Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Registrant Name | PIMCO Capital Solutions BDC Corp. | |
Entity Central Index Key | 0001905824 | |
Entity File Number | 814-01549 | |
Entity Tax Identification Number | 87-4705230 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 650 Newport Center Drive | |
Entity Address, City or Town | Newport Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92660 | |
City Area Code | 949 | |
Local Phone Number | 720-6000 | |
Title of 12(g) Security | Common Stock, par value $0.001 per share | |
No Trading Symbol Flag | true | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,387,884 |
Consolidated Statement of Asset
Consolidated Statement of Assets and Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments at fair value | ||
Non-controlled, non-affiliated investments, at fair value (cost of $244,421 and $256,627, respectively) | $ 235,590 | $ 230,202 |
Cash | 1,298 | 800 |
Interest receivable | 2,884 | 2,968 |
Receivable for paydowns of investments | 319 | 830 |
Organizational costs paid by Advisor | 905 | 1,004 |
Deferred offering costs | 5 | 10 |
Due from affiliate | 179 | 2 |
Total Assets | 241,180 | 235,816 |
Liabilities | ||
Due to affiliate | 0 | 435 |
Accrued administration fee | 88 | 94 |
Accrued organizational costs | 1,153 | 1,153 |
Accrued offering costs | 20 | 20 |
Directors fee reimbursement to Advisor | 254 | 192 |
Other payable | 159 | 127 |
Total Liabilities | 1,674 | 2,021 |
Commitments & Contingencies (Note 7) | ||
Net Assets | ||
Common stock, $0.001 par value, 250,000,000 shares authorized, 25,387,884 and 25,387,884 shares issued and outstanding, respectively | 25 | 25 |
Paid-in-capital in excess of par | 253,854 | 253,854 |
Distributable earnings (loss) | (14,373) | (20,084) |
Total Net Assets | 239,506 | 233,795 |
Total Liabilities and Net Assets | $ 241,180 | $ 235,816 |
Net asset value per share | $ 9.43 | $ 9.21 |
Consolidated Statement of Ass_2
Consolidated Statement of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Investment Owned, at Cost | [1],[2] | $ 244,421 | $ 256,627 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | |
Common Stock, Shares, Issued | 25,387,884 | 25,387,884 | |
Common Stock, Shares, Outstanding | 25,387,884 | 25,387,884 | |
[1]All debt investments are income-producing, unless otherwise noted.[2]All investments are U.S. domiciled. |
Consolidated Statement of Opera
Consolidated Statement of Operations $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Investment Income, Net [Abstract] | |
Interest income | $ 3,640 |
Payment in-kind interest | 2,514 |
Total investment income | 6,154 |
Expenses | |
Management fee | 729 |
Directors fee | 62 |
Administration fee | 88 |
Organizational costs | 99 |
Offering costs | 5 |
Other expenses | 32 |
Total expenses | 1,015 |
Less: Waivers (Note 3) | (729) |
Net expenses | 286 |
Net investment income (loss) | 5,868 |
Net realized and unrealized gains (losses) on investment transactions: | |
Non-controlled/non-affiliated investments | (17,751) |
Non-controlled/non-affiliated investments | 17,594 |
Net realized and unrealized gains (losses) | (157) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ 5,711 |
Weighted average shares outstanding, Basic | shares | 25,387,884 |
Weighted average shares outstanding, Diluted | shares | 25,387,884 |
Net Investment income (loss) per share (basic and diluted) | $ / shares | $ 0.23 |
Earnings per share, Basic | $ / shares | 0.22 |
Earnings per share, Diluted | $ / shares | $ 0.22 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Net Assets $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Investment Company, Financial Highlights [Line Items] | |
Net investment income | $ 5,868 |
Net realized gain (loss) | (17,751) |
Net change in unrealized appreciation (depreciation) | 17,594 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 5,711 |
Total Increase (Decrease) in Net Assets | 5,711 |
Net Assets | |
Beginning of period | 233,795 |
End of period | $ 239,506 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Cash Flows From Operating Activities: | |
Net Increase (Decrease) in Net Assets from Operations | $ 5,711 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities: | |
Purchases of long-term securities | (12,375) |
Proceeds from sales of long-term securities | 17,041 |
Purchases of short-term portfolio investments, net | (6,498) |
Net change in unrealized (appreciation) depreciation on investments | (17,594) |
Net realized (gain) loss on investments | 17,751 |
Payment in-kind interest | (2,514) |
Net (accretion) on investments | (611) |
Paydown (gain) | (77) |
Amortization of deferred offering costs | 5 |
Increase/(decrease) in operating assets and liabilities: | |
(Increase) decrease in interest receivable | 84 |
(Increase) decrease in organizational costs paid by Advisor | 99 |
(Increase) decrease in due from affiliate | (177) |
Increase (decrease) in due to affiliate | (435) |
Increase (decrease) in accrued administration fee | (6) |
Increase (decrease) in directors fee reimbursement to Advisor | 62 |
Increase (decrease) in other payable | 32 |
Net cash provided by (used for) operating activities | 498 |
Net increase (decrease) in cash | 498 |
Cash, beginning of period | 800 |
Cash, end of period | $ 1,298 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | ||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 244,421 | $ 256,627 | ||
Fair Value | [1],[2] | $ 235,590 | $ 230,202 | ||
Percentage of Net Assets | [1],[2] | 98.36% | 98.46% | ||
Debt Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 176,765 | $ 195,841 | ||
Fair Value | [1],[2] | $ 167,743 | $ 169,809 | ||
Percentage of Net Assets | [1],[2] | 70.03% | 72.63% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 137,013 | $ 143,434 | ||
Fair Value | [1],[2] | $ 132,123 | $ 132,532 | ||
Percentage of Net Assets | [1],[2] | 55.16% | 56.69% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Alorica, Inc. Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3] | IT Services | |||
Interest Rate | [1],[2],[3],[4] | 11.575% | |||
Maturity Date | [1],[2],[3] | Dec. 21, 2027 | |||
Par Amount | [1],[2],[3] | $ 12,438 | |||
Cost | [1],[2],[3] | 12,315 | |||
Fair Value | [1],[2],[3] | $ 12,304 | |||
Percentage of Net Assets | [1],[2],[3] | 5.14% | |||
Debt Investments [Member] | First Lien Senior Secured [Member] | AP Core Holdings II, LLC Term B-1 Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Entertainment | Entertainment | ||
Interest Rate | [1],[2],[4] | 10.34% | 9.884% | ||
Maturity Date | [1],[2] | Sep. 01, 2027 | Sep. 01, 2027 | ||
Par Amount | [1],[2] | $ 3,634 | $ 3,683 | ||
Cost | [1],[2] | 3,587 | 3,632 | ||
Fair Value | [1],[2] | $ 3,544 | $ 3,349 | ||
Percentage of Net Assets | [1],[2] | 1.48% | 1.43% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | AP Core Holdings II, LLC Term B-2 Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Entertainment | Entertainment | ||
Interest Rate | [1],[2],[4] | 10.34% | 9.884% | ||
Maturity Date | [1],[2] | Sep. 01, 2027 | Sep. 01, 2027 | ||
Par Amount | [1],[2] | $ 3,458 | $ 3,458 | ||
Cost | [1],[2] | 3,412 | 3,409 | ||
Fair Value | [1],[2] | $ 3,374 | $ 3,128 | ||
Percentage of Net Assets | [1],[2] | 1.41% | 1.34% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | AssuredPartners, Inc. 2020 February Refinancing Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Brokerage | Brokerage | ||
Interest Rate | [1],[2],[4] | 8.34% | 7.884% | ||
Maturity Date | [1],[2] | Feb. 12, 2027 | Feb. 12, 2027 | ||
Par Amount | [1],[2] | $ 6,946 | $ 6,964 | ||
Cost | [1],[2] | 6,639 | 6,637 | ||
Fair Value | [1],[2] | $ 6,891 | $ 6,780 | ||
Percentage of Net Assets | [1],[2] | 2.88% | 2.90% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Caesars Resort Collection, LLC Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Gaming | |||
Interest Rate | [1],[2],[4] | 7.134% | |||
Maturity Date | [1],[2] | Dec. 23, 2024 | |||
Par Amount | [1],[2] | $ 4,452 | |||
Cost | [1],[2] | 4,382 | |||
Fair Value | [1],[2] | $ 4,448 | |||
Percentage of Net Assets | [1],[2] | 1.90% | |||
Debt Investments [Member] | First Lien Senior Secured [Member] | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Packaging | Packaging | ||
Interest Rate | [1],[2],[4] | 9.082% | 8.598% | ||
Maturity Date | [1],[2] | Apr. 13, 2029 | Apr. 13, 2029 | ||
Par Amount | [1],[2] | $ 6,948 | $ 6,965 | ||
Cost | [1],[2] | 6,659 | 6,665 | ||
Fair Value | [1],[2] | $ 6,801 | $ 6,651 | ||
Percentage of Net Assets | [1],[2] | 2.84% | 2.84% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Cornerstone Building Brands, Inc. Tranche B Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[5] | Building Materials | |||
Interest Rate | [1],[2],[4],[5] | 7.568% | |||
Maturity Date | [1],[2],[5] | Apr. 12, 2028 | |||
Par Amount | [1],[2],[5] | $ 4,835 | |||
Cost | [1],[2],[5] | 4,778 | |||
Fair Value | [1],[2],[5] | $ 4,361 | |||
Percentage of Net Assets | [1],[2],[5] | 1.87% | |||
Debt Investments [Member] | First Lien Senior Secured [Member] | Endurance International Group Holdings, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | [3] | Technology | |
Interest Rate | [1],[2],[4] | 8.219% | [3] | 7.717% | |
Maturity Date | [1],[2] | Feb. 10, 2028 | [3] | Feb. 10, 2028 | |
Par Amount | [1],[2] | $ 6,947 | [3] | $ 6,965 | |
Cost | [1],[2] | 6,602 | [3] | 6,602 | |
Fair Value | [1],[2] | $ 6,513 | [3] | $ 6,286 | |
Percentage of Net Assets | [1],[2] | 2.72% | [3] | 2.69% | |
Debt Investments [Member] | First Lien Senior Secured [Member] | Gainwell Acquisition Corp. Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Pharmaceuticals | Pharmaceuticals | ||
Interest Rate | [1],[2],[4] | 8.998% | 8.73% | ||
Maturity Date | [1],[2] | Oct. 01, 2027 | Oct. 01, 2027 | ||
Par Amount | [1],[2] | $ 4,888 | $ 4,900 | ||
Cost | [1],[2] | 4,845 | 4,854 | ||
Fair Value | [1],[2] | $ 4,680 | $ 4,612 | ||
Percentage of Net Assets | [1],[2] | 1.95% | 1.97% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | LBM Acquisition, LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Retailers | Retailers | ||
Interest Rate | [1],[2],[4] | 8.385% | 7.121% | ||
Maturity Date | [1],[2] | Dec. 17, 2027 | Dec. 17, 2027 | ||
Par Amount | [1],[2] | $ 4,712 | $ 4,724 | ||
Cost | [1],[2] | 4,675 | 4,683 | ||
Fair Value | [1],[2] | $ 4,453 | $ 4,116 | ||
Percentage of Net Assets | [1],[2] | 1.86% | 1.76% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Mavenir Systems, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | [6] | Technology | [5] |
