | [2],[3] | 2,348,435 | |||
Fair Value | [2],[3] | $ 2,329,287 | |||
% of Total Cash and Investment | [2],[3] | 1.03% | |||
Investment, Identifier [Axis]: Debt Investments Software UKG Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 3.75% Total Coupon 9.23% Maturity 5/3/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0% | |||
Spread | [4],[5],[6] | 3.75% | |||
Total Coupon | [4],[5],[6] | 9.23% | |||
Maturity | [4],[5],[6] | May 03, 2026 | |||
Principal | [4],[5],[6] | $ 1,999,205 | |||
Cost | [4],[5],[6] | 1,962,409 | |||
Fair Value | [4],[5],[6] | $ 2,006,442 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.48% | |||
Investment, Identifier [Axis]: Debt Investments Software Zendesk Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6],[11] | 3.25% | |||
Interest Rate, Cash | [4],[5],[6],[11] | 3% | |||
Total Coupon | [4],[5],[6],[11] | 11.61% | |||
Maturity | [4],[5],[6],[11] | Nov. 22, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (4,981) | |||
Fair Value | [4],[5],[6],[11] | $ 3,055 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Software Zendesk Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6],[11] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6],[11] | 3.25% | |||
Interest Rate, Cash | [4],[5],[6],[11] | 3% | |||
Total Coupon | [4],[5],[6],[11] | 11.61% | |||
Maturity | [4],[5],[6],[11] | Nov. 22, 2028 | |||
Principal | [4],[5],[6],[11] | $ 0 | |||
Cost | [4],[5],[6],[11] | (4,094) | |||
Fair Value | [4],[5],[6],[11] | $ 0 | |||
% of Total Cash and Investment | [4],[5],[6],[11] | 0% | |||
Investment, Identifier [Axis]: Debt Investments Software Zendesk Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.00% Cash + 3.25% PIK Total Coupon 11.61% Maturity 11/22/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.75% | |||
Investment, Interest Rate, Paid in Kind | [4],[5],[6] | 3.25% | |||
Interest Rate, Cash | [4],[5],[6] | 3% | |||
Total Coupon | [4],[5],[6] | 11.61% | |||
Maturity | [4],[5],[6] | Nov. 22, 2028 | |||
Principal | [4],[5],[6] | $ 2,507,409 | |||
Cost | [4],[5],[6] | 2,467,643 | |||
Fair Value | [4],[5],[6] | $ 2,519,946 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.60% | |||
Investment, Identifier [Axis]: Debt Investments Software Zendesk, Inc. Instrument First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.04% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.50% | |||
Total Coupon | [2],[3],[7],[8] | 11.04% | |||
Maturity | [2],[3],[7],[8] | Nov. 22, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (6,001) | |||
Fair Value | [2],[3],[7],[8] | $ (12,219) | |||
% of Total Cash and Investment | [2],[3],[7],[8] | (0.01%) | |||
Investment, Identifier [Axis]: Debt Investments Software Zendesk, Inc. Instrument First Lien Revolver Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.04% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7],[8] | 0.75% | |||
Spread | [2],[3],[7],[8] | 6.50% | |||
Total Coupon | [2],[3],[7],[8] | 11.04% | |||
Maturity | [2],[3],[7],[8] | Nov. 22, 2028 | |||
Principal | [2],[3],[7],[8] | $ 0 | |||
Cost | [2],[3],[7],[8] | (4,939) | |||
Fair Value | [2],[3],[7],[8] | $ (5,031) | |||
Investment, Identifier [Axis]: Debt Investments Software Zendesk, Inc. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.50% Total Coupon 11.04% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.75% | |||
Spread | [2],[3],[7] | 6.50% | |||
Total Coupon | [2],[3],[7] | 11.04% | |||
Maturity | [2],[3],[7] | Nov. 22, 2028 | |||
Principal | [2],[3],[7] | $ 2,443,751 | |||
Cost | [2],[3],[7] | 2,395,775 | |||
Fair Value | [2],[3],[7] | $ 2,394,876 | |||
% of Total Cash and Investment | [2],[3],[7] | 1.05% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 4,606,190 | [4],[5] | $ 5,936,989 | [2],[3] | |
Fair Value | $ 4,551,426 | [4],[5] | $ 5,474,599 | [2],[3] | |
% of Total Cash and Investment | 1.08% | [4],[5] | 2.43% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Specialty Retail EG Group Limited (United Kingdom) Instrument First Lien Term Loan Ref LIBOR(Q) Spread 4.00% Total Coupon 8.73% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3],[10] | 4% | |||
Total Coupon | [2],[3],[10] | 8.73% | |||
Maturity | [2],[3],[10] | Feb. 07, 2025 | |||
Principal | [2],[3],[10] | $ 992,897 | |||
Cost | [2],[3],[10] | 962,930 | |||
Fair Value | [2],[3],[10] | $ 940,154 | |||
% of Total Cash and Investment | [2],[3],[10] | 0.42% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail Fender Musical Instruments Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.10% Total Coupon 9.46% Maturity 12/1/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5],[6] | 0.50% | |||
Spread | [4],[5],[6] | 4.10% | |||
Total Coupon | [4],[5],[6] | 9.46% | |||
Maturity | [4],[5],[6] | Dec. 01, 2028 | |||
Principal | [4],[5],[6] | $ 2,464,678 | |||
Cost | [4],[5],[6] | 2,374,087 | |||
Fair Value | [4],[5],[6] | $ 2,421,546 | |||
% of Total Cash and Investment | [4],[5],[6] | 0.58% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail Fender Musical Instruments Corporation Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 4.00% Total Coupon 8.42% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3],[7] | 0.50% | |||
Spread | [2],[3],[7] | 4% | |||
Total Coupon | [2],[3],[7] | 8.42% | |||
Maturity | [2],[3],[7] | Dec. 01, 2028 | |||
Principal | [2],[3],[7] | $ 2,488,226 | |||
Cost | [2],[3],[7] | 2,378,027 | |||
Fair Value | [2],[3],[7] | $ 2,015,463 | |||
% of Total Cash and Investment | [2],[3],[7] | 0.90% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail MED ParentCo, LP Instrument First Lien Term Loan Ref LIBOR(M) Spread 4.25% Total Coupon 8.63% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 4.25% | |||
Total Coupon | [2],[3] | 8.63% | |||
Maturity | [2],[3] | Aug. 31, 2026 | |||
Principal | [2],[3] | $ 575,538 | |||
Cost | [2],[3] | 541,663 | |||
Fair Value | [2],[3] | $ 493,748 | |||
% of Total Cash and Investment | [2],[3] | 0.22% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail MED ParentCo, LP Instrument First Lien Term Loan Ref SOFR(M) Spread 4.25% Total Coupon 9.72% Maturity 8/31/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 4.25% | |||
Total Coupon | [4],[5] | 9.72% | |||
Maturity | [4],[5] | Aug. 31, 2026 | |||
Principal | [4],[5] | $ 356,571 | |||
Cost | [4],[5] | 341,358 | |||
Fair Value | [4],[5] | $ 354,054 | |||
% of Total Cash and Investment | [4],[5] | 0.08% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail Mavis Tire Express Services Topco Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.00% Total Coupon 8.50% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.50% | |||
Maturity | [2],[3] | May 04, 2028 | |||
Principal | [2],[3] | $ 1,013,282 | |||
Cost | [2],[3] | 972,690 | |||
Fair Value | [2],[3] | $ 969,311 | |||
% of Total Cash and Investment | [2],[3] | 0.43% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail Mavis Tire Express Services Topco Corp. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.00% Total Coupon 9.47% Maturity 5/4/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4% | |||
Total Coupon | [4],[5] | 9.47% | |||
Maturity | [4],[5] | May 04, 2028 | |||
Principal | [4],[5] | $ 1,002,995 | |||
Cost | [4],[5] | 970,300 | |||
Fair Value | [4],[5] | $ 1,006,129 | |||
% of Total Cash and Investment | [4],[5] | 0.24% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail Woof Holdings, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.75% Spread 3.75% Total Coupon 8.10% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.75% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 8.10% | |||
Maturity | [2],[3] | Dec. 21, 2027 | |||
Principal | [2],[3] | $ 1,115,903 | |||
Cost | [2],[3] | 1,081,679 | |||
Fair Value | [2],[3] | $ 1,055,923 | |||
% of Total Cash and Investment | [2],[3] | 0.46% | |||
Investment, Identifier [Axis]: Debt Investments Specialty Retail Woof Holdings, Inc.. Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.01% Total Coupon 9.36% Maturity 12/21/2027 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.75% | |||
Spread | [4],[5] | 4.01% | |||
Total Coupon | [4],[5] | 9.36% | |||
Maturity | [4],[5] | Dec. 21, 2027 | |||
Principal | [4],[5] | $ 944,622 | |||
Cost | [4],[5] | 920,445 | |||
Fair Value | [4],[5] | $ 769,697 | |||
% of Total Cash and Investment | [4],[5] | 0.18% | |||
Investment, Identifier [Axis]: Debt Investments Trading Companies & Distributors | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 1,869,067 | [4],[5] | $ 1,933,939 | [2],[3] | |
Fair Value | $ 1,925,044 | [4],[5] | $ 1,931,817 | [2],[3] | |
% of Total Cash and Investment | 0.46% | [4],[5] | 0.86% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Trading Companies & Distributors BCPE Empire Holdings, Inc. Instrument First Lien 2023 Extended Term Loan Ref SOFR(M) Floor 1.00% Spread 4.75% Total Coupon 10.11% Maturity 12/11/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 1% | |||
Spread | [4],[5] | 4.75% | |||
Total Coupon | [4],[5] | 10.11% | |||
Maturity | [4],[5] | Dec. 11, 2028 | |||
Principal | [4],[5] | $ 675,587 | |||
Cost | [4],[5] | 669,543 | |||
Fair Value | [4],[5] | $ 678,249 | |||
% of Total Cash and Investment | [4],[5] | 0.16% | |||
Investment, Identifier [Axis]: Debt Investments Trading Companies & Distributors BCPE Empire Holdings, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.63% Total Coupon 9.05% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 1% | |||
Spread | [2],[3] | 4.63% | |||
Total Coupon | [2],[3] | 9.05% | |||
Maturity | [2],[3] | Jun. 11, 2026 | |||
Principal | [2],[3] | $ 746,741 | |||
Cost | [2],[3] | 732,083 | |||
Fair Value | [2],[3] | $ 728,072 | |||
% of Total Cash and Investment | [2],[3] | 0.32% | |||
Investment, Identifier [Axis]: Debt Investments Trading Companies & Distributors SRS Distribution, Inc. Instrument First Lien Term Loan Ref LIBOR(M) Floor 0.50% Spread 3.50% Total Coupon 7.88% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.50% | |||
Total Coupon | [2],[3] | 7.88% | |||
Maturity | [2],[3] | Jun. 02, 2028 | |||
Principal | [2],[3] | $ 1,255,883 | |||
Cost | [2],[3] | 1,201,856 | |||
Fair Value | [2],[3] | $ 1,203,745 | |||
% of Total Cash and Investment | [2],[3] | 0.54% | |||
Investment, Identifier [Axis]: Debt Investments Trading Companies & Distributors SRS Distribution, Inc. Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.61% Total Coupon 8.97% Maturity 6/2/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.61% | |||
Total Coupon | [4],[5] | 8.97% | |||
Maturity | [4],[5] | Jun. 02, 2028 | |||
Principal | [4],[5] | $ 1,243,165 | |||
Cost | [4],[5] | 1,199,524 | |||
Fair Value | [4],[5] | $ 1,246,795 | |||
% of Total Cash and Investment | [4],[5] | 0.30% | |||
Investment, Identifier [Axis]: Debt Investments Transportation Infrastructure | |||||
Schedule Of Investments [Line Items] | |||||
Cost | $ 3,358,833 | [4],[5] | $ 2,849,296 | [2],[3] | |
Fair Value | $ 3,396,567 | [4],[5] | $ 2,865,984 | [2],[3] | |
% of Total Cash and Investment | 0.81% | [4],[5] | 1.27% | [2],[3] | |
Investment, Identifier [Axis]: Debt Investments Transportation Infrastructure Apple Bidco, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.50% Total Coupon 8.86% Maturity 9/23/2028 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.50% | |||
Total Coupon | [4],[5] | 8.86% | |||
Maturity | [4],[5] | Sep. 23, 2028 | |||
Principal | [4],[5] | $ 444,885 | |||
Cost | [4],[5] | 443,780 | |||
Fair Value | [4],[5] | $ 445,025 | |||
% of Total Cash and Investment | [4],[5] | 0.11% | |||
Investment, Identifier [Axis]: Debt Investments Transportation Infrastructure Bleriot US Bidco Inc. Instrument First Lien Term Loan Ref LIBOR(Q) Spread 4.00% Total Coupon 8.73% | |||||
Schedule Of Investments [Line Items] | |||||
Spread | [2],[3] | 4% | |||
Total Coupon | [2],[3] | 8.73% | |||
Maturity | [2],[3] | Oct. 30, 2026 | |||
Principal | [2],[3] | $ 1,082,451 | |||
Cost | [2],[3] | 1,067,274 | |||
Fair Value | [2],[3] | $ 1,073,429 | |||
% of Total Cash and Investment | [2],[3] | 0.48% | |||
Investment, Identifier [Axis]: Debt Investments Transportation Infrastructure Bleriot US Bidco Inc. Instrument First Lien Term Loan Ref SOFR(Q) Spread 4.26% Total Coupon 9.61% Maturity 10/30/2026 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0% | |||
Spread | [4],[5] | 4.26% | |||
Total Coupon | [4],[5] | 9.61% | |||
Maturity | [4],[5] | Oct. 30, 2026 | |||
Principal | [4],[5] | $ 1,071,555 | |||
Cost | [4],[5] | 1,060,421 | |||
Fair Value | [4],[5] | $ 1,077,197 | |||
% of Total Cash and Investment | [4],[5] | 0.26% | |||
Investment, Identifier [Axis]: Debt Investments Transportation Infrastructure Brown Group Holding, LLC Instrument First Lien Term Loan Ref SOFR(M) Floor 0.50% Spread 3.75% Total Coupon 9.11% Maturity 7/1/2029 | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [4],[5] | 0.50% | |||
Spread | [4],[5] | 3.75% | |||
Total Coupon | [4],[5] | 9.11% | |||
Maturity | [4],[5] | Jul. 01, 2029 | |||
Principal | [4],[5] | $ 1,866,822 | |||
Cost | [4],[5] | 1,854,632 | |||
Fair Value | [4],[5] | $ 1,874,345 | |||
% of Total Cash and Investment | [4],[5] | 0.44% | |||
Investment, Identifier [Axis]: Debt Investments Transportation Infrastructure Brown Group Holding, LLC Instrument First Lien Term Loan Ref SOFR(Q) Floor 0.50% Spread 3.75% Total Coupon 7.91% | |||||
Schedule Of Investments [Line Items] | |||||
Interest Rate, Floor | [2],[3] | 0.50% | |||
Spread | [2],[3] | 3.75% | |||
Total Coupon | [2],[3] | 7.91% | |||
Maturity | [2],[3] | Jul. 01, 2029 | |||
Principal | [2],[3] | $ 1,795,500 | |||
Cost | [2],[3] | 1,782,022 | |||
Fair Value | [2],[3] | $ 1,792,555 | |||
% of Total Cash and Investment | [2],[3] | 0.79% | |||
Investment, Identifier [Axis]: Investments - 167.9% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [4] | $ 398,929,289 | |||
Fair Value | [4] | $ 400,926,373 | |||
% of Total Cash and Investment | [4] | 95.16% | |||
Investment, Identifier [Axis]: Total Cash and Investments - 191.3% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Fair Value | [2],[3] | $ 225,188,108 | |||
% of Total Cash and Investment | [2],[3] | 100% | |||
Percentage of Net Assets | [2],[3] | 191.30% | |||
Investment, Identifier [Axis]: Total Debt Investments - 167.9% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of Net Assets | 167.90% | ||||
Investment, Identifier [Axis]: Total Investments - 167.9% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Percentage of Net Assets | 167.90% | ||||
Investment, Identifier [Axis]: Total Investments - 176.3% of Net Assets | |||||
Schedule Of Investments [Line Items] | |||||
Cost | [2],[3] | $ 210,903,951 | |||
Fair Value | [2],[3] | $ 207,554,379 | |||
% of Total Cash and Investment | [2],[3] | 92.17% | |||
Percentage of Net Assets | [2],[3] | 176.30% | |||
[1] Includes senior secured loans As of December 31, 2022, the Fund generally uses GICS codes to identify the industry groupings. Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act. Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. As of December 31, 2023, the Fund generally uses GICS codes to identify the industry groupings. Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower. Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2). Investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2). Negative balances represent unfunded commitments that were acquired and/or valued at a discount. Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70 % of the Fund's total assets. Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Fund may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70 % of the Fund's total assets. Negative balances represent unfunded commitments that were acquired and/or valued at a discount. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Investments [Line Items] | |||
Percentage of not qualifying assets to total assets | 3.90% | 2.50% | 3.90% |
Acquisitions of investments | $ 217,471,316 | $ 249,628,469 | |
Dispositions of investments | $ 7,093,801 | $ 64,848,048 | |
Senior Secured Loans | |||
Schedule Of Investments [Line Items] | |||
Percentage of fair value of loans bear interest with floor rate | 83.60% | 90.60% | 83.60% |
Senior Secured Loans | Floating Rate | |||
Schedule Of Investments [Line Items] | |||
Percentage of fair value of loans bear interest at floor rate | 99.80% | 99.80% | 99.80% |
Minimum | |||
Schedule Of Investments [Line Items] | |||
Percentage of qualifying assets to total assets | 70% | 70% | |
Minimum | Senior Secured Loans | Floor Rate | |||
Schedule Of Investments [Line Items] | |||
Interest rate, floor | 0.50% | 0.50% | 0.50% |
Maximum | Senior Secured Loans | Floor Rate | |||
Schedule Of Investments [Line Items] | |||
Interest rate, floor | 1% | 2% | 1% |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 473,034 | $ 28,258,219 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation BlackRock Private Credit Fund (“BDEBT” or the “Fund”), is a Delaware statutory trust formed on December 23, 2021. The Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). The Fund is externally managed by BlackRock Capital Investment Advisors, LLC (the “Investment Adviser”). BlackRock Advisors, LLC (the “Sub-Adviser” and, together with the Investment Adviser, the “Advisers”) serves as the Fund’s sub-adviser. The Advisers are subsidiaries of BlackRock, Inc. (together with its subsidiaries, including but not limited to the Advisers, “BlackRock”). BlackRock Financial Management, Inc. serves as the administrator of the Fund (the “Administrator”), and is affiliated with the Advisers. The Fund has elected to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. The Fund’s investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. The Fund intends to meet its investment strategy by focusing primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, although, the Fund may make investments in portfolio companies that are domiciled outside of the United States, including emerging markets. The Fund invests in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. BDEBT defines “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA”, between $ 10 million and $ 250 million annually and/or annual revenue of $ 50 million to $ 2.5 billion at the time of investment. The Fund may on occasion invest in smaller or larger companies if an attractive opportunity presents itself. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements of the Fund have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The Fund has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Fund. 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, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material. Investment Valuation Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's Board of Trustees designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations on July 28, 2022. As required by the Rule 2a-5, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties. The Valuation Designee values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date. 2. Summary of Significant Accounting Policies (Continued) All investments are valued at least monthly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5 % of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation. Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers. Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5 % of the total assets of the Fund, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events, rising interest rates and risks related to inflation that may significantly impact the profitability or viability of businesses in which the Fund is invested, and therefore may significantly impact the return on and realizability of the Fund’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5 % of the Fund’s assets. Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors. In following these approaches, the types of factors that may be taken into account also include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values. Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period. 2. Summary of Significant Accounting Policies (Continued) At December 31, 2023, the Fund’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Total 1 Quoted prices in active markets for identical assets $ — $ — 2 Other direct and indirect observable market inputs (2) 151,252,920 151,252,920 3 Valuation sources that employ significant unobservable inputs 249,673,453 249,673,453 Total $ 400,926,373 $ 400,926,373 ______________________ (1) Includes senior secured loans (2) For example, quoted prices in inactive markets or quotes for comparable investments Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2023 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) Bank Debt $ 209,935,097 Income approach Discount rate 9.0 % - 20.7 % ( 11.5 %) 39,738,356 Market quotations Indicative bid/ask quotes 1 ( 1 ) $ 249,673,453 ______________________ (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0 % and 100 %. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Increase Decrease Yield Increase Decrease 2. Summary of Significant Accounting Policies (Continued) Changes in investments categorized as Level 3 for the year ended December 31, 2023 were as follows: Independent Third-Party Valuation Bank Debt Total Beginning balance $ 76,785,839 $ 76,785,839 Net realized and unrealized gains (losses) 2,142,650 2,142,650 Acquisitions (1) 184,007,546 184,007,546 Dispositions ( 7,995,957 ) ( 7,995,957 ) Transfers into Level 3 (2) 403,640 403,640 Transfers out Level 3 (3) ( 5,670,265 ) ( 5,670,265 ) Ending balance $ 249,673,453 $ 249,673,453 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ 2,257,510 $ 2,257,510 ______________________ (1) Includes payments received in kind and accretion of original issue and market discounts. (2) Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity. (3) Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity. At December 31, 2022, the Fund’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Total 1 Quoted prices in active markets for identical assets $ — $ — 2 Other direct and indirect observable market inputs (2) 130,768,540 130,768,540 3 Valuation sources that employ significant unobservable inputs 76,785,839 76,785,839 Total $ 207,554,379 $ 207,554,379 ______________________ (1) Includes senior secured loans (2) For example, quoted prices in inactive markets or quotes for comparable investments Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) (2) Bank Debt $ 65,553,615 Income approach Discount rate 11.3 % - 12.0 % ( 11.7 %) 11,232,224 Market quotations Indicative bid/ask quotes 1 ( 1 ) $ 76,785,839 ______________________ (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value . (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. 2. Summary of Significant Accounting Policies (Continued) Changes in investments categorized as Level 3 during the period from March 18, 2022 (Inception) to December 31, 2022 were as follows: Independent Third-Party Valuation Bank Debt Total Beginning balance $ — $ — Net realized and unrealized gains (losses) ( 1,218,903 ) ( 1,218,903 ) Acquisitions (1) 83,116,027 83,116,027 Dispositions ( 5,111,285 ) ( 5,111,285 ) Ending balance $ 76,785,839 $ 76,785,839 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ ( 1,218,903 ) $ ( 1,218,903 ) ______________________ (1) Includes payments received in kind and accretion of original issue and market discounts . Investment Transactions Investment transactions are accounted for on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold. Cash and Cash Equivalents Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At December 31, 2023, included in cash and cash equivalents was $ 5.0 million ( 2.1 % of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 5.20 %. At December 31, 2022, included in cash and cash equivalents was $ 11.0 million ( 9.4 % of net assets) held in JP Morgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.12 %. Restricted Investments The Fund may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above. The Fund did not hold any restricted investments at December 31, 2023 and December 31, 2022. Foreign Currency Investments The Fund may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect at December 31, 2023 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. The Fund did no t hold any investments denominated in foreign currency at December 31, 2023 and 2022. Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government . 2. Summary of Significant Accounting Policies (Continued) Organization and Offering Costs The Fund has entered into a Fee Waiver and Expense Support and Reimbursement Agreement (the “Expense Support Agreement”) with the Investment Adviser. Pursuant to the Expense Support Agreement, the Investment Adviser has paid all of the Fund’s organizational and offering expenses on the Fund’s behalf (each, an “Expense Payment”). During each of the 36 months following the commencement of the Fund’s operations, the Fund will reimburse the Investment Adviser for any and all Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses (as defined below) do not exceed 1.25 % of the value of the Fund’s net assets, calculated monthly based on month-end net assets. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Fund incurred in the ordinary course of business, excluding offering costs incurred by the Fund, interest expense and other financing costs, portfolio transaction and other investment-related costs, base management fee and incentive fee payable pursuant to the Advisory Agreement, shareholder servicing and/or distribution fees, taxes and any other extraordinary expenses not incurred in the ordinary course of business (including, without limitation, litigation expenses). From inception of the Fund through December 31, 2023, the Adviser had incurred $ 0.8 million related to organizational and offering expenses. The Fund did not reimburse the Investment Adviser for any Expense Payments for the year ended December 31, 2023 since the annual operating expenses exceeded 1.25 % of the value of the Fund’s net assets. Deferred Debt Issuance Costs Certain costs incurred in connection with the issuance of debt of the Fund were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Fund. Revenue Recognition Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income. Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income. Income Taxes The Fund intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the financial statements. In accordance with ASC Topic 740 - Income Taxes, the Fund recognizes in its financial statements the effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination. The tax returns of the Fund remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Fund as of December 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the financial statements. The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Fund’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2023, the Fund had no non-expiring capital loss carryforwards available to offset future realized capital gains. 2. Summary of Significant Accounting Policies (Continued) U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2023 and December 31, 2022, permanent difference attributable to non-deductible expenses were reclassified to the following accounts: December 31, 2023 December 31, 2022 Paid-in capital $ ( 106,746 ) $ ( 20,153 ) Accumulated earnings 106,746 20,153 The tax character of distributions paid were as follows: December 31, 2023 December 31, 2022 Ordinary income $ 21,171,862 $ 3,262,157 As of December 31, 2023 and December 31, 2022, the tax components of accumulated net earnings (losses) were as follows: December 31, 2023 December 31, 2022 Undistributed ordinary income $ 2,300,637 $ 580,602 Undistributed capital gains $ 126,412 — Net unrealized gains (losses) 1,997,084 ( 3,349,572 ) Total accumulated earnings (losses) $ 4,424,133 ( 2,768,970 ) As of December 31, 2023 and December 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: December 31, 2023 December 31, 2022 Tax basis of investments $ 398,929,289 $ 210,903,951 Unrealized appreciation 5,927,022 833,360 Unrealized depreciation ( 3,929,938 ) ( 4,182,932 ) Net unrealized appreciation (depreciation) $ 1,997,084 $ ( 3,349,572 ) The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2023: December 31, 2023 Interest Dividends $ 20,443,324 The fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2023: December 31, 2023 Interest-Related Dividends $ 19,891,621 Recent Accounting Pronouncements In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No. 2021-01, respectively, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective and can be adopted by all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Fund is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements. 2. Summary of Significant Accounting Policies (Continued) In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”),” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements. |
N-2
N-2 - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 18, 2022 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001902649 | ||
Amendment Flag | false | ||
Securities Act File Number | 814-01485 | ||
Document Type | 10-K | ||
Entity Registrant Name | BLACKROCK PRIVATE CREDIT FUND | ||
Entity Address, Address Line One | 50 Hudson Yards | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10001 | ||
City Area Code | 212 | ||
Local Phone Number | 810-5300 | ||
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] | The Fund’s investment objective is to target high risk-adjusted returns produced primarily from current income generated by investing primarily in directly originated, senior secured corporate debt instruments. The Fund intends to meet its investment strategy by focusing primarily on originating and making loans to, and making debt and equity investments in, U.S. middle market companies, although, the Fund may make investments in portfolio companies that are domiciled outside of the United States, including emerging markets. The Fund will invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. BDEBT defines “middle market companies” to generally mean companies with earnings before interest expense, income tax expense, depreciation and amortization, or “EBITDA”, between $10 million and $250 million annually and/or annual revenue of $50 million to $2.5 billion at the time of investment. The Fund may on occasion invest in smaller or larger companies if an attractive opportunity presents itself. Our investment strategy focuses primarily on originating and making loans to U.S. middle market companies, although, we may make investments in portfolio companies that are domiciled outside of the United States, subject to regulatory limitations and other investment restrictions discussed in this report. We invest in senior secured or unsecured loans, subordinated loans or mezzanine loans and, to a lesser extent, equity and equity-related securities which includes common and preferred stock, securities convertible into common stock, and warrants. We define “middle market companies” to generally mean companies with enterprise values between $100 million and $2.5 billion. We may on occasion invest in smaller or larger companies if an attractive opportunity presents itself, especially when there are dislocations in the capital markets. Our investment objective is to achieve high risk-adjusted returns produced primarily from current income generated by investing primarily in senior secured corporate debt instruments. We seek to achieve our investment objective through investments in privately-originated, performing senior secured debt primarily in North America-based companies with target enterprise values between $100 million and $1.5 billion. Performing debt is debt that at the time of investment is not defaulted or, in the view of the Advisers, distressed. The Fund targets positions in first lien, second lien and unitranche debt, with a preference for floating-rate debt, which the Advisers believe provides flexibility to adapt to changing market conditions. The Fund may invest in securities of any maturity and credit quality. Our investment activities will benefit from what we believe are the competitive advantages of our Advisers, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies | ||
Risk Factors [Table Text Block] | Item 1A. Risk Factors Investing in our securities may be speculative and involves a high degree of risk. You should carefully consider these risk factors, together with all of the other information included in this Annual Report on Form 10-K, including our consolidated financial statements and the related notes thereto. The risks set out below are not the only risks we face. If any of the following events occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our net asset value and the trading price of our Common Shares could decline, and you may lose all or part of your investment in us. Shareholders are dependent on the judgment and abilities of the Advisers. Shareholders will have no authority to make decisions or to exercise business discretion on behalf of the Fund, and will not have the opportunity to evaluate fully for themselves the relevant economic, financial and other information regarding the Fund’s investments. Accordingly, no potential purchaser of the Fund’s Common Shares should purchase such shares unless such purchaser is willing to entrust the management of the investments of the Fund to the Advisers. The Fund’s performance will depend in large part upon the skill and expertise of the team of investment professionals managing the Fund’s portfolio. The future performance of the Fund depends on the continued service of such persons. The departure of any of the investment professionals of the Advisers may have an adverse effect on the profits of the Fund. The level of analytical sophistication, both financial and legal, necessary for successful investment in the Fund’s investments is unusually high. There is no assurance that the Advisers will correctly judge the nature and magnitude of the many factors that could affect the prospects for successful Fund investments. Investment analyses and decisions may be undertaken on an expedited basis in order for the Fund to take advantage of available investment opportunities. In such cases, the information available at the time of an investment decision may be limited, and the Advisers may not have access to the detailed information necessary for a thorough evaluation of the investment opportunity. Further, the Advisers may have to conduct its due diligence activities over a very brief period. Our Common Shares will not be insured or guaranteed by any person or entity, and shareholders could experience a total loss of their investment. Our Common Shares will not be insured or guaranteed by any person or entity. The Fund will have no substantial assets other than the Fund’s investments. In the event of the dissolution of the Fund or otherwise, if the proceeds of the Fund’s assets are insufficient to repay capital contributions made to the Fund by the shareholders, no other assets will be available for the payment of any deficiency. Neither the Advisers nor their affiliates have any liability for the repayment of capital contributions made to the Fund by the shareholders. Shareholders could experience a total loss of their investment in the Fund. An investment in our shares will have limited liquidity. No market exists for the common shares of the Fund, and it is possible that none develops. Neither the Advisers, any placement agent nor any other person is under any obligation to make a market in the common shares of the Fund. Consequently, a purchaser must be prepared to hold the shares for an indefinite period of time or until the termination date of the Fund. In addition, the Common Shares are subject to certain transfer restrictions and can only be transferred to certain transferees as described herein. Such restrictions on the transfer of the Common Shares may further limit the liquidity of the Common Shares. Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value. Our portfolio investments will generally not be in publicly traded securities. As a result, although we expect that some of our equity investments may trade on private secondary marketplaces, the fair value of our direct investments in portfolio companies will often not be readily determinable. Under the 1940 Act, investments for which there are no readily available market quotations, including securities that while listed on a private securities exchange have not actively traded, will be valued at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our Board of Trustees. The Valuation Designee determines the value of our investments in accordance with such valuation policy. In connection with such determination, the Valuation Designee utilizes the services of an independent valuation firm, which prepares valuation reports on a quarterly basis for most of our portfolio investments that are not publicly traded or for which we do not have readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded. However, the Valuation Designee retains ultimate authority as to the appropriate valuation of each such investment. The types of factors that the Valuation Designee takes into account in approving fair value with respect to such non-traded investments includes, as relevant and, to the extent available, the portfolio company’s earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company and other relevant factors. This information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, our fair value determinations with respect to any non-traded investments we hold may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our securities based on an overstated net asset value may pay a higher market price than the value of our investments might warrant. Conversely, investors selling securities based on a net asset value that understates the value of our investments may receive a lower market price for their securities than the value of our investments might warrant. As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us. As a public company, we are subject to the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC. Our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. 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 relatively new company, developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance and our ability to make distributions. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected. We are not required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404, and will not be required to comply with all of those requirements until we have been subject to the reporting requirements of the 1934 Act for a specified period of time or the date we are no longer an emerging growth company under the JOBS Act. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We are in the process of addressing our internal controls over financial reporting and are establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Fund. