Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2023 | Mar. 12, 2024 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Entity