Interest Rate | [1],[2],[4] | 9.651% | [6] | 9.424% | [5] |
Maturity Date | [1],[2] | Aug. 18, 2028 | [6] | Aug. 18, 2028 | [5] |
Par Amount | [1],[2] | $ 9,900 | [6] | $ 9,925 | [5] |
Cost | [1],[2] | 9,815 | [6] | 9,833 | [5] |
Fair Value | [1],[2] | $ 6,967 | [6] | $ 8,101 | [5] |
Percentage of Net Assets | [1],[2] | 2.91% | [6] | 3.47% | [5] |
Debt Investments [Member] | First Lien Senior Secured [Member] | McAfee Corp. Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | Technology | ||
Interest Rate | [1],[2],[4] | 8.515% | 7.974% | ||
Maturity Date | [1],[2] | Mar. 01, 2029 | Mar. 01, 2029 | ||
Par Amount | [1],[2] | $ 6,948 | $ 6,965 | ||
Cost | [1],[2] | 6,590 | 6,593 | ||
Fair Value | [1],[2] | $ 6,553 | $ 6,502 | ||
Percentage of Net Assets | [1],[2] | 2.74% | 2.78% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Peraton Corp. Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | Technology | ||
Interest Rate | [1],[2],[4] | 8.59% | 8.134% | ||
Maturity Date | [1],[2] | Feb. 01, 2028 | Feb. 01, 2028 | ||
Par Amount | [1],[2] | $ 3,079 | $ 3,087 | ||
Cost | [1],[2] | 3,066 | 3,072 | ||
Fair Value | [1],[2] | $ 3,047 | $ 3,020 | ||
Percentage of Net Assets | [1],[2] | 1.27% | 1.29% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | PetSmart LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Retailers | Retailers | ||
Interest Rate | [1],[2],[4] | 8.657% | 8.13% | ||
Maturity Date | [1],[2] | Feb. 11, 2028 | Feb. 11, 2028 | ||
Par Amount | [1],[2] | $ 6,965 | $ 6,982 | ||
Cost | [1],[2] | 6,683 | 6,686 | ||
Fair Value | [1],[2] | $ 6,920 | $ 6,854 | ||
Percentage of Net Assets | [1],[2] | 2.89% | 2.93% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Planview Parent, Inc. Closing Date Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | Technology | ||
Interest Rate | [1],[2],[4] | 9.159% | 8.73% | ||
Maturity Date | [1],[2] | Dec. 17, 2027 | Dec. 17, 2027 | ||
Par Amount | [1],[2] | $ 6,947 | $ 6,964 | ||
Cost | [1],[2] | 6,790 | 6,801 | ||
Fair Value | [1],[2] | $ 6,598 | $ 6,504 | ||
Percentage of Net Assets | [1],[2] | 2.75% | 2.78% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | PLNTF Holdings, LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3] | Entertainment | Entertainment | ||
Interest Rate | [1],[2],[3],[4] | 12.947% | 12.753% | ||
Maturity Date | [1],[2],[3] | Mar. 22, 2026 | Mar. 22, 2026 | ||
Par Amount | [1],[2],[3] | $ 11,201 | $ 11,230 | ||
Cost | [1],[2],[3] | 11,023 | 11,034 | ||
Fair Value | [1],[2],[3] | $ 10,697 | $ 10,725 | ||
Percentage of Net Assets | [1],[2],[3] | 4.47% | 4.59% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Polaris Newco, LLC Dollar Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | Technology | ||
Interest Rate | [1],[2],[4] | 9.159% | 8.73% | ||
Maturity Date | [1],[2] | Jun. 02, 2028 | Jun. 02, 2028 | ||
Par Amount | [1],[2] | $ 6,947 | $ 6,965 | ||
Cost | [1],[2] | 6,732 | 6,741 | ||
Fair Value | [1],[2] | $ 6,355 | $ 6,373 | ||
Percentage of Net Assets | [1],[2] | 2.65% | 2.73% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Rising Tide Holdings, Inc. 1A Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[7] | Retailers | |||
Interest Rate | [1],[2],[4],[7] | 9.89% | |||
Maturity Date | [1],[2],[7] | Jun. 01, 2028 | |||
Par Amount | [1],[2],[7] | $ 9,945 | |||
Cost | [1],[2],[7] | 6,097 | |||
Fair Value | [1],[2],[7] | $ 6,060 | |||
Percentage of Net Assets | [1],[2],[7] | 2.53% | |||
Debt Investments [Member] | First Lien Senior Secured [Member] | Rising Tide Holdings, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3] | Retailers | |||
Interest Rate | [1],[2],[3],[4] | 9.485% | |||
Maturity Date | [1],[2],[3] | Jun. 01, 2028 | |||
Par Amount | [1],[2],[3] | $ 9,850 | |||
Cost | [1],[2],[3] | 9,759 | |||
Fair Value | [1],[2],[3] | $ 4,679 | |||
Percentage of Net Assets | [1],[2],[3] | 2% | |||
Debt Investments [Member] | First Lien Senior Secured [Member] | Sophia, L.P. Term Loan B [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | Technology | ||
Interest Rate | [1],[2],[4] | 8.659% | 8.23% | ||
Maturity Date | [1],[2] | Oct. 07, 2027 | Oct. 07, 2027 | ||
Par Amount | [1],[2] | $ 6,947 | $ 6,965 | ||
Cost | [1],[2] | 6,727 | 6,733 | ||
Fair Value | [1],[2] | $ 6,878 | $ 6,738 | ||
Percentage of Net Assets | [1],[2] | 2.87% | 2.88% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Team Health Holdings, Inc. Non-Extended Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Healthcare | Healthcare | ||
Interest Rate | [1],[2],[4] | 7.59% | 7.134% | ||
Maturity Date | [1],[2] | Feb. 06, 2024 | Feb. 06, 2024 | ||
Par Amount | [1],[2] | $ 6,945 | $ 6,963 | ||
Cost | [1],[2] | 6,595 | 6,513 | ||
Fair Value | [1],[2] | $ 5,972 | $ 5,988 | ||
Percentage of Net Assets | [1],[2] | 2.49% | 2.56% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | U.S. Foods, Inc. (aka U.S. Foodservice, Inc.) Incremental B-2019 Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Food and Beverage | |||
Interest Rate | [1],[2],[4] | 6.384% | |||
Maturity Date | [1],[2] | Sep. 13, 2026 | |||
Par Amount | [1],[2] | $ 6,004 | |||
Cost | [1],[2] | 5,858 | |||
Fair Value | [1],[2] | $ 5,957 | |||
Percentage of Net Assets | [1],[2] | 2.55% | |||
Debt Investments [Member] | First Lien Senior Secured [Member] | U.S. Renal Care, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Healthcare | Healthcare | ||
Interest Rate | [1],[2],[4] | 9.875% | 9.438% | ||
Maturity Date | [1],[2] | Jun. 26, 2026 | Jun. 26, 2026 | ||
Par Amount | [1],[2] | $ 1,886 | $ 1,891 | ||
Cost | [1],[2] | 1,855 | 1,857 | ||
Fair Value | [1],[2] | $ 1,290 | $ 1,067 | ||
Percentage of Net Assets | [1],[2] | 0.54% | 0.46% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Univision Communications Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Broadcasting | Broadcasting | ||
Interest Rate | [1],[2],[4] | 8.09% | 7.634% | ||
Maturity Date | [1],[2] | Jan. 31, 2029 | Jan. 31, 2029 | ||
Par Amount | [1],[2] | $ 6,947 | $ 6,965 | ||
Cost | [1],[2] | 6,766 | 6,775 | ||
Fair Value | [1],[2] | $ 6,837 | $ 6,780 | ||
Percentage of Net Assets | [1],[2] | 2.85% | 2.90% | ||
Debt Investments [Member] | First Lien Senior Secured [Member] | Victoria's Secret & Co. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Retailers | [6] | Retailers | [5] |
Interest Rate | [1],[2],[4] | 8.236% | [6] | 7.983% | [5] |
Maturity Date | [1],[2] | Aug. 02, 2028 | [6] | Aug. 02, 2028 | [5] |
Par Amount | [1],[2] | $ 2,901 | [6] | $ 2,908 | [5] |
Cost | [1],[2] | 2,876 | [6] | 2,882 | [5] |
Fair Value | [1],[2] | $ 2,879 | [6] | $ 2,835 | [5] |
Percentage of Net Assets | [1],[2] | 1.20% | [6] | 1.21% | [5] |
Debt Investments [Member] | First Lien Senior Secured [Member] | Windstream Services, LLC Incremental Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3] | Wireless | Wireless | ||
Interest Rate | [1],[2],[3],[4] | 8.907% | 8.423% | ||
Maturity Date | [1],[2],[3] | Feb. 23, 2027 | Feb. 28, 2027 | ||
Par Amount | [1],[2],[3] | $ 7,000 | $ 7,000 | ||
Cost | [1],[2],[3] | 6,664 | 6,655 | ||
Fair Value | [1],[2],[3] | $ 6,510 | $ 6,678 | ||
Percentage of Net Assets | [1],[2],[3] | 2.72% | 2.86% | ||
Debt Investments [Member] | Second Lien Senior Secured [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 9,516 | $ 23,905 | ||
Fair Value | [1],[2] | $ 8,706 | $ 11,715 | ||
Percentage of Net Assets | [1],[2] | 3.63% | 5.01% | ||
Debt Investments [Member] | Second Lien Senior Secured [Member] | Rising Tide Holdings, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3] | Retailers | |||
Interest Rate | [1],[2],[3],[4] | 12.985% | |||
Maturity Date | [1],[2],[3] | Jun. 01, 2029 | |||
Par Amount | [1],[2],[3] | $ 21,500 | |||
Cost | [1],[2],[3] | 19,839 | |||
Fair Value | [1],[2],[3] | $ 8,062 | |||
Percentage of Net Assets | [1],[2],[3] | 3.45% | |||
Debt Investments [Member] | Second Lien Senior Secured [Member] | Altar BidCo, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Technology | Technology | ||
Interest Rate | [1],[2],[4] | 10.493% | 10.512% | ||
Maturity Date | [1],[2] | Feb. 01, 2030 | Feb. 01, 2030 | ||
Par Amount | [1],[2] | $ 2,900 | $ 2,900 | ||
Cost | [1],[2] | 2,872 | 2,872 | ||
Fair Value | [1],[2] | $ 2,567 | $ 2,489 | ||
Percentage of Net Assets | [1],[2] | 1.07% | 1.06% | ||
Debt Investments [Member] | Second Lien Senior Secured [Member] | Rising Tide Holdings, Inc. 1B Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3],[7] | Retailers | |||
Interest Rate | [1],[2],[3],[4],[7] | 13.39% | |||
Maturity Date | [1],[2],[3],[7] | Jun. 01, 2029 | |||
Par Amount | [1],[2],[3],[7] | $ 10,996 | |||
Cost | [1],[2],[3],[7] | 3,291 | |||
Fair Value | [1],[2],[3],[7] | $ 3,041 | |||
Percentage of Net Assets | [1],[2],[3],[7] | 1.27% | |||
Debt Investments [Member] | Second Lien Senior Secured [Member] | Rising Tide Holdings, Inc. 2A Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3],[7] | Retailers | |||
Interest Rate | [1],[2],[3],[4],[7] | 13.39% | |||
Maturity Date | [1],[2],[3],[7] | Jun. 01, 2029 | |||
Par Amount | [1],[2],[3],[7] | $ 11,202 | |||
Cost | [1],[2],[3],[7] | 3,353 | |||
Fair Value | [1],[2],[3],[7] | $ 3,098 | |||
Percentage of Net Assets | [1],[2],[3],[7] | 1.29% | |||
Debt Investments [Member] | Second Lien Senior Secured [Member] | KKR Apple Bidco, LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Aviation Services | |||
Interest Rate | [1],[2],[4] | 10.134% | |||
Maturity Date | [1],[2] | Sep. 21, 2029 | |||
Par Amount | [1],[2] | $ 1,200 | |||
Cost | [1],[2] | 1,194 | |||
Fair Value | [1],[2] | $ 1,164 | |||
Percentage of Net Assets | [1],[2] | 0.50% | |||
Debt Investments [Member] | Senior Unsecured [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 30,236 | $ 28,502 | ||
Fair Value | [1],[2] | $ 26,914 | $ 25,562 | ||
Percentage of Net Assets | [1],[2] | 11.24% | 10.93% | ||
Debt Investments [Member] | Senior Unsecured [Member] | LEAF Home Solutions Note [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2],[3],[7] | Consumer Services | Consumer Services | ||
Interest Rate | [1],[2],[3],[4],[7] | 12% | 12% | ||
Maturity Date | [1],[2],[3],[7] | Feb. 26, 2027 | Feb. 26, 2027 | ||
Par Amount | [1],[2],[3],[7] | $ 30,411 | $ 28,689 | ||
Cost | [1],[2],[3],[7] | 30,236 | 28,502 | ||
Fair Value | [1],[2],[3],[7] | $ 26,914 | $ 25,562 | ||
Percentage of Net Assets | [1],[2],[3],[7] | 11.24% | 10.93% | ||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | AP Core Holdings II, LLC Term B-1 Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 5.500 | [8] | LIBOR + 5.500 | [9] |