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. A BlackRock credit event could adversely affect our business. Although the Fund and the Advisers are separate legal entities from BlackRock, in the event that BlackRock were to experience material financial distress or a downgrade in its credit rating, or if there were a change of control of BlackRock, the Fund could nonetheless be adversely affected. In that regard, financial distress, a credit rating downgrade or change of control of BlackRock or the Advisers could cause the Advisers to have difficulty retaining personnel or otherwise adversely affect the Fund and its ability to achieve its investment objective. Such an event may also cause a default with respect to indebtedness incurred by the Fund. Shareholders will not have any direct interest in our investments. The offering of Common Shares does not constitute a direct or indirect offering of interests in the Fund’s investments. Shareholders will have no direct interest in the Fund’s investments and generally will have no voting rights in, or standing or recourse against, any of the Fund’s investments. Moreover, none of the shareholders will have the right to participate in the control, management or operations of any of the Fund’s investments, or have any discretion over the management of any of the Fund’s investments by reason of their investment in the Fund. We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors. The Fund will be and will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which the Fund has total annual gross revenue of at least $1.07 billion, or (ii) in which the Fund is deemed to be a large accelerated filer, and (b) the date on which the Fund issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Fund remains an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The Fund cannot predict if investors will find the Fund’s shares less attractive because the Fund will rely on some or all of these exemptions. If some investors find the Fund’s shares less attractive as a result, there may be a less active trading market for the Fund’s shares and the Fund’s share price may be more volatile. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate the Fund since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence. Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment. General . The Fund’s investments may be risky, and shareholders could lose all or part of their investment. The Advisers will have broad discretion in making investments for the Fund. The Fund’s investments will generally consist of debt obligations and other securities and assets that present significant risks as a result of business, financial, market and legal uncertainties. There can be no assurance that the Advisers will correctly evaluate the nature and magnitude of the various factors that could affect the value of and return on the Fund’s investments. Prices of the Fund’s investments may be volatile, and a variety of other factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Fund’s activities and the value of the Fund’s investments. The Fund’s performance over a particular period may not necessarily be indicative of the results that may be expected in future periods. Similarly, the past performance of the Advisers and its affiliates may not necessarily be indicative of the results the Advisers may be able to achieve with the Fund’s investments. While the Advisers expect to focus primarily on privately-originated, performing senior secured debt primarily in issuers headquartered in North America in making its investments, the Advisers have broad discretion to invest as they determine, consistent with the investment objective of the Fund, and no shareholder approval is required for any investment the Fund may make. Furthermore, the Advisers may invest in products or use investment techniques not specifically described in this Annual Report, including in financial instruments that have not yet been designed or have not yet become prevalent in the market. Any such instruments or techniques may subject the Fund to additional risks. Investors will not be notified prior to the Fund’s making any investments in products or using investment techniques not specifically described in this report; however, the Board of Trustees, in exercising its fiduciary duties to shareholders and to the Fund, will oversee these investments at a heightened level. In addition, because the Fund’s investments will be actively managed, frequent purchases and sales of investments may result in higher transaction costs to the Fund, which costs will decrease the value of the common shares of the Fund. Secured Loans Risk . Loans held by the Fund may be secured. While secured loans purchased by the Fund will often intend to be over-collateralized, the Fund may be exposed to losses resulting from default and foreclosure. Therefore, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Fund cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Fund cannot assure that claims may not be asserted that might interfere with enforcement of the Fund’s rights. In the event of a foreclosure, the Fund or an affiliate of the Fund may assume direct ownership of the underlying asset. The liquidation proceeds upon sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying property will further reduce the proceeds and thus increase the loss. Unsecured Loans Risk . While the Fund is expected to focus primarily on secured loans, the Fund may hold unsecured loans. Unsecured loans have lower priority in right of payment to any higher ranking obligations of the borrower and are not backed by a security interest in any specific collateral. They are subject to risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments after giving effect to any higher ranking obligations of the borrower. Unsecured loans are expected to have greater price volatility than senior loans and secured loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in unsecured loans, which would create greater credit risk exposure. Second Lien Loans Risk . Second lien loans are subject to the same risks associated with investment in senior loans. However, second lien loans are second in right of payment to senior loans and therefore are subject to additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans are expected to have greater price volatility than senior loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans, which would create greater credit risk exposure. In the event of default on a “second lien” loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which would therefore result in a loss of investment to the Fund. Borrower Fraud . Of paramount concern when investing in loans is the possibility of material misrepresentation or omission on the part of borrower. Such inaccuracy or incompleteness may adversely affect, among other things, the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund to perfect or effectuate a lien on the collateral securing the loan. The Fund will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness. While the Fund will conduct due diligence with respect to the collateral before investing, including obtaining appraisals of inventory values from independent sources, and will seek to obtain appropriate monitoring rights, there can be no assurance that the Advisers will detect representational borrower fraud or inaccuracy or that the Fund’s investments will not be adversely affected by such fraud or inaccuracy. Equity Securities . The Fund will also be permitted to invest in common and preferred stock and other equity securities, including both public and private equity securities. Equity securities generally involve a high degree of risk and will be subordinate to the debt securities and other indebtedness of the issuers of such equity securities. Prices of equity securities generally fluctuate more than prices of debt securities and are more likely to be affected by poor economic or market conditions. In some cases, the issuers of such equity securities may be highly leveraged or subject to other risks such as limited product lines, markets or financial resources. In addition, some of these equity securities may be illiquid. Because of perceived or actual illiquidity or investor concerns regarding leveraged capitalization, these securities often trade at significant discounts to otherwise comparable investments or are not readily tradable. These securities generally do not produce current income for the Fund and may also be speculative. The Fund may experience a substantial or complete loss on individual equity securities. Preferred Stock Risk . To the extent that the Fund invests in preferred securities, there are special risks, including: Deferral . Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although the Fund has not yet received such income. Subordination . Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Liquidity . Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities. Limited Voting Rights . Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Mezzanine Investments . Mezzanine investments of the type in which the Fund intends to invest are primarily privately negotiated subordinated debt and equity securities issued in connection with leveraged transactions, such as management buyouts, acquisitions, refinancings, recapitalizations and later stage growth capital financings, and are generally rated below investment-grade. Mezzanine investments may also include investments with equity participation features such as warrants, convertible securities, senior equity investments and common stock. Such mezzanine investments may be issued with or without registration rights. Mezzanine investments may be subject to risks associated with illiquid investments, since there will usually be relatively few holders of any particular mezzanine investment. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years due to prepayment rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. Mezzanine investments share all of the risks of other high yield securities and are often even more subordinated than other high yield debt, as they often represent the most junior debt security in an issuer’s capital structure. Risks Associated with Investments in Small to Medium Capitalization Companies . The Fund may invest a portion of its assets in the securities of companies with small-to medium-sized market capitalizations. While the Investment Adviser believes these investments often provide significant potential for appreciation, those securities, particularly smaller-capitalization securities, involve higher risks in some respects than do investments in securities of larger companies, including: • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral; • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; • they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; • our executive officers, directors and the Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; • changes in laws and regulations, as well as their interpretations, may adversely affect their respective businesses, financial structures or prospects; and • they may have difficulty accessing the capital markets to meet future capital needs. Limited public information exists about private middle-market companies, and we expect to rely on the Investment Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern disclosures and financial controls of public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment. Risks Associated with Investments in the Medium- and Large-Sized U.S. Corporate Debt Market . Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of the Fund’s portfolio, reducing our NAV through increased net unrealized depreciation. Conditions in the medium- and large-sized U.S. corporate debt market may deteriorate, as seen during the financial crisis of 2007-2008, which may cause pricing levels to similarly decline or be volatile. During the financial crisis, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests. This resulted in a forced deleveraging cycle of price declines, compulsory sales and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis generating further selling pressure. If similar events occurred in the medium- and large-sized U.S. corporate debt market, the Fund’s NAV could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale of our investments, which could have a material adverse impact on the Fund’s business, financial condition and results of operations. Below Investment Grade Risk . In addition, the Fund intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be difficult to value and illiquid. The major risks of below investment grade securities include: • Below investment grade securities may be issued by less creditworthy issuers. Issuers of below investment grade securities may have a larger amount of outstanding debt relative to their assets than issuers of investment grade securities. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of holders of below investment grade securities, leaving few or no assets available to repay holders of below investment grade securities. • Prices of below investment grade securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of below investment grade securities than on other higher-rated fixed-income securities. • Issuers of below investment grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. • Below investment grade securities frequently have redemption features that permit an issuer to repurchase the security from us before it matures. If the issuer redeems below investment grade securities, we may have to invest the proceeds in securities with lower yields and may lose income. • Below investment grade securities may be less liquid than higher-rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the below investment grade securities market, and there may be significant differences in the prices quoted by the dealers. Judgment may play a greater role in valuing these securities and we may be unable to sell these securities at an advantageous time or price. • We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. The credit rating of a high-yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. Undervalued Assets . The Fund will seek to invest in undervalued assets. The identification of investment opportunities in undervalued assets is a difficult task, and there is no assurance that such opportunities will be successfully recognized or acquired. While investments in undervalued assets offer the opportunity for above-average capital appreciation, these investments involve a high degree of financial risk and can result in substantial losses. The Fund may be forced to sell, at a substantial loss, assets identified as undervalued, if they are not in fact undervalued. In addition, the Fund may be required to hold such assets for a substantial period of time before realizing their anticipated value. During this period, a portion of the Fund’s capital would be committed to these assets purchased, potentially preventing the Fund from investing in other opportunities. CLO Risk . The Fund’s investments in CLOs may be riskier than a direct investment in the debt or other securities of the underlying companies. When investing in CLOs, the Fund may invest in any level of a CLO’s subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). CLOs are typically highly levered and therefore, the junior debt and equity tranches that we may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, the Fund will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs. Furthermore, the investments the Fund makes in CLOs are at times thinly traded or have only a limited trading market. As a result, investments in such CLOs may be characterized as illiquid securities. Bridge Financings Risk . From time to time, the Fund may lend to portfolio companies on a short-term, unsecured basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future issuance of equity or long-term debt securities or other refinancing or | ||
Effects of Leverage [Text Block] | Illustration . The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation is based on our level of leverage at December 31, 2023, which represented borrowings equal to 36.4% of our total assets. On such date, we also had $428.0 million in total assets; $400.9 million in total investments; an average cost of funds of 7.0% based on contractual terms at December 31, 2023; $156.0 million aggregate principal amount of debt outstanding; and $238.8 million of total net assets. In order to compute the “Corresponding Return to Common Stockholders,” the “Assumed Return on Portfolio (Net of Expenses Other than Interest)” is multiplied by the total value of our investment portfolio at December 31, 2023 to obtain an assumed return to us. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 7.0% by the $156.0 million of debt) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets at December 31, 2023 to determine the “Corresponding Return to Common Stockholders.” Actual interest payments may vary. Assumed Return on Portfolio (Net of Expenses Other than Interest) -10.0 % -5.0 % 0.0 % 5.0 % 10.0 % Corresponding Return to Common Shareholders - 21.4 % - 13.0 % - 4.6 % 3.8 % 12.2 % The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. The table also assumes that we will maintain a constant level of leverage. The amount of leverage that we use will vary from time to time. | ||
Effects of Leverage [Table Text Block] | Assumed Return on Portfolio (Net of Expenses Other than Interest) -10.0 % -5.0 % 0.0 % 5.0 % 10.0 % Corresponding Return to Common Shareholders - 21.4 % - 13.0 % - 4.6 % 3.8 % 12.2 % | ||
Return at Minus Ten [Percent] | (21.40%) | ||
Return at Minus Five [Percent] | (13.00%) | ||
Return at Zero [Percent] | (4.60%) | ||
Return at Plus Five [Percent] | 3.80% | ||
Return at Plus Ten [Percent] | 12.20% | ||
Effects of Leverage, Purpose [Text Block] | The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation is based on our level of leverage at December 31, 2023, which represented borrowings equal to 36.4% of our total assets. On such date, we also had $428.0 million in total assets; $400.9 million in total investments; an average cost of funds of 7.0% based on contractual terms at December 31, 2023; $156.0 million aggregate principal amount of debt outstanding; and $238.8 million of total net assets. In order to compute the “Corresponding Return to Common Stockholders,” the “Assumed Return on Portfolio (Net of Expenses Other than Interest)” is multiplied by the total value of our investment portfolio at December 31, 2023 to obtain an assumed return to us. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 7.0% by the $156.0 million of debt) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets at December 31, 2023 to determine the “Corresponding Return to Common Stockholders.” Actual interest payments may vary. | ||
NAV Per Share | $ 24.85 | $ 23.69 | $ 25 |
Shareholders are Dependent on the Judgment and Abilities of the Advisers [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Shareholders are dependent on the judgment and abilities of the Advisers. Shareholders will have no authority to make decisions or to exercise business discretion on behalf of the Fund, and will not have the opportunity to evaluate fully for themselves the relevant economic, financial and other information regarding the Fund’s investments. Accordingly, no potential purchaser of the Fund’s Common Shares should purchase such shares unless such purchaser is willing to entrust the management of the investments of the Fund to the Advisers. The Fund’s performance will depend in large part upon the skill and expertise of the team of investment professionals managing the Fund’s portfolio. The future performance of the Fund depends on the continued service of such persons. The departure of any of the investment professionals of the Advisers may have an adverse effect on the profits of the Fund. | ||
The Level of Analytical Sophistication, Both Financial and Legal, Necessary for Successful Investment [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The level of analytical sophistication, both financial and legal, necessary for successful investment in the Fund’s investments is unusually high. There is no assurance that the Advisers will correctly judge the nature and magnitude of the many factors that could affect the prospects for successful Fund investments. Investment analyses and decisions may be undertaken on an expedited basis in order for the Fund to take advantage of available investment opportunities. In such cases, the information available at the time of an investment decision may be limited, and the Advisers may not have access to the detailed information necessary for a thorough evaluation of the investment opportunity. Further, the Advisers may have to conduct its due diligence activities over a very brief period. | ||
Common Shares will not be Insured or Guaranteed by any Person or Entity [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Our Common Shares will not be insured or guaranteed by any person or entity, and shareholders could experience a total loss of their investment. Our Common Shares will not be insured or guaranteed by any person or entity. The Fund will have no substantial assets other than the Fund’s investments. In the event of the dissolution of the Fund or otherwise, if the proceeds of the Fund’s assets are insufficient to repay capital contributions made to the Fund by the shareholders, no other assets will be available for the payment of any deficiency. Neither the Advisers nor their affiliates have any liability for the repayment of capital contributions made to the Fund by the shareholders. Shareholders could experience a total loss of their investment in the Fund. | ||
An Investment in Our Shares will have Limited Liquidity [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | An investment in our shares will have limited liquidity. No market exists for the common shares of the Fund, and it is possible that none develops. Neither the Advisers, any placement agent nor any other person is under any obligation to make a market in the common shares of the Fund. Consequently, a purchaser must be prepared to hold the shares for an indefinite period of time or until the termination date of the Fund. In addition, the Common Shares are subject to certain transfer restrictions and can only be transferred to certain transferees as described herein. Such restrictions on the transfer of the Common Shares may further limit the liquidity of the Common Shares. | ||
Investments are Generally not in Publicly Traded Securities, There will be Uncertainty [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the value of our investments, which could adversely affect the determination of our net asset value. Our portfolio investments will generally not be in publicly traded securities. As a result, although we expect that some of our equity investments may trade on private secondary marketplaces, the fair value of our direct investments in portfolio companies will often not be readily determinable. Under the 1940 Act, investments for which there are no readily available market quotations, including securities that while listed on a private securities exchange have not actively traded, will be valued at fair value as determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our Board of Trustees. The Valuation Designee determines the value of our investments in accordance with such valuation policy. In connection with such determination, the Valuation Designee utilizes the services of an independent valuation firm, which prepares valuation reports on a quarterly basis for most of our portfolio investments that are not publicly traded or for which we do not have readily available market quotations, including securities that while listed on a private securities exchange, have not actively traded. However, the Valuation Designee retains ultimate authority as to the appropriate valuation of each such investment. The types of factors that the Valuation Designee takes into account in approving fair value with respect to such non-traded investments includes, as relevant and, to the extent available, the portfolio company’s earnings, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company and other relevant factors. This information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, our fair value determinations with respect to any non-traded investments we hold may cause our net asset value on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our securities based on an overstated net asset value may pay a higher market price than the value of our investments might warrant. Conversely, investors selling securities based on a net asset value that understates the value of our investments may receive a lower market price for their securities than the value of our investments might warrant. | ||
Subject to Regulations not Applicable to Private Companies, Such as Provisions of the Sarbanes-Oxley Act [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | As a public company, we are subject to regulations not applicable to private companies, such as provisions of the Sarbanes-Oxley Act. Efforts to comply with such regulations will involve significant expenditures, and non-compliance with such regulations may adversely affect us. As a public company, we are subject to the Sarbanes-Oxley Act and the related rules and regulations promulgated by the SEC. Our management is required to report on our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. 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 relatively new company, developing and maintaining an effective system of internal controls may require significant expenditures, which may negatively impact our financial performance and our ability to make distributions. This process also will result in a diversion of our management’s time and attention. We cannot be certain of when our evaluation, testing and remediation actions will be completed or the impact of the same on our operations. In addition, we may be unable to ensure that the process is effective or that our internal controls over financial reporting are or will be effective in a timely manner. In the event that we are unable to develop or maintain an effective system of internal controls and maintain or achieve compliance with the Sarbanes-Oxley Act and related rules, we may be adversely affected. We are not required to comply with the requirements of the Sarbanes-Oxley Act, including the internal control evaluation and certification requirements of Section 404, and will not be required to comply with all of those requirements until we have been subject to the reporting requirements of the 1934 Act for a specified period of time or the date we are no longer an emerging growth company under the JOBS Act. Accordingly, our internal controls over financial reporting do not currently meet all of the standards contemplated by Section 404 that we will eventually be required to meet. We are in the process of addressing our internal controls over financial reporting and are establishing formal procedures, policies, processes and practices related to financial reporting and to the identification of key financial reporting risks, assessment of their potential impact and linkage of those risks to specific areas and activities within the Fund. Our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over financial reporting until the later of the year following our first annual report required to be filed with the SEC, or the date we are no longer an emerging growth company under the JOBS Act. Because we do not currently have comprehensive documentation of our internal controls and have not yet tested our internal controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a material weakness in our internal controls or a combination of significant deficiencies that could result in the conclusion that we have a material weakness in our internal controls. | ||
A BlackRock Credit Event could Adversely Affect Business [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | A BlackRock credit event could adversely affect our business. Although the Fund and the Advisers are separate legal entities from BlackRock, in the event that BlackRock were to experience material financial distress or a downgrade in its credit rating, or if there were a change of control of BlackRock, the Fund could nonetheless be adversely affected. In that regard, financial distress, a credit rating downgrade or change of control of BlackRock or the Advisers could cause the Advisers to have difficulty retaining personnel or otherwise adversely affect the Fund and its ability to achieve its investment objective. Such an event may also cause a default with respect to indebtedness incurred by the Fund. | ||
Shareholders will not have any Direct Interest in Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Shareholders will not have any direct interest in our investments. The offering of Common Shares does not constitute a direct or indirect offering of interests in the Fund’s investments. Shareholders will have no direct interest in the Fund’s investments and generally will have no voting rights in, or standing or recourse against, any of the Fund’s investments. Moreover, none of the shareholders will have the right to participate in the control, management or operations of any of the Fund’s investments, or have any discretion over the management of any of the Fund’s investments by reason of their investment in the Fund. | ||
As an ''Emerging Growth Company'' Under the JOBS Act, and cannot be Certain and Shares are Less Attractive to Investors [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our shares less attractive to investors. The Fund will be and will remain an “emerging growth company” as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) in which the Fund has total annual gross revenue of at least $1.07 billion, or (ii) in which the Fund is deemed to be a large accelerated filer, and (b) the date on which the Fund issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as the Fund remains an “emerging growth company,” we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The Fund cannot predict if investors will find the Fund’s shares less attractive because the Fund will rely on some or all of these exemptions. If some investors find the Fund’s shares less attractive as a result, there may be a less active trading market for the Fund’s shares and the Fund’s share price may be more volatile. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Fund will take advantage of the extended transition period for complying with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate the Fund since our financial statements may not be comparable to companies that comply with public company effective dates and may result in less investor confidence. | ||
Risk Related to Investments in Prospective Portfolio Companies [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment. General . The Fund’s investments may be risky, and shareholders could lose all or part of their investment. The Advisers will have broad discretion in making investments for the Fund. The Fund’s investments will generally consist of debt obligations and other securities and assets that present significant risks as a result of business, financial, market and legal uncertainties. There can be no assurance that the Advisers will correctly evaluate the nature and magnitude of the various factors that could affect the value of and return on the Fund’s investments. Prices of the Fund’s investments may be volatile, and a variety of other factors that are inherently difficult to predict, such as domestic or international economic and political developments, may significantly affect the results of the Fund’s activities and the value of the Fund’s investments. The Fund’s performance over a particular period may not necessarily be indicative of the results that may be expected in future periods. Similarly, the past performance of the Advisers and its affiliates may not necessarily be indicative of the results the Advisers may be able to achieve with the Fund’s investments. While the Advisers expect to focus primarily on privately-originated, performing senior secured debt primarily in issuers headquartered in North America in making its investments, the Advisers have broad discretion to invest as they determine, consistent with the investment objective of the Fund, and no shareholder approval is required for any investment the Fund may make. Furthermore, the Advisers may invest in products or use investment techniques not specifically described in this Annual Report, including in financial instruments that have not yet been designed or have not yet become prevalent in the market. Any such instruments or techniques may subject the Fund to additional risks. Investors will not be notified prior to the Fund’s making any investments in products or using investment techniques not specifically described in this report; however, the Board of Trustees, in exercising its fiduciary duties to shareholders and to the Fund, will oversee these investments at a heightened level. In addition, because the Fund’s investments will be actively managed, frequent purchases and sales of investments may result in higher transaction costs to the Fund, which costs will decrease the value of the common shares of the Fund. Secured Loans Risk . Loans held by the Fund may be secured. While secured loans purchased by the Fund will often intend to be over-collateralized, the Fund may be exposed to losses resulting from default and foreclosure. Therefore, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Fund cannot guarantee the adequacy of the protection of the Fund’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Fund cannot assure that claims may not be asserted that might interfere with enforcement of the Fund’s rights. In the event of a foreclosure, the Fund or an affiliate of the Fund may assume direct ownership of the underlying asset. The liquidation proceeds upon sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying property will further reduce the proceeds and thus increase the loss. Unsecured Loans Risk . While the Fund is expected to focus primarily on secured loans, the Fund may hold unsecured loans. Unsecured loans have lower priority in right of payment to any higher ranking obligations of the borrower and are not backed by a security interest in any specific collateral. They are subject to risk that the cash flow of the borrower and available assets may be insufficient to meet scheduled payments after giving effect to any higher ranking obligations of the borrower. Unsecured loans are expected to have greater price volatility than senior loans and secured loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in unsecured loans, which would create greater credit risk exposure. Second Lien Loans Risk . Second lien loans are subject to the same risks associated with investment in senior loans. However, second lien loans are second in right of payment to senior loans and therefore are subject to additional risk that the cash flow of the borrower and any property securing the loan may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second lien loans are expected to have greater price volatility than senior loans and may be less liquid. There is also a possibility that originators will not be able to sell participations in second lien loans, which would create greater credit risk exposure. In the event of default on a “second lien” loan, the first priority lien holder has first claim to the underlying collateral of the loan. It is possible that no collateral value would remain for the second priority lien holder, which would therefore result in a loss of investment to the Fund. Borrower Fraud . Of paramount concern when investing in loans is the possibility of material misrepresentation or omission on the part of borrower. Such inaccuracy or incompleteness may adversely affect, among other things, the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund to perfect or effectuate a lien on the collateral securing the loan. The Fund will rely upon the accuracy and completeness of representations made by borrowers to the extent reasonable, but cannot guarantee such accuracy or completeness. While the Fund will conduct due diligence with respect to the collateral before investing, including obtaining appraisals of inventory values from independent sources, and will seek to obtain appropriate monitoring rights, there can be no assurance that the Advisers will detect representational borrower fraud or inaccuracy or that the Fund’s investments will not be adversely affected by such fraud or inaccuracy. Equity Securities . The Fund will also be permitted to invest in common and preferred stock and other equity securities, including both public and private equity securities. Equity securities generally involve a high degree of risk and will be subordinate to the debt securities and other indebtedness of the issuers of such equity securities. Prices of equity securities generally fluctuate more than prices of debt securities and are more likely to be affected by poor economic or market conditions. In some cases, the issuers of such equity securities may be highly leveraged or subject to other risks such as limited product lines, markets or financial resources. In addition, some of these equity securities may be illiquid. Because of perceived or actual illiquidity or investor concerns regarding leveraged capitalization, these securities often trade at significant discounts to otherwise comparable investments or are not readily tradable. These securities generally do not produce current income for the Fund and may also be speculative. The Fund may experience a substantial or complete loss on individual equity securities. Preferred Stock Risk . To the extent that the Fund invests in preferred securities, there are special risks, including: Deferral . Preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring its distributions, the Fund may be required to report income for tax purposes although the Fund has not yet received such income. Subordination . Preferred securities are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Liquidity . Preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. Government securities. Limited Voting Rights . Generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer’s board. Generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights. Mezzanine Investments . Mezzanine investments of the type in which the Fund intends to invest are primarily privately negotiated subordinated debt and equity securities issued in connection with leveraged transactions, such as management buyouts, acquisitions, refinancings, recapitalizations and later stage growth capital financings, and are generally rated below investment-grade. Mezzanine investments may also include investments with equity participation features such as warrants, convertible securities, senior equity investments and common stock. Such mezzanine investments may be issued with or without registration rights. Mezzanine investments may be subject to risks associated with illiquid investments, since there will usually be relatively few holders of any particular mezzanine investment. Similar to other high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average life is significantly shorter at three to five years due to prepayment rights. Mezzanine investments are usually unsecured and subordinate to other obligations of the issuer. Mezzanine investments share all of the risks of other high yield securities and are often even more subordinated than other high yield debt, as they often represent the most junior debt security in an issuer’s capital structure. Risks Associated with Investments in Small to Medium Capitalization Companies . The Fund may invest a portion of its assets in the securities of companies with small-to medium-sized market capitalizations. While the Investment Adviser believes these investments often provide significant potential for appreciation, those securities, particularly smaller-capitalization securities, involve higher risks in some respects than do investments in securities of larger companies, including: • these companies may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral; • they typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns; • they are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the portfolio company and, in turn, on us; • they generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position; • our executive officers, directors and the Investment Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies; • changes in laws and regulations, as well as their interpretations, may adversely affect their respective businesses, financial structures or prospects; and • they may have difficulty accessing the capital