Rate Spread | [1],[2] | 5.50% | [8] | 5.50% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | AP Core Holdings II, LLC Term B-2 Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 5.500 | [8] | LIBOR + 5.500 | [9] |
Rate Spread | [1],[2] | 5.50% | [8] | 5.50% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | AssuredPartners, Inc. 2020 February Refinancing Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.500 | [8] | LIBOR + 3.500 | [9] |
Rate Spread | [1],[2] | 3.50% | [8] | 3.50% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Caesars Resort Collection, LLC Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[9] | LIBOR + 2.750 | |||
Rate Spread | [1],[2],[9] | 2.75% | |||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Cornerstone Building Brands, Inc. Tranche B Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[5],[9] | LIBOR + 3.250 | |||
Rate Spread | [1],[2],[9] | 3.25% | |||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Endurance International Group Holdings, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.500 | [3],[8] | LIBOR + 3.500 | [9] |
Rate Spread | [1],[2] | 3.50% | [3],[8] | 3.50% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Gainwell Acquisition Corp. Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[9] | LIBOR + 4.000 | |||
Rate Spread | [1],[2],[9] | 4% | |||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | LBM Acquisition, LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.750 | [8] | LIBOR + 3.750 | [9] |
Rate Spread | [1],[2] | 3.75% | [8] | 3.75% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Mavenir Systems, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 4.750 | [6],[8] | LIBOR + 4.750 | [5],[9] |
Rate Spread | [1],[2] | 4.75% | [6],[8] | 4.75% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Peraton Corp. Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.750 | [8] | LIBOR + 3.750 | [9] |
Rate Spread | [1],[2] | 3.75% | [8] | 3.75% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | PetSmart LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[9] | LIBOR + 3.750 | |||
Rate Spread | [1],[2],[9] | 3.75% | |||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Planview Parent, Inc. Closing Date Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 4.000 | [8] | LIBOR + 4.000 | [9] |
Rate Spread | [1],[2] | 4% | [8] | 4% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | PLNTF Holdings, LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[3] | LIBOR + 8.000 | [8] | LIBOR + 8.000 | [9] |
Rate Spread | [1],[2],[3] | 8% | [8] | 8% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Polaris Newco, LLC Dollar Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 4.000 | [8] | LIBOR + 4.000 | [9] |
Rate Spread | [1],[2] | 4% | [8] | 4% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Rising Tide Holdings, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[3],[9] | LIBOR + 4.750 | |||
Rate Spread | [1],[2],[3],[9] | 4.75% | |||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Sophia, L.P. Term Loan B [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.500 | [8] | LIBOR + 3.500 | [9] |
Rate Spread | [1],[2] | 3.50% | [8] | 3.50% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | U.S. Foods, Inc. (aka U.S. Foodservice, Inc.) Incremental B-2019 Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[9] | LIBOR + 2.000 | |||
Rate Spread | [1],[2],[9] | 2% | |||
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | U.S. Renal Care, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 5.000 | [8] | LIBOR + 5.000 | [9] |
Rate Spread | [1],[2] | 5% | [8] | 5% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Univision Communications Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.250 | [8] | LIBOR + 3.250 | [9] |
Rate Spread | [1],[2] | 3.25% | [8] | 3.25% | [9] |
Debt Investments [Member] | LIBOR [Member] | First Lien Senior Secured [Member] | Victoria's Secret & Co. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 3.250 | [6],[8] | LIBOR + 3.250 | [5],[9] |
Rate Spread | [1],[2] | 3.25% | [6],[8] | 3.25% | [9] |
Debt Investments [Member] | LIBOR [Member] | Second Lien Senior Secured [Member] | Rising Tide Holdings, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[3],[9] | LIBOR + 8.250 | |||
Rate Spread | [1],[2],[3],[9] | 8.25% | |||
Debt Investments [Member] | LIBOR [Member] | Second Lien Senior Secured [Member] | KKR Apple Bidco, LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[9] | LIBOR + 5.750 | |||
Rate Spread | [1],[2],[9] | 5.75% | |||
Debt Investments [Member] | SOFR [Member] | Altar BidCo, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Rate Spread | [1],[2],[9] | 5.619% | |||
Debt Investments [Member] | SOFR [Member] | Rising Tide Holdings, Inc. 2A Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Rate Spread | [1],[2],[3],[7],[8] | 8.50% | |||
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | Alorica, Inc. Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[8] | SOFR + 6.875 | |||
Rate Spread | [1],[2],[3],[8] | 6.875% | |||
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | SOFR + 4.275 | [8] | SOFR + 4.275 | [9] |
Rate Spread | [1],[2] | 4.275% | [8] | 4.275% | [9] |
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | Gainwell Acquisition Corp. Term B Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[8] | SOFR + 4.191 | |||
Rate Spread | [1],[2],[8] | 4.191% | |||
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | McAfee Corp. Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | SOFR + 3.850 | [8] | SOFR + 3.850 | [9] |
Rate Spread | [1],[2] | 3.85% | [8] | 3.85% | [9] |
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | PetSmart LLC Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[8] | SOFR + 3.850 | |||
Rate Spread | [1],[2],[8] | 3.85% | |||
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | Rising Tide Holdings, Inc. 1A Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[7],[8] | SOFR + 5.000 | |||
Rate Spread | [1],[2],[7],[8] | 5% | |||
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | Team Health Holdings, Inc. Non-Extended Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | SOFR + 2.750 | [8] | SOFR + 2.750 | [9] |
Rate Spread | [1],[2] | 2.75% | [8] | 2.75% | [9] |
Debt Investments [Member] | SOFR [Member] | First Lien Senior Secured [Member] | Windstream Services, LLC Incremental Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[3] | SOFR + 4.100 | [8] | SOFR + 4.100 | [9] |
Rate Spread | [1],[2],[3] | 4.10% | [8] | 4.10% | [9] |
Debt Investments [Member] | SOFR [Member] | Second Lien Senior Secured [Member] | Altar BidCo, Inc. Initial Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | SOFR + 5.600 | [8] | SOFR + 5.619 | [9] |
Rate Spread | [1],[2],[8] | 5.60% | |||
Debt Investments [Member] | SOFR [Member] | Second Lien Senior Secured [Member] | Rising Tide Holdings, Inc. 1B Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[3],[7],[8] | SOFR + 8.500 | |||
Rate Spread | [1],[2],[3],[7],[8] | 8.50% | |||
Debt Investments [Member] | SOFR [Member] | Second Lien Senior Secured [Member] | Rising Tide Holdings, Inc. 2A Term Loan [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2],[3],[7],[8] | SOFR + 8.500 | |||
Corporate Bonds [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 28,172 | $ 28,146 | ||
Fair Value | [1],[2] | $ 28,354 | $ 27,743 | ||
Percentage of Net Assets | [1],[2] | 11.84% | 11.87% | ||
Corporate Bonds [Member] | Rivian Holdings/Auto LLC 144A [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Industry | [1],[2] | Automotive | [6] | Automotive | [5] |
Interest Rate | [1],[2],[4] | 10.164% | [6] | 10.164% | [5] |
Maturity Date | [1],[2] | Oct. 15, 2026 | [6] | Oct. 15, 2026 | [5] |
Par Amount | [1],[2] | $ 28,601 | [6] | $ 28,601 | [5] |
Cost | [1],[2] | 28,172 | [6] | 28,146 | [5] |
Fair Value | [1],[2] | $ 28,354 | [6] | $ 27,743 | [5] |
Percentage of Net Assets | [1],[2] | 11.84% | [6] | 11.87% | [5] |
Corporate Bonds [Member] | LIBOR [Member] | Rivian Holdings/Auto LLC 144A [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Reference Rate Spread | [1],[2] | LIBOR + 5.625 | [6],[8] | LIBOR + 5.625 | [5],[9] |
Rate Spread | [1],[2] | 5.625% | [6],[8] | 5.625% | [9] |
Short-Term Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 39,484 | $ 32,640 | ||
Fair Value | [1],[2] | $ 39,493 | $ 32,650 | ||
Percentage of Net Assets | [1],[2] | 16.49% | 13.96% | ||
Short-Term Investments [Member] | U.S. Treasury Bills [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 39,484 | $ 32,640 | ||
Fair Value | [1],[2] | $ 39,493 | $ 32,650 | ||
Percentage of Net Assets | [1],[2] | 16.49% | 13.96% | ||
Short-Term Investments [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bill One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Interest Rate | [1],[2],[4] | 1.15% | 3.44% | ||
Maturity Date | [1],[2] | Apr. 04, 2023 | Jan. 26, 2023 | ||
Par Amount | [1],[2] | $ 7,400 | $ 8,000 | ||
Cost | [1],[2] | 7,397 | 7,978 | ||
Fair Value | [1],[2] | $ 7,399 | $ 7,980 | ||
Percentage of Net Assets | [1],[2] | 3.09% | 3.41% | ||
Short-Term Investments [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bill Two [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Interest Rate | [1],[2],[4] | 3.80% | 4.08% | ||
Maturity Date | [1],[2] | Apr. 18, 2023 | Mar. 09, 2023 | ||
Par Amount | [1],[2] | $ 4,300 | $ 9,200 | ||
Cost | [1],[2] | 4,290 | 9,128 | ||
Fair Value | [1],[2] | $ 4,292 | $ 9,130 | ||
Percentage of Net Assets | [1],[2] | 1.79% | 3.91% | ||
Short-Term Investments [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bill Three [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Interest Rate | [1],[2],[4] | 4.02% | 4.12% | ||
Maturity Date | [1],[2] | Apr. 25, 2023 | Mar. 23, 2023 | ||
Par Amount | [1],[2] | $ 8,200 | $ 600 | ||
Cost | [1],[2] | 8,174 | 594 | ||
Fair Value | [1],[2] | $ 8,177 | $ 594 | ||
Percentage of Net Assets | [1],[2] | 3.41% | 0.25% | ||
Short-Term Investments [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bill Four [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Interest Rate | [1],[2],[4] | 4.28% | 4.18% | ||
Maturity Date | [1],[2] | May 11, 2023 | Mar. 30, 2023 | ||
Par Amount | [1],[2] | $ 2,400 | $ 15,100 | ||
Cost | [1],[2] | 2,388 | 14,940 | ||
Fair Value | [1],[2] | $ 2,388 | $ 14,946 | ||
Percentage of Net Assets | [1],[2] | 1% | 6.39% | ||
Short-Term Investments [Member] | U.S. Treasury Bills [Member] | U.S. Treasury Bill Five [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Interest Rate | [1],[2],[4] | 4.49% | |||
Maturity Date | [1],[2] | Jun. 15, 2023 | |||
Par Amount | [1],[2] | $ 17,400 | |||
Cost | [1],[2] | 17,235 | |||
Fair Value | [1],[2] | $ 17,237 | |||
Percentage of Net Assets | [1],[2] | 7.20% | |||
Non-Controlled, Non-Affiliated Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Cost | [1],[2] | $ 244,421 | $ 256,627 | ||
Fair Value | [1],[2] | $ 235,590 | $ 230,202 | ||
Percentage of Net Assets | [1],[2] | 98.36% | 98.46% | ||
[1]All debt investments are income-producing, unless otherwise noted.[2]All investments are U.S. domiciled.[3]The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Unaudited Consolidated Financial Statements.[4]Interest rates on short-term investments are annualized.[5]The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2022, total non-qualifying assets at fair value represented 18.4% of the Company’s total net assets calculated in accordance with the 1940 Act.[6]The investment is treated as a non-qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act’’). Under the 1940 Act, the Company cannot acquire any non-qualifying asset unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2023, total non-qualifying assets at fair value represented 15.9% of the Company’s total net assets calculated in accordance with the 1940 Act.[7]All or a portion of the interest on this position is paid-in-kind (PIK)[8]Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR”) and/or the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of March 31, 2023, the reference rates for the floating rate loans were the 1 Month LIBOR of 4.86%, 3 Month LIBOR of 5.19%, 6 Month LIBOR of 5.31%, 1 Month SOFR of 4.80%, 3 Month SOFR of 4.91% and 6 Month SOFR of 4.90%.[9]Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR”) and/or the Term Secured Overnight Financing Rate (“SOFR”), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over the reference rate based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the 1 Month LIBOR of 4.39%, 3 Month LIBOR of 4.77%, 6 Month LIBOR of 5.14%, 1 Month SOFR of 4.36%, 3 Month SOFR of 4.59% and 6 Month SOFR of 4.78%. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | Mar. 31, 2023 | Dec. 31, 2022 |
Summary of Investment Holdings [Line Items] | ||
Percentage of qualifying assets to the total assets | 70% | 70% |
1 Month LIBOR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 4.86% | 4.39% |
3 Month LIBOR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 5.19% | 4.77% |
6 Month LIBOR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 5.31% | 5.14% |
1 Month SOFR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 4.80% | 4.36% |
3 Month SOFR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 4.91% | 4.59% |
6 Month SOFR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 4.90% | 4.78% |
Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of qualifying assets to the total assets | 15.90% | 18.40% |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization PIMCO Capital Solutions BDC Corp. (collectively with its consolidated subsidiaries, the “Company,” “we,” “our,” and “us”), is an externally managed, non-diversified, closed-end The Company intends to invest primarily in privately negotiated loans and equity investments to middle market companies generally with annual revenues greater than $20 million and earnings before interest, taxes, depreciation and amortization (“EBITDA”) of less than $50 million. Pacific Investment Management Company LLC (“PIMCO” or the “Advisor”) serves as the Company’s external investment advisor pursuant to an investment management agreement (the “Advisory Agreement”). PIMCO is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). PIMCO also serves as the Company’s administrator (in such capacity, the “Administrator”) pursuant to an administration agreement (the “Administration Agreement”). The Administrator may retain a sub-administrator The Company is conducting private offerings (each a “Private Offering”) of its common stock to investors in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). At the closing of any Private Offering, each investor makes a capital commitment (a “Capital Commitment”) to purchase Shares (as defined below) pursuant to a subscription agreement (“Subscription Agreement”) entered into with the Company or PIMCO Capital Solutions US Feeder LP, a feeder fund established by the Advisor to invest in Shares of the Company (“Feeder Fund”). The Company is a perpetual-life investment vehicle, without a fixed termination date or commitment period. Investors will be required to fund drawdowns to purchase Shares up to the amount of their respective Capital Commitment on an as-needed The initial meeting of the Board of Directors (the “Board”) of the Company was held on June 22, 2022. There were no operations prior to June 10, 2022 (date of inception). Effective June 10, 2022, affiliated entities of the Advisor (the “PIMCO Entities”) indirectly contributed $15 (amount in thousands) of capital to the Company by investing in interests of the Feeder Fund. In exchange for this contribution, the PIMCO Entities, through their interest in the Feeder Fund, each indirectly received common stock of the Company, par value $0.001 (“Shares”). On June 29, 2022, the PIMCO Entities made an additional capital contribution and, pursuant to Transfer Agreements entered into on June 30, 2022, the PIMCO Entities contributed additional assets to the Company with a fair market value of $143,864 and unrealized loss of $6,588 (amounts in thousands). As a result of these foregoing transactions, the Company issued and sold a total of 25,387,884 Shares at an aggregate purchase price of $253,879 (amount in thousands). As of March 31, 2023, the Company had total Capital Commitments of $253,879 (amount in thousands), of which 0% is unfunded. Capital Commitments may be drawn down by the Company on a pro rata basis, as needed (including follow-on The Company’s fiscal year ends December 31. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Accounting The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.The functional and reporting currency for the Company is the U.S. dollar. The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q S-X. r Use of Estimates The preparation of the financial statements in confo r Basis of Consolidation As provided under ASC Topic 946 and Regulation S-X, Company’s Fair Value of Investments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Revenue Recognition Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend ex-dividend Investments are placed on non-accrual non-accrual Non-accrual Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management’s judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statement of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statement of Operations. Payment In-Kind The Company may have investments that contain Payment-In-Kin d in-kind e Organizational Costs Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company’s behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any re m Offering Costs Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company’s behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full Other Expenses All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statement of Operations. Cash and Foreign Currency Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. Income Taxes The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Company’s ability to qualify or be eligible for such treatment. If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits. The Company accounts for income taxes in conformity with ASC Topic 740—Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” more-likely-than-not , a Distributions Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s financial statements presented under U.S. GAAP. The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cas h New Accounting Pronouncement In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, . A 2020-04 2 2022-06, 2020-04 a |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. Related Party Transactions Advisory Agreement On June 30, 2022, the Company entered into an Advisory Agreement, pursuant to which the Company will pay the Advisor, quarterly in arrears, a base management fee calculated at an annual rate of 1.25%. The base management fee is calculated based on the average of the Company’s total net assets (including cash or cash equivalents but excluding assets purchased with borrowed amounts) as of the end of the two most recently completed calendar quarters. The base management fee for any partial month or quarter is appropriately prorated. The Advisor has agreed to waive all management fees payable pursuant to the Advisory Agreement for so long as the only stockholders of the Company are PIMCO Entities. The Advisory Agreement does not provide for the payment of incentive fees. For the three-month period ended March 31, 2023, the Company incurred a management fee of $729 (amount in thousands), of which 100% was waived by the Advisor. Administration Agreement On June 30, 2022, the Company entered into an Administration Agreement with PIMCO in its capacity as Administrator. Under the Administration Agreement, the Administrator provides or causes to be furnished certain supervisory and administrative and other services reasonably necessary for the operation of the Company. Pursuant to the Administration Agreement, the Company pays the Administrator an annual fee calculated and payable quarterly in arrears on the last business day of calendar quarter in an amount equal to 0.15% of the Company’s total net assets. For the three month period ended March 31, 2023, the Company incurred an administration fee of $88 (amount in thousands). Expense Reimbursement Agreement The Company has entered into an Expense Reimbursement Agreement with the Advisor. The Advisor may elect to make certain Expense Payments on the Company’s behalf, provided that no portion of the payment will be used to pay any of the Company’s interest expense. The Advisor has agreed to make Expense Payments on the Company’s behalf through June 30, 2025. During the three months ended March 31, 2023 and period ended December 31, 2022, the Advisor paid directors fees on behalf of the Company. As of March 31, 2023 and period ended December 31, 2022, $254 and $192 (amounts in thousands) respectively, are reimbursable to the Advisor for directors fees and are recorded as “Directors fee reimbursement to Advisor” on the Consolidated Statement of Assets and Liabilities. Following any calendar year in which Available Operating Funds (defined below) exceed the cumulative