markets to meet future capital needs. Limited public information exists about private middle-market companies, and we expect to rely on the Investment Adviser’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. These companies and their financial information are not subject to the Sarbanes-Oxley Act of 2002 and other rules that govern disclosures and financial controls of public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investment. Risks Associated with Investments in the Medium- and Large-Sized U.S. Corporate Debt Market . Price declines in the medium- and large-sized U.S. corporate debt market may adversely affect the fair value of the Fund’s portfolio, reducing our NAV through increased net unrealized depreciation. Conditions in the medium- and large-sized U.S. corporate debt market may deteriorate, as seen during the financial crisis of 2007-2008, which may cause pricing levels to similarly decline or be volatile. During the financial crisis, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests. This resulted in a forced deleveraging cycle of price declines, compulsory sales and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis generating further selling pressure. If similar events occurred in the medium- and large-sized U.S. corporate debt market, the Fund’s NAV could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale of our investments, which could have a material adverse impact on the Fund’s business, financial condition and results of operations. Below Investment Grade Risk . In addition, the Fund intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be difficult to value and illiquid. The major risks of below investment grade securities include: • Below investment grade securities may be issued by less creditworthy issuers. Issuers of below investment grade securities may have a larger amount of outstanding debt relative to their assets than issuers of investment grade securities. In the event of an issuer’s bankruptcy, claims of other creditors may have priority over the claims of holders of below investment grade securities, leaving few or no assets available to repay holders of below investment grade securities. • Prices of below investment grade securities are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and general economic conditions may have a greater impact on the prices of below investment grade securities than on other higher-rated fixed-income securities. • Issuers of below investment grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments or the unavailability of additional financing. • Below investment grade securities frequently have redemption features that permit an issuer to repurchase the security from us before it matures. If the issuer redeems below investment grade securities, we may have to invest the proceeds in securities with lower yields and may lose income. • Below investment grade securities may be less liquid than higher-rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the below investment grade securities market, and there may be significant differences in the prices quoted by the dealers. Judgment may play a greater role in valuing these securities and we may be unable to sell these securities at an advantageous time or price. • We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. The credit rating of a high-yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer. Undervalued Assets . The Fund will seek to invest in undervalued assets. The identification of investment opportunities in undervalued assets is a difficult task, and there is no assurance that such opportunities will be successfully recognized or acquired. While investments in undervalued assets offer the opportunity for above-average capital appreciation, these investments involve a high degree of financial risk and can result in substantial losses. The Fund may be forced to sell, at a substantial loss, assets identified as undervalued, if they are not in fact undervalued. In addition, the Fund may be required to hold such assets for a substantial period of time before realizing their anticipated value. During this period, a portion of the Fund’s capital would be committed to these assets purchased, potentially preventing the Fund from investing in other opportunities. CLO Risk . The Fund’s investments in CLOs may be riskier than a direct investment in the debt or other securities of the underlying companies. When investing in CLOs, the Fund may invest in any level of a CLO’s subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). CLOs are typically highly levered and therefore, the junior debt and equity tranches that we may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, the Fund will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs. Furthermore, the investments the Fund makes in CLOs are at times thinly traded or have only a limited trading market. As a result, investments in such CLOs may be characterized as illiquid securities. Bridge Financings Risk . From time to time, the Fund may lend to portfolio companies on a short-term, unsecured basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future issuance of equity or long-term debt securities or other refinancing or syndication. Such bridge loans would typically be convertible into a more permanent, long-term security; however, for reasons not always in the Fund’s control, such long-term securities issuance or other refinancing or syndication may not occur and such bridge loans and interim investments may remain outstanding. In such event, the interest rate on such loans or the terms of such interim investments may not adequately reflect the risk associated with the position taken by the Fund. Private Investments Risk . The Fund intends to invest primarily in privately-held companies. Investments in private companies pose significantly greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, 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 death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on the Fund. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal amortization schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target portfolio companies may affect our investment returns. Fourth, little public information generally exists about private companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Investment Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Investment Adviser would typically assess an investment in a portfolio company based on the Investment Adviser’s estimate of the portfolio company’s earnings and enterprise value, among other things, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Investment Adviser to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If the Fund unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Risks Associated with Repurchase Agreements . Subject to the Fund’s investment objective and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future for the purchase price plus premium (which often reflects the interests). The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. Risks Associated with Securities Lending Agreements . The Fund may from time to time make secured loans of its marginable securities to brokers, dealers and other financial institutions if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such loan. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to brokers and other financial institutions that are believed by the Investment Adviser to be of high credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (e.g., negotiable certificates of deposit, bankers’ acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. If the Fund enters into a securities lending arrangement, the Investment Adviser, as part of its responsibilities under the Advisory Agreement, will invest the Fund’s cash collateral in accordance with the Fund’s investment objective and strategies. The Fund will pay the borrower of the securities a fee based on the amount of the cash collateral posted in connection with the securities lending program. The borrower will pay to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent. The Fund may invest the cash collateral received only in accordance with its investment objective, subject to the Fund’s agreement with the borrower of the securities. In the case of cash collateral, the Fund expects to pay a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Fund. Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, will retain the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the investment. The Fund may also call such loans in order to sell the securities involved. When engaged in securities lending, the Fund’s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Fund in permissible investments. Distressed Debt Securities Risk . At times, distressed debt obligations may not produce income and may require us to bear certain extraordinary expenses (including legal, accounting, valuation and transaction expenses) in order to protect and recover our investment. Therefore, to the extent we invest in distressed debt, our ability to achieve current income for our stockholders may be diminished. We also will be subject to significant uncertainty as to when and in what manner and for what value the distressed debt we invest in will eventually be satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the distressed debt securities or a payment of some amount in satisfaction of the obligation). In addition, even if an exchange offer is made or plan of reorganization is adopted with respect to distressed debt we hold, there can be no assurance that the securities or other assets received by us in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made. Moreover, any securities received by us upon completion of an exchange offer or plan of reorganization may be restricted as to resale. As a result of our participation in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of distressed debt, we may be restricted from disposing of such securities. Payment-in-kind Interest Risk . Our loans may contain a payment-in-kind, or PIK, interest provision. PIK investments carry additional risk as holders of these types of securities receive no cash until the cash payment date unless a portion of such securities is sold. If the issuer defaults the Fund may obtain no return on its investment. The PIK interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income. To avoid the imposition of corporate-level tax on us, this non-cash source of income needs to be paid out to stockholders in cash distributions or, in the event that we determine to do so and in certain cases, in shares of our common stock, even though we have not yet collected and may never collect the cash relating to the PIK interest. As a result, we may have to distribute a taxable stock dividend to account for PIK interest even though we have not yet collected the cash. | ||
Risk Related to Credit Default Swaps or Other Derivative Transactions [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may from time to time enter into credit default swaps or other derivative transactions which expose us to certain risks, including credit risk, market risk, liquidity risk and other risks similar to those associated with the use of leverage. We may from time to time enter into credit default swaps or other derivative transactions that seek to modify or replace the investment performance of a particular reference security or other asset. These transactions are typically individually negotiated, non-standardized agreements between two parties to exchange payments, with payments generally calculated by reference to a notional amount or quantity. Swap contracts and similar derivative contracts are not traded on exchanges; rather, banks and dealers act as principals in these markets. These investments may present risks in excess of those resulting from the referenced security or other asset. Because these transactions are not an acquisition of the referenced security or other asset itself, the investor has no right directly to enforce compliance with the terms of the referenced security or other asset and has no voting or other consensual rights of ownership with respect to the referenced security or other asset. In the event of insolvency of a counterparty, we will be treated as a general creditor of the counterparty and will have no claim of title with respect to the referenced security or other asset. A credit default swap is a contract in which one party buys or sells protection against a credit event with respect to an issuer, such as an issuer’s failure to make timely payments of interest or principal on its debt obligations, bankruptcy or restructuring during a specified period. Generally, if we sell credit protection using a credit default swap, we will receive fixed payments from the swap counterparty and if a credit event occurs with respect to the applicable issuer, we will pay the swap counterparty par for the issuer’s defaulted debt securities and the swap counterparty will deliver the defaulted debt securities to us. Generally, if we buy credit protection using a credit default swap, we will make fixed payments to the counterparty and if a credit event occurs with respect to the applicable issuer, we will deliver the issuer’s defaulted securities underlying the swap to the swap counterparty and the counterparty will pay us par for the defaulted securities. Alternatively, a credit default swap may be cash settled and the buyer of protection would receive the difference between the par value and the market value of the issuer’s defaulted debt securities from the seller of protection. Credit default swaps are subject to the credit risk of the underlying issuer. If we are selling credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, a credit event will occur and we will have to pay the counterparty. If we are buying credit protection, there is a risk that we will not properly assess the risk of the underlying issuer, no credit event will occur and we will receive no benefit for the premium paid. The success of our hedging transactions will depend on our ability to correctly predict movements and interest rates. Therefore, while we may enter into such transactions to seek to reduce interest rate risks, unanticipated changes in interest rates may 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 may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings or debt arrangements being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. A derivative transaction is also subject to the risk that a counterparty will default on its payment obligations thereunder or that we will not be able to meet our obligations to the counterparty. In some cases, we may post collateral to secure our obligations to the counterparty, and we may be required to post additional collateral upon the occurrence of certain events such as a decrease in the value of the reference security or other asset. In some cases, the counterparty may not collateralize any of its obligations to us. Derivative investments effectively add leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. In addition to the risks described above, such arrangements are subject to risks similar to those associated with the use of leverage. | ||
Risk Related to Form One or More CLOs and Structured Financing [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may form one or more CLOs, which may subject us to certain structured financing risks. To finance investments, the Fund may securitize certain of its secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity, and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers. It is possible that an interest in any such CLO held by us may be considered a “non-qualifying” portfolio investment for purposes of the 1940 Act. If the Fund creates a CLO, the Fund will depend in part on distributions from the CLO’s assets out of its earnings and cash flows to enable the Fund to make distributions to shareholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO’s debt, which could impact our ability to receive distributions from the CLO. If the Fund does not receive cash flow from any such CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and the Fund is unable to obtain cash from other sources necessary to satisfy this requirement, the Fund may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares. In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to the Fund for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by the Fund as owner of equity interests in the CLO. The manager for a CLO that the Fund creates may be the Fund, the Investment Adviser or an affiliate, and such manager may be entitled to receive compensation for structuring and/or management services. To the extent the Investment Adviser or an affiliate other than the Fund serves as manager and the Fund is obligated to compensate the Investment Adviser or the affiliate for such services, the Fund, the Investment Adviser or the affiliate will implement offsetting arrangements to assure that the Fund, and indirectly, Fund shareholders, pay no additional management fees to the Investment Adviser or the affiliate in connection therewith. To the extent the Fund serves as manager, the Fund will waive any right to receive fees for such services from the Fund (and indirectly its shareholders) or any affiliate. | ||
Risk Related to Debt Obligations and Subject to Credit and Interest Rate [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Debt obligations are subject to credit and interest rate risks which may adversely affect the performance of our investments. Debt portfolios are subject to credit and interest rate risks. “Credit risk” refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt obligations which are rated by rating agencies are often reviewed by such agencies and may be subject to downgrade. “Interest rate risk” refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). General interest rate fluctuations may have a substantial negative impact on the Fund’s investments, the value of the Fund’s common shares and the Fund’s rate of return on invested capital. In December 2023, the Federal Reserve voted to pause interest rate hikes. Federal Reserve officials indicated that interest rate reductions may be warranted in 2024. There is no guarantee that the Federal Reserve will reduce rates in 2024, especially if inflation increases again. An increase in interest rates could decrease the value of any investments held by the Fund that earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high-yield bonds, and also could increase the Fund’s interest expense, thereby decreasing its net income. In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). This risk will be greater for long-term securities than for short-term securities. Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. The Fund may attempt to minimize the exposure of the portfolios to interest rate changes through the use of interest rate swaps, interest rate futures, interest rate options and/or other hedging strategies. However, there can be no guarantee that the Advisers will be successful in mitigating the impact of interest rate changes on the portfolios. Factors that may affect market interest rates include, without limitation, inflation, deflation, slow or stagnant economic growth or recession, unemployment, money supply, governmental monetary policies, international disorders and instability in domestic and foreign financial markets. There may be significant unexpected movements in interest rates, which movements could have adverse effects on portfolio companies and the economy as a whole. In light of the foregoing, and more generally, the Fund expects that it will periodically experience imbalances in the interest rate sensitivities of its assets and liabilities and the relationships of various interest rates to each other, which could adversely affect their performance. In addition, to the extent that the Fund may be leveraged, movements in the level of interest rates may affect the returns from these assets more significantly than other assets in some instances. The structure and nature of the debt encumbering an investment may therefore be an important element to consider in assessing the interest risk of the investment. In particular, the type of facilities, maturity profile, rates being paid, fixed versus variable components and covenants in place (including the manner in which they affect returns to equity holders) are crucial factors in assessing any interest rate risk. You should also be aware that a change in the general level of interest rates can be expected to lead to a change in the interest rate we receive on many of our debt investments. Accordingly, a change in the interest rate could make it easier for us to meet or exceed the performance threshold and may result in a substantial increase in the amount of Incentive Fees payable to our Investment Adviser with respect to the portion of the Incentive Fee based on income. Interest rates have risen in recent months, and the risk that they may continue to do so is pronounced. | ||
Risk Related to Prepayments of Debt Investments by Portfolio Companies [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity. The Fund is subject to the risk that investments in our portfolio companies may be repaid prior to maturity. When this occurs, the Fund will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and we could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, the Fund’s results of operations could be materially adversely affected if one or more portfolio companies elect to prepay amounts owed to the Fund. Additionally, prepayments, net of prepayment fees, could negatively impact the Fund’s return on equity. | ||
Market Disruptions And Other Geopolitical Or Macroeconomic Events [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Market disruptions and other geopolitical or macroeconomic events could create market volatility that negatively impact our business, financial condition and earnings. Various social and political tensions in the United States and around the world may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. In particular, the consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chains may impact our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets. The Advisers do not know when or for how long the financial markets will be affected by such events and cannot predict the effects of any such events in the future on the U.S. economy and securities markets. The current political climate has intensified concerns about a potential trade war between China and the U.S., as each country has imposed tariffs on the other country’s products. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on our performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. | ||
Changes to U.S. Tariff and Import Export Regulations [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. There remains uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. | ||
Risk Related to General European Economic Conditions [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may be impacted by general European economic conditions. The success of the Fund’s investment activities could be affected by general economic and market conditions in Europe and in the rest of the world, as well as by changes in applicable laws and regulations (including laws relating to taxation of our investments), trade barriers, currency exchange controls, rate of inflation, currency depreciation, asset re-investment, resource self-sufficiency and national and international political and socioeconomic circumstances in respect of the European and other non-U.S. countries in which the Fund may invest. These factors will affect the level and volatility of securities prices and the liquidity of the Fund’s investments, which could impair the Fund’s profitability or result in losses. General fluctuations in the market prices of securities and interest rates may affect the Fund’s investment opportunities and the value of the Fund’s investments. The Fund may maintain substantial trading positions that can be adversely affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss. Declines in the performance of national economies or the credit markets in certain jurisdictions have had a negative impact on general economic and market conditions globally, and as a result, could have a material adverse effect on the Fund’s business, financial condition and results of operations. In particular, the consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chains may impact our portfolio companies. Such consequences also may increase our funding cost or limit our access to the capital markets. | ||
Risk Related to Economic Recessions or Downturns [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Economic recessions or downturns could impair our portfolio companies and harm our operating results. The Advisers’ financial condition may be adversely affected by a significant general economic downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse effect on the Advisers’ businesses and operations (including those of the Fund). A recession, slowdown and/or sustained downturn in the global economy (or any particular segment thereof) could have a pronounced impact on the Fund and could adversely affect the Fund’s profitability, impede the ability of the Fund’s portfolio companies to perform under or refinance their existing obligations and impair the Fund’s ability to effectively deploy its capital or realize its investments on favorable terms. In response to elevated inflationary pressures, central banks such as the Federal Reserve Bank raised interest rates in recent years. It is not currently clear whether interest rates will continue to rise, and there is a risk of the economy entering a recession. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include: • severe declines in the market price of our securities or net asset value; • inability of the Fund to accurately or reliably value its portfolio; • inability of the Fund to comply with certain asset coverage ratios that would prevent the Fund from paying dividends to our stockholders and that could result breaches of covenants or events of default under our credit agreement; • inability of the Fund to pay any dividends and distributions or service its debt; • inability of the Fund to maintain its status as a RIC under the Code; • declines in the value of our investments; • increased risk of default or bankruptcy by the companies in which we invest; • increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; • limited availability of new investment opportunities; • inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and • general threats to the Fund’s ability to continue investment operations and to operate successfully as a BDC. In addition, economic problems in a single country are increasingly affecting other markets and economies. A continuation of this trend could adversely affect global economic conditions and world markets and, in turn, could adversely affect the Fund’s performance. Any of the foregoing events could result in substantial or total losses to the Fund in respect of certain investments, which losses will likely be exacerbated by the presence of leverage in a portfolio company’s capital structure. | ||
Risk Related to Uncertainty Regarding the Implementation of EU and UK's Trade and Cooperation Agreement [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Uncertainty regarding the implementation of the EU and UK's Trade and Cooperation Agreement could negatively impact our business, financial condition and earnings. The United Kingdom (the “UK”) and EU's Trade and Cooperation Agreement ("UK/EU Trade Agreement") was implemented starting on May 1, 2021 and set out the economic and legal framework for trade between the United Kingdom and the EU after the United Kingdom's 2020 withdrawal from the EU. As the UK/EU Trade Agreement is still a fairly new legal framework, the continuing implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the United Kingdom and wider European markets. Furthermore, there is the possibility that either party may impose tariffs on trade in the future in the event that regulatory standards between the EU and the UK diverge. The terms of the future relationship may cause continued uncertainty in the global financial markets, and adversely affect the Fund’s ability, and the ability of our portfolio companies, to execute our respective strategies and to receive attractive returns. Volatility resulting from this uncertainty may mean that the returns of the Fund's investments are affected by market movements, the potential decline in the value of Sterling or Euro, and the potential downgrading of UK sovereign credit rating. | ||
Risk Related to MiFID II Obligations and Adverse effect on the Ability of the Advisers and MiFID-Authorized EEA Affiliates [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | MiFID II obligations could have an adverse effect on the ability of the Advisers and its MiFID-authorized EEA affiliates to obtain and research in connection with the provision of an investment service. The Recast European Union Directive on Markets in Financial Instruments (“MiFID II”) came into effect on January 3, 2018, and imposes regulatory obligations in respect of providing financial services in the European Economic Area (“EEA”) by EEA banks and EEA investment firms providing regulated services (each an “Investment Firm”). Each of the Advisers is a non-EEA investment company and is, therefore, not subject to MiFID II but can be indirectly affected. The regulatory obligations imposed by MiFID II may impact, and constrain the implementation of, the investment strategy of the Fund. MiFID II restricts Investment Firms’ ability to obtain research in connection with the provision of an investment service. For example, Investment Firms providing portfolio management or independent investment advice may purchase investment research only at their own expense or out of specifically dedicated research payment accounts agreed upon with their clients. Research will also have to be unbundled and paid separately from the trading commission. EEA broker-dealers will unbundle research costs and invoice them to Investment Firms separated from dealing commissions. Therefore, in light of the above, MiFID II could have an adverse effect on the ability of the Advisers and their MiFID- authorized EEA affiliates to obtain and to provide research. The new requirements regarding the unbundling of research costs under MiFID II are not consistent with market practice in the United States and the regulatory framework concerning the use of commissions to acquire research developed by the SEC, although the SEC has issued temporary no-action letters to facilitate compliance by firms with the research requirements under MiFID II in a manner that is consistent with the U.S. federal securities laws. The Advisers’ access to third-party research may nonetheless be significantly limited. Some EEA jurisdictions extend certain MiFID II obligations also to other market participants (e.g., Alternative Investment Fund Managers) under national law. There is very little guidance, and limited market practice, that has developed in preparation for MiFID II. As such, the precise impact of MiFID II on the Advisers and the Fund cannot be fully predicted at this stage. | ||
Risk Related to Compliance with the SEC's Regulation Best Interest May Ability to Raise Capital [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Compliance with the SEC’s Regulation Best Interest may negatively impact our ability to raise capital, which would harm our ability to achieve our investment objectives. Since June 30, 2020, broker-dealers have been required to comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. The impact of Regulation Best Interest on broker-dealers participating in our offerings cannot be determined at this time, but it may negatively impact whether broker-dealers and their associated persons recommend our offerings to retail customers. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonable alternatives in the best interests of their clients. Reasonable alternatives to the Fund exist and may have lower expenses and/or lower investment risk than the Fund. Under Regulation Best Interest, broker-dealers participating in our offerings must consider such alternatives in the best interests of their clients. If Regulation Best Interest reduces our ability to raise capital in our offerings, it would harm our ability to create a diversified portfolio of investments and achieve our investment objectives and would result in our fixed operating costs representing a larger percentage of our gross income. | ||
Risk Associated with Exposed to Hightened Credit and Liquidity Risks in the Current Environment [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We are exposed to heightened credit and liquidity risks in the current environment. We are in the midst of significant market, economic and geopolitical uncertainty and instability and a rapidly changing investment environment. Investing in highly volatile environments presents certain inherent risks, including reduced market liquidity and increased credit risk, as well as less certainty in core assumptions in respect of a particular investment or an investment strategy as a whole. While such investment environments provide the opportunity for significant returns, they also present significant risks, many of which cannot be predicted, managed or hedged against. Beginning in the fourth quarter of 2008, world financial markets experienced extraordinary market conditions, including, among other things, extreme losses and volatility in securities markets and the dislocation of credit markets. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt in Greece, Ireland, Italy, Portugal and Spain, which created concerns about the ability of these European Union “peripheral nations” to continue to service their sovereign debt obligations. Despite assistance packages to Greece, Ireland and Portugal, the creation of a joint European Union-International Monetary Fund European Financial Stability Facility in May 2010, and expanded financial assistance to Greece, uncertainty over the outcome of the European Union governments’ financial support programs and worries about sovereign finances persist. During 2011, a variety of macro and micro economic factors contributed to instability in the financial markets in the U.S. and in other jurisdictions worldwide. These factors include, but are not limited to, certain downgrades by credit agencies of sovereign debt and credit ratings, including the downgrade by Standard and Poor’s of the credit rating of the United States, strained political processes relating to the market for sovereign debt, fluctuations in prices for certain commodities and concerns about economic growth and political stability. The shock to the global financial markets and the resulting instability in the developed global economies have increased the volatility of asset values and the risks of doing business generally, both of which are expected to continue in the short, medium and long terms. The already challenged global economic and political environment may be adversely affected by events outside the Fund’s control, such as changes in government policies, directives in the credit sector and other areas, the impact of the COVID-19 pandemic and resulting increase in sovereign debt, political instability, terrorist attacks, social unrest and rioting or military action affecting areas abroad and taxation and other political, economic or social developments in or affecting the world. Policymakers in many advanced economies have publicly acknowledged the need to urgently adopt credible strategies to contain public debt and excessive fiscal deficits and later bring them down to more sustainable levels, which pressures may be acutely present in following of the conclusion of stimulus measures in response to the COVID-19 pandemic. The implementation of these policies may restrict economic recovery. A portfolio company’s failure to satisfy financial or operating covenants imposed by the Fund or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the ability of the Fund’s portfolio company to meet its obligations under the debt securities that the Fund holds. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of the Fund’s portfolio companies were to go bankrupt, even though the Fund or one of its affiliates may have structured its interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which the Fund or one of its affiliates actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize the Fund’s debt holding as equity and subordinate all or a portion of the Fund’s claim to claims of other creditors. The Advisers cannot predict how long the financial markets will continue to be affected by these events and cannot predict the effects of these or similar events in the future on the Fund, the global economy and the global securities markets. An investment in the Fund may not be appropriate for all prospective investors. A prospective investor should carefully consider his or her ability to assume these risks before making an investment in the Fund. | ||
Risk Related to Investments in Covenant-Lite Loans [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Investments in covenant-lite loans may expose us to different and increased risks. Although the Investment Adviser generally expects the transaction documentation of some portion of the Fund’s investments to include covenants and other structural protections, a portion of the Fund’s investments may be composed of so-called “covenant-lite loans.” Generally, covenant-lite loans either do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the issuer to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the issuer’s ability to comply with its obligations under the loan. In addition, in the current economic environment, the market prices of covenant-lite loans may be depressed. | ||
Risk Related to Investments in Non-U.S. Companies [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Our investments in non-U.S. portfolio companies may expose us to additional risks. To the extent any portion of the Fund’s investments may be in securities of non-U.S. portfolio companies in order to provide diversification or to complement the Fund’s U.S. investments, the Fund may be exposed to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, 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, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility. These risks may be more pronounced for portfolio companies located or operating primarily in emerging markets, whose economies, markets and legal systems may be less developed. The consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to global trade may exacerbate these risks. In regards to the regulatory requirements for business development companies, some of these investments may not qualify as investments in “eligible portfolio companies,” and thus may not be considered “qualifying assets.” “Eligible portfolio companies” generally include U.S. companies that are not investment companies and that do not have securities listed on a national exchange. If at any time less than 70% of our gross assets are comprised of qualifying assets, including as a result of an increase in the value of any non-qualifying assets or decrease in the value of any qualifying assets, we would generally not be permitted to acquire any additional non-qualifying assets until such time as 70% of our then current gross assets were comprised of qualifying assets. We would not be required, however, to dispose of any non-qualifying assets in such circumstances. Although most of the Fund’s investments are denominated in U.S. dollars, its investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency may change in relation to the U.S. dollar. Among the factors that may 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. The Fund may employ hedging techniques to minimize these risks, but it can offer no assurance that it will, in fact, hedge currency risk or, that it does, that such strategies will be effective. As a result, a change in currency exchange rates may adversely affect the Fund’s profitability. | ||