distributions accrued to the Company’s stockholders based on distributions declared with respect to record dates occurring in such calendar year (the amount of such excess, “Excess Operating Funds”), the Company shall pay Excess Operating Funds, or a portion thereof, to the Advisor until such time as all Expense Payments made by the Advisor to or on behalf of the Company within three years prior to the last business day of such calendar year have been reimbursed. Any payments required to be made by the Company shall be referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net “investment company taxable income”, as defined by the Code, which generally includes net ordinary income and net short-term taxable gains reduced by net long-term capital losses, (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) distributions and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). No Reimbursement Payment for any calendar year will be made if the Company’s Operating Expense Ratio (defined below) at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the expense payment was made to which such Reimbursement Payment relates. The “Operating Expense Ratio” is calculated by dividing all of the Company’s operating costs and expenses incurred, as determined in accordance with U.S. GAAP for investment companies, less organizational and offering expenses, base management fees owed to the Advisor, and interest expense, by the Company’s average net assets. The Expense Reimbursement Agreement may require the Company to repay the Advisor for previously waived reimbursement of Expense Payments under certain circumstances. The previously waived expenses are potentially subject to repayment by the Company, if at all, within a period not to exceed three years from the date of the relevant waiver. For the three-month period ended March 31, 2023, the Company waived organization cost of $0 (amount in thousands). Due to/from Affiliate As of March 31, 2023 and December 31, 2022, the Company has $179 and $2, respectively (amounts in thousands), receivable from an affiliate and is included in “Due from affiliate” on the Consolidated Statement of Assets and Liabilities. As of March 31, 2023 and December 31, 2022, the Company has $0 and $435, respectively (amounts in thousands), payable to an affiliate and is included in “Due to affiliate” on the Consolidated Statement of Assets and Liabilities. Directors Fee The Company compensates each of its Independent Directors for their services. Their compensation is included in Directors fee on the Consolidated Statement of Operations. The Independent Directors also receive reimbursement of reasonable out-of-pocket expenses Co-Investment The Company has received exemptive relief from the SEC that, to the extent the Company relies on such relief, permits it to (among other things) co-invest t E co-investments co-investments See Note 1. Organization for other related party transactions. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | 4. Borrowings As of the date of this report, the Company has not entered into any credit facilities or engaged in any borrowing transactions. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | 5. Investments Under the 1940 Act, the Company is required to separately identify non-controlled “non-affiliated non-controlled, non-affiliated; non-controlled, non-controlled, non-affiliated; non-controlled, Investments at fair value and cost consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Amounts in thousands) Cost Fair Value Cost Fair Value First Lien Secured $ 137,013 $ 132,123 $ 143,434 $ 132,532 Second Lien Secured 9,516 8,706 23,905 11,715 Senior Unsecured 30,236 26,914 28,502 25,562 Corporate Bonds 28,172 28,354 28,146 27,743 Short-Term Investments 39,484 39,493 32,640 32,650 Total investments $ 244,421 $ 235,590 $ 256,627 $ 230,202 The industry composition of investments as a percentage of total investments based on fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Automotive 12.0 % 12.1 % Aviation Services — 0.5 % Broadcasting 2.9 % 2.9 % Brokerage 2.9 % 2.9 % Building Materials — 1.9 % Consumer Service 11.4 % 11.1 % Entertainment 7.5 % 7.5 % Food and Beverage — 2.6 % Gaming — 1.9 % Healthcare 3.1 % 3.1 % Packaging 2.9 % 2.9 % Pharmaceuticals 2.0 % 2.0 % Retailers 11.2 % 11.5 % Technology 19.3 % 20.0 % Treasury Bills 16.8 % 14.2 % IT Services 5.2 % — Wireless 2.8 % 2.9 % Total 100.0 % 100.0 % As of March 31, 2023 and December 31, 2022, 100.0% of investments held were based in the United States. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value disclosures | 6. Fair Value Measurement In accordance with ASC Topic 820, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 also establishes a framework for measuring fair value and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability as of the reporting date. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below: • Level 1 – Quoted prices in active markets for identical investments. • Level 2 – Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.). • Level 3 – Significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments at the reporting date). The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. If a fair value measurement uses price data vendors or observable market price quotations, that measurement may be a Level 2 or Level 3 measurement depending on the source of the base price. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability. The determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Valuation of Investments Investments are valued at fair value as determined in good faith by the Advisor, subject to the oversight of the Board, based on input from management and independent valuation firms that have been engaged to assist in the valuation of portfolio investments without readily available market quotations. This valuation process is conducted at the end of each fiscal quarter. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 2a-5, The fair values of loan investments based upon pricing data vendors or observable market price quotations are generally categorized as Level 2 or Level 3. Loan investments priced using internal models with significant unobservable inputs are categorized as Level 3. Short-term debt instruments (such as commercial paper) held by the Company having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price. The amortized cost method involves valuing a security at its cost on the date of purchase and thereafter (absent unusual circumstances) assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuations in general market rates of interest on the value of the instrument. If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Advisor may elect to obtain broker quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced broker quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker quotes are typically received from established market participants. Although independently received, the Advisor does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the broker quote would have direct and proportional changes in the fair value of the security. Discounted cash flow valuation uses an internal analysis based on the Advisor’s expectation of future income and expenses, capital structure, exit multiples of a security, and other unobservable inputs which may include contractual and factual loan factors, estimated future payments and credit rating. Significant changes in the unobservable inputs of the models would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy. Due to the inherent uncertainty of valuations, however, estimated fair values may differ from the values that would have been used had a readily available market for the securities existed and the differences could be material. The following tables summarize the fair value of the Company’s investments as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 Assets Level 1 Level 2 Level 3 Total First Lien Secured $ — $ 96,099 $ 36,024 $ 132,123 Second Lien Secured — 2,567 6,139 8,706 Senior Unsecured — — 26,914 26,914 Corporate Bonds — 28,354 — 28,354 Short-Term Investments — 39,493 — 39,493 Total assets $ — $ 166,513 $ 69,077 $ 235,590 December 31, 2022 Assets Level 1 Level 2 Level 3 Total First Lien Secured $ — $ 110,450 $ 22,082 $ 132,532 Second Lien Secured — 3,653 8,062 11,715 Senior Unsecured — — 25,562 25,562 Corporate Bonds — 27,743 — 27,743 Short-Term Investments — 32,650 — 32,650 Total assets $ — $ 174,496 $ 55,706 $ 230,202 Assets or liabilities categorized as Level 2 or Level 3 as of period end have been transferred between Level 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are a result of a change, in the normal course of business, from the use of methods used by Pricing Services (Level 2) to the use of a Broker Quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market-based data (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the tables below. The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands): Beginning Balance at 12/31/2022 Net Purchases and Drawdowns In-Kind Contributions Net Sales and Paydowns Accrued Discounts/ (Premiums) Realized Gain/ (Loss) Net Change in Transfers Tranfers Ending Term Loans First Lien Secured $ 22,082 $ 12,470 $ 0 ($ 109 ) $ 36 ($ 3,747 ) $ 5,067 $ 6,285 ($ 6,060 ) $ 36,024 Term Loans Second Lien Secured 8,062 698 0 0 (43 ) (13,850 ) 11,272 0 0 6,139 Term Loans Senior Unsecured 25,562 1,721 0 0 13 0 (382 ) 0 0 26,914 Totals $ 55,706 $ 14,889 $ 0 ($ 109 ) $ 6 ($ 17,597 ) $ 15,957 $ 6,285 ($ 6,060 ) $ 69,077 Beginning Balance at 6/10/2022 Net In-Kind Contributions Net Sales and Paydowns Accrued Discounts/ Realized (Loss) Net Change in Unrealized Appreciation/ (Depreciation) Transfers into Level 3 Tranfers Ending Term Loans First Lien Secured $ 0 $ 6,650 $ 19,764 ($ 107 ) $ 41 $ 2 ($ 4,268 ) $ 0 $ 0 $ 22,082 Term Loans Second Lien Secured 0 5,022 13,874 0 43 0 (10,877 ) 0 0 8,062 Term Loans Senior Unsecured 0 1,625 26,981 0 50 0 (3,094 ) 0 0 25,562 Totals $ 0 $ 13,297 $ 60,619 ($ 107 ) $ 134 $ 2 ($ 18,239 ) $ 0 $ 0 $ 55,706 The following tables present quantitative information about the significant unobservable inputs all-inclusive Fair Value Valuation Unobservable Range Weighted Average (1) Term Loans $ 39,218 Discounted Cash Flow Discount Rate 11.02% -15.91% 14.38% Term Loans 23,720 Third Party Vendor Broker Quote 93.00% -95.50% 94.33 % Term Loans 6,139 Indicative Market Price 27.66 % 27.66 % Total Assets $ 69,077 Fair Value Valuation Unobservable Range Weighted Average (1) Term Loans $ 25,562 Discounted Cash Flow Discount Rate n/a 15.41% Term Loans 6,678 Proxy Pricing Base Price n/a 95.29 % Term Loans 23,466 Third Party Vendor Broker Quote 37.50% - 95.50% 66.00 % Total Assets $ 55,706 (1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment Proxy pricing procedures set the base price of a fixed income security and subsequently adjust the price proportionally to market value changes of a pre-determined If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Company may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Company does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 7. Commitments & Contingencies Commitments The Company may enter into commitments to fund investments. As of March 31, 2023, the Advisor believed that the Company had adequate financial resources to satisfy its unfunded commitments, if any. The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Company’s Consolidated Statement of Assets and Liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of March 31, 2023, the Company had no unfunded commitments. Contingencies In the normal course of business, the Company enters into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist or are expected to arise and, accordingly, the Company has not accrued any liability in connection with such indemnifications. Litigation As of the issuance date of this report, the Company is not named as a defen litigation o |
Net Assets
Net Assets | 3 Months Ended |
Mar. 31, 2023 | |
Net Assets [Abstract] | |
Net Assets | 8. Net Assets Equity Issuance The Company’s authorized stock consists of 250,000,000 Shares of common stock, par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share. The Company did not hold a closing of the continuous Private Offering for the three months ended March 31, 2023. Distributions The Board did not declare a distribution for the three months ended March 31, 2023. Share Repurchase Program At the discretion of the Board, the Company may repurchase Shares (either by number of Shares or aggregate net asset value) as of such quarter end pursuant to a quarterly share repurchase program. Repurchases of Shares will be made at the current net offering price per Share on the date of such repurchase. In the event the amount of Shares tendered exceeds the repurchase offer amount, Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the Share repurchase program, as applicable. For the three months ended March 31, 2023, no Share repurchase was offered or requested and no Shares were repurchased. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 9. Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023: Three Months Ended March 31, 2023 Net increase (decrease) in net assets resulting from operations $ 5,711 Weighted average shares of common stock outstanding—basic and diluted 25,387,884 Earnings (loss) per common share (basic and diluted) $ 0.22 |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 10. Financial Highlights Three Months Ended March 31, 2023 Per share data: Net asset value, beginning of period $ 9.21 Net investment income (loss) (1) 0.23 Net realized and unrealized gain (loss) on investment transactions (2) (0.01 ) Net increase (decrease) in net assets from operations (1) 0.22 Total increase (decrease) in net assets 0.22 Net asset value, end of period $ 9.43 Shares Outstanding, end of period 25,387,884 Total Return (3) 2.44 % Ratios / supplemental data Ratio of expenses to average net assets, gross of waivers (4)(5) 1.59 % Ratio of expenses to average net assets, net of waivers (4)(5) 0.35 % Ratio of net investment income (loss) to average net assets (4)(5) 10.07 % Net Assets, end of period $ 239,506 Weighted average shares outstanding 25,387,884 Total capital commitments, end of period $ 253,879 Portfolio turnover rate (6) 6.27 % (1) Per share amounts are calculated based on the weighted average shares outstanding during the period. (2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. (3) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized. (4) All expenses are annualized with the exception of organizational expenses. (5) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period. (6) Not annualized. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events Subsequent events after the Consolidated Statement of Assets and Liabilities date have been evaluated through the date the consolidated financial statements were issued. The Company has concluded that there are no events requiring adjustment or disclosure in the consolidated financial statements except as discussed below. On May 4, 2023, the Company’s board of directors declared a dividend of $0.12 per share for the three months ended March 31, 2023, which is payable on May 24, 2023 to stockholders of record as of May 22, 2023. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein.The functional and reporting currency for the Company is the U.S. dollar. The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q S-X. r |
Use of Estimates | Use of Estimates The preparation of the financial statements in confo r |
Basis of Consolidation | Basis of Consolidation As provided under ASC Topic 946 and Regulation S-X, Company’s |
Fair Value of Investments | Fair Value of Investments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. |
Revenue Recognition | Revenue Recognition Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled 15 days or more after the trade date. Realized gains and losses from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend ex-dividend Investments are placed on non-accrual non-accrual Non-accrual Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received or applied to principal depending upon management’s judgement. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Paydown gains and losses on investments in debt instruments are reported in Interest income on the Consolidated Statement of Operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of Other income, if applicable, on the Consolidated Statement of Operations. |
Payment In-Kind Interest | Payment In-Kind The Company may have investments that contain Payment-In-Kin d in-kind e |
Organizational Costs | Organizational Costs Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. The Advisor may elect to pay certain organizational costs of the Company on the Company’s behalf and for which the Company reimburses the Advisor. If the Company is dissolved prior to the full reimbursement of the organizational costs, the Advisor shall not seek reimbursement of any re m |
Offering Costs | Offering Costs Offering costs in connection with the offering of common stock of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. The Advisor may elect to pay certain offering costs of the Company on the Company’s behalf and for which the Company may reimburse the Advisor pursuant to the Expense Reimbursement Agreement between the Company and Advisor. If the Company is dissolved prior to the full |
Other Expenses | Other Expenses All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of Other expenses on the Consolidated Statement of Operations. |
Cash and Foreign Currency | Cash and Foreign Currency Cash is comprised of cash at the custodian bank. The consolidated financial statements of the Company are presented using the currency of the primary economic environment in which it operates. The functional and reporting currency for the Company is the U.S. dollar. |
Income Taxes | Income Taxes The Company has elected, as of August 1, 2022, to be treated as a RIC under the Code and intends each year to qualify and be eligible to be treated as such, so that it generally will not be subject to U.S. federal income tax on its net investment income or net short-term or long-term capital gains, that are distributed (or deemed distributed, as described below) to stockholders. In order to qualify and be eligible for such treatment, the Company must meet certain asset diversification tests, derive at least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). The Company’s investment strategy will potentially be limited by its intention to continue qualifying for treatment as a RIC and can limit the Company’s ability to continue qualifying as such. The tax treatment of certain of the Company’s investments under one or more of the qualification or distribution tests applicable to RICs is uncertain. An adverse determination or future guidance by the IRS or a change in law might affect the Company’s ability to qualify or be eligible for such treatment. If, in any year, the Company were to fail to qualify for treatment as a RIC under the Code and were ineligible to or did not otherwise cure such failure, the Company would be subject to tax on its taxable income at corporate rates and, when such income is distributed, stockholders would be subject to further tax on such distributions to the extent of the Company’s current or accumulated earnings and profits. The Company accounts for income taxes in conformity with ASC Topic 740—Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” more-likely-than-not , a |
Distributions | Distributions Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Company’s financial statements presented under U.S. GAAP. The Company has adopted an “opt out” distribution reinvestment plan (“DRIP”). As a result, unless stockholders elect to “opt out” of the DRIP, stockholders will have their cas h |
New Accounting Pronouncement | New Accounting Pronouncement In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, . A 2020-04 2 2022-06, 2020-04 a |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Summary of Investments at Fair Value and Cost | Investments at fair value and cost consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Amounts in thousands) Cost Fair Value Cost Fair Value First Lien Secured $ 137,013 $ 132,123 $ 143,434 $ 132,532 Second Lien Secured 9,516 8,706 23,905 11,715 Senior Unsecured 30,236 26,914 28,502 25,562 Corporate Bonds 28,172 28,354 28,146 27,743 Short-Term Investments 39,484 39,493 32,640 32,650 Total investments $ 244,421 $ 235,590 $ 256,627 $ 230,202 |