Risk Related to Effect of Global Climate Change May Impact the Operations of Portfolio Companies [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The effect of global climate change may impact the operations of our portfolio companies. There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Other risks associated with climate change include risks related to the impact of climate-related legislation and regulation (both domestically and internationally), as well as risks related to climate-related business trends. | ||
Risk Related to the Lack of Liquidity in Certain of Investments May Adversely Affect Business [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The lack of liquidity in certain of our investments may adversely affect our business. The Fund may invest in securities, loans, derivatives or other assets, for which no (or only a limited) liquid market exists or that are subject to legal or other restrictions on the transfer of such assets and will generally less liquid than publicly traded securities. The market value of the Fund’s investments will fluctuate due to a variety of factors that are inherently difficult to predict including, among other things, changes in market rates of interest, general economic conditions, economic conditions in particular industries, the condition of financial markets, prevailing credit spreads, domestic or international economic or political events, and the financial condition of the issuers of the Fund’s investments. In addition, the lack of an established, liquid secondary market for many of the Fund’s investments may have an adverse effect on the market value of the Fund’s investments and on the Fund’s ability to dispose of them. Therefore, no assurance can be given that, if the Fund is determined to dispose of a particular investment, it could dispose of such investment at the previously prevailing market price. In addition, if the Fund is required to liquidate all or a portion of its portfolio quickly, the Fund may realize significantly less than the value at which the Fund had previously recorded its investments. The sale of illiquid assets and restricted securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Moreover, during periods when the market for such assets is illiquid, the Investment Adviser and any placement agent, as applicable, may not be able to efficiently dispose of or accurately determine the value of the Fund’s investments in such assets, in which case distributions may be delayed. A portion of the Fund’s investments will consist of securities that are subject to restrictions on resale by the Fund for reasons including that they were acquired in a “private placement” transaction or that the Fund is deemed to be an affiliate of the issuer of such securities. Generally, the Fund will be able to sell such securities without restriction to other large institutional investors but may be restrained in its ability to sell them to other investors. If restricted securities are sold to the public, the Fund may be deemed to be an underwriter or possibly a controlling person with respect thereto for the purposes of the Securities Act of 1933 (the “Securities Act”) and be subject to liability as such under the Securities Act. The Investment Adviser or its affiliates may, from time to time, possess material nonpublic information, limiting the Investment Adviser’s investment discretion. The Investment Adviser’s investment professionals, Investment Committee or their respective affiliates may serve as directors of, or in a similar capacity with, companies in which the Fund invests. In the event that material nonpublic information is obtained with respect to such companies, or the Fund became subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law, the Fund could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on the Fund and, consequently, your interests as an investor. | ||
As Required by the 1940 Act, a Significant Portion of Investment Portfolio Recorded at Fair Value [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | As required by the 1940 Act, a significant portion of our investment portfolio is and will be recorded at fair value as determined in good faith and, as a result, there is and will be uncertainty as to the value of our portfolio investments. Investments for which market quotations are not readily available will be valued at fair value based upon the principles and methods of valuation set forth in the Valuation Procedures. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material, and, as a result, there may be uncertainty regarding the value of the Fund’s portfolio investments. The Fund’s net asset value could be adversely affected if determinations regarding the fair value of these investments were materially higher than the values ultimately realized upon the disposal of such investments. | ||
Risk Related to Achieve Investment Objective Depends on the Ability of the Advisers to Manage and Support Investment Process [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Our ability to achieve our investment objective depends on the ability of the Advisers to manage and support our investment process. If the Advisers or BlackRock were to lose any members of their respective senior management teams, our ability to achieve our investment objective could be significantly harmed. The success of the Fund will be highly dependent on the financial and managerial expertise of the Advisers and their personnel. The loss of one or more Voting Members (as defined below in “Investment Committee and Decision-Making”) could have a material adverse effect on the performance of the Fund. Although the Advisers will devote a significant amount of its efforts to the Fund’s portfolio, it actively manages investments for other clients and investment professionals are not required to (and will not) devote all of their time to the Fund’s portfolio. Our success will depend to a significant extent on the continued service and coordination of our Advisers, including their key professionals. The departure of a significant number of key professionals from the Advisers could have a material adverse effect on our ability to achieve our investment objective. The Advisers do not have employment agreements with any of these key professionals and we cannot guarantee that all, or any particular one, will remain affiliated with us and/or the Advisers. Further, we do not intend to separately maintain key person life insurance on any of these individuals. | ||
No Replication Of Success [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We are not managed by BlackRock, but rather one of its subsidiaries and may not replicate the success of that entity or BlackRock. Our investment strategies differ from those of BlackRock or its affiliates. As a BDC, we are subject to certain investment restrictions that do not apply to BlackRock. Our performance may be lower or higher than the performance of other entities managed by BlackRock or its affiliates and their past performance is no guarantee of our future results. | ||
Business Model Depends Upon Development And Maintenance Of Strong Relationships [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Our business model depends upon the development and maintenance of strong referral relationships with other asset managers and investment banking firms. We are substantially dependent on our informal relationships, which we use to help identify and gain access to investment opportunities. If we fail to maintain our relationships with key firms, or if we fail to establish strong referral relationships with other firms or other sources of investment opportunities, we will not be able to grow our portfolio of investments and achieve our investment objective. In addition, persons with whom we have informal relationships are not obligated to inform us of investment opportunities, and therefore such relationships may not lead to the origination of equity or other investments. Any loss or diminishment of such relationships could effectively reduce our ability to identify attractive portfolio companies that meet our investment criteria, either for direct investments or for investments through private secondary market transactions or other secondary transactions. | ||
Risk Related to Changes in Interest Rates and Currency Exchange Rates May Affect Cost of Capital and Net Investment Income [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Changes in interest rates and currency exchange rates may affect our cost of capital and net investment income. The Advisers are authorized to use various investment strategies such as short sales and derivative transactions to hedge interest rate and currency risks. These strategies are generally accepted as portfolio management techniques and are regularly used by many investment funds and other institutional investors. Techniques and instruments may change over time as new instruments and strategies are developed or regulatory changes occur. The Advisers may use any or all such types of interest rate and currency hedging transactions at any time and no particular strategy will dictate the use of one transaction rather than another. The choice of any particular interest rate and currency hedging transactions will be a function of numerous variables, including market conditions. However, the Fund may seek to acquire floating-rate assets based on the same index or currency as its floating-rate liabilities. Although the Advisers intend to engage in interest rate and/or currency hedging transactions only for hedging and risk management purposes and not for speculation, use of interest rate and currency hedging transactions involves certain risks. These risks include (i) the possibility that the market will move in a manner or direction that would have resulted in gain for the Fund had interest rate or currency hedging transactions not been utilized, in which case it would have been better had the Fund not engaged in the interest rate or currency hedging transactions, (ii) the risk of imperfect correlation between the risk sought to be hedged and the interest rate or currency hedging transactions utilized and (iii) potential illiquidity for the hedging instrument utilized, which may make it difficult for the Fund to close out or unwind one or more interest rate or currency hedging transactions. The Fund is also authorized to enter into certain hedging and short sale transactions, referred to herein as “Defensive Hedge Transactions,” for the purpose of protecting the market value of a Fund investment for a period of time without having to currently dispose of such Fund investment. Such Defensive Hedge Transactions may be entered into when the Fund is legally restricted from selling a Fund investment or when the Fund otherwise determines that it is advisable to decrease its exposure to the risk of a decline in the market value of a Fund investment. There can be no assurance that the Fund will accurately assess the risk of a market value decline with respect to a Fund investment or enter into an appropriate Defensive Hedge Transaction to protect against such risk. Furthermore, the Fund is not obligated to enter into any Defensive Hedge Transaction. The Fund may, from time to time, employ various investment programs including the use of derivatives, short sales and swap transactions. There can be no assurance that any such investment program will be undertaken successfully. | ||
Risk Related to Investment in Credit Derivative Expose to Market Risk, Liquidity and Other Risk Associated with the Use of Leverage [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may invest in credit derivatives that expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage. In addition to hedging and short sale transactions entered into for the purpose of interest rate hedging and Defensive Hedge Transactions, the Fund is also authorized to make investments in the form of hedging and short sale transactions. These investments are referred to herein as “Structured Product Transactions” and are more generally known as credit derivatives. These transactions generally provide for the transfer from one counterparty to another of certain credit risks inherent in the ownership of a financial asset such as a bank loan or a high yield security. Such risks include, among other things, the risk of default and insolvency of the obligor of such asset, the risk that the credit of the obligor or the underlying collateral will decline or that credit spreads for like assets will change (thus affecting the market value of the financial asset). The transfer of credit risk pursuant to a credit derivative may be complete or partial, and may be for the life of the related asset or for a shorter period. Credit derivatives may be used as a risk management tool for a pool of financial assets, providing the Fund with the opportunity to gain or reduce exposure to one or more reference loans or other financial assets (each, a “Reference Asset”) without actually owning or selling such assets in order, for example, to increase or reduce a concentration risk or to diversify a portfolio. Conversely, credit derivatives may be used by the Fund to reduce exposure to an owned asset without selling it in order, for example, to maintain relationships with clients, avoid difficult transfer restrictions, manage illiquid assets or hedge declining credit quality of the financial asset. The Fund would typically enter into a Structured Product Transaction in order to permit the Fund to realize the same or similar economic benefit of owning one or more Reference Assets on a leveraged basis. However, because the Fund would not own the Reference Assets, the Fund may not have any voting rights with respect to the Reference Assets, and in such cases all decisions related to the obligors on the Reference Assets, including whether to exercise certain remedies, will be controlled by the swap counterparties. In addition, the Fund will not benefit from general rights applicable to the holders of the Reference Assets, such as the right to indemnity and rights of setoff. The economic performance of the Reference Assets will largely depend upon the ability of the actual lenders or holders or their agents or trustees to administer the Reference Assets. Moreover, in monitoring and enforcing the lenders’ or holders’ rights under related documentation and in consenting to or proposing amendments to the terms included in such documentation, the actual lenders or holders will not have any obligation to consider the economic interests of the Fund. Credit derivatives are subject to many of the same types of risks described above in “Risk Factors—Changes in interest rates and currency exchange rates may affect our cost of capital and net investment income”; for example, in the event that the Fund enters into a credit derivative with a counterparty who subsequently becomes insolvent or files for bankruptcy, the credit derivative may be terminated in accordance with its terms and the Fund’s ability to realize its rights under the credit derivative could be adversely affected. The use of leverage will significantly increase the sensitivity of the market value of the credit derivatives to changes in the market value of the Reference Assets. The Reference Assets are subject to the risks related to the credit of their underlying obligors. These risks include the possibility of a default or bankruptcy of the obligors or a claim that the pledging of collateral to secure a loan constituted a fraudulent conveyance or preferential transfer that can be subordinated to the rights of other creditors of the obligors or nullified under applicable law. See “Item 1A. Risk Factors—Our investments in prospective portfolio companies may be risky, and we could lose all or part of our investment” and “—We could be subject to lender liability and equitable subordination” for a description of some of these risks. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. Under Rule 18f-4, which BDCs were required to comply with no later than August 19, 2022, BDCs that use derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined under Rule 18f-4. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit the Fund’s ability to use derivatives and/or enter into certain other financial contracts. | ||
Risk Related to Posting Collateral Exposes of Counterparties [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Posting collateral exposes us to additional risks of our counterparties. Where the Fund enters into an OTC derivative contract or a securities financing transaction, it may be required to pass collateral to the relevant counterparty. Collateral that the Fund posts to a counterparty that is not segregated with a third-party custodian may not have the benefit of customer-protected “segregation” of such assets. Therefore in the event of the insolvency of a counterparty or broker, the Fund may become subject to the risk that it may not receive the return of its collateral or that the collateral may take some time to return if the collateral becomes available to the creditors of the relevant counterparty or broker. In addition the Fund is subject to the risk that it will be unable to liquidate collateral provided to it to cover a counterparty default. The Fund is also subject to the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Where cash collateral received by the Fund is re-invested, the Fund will be exposed to the risk of a failure or default of the issuer of the relevant security in which the cash collateral has been invested. Where collateral is posted to a counterparty by way of a title transfer collateral arrangement or where the Fund grants a right of re-use under a security collateral arrangement which is subsequently exercised by the counterparty, the Fund will only have an unsecured contractual claim for the return of equivalent assets. In the event of the insolvency of a counterparty, the Fund shall rank as an unsecured creditor and may not receive equivalent assets or recover the full value of the assets. Shareholders should assume that the insolvency of any counterparty would result in a loss to the Fund, which could be material. In addition, assets subject to a right of re-use by a counterparty may form part of a complex chain of transactions over which the Fund or its delegates will not have any visibility or control. Because the passing of collateral is effected through the use of standard contracts, the Fund may be exposed to legal risks such as the contract may not accurately reflect the intentions of the parties or the contract may not be enforceable against the counterparty in its jurisdiction of incorporation. | ||
Risk Related to Borrowings [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Borrowings expose us to additional risks and could adversely affect our business, financial condition and results of operations. An investment in the Fund is subject to the risks of leverage to the extent that leverage is employed by the Fund. Leverage arises as a consequence of borrowing money. Leverage has the effect of magnifying both gains and losses. The leverage in which the Fund may engage will increase returns to shareholders if the investments held by the Fund earn a greater return than expected, but will also magnify losses to shareholders if the investments held by the Fund fail to earn as much as expected or operate a loss. Subject to the restrictions on borrowings described herein, the Fund may from time to time enter into loan agreements with third parties to provide working capital for the Fund. The Fund may borrow or use other forms of leverage on a secured or an unsecured basis for any purpose, including increasing investment capacity, covering operating expenses, making redemption or dividend payments or for clearance of transactions. The use of leverage creates increased risk of loss and is considered a speculative investment technique. The use of leverage magnifies the potential gains and losses from an investment and increases the risk of loss of capital. Borrowing money to purchase securities may provide an opportunity for greater capital appreciation, but, at the same time, increases the Fund’s exposure to capital risk and higher current expenses through interest charges, fees imposed by lenders and transaction costs. To the extent that income derived by the Fund from investments purchased with borrowed funds is greater than the cost of borrowing, the Fund’s income will be greater than if borrowing had not been used. Conversely, if the income from investments purchased from these sources is not sufficient to cover the cost of the leverage, the Fund’s investment income will be less than if leverage had not been used, and the amount available for ultimate distribution to the holders of Common Shares will be reduced. The extent to which the gains and losses associated with leveraged investing are increased will generally depend on the degree of leverage employed. The Fund may, under some circumstances, be required to dispose of investments under unfavorable market conditions in order to maintain its leverage, thus causing the Fund to recognize a loss that might not otherwise have occurred. In the event of a sale of investments upon default under the Fund’s borrowing arrangements, secured creditors will be contractually entitled to direct such sales and may be expected to do so in their interest, rather than in the interests of the holders of Common Shares. Holders of Common Shares will incur losses if the proceeds from a sale in any of the foregoing circumstances are insufficient, after payment in full of amounts due and payable on leverage, including administrative expenses, to repay such holder’s investments in the Common Shares. As a result, you could experience a total loss of your investment. Any decrease in the Fund’s revenue would cause the Fund’s net income to decline more than it would have had the Fund not borrowed funds and could negatively affect the Fund’s ability to make distributions to shareholders. The ability to service any debt that the Fund has or may have outstanding depends largely on its financial performance and is subject to prevailing economic conditions and competitive pressures. There is no limitation on the percentage of portfolio investments that can be pledged to secure borrowings. If loans are collateralized with portfolio investments that decrease in value, the Fund may be obliged to provide additional collateral to the lender or sell positions at a loss to avoid liquidation of the pledged investments. Any such liquidation could result in substantial losses. Except as described herein, such borrowings may not be subject to any limitations on the amount or terms of borrowings other than those imposed by the lender. The amount of leverage that the Fund employs at any particular time will depend on the Investment Adviser’s assessments of market and other factors at the time of any proposed borrowing. Pursuant to the terms of any borrowings, we may be required to comply with certain financial and operational covenants, including (i) restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets; (ii) restrictions on our ability to make distributions and other restricted payments under certain circumstances; (iii) restrictions on extraordinary events, such as mergers, consolidation and sales of assets; (iv) restrictions on our ability to incur liens and incur indebtedness; and (v) maintenance of a minimum level of shareholders’ equity. There are no assurances that we will continue to comply with such covenants. Failure to comply with such covenants would result in a default under the applicable borrowing agreement which, if we were unable to obtain a waiver from the respective lenders thereunder, could result in an acceleration of repayments. Illustration . The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation is based on our level of leverage at December 31, 2023, which represented borrowings equal to 36.4% of our total assets. On such date, we also had $428.0 million in total assets; $400.9 million in total investments; an average cost of funds of 7.0% based on contractual terms at December 31, 2023; $156.0 million aggregate principal amount of debt outstanding; and $238.8 million of total net assets. In order to compute the “Corresponding Return to Common Stockholders,” the “Assumed Return on Portfolio (Net of Expenses Other than Interest)” is multiplied by the total value of our investment portfolio at December 31, 2023 to obtain an assumed return to us. From this amount, interest expense (calculated by multiplying the weighted-average interest rate of 7.0% by the $156.0 million of debt) is subtracted to determine the return available to stockholders. The return available to stockholders is then divided by the total value of our net assets at December 31, 2023 to determine the “Corresponding Return to Common Stockholders.” Actual interest payments may vary. Assumed Return on Portfolio (Net of Expenses Other than Interest) -10.0 % -5.0 % 0.0 % 5.0 % 10.0 % Corresponding Return to Common Shareholders - 21.4 % - 13.0 % - 4.6 % 3.8 % 12.2 % The assumed portfolio return in the table is based on SEC regulations and is not a prediction of, and does not represent, our projected or actual performance. The table also assumes that we will maintain a constant level of leverage. The amount of leverage that we use will vary from time to time. | ||
Risk Related to Portfolio Companies [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We generally will not control our portfolio companies. The Fund may not be in a position to exercise control over its portfolio companies or to prevent decisions by management of its portfolio companies that could decrease the value of the Fund’s investments. The Fund does not generally intend to take controlling equity positions in its portfolio companies. To the extent that the Fund does not hold a controlling equity interest in a portfolio company, the Fund is subject to the risk that such portfolio company may make business decisions with which the Fund disagrees, and the shareholders and management of such portfolio company may take risks or otherwise act in ways that are adverse to the Fund’s interests. Due to the lack of liquidity for the debt and equity investments that the Fund typically holds in its portfolio companies, the Advisers may not be able to dispose of its investments in the event the Advisers disagree with the actions of a portfolio company, and may therefore suffer a decrease in the value of its investments. In addition, the Fund may not be in a position to control any portfolio company by investing in its debt securities. As a result, the Fund is subject to the risk that a portfolio company in which it invests may make business decisions with which it disagrees and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve the Fund’s interests as debt investors. | ||
Risk Related to Board or Committee Participation May Limit Ability to Sell Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Board or committee participation may limit our ability to sell investments. It is possible that the Fund, through members of the Investment Adviser’s Investment Committee, will be represented on the boards of directors or creditor committees of some of the companies in which the Fund makes investments (although the Fund has no obligation to seek representation on any such boards or committees). While such representation may be important to the Investment Adviser’s investment strategy and should enhance the Investment Adviser’s ability to manage the Fund’s investments, it may also have the effect of impairing the ability of the Fund to sell the related investments when, and upon the terms, it might otherwise desire, including as a result of applicable securities laws. Under its current policies, the Investment Adviser restricts personal trading by the members of the Investment Committee and its other employees in issuers under the Investment Adviser’s consideration or in which the Fund or Client Accounts have an investment. | ||
Risk Related to Third-Party Litigation [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The Fund may become involved in third-party litigation. The Fund’s investment activities subject it to the normal risks of becoming involved in litigation by third parties. This risk is somewhat greater where the Fund exercises control or significant influence over a portfolio company’s direction, including as a result of board participation. The expense of defending against claims made against the Fund by third parties and paying any amounts pursuant to settlements or judgments would, to the extent that (i) the Fund has not been able to protect itself through indemnification or other rights against the portfolio company or (ii) is not entitled to such protections or (iii) the portfolio company is not solvent, be borne by the Fund pursuant to indemnification obligations and reduce net assets. The Advisers and others are indemnified by the Fund in connection with such litigation, subject to certain conditions. | ||
Risk Related to Lender Liability and Equitable Subordination [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We could be subject to lender liability and equitable subordination. In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed “lender liability”). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. While believed to be unlikely, because of the nature of certain of the Fund investments, the Fund could be subject to allegations of lender liability. In addition, under common law principles that in some cases form the basis for lender liability claims, if a lending institution (i) intentionally takes an action that results in the under capitalization 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 to dominate or control a borrower to the detriment of the other creditors of such borrower, a court may elect to subordinate the claim of the offending lending institution to the claims of the disadvantaged creditor or creditors, a remedy called “equitable subordination.” Because of the nature of certain of the Fund investments and investments in an obligor by affiliates of the Fund, the Fund could be subject to claims from creditors of an obligor that Fund investments issued by such obligor that are held by the Fund should be equitably subordinated. A significant number of Fund investments are expected to involve investments in which the Fund would not be the lead creditor. It is, accordingly, possible that lender liability or equitable subordination claims affecting the Fund investments could arise without the direct involvement of the Fund. | ||
Risk Related to Inaccurate Projections Could Adversely Affect the Performance of Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Inaccurate projections could adversely affect the performance of our investments. The Fund may rely upon projections, forecasts or estimates developed by the Advisers and/or a portfolio company concerning the portfolio company’s future performance and cash flow. Projections, forecasts and estimates are forward-looking statements and are based upon certain assumptions. Actual events are difficult to predict and beyond the Fund’s control. Actual events may differ from those assumed. Some important factors which could cause actual results to differ materially from those in any forward-looking statements include changes in interest rates; domestic and foreign business, market, financial or legal conditions; differences in the actual allocation of the Fund’s investments among different asset categories from those assumed herein; changes in the degree of leverage actually used by the Fund from time to time; the degree to which the Fund’s investments are hedged and the effectiveness of such hedges; and the terms of any borrowing agreements, among others. In addition, the degree of risk will be increased as a result of leveraging of the investments. Accordingly, there can be no assurance that estimated returns or projections can be realized or that actual returns or results will not be materially lower than those estimated therein. Projections are inherently subject to uncertainty and factors beyond the control of the Advisers and the Fund. The inaccuracy of certain assumptions, the failure to satisfy certain financial requirements and the occurrence of other unforeseen events could impair the ability of the Fund to realize projected values and cash flow. | ||
Risk Related to Increasing Competition for Investment Opportunities [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may face increasing competition for investment opportunities, which could delay deployment of our capital, reduce returns and result in losses. The investment strategy of the Fund is highly competitive. The identification of attractive investment opportunities is difficult and involves a high degree of uncertainty. Consequently, there can be no assurance that the Advisers will be able to fully invest the proceeds of our Common Shares or that suitable investment opportunities will be identified which satisfy the Fund’s investment objective. A reduction in market inefficiencies that provide opportunities may reduce the scope for the Fund’s investment strategies. In the event that the perceived mispricings underlying the Fund’s positions were to fail to converge toward, or were to diverge further from, relationships expected by the Advisers, the Fund may incur a loss. Further, the investments utilized in implementing such strategies may include derivatives, such as options, that are themselves inherently volatile in the context of specific market movements. In making investments, the Fund or its affiliates compete with a broad spectrum of investors. Some of the Fund’s existing and potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than the Fund does. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to BlackRock. In addition, some of the Fund’s competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than the Fund. The Fund cannot assure you that the competitive pressures the Fund faces will not have a material adverse effect on its business, financial condition and results of operations. | ||
Risk Related to Failure to Make Follow-On Investments in Our Portfolio Companies Could Impair the Value of our Portfolio [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 may make additional investments in that portfolio company as “follow-on” investments in order to: (1) increase or maintain in whole or in part our equity ownership percentage; (2) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (3) attempt to preserve or enhance the value of our initial investment. We may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments. Our failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make such follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities, because we are inhibited by compliance with BDC requirements or because we desire to maintain our tax status. | ||
Risk Related to Advisers will Exercise Discretion in Selecting Brokers and Dealers to Execute Transaction [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The Advisers will exercise discretion in selecting brokers and dealers to execute transactions on our behalf. Pursuant to the Advisory Agreement and the Sub-Advisory Agreement, the Advisers have discretion to select brokers and dealers to execute transactions as agent on behalf of the Fund. This discretion is subject to the approval and oversight of the Board of Trustees. The Fund is not committed to continue its relationship with any broker or dealer it selects for any minimum period and the Advisers may select more than one broker to act as prime broker to the Fund. In selecting brokers to effect portfolio transactions for the Fund, the Advisers make the decision on the basis of best execution and considers such factors as the ability of the brokers to effect the transactions, the brokers’ facilities, reliability and financial responsibility and the provision or payment (or the rebate to the Fund for payment) of the costs of brokerage or research products or services. The Advisers need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost. Accordingly, if the Advisers determine in good faith that the commissions charged by a broker are reasonable in relation to the value of the brokerage and research products or services provided by such broker, the Fund may pay commissions to such broker in an amount greater than the amount another broker might charge. Research products or services provided to the Advisers may include research reports on particular industries and companies, economic surveys and analyses, recommendations as to specific securities and other products and services ( e.g. , quotation equipment and expenses) and providing lawful and appropriate assistance to the Advisers in the performance of their investment decision-making responsibilities. Commissions or “soft dollars,” if used to pay for research products or services, will fall within the safe harbor for soft dollars created by Section 28(e) of the Exchange Act, and use of “soft dollars,” if any, will comply at all times with the rules of the Financial Conduct Authority to the extent required by applicable law. Under Section 28(e), research obtained with soft dollars generated by the Fund may be used by the Advisers to service accounts other than the Fund. Where a product or service provides both research and non-research assistance to the Advisers, a portion of the cost of the product or service, based upon a reasonable allocation between the two types of uses, may be paid for with soft dollars. The Fund’s securities transactions can be expected to generate brokerage commissions and other compensation, all of which the Fund, not the Advisers, is obligated to pay. The Advisers have complete discretion in deciding what brokers and dealers the Fund uses and in negotiating the rates of compensation the Fund pays. In addition to using brokers as “agents” and paying commissions, the Fund may buy or sell securities directly from or to dealers acting as principals at prices that include markups or markdowns, and may buy securities from underwriters or dealers in public offerings at prices that include compensation to the underwriters and dealers. | ||
Risk Related to Losses as a Result of Errors [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may incur losses as a result of errors. The Fund may on occasion experience errors with respect to trades placed on its behalf by the Advisers An error is generally compensable from the Advisers to the Fund when it is a mistake (whether an action or inaction) in which the Advisers have, in the Advisers’ reasonable view, deviated from the applicable standard of care in managing the Fund’s assets. Trade errors (and similar errors) may occur and, subject to applicable law, the Fund may be responsible for any resulting losses in the absence of the gross negligence (as determined in accordance with the laws of the State of Delaware) of the Advisers or their affiliates or personnel. Examples of such trade errors may include, without limitation, (i) the placement of orders (either purchases or sales) in excess of the amount of securities the Fund intended to trade; (ii) the sale (or purchase) of a security when it should have been purchased (or sold); (iii) the purchase or sale of the wrong security; (iv) the purchase or sale of a security contrary to regulatory restrictions or the Fund’s investment guidelines or restrictions; (v) incorrect allocations of trades; (vi) keystroke errors that occur when entering trades into an electronic trading system; and (vii) typographical or drafting errors related to derivatives contracts or similar agreements. Mistakes may also occur in connection with other activities that may be undertaken by the Advisers and their affiliates and personnel, such as net asset value calculation, transfer agent activities ( i.e ., processing subscriptions and withdrawals), fund accounting, trade recording and settlement and other matters. The Advisers make determinations regarding errors pursuant to their policies on a case-by-case basis, in their discretion, based on factors they consider reasonable, including regulatory requirements and business practices. The Advisers generally will endeavor to detect trade errors prior to settlement and correct and/or mitigate them in an expeditious manner. The Advisers may also consider whether it is possible to adequately address a mistake through cancellation, reallocation of losses and gains or other means. To the extent an error is caused by a counterparty, such as a broker-dealer, the Advisers may seek to recover any losses associated with such error from the counterparty. The determination whether to seek compensation from a counterparty and whether to accept any amount in settlement of such a matter will be made by the Advisers in their sole discretion. Compensation for Errors . When the Advisers determines that reimbursement by the Advisers is appropriate, the Fund will be compensated as determined in good faith by the Advisers. The Advisers will follow their guidelines regarding these matters in light of all of the facts and circumstances related to an error. In general, compensation is expected to be limited to direct and actual losses, which may be calculated relative to comparable conforming investments, market factors and benchmarks and with reference to other factors the Advisers considers relevant. Compensation generally will not include any amounts or measures that the Advisers determine are speculative or uncertain, including potential opportunity losses resulting from delayed investment or sale as a result of correcting an error or other forms of consequential or indirect losses. In addition, losses may also be capped at the value of the actual loss, particularly when the outcome of a differing investment would in the Advisers’ view be speculative or uncertain or in light of reasonable equitable considerations. Reprocessing Net Asset Value Errors and Compensation of Shareholders . The Advisers follow materiality guidelines to determine when individual shareholder accounts will be restated (credited or debited) in respect of particular errors, and to handle certain net asset value-related errors that occur in the Fund’s operation (including, without limitation, errors made in the processing of subscriptions and withdrawals). Under these guidelines, when a compensable error by the Advisers occurs, the Advisers may reimburse the Fund in an amount according to its policies without the Fund reprocessing individual shareholder accounts. Reprocessing of individual shareholder accounts generally will only occur when the error is of a size that exceeds the materiality threshold for reprocessing. This means that an error below the materiality threshold may disadvantage shareholders during the period the error persists, but reimbursement may benefit shareholders at the time of reimbursement and may not, in either event, be allocated to, or in proportion to, the specific shareholders whose interests were negatively affected by the error. | ||
Risk Related to Risks of the Credit or Liquidity Problems of our Contractual Counterparties [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may be subject to the risks of the credit or liquidity problems of our contractual counterparties. The Fund may effect a portion of its transactions in “over-the-counter” or “interdealer” markets or through private transactions. The participants in such markets and the counterparties in such private transactions are typically not subject to credit evaluation and regulatory oversight as are members of “exchange-based” markets. This may expose the Fund to the risk that a counterparty will not settle a transaction because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. The Fund manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Fund is also exposed to credit risk related to maintaining all of its cash at a major financial institution. | ||
Risk Related to U.S. and Global Capital Markets [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The U.S. and global capital markets are subject to systemic risk that could adversely affect our business, financial condition and results of operations. Issuers, national and regional banks, financial institutions and other participants in the U.S. and global capital markets are closely interrelated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participants in the financial or capital markets may spread to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, FDIC, Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actions of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time and could have an adverse effect on the Company. For example, in response to the rapidly declining financial condition of regional banks Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), the California Department of Financial Protection and Innovation (the “CDFPI”) and the New York State Department of Financial Services (the “NYSDFS”) closed SVB and Signature on March 10, 2023 and March 12, 2023, respectively, and the Federal Deposit Insurance Corporation (“FDIC”) was appointed as receiver for SVB and Signature. Similarly, on May 1, 2023 the FDIC announced that the CDFPI had closed First Republic Bank, the FDIC had seized its assets and JP Morgan Chase had agreed to purchase First Republic’s assets at auction. We cannot assure you of the response of any government or regulator to such developments, and any response may not be as favorable to industry participants as the measures currently being pursued. The collapse of SVB and Signature could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, including business development companies such as us, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could results in increased costs and require significant attention from our Investment Adviser. | ||
Risk Related to Assurance that Any Risk Control Framework will Achieve its Objective [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | There can be no assurance that any risk control framework will achieve its objective. No risk control system is fail-safe, and no assurance can be given that any risk control framework employed by the Advisers will achieve its objective. Target risk limits developed by the Advisers may be based upon historical trading patterns for the securities and financial instruments in which the Fund invests. To the extent such risk control framework (or the assumptions underlying it) does not prove to be correct, the Fund may not perform as anticipated, which could result in substantial losses. All models ultimately depend upon the judgment of the Advisers and the assumptions embedded in the framework. No assurance can be given that such historical trading patterns will accurately predict future trading patterns. | ||
Risk Related to Certain Fees and Expenses [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We will be obligated to pay certain fees and expenses regardless of our performance and results of operations. The Fund will incur obligations to pay operating, legal, accounting, auditing, custodial and other related fees and expenses, including the Advisory Fee. In addition, the Fund will incur obligations to pay brokerage commissions, option premiums and other transaction costs to securities brokers and dealers. The foregoing fees and expenses are payable regardless of whether the Fund realizes any profits from its investment operations. In accordance with the governing agreements, amounts owing to the Fund’s creditors will be paid before amounts are distributed to shareholders. It is possible that the Fund will not realize any profits in excess of such amounts. Distributions in respect of the Fund’s common shares are not guaranteed, and shareholders shall not have recourse to any assets or property of the Advisers, any of their affiliates or any of the Fund’s other service providers in connection therewith. | ||
Risk Related to the Fund is Subject to Laws that Restrict it from Dealing with Entities, Individuals, Organizations [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The Fund is subject to laws that restrict it from dealing with entities, individuals, organizations and/or investments which are subject to applicable sanctions regimes. Accordingly, the Fund will require shareholders to represent and warrant, on a continuing basis, that it is not, and that to the best of its knowledge or belief its beneficial owners, controllers or authorized persons (“Related Persons”) (if any) are not; (i) named on any list of sanctioned entities or individuals maintained by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or pursuant to EU and/or UK Regulations (as the latter are extended to the Cayman Islands by Statutory Instrument), (ii) operationally based or domiciled in a country or territory in relation to which sanctions imposed by the United Nations, OFAC, the EU and/or the UK apply, or (iii) otherwise subject to sanctions imposed by the United Nations, OFAC, the EU or the UK (including as the latter are extended to the Cayman Islands by Statutory Instrument) (collectively, a “Sanctions Subject”). Where the shareholder or a Related Person is or becomes a Sanctions Subject, the Fund may be required immediately and without notice to the shareholder to cease any further dealings with the shareholder and/or the shareholder’s interest in the Fund until the shareholder ceases to be a Sanctions Subject, or a license is obtained under applicable law to continue such dealings (a “Sanctioned Persons Event”). The Fund, the Administrator and the Advisers shall have no liability whatsoever for any liabilities, costs, expenses, damages and/or losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by the shareholder as a result of a Sanctioned Persons Event. In addition, should any investment made on behalf of the Fund subsequently become subject to applicable sanctions, the Fund may immediately and without notice to the shareholder cease any further dealings with that investment until the applicable sanctions are lifted or a license is obtained under applicable law to continue such dealings. | ||
Risk Related to Legislative and Regulatory Changes May Adversely Affect our Costs of Compliance or the Value of our Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Legislative and regulatory changes may adversely affect our costs of compliance or the value of our investments. The Fund may invest in assets and securities that may entail unusual risks, including contradictory legislation, incomplete, unclear and changing laws, ignorance or breaches of regulations on the part of other market participants, lack of established or effective avenues for legal redress and lack of standard practices and confidentiality customs. In addition, legal, tax, and regulatory changes, as well as judicial decisions, could adversely affect the Fund. In particular, the regulatory environment relevant to the Fund and the Advisers is evolving and may entail increased regulatory involvement or result in ambiguity or conflict among legal or regulatory schemes, all of which could adversely affect the investment or trading strategies pursued by the Advisers or the value of investments. Other potential changes that could be pursued by the current presidential administration could include an increase in the corporate income tax rate; changes to regulatory enforcement priorities; and spending on clean energy and infrastructure. It is impossible to predict how changes in policy or regulation will affect the investments of the Fund, but such changes may significantly increase the Fund’s costs of compliance or may necessitate the untimely liquidation of the Fund’s investments. Additional risks arising from the differences in expressed policy preferences among the various constituencies in the branches of the U.S. government has led in the past, and may lead in the future, to short-term or prolonged policy impasses, which could, and has, resulted in shutdowns of the U.S. federal government. U.S. federal government shutdowns, especially prolonged shutdowns, could have a significant adverse impact on the economy in general and could impair the ability of issuers to raise capital in the securities markets. Any of these effects could have a material adverse effect on our business, financial condition and results of operations. In addition, the rules dealing with the U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. The Tax Cuts and Jobs Act made substantial changes to the Code. Among those changes were a significant permanent reduction in the generally applicable corporate tax rate, changes in the taxation of individuals and other non-corporate taxpayers that generally but not universally reduce their taxes on a temporary basis subject to "sunset" provisions, the elimination or modification of various previously allowed deductions (including substantial limitations on the deductibility of interest and, in the case of individuals, the deduction for personal state and local taxes), certain additional limitations on the deduction of net operating losses, certain preferential rates of taxation on certain dividends and certain business income derived by non-corporate taxpayers in comparison to other ordinary income recognized by such taxpayers, and significant changes to the international tax rules. In addition, the Biden administration has indicated that it intends to modify key aspects of the Code, including by increasing corporate and individual tax rates. The effect of these and other changes is uncertain, both in terms of the direct effect on the taxation of an investment in the Fund's shares and their indirect effect on the value of the Fund's assets, the Fund's shares or market conditions generally. | ||
Risk Related to State Licenses [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may not be able to obtain all required state licenses. The Fund intends to engage in loan origination activities. Certain jurisdictions have enacted laws or regulations that require lenders engaged in loan origination to obtain a finance lenders license and restrict loan origination activity absent a license. The costs, regulatory burden and restrictions imposed by these laws and regulations may have a significant negative impact on the Fund and the Advisers. In addition, the license application process may entail the disclosure of the identity of certain shareholders. The Fund may elect to forego or limit investments in certain jurisdictions rather than incur the costs and burden of obtaining and maintaining a required license. | ||
Risk Related to the Outbreak of Epidemics/Pandemics Could Adversely Affect the Performance of our Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | The outbreak of epidemics/pandemics could adversely affect the performance of our investments. Certain illnesses spread rapidly and have the potential to significantly adversely affect the global economy. For instance, a 2019 novel coronavirus, first detected in China in December 2019 and later spreading internationally (“COVID-19”), resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity and market volatility, as well as general concern and uncertainty. The impact of this coronavirus, and other epidemics and pandemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the recent coronavirus outbreak may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the outbreak may be short term or may last for an extended period of time, and could have an adverse impact on the Fund, its ability to achieve its investment objective and its investments. Any pandemic or outbreak of other disease epidemics, together with any containment or other remedial measures (including governmental measures) undertaken or imposed, may have an adverse impact on the Fund’s value, the Fund’s investments and the Fund’s ability to make new investments. | ||
Risk Related to General Economic Conditions Could Adversely Affect the Performance of our Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | General economic conditions could adversely affect the performance of our investments. The success of the activities of the Fund will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, trade barriers, currency exchange controls and national and international political circumstances (such as changes in foreign investment policies). These factors may affect the level and volatility of securities prices and the liquidity of the investments. Volatility or illiquidity could impair the Fund’s profitability or result in losses. The economies of individual countries in emerging and frontier markets may differ favorably or unfavorably from the economy of a developed country in such respects as growth of gross domestic product, rate of inflation, currency depreciation, asset reinvestment, resource self-sufficiency and balance of payments position. Further, the economies of such countries generally are heavily dependent upon international trade and, accordingly, have been, and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These economies also have been and may continue to be adversely affected by economic conditions in the countries with which they trade. The economies of certain of these countries may be based, predominantly, on only a few industries and may be vulnerable to changes in trade conditions and may have higher levels of debt or inflation. Various social and political tensions around the world may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. In particular, the consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chains may impact our portfolio companies. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. Inflation has increased to its highest level in decades, and the Federal Reserve raised the federal funds rate in response. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and the Fund’s investments may not keep pace with inflation, which may result in losses to shareholders. If inflation increases, the real value of our shares and dividends therefore may decline. In addition, during any periods of rising inflation, interest rates of any debt securities issued by the Fund would likely increase, which would tend to further reduce returns to shareholders. Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in economic policies, and our investments may not keep pace with inflation, which may result in losses to our shareholders. This risk is greater for fixed-income instruments with longer maturities. Market disruptions and the dramatic increase in the capital allocated to alternative investment strategies during recent years have led to increased governmental as well as self-regulatory scrutiny of the private investment fund industry in general. Certain legislation proposing greater regulation of the industry periodically is considered by various jurisdictions. It is impossible to predict what, if any, changes in the regulations applicable to the Fund and/or the Advisers, the markets in which they trade and invest, or the counterparties with which they do business, may be instituted in the future. Any such regulation could have a material adverse impact on the profit potential of the Fund. | ||
Risk Related to Uncertainty Regarding the Euro and the Eurozone Could Adversely Affect the Value of our Investments [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Uncertainty regarding the Euro and the Eurozone could adversely affect the value of our investments. The deterioration of the sovereign debt of several countries, together with the risk of contagion to other, more stable, countries, exacerbated the global economic crisis. There is a continued possibility that Eurozone countries could be subject to an increase in borrowing costs. This situation as well as the United Kingdom’s referendum have raised a number of uncertainties regarding the stability and overall standing of the European Economic and Monetary Union. The departure or risk of departure from the Euro by one or more Eurozone countries could lead to the reintroduction of national currencies in one or more Eurozone countries or, in more extreme circumstances, the possible dissolution of the Euro entirely. These potential developments, or market perceptions concerning these and related issues, could adversely affect the value of the Fund’s investments. Shareholders should carefully consider how any potential changes to the Eurozone and European Union may affect their investment in the Fund. | ||
Risk Related to Governmental Intervention in the Financial Markets May Increase Volatility [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Governmental intervention in the financial markets may increase volatility. In response to a recession, economic slowdown or financial market instability, governments and regulators may choose to intervene by implementing austerity measures and reforms, as seen in the 2007-2008 global financial crisis. There is no guarantee a government or regulatory intervention will have the desired effect and any such intervention may result in social unrest, limit future growth and economic recovery or have unintended consequences. Additionally, such interventions have sometimes been unclear in scope and application, resulting in confusion and uncertainty which in itself has been detrimental to the efficient functioning of financial markets. It is impossible to predict with certainty what temporary or permanent governmental restrictions may be imposed on the markets in the future and/or the effect of such restrictions on the Advisers’ ability to implement the Fund’s investment objective, the European or global economy or the global securities market. Instability in the global financial markets or government intervention may increase the volatility of the Fund and hence the risk of loss to the value of your investment. We are subject to the cybersecurity risks of our Service Providers, which could negatively impact the Fund and its shareholders. The Fund relies on the information and technology systems of the custodian, the Advisers, and the Fund’s other service providers and counterparties (the “Service Providers”), each of which could be directly or indirectly adversely affected by information systems interruptions, cybersecurity incidents or other disruptions, which in turn could have a material adverse effect on the Fund. The Fund and the Service Providers are susceptible to operational, information security and related cybersecurity risks both directly and through their own service providers. Cyber incidents can result from deliberate attacks or unintentional events. They include, but are not limited to, gaining unauthorized access to systems, corrupting or destroying data, and causing operational disruption. Geopolitical tensions may increase the scale and sophistication of deliberate attacks, particularly those from nation-states or from entities with nation-state backing. Cybersecurity incidents may cause disruptions and impact business operations. They may result in any of the following: financial losses (including loss or theft of Fund assets), interference with the Fund's ability to calculate its NAV, disclosure of confidential information, impediments to trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of the Fund or the Service Providers to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and other legal and compliance costs. In addition, cyber incidents may render records of Fund assets and transactions, shareholder ownership of Fund shares, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. The Fund may incur substantial costs in order to resolve or prevent cyber incidents. The Advisers, indirect subsidiaries of BlackRock, are responsible for the overall management of the Fund. The Advisers rely on BlackRock’s enterprise risk management framework for the Fund's cybersecurity risk management and strategy. Although BlackRock has implemented policies and controls and takes protective measures involving significant expense to prevent and address potential data breaches, inadvertent disclosures and sophisticated cyberattacks and cyber-related fraud, there can be no assurance that any of these measures proves fully effective. In addition, a successful cyber-attack may persist for an extended period of time before being detected, and it may take a considerable amount of time for an investigation to be completed and the severity and potential impact to be known. Furthermore, the Fund cannot control the cybersecurity plans and systems of its Service Providers. The Fund and its shareholders could be negatively impacted as a result. | ||
Risk Related to Breach of Cyber Security [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We may face a breach of our cyber security, which could result in adverse consequences to our operations and exposure of confidential information. The Fund or any of the service providers, including the Advisers, may be subject to risks resulting from cybersecurity incidents and/or technological malfunctions. A cybersecurity incident is an event that may cause a loss of proprietary information, data corruption or a loss of operational capacity. Cybersecurity incidents can result from deliberate cyberattacks or unintentional events. Cyberattacks include, but are not limited to, gaining unauthorized access to digital systems (e.g. through hacking or malicious software coding) for the purposes of misappropriating assets or sensitive information, corrupting data, releasing confidential information without authorization or causing operational disruption. Cyberattacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites, which may make network services unavailable to intended users. The issuers of securities and counterparties to other financial instruments in which the Fund invests may also be subject to cybersecurity incidents. Cybersecurity incidents may cause the Fund to suffer financial losses, interfere with the Fund’s ability to calculate its net asset value, impede trading, disrupt the ability of shareholders to subscribe for, exchange or redeem their units, violate privacy and other laws and incur regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Cyberattacks may render records of assets and transactions of the Fund, shareholder ownership of units, and other data integral to the functioning of the Fund inaccessible, inaccurate or incomplete. In addition, substantial costs may be incurred in order to prevent any cybersecurity incidents in the future which may adversely impact the Fund. While the Fund and the Advisers have established business continuity plans and risk management strategies to seek to prevent cybersecurity incidents, such plans and strategies could prove to be inadequate, and, if compromised, could become inoperable for extended periods of time, cease to function properly, fail to adequately secure private information or have other risks that have not been identified given the evolving nature of the threat of cyberattacks. Furthermore, neither of the Fund or the Advisers can control the business continuity plans or cybersecurity strategies put in place by other service providers to the Fund or issuers of securities and counterparties to other financial instruments in which the Fund invests. The Advisers rely on third party service providers for many of their day-to-day operations and will be subject to the risk that the protections and policies implemented by those third party service providers will be ineffective to protect the Fund from cyber-attack. | ||
Risk Related to Information Systems and Systems Failures [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our ability to pay dividends. Our business is dependent on our and third parties’ communications and information systems. Further, in the ordinary course of our business we or the Investment Adviser may engage certain third party service providers to provide us with services necessary for our business. Any failure or interruption of those systems or services, including as a result of the termination or suspension of an agreement with any third-party service providers, could cause delays or other problems in our business activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; and • cyberattacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect our ability to pay dividends to our stockholders. | ||
Risk Related to Artificial Intelligence and Machine Learning Technology [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | We are subject to risks associated with artificial intelligence and machine learning technology. Recent technological advances in artificial intelligence and machine learning technology pose risks to the Fund and our portfolio investments. The Fund and our portfolio investments could be exposed to the risks of artificial intelligence and machine learning technology if third-party service providers or any counterparties, whether or not known to the Fund, also use artificial intelligence and machine learning technology in their business activities. We and our portfolio companies may not be in a position to control the use of artificial intelligence and machine learning technology in third-party products or services. Use of artificial intelligence and machine learning technology could include the input of confidential information in contravention of applicable policies, contractual or other obligations or restrictions, resulting in such confidential information becoming part accessible by other third-party artificial intelligence and machine learning technology applications and users. Independent of its context of use, artificial intelligence and machine learning technology is generally highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that artificial intelligence and machine learning technology utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error—potentially materially so—and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of artificial intelligence and machine learning technology. To the extent that we or our portfolio investments are exposed to the risks of artificial intelligence and machine learning technology use, any such inaccuracies or errors could have adverse impacts on the Fund or our investments. Artificial intelligence and machine learning technology and its applications, including in the private investment and financial sectors, continue to develop rapidly, and it is impossible to predict the future risks that may arise from such developments. | ||
Risk Related to Tax [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Certain Tax Risks Legislative or regulatory tax changes could adversely affect investors. Developments in the tax laws of the United States or other jurisdictions, which may be applied retroactively, could have a material effect on the tax consequences to shareholders, the Fund and/or the entities in which the Fund invests. Such legislation could affect shareholders, even if not specifically targeted at such shareholders. Moreover, the interpretation and application of tax laws and regulations by certain tax authorities may not be clear, consistent or transparent. For example, legislation has been proposed that would modify key aspects of the tax Code, including by increasing tax rates. Each prospective shareholder should be aware that developments in the tax laws of the United States or other jurisdictions, may alter the tax consequences and other tax considerations discussed herein and that shareholders may be required to provide certain information to the Fund (which may be provided to the IRS or other taxing authorities) or may cause the Fund or the shareholders to be subject to other adverse consequences as a result of such change in tax laws. Based on the types of investments likely to be made directly or indirectly by the Fund and uncertainty as to the potential tax treatment of certain investment structures, no assurance can be given that any tax planning objectives of the Fund or any particular shareholders will be achieved. None of the Advisers or any of their affiliates are obligated to consider the potential tax or other objectives of any shareholder. Each prospective shareholder is urged to consult its tax advisor to determine the U.S. federal, state, local and non-U.S. income tax and other tax consequences of acquiring, holding and disposing of Common Shares in light of its particular circumstances, including as a result of changes in tax laws. We will be subject to corporate-level income tax if we are unable to maintain our status as a RIC under Subchapter M of the Code or to satisfy RIC distribution requirements. Although the Fund currently qualifies as a RIC, no assurance can be given that the Fund will be able to maintain RIC status. To maintain RIC status and be relieved of U.S. federal income taxes on income and gains distributed to shareholders, the Fund generally must meet the annual distribution, source-of-income and asset diversification requirements The annual distribution requirement for a RIC will generally be satisfied if the Fund distributes at least 90% of its ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, to shareholders. To maintain status as a RIC, the Fund generally must also meet certain asset diversification requirements at the end of each calendar quarter and source-of-income tests on an annual basis. Failure to meet these tests may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of the Funds’ investments are in private companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If the Fund fails to maintain our status as a RIC for any reason and becomes subject to corporate-level income tax, the resulting corporate-level income taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions. We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. For U.S. federal income tax purposes, the Fund may include in income certain amounts that the Fund not yet received in cash, such as original issue discount, which may arise if the Fund receives warrants in connection with the making of a loan or possibly in other circumstances, or PIK interest, which represents contractual interest added to the loan balance and due in the future, often only at the end of the loan. Such original issue discount, which could be significant relative to the Fund’s overall investment activities, or increases in loan balances as a result of PIK arrangements are generally included in the Fund’s taxable income before the Fund receives any corresponding cash payments. The Fund also may be required to include in income certain other amounts that it does not receive in cash or may be subject to limitations on the deductibility of certain of the Fund’s cash expenses. Since the Fund may recognize taxable income before or without receiving cash representing such income or may be subject to limitations on the deductibility of the Fund’s losses and expenses, the Fund may have difficulty meeting the tax requirement to distribute at least 90% of the Fund’s ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, to maintain the Fund’s status as a RIC. Accordingly, the Fund may have to sell some of its investments at times the Advisers would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. All investors should review “U.S. Federal Income Tax Matters” for a discussion of certain additional risk factors. | ||
Risks Related to the Fund's Regulation and Operation as a BDC [Member] | |||
General Description of Registrant [Abstract] | |||