Summary of Industry Composition of Investments as a Percentage of Total Investments Based on Fair Value | The industry composition of investments as a percentage of total investments based on fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Automotive 12.0 % 12.1 % Aviation Services — 0.5 % Broadcasting 2.9 % 2.9 % Brokerage 2.9 % 2.9 % Building Materials — 1.9 % Consumer Service 11.4 % 11.1 % Entertainment 7.5 % 7.5 % Food and Beverage — 2.6 % Gaming — 1.9 % Healthcare 3.1 % 3.1 % Packaging 2.9 % 2.9 % Pharmaceuticals 2.0 % 2.0 % Retailers 11.2 % 11.5 % Technology 19.3 % 20.0 % Treasury Bills 16.8 % 14.2 % IT Services 5.2 % — Wireless 2.8 % 2.9 % Total 100.0 % 100.0 % |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value, investments, entities that calculate net asset value per share | The following tables summarize the fair value of the Company’s investments as of March 31, 2023 and December 31, 2022 (amounts in thousands): March 31, 2023 Assets Level 1 Level 2 Level 3 Total First Lien Secured $ — $ 96,099 $ 36,024 $ 132,123 Second Lien Secured — 2,567 6,139 8,706 Senior Unsecured — — 26,914 26,914 Corporate Bonds — 28,354 — 28,354 Short-Term Investments — 39,493 — 39,493 Total assets $ — $ 166,513 $ 69,077 $ 235,590 December 31, 2022 Assets Level 1 Level 2 Level 3 Total First Lien Secured $ — $ 110,450 $ 22,082 $ 132,532 Second Lien Secured — 3,653 8,062 11,715 Senior Unsecured — — 25,562 25,562 Corporate Bonds — 27,743 — 27,743 Short-Term Investments — 32,650 — 32,650 Total assets $ — $ 174,496 $ 55,706 $ 230,202 |
Fair value, assets measured on recurring basis, unobservable input reconciliation | The below tables present a summary of changes in fair value of Level 3 assets by investment type (amounts in thousands): Beginning Balance at 12/31/2022 Net Purchases and Drawdowns In-Kind Contributions Net Sales and Paydowns Accrued Discounts/ (Premiums) Realized Gain/ (Loss) Net Change in Transfers Tranfers Ending Term Loans First Lien Secured $ 22,082 $ 12,470 $ 0 ($ 109 ) $ 36 ($ 3,747 ) $ 5,067 $ 6,285 ($ 6,060 ) $ 36,024 Term Loans Second Lien Secured 8,062 698 0 0 (43 ) (13,850 ) 11,272 0 0 6,139 Term Loans Senior Unsecured 25,562 1,721 0 0 13 0 (382 ) 0 0 26,914 Totals $ 55,706 $ 14,889 $ 0 ($ 109 ) $ 6 ($ 17,597 ) $ 15,957 $ 6,285 ($ 6,060 ) $ 69,077 Beginning Balance at 6/10/2022 Net In-Kind Contributions Net Sales and Paydowns Accrued Discounts/ Realized (Loss) Net Change in Unrealized Appreciation/ (Depreciation) Transfers into Level 3 Tranfers Ending Term Loans First Lien Secured $ 0 $ 6,650 $ 19,764 ($ 107 ) $ 41 $ 2 ($ 4,268 ) $ 0 $ 0 $ 22,082 Term Loans Second Lien Secured 0 5,022 13,874 0 43 0 (10,877 ) 0 0 8,062 Term Loans Senior Unsecured 0 1,625 26,981 0 50 0 (3,094 ) 0 0 25,562 Totals $ 0 $ 13,297 $ 60,619 ($ 107 ) $ 134 $ 2 ($ 18,239 ) $ 0 $ 0 $ 55,706 |
Disclosure in tabular form of significant unobservable inputs used in measuring fair value of investments | The following tables present quantitative information about the significant unobservable inputs all-inclusive Fair Value Valuation Unobservable Range Weighted Average (1) Term Loans $ 39,218 Discounted Cash Flow Discount Rate 11.02% -15.91% 14.38% Term Loans 23,720 Third Party Vendor Broker Quote 93.00% -95.50% 94.33 % Term Loans 6,139 Indicative Market Price 27.66 % 27.66 % Total Assets $ 69,077 Fair Value Valuation Unobservable Range Weighted Average (1) Term Loans $ 25,562 Discounted Cash Flow Discount Rate n/a 15.41% Term Loans 6,678 Proxy Pricing Base Price n/a 95.29 % Term Loans 23,466 Third Party Vendor Broker Quote 37.50% - 95.50% 66.00 % Total Assets $ 55,706 (1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of of basic and diluted earnings (loss) per common share | The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023: Three Months Ended March 31, 2023 Net increase (decrease) in net assets resulting from operations $ 5,711 Weighted average shares of common stock outstanding—basic and diluted 25,387,884 Earnings (loss) per common share (basic and diluted) $ 0.22 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule Of Financial Highlights | Three Months Ended March 31, 2023 Per share data: Net asset value, beginning of period $ 9.21 Net investment income (loss) (1) 0.23 Net realized and unrealized gain (loss) on investment transactions (2) (0.01 ) Net increase (decrease) in net assets from operations (1) 0.22 Total increase (decrease) in net assets 0.22 Net asset value, end of period $ 9.43 Shares Outstanding, end of period 25,387,884 Total Return (3) 2.44 % Ratios / supplemental data Ratio of expenses to average net assets, gross of waivers (4)(5) 1.59 % Ratio of expenses to average net assets, net of waivers (4)(5) 0.35 % Ratio of net investment income (loss) to average net assets (4)(5) 10.07 % Net Assets, end of period $ 239,506 Weighted average shares outstanding 25,387,884 Total capital commitments, end of period $ 253,879 Portfolio turnover rate (6) 6.27 % (1) Per share amounts are calculated based on the weighted average shares outstanding during the period. (2) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value (“NAV”) per share for the period, and may not reconcile with the aggregate gains and losses in the Consolidated Statement of Operations due to share transactions during the period. (3) Total return is calculated as the change in NAV per share during the period, plus distributions per share, if any, divided by the NAV per share at the beginning of the period. Total return is for the period indicated and has not been annualized. (4) All expenses are annualized with the exception of organizational expenses. (5) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period. (6) Not annualized. |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 7 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 10, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Common stock par value | $ 0.001 | $ 0.001 | ||
Capital commitments | $ 253,879 | |||
Unfunded capital commitments percentage | 0% | |||
PIMCO Entities [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Proceeds from issuance of common stock | $ 15 | |||
Common stock par value | $ 0.001 | |||
Non-cash additional assets contributed by related party fair value | $ 143,864 | |||
Non-cash additional assets contributed by related party unrealized loss | $ 6,588 | |||
Number of new stock issued during the period. | 25,387,884 | |||
Aggregate purchase price | $ 253,879 | |||
Privately Negotiated Loans and Equity Investments [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Minimum aggregate revenue | 20,000 | |||
Maximum earnings before interest taxes depreciation and amortization | $ 50,000 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Line Items] | ||
Deferred offering costs | $ 5 | $ 10 |
Regulated investment company qualification description | least 90% of its gross income for such year from certain types of qualifying income, and distribute to its stockholders at least 90% of its “investment company taxable income” as that term is defined in the Code (which includes, among other things, dividends, taxable interest and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses). | |
Advisor [Member] | ||
Accounting Policies [Line Items] | ||
Deferred offering costs | $ 5 | 10 |
Advisor [Member] | Organizational costs [Member] | ||
Accounting Policies [Line Items] | ||
Accounts payable to related parties | $ 905 | $ 1,004 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Related Party Transaction [Line Items] | |||
Due from affiliates | $ 179 | $ 2 | |
Due to affiliate | 0 | 435 | |
Investment company organization cost waiver | 0 | ||
Advisory Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage of base management fee | 1.25% | ||
Related party costs | $ 729 | ||
Investment company management fee waiver | 100% | ||
Administration Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Related party costs | $ 88 | ||
Investment company administrator fee to net assets | 0.15% | ||
Directors fee [Member] | |||
Related Party Transaction [Line Items] | |||
Related party costs | $ 254 | $ 192 |
Investments - Summary of Invest
Investments - Summary of Investments at Fair Value and Cost (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | |||
Cost | [1],[2] | $ 244,421 | $ 256,627 |
Fair Value | [1],[2] | 235,590 | 230,202 |
First Lien Secured Investments [Member] | |||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | |||
Cost | 137,013 | 143,434 | |
Fair Value | 132,123 | 132,532 | |
Second Lien Secured Investments [Member] | |||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | |||
Cost | 9,516 | 23,905 | |
Fair Value | 8,706 | 11,715 | |
Senior Unsecured Notes [Member] | |||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | |||
Cost | 30,236 | 28,502 | |
Fair Value | 26,914 | 25,562 | |
Corporate Bond Securities [Member] | |||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | |||
Cost | [1],[2] | 28,172 | 28,146 |
Fair Value | [1],[2] | 28,354 | 27,743 |
Short-Term Investments [Member] | |||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | |||
Cost | [1],[2] | 39,484 | 32,640 |
Fair Value | [1],[2] | $ 39,493 | $ 32,650 |
[1]All debt investments are income-producing, unless otherwise noted.[2]All investments are U.S. domiciled. |
Investments - Summary of Indust
Investments - Summary of Industry Composition of Investments as a Percentage of Total Investments Based on Fair Value (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 100% | 100% |
Automotive Industry [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 12% | 12.10% |
Aviation Services [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 0% | 0.50% |
Broadcasting [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 2.90% | 2.90% |
Brokerage [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 2.90% | 2.90% |
Building Materials [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 0% | 1.90% |
Consumer Service [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 11.40% | 11.10% |
Entertainment [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 7.50% | 7.50% |
Food and Beverage [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 0% | 2.60% |
Gaming [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 0% | 1.90% |
Healthcare Sector [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 3.10% | 3.10% |
Packaging [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 2.90% | 2.90% |
Pharmaceuticals [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 2% | 2% |
Retailers [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 11.20% | 11.50% |
Technology Sector [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 19.30% | 20% |
Treasury Bills [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 16.80% | 14.20% |
IT Serives [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 5.20% | 0% |
Wireless [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 2.80% | 2.90% |
Investments - Summary of Indu_2
Investments - Summary of Industry Composition of Investments as a Percentage of Total Investments Based on Fair Value (Parenthetical) (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 100% | 100% |
US | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 100% | 100% |
Investments - Additional Inform
Investments - Additional Information (Detail) | Mar. 31, 2023 |
Schedule of Investments [Abstract] | |
Non controlled investments percentage of total outstanding securities minimum threshold affiliated companies | 5% |
Controlled investments percentage of total outstanding securities minimum threshold | 25% |
Fair Value Measurement - Summar
Fair Value Measurement - Summary Of Fair Value, Investments, Entities That Calculate Net Asset Value Per Share (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | [1],[2] | $ 235,590 | $ 230,202 |
Corporate bond securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | [1],[2] | 28,354 | 27,743 |
Short-term investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | [1],[2] | 39,493 | 32,650 |
First lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 132,123 | 132,532 | |
Second lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 8,706 | 11,715 | |
Senior unsecured notes [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 26,914 | 25,562 | |
Fair Value, Inputs, Level 1 [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Corporate bond securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Short-term investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | First lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Second lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Senior unsecured notes [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 166,513 | 174,496 | |
Fair Value, Inputs, Level 2 [Member] | Corporate bond securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 28,354 | 27,743 | |
Fair Value, Inputs, Level 2 [Member] | Short-term investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 39,493 | 32,650 | |
Fair Value, Inputs, Level 2 [Member] | First lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 96,099 | 110,450 | |
Fair Value, Inputs, Level 2 [Member] | Second lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 2,567 | 3,653 | |
Fair Value, Inputs, Level 2 [Member] | Senior unsecured notes [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 69,077 | 55,706 | |
Fair Value, Inputs, Level 3 [Member] | Corporate bond securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-term investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | First lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 36,024 | 22,082 | |
Fair Value, Inputs, Level 3 [Member] | Second lien secured investments [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | 6,139 | 8,062 | |
Fair Value, Inputs, Level 3 [Member] | Senior unsecured notes [Member] | |||
Schedule of Investments [Line Items] | |||
Investment owned, at fair value | $ 26,914 | $ 25,562 | |
[1]All debt investments are income-producing, unless otherwise noted.[2]All investments are U.S. domiciled. |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary Of Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Net realized gain (loss) | $ (17,751) | |
Net Change in Unrealized Appreciation/ (Depreciation) | 17,594 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 55,706 | $ 0 |
Net Purchases and Drawdowns | 14,889 | 13,297 |
In-Kind Contributions | 0 | 60,619 |
Net Sales and Paydowns | 109 | 107 |
Accrued Discounts/ (Premiums) | 6 | 134 |
Net realized gain (loss) | 17,597 | 2 |
Net Change in Unrealized Appreciation/ (Depreciation) | 15,957 | 18,239 |
Transfers into Level 3 | 6,285 | 0 |
Tranfers out of Level 3 | 6,060 | 0 |
Ending balance | 69,077 | 55,706 |
Investments term loans first lien secured [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 22,082 | 0 |
Net Purchases and Drawdowns | 12,470 | 6,650 |
In-Kind Contributions | 0 | 19,764 |
Net Sales and Paydowns | 109 | 107 |
Accrued Discounts/ (Premiums) | 36 | 41 |
Net realized gain (loss) | 3,747 | 2 |
Net Change in Unrealized Appreciation/ (Depreciation) | 5,067 | 4,268 |
Transfers into Level 3 | 6,285 | 0 |
Tranfers out of Level 3 | 6,060 | 0 |
Ending balance | 36,024 | 22,082 |
nvestments term loans second lien secured [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 8,062 | 0 |
Net Purchases and Drawdowns | 698 | 5,022 |
In-Kind Contributions | 0 | 13,874 |
Net Sales and Paydowns | 0 | 0 |
Accrued Discounts/ (Premiums) | (43) | 43 |
Net realized gain (loss) | (13,850) | 0 |
Net Change in Unrealized Appreciation/ (Depreciation) | 11,272 | (10,877) |
Transfers into Level 3 | 0 | 0 |
Tranfers out of Level 3 | 0 | 0 |
Ending balance | 6,139 | 8,062 |
Investments term loans senior secured [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 25,562 | 0 |
Net Purchases and Drawdowns | 1,721 | 1,625 |
In-Kind Contributions | 0 | 26,981 |
Net Sales and Paydowns | 0 | 0 |
Accrued Discounts/ (Premiums) | 13 | 50 |
Net realized gain (loss) | 0 | 0 |
Net Change in Unrealized Appreciation/ (Depreciation) | (382) | (3,094) |
Transfers into Level 3 | 0 | 0 |
Tranfers out of Level 3 | 0 | 0 |
Ending balance | $ 26,914 | $ 25,562 |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Fair value disclosures | $ 235,590 | $ 230,202 | |
Fair Value, Inputs, Level 3 [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Fair value disclosures | 69,077 | 55,706 | |
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Investments Term Loans First Lien Secured [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Fair value disclosures | $ 39,218 | $ 25,562 | |
Valuation techniques | Discounted Cash Flow | Discounted Cash Flow | |
Unobservable Input | Discount Rate | Discount Rate | |
Significant unobservable input used in the valuation of investment | 14.38 | 15.41 | [1] |
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Investments Term Loans First Lien Secured [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Significant unobservable input used in the valuation of investment | 15.91 | ||
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Investments Term Loans First Lien Secured [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Significant unobservable input used in the valuation of investment | 11.02 | ||
Measurement input broker quote [Member] | Third party vendor [Member] | Investments Term Loans Senior Unsecured [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Fair value disclosures | $ 23,720 | $ 6,678 | |
Valuation techniques | Third Party Vendor | Proxy Pricing | |
Unobservable Input | Broker Quote | Base Price | |
Significant unobservable input used in the valuation of investment | 94.33 | 95.29 | [1] |
Measurement input broker quote [Member] | Third party vendor [Member] | Investments Term Loans Senior Unsecured [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Significant unobservable input used in the valuation of investment | 95.50 | ||
Measurement input broker quote [Member] | Third party vendor [Member] | Investments Term Loans Senior Unsecured [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Significant unobservable input used in the valuation of investment | 93.00 | ||
Measurement input price [Member] | Indicative market quotation [Member] | Investments Term Loans Second Lien Secured [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Fair value disclosures | $ 6,139 | $ 23,466 | |
Valuation techniques | Indicative Market Quotation | Third Party Vendor | |
Unobservable Input | Price | Broker Quote | |
Significant unobservable input used in the valuation of investment | 27.66 | 66.00 | [1] |
Measurement input price [Member] | Indicative market quotation [Member] | Investments Term Loans Second Lien Secured [Member] | Fair Value, Inputs, Level 3 [Member] | Maximum [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Significant unobservable input used in the valuation of investment | 95.50 | ||
Measurement input price [Member] | Indicative market quotation [Member] | Investments Term Loans Second Lien Secured [Member] | Fair Value, Inputs, Level 3 [Member] | Minimum [Member] | |||
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments [Line Items] | |||
Significant unobservable input used in the valuation of investment | 37.50 | ||
[1]Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Other Commitments [Line Items] | |
Investment company unfunded commitment | $ 0 |
Net Assets - Additional Informa
Net Assets - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Net Assets [Abstract] | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | |
Preferred stock, par value | $ / shares | $ 0.001 | |
Investment company, dividend distribution | $ 0 | |
Number of shares repurchased during the period | 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of of basic and diluted earnings (loss) per common share (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Earnings Per Share [Abstract] | |
Net increase (decrease) in net assets resulting from operations | $ | $ 5,711 |
Weighted Average Number of Shares Outstanding, Basic | shares | 25,387,884 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 25,387,884 |
Earnings Per Share, Basic | $ / shares | $ 0.22 |
Earnings Per Share, Diluted | $ / shares | $ 0.22 |
Financial Highlights - Schedule
Financial Highlights - Schedule Of Financial Highlights (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | ||
Net asset value, beginning of period | $ 9.21 | |
Net investment income (loss) | 0.23 | |
Net realized and unrealized gain (loss) on investment transactions | (0.01) | |
Net increase (decrease) in net assets from operations | 0.22 | |
Total increase (decrease) in net assets | 0.22 | |
Net asset value, end of period | $ 9.43 | |
Shares Outstanding, end of period | 25,387,884 | |
Total Return | 2.44% | |
Ratios / supplemental data | ||
Ratio of expenses to average net assets, gross of waivers | 1.59% | |
Ratio of expenses to average net assets, net of waivers | 0.35% | |
Ratio of net investment income (loss) to average net assets | 10.07% | |
Net Assets, end of period | $ 239,506 | $ 233,795 |
Weighted average shares outstanding, Basic | 25,387,884 | |
Weighted average shares outstanding, Diluted | 25,387,884 | |
Total capital commitments, end of period | $ 253,879 | |
Portfolio turnover rate | 6.27 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] | May 04, 2023 $ / shares |
Subsequent Event [Line Items] | |
Dividend payable date declared | May 04, 2023 |
Dividend payable amount per share | $ 0.12 |
Dividend payable date | May 24, 2023 |
Dividends payable, date of record | May 22, 2023 |