Risk [Text Block] | Risks Related to the Fund’s Regulation and Operation as a BDC Our Board of Trustees may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our results of operations and financial condition. The Board of Trustees has the authority to modify or waive the Fund’s operating policies and strategies without prior notice and without shareholder approval. The Fund cannot predict the effect any changes to its current operating policies and strategies would have on the Fund’s business, operating results or value of the Common Shares. Nevertheless, the effects could adversely affect the Fund’s business and impact the Fund’s ability to make distributions and cause you to lose all or part of your investment. The Advisers’ potential liability under the Advisory Agreement and Sub-Advisory Agreement is limited. The Advisers have not assumed any responsibility to the Fund other than to render the services described in the Advisory Agreement and Sub-Advisory Agreement, respectively, and will not be responsible for any action of the Board of Trustees in declining to follow the Advisers’ advice or recommendations. Pursuant to the Advisory Agreement and the Sub-Advisory Agreement, the Advisers and their members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it will not be liable to the Fund for their acts under the Advisory Agreement and Sub-Advisory Agreement, absent bad faith, misconduct, willful misfeasance, negligence or reckless disregard in the performance of their duties. The Fund has agreed to indemnify, defend and protect the Advisers and their members and their respective officers, managers, partners, agents, employees, controlling persons and members and any other person or entity affiliated with it with respect to all damages, liabilities, costs and expenses resulting from acts of the Advisers not arising out of bad faith, misconduct, willful misfeasance, negligence or reckless disregard in the performance of their duties under the investment and management agreement. These protections may lead the Advisers to act in a riskier manner when acting on behalf of the Fund than it would when acting for their own account. The Advisers and their affiliates, including our officers and some of our Trustees, face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in actions that are not in the best interests of our shareholders. In addition, we may be obligated to pay the Investment Adviser incentive compensation even if we incur a net loss due to a decline in the value of our portfolio. The incentive compensation payable by the Fund to the Investment Adviser may create an incentive for the Investment Adviser to make investments on the Fund’s behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive compensation is determined may encourage the Investment Adviser to take additional risk to increase the return on the Fund’s investments. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to certain of the Fund’s debt investments and may accordingly result in a substantial increase in the amount of incentive compensation payable to the Investment Adviser with respect to the Fund’s cumulative investment income. Although the incentive compensation is subject to a total return hurdle, the Investment Adviser may have some ability to accelerate the realization of gains to obtain incentive compensation earlier than it otherwise would when it may be in the Fund’s best interests to not yet realize gains. The Board of Trustees monitors the Investment Adviser’s management of the Fund’s investment program in the best interests of shareholders. The resignation of the Advisers could adversely affect our business, financial condition and results of operations. The Investment Adviser has the right, under the Advisory Agreement, to resign at any time upon not less than 120 days’ written notice, whether the Fund has found a replacement or not. The Sub-Adviser has the right, under the Sub-Advisory Agreement, to resign at any time upon not less than 60 days’ written notice, whether the Fund has found a replacement or not. If the Advisers resign, the Fund may not be able to find a new investment advisor or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within the necessary timeframe, or at all. If the Fund unable to do so quickly, its operations are likely to experience a disruption, its financial condition, business and results of operations as well as its ability to pay distributions are likely to be adversely affected. In addition, the coordination of the Fund’s internal management and investment activities is likely to suffer if the Fund is unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Advisers and their affiliates. Even if the Fund is able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with the Fund’s investment objective may result in additional costs and time delays that may adversely affect the Fund’s financial condition, business and results of operations. The requirement that we invest a sufficient portion of our assets in Qualifying Assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in Qualifying Assets could result in our failure to maintain our status as a BDC. As a BDC, the Fund is prohibited from acquiring any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of the Fund’s total assets are qualifying assets. If the Fund does not invest a sufficient portion of its assets in qualifying assets, the Fund will be prohibited from investing in additional non-qualifying assets, which could have a material adverse effect on the Fund’s business, financial condition and results of operations. Similarly, these rules could prevent the Fund from making follow-on investments in existing portfolio companies (which could result in the dilution of the Fund’s position) or could require the Fund to dispose of investments at inopportune times in order to come into compliance with the 1940 Act. If the Fund needs to dispose of these investments quickly, it may be difficult to dispose of such investments on favorable terms. For example, the Fund may have difficulty in finding a buyer and, even if a buyer is found, the Fund may have to sell the investments at a substantial loss. Failure to maintain our status as a BDC could have an adverse effect on our business. The Fund intends to qualify as business development companies under the 1940 Act. The 1940 Act imposes numerous constraints on the operations of business development companies. For example, BDCs are prohibited from making any unqualifying investments unless at least 70% of their total assets are invested in qualifying investments which are primarily securities of private or thinly-traded U.S. companies, cash, cash equivalents, U.S. Government securities and other high quality debt investments that mature in one year or less. Failure to comply with the requirements imposed on business development companies by the 1940 Act could cause the SEC to bring an enforcement action against the Fund and/or expose the Fund to claims of private litigants. Our ability to enter into transactions with our affiliates is restricted. We are prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates (including portfolio companies of Other Clients) without the prior approval of a majority of the independent members of our Board of Trustees and, in some cases, the SEC Any person that owns, directly or indirectly, 5% or more of the Fund’s outstanding voting securities or is managed by the Advisers will generally be an affiliate of the Fund for purposes of the 1940 Act and the Fund is generally prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, such affiliate, absent the prior approval of the Independent Trustees and, in some cases, of the SEC. However, the Advisers and the funds managed by the Advisers have received an exemption from certain SEC regulations prohibiting transactions with affiliates. The exemptive order requires that certain procedures be followed prior to making an investment subject to the order and such procedures could in certain circumstances adversely affect the price paid or received by the Fund or the availability or size of the position purchased or sold by the Fund. The Advisers may also face conflicts of interest in making investments pursuant to the exemptive order. The 1940 Act also prohibits certain “joint” transactions with certain affiliates of the Fund, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of the Independent Trustees and, in some cases, of the SEC. The Fund is prohibited from buying or selling any security from or to any person who owns more than 25% of the Fund’s voting securities and from or to certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit the Fund’s ability to transact business with its officers or directors or their affiliates. Our Advisers and their affiliates and employees may have certain conflicts of interest. As a global provider of investment management, risk management and advisory services to institutional and retail clients, BlackRock, the Investment Adviser and their respective affiliates (for purposes of this discussion of potential conflicts, the “BlackRock Entities”), engage in a broad spectrum of activities, including sponsoring and managing a variety of public and private investment funds, funds of funds and separate accounts across fixed income, liquidity, equity, alternative investment and real estate strategies; providing financial advisory services; providing technology infrastructure and analytics under the BlackRock Solutions® brand and engaging in certain broker-dealer activities and other activities. Although the relationships and activities of the BlackRock Entities should help enable these entities to offer attractive opportunities and services to the Fund, such relationships and activities create certain inherent actual and potential conflicts of interest. In the ordinary course of business, the BlackRock Entities engage in activities where their interests or the interests of their clients may conflict with the interests of the Fund, certain investors or a group of investors, or the Fund’s investments. The following discussion enumerates certain potential and actual conflicts of interest. Allocation of Investment Opportunities . The BlackRock Entities manage and advise numerous accounts for clients around the world, such as registered and unregistered funds and owners of separately managed accounts (collectively, “Client Accounts”). Client Accounts include funds and accounts in which the BlackRock Entities or their personnel have an interest (“BlackRock Accounts”). Certain of these Client Accounts have investment objectives, and utilize investment strategies, that are similar to the Fund’s. As a result, certain investments may be appropriate for the Fund and also for other Client Accounts. The BlackRock Entities’ allocation of investment opportunities among various Client Accounts presents inherent potential and actual conflicts of interest, particularly where an investment opportunity is limited. These potential conflicts are exacerbated in situations where BlackRock is entitled to higher fees and incentive compensation from certain Client Accounts than from other Client Accounts (including the Fund), where the portfolio managers making an allocation decision are entitled to an incentive fee, carried interest or other similar compensation from such other Client Accounts, or where there are differences in proprietary investments in the Fund and other Client Accounts. The prospect of achieving higher compensation or greater investment return from another investment vehicle or separate account than from the Fund provides incentives for the Advisers or other BlackRock Entities to favor the other investment vehicle or separate account over the Fund when, for example, allocating investment opportunities that the Advisers believe could result in favorable performance. It is the policy of BlackRock not to make decisions based on the foregoing interests or greater fees or compensation. Any person that is an affiliate of the Fund for purposes of the 1940 Act generally is prohibited from participating in certain transactions such as co-investing with, or buying or selling any security from or to, the Fund absent the prior approval of the Independent Trustees and, in some cases, of the SEC. However, the Investment Adviser and the funds managed by the Investment Adviser have received an order providing an exemption from certain SEC regulations prohibiting transactions with affiliates (the “Order”). The Order requires that certain procedures be followed prior to making an investment subject to the Order and such procedures could in certain circumstances adversely affect the price paid or received by the Fund or the availability or size of the position purchased or sold by the Fund. The Investment Adviser may also face conflicts of interest in making investments pursuant to the Order. The 1940 Act also prohibits certain “joint” transactions with certain of the Fund’s affiliates, which could include investments in the same portfolio company (whether at the same or different times), without prior approval of the Independent Trustees and, in some cases, of the SEC. The Fund is prohibited from buying or selling any security from or to any person who owns more than 25% of the Fund’s voting securities and from or to certain of that person’s affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC (other than certain limited situations pursuant to current regulatory guidance). The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances relating to the particular transaction. Similar restrictions limit the Fund’s ability to transact business with its officers or directors or their affiliates. To address actual and potential conflicts associated with allocation of investments, BlackRock has developed an investment allocation policy (the “Investment Allocation Policy”) and related guidelines. In addition, certain BlackRock Entities and business units have supplemental allocation policies for making allocation decisions among Client Accounts managed by such BlackRock Entities (together with the Investment Allocation Policy and related guidelines, the “Allocation Policy”). The Allocation Policy is intended to ensure that investment opportunities are allocated on a fair and equitable basis among Client Accounts over time, taking into account various factors including the Client Account’s investment objective, guidelines and restrictions and other portfolio construction considerations; available capital and liquidity needs; tax, regulatory and contractual considerations; risk or investment concentration parameters; supply or demand for a security at a given price level; size of available investment; unfunded capital commitments or cash availability and liquidity requirements; leverage limitations; regulatory restrictions; contractual restrictions (including with other clients); minimum investment size; relative size; and such other factors as may be relevant to a particular transaction or Client Account. The BlackRock Entities reserve the right to allocate investment opportunities appropriate for the investment objectives of the Fund and other Client Accounts in any other manner deemed fair and equitable by the BlackRock Entities consistent with the Allocation Policy, the Order and applicable law. The application of the Allocation Policy, the Order and the foregoing considerations may result in a particular Client Account, including the Fund, not receiving an allocation of an investment opportunity that has been allocated to other Client Accounts following the same or similar strategy, or receiving a smaller allocation than other Client Accounts or an allocation on an other than pro rata basis. Furthermore, as the investment programs of the Fund and the other applicable Client Accounts change and develop over time, additional issues and considerations may affect the Allocation Policy and the expectations of the BlackRock Entities with respect to the allocation of investment opportunities to the Fund and other Client Accounts. BlackRock and the Investment Adviser reserve the right to change the Allocation Policy and guidelines relating thereto from time to time without the consent of or notice to stockholders, subject to the disclosure requirements of applicable law. As a general matter, it is expected the Fund will participate in investments deemed appropriate for the Fund’s strategy and either sourced by the investment personnel directly responsible for managing the Fund (though investments sourced by such personnel may also be allocated to other Client Accounts that may be managed by other investment teams) or made available for investment by the Fund pursuant to the terms of the Order. Allocation of Expenses . Side-by-side management by the BlackRock Entities of the Fund and Client Accounts raises other potential and actual conflicts of interest, including those associated with allocating expenses attributable to the Fund and one or more other Client Accounts. The Investment Adviser and its affiliates will attempt to make such allocations on a basis that they consider to be fair and equitable to the Fund under the circumstances over time and considering such factors as it deems relevant. The allocations of such expenses may not be proportional, and any such determinations involve inherent matters of discretion, e.g., in determining whether to allocate pro rata based on number of Client Accounts or proportionately in accordance with asset size, or in certain circumstances determining whether a particular expense has a greater benefit to the Fund, other Client Accounts or the Investment Adviser and/or its affiliates. Activities of Other Client Accounts . The BlackRock Entities will, from time to time, be actively engaged in transactions on behalf of other Client Accounts in the same investments, securities, derivatives and other instruments in which the Fund will directly or indirectly invest. Trading for certain other Client Accounts is carried out without reference to positions held directly or indirectly by the Fund and may have an effect on the value or liquidity of the positions so held or may result in another Client Account having an interest in an issuer adverse to that of the Fund. Under certain circumstances and subject to the Order and applicable law, the Fund may invest directly or indirectly in a transaction in which one or more other Client Accounts are expected, or seek, to participate or already have made, or concurrently will make or seek to make, an investment. The Fund and the other Client Accounts may have conflicting interests and objectives in connection with such investments, including with respect to views on the operations or activities of the project or company involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. For example, the Investment Adviser’s decisions on behalf of other Client Accounts to sell, redeem from or otherwise liquidate a security in which the Fund is invested may adversely affect the Fund, including by causing such investment to be less liquid or more concentrated, or by causing the Fund to no longer participate in a controlling position in the investment or to lose the benefit of certain negotiated terms, including, without limitation, fee discounts. Conflicts will also arise in cases where the Fund, directly or indirectly, and other Client Accounts invest in different parts of an issuer’s capital structure, including circumstances in which one or more Client Accounts may own private securities or obligations of an issuer and other Client Accounts may own public securities of the same issuer. If an issuer in which the Fund, directly or indirectly, and one or more other Client Accounts hold different classes of securities (or other assets, instruments or obligations issued by such issuer) encounters financial problems, decisions over the terms of any workout will raise potential conflicts of interests (including, for example, conflicts regarding the terms of recapitalizations and proposed waivers, amendments or enforcement of debt covenants). As a result, one or more Client Accounts may pursue or enforce rights with respect to a particular issuer in which the Fund has directly or indirectly invested, and those activities may have an adverse effect on the Fund. Because of the different legal rights associated with debt and equity of the same portfolio company, BlackRock expects to face a potential conflict of interest in respect of the advice given to, and the actions taken on behalf of, the Fund versus another Client Account (e.g., the terms of debt instruments, the enforcement of covenants, the terms of recapitalizations and the resolution of workouts or bankruptcies). For example, if the Fund holds debt securities of an issuer and a Client Account directly or indirectly holds equity securities of the same issuer, then, if the issuer experiences financial or operational challenges, the Fund may seek a liquidation of the issuer in which it may be paid in full, whereas the Client Account, as a direct or indirect equity holder, might prefer a reorganization that holds the potential to create value for the equity holders. Similarly, if additional capital is necessary as a result of financial or other difficulties, or to finance growth of other opportunities, subject to the Order and applicable law and regulation, a Client Account may not provide such additional capital and the Fund may do so, or vice versa. In the event of an insolvency, bankruptcy or similar proceeding of an issuer, the Fund may be limited (by applicable law, courts or otherwise) in the positions or actions it may be permitted to take due to other interests held or actions or positions taken by other Client Accounts. In negotiating the terms and conditions of any such investments, or any subsequent amendments or waivers, the Investment Adviser and the other BlackRock Entities may find that their own interests, the interests of the Fund and/or the interests of one or more other Client Accounts could conflict. Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis. The resolution of such conflicts will take into consideration the interests of the relevant parties, the circumstances giving rise to the conflict, the Order to the extent applicable and applicable law. Stockholders should be aware that conflicts will not necessarily be resolved in favor of the Fund and that the Fund could be adversely affected by the actions taken by BlackRock Entities on behalf of Client Accounts. In order to avoid or reduce the conflicts that may arise in cases where the Fund, directly or indirectly, and other Client Accounts invest in different parts of an issuer’s capital structure, or for other reasons, the Fund may choose not to invest in issuers in which other Client Accounts hold an existing investment, even if the Investment Adviser believes such investment opportunity to be attractive and otherwise appropriate for the Fund and is permitted under applicable law and regulation, which may adversely affect the performance of the Fund. Other transactions by one or more Client Accounts also may have the effect of diluting the values or prices of investments held directly or indirectly by the Fund or otherwise disadvantaging the Fund. This may occur when portfolio decisions regarding the Fund are based on research or other information that is also used to support portfolio decisions for other Client Accounts. When a BlackRock Entity implements a portfolio decision or strategy on behalf of a Client Account other than the Fund ahead of, or contemporaneously with, similar portfolio decisions or strategies for the Fund (whether or not the portfolio decisions emanate from the same research analysis or other information), market impact, liquidity constraints or other factors could result in the Fund receiving less favorable investment results, and the cost of implementing such portfolio decisions or strategies for the Fund could increase, or the Fund could otherwise be disadvantaged. Additionally, if the Fund makes an investment in a portfolio company in conjunction with an investment made by another Client Account, the Fund may not invest through the same investment vehicles, have the same access to credit or employ the same hedging or investment strategies as such other Client Account. This likely will result in differences in investment cost, investment terms, leverage and associated expenses between the Fund and any other Client Account. There can be no assurance that the Fund and the other Client Accounts will exit the investment at the same time or on the same terms, and there can be no assurance that the Fund’s return on such an investment will be the same as the returns achieved by any other Client Accounts participating in the transactions. Given the nature of these conflicts, there can be no assurance that the resolution of these conflicts will be beneficial to the Fund. The BlackRock Entities may also, in certain circumstances and subject to the Order and applicable law and regulation, pursue or enforce rights or take other actions with respect to a particular issuer or investment jointly on behalf of the Fund and other Client Accounts. In such circumstances, the Fund may be adversely impacted by the other Client Accounts’ activities, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case had the other Client Accounts not pursued a particular course of action with respect to the issuer or investment. For example, one or more Client Accounts may dispose of or make an in kind distribution of its portion of an investment that is also held by the Fund and other Client Accounts, and such action may adversely affect the Fund and such other Client Accounts that continue to hold such investment. Conflicts may also arise because portfolio decisions made by the Investment Adviser on behalf of the Fund may benefit other BlackRock Entities or Client Accounts, including BlackRock Accounts. For example, subject to the Order and applicable law and regulation, the Fund may invest directly or indirectly in the securities, bank loans or other obligations of issuers in which a Client Account has an equity, debt or other interest, or vice versa. In certain circumstances, the Investment Adviser may be incentivized not to undertake certain actions on behalf of the Fund in connection with such investments, in view of a BlackRock Entity’s or Client Account’s involvement with the relevant issuer or investment. Further, the Fund may also engage in investment transactions that result in other Client Accounts being relieved of obligations or otherwise divesting of investments that the Fund also holds or which cause the Fund to have to divest certain investments. The purchase, holding and sale of investments by the Fund may enhance the profitability of another Client Account’s own investments in and activities with respect to such investments. Without limiting the generality of the foregoing, the Fund may invest, directly or indirectly, in equity of investments or issuers affiliated with the BlackRock Entities or in which a BlackRock Entity or a Client Account has a direct or indirect debt or other interest, or vice versa, and may acquire such equity or debt either directly or indirectly through public or private acquisitions. Such investments may benefit the BlackRock Entities or Client Accounts. In addition, the Investment Adviser may be incentivized not to undertake certain actions on behalf of the Fund in connection with such investments, in view of a BlackRock Entity’s or Client Account’s involvement with the relevant issuer or investment. Moreover, the Investment Adviser’s investment professionals, its senior management and employees serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund. Accordingly, these individuals may have obligations to investors in those entities or funds, the fulfillment of which might not be in the best interests of the Fund or stockholders. In addition, certain of the personnel employed by the Investment Adviser or focused on the Fund’s business may change in ways that are detrimental to the Fund’s business. Transactions Between Client Accounts . Each of the BlackRock Entities and the Investment Adviser reserve the right to conduct cross trades between the Fund and other Client Accounts in accordance with applicable legal and regulatory requirements. The Investment Adviser may cause the Fund to purchase securities or other assets from or sell securities or other assets to, or engage in other transactions with, other Client Accounts or vehicles when the Investment Adviser believes such transactions are appropriate and in the participants’ best interest, subject to applicable law and regulation. The Fund may enter into “agency cross transactions,” in which a BlackRock Entity may act as broker for the Fund and for the other party to the transaction, to the extent permitted under applicable law and regulation and the relevant Client Account governing documents. In such cases, the Investment Adviser and such other Client Accounts or BlackRock Entities, as applicable, may have a potentially conflicting division of loyalties and responsibilities regarding both parties to the transaction. To the extent that any provision of Section 11(a) of the Exchange Act, or any of the rules promulgated thereunder, is applicable to any transactions effected by the Investment Adviser, such transactions will be effected in accordance with the requirements of such provisions and rules. Proxy Voting. The Board of Trustees has delegated to the Investment Adviser discretion with respect to voting and consent rights of the assets of the Fund. Consistent with applicable rules under the Advisers Act, BlackRock has adopted and implemented written proxy voting policies and procedures with respect to individual securities held by the Fund that are reasonably designed: (i) to ensure that proxies are voted, consistent with its fiduciary obligations, in the best interests of Client Accounts under the circumstances over time; and (ii) to prevent conflicts of interest from influencing proxy voting decisions made on behalf of clients. Nevertheless, when votes are cast in accordance with BlackRock’s proxy voting policy and in a manner that BlackRock believes to be consistent with its fiduciary obligations, actual proxy voting decisions made on behalf of one Client Account may have the effect of favoring or harming the interests of other Client Accounts, including the Fund. Stockholders may receive a copy of BlackRock’s proxy voting policy, upon request, and may also obtain a copy at: http://www.blackrock.com/corporate/en-us/about-us/responsible-investment/responsible-investment-reports. Investment Terms of Other Client Accounts . The investment terms offered to other Client Accounts or to investors in other Client Accounts with similar investment objectives as the Fund may be different than those |
Management Fees, Incentive Fees
Management Fees, Incentive Fees and Other Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Management Fees Incentive Fees And Other Expense [Abstract] | |
Management Fees, Incentive Fees and Other Expenses | 3. Management Fees, Incentive Fees and Other Expenses Investment Advisory Agreement On March 16, 2022, the Fund entered into an Investment Advisory Agreement (the “Advisory Agreement”) with the Investment Adviser. Under the terms of the Advisory Agreement, the Investment Adviser determines the composition of the Fund’s portfolio, the nature and timing of the changes to the Fund’s portfolio and the manner of implementing such changes; identifies, evaluates and negotiates the structure of the investments the Fund makes (including performing due diligence on prospective portfolio companies); and closes, monitors and administers the investments the Fund makes, including the exercise of any voting or consent rights. Pursuant to the Advisory Agreement, the Fund pays the Investment Adviser compensation for investment advisory and management services consisting of base management fee and incentive fee (together, the “Advisory Fee”), which are further described below. Base Management Fee The management fee is calculated at an annual rate of 1.25 % of the value of the Fund’s net assets determined on a consolidated basis in accordance with GAAP at the end of the most recently completed calendar month and payable monthly in arrears. The Investment Adviser has agreed to waive its management fee for the first twelve months following the date of the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Amended and Restated Fee Waiver and Expense Support and Reimbursement Agreement, which extended the waiver through December 31, 2023. For the year ended December 31, 2023 and the period from March 18, 2022 (Inception) to December 31, 2022, the Investment Adviser earned and waived $ 2.0 million and $ 0.6 million in management fees, respectively. For the period from March 18, 2022 (Inception) to December 31, 2023, the Investment Adviser earned and waived $ 2.6 million in management fees. Incentive Fees Incentive compensation is payable to the Investment Adviser pursuant to the Advisory Agreement. The incentive fee consists of two components, an income component and a capital gains component. Each component of the incentive fee will be calculated and, if due, will be payable quarterly in arrears. The Investment Adviser has agreed to waive all incentive fee for the first twelve months following the commencement of the Fund's operations. On April 25, 2023, the Fund's Board of Trustees approved an amendment of the Expense Support Agreement, which extended the waiver through December 31, 2023. The income component of the incentive fee will be the amount, if positive, equal to 12.5 % of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The income component of the incentive fee is subject to a 5.0 % total return hurdle on daily weighted average unreturned capital contributions (the “Hurdle Rate”). As such, the Fund will not be obligated to pay any income incentive fee to the extent the annualized trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since the commencement of the Fund) total return of the Fund (as defined below), including net realized gains and losses and net unrealized appreciation and depreciation, does not exceed the Hurdle Rate. To the extent that the Fund’s annualized total return for the relevant period exceeds the Hurdle Rate, but is less than approximately 5.71 % of daily weighted average unreturned capital contributions, the income incentive fee will be subject to a “catch up”, calculated as 100 % of the aggregate net investment income before incentive compensation earned in excess of Hurdle Rate for the relevant period. To the extent that the Fund’s annualized total return for the relevant period exceeds approximately 5.71 %, the income component of the incentive fee will be equal to 12.5 % of net investment income before incentive compensation earned in excess of this total return threshold. 3. Management Fees, Incentive Fees and Other Expenses (Continued) For purposes of calculating the income incentive fee, (i) “total return” means the amount equal to the combination of net investment income before incentive compensation, realized capital gains and losses and unrealized capital appreciation and depreciation of the Fund for the period in question; (ii) “unreturned capital contributions” means the proceeds to the Fund of all issuances of common shares, less all distributions by the Fund to shareholders representing a return of capital. The capital gains component of the incentive fee will be the amount, if positive, equal to 12.5 % of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the Fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The capital gains component will be paid in full prior to payment of the income component. In any case, incentive fee (including both the income and capital gains components) will only be paid to the extent the trailing twelve quarter (or if shorter, the number of calendar quarters that have occurred since commencement of the fund) total return of the Fund after incentive compensation and including such payment would equal or exceed a 5 % annual total return on daily weighted average unreturned contributed capital contributions for such period. For the year ended December 31, 2023 and for the period from March 18, 2022 (Inception) to December 31, 2022, the Investment Adviser earned and waived $ 3.3 million and $ 0 in incentive fees, respectively. For the period from March 18, 2022 (Inception) to December 31, 2023, the Investment Adviser earned and waived $ 3.3 million in incentive fees. Sub-Advisory Fees Pursuant to the sub-advisory agreement, dated as of May 31, 2022 (the “Sub-Advisory Agreement”), the Investment Adviser, and not the Fund, will pay a portion of the management fee received by the Investment Adviser to the Sub-Adviser as a sub-advisory fee to the Sub-Adviser in an amount equal to a percentage of the average daily value of the Fund’s assets allocated to the Sub-Adviser. Other Expenses The Fund bears all expenses incurred in connection with its business, including fees and expenses outside of contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt On June 3, 2022, BlackRock Private Credit Fund Leverage I, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $ 200 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the “Credit Facility”). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55 % if the aggregate balance of “Middle Market Loans” (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.65 % if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80 % if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90 % if the aggregate balance of Middle Market Loans is above 75%. The Credit Facility also accrues commitment fees on any undrawn amounts at an annual rate of 0.50 %, or 0.35 % for the period from the closing date of the Credit Facility to the three-month anniversary of the closing date. 4. Debt (Continued) On September 8, 2023, the Borrower entered into Amendment No. 1 to the Credit Facility (the “Amendment”). The Amendment extended the term commitment termination date under the Credit Facility with respect to term commitments entered into on the closing date to December 8, 2023. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered borrowings of the Fund for purposes of complying with the asset coverage requirements under the 1940 Act. On December 15, 2023, the Borrower entered into Amendment No. 2 to the Credit Facility (the "Second Amendment"). The Second Amendment increased the total revolving commitments from $ 50.0 million to $ 75.0 million, increased total term commitments from $ 150.0 million to $ 225.0 million. The Second Amendment increased the facility margin level with (a) 1.62 % if the aggregate balance of “Middle Market Loans” (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.77 % if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.96 % if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 2.12 % if the aggregate balance of Middle Market Loans is above 75%. At December 31, 2023, there was $ 156.0 million of debt outstanding under the Credit Facility, with a weighted-average interest rate, excluding fees of 7.38 %. Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of December 31, 2023, the estimated fair value of the outstanding debt approximated their carrying value. Total expenses related to debt included the following: Year ended December 31, 2023 For the period from March 18, 2022 (Inception) to December 31, 2022 Interest expense $ 7,725,732 $ 1,819,941 Amortization of deferred debt issuance costs 193,554 109,094 Commitment fees 478,917 334,463 Total $ 8,398,203 $ 2,263,498 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies The Fund conducts business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the Boston area. In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers, and the custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote. 5. Commitments and Contingencies (Continued) The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at December 31, 2023 and December 31, 2022 as follows: Unfunded Balances Issuer Maturity Date December 31, 2023 December 31, 2022 Accordion Partners LLC 8/29/2029 $ 2,964,083 $ 624,447 Accordion Partners LLC 8/31/2028 250,890 277,532 Alcami Corporation 12/21/2028 83,235 83,235 Alcami Corporation 12/21/2028 133,176 133,176 Alera Group, Inc. 10/2/2028 70,848 244,494 Alera Group, Inc. 11/17/2025 9,010,465 N/A Allied Benefit Systems Intermediate, LLC 10/31/2030 1,460,816 N/A AmeriLife Holdings, LLC 8/31/2029 126,586 251,663 AmeriLife Holdings, LLC 8/31/2028 377,494 377,494 AmeriLife Holdings, LLC 8/31/2029 11,935,075 N/A athenahealth Group Inc. 2/15/2029 N/A 109,783 Avalara, Inc. 10/19/2028 377,651 377,651 Blackbird Purchaser, Inc. 12/19/2030 472,662 N/A Blackbird Purchaser, Inc. 12/19/2029 315,108 N/A Bluefin Holding, LLC 9/12/2029 1,190,668 N/A Bynder Bidco B.V. (Netherlands) 1/26/2029 171,174 N/A Bynder Bidco, Inc. (Netherlands) 1/26/2029 47,160 N/A Cherry Bekaert Advisory, LLC 6/30/2028 447,254 313,078 Cherry Bekaert Advisory, LLC 6/30/2028 970,468 N/A Cherry Bekaert Advisory, LLC 6/30/2028 N/A 499,136 Crewline Buyer, Inc. 6/30/2028 995,744 N/A Disco Parent, Inc. (Duck Creek Technologies) 3/30/2029 232,723 N/A e-Discovery AcquireCo, LLC 8/29/2029 779,930 N/A Freedom Financial Network Funding, LLC 9/21/2027 N/A 891,790 Fusion Holding Corp. (Finalsite) 9/15/2027 371,133 371,133 Fusion Risk Management, Inc. 5/22/2029 457,601 N/A Fusion Risk Management, Inc. 8/30/2028 N/A 313,806 Galway Borrower LLC 9/29/2028 5,400,000 N/A GC Champion Acquisition LLC (Numerix) 8/21/2028 N/A 654,568 GC Waves Holdings, Inc. (Mercer) 8/11/2028 11,827,234 N/A GTY Technology Holdings Inc. 7/9/2029 237,936 264,374 GTY Technology Holdings Inc. 7/9/2029 1,085,429 N/A Higginbotham Insurance Agency, Inc. 11/25/2028 3,675,280 N/A ImageFirst Holdings, LLC 4/27/2028 228,309 N/A Integrity Marketing Acquisition, LLC 8/27/2026 2,713,905 N/A Integrity Marketing Acquisition, LLC 8/27/2026 3,452,216 N/A Integrity Marketing Acquisition, LLC 8/27/2025 N/A 2,989,762 5. Commitments and Contingencies (Continued) Unfunded Balances (continued) Issuer Maturity Date December 31, 2023 December 31, 2022 LJ Avalon Holdings, LLC (Ardurra) 2/1/2030 187,452 N/A LJ Avalon Holdings, LLC (Ardurra) 2/1/2029 123,067 N/A Lucky US BuyerCo, LLC (Global Payments) 3/30/2029 409,549 N/A Madison Logic Holdings, Inc. 12/30/2027 163,029 163,029 Mesquite Bidco, LLC 11/30/2029 668,614 N/A OMNIA Partners, LLC 7/18/2030 24,996 N/A Opco Borrower, LLC (Giving Home Health Care) 8/19/2027 N/A 154,544 Oranje Holdco, Inc. (KnowBe4) 2/1/2029 180,686 N/A Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) 7/19/2030 3,431,510 N/A Pueblo Mechanical and Controls, LLC 8/23/2027 N/A 626,684 Pueblo Mechanical and Controls, LLC 8/23/2027 680,994 237,151 Pueblo Mechanical and Controls, LLC 9/19/2028 5,353,117 N/A RSC Acquisition, Inc. (Risk Strategies) 10/30/2026 3,578,907 N/A Serrano Parent, LLC (Sumo Logic) 5/13/2030 409,922 N/A Showtime Acquisition, L.L.C. (World Choice) 8/7/2028 158,331 N/A Showtime Acquisition, L.L.C. (World Choice) 8/7/2028 197,914 N/A Streamland Media Midco LLC 8/31/2023 N/A 1,125,859 Trintech, Inc. 7/25/2029 516,842 N/A Vensure Employer Services, Inc. 2/28/2027 1,660 2,642,481 Vensure Employer Services, Inc. 2/26/2027 5,876,054 N/A Vortex Finance Sub, LLC 9/4/2029 2,621,633 N/A Vortex Finance Sub, LLC 9/4/2029 199,305 N/A Zendesk Inc. 11/22/2028 610,938 610,938 Zendesk Inc. 11/22/2028 251,563 251,563 Total Unfunded Balances $ 87,508,336 $ 14,589,371 |
Other Related Party Transaction
Other Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Other Related Party Transactions | 6. Other Related Party Transactions The Investment Adviser has paid all of the Fund’s organizational and offering expenses on the Fund’s behalf. During each of the 36 months following the commencement of the Fund’s operations, the Fund will reimburse the Investment Adviser for any and all Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses do not exceed 1.25 % of the value of the Fund’s net assets, calculated monthly based on month-end net assets. From time to time, the Adviser advances payments to third parties on behalf of the Fund and receives reimbursement from the Fund. At December 31, 2023 and December 31, 2022, amounts reimbursable to the Adviser totaled $ 0.2 million and $ 0.0 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities. The Fund has entered into an administration agreement (the “Administration Agreement”) with the Administrator. Pursuant to the Administration Agreement, the Administrator will perform (or oversee, or arrange for, the performance by third parties of) the administrative services necessary for the operation of the Fund, including but not limited to, determining and publishing the Fund's net asset value (“NAV”), overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to shareholders of the Fund, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Fund reimburses the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities thereunder, including payments to the Administrator in an amount equal to the Fund’s allocable portion of overhead and other expenses incurred by the Administrator or its affiliate in performing its obligations and services under the Administration Agreement, such as rent, license fees and other costs associated with computer software utilized in providing such obligations and services and the Fund’s allocable portion of the cost of personnel attributable to performing such obligations and services, including, but not limited to, marketing, legal and other services performed by the Administrator for the Fund. The Administrator will also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, transfer agents, dividend disbursing agents, other shareholders servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, shareholders and such other persons in any such other capacity deemed to be necessary or desirable. For the year ended December 31, 2023 and for the period from March 18, 2022 (Inception) to December 31, 2022, the Fund incurred $ 1.3 million and $ 0.6 million respectively, for such administrative service expenses. |
Stockholders' Equity and Divide
Stockholders' Equity and Dividends | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity and Dividends | 7. Stockholders’ Equity and Dividends The Fund is offering on a continuous basis up to $ 2,500,000,000 of the Fund’s common shares of beneficial interest (“Common Shares”). The Fund is offering to sell any combination of three classes of Common Shares, Class D shares, Class S shares and Institutional shares, with a dollar value up to the maximum offering amount. The share classes have different ongoing shareholder servicing and/or distribution fees. In the initial offering of Common Shares, the per share purchase price for Common Shares in the primary offering was $ 25.00 per share. Thereafter, the purchase price per share for each class of Common Shares will equal the Fund’s NAV per share, as of the effective date of the monthly share purchase date. The Fund’s offering is a “best efforts” offering, which means that BlackRock Investments, LLC, the distributor for the offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in this offering. The Fund has the authority to issue an unlimited number of Common Shares of any class and an unlimited number of shares of preferred shares, at a par value $ 0.001 per share. As of December 31, 2023, the Fund had 9,608,484 Institutional shares issued and outstanding. 7. Stockholders’ Equity and Dividends (Continued) The following table summarizes transactions in Common Shares for the year ended December 31, 2023 and the period from March 18, 2022 (Inception) to December 31, 2022: Year ended December 31, 2023 For the period from March 18, 2022 (Inception) to December 31, 2022 Shares Amount Shares Amount Institutional Class Subscriptions 3,934,546 $ 96,737,065 4,892,367 $ 118,655,300 Share transfers between classes — — — — Distributions reinvested 705,362 17,295,327 76,209 1,819,100 Share Repurchases — — — — Early Repurchase Deduction — — — — Net Increase (Decrease) 4,639,908 $ 114,032,392 4,968,576 $ 120,474,400 Class S Subscriptions — — — — Share transfers between classes — — — — Distributions reinvested — — — — Share Repurchases — — — — Early Repurchase Deduction — — — — Net Increase (Decrease) — — — — Class D — — — — Subscriptions — — — — Share transfers between classes — — — — Distributions reinvested — — — — Share Repurchases — — — — Early Repurchase Deduction — — — — Net Increase (Decrease) — — — — We expect to determine our NAV for each class of shares each month as of the last day of each calendar month. The NAV per share for each class of shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. Shares are issued at an offering price equivalent to the most recent NAV per share available for each share class, which will be the prior calendar day NAV per share (i.e. the prior month-end NAV). The following table presents our monthly NAV per share for each of the three classes of shares since our inception through December 31, 2023. 7. Stockholders’ Equity and Dividends (Continued) NAV per Share For the Month Ended Institutional Class Class S Class D June 30, 2022 $ 23.49 N/A N/A July 31, 2022 24.40 N/A N/A August 31, 2022 24.86 N/A N/A September 30, 2022 23.74 N/A N/A October 31, 2022 23.89 N/A N/A November 30, 2022 23.93 N/A N/A December 31, 2022 23.69 N/A N/A January 31, 2023 24.28 N/A N/A February 28, 2023 24.25 N/A N/A March 31, 2023 24.23 N/A N/A April 30, 2023 24.38 N/A N/A May 31, 2023 24.05 N/A N/A June 30, 2023 24.49 N/A N/A July 31, 2023 24.73 N/A N/A August 31, 2023 24.85 N/A N/A September 30, 2023 24.99 N/A N/A October 31, 2023 24.70 N/A N/A November 30, 2023 24.87 N/A N/A December 31, 2023 24.85 N/A N/A Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering net investment income available for distribution to shareholders, at the discretion of our Board of Trustees. The following table summarizes the Fund's dividends declared for the year ended December 31, 2023 and for the period from March 18, 2022 (Inception) to December 31, 2022. Institutional Class Date Declared Record Date Payment Date Type Amount Per Share Total Amount September 29, 2022 September 29, 2022 October 27, 2022 Regular $ 0.15 $ 439,782 October 28, 2022 October 28, 2022 November 28, 2022 Regular 0.15 634,004 November 29, 2022 November 29, 2022 December 27, 2022 Regular 0.16 747,485 December 29, 2022 December 29, 2022 January 27, 2023 Regular 0.17 844,657 December 29, 2022 December 29, 2022 January 27, 2023 Special 0.12 596,229 $ 0.75 $ 3,262,157 January 30, 2023 January 30, 2023 February 27, 2023 Regular 0.17 890,298 February 15, 2023 February 22, 2023 March 27, 2023 Regular 0.18 1,012,545 March 24, 2023 March 29, 2023 April 26, 2023 Regular 0.20 1,181,081 April 25, 2023 April 27, 2023 May 26, 2023 Regular 0.21 1,304,322 May 26, 2023 May 30, 2023 June 27, 2023 Regular 0.21 1,340,292 June 30, 2023 June 30, 2023 July 26, 2023 Regular 0.21 1,379,449 July 27, 2023 July 28, 2023 August 28, 2023 Regular 0.21 1,429,513 August 31, 2023 August 30, 2023 September 26, 2023 Regular 0.22 1,588,580 September 29, 2023 September 29, 2023 October 26, 2023 Regular 0.22 1,715,730 October 30, 2023 October 30, 2023 November 27, 2023 Regular 0.23 1,905,609 October 30, 2023 October 30, 2023 November 27, 2023 Special 0.10 828,526 November 22, 2023 November 28, 2023 December 26, 2023 Regular 0.23 2,052,362 November 22, 2023 November 28, 2023 December 26, 2023 Special 0.10 892,332 December 21, 2023 December 27, 2023 January 24, 2024 Regular 0.23 2,209,951 December 21, 2023 December 27, 2023 January 24, 2024 Special 0.15 1,441,272 $ 2.87 $ 21,171,862 7. Stockholders’ Equity and Dividends (Continued) Class S Shares No Class S shares were outstanding for the year ended December 31, 2023 and for the period from March 18, 2022 (Inception) to December 31, 2022. Class D Shares No Class D shares were outstanding for the year ended December 31, 2023 and for the period from March 18, 2022 (Inception) to December 31, 2022. |
Share Repurchase Program
Share Repurchase Program | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Share Repurchase Program | 8. Share Repurchase Program At the discretion of the Fund’s Board of Trustees, the Fund is conducting a share repurchase program in which the Fund is repurchasing, in each quarter, up to 5 % of the Fund’s Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Fund does not intend to commence a share repurchase offer during any calendar quarter for which the Fund’s liquid assets are less than 25 % of the Fund’s net assets plus available and undrawn leverage as of the date of the most recent publicly available NAV prior to the commencement of such calendar quarter. In addition, the Fund’s Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in the Fund’s best interest and the best interest of the Fund’s shareholders. As a result, share repurchases may not be available each quarter. The Fund is conducting such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares. Under the Fund’s share repurchase plan, to the extent the Fund offers to repurchase shares in any particular quarter, the Fund expects to repurchase shares pursuant to tender offers on or around the last business day of that quarter using a purchase price equal to the NAV per share as of the last business day of the applicable quarter, except that shares that have not been outstanding for at least one year will be repurchased at 98 % of such NAV (an “Early Repurchase Deduction”).The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. The Fund commenced its initial quarterly repurchase offer on April 28, 2023. On October 26, 2023, the Fund initiated a quarterly offer to repurchase up to 5 % of its shares outstanding as of September 30, 2023, commencing on October 26, 2023 and ending on November 30, 2023, with a valuation date of December 31, 2023. No repurchase requests were received for the year ended December 31, 2023. The following table presents information with respect to the Fund's repurchases for the year ended December 31, 2023: Repurchase request deadline Number of Shares Repurchased Percentage of Outstanding Shares Repurchased (1) Price Paid Per Share Repurchase Pricing Date Amount Repurchased (2) Maximum number of shares that may yet be repurchased (3) May 31, 2023 — — N/A N/A — — August 31, 2023 — — N/A N/A — — November 30, 2023 — — N/A N/A — — ______________________ (1) Percentage is based on total shares as of the close of the previous calendar quarter. (2) There were no repurchase requests received in any of the available periods. (3) Net of Early Repurchase Deduction (if any). |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | 9. Financial Highlights For the Year Ended December 31, For the Period from March 18, 2022 (Inception) to December 31, 2023 2022 Per Common Share Per share NAV at beginning of period $ 23.69 $ 25.00 Investment operations: (1) Net investment income before excise taxes 3.19 0.99 Excise taxes ( 0.01 ) 0.00 Net investment income 3.18 0.99 Net realized and unrealized gain (loss) 0.85 — Total from investment operations 4.03 0.99 Dividends to common shareholders ( 2.87 ) ( 0.75 ) Per share NAV at end of period $ 24.85 $ 23.69 Total return based on net asset value: (2) 17.01 % ( 2.24 )% Shares outstanding at end of period 9,608,484 4,968,576 Ratios to average net asset value: (3) Net investment income (4) 13.50 % 8.21 % Expenses before incentive fee (5) 6.70 % 7.80 % Expenses and incentive fee (6) 6.70 % 7.80 % Ending net asset value $ 238,804,026 $ 117,685,277 Portfolio turnover rate 23.13 % 4.23 % Weighted-average debt outstanding $ 110,172,603 $ 45,242,215 Weighted-average interest rate on debt 7.01 % 5.08 % Weighted-average number of common shares 7,055,915 2,596,026 Weighted-average debt per share $ 11.47 $ 9.11 (1) Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred. (2) Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period. (3) Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses, excluding the effect of management fee and incentive fee waivers by the Adviser which represented 3.18 % of average net assets. (4) Net of incentive fees and excise taxes. (5) Includes interest and other debt costs but excludes excise taxes. (6) Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes. |
Senior Securities
Senior Securities | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Senior Securities | 10. Senior Securities Information about the Fund's senior securities is shown in the following table as of the year ended December 31, 2023 and 2022. Class and Year Total Amount (1) Asset (2) Involuntary (3) Average (4) Credit Facility Fiscal year 2023 $ 156,000,000 $ 2,510 — N/A Fiscal year 2022 95,000,000 2,225 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $ 1,000 to determine the Asset Coverage Per Unit. (3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (4) The Fund's senior securities are not registered for public trading. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On January 2, 2024, the Fund accepted $ 11,924,839 of additional subscriptions, to purchase $ 11,924,839 of additional institutional shares, par value $ 0.001 per share. On January 22, 2024, the number of shares being purchased was fixed when the purchase price of $ 24.85 per share was determined by the Fund. As a result, the Fund issued 479,873 shares and received $ 11,924,839 in proceeds. On February 1, 2024, the Fund accepted $ 11,437,165 of additional subscriptions, to purchase $ 11,437,165 of additional institutional shares, par value $ 0.001 per share. On February 21, 2024, the number of shares being purchased was fixed when the purchase price of $ 24.92 per share was determined by the Fund. As a result, the Fund issued 458,955 shares and received $ 11,437,165 in proceeds. On January 26, 2024 , the Fund declared a regular distribution for its Institutional Shares in an amount of $ 0.23 per share for its Institutional Shares. The distribution will be payable to shareholders of record at the close of business on January 30, 2024 and will be paid on February 27, 2024. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund's distribution reinvestment plan. On February 23, 2024 , the Fund declared a regular distribution for its Institutional Shares in an amount of $ 0.23 per share for its Institutional Shares. The distribution will be payable to shareholders of record at the close of business on February 28, 2024 and will be paid on March 27, 2024. The distribution will be paid in cash or reinvested in Fund shares for shareholders participating in the Fund's distribution reinvestment plan. On February 27, 2024, the Fund entered into a Second Amended and Restated Investment Advisory Agreement by and between the Fund and the Investment Adviser, solely for the purpose of capping the capital gains component of the incentive fee payable by the Fund as the lesser of (i) 12.5% of the aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less capital gains incentive compensation previously paid or distributed in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters or (ii) 12.5% of cumulative aggregate realized capital gains (computed net of realized losses and net of unrealized capital depreciation, if any) since commencement of the Fund, less capital gains incentive compensation previously paid or distributed since commencement of the Fund. On February 27, 2024, prior to the initial issuance of Class D Shares or Class S Shares by the Fund, the Fund amended and restated its Distribution and Service Plan solely for the purpose of clarifying the timing of calculation and payment of the Shareholder Servicing and/or Distribution Fee payable by the Fund. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Fund have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The Fund has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Fund. |
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, as well the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material. |
Investment Valuation | Investment Valuation Pursuant to Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, the Fund's Board of Trustees designated the Investment Adviser as the Fund's valuation designee (the "Valuation Designee") to perform certain fair value functions, including performing fair value determinations on July 28, 2022. As required by the Rule 2a-5, the Valuation Designee provides periodic fair valuation reporting and notifications on behalf of the Fund to the Board of Trustees to facilitate the Board of Trustees' oversight duties. The Valuation Designee values investments at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Fund by the Valuation Designee and approved by the Board of Trustees. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date. 2. Summary of Significant Accounting Policies (Continued) All investments are valued at least monthly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5 % of the capitalization of the Fund. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation. Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers. Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5 % of the total assets of the Fund, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events, rising interest rates and risks related to inflation that may significantly impact the profitability or viability of businesses in which the Fund is invested, and therefore may significantly impact the return on and realizability of the Fund’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5 % of the Fund’s assets. Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors. In following these approaches, the types of factors that may be taken into account also include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values. Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period. 2. Summary of Significant Accounting Policies (Continued) At December 31, 2023, the Fund’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Total 1 Quoted prices in active markets for identical assets $ — $ — 2 Other direct and indirect observable market inputs (2) 151,252,920 151,252,920 3 Valuation sources that employ significant unobservable inputs 249,673,453 249,673,453 Total $ 400,926,373 $ 400,926,373 ______________________ (1) Includes senior secured loans (2) For example, quoted prices in inactive markets or quotes for comparable investments Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2023 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) Bank Debt $ 209,935,097 Income approach Discount rate 9.0 % - 20.7 % ( 11.5 %) 39,738,356 Market quotations Indicative bid/ask quotes 1 ( 1 ) $ 249,673,453 ______________________ (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0 % and 100 %. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Increase Decrease Yield Increase Decrease 2. Summary of Significant Accounting Policies (Continued) Changes in investments categorized as Level 3 for the year ended December 31, 2023 were as follows: Independent Third-Party Valuation Bank Debt Total Beginning balance $ 76,785,839 $ 76,785,839 Net realized and unrealized gains (losses) 2,142,650 2,142,650 Acquisitions (1) 184,007,546 184,007,546 Dispositions ( 7,995,957 ) ( 7,995,957 ) Transfers into Level 3 (2) 403,640 403,640 Transfers out Level 3 (3) ( 5,670,265 ) ( 5,670,265 ) Ending balance $ 249,673,453 $ 249,673,453 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ 2,257,510 $ 2,257,510 ______________________ (1) Includes payments received in kind and accretion of original issue and market discounts. (2) Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity. (3) Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity. At December 31, 2022, the Fund’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Total 1 Quoted prices in active markets for identical assets $ — $ — 2 Other direct and indirect observable market inputs (2) 130,768,540 130,768,540 3 Valuation sources that employ significant unobservable inputs 76,785,839 76,785,839 Total $ 207,554,379 $ 207,554,379 ______________________ (1) Includes senior secured loans (2) For example, quoted prices in inactive markets or quotes for comparable investments Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) (2) Bank Debt $ 65,553,615 Income approach Discount rate 11.3 % - 12.0 % ( 11.7 %) 11,232,224 Market quotations Indicative bid/ask quotes 1 ( 1 ) $ 76,785,839 ______________________ (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value . (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. 2. Summary of Significant Accounting Policies (Continued) Changes in investments categorized as Level 3 during the period from March 18, 2022 (Inception) to December 31, 2022 were as follows: Independent Third-Party Valuation Bank Debt Total Beginning balance $ — $ — Net realized and unrealized gains (losses) ( 1,218,903 ) ( 1,218,903 ) Acquisitions (1) 83,116,027 83,116,027 Dispositions ( 5,111,285 ) ( 5,111,285 ) Ending balance $ 76,785,839 $ 76,785,839 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ ( 1,218,903 ) $ ( 1,218,903 ) ______________________ (1) Includes payments received in kind and accretion of original issue and market discounts . |
Investment Transactions | Investment Transactions Investment transactions are accounted for on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At December 31, 2023, included in cash and cash equivalents was $ 5.0 million ( 2.1 % of net assets) held in the JPMorgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 5.20 %. At December 31, 2022, included in cash and cash equivalents was $ 11.0 million ( 9.4 % of net assets) held in JP Morgan U.S. Treasury Plus Money Market Fund with a 7-day yield of 4.12 %. |
Restricted Investments | Restricted Investments The Fund may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above. The Fund did not hold any restricted investments at December 31, 2023 and December 31, 2022. |
Foreign Currency Investments | Foreign Currency Investments The Fund may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect at December 31, 2023 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments. The Fund did no t hold any investments denominated in foreign currency at December 31, 2023 and 2022. Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government |
Organization and Offering Costs | Organization and Offering Costs The Fund has entered into a Fee Waiver and Expense Support and Reimbursement Agreement (the “Expense Support Agreement”) with the Investment Adviser. Pursuant to the Expense Support Agreement, the Investment Adviser has paid all of the Fund’s organizational and offering expenses on the Fund’s behalf (each, an “Expense Payment”). During each of the 36 months following the commencement of the Fund’s operations, the Fund will reimburse the Investment Adviser for any and all Expense Payments incurred by the Investment Adviser under the Expense Support Agreement to the extent that the Fund’s annual Operating Expenses (as defined below) do not exceed 1.25 % of the value of the Fund’s net assets, calculated monthly based on month-end net assets. “Operating Expenses” for purposes of the Expense Support Agreement means all annual operating expenses of the Fund incurred in the ordinary course of business, excluding offering costs incurred by the Fund, interest expense and other financing costs, portfolio transaction and other investment-related costs, base management fee and incentive fee payable pursuant to the Advisory Agreement, shareholder servicing and/or distribution fees, taxes and any other extraordinary expenses not incurred in the ordinary course of business (including, without limitation, litigation expenses). From inception of the Fund through December 31, 2023, the Adviser had incurred $ 0.8 million related to organizational and offering expenses. The Fund did not reimburse the Investment Adviser for any Expense Payments for the year ended December 31, 2023 since the annual operating expenses exceeded 1.25 % of the value of the Fund’s net assets. |
Deferred Debt Issuance Costs | Deferred Debt Issuance Costs Certain costs incurred in connection with the issuance of debt of the Fund were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Fund. |
Revenue Recognition | Revenue Recognition Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income. Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income. |
Income Taxes | Income Taxes The Fund intends to comply with the applicable provisions of the Code, pertaining to regulated investment companies and to make distributions of taxable income sufficient to relieve it from substantially all federal income taxes. Accordingly, no provision for income taxes is required in the financial statements. In accordance with ASC Topic 740 - Income Taxes, the Fund recognizes in its financial statements the effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination. The tax returns of the Fund remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Fund as of December 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the financial statements. The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Fund’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2023, the Fund had no non-expiring capital loss carryforwards available to offset future realized capital gains. 2. Summary of Significant Accounting Policies (Continued) U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or net asset values per share. As of December 31, 2023 and December 31, 2022, permanent difference attributable to non-deductible expenses were reclassified to the following accounts: December 31, 2023 December 31, 2022 Paid-in capital $ ( 106,746 ) $ ( 20,153 ) Accumulated earnings 106,746 20,153 The tax character of distributions paid were as follows: December 31, 2023 December 31, 2022 Ordinary income $ 21,171,862 $ 3,262,157 As of December 31, 2023 and December 31, 2022, the tax components of accumulated net earnings (losses) were as follows: December 31, 2023 December 31, 2022 Undistributed ordinary income $ 2,300,637 $ 580,602 Undistributed capital gains $ 126,412 — Net unrealized gains (losses) 1,997,084 ( 3,349,572 ) Total accumulated earnings (losses) $ 4,424,133 ( 2,768,970 ) As of December 31, 2023 and December 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: December 31, 2023 December 31, 2022 Tax basis of investments $ 398,929,289 $ 210,903,951 Unrealized appreciation 5,927,022 833,360 Unrealized depreciation ( 3,929,938 ) ( 4,182,932 ) Net unrealized appreciation (depreciation) $ 1,997,084 $ ( 3,349,572 ) The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2023: December 31, 2023 Interest Dividends $ 20,443,324 The fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2023: December 31, 2023 Interest-Related Dividends $ 19,891,621 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020 and January 2021, the FASB issued ASU No. 2020-04 and ASU No. 2021-01, respectively, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective and can be adopted by all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Fund is currently evaluating the impact of adopting ASU 2020-04 on its consolidated financial statements. 2. Summary of Significant Accounting Policies (Continued) In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”),” which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. The Company has concluded that this guidance will not have a material impact on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Fund's Investments | At December 31, 2023, the Fund’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Total 1 Quoted prices in active markets for identical assets $ — $ — 2 Other direct and indirect observable market inputs (2) 151,252,920 151,252,920 3 Valuation sources that employ significant unobservable inputs 249,673,453 249,673,453 Total $ 400,926,373 $ 400,926,373 ______________________ (1) Includes senior secured loans (2) For example, quoted prices in inactive markets or quotes for comparable investments At December 31, 2022, the Fund’s investments were categorized as follows: Level Basis for Determining Fair Value Bank Debt (1) Total 1 Quoted prices in active markets for identical assets $ — $ — 2 Other direct and indirect observable market inputs (2) 130,768,540 130,768,540 3 Valuation sources that employ significant unobservable inputs 76,785,839 76,785,839 Total $ 207,554,379 $ 207,554,379 ______________________ (1) Includes senior secured loans (2) For example, quoted prices in inactive markets or quotes for comparable investments |
Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments | Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2023 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) Bank Debt $ 209,935,097 Income approach Discount rate 9.0 % - 20.7 % ( 11.5 %) 39,738,356 Market quotations Indicative bid/ask quotes 1 ( 1 ) $ 249,673,453 ______________________ (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value. Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: Asset Type Fair Value Valuation Technique Unobservable Input Weighted Average Range (1) (2) Bank Debt $ 65,553,615 Income approach Discount rate 11.3 % - 12.0 % ( 11.7 %) 11,232,224 Market quotations Indicative bid/ask quotes 1 ( 1 ) $ 76,785,839 ______________________ (1) Representing the weighted average of each significant unobservable input range at the investment level by fair value . (2) Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. |
Schedule of Change in Value of Investment Over Change in Unobservable Input | Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0 % and 100 %. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Increase Decrease Yield Increase Decrease |
Schedule of Changes in Investments Categorized as Level 3 | Changes in investments categorized as Level 3 for the year ended December 31, 2023 were as follows: Independent Third-Party Valuation Bank Debt Total Beginning balance $ 76,785,839 $ 76,785,839 Net realized and unrealized gains (losses) 2,142,650 2,142,650 Acquisitions (1) 184,007,546 184,007,546 Dispositions ( 7,995,957 ) ( 7,995,957 ) Transfers into Level 3 (2) 403,640 403,640 Transfers out Level 3 (3) ( 5,670,265 ) ( 5,670,265 ) Ending balance $ 249,673,453 $ 249,673,453 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ 2,257,510 $ 2,257,510 ______________________ (1) Includes payments received in kind and accretion of original issue and market discounts. (2) Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity. (3) Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity. Changes in investments categorized as Level 3 during the period from March 18, 2022 (Inception) to December 31, 2022 were as follows: Independent Third-Party Valuation Bank Debt Total Beginning balance $ — $ — Net realized and unrealized gains (losses) ( 1,218,903 ) ( 1,218,903 ) Acquisitions (1) 83,116,027 83,116,027 Dispositions ( 5,111,285 ) ( 5,111,285 ) Ending balance $ 76,785,839 $ 76,785,839 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses , above) $ ( 1,218,903 ) $ ( 1,218,903 ) ______________________ (1) Includes payments received in kind and accretion of original issue and market discounts . |
Schedule of Reclassification of Permanent Differences, Primary Attributable to Tax Return of Capital and Investments in Partnerships | As of December 31, 2023 and December 31, 2022, permanent difference attributable to non-deductible expenses were reclassified to the following accounts: December 31, 2023 December 31, 2022 Paid-in capital $ ( 106,746 ) $ ( 20,153 ) Accumulated earnings 106,746 20,153 |
Summary of Tax Character of Distributions Paid | The tax character of distributions paid were as follows: December 31, 2023 December 31, 2022 Ordinary income $ 21,171,862 $ 3,262,157 |
Schedule of Tax-basis Components of Distributable Earnings (Accumulated Earnings) Applicable to Common Shareholders | As of December 31, 2023 and December 31, 2022, the tax components of accumulated net earnings (losses) were as follows: December 31, 2023 December 31, 2022 Undistributed ordinary income $ 2,300,637 $ 580,602 Undistributed capital gains $ 126,412 — Net unrealized gains (losses) 1,997,084 ( 3,349,572 ) Total accumulated earnings (losses) $ 4,424,133 ( 2,768,970 ) |
Summary of Gross Unrealized Appreciation and Depreciation Based on Cost of Investments for U.S. Federal Income Tax Purposes | As of December 31, 2023 and December 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: December 31, 2023 December 31, 2022 Tax basis of investments $ 398,929,289 $ 210,903,951 Unrealized appreciation 5,927,022 833,360 Unrealized depreciation ( 3,929,938 ) ( 4,182,932 ) Net unrealized appreciation (depreciation) $ 1,997,084 $ ( 3,349,572 ) |
Schedule of Ordinary Income Distributions Paid | The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2023: December 31, 2023 Interest Dividends $ 20,443,324 The fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2023: December 31, 2023 Interest-Related Dividends $ 19,891,621 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Total Expenses Related to Debt | Total expenses related to debt included the following: Year ended December 31, 2023 For the period from March 18, 2022 (Inception) to December 31, 2022 Interest expense $ 7,725,732 $ 1,819,941 Amortization of deferred debt issuance costs 193,554 109,094 Commitment fees 478,917 334,463 Total $ 8,398,203 $ 2,263,498 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments Contingencies Concentration Of Credit Risk And Off Balance Sheet Risk [Abstract] | |
Schedule of Certain Revolving Loan Facilities and Other Commitments with Unfunded Balances | 5. Commitments and Contingencies (Continued) The Consolidated Schedule of Investments include certain revolving loan facilities and other commitments with unfunded balances at December 31, 2023 and December 31, 2022 as follows: Unfunded Balances Issuer Maturity Date December 31, 2023 December 31, 2022 Accordion Partners LLC 8/29/2029 $ 2,964,083 $ 624,447 Accordion Partners LLC 8/31/2028 250,890 277,532 Alcami Corporation 12/21/2028 83,235 83,235 Alcami Corporation 12/21/2028 133,176 133,176 Alera Group, Inc. 10/2/2028 70,848 244,494 Alera Group, Inc. 11/17/2025 9,010,465 N/A Allied Benefit Systems Intermediate, LLC 10/31/2030 1,460,816 N/A AmeriLife Holdings, LLC 8/31/2029 126,586 251,663 AmeriLife Holdings, LLC 8/31/2028 377,494 377,494 AmeriLife Holdings, LLC 8/31/2029 11,935,075 N/A athenahealth Group Inc. 2/15/2029 N/A 109,783 Avalara, Inc. 10/19/2028 377,651 377,651 Blackbird Purchaser, Inc. 12/19/2030 472,662 N/A Blackbird Purchaser, Inc. 12/19/2029 315,108 N/A Bluefin Holding, LLC 9/12/2029 1,190,668 N/A Bynder Bidco B.V. (Netherlands) 1/26/2029 171,174 N/A Bynder Bidco, Inc. (Netherlands) 1/26/2029 47,160 N/A Cherry Bekaert Advisory, LLC 6/30/2028 447,254 313,078 Cherry Bekaert Advisory, LLC 6/30/2028 970,468 N/A Cherry Bekaert Advisory, LLC 6/30/2028 N/A 499,136 Crewline Buyer, Inc. 6/30/2028 995,744 N/A Disco Parent, Inc. (Duck Creek Technologies) 3/30/2029 232,723 N/A e-Discovery AcquireCo, LLC 8/29/2029 779,930 N/A Freedom Financial Network Funding, LLC 9/21/2027 N/A 891,790 Fusion Holding Corp. (Finalsite) 9/15/2027 371,133 371,133 Fusion Risk Management, Inc. 5/22/2029 457,601 N/A Fusion Risk Management, Inc. 8/30/2028 N/A 313,806 Galway Borrower LLC 9/29/2028 5,400,000 N/A GC Champion Acquisition LLC (Numerix) 8/21/2028 N/A 654,568 GC Waves Holdings, Inc. (Mercer) 8/11/2028 11,827,234 N/A GTY Technology Holdings Inc. 7/9/2029 237,936 264,374 GTY Technology Holdings Inc. 7/9/2029 1,085,429 N/A Higginbotham Insurance Agency, Inc. 11/25/2028 3,675,280 N/A ImageFirst Holdings, LLC 4/27/2028 228,309 N/A Integrity Marketing Acquisition, LLC 8/27/2026 2,713,905 N/A Integrity Marketing Acquisition, LLC 8/27/2026 3,452,216 N/A Integrity Marketing Acquisition, LLC 8/27/2025 N/A 2,989,762 5. Commitments and Contingencies (Continued) Unfunded Balances (continued) Issuer Maturity Date December 31, 2023 December 31, 2022 LJ Avalon Holdings, LLC (Ardurra) 2/1/2030 187,452 N/A LJ Avalon Holdings, LLC (Ardurra) 2/1/2029 123,067 N/A Lucky US BuyerCo, LLC (Global Payments) 3/30/2029 409,549 N/A Madison Logic Holdings, Inc. 12/30/2027 163,029 163,029 Mesquite Bidco, LLC 11/30/2029 668,614 N/A OMNIA Partners, LLC 7/18/2030 24,996 N/A Opco Borrower, LLC (Giving Home Health Care) 8/19/2027 N/A 154,544 Oranje Holdco, Inc. (KnowBe4) 2/1/2029 180,686 N/A Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) 7/19/2030 3,431,510 N/A Pueblo Mechanical and Controls, LLC 8/23/2027 N/A 626,684 Pueblo Mechanical and Controls, LLC 8/23/2027 680,994 237,151 Pueblo Mechanical and Controls, LLC 9/19/2028 5,353,117 N/A RSC Acquisition, Inc. (Risk Strategies) 10/30/2026 3,578,907 N/A Serrano Parent, LLC (Sumo Logic) 5/13/2030 409,922 N/A Showtime Acquisition, L.L.C. (World Choice) 8/7/2028 158,331 N/A Showtime Acquisition, L.L.C. (World Choice) 8/7/2028 197,914 N/A Streamland Media Midco LLC 8/31/2023 N/A 1,125,859 Trintech, Inc. 7/25/2029 516,842 N/A Vensure Employer Services, Inc. 2/28/2027 1,660 2,642,481 Vensure Employer Services, Inc. 2/26/2027 5,876,054 N/A Vortex Finance Sub, LLC 9/4/2029 2,621,633 N/A Vortex Finance Sub, LLC 9/4/2029 199,305 N/A Zendesk Inc. 11/22/2028 610,938 610,938 Zendesk Inc. 11/22/2028 251,563 251,563 Total Unfunded Balances $ 87,508,336 $ 14,589,371 |
Stockholders' Equity and Divi_2
Stockholders' Equity and Dividends (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Transactions in Common Shares | The following table summarizes transactions in Common Shares for the year ended December 31, 2023 and the period from March 18, 2022 (Inception) to December 31, 2022: Year ended December 31, 2023 For the period from March 18, 2022 (Inception) to December 31, 2022 Shares Amount Shares Amount Institutional Class Subscriptions 3,934,546 $ 96,737,065 4,892,367 $ 118,655,300 Share transfers between classes — — — — Distributions reinvested 705,362 17,295,327 76,209 1,819,100 Share Repurchases — — — — Early Repurchase Deduction — — — — Net Increase (Decrease) 4,639,908 $ 114,032,392 4,968,576 $ 120,474,400 Class S Subscriptions — — — — Share transfers between classes — — — — Distributions reinvested — — — — Share Repurchases — — — — Early Repurchase Deduction — — — — Net Increase (Decrease) — — — — Class D — — — — Subscriptions — — — — Share transfers between classes — — — — Distributions reinvested — — — — Share Repurchases — — — — Early Repurchase Deduction — — — — Net Increase (Decrease) — — — — |
Schedule of Net Asset Value Per Share | The following table presents our monthly NAV per share for each of the three classes of shares since our inception through December 31, 2023. 7. Stockholders’ Equity and Dividends (Continued) NAV per Share For the Month Ended Institutional Class Class S Class D June 30, 2022 $ 23.49 N/A N/A July 31, 2022 24.40 N/A N/A August 31, 2022 24.86 N/A N/A September 30, 2022 23.74 N/A N/A October 31, 2022 23.89 N/A N/A November 30, 2022 23.93 N/A N/A December 31, 2022 23.69 N/A N/A January 31, 2023 24.28 N/A N/A February 28, 2023 24.25 N/A N/A March 31, 2023 24.23 N/A N/A April 30, 2023 24.38 N/A N/A May 31, 2023 24.05 N/A N/A June 30, 2023 24.49 N/A N/A July 31, 2023 24.73 N/A N/A August 31, 2023 24.85 N/A N/A September 30, 2023 24.99 N/A N/A October 31, 2023 24.70 N/A N/A November 30, 2023 24.87 N/A N/A December 31, 2023 24.85 N/A N/A |
Dividends Declared [Table Text Block] | The following table summarizes the Fund's dividends declared for the year ended December 31, 2023 and for the period from March 18, 2022 (Inception) to December 31, 2022. Institutional Class Date Declared Record Date Payment Date Type Amount Per Share Total Amount September 29, 2022 September 29, 2022 October 27, 2022 Regular $ 0.15 $ 439,782 October 28, 2022 October 28, 2022 November 28, 2022 Regular 0.15 634,004 November 29, 2022 November 29, 2022 December 27, 2022 Regular 0.16 747,485 December 29, 2022 December 29, 2022 January 27, 2023 Regular 0.17 844,657 December 29, 2022 December 29, 2022 January 27, 2023 Special 0.12 596,229 $ 0.75 $ 3,262,157 January 30, 2023 January 30, 2023 February 27, 2023 Regular 0.17 890,298 February 15, 2023 February 22, 2023 March 27, 2023 Regular 0.18 1,012,545 March 24, 2023 March 29, 2023 April 26, 2023 Regular 0.20 1,181,081 April 25, 2023 April 27, 2023 May 26, 2023 Regular 0.21 1,304,322 May 26, 2023 May 30, 2023 June 27, 2023 Regular 0.21 1,340,292 June 30, 2023 June 30, 2023 July 26, 2023 Regular 0.21 1,379,449 July 27, 2023 July 28, 2023 August 28, 2023 Regular 0.21 1,429,513 August 31, 2023 August 30, 2023 September 26, 2023 Regular 0.22 1,588,580 September 29, 2023 September 29, 2023 October 26, 2023 Regular 0.22 1,715,730 October 30, 2023 October 30, 2023 November 27, 2023 Regular 0.23 1,905,609 October 30, 2023 October 30, 2023 November 27, 2023 Special 0.10 828,526 November 22, 2023 November 28, 2023 December 26, 2023 Regular 0.23 2,052,362 November 22, 2023 November 28, 2023 December 26, 2023 Special 0.10 892,332 December 21, 2023 December 27, 2023 January 24, 2024 Regular 0.23 2,209,951 December 21, 2023 December 27, 2023 January 24, 2024 Special 0.15 1,441,272 $ 2.87 $ 21,171,862 |
Share Repurchase Program (Table
Share Repurchase Program (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Fund Repurchases | The following table presents information with respect to the Fund's repurchases for the year ended December 31, 2023: Repurchase request deadline Number of Shares Repurchased Percentage of Outstanding Shares Repurchased (1) Price Paid Per Share Repurchase Pricing Date Amount Repurchased (2) Maximum number of shares that may yet be repurchased (3) May 31, 2023 — — N/A N/A — — August 31, 2023 — — N/A N/A — — November 30, 2023 — — N/A N/A — — ______________________ (1) Percentage is based on total shares as of the close of the previous calendar quarter. (2) There were no repurchase requests received in any of the available periods. Net of Early Repurchase Deduction (if any). |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | For the Year Ended December 31, For the Period from March 18, 2022 (Inception) to December 31, 2023 2022 Per Common Share Per share NAV at beginning of period $ 23.69 $ 25.00 Investment operations: (1) Net investment income before excise taxes 3.19 0.99 Excise taxes ( 0.01 ) 0.00 Net investment income 3.18 0.99 Net realized and unrealized gain (loss) 0.85 — Total from investment operations 4.03 0.99 Dividends to common shareholders ( 2.87 ) ( 0.75 ) Per share NAV at end of period $ 24.85 $ 23.69 Total return based on net asset value: (2) 17.01 % ( 2.24 )% Shares outstanding at end of period 9,608,484 4,968,576 Ratios to average net asset value: (3) Net investment income (4) 13.50 % 8.21 % Expenses before incentive fee (5) 6.70 % 7.80 % Expenses and incentive fee (6) 6.70 % 7.80 % Ending net asset value $ 238,804,026 $ 117,685,277 Portfolio turnover rate 23.13 % 4.23 % Weighted-average debt outstanding $ 110,172,603 $ 45,242,215 Weighted-average interest rate on debt 7.01 % 5.08 % Weighted-average number of common shares 7,055,915 2,596,026 Weighted-average debt per share $ 11.47 $ 9.11 (1) Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred. (2) Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period. (3) Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses, excluding the effect of management fee and incentive fee waivers by the Adviser which represented 3.18 % of average net assets. (4) Net of incentive fees and excise taxes. (5) Includes interest and other debt costs but excludes excise taxes. (6) Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes. |
Senior Securities (Tables)
Senior Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Senior Securities | Information about the Fund's senior securities is shown in the following table as of the year ended December 31, 2023 and 2022. Class and Year Total Amount (1) Asset (2) Involuntary (3) Average (4) Credit Facility Fiscal year 2023 $ 156,000,000 $ 2,510 — N/A Fiscal year 2022 95,000,000 2,225 — N/A (1) Total amount of each class of senior securities outstanding at the end of the period presented. (2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $ 1,000 to determine the Asset Coverage Per Unit. (3) The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities. (4) The Fund's senior securities are not registered for public trading. |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Net investment income before taxes | $ 3,822,606 | $ 3,822,606 | $ 22,833,993 |
Minimum | |||
EBITDA | 10,000,000 | ||
Net investment income before taxes | 50,000,000 | ||
Maximum | |||
EBITDA | 250,000,000 | ||
Net investment income before taxes | $ 2,500,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of aggregate capitalization of fund | 5% | |
Percentage of aggregate fair value of fund assets | 5% | |
Cash and cash equivalents | $ 20,393,858 | $ 17,633,729 |
Foreign currency investments hold | 0 | |
Organizational and offering expenses | $ 800,000 | |
Percentage of annual operating expenses exceeded value of fund net assets | 1.25% | |
Percentage of annual operating expenses not exceeded value of fund net assets | 1.25% | |
JPMorgan U.S. Treasury Plus Money Market Fund | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Cash and cash equivalents | $ 5,000,000 | $ 11,000,000 |
Percentage of cash and cash equivalents net assets held | 2.10% | 9.40% |
Yield percentage of cash equivalents investment | 5.20% | 4.12% |
Maximum | Level 3 | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Valuation technique relative weight range | 100% | |
Minimum | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Percentage of aggregate fair value of total assets | 5% | |
Minimum | Level 3 | ||
Schedule Of Summary Of Significant Accounting Policies [Line Items] | ||
Valuation technique relative weight range | 0% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Investments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | $ 400,926,373 | [1] | $ 207,554,379 | |
Bank Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | [1] | 207,554,379 | ||
Quoted Prices in Active Markets for Identical Assets | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets | Bank Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | [1] | 0 | 0 | |
Other Direct and Indirect Observable Market Inputs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | [2] | 130,768,540 | ||
Other Direct and Indirect Observable Market Inputs | Bank Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | [1],[2] | 151,252,920 | 130,768,540 | |
Valuation Sources that Employ Significant Unobservable Inputs | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | 76,785,839 | |||
Valuation Sources that Employ Significant Unobservable Inputs | Bank Debt | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Investments, Fair Value | [1] | $ 249,673,453 | $ 76,785,839 | |
[1] Includes senior secured loans For example, quoted prices in inactive markets or quotes for comparable investments |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value | $ 400,926,373 | [1] | $ 207,554,379 | ||
Bank Debt | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value | [1] | 207,554,379 | |||
Level 3 | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value | 76,785,839 | ||||
Level 3 | Minimum | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Weighted Average Range | 0% | ||||
Level 3 | Maximum | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Weighted Average Range | 100% | ||||
Level 3 | Bank Debt | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value | [1] | $ 249,673,453 | 76,785,839 | ||
Level 3 | Bank Debt | Income Approach | Discount Rate | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value | $ 209,935,097 | $ 65,553,615 | |||
Concluded Value | 11.50% | 11.70% | [2],[3] | ||
Level 3 | Bank Debt | Income Approach | Discount Rate | Minimum | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Weighted Average Range | 9% | 11.30% | [2],[3] | ||
Level 3 | Bank Debt | Income Approach | Discount Rate | Maximum | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Weighted Average Range | 20.70% | 12% | [2],[3] | ||
Level 3 | Bank Debt | Market Quotations | Indicative Bid/Ask Quotes | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value | $ 39,738,356 | $ 11,232,224 | |||
Weighted Average Range | 1 | 1 | [2],[3] | ||
Concluded Value | 1 | 1 | [2],[3] | ||
[1] Includes senior secured loans Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value. Representing the weighted average of each significant unobservable input range at the investment level by fair value |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Change in Value of Investment Over Change in Unobservable Input (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Discount Rate | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Decrease |
Impact to Value if Input Decreases | Increase |
Revenue Multiple | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
EBITDA Multiples | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Book Value Multiples | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Implied Volatility | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Term | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Yield | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Impact to Value if Input Increases | Increase |
Impact to Value if Input Decreases | Decrease |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Changes in Investments Categorized as Level 3 (Details) - Level 3 - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | ||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 76,785,839 | $ 0 | |||
Net realized and unrealized gains (losses) | $ 2,142,650 | $ (1,218,903) | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | |||
Acquisitions | $ 184,007,546 | [1] | $ 83,116,027 | [2] | |
Dispositions | 7,995,957 | (5,111,285) | |||
Transfers into Level 3 | [3] | 403,640 | |||
Transfers out of Level 3 | [4] | 5,670,265 | |||
Ending balance | 249,673,453 | 76,785,839 | |||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ 2,257,510 | $ (1,218,903) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | |||
Bank Debt | |||||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||||
Beginning balance | $ 76,785,839 | $ 0 | |||
Net realized and unrealized gains (losses) | $ 2,142,650 | $ (1,218,903) | |||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | |||
Acquisitions | $ 184,007,546 | [1] | $ 83,116,027 | [2] | |
Dispositions | (7,995,957) | (5,111,285) | |||
Transfers into Level 3 | [3] | 403,640 | |||
Transfers out of Level 3 | [4] | (5,670,265) | |||
Ending balance | 249,673,453 | 76,785,839 | |||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) | $ 2,257,510 | $ (1,218,903) | |||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, after Tax | |||
[1] Includes payments received in kind and accretion of original issue and market discounts. Includes payments received in kind and accretion of original issue and market discounts Comprised of three investments that were transferred from Level 2 to Level 3 due to decreased observable market activity. Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity. |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Reclassification of Permanent Differences Primary Attributable to Tax Return of Capital and Investments in Partnerships (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Paid-in capital | $ (106,746) | $ (20,153) |
Accumulated earnings | $ 106,746 | $ 20,153 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary of Tax Character of Distributions Paid (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Ordinary income | $ 21,171,862 | $ 3,262,157 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Schedule of Tax-basis Components of Distributable Earnings (Accumulated Earnings) Applicable to Common Shareholders (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Undistributed ordinary income | $ 2,300,637 | $ 580,602 |
Undistributed capital gains | 126,412 | 0 |
Net unrealized gains (losses) | 1,997,084 | (3,349,572) |
Total accumulated earnings (losses) | $ 4,424,133 | $ (2,768,970) |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Summary of Gross Unrealized Appreciation and Depreciation Based on Cost of Investments for U.S. Federal Income Tax Purposes (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Abstract] | ||
Tax basis of investments | $ 398,929,289 | $ 210,903,951 |
Unrealized appreciation | 5,927,022 | 833,360 |
Unrealized depreciation | (3,929,938) | (4,182,932) |
Net unrealized appreciation (depreciation) | $ 1,997,084 | $ (3,349,572) |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Schedule of Interest Dividend for Fiscal Year (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Interest Dividends | $ 20,443,324 |
Summary of Significant Accou_14
Summary of Significant Accounting Policies - Schedule of Interest-Related Dividends Eligible for Exemption from U.S. Withholding Tax for Nonresident Aliens and Foreign Corporations (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Interest-Related Dividends | $ 19,891,621 |
Management Fees, Incentive Fe_2
Management Fees, Incentive Fees and Other Expenses - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | 21 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2023 | |
Management Fees Incentive Fees And Other Expenses [Line Items] | |||
Management fee, annual rate on net assets | 1.25% | ||
Percentage of total return hurdle on daily weighted average unreturned capital contributions | 5% | ||
Percentage of aggregate net investment income before incentive compensation earned for most recent calendar quarter | 12.50% | ||
Percentage of aggregate net investment income before incentive compensation | 100% | ||
Percentage of annualized total return | 5.71% | ||
Percentage of net investment income before incentive compensation earned in excess of this total return | 12.50% | ||
Percentage of aggregate realized capital gains for most recent calendar quarter | 12.50% | ||
Percentage of annual total return on daily weighted average unreturned contributed capital contributions | 5% | ||
Incentive income waived | $ 3.3 | $ 3.3 | |
Base Management Fee [Member] | |||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||
Management fee waived | $ 0.6 | $ 2 | $ 2.6 |
Maximum | |||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||
Percentage of daily weighted average unreturned capital contributions | 5.71% | ||
Minimum | |||
Management Fees Incentive Fees And Other Expenses [Line Items] | |||
Incentive income waived | $ 0 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 15, 2023 | Jun. 03, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | |||||
Weighted average interest rate on debt | 7.01% | 5.08% | |||
Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 200 | ||||
Description of variable rate basis | The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of “Middle Market Loans” (as defined in Exhibit 10.1) is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%. | ||||
Credit facility, maturity date | Jun. 03, 2032 | ||||
Credit facility, outstanding amount | $ 156 | ||||
Weighted average interest rate on debt | 7.38% | ||||
Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility unused portion of commitment fee percentage | 0.35% | ||||
Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility unused portion of commitment fee percentage | 0.50% | ||||
Second Amendment | Minimum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 50 | ||||
Second Amendment | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 75 | ||||
Second Amendment | Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | 150 | ||||
Second Amendment | Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 225 | ||||
Aggregate Balance of Middle Market Loans Less than or Equal to 25% | Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.55% | ||||
Aggregate Balance of Middle Market Loans Less than or Equal to 25% | Second Amendment | Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.62% | ||||
Aggregate Balance of Middle Market Loans Above 25% and Less than or Equal to 50% | Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.65% | ||||
Aggregate Balance of Middle Market Loans Above 25% and Less than or Equal to 50% | Second Amendment | Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.77% | ||||
Aggregate Balance of Middle Market Loans Above 50% and Less than or Equal to 75% | Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.80% | ||||
Aggregate Balance of Middle Market Loans Above 50% and Less than or Equal to 75% | Second Amendment | Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.96% | ||||
Aggregate Balance of Middle Market Loans Above 75% | Revolving Credit Facility and Term Loan Facility | PNC Bank, National Association | SOFR | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.90% | ||||
Aggregate Balance of Middle Market Loans Above 75% | Second Amendment | Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.12% |
Debt - Schedule of Total Expens
Debt - Schedule of Total Expenses Related to Debt (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ 1,819,941 | $ 7,725,732 |
Amortization of deferred debt issuance costs | 109,094 | 193,554 |
Commitment fees | 334,463 | 478,917 |
Total | $ 2,263,498 | $ 8,398,203 |
Other Related Party Transacti_2
Other Related Party Transactions - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Related Party Transactions [Abstract] | ||
Percentage of annual operating expenses not exceeded value of fund net assets | 1.25% | |
Reimbursements Due To Advisor | $ 0 | $ 200,000 |
Reimbursements due to the Investment Adviser | 48,566 | 247,942 |
Administrative services expenses | $ 600,000 | $ 1,300,000 |
Stockholders' Equity and Divi_3
Stockholders' Equity and Dividends - Additional Information (Details) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class Of Stock [Line Items] | ||
Preferred stock, par value | $ 0.001 | |
Shares issued | 9,608,484 | 4,968,576 |
Shares outstanding | 9,608,484 | 4,968,576 |
Common Stock | ||
Class Of Stock [Line Items] | ||
Common stock, shares authorized | 2,500,000,000 | |
Purchase price, per share | $ 25 | |
Class S | ||
Class Of Stock [Line Items] | ||
Shares outstanding | 0 | 0 |
Class D | ||
Class Of Stock [Line Items] | ||
Shares outstanding | 0 | 0 |
Institutional Class | ||
Class Of Stock [Line Items] | ||
Shares issued | 9,608,484 | |
Shares outstanding | 9,608,484 |
Stockholders' Equity and Divi_4
Stockholders' Equity and Dividends - Schedule of Transactions in Common Shares (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Class of Stock [Line Items] | |||
Distributions reinvested, Amount | $ 1,819,100 | $ 17,295,327 | |
Share Repurchases, Shares | 0 | ||
Institutional Class | |||
Class of Stock [Line Items] | |||
Subscriptions, Shares | 4,892,367 | 3,934,546 | |
Subscriptions, Amount | $ 118,655,300 | $ 118,655,300 | $ 96,737,065 |
Share transfers between classes, Shares | 0 | 0 | |
Share Transfers Between Classes, Amount | $ 0 | $ 0 | |
Distributions reinvested, Shares | 76,209 | 705,362 | |
Distributions reinvested, Amount | $ 1,819,100 | $ 17,295,327 | |
Share Repurchases, Shares | 0 | 0 | |
Share Repurchases, Amount | $ 0 | $ 0 | |
Early Repurchase Deduction, Shares | 0 | 0 | |
Early Repurchase Deduction, Amount | $ 0 | $ 0 | |
Net Increase (Decrease), Shares | 4,968,576 | 4,639,908 | |
Net Increase (Decrease), Amount | $ 120,474,400 | $ 114,032,392 |
Stockholders' Equity and Divi_5
Stockholders' Equity and Dividends - Schedule of Net Asset Value Per Share (Details) - $ / shares | Dec. 31, 2023 | Nov. 30, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | Mar. 18, 2022 |
Class of Stock [Line Items] | ||||||||||||||||||||
Net asset value per share | $ 24.85 | $ 23.69 | $ 25 | |||||||||||||||||
Institutional Class | ||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||
Net asset value per share | $ 24.85 | $ 24.87 | $ 24.7 | $ 24.99 | $ 24.85 | $ 24.73 | $ 24.49 | $ 24.05 | $ 24.38 | $ 24.23 | $ 24.25 | $ 24.28 | $ 23.69 | $ 23.93 | $ 23.89 | $ 23.74 | $ 24.86 | $ 24.4 | $ 23.49 |
Stockholders' Equity and Divi_6
Stockholders' Equity and Dividends - Schedule of Declared Dividends to Common Stockholders (Details) - Institutional Class - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | |||
Dividend payable amount per share | $ 0.75 | $ 2.87 | $ 0.75 |
Dividends paid to shareholders | $ 21,171,862 | $ 3,262,157 | |
January 30, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Jan. 30, 2023 | ||
Dividend payable record date | Jan. 30, 2023 | ||
Dividend payable date | Feb. 27, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.17 | ||
Dividends paid to shareholders | $ 890,298 | ||
February 15, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Feb. 15, 2023 | ||
Dividend payable record date | Feb. 22, 2023 | ||
Dividend payable date | Mar. 27, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.18 | ||
Dividends paid to shareholders | $ 1,012,545 | ||
March 24, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Mar. 24, 2023 | ||
Dividend payable record date | Mar. 29, 2023 | ||
Dividend payable date | Apr. 26, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.2 | ||
Dividends paid to shareholders | $ 1,181,081 | ||
April 25, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Apr. 25, 2023 | ||
Dividend payable record date | Apr. 27, 2023 | ||
Dividend payable date | May 26, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.21 | ||
Dividends paid to shareholders | $ 1,304,322 | ||
May 26, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | May 26, 2023 | ||
Dividend payable record date | May 30, 2023 | ||
Dividend payable date | Jun. 27, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.21 | ||
Dividends paid to shareholders | $ 1,340,292 | ||
June 30, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Jun. 30, 2023 | ||
Dividend payable record date | Jun. 30, 2023 | ||
Dividend payable date | Jul. 26, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.21 | ||
Dividends paid to shareholders | $ 1,379,449 | ||
July 27, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Jul. 27, 2023 | ||
Dividend payable record date | Jul. 28, 2023 | ||
Dividend payable date | Aug. 28, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.21 | ||
Dividends paid to shareholders | $ 1,429,513 | ||
August 31, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Aug. 31, 2023 | ||
Dividend payable record date | Aug. 30, 2023 | ||
Dividend payable date | Sep. 26, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.22 | ||
Dividends paid to shareholders | $ 1,588,580 | ||
September 29, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Sep. 29, 2023 | ||
Dividend payable record date | Sep. 29, 2023 | ||
Dividend payable date | Oct. 26, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.22 | ||
Dividends paid to shareholders | $ 1,715,730 | ||
October 30, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Oct. 30, 2023 | ||
Dividend payable record date | Oct. 30, 2023 | ||
Dividend payable date | Nov. 27, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.23 | ||
Dividends paid to shareholders | $ 1,905,609 | ||
October 30, 2023 | Special [Member] | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Oct. 30, 2023 | ||
Dividend payable record date | Oct. 30, 2023 | ||
Dividend payable date | Nov. 27, 2023 | ||
Dividends Payable, Nature | Special | ||
Dividend payable amount per share | $ 0.1 | ||
Dividends paid to shareholders | $ 828,526 | ||
November 22, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Nov. 22, 2023 | ||
Dividend payable record date | Nov. 28, 2023 | ||
Dividend payable date | Dec. 26, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.23 | ||
Dividends paid to shareholders | $ 2,052,362 | ||
November 22, 2023 | Special [Member] | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Nov. 22, 2023 | ||
Dividend payable record date | Nov. 28, 2023 | ||
Dividend payable date | Dec. 26, 2023 | ||
Dividends Payable, Nature | Special | ||
Dividend payable amount per share | $ 0.1 | ||
Dividends paid to shareholders | $ 892,332 | ||
December 21, 2023 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Dec. 21, 2023 | ||
Dividend payable record date | Dec. 27, 2023 | ||
Dividend payable date | Jan. 24, 2024 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.23 | ||
Dividends paid to shareholders | $ 2,209,951 | ||
December 21, 2023 | Special [Member] | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Dec. 21, 2023 | ||
Dividend payable record date | Dec. 27, 2023 | ||
Dividend payable date | Jan. 24, 2024 | ||
Dividends Payable, Nature | Special | ||
Dividend payable amount per share | $ 0.15 | ||
Dividends paid to shareholders | $ 1,441,272 | ||
September 29, 2022 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Sep. 29, 2022 | ||
Dividend payable record date | Sep. 29, 2022 | ||
Dividend payable date | Oct. 27, 2022 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.15 | $ 0.15 | |
Dividends paid to shareholders | $ 439,782 | ||
October 28, 2022 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Oct. 28, 2022 | ||
Dividend payable record date | Oct. 28, 2022 | ||
Dividend payable date | Nov. 28, 2022 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.15 | $ 0.15 | |
Dividends paid to shareholders | $ 634,004 | ||
November 29, 2022 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Nov. 29, 2022 | ||
Dividend payable record date | Nov. 29, 2022 | ||
Dividend payable date | Dec. 27, 2022 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.16 | $ 0.16 | |
Dividends paid to shareholders | $ 747,485 | ||
December 29, 2022 | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Dec. 29, 2022 | ||
Dividend payable record date | Dec. 29, 2022 | ||
Dividend payable date | Jan. 27, 2023 | ||
Dividends Payable, Nature | Regular | ||
Dividend payable amount per share | $ 0.17 | $ 0.17 | |
Dividends paid to shareholders | $ 844,657 | ||
December 29, 2022 | Special [Member] | |||
Class Of Stock [Line Items] | |||
Dividend payable declared date | Dec. 29, 2022 | ||
Dividend payable record date | Dec. 29, 2022 | ||
Dividend payable date | Jan. 27, 2023 | ||
Dividends Payable, Nature | Special | ||
Dividend payable amount per share | $ 0.12 | $ 0.12 | |
Dividends paid to shareholders | $ 596,229 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Certain Revolving Loan Facilities and Other Commitments with Unfunded Balances (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Unfunded Balances | $ 87,508,336 | $ 14,589,371 |
Accordion Partners LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 29, 2029 | |
Unfunded Balances | $ 2,964,083 | 624,447 |
Accordion Partners LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 31, 2028 | |
Unfunded Balances | $ 250,890 | 277,532 |
Alcami Corporation | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Dec. 21, 2028 | |
Unfunded Balances | $ 83,235 | 83,235 |
Alcami Corporation | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Dec. 21, 2028 | |
Unfunded Balances | $ 133,176 | 133,176 |
Alera Group, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Oct. 02, 2028 | |
Unfunded Balances | $ 70,848 | 244,494 |
Alera Group, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 17, 2025 | |
Unfunded Balances | $ 9,010,465 | |
Allied Benefit Systems Intermediate, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Oct. 31, 2030 | |
Unfunded Balances | $ 1,460,816 | |
AmeriLife Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 31, 2029 | |
Unfunded Balances | $ 126,586 | 251,663 |
AmeriLife Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 31, 2028 | |
Unfunded Balances | $ 377,494 | 377,494 |
AmeriLife Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 31, 2029 | |
Unfunded Balances | $ 11,935,075 | |
Athenahealth Group Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Feb. 15, 2029 | |
Unfunded Balances | 109,783 | |
Avalara, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Oct. 19, 2028 | |
Unfunded Balances | $ 377,651 | 377,651 |
Blackbird Purchaser, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Dec. 19, 2030 | |
Unfunded Balances | $ 472,662 | |
Blackbird Purchaser, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Dec. 19, 2029 | |
Unfunded Balances | $ 315,108 | |
Bluefin Holding, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 12, 2029 | |
Unfunded Balances | $ 1,190,668 | |
Bynder Bidco B.V. (Netherlands) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jan. 26, 2029 | |
Unfunded Balances | $ 171,174 | |
Bynder Bidco B.V. (Netherlands) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jan. 26, 2029 | |
Unfunded Balances | $ 47,160 | |
Cherry Bekaert Advisory LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jun. 30, 2028 | |
Unfunded Balances | $ 447,254 | 313,078 |
Cherry Bekaert Advisory LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jun. 30, 2028 | |
Unfunded Balances | $ 970,468 | |
Cherry Bekaert Advisory, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jun. 30, 2028 | |
Unfunded Balances | 499,136 | |
Crewline Buyer, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jun. 30, 2028 | |
Unfunded Balances | $ 995,744 | |
Disco Parent, Inc. (Duck Creek Technologies) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Mar. 30, 2029 | |
Unfunded Balances | $ 232,723 | |
e-Discovery AcquireCo, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 29, 2029 | |
Unfunded Balances | $ 779,930 | |
Freedom Financial Network Funding, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 21, 2027 | |
Unfunded Balances | 891,790 | |
Fusion Holding Corp. (Finalsite) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 15, 2027 | |
Unfunded Balances | $ 371,133 | 371,133 |
Fusion Risk Management, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | May 22, 2029 | |
Unfunded Balances | $ 457,601 | |
Fusion Risk Management, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 30, 2028 | |
Unfunded Balances | 313,806 | |
Galway Borrower LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 29, 2028 | |
Unfunded Balances | $ 5,400,000 | |
GC Champion Acquisition LLC (Numerix) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 21, 2028 | |
Unfunded Balances | 654,568 | |
GC Waves Holdings, Inc. (Mercer) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 11, 2028 | |
Unfunded Balances | $ 11,827,234 | |
GTY Technology Holdings Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jul. 09, 2029 | |
Unfunded Balances | $ 237,936 | 264,374 |
GTY Technology Holdings Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jul. 09, 2029 | |
Unfunded Balances | $ 1,085,429 | |
Higginbotham Insurance Agency, Inc | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 25, 2028 | |
Unfunded Balances | $ 3,675,280 | |
ImageFirst Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Apr. 27, 2028 | |
Unfunded Balances | $ 228,309 | |
Integrity Marketing Acquisition, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 27, 2026 | |
Unfunded Balances | $ 2,713,905 | |
Integrity Marketing Acquisition, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 27, 2026 | |
Unfunded Balances | $ 3,452,216 | |
Integrity Marketing Acquisition, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 27, 2025 | |
Unfunded Balances | 2,989,762 | |
LJ Avalon Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Feb. 01, 2030 | |
Unfunded Balances | $ 187,452 | |
LJ Avalon Holdings, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Feb. 01, 2029 | |
Unfunded Balances | $ 123,067 | |
Lucky US BuyerCo LLC (Global Payments) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Mar. 30, 2029 | |
Unfunded Balances | $ 409,549 | |
Madison Logic Holdings, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Dec. 30, 2027 | |
Unfunded Balances | $ 163,029 | 163,029 |
Mesquite Bidco, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 30, 2029 | |
Unfunded Balances | $ 668,614 | |
OMNIA Partners, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jul. 18, 2030 | |
Unfunded Balances | $ 24,996 | |
Opco Borrower, LLC (Giving Home Health Care) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 19, 2027 | |
Unfunded Balances | 154,544 | |
Oranje Holdco, Inc. (KnowBe4) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Feb. 01, 2029 | |
Unfunded Balances | $ 180,686 | |
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jul. 19, 2030 | |
Unfunded Balances | $ 3,431,510 | |
Pueblo Mechanical and Controls, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 23, 2027 | |
Unfunded Balances | 626,684 | |
Pueblo Mechanical and Controls, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 23, 2027 | |
Unfunded Balances | $ 680,994 | 237,151 |
Pueblo Mechanical and Controls, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 19, 2028 | |
Unfunded Balances | $ 5,353,117 | |
RSC Acquisition, Inc. (Risk Strategies) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Oct. 30, 2026 | |
Unfunded Balances | $ 3,578,907 | |
Serrano Parent, LLC (Sumo Logic) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | May 13, 2030 | |
Unfunded Balances | $ 409,922 | |
Showtime Acquisition, L.L.C. (World Choice) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 07, 2028 | |
Unfunded Balances | $ 158,331 | |
Showtime Acquisition, L.L.C. (World Choice) | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 07, 2028 | |
Unfunded Balances | $ 197,914 | |
Streamland Media Midco LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Aug. 31, 2023 | |
Unfunded Balances | 1,125,859 | |
Trintech, Inc | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Jul. 25, 2029 | |
Unfunded Balances | $ 516,842 | |
Vensure Employer Services, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Feb. 28, 2027 | |
Unfunded Balances | $ 1,660 | 2,642,481 |
Vensure Employer Services, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Feb. 26, 2027 | |
Unfunded Balances | $ 5,876,054 | |
Vortex Finance Sub, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 04, 2029 | |
Unfunded Balances | $ 2,621,633 | |
Vortex Finance Sub, LLC | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Sep. 04, 2029 | |
Unfunded Balances | $ 199,305 | |
Zendesk, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 22, 2028 | |
Unfunded Balances | $ 610,938 | 610,938 |
Zendesk, Inc. | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Nov. 22, 2028 | |
Unfunded Balances | $ 251,563 | $ 251,563 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Details) - shares | 12 Months Ended | |
Oct. 26, 2023 | Dec. 31, 2023 | |
Equity [Abstract] | ||
Share repurchase program, maximum share repurchase percentage | 5% | 5% |
Share repurchase program, maximum liquid assets percentage | 25% | |
Share Repurchase Program Early Repurchase Deduction Percentage | 98% | |
Number of shares repurchased | 0 |
Share Repurchase Program - Sche
Share Repurchase Program - Schedule of Fund Repurchases (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) shares | ||
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares repurchased | 0 | |
Repurchase Request Deadline On May 31, 2023 | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase deadline request | May 31, 2023 | |
Number of shares repurchased | 0 | |
Percentage of outstanding shares repurchased | 0% | [1] |
Amount repurchased | $ | $ 0 | [2] |
Maximum Number of Shares Yet Be Repurchased | 0 | [3] |
Repurchase Request Deadline On August 31, 2023 | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase deadline request | Aug. 31, 2023 | |
Number of shares repurchased | 0 | |
Percentage of outstanding shares repurchased | 0% | [1] |
Amount repurchased | $ | $ 0 | [2] |
Maximum Number of Shares Yet Be Repurchased | 0 | [3] |
Repurchase Request Deadline On November 30, 2023 | ||
Equity, Class of Treasury Stock [Line Items] | ||
Repurchase deadline request | Nov. 30, 2023 | |
Number of shares repurchased | 0 | |
Percentage of outstanding shares repurchased | 0% | [1] |
Amount repurchased | $ | $ 0 | [2] |
Maximum Number of Shares Yet Be Repurchased | 0 | [3] |
[1] Percentage is based on total shares as of the close of the previous calendar quarter. There were no repurchase requests received in any of the available periods. Net of Early Repurchase Deduction (if any). |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | ||
Investment Company [Abstract] | ||||
Net Asset Value Per Share, Beginning Balance | $ 25 | $ 23.69 | ||
Investment Operations: | ||||
Net investment income before income taxes | [1] | 0.99 | 3.19 | |
Excise taxes | [1] | 0 | (0.01) | |
Net investment income | [1] | 0.99 | 3.18 | |
Net realized and unrealized gain (loss) | [1] | 0 | 0.85 | |
Total from investment operations | [1] | 0.99 | 4.03 | |
Dividends to common shareholders | (0.75) | (2.87) | ||
Net Asset Value Per Share, Ending Balance | $ 23.69 | $ 23.69 | $ 24.85 | |
Total return based on net asset value | [2] | (2.24%) | 17.01% | |
Ending balance, Shares | 4,968,576 | 4,968,576 | 9,608,484 | |
Ratios to average net assets: | ||||
Net investment income | [3],[4] | 8.21% | 13.50% | |
Expenses before incentive fee | [3],[5] | 7.80% | 6.70% | |
Expenses and incentive fee | [3],[6] | 7.80% | 6.70% | |
Ending balance | $ 117,685,277 | $ 117,685,277 | $ 238,804,026 | |
Portfolio turnover rate | 4.23% | 23.13% | ||
Weighted-average debt outstanding | $ 45,242,215 | $ 110,172,603 | ||
Weighted-average interest rate on debt | 5.08% | 5.08% | 7.01% | |
Weighted-average number of common shares | 2,596,026 | 2,596,026 | 7,055,915 | |
Weighted-average debt per share | $ 9.11 | $ 11.47 | ||
[1] Per share changes in net asset value are computed based on the actual number of shares outstanding during the time such activity occurred. Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share at the beginning of the period. Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses, excluding the effect of management fee and incentive fee waivers by the Adviser which represented 3.18 % of average net assets. Net of incentive fees and excise taxes. Includes interest and other debt costs but excludes excise taxes. Includes incentive fees and all Fund expenses including interest and other debt costs but excludes excise taxes. |
Financial Highlights - Schedu_2
Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Incentive fees and mangement fees based on income, percentage | 3.18% |
Senior Securities - Summary of
Senior Securities - Summary of Senior Securities (Details) - Credit Facility - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Total Amount Outstanding | [1] | $ 156,000,000 | $ 95,000,000 |
Asset Coverage Per Unit | [2] | $ 2,510 | $ 2,225 |
[1] Total amount of each class of senior securities outstanding at the end of the period presented. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $ 1,000 to determine the Asset Coverage Per Unit. |
Senior Securities - Summary o_2
Senior Securities - Summary of Senior Securities (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instruments [Abstract] | ||
Debt instrument conversion multiples principal amount | $ 1,000 | $ 1,000 |
Asset coverage per unit calculation, description | The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. The asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Feb. 23, 2024 | Feb. 21, 2024 | Jan. 26, 2024 | Jan. 22, 2024 | Feb. 01, 2024 | Jan. 02, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Subsequent Event [Line Items] | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Subsequent Events | ||||||||
Subsequent Event [Line Items] | ||||||||
Additional subscriptions amount | $ 11,437,165 | $ 11,924,839 | $ 11,437,165 | $ 11,924,839 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||
Purchase price, per share | $ 24.92 | $ 24.85 | ||||||
Shares issued | 458,955 | 479,873 | ||||||
Dividend payable declared date | Feb. 23, 2024 | Jan. 26, 2024 | ||||||
Dividend payable amount per share | $ 0.23 | $ 0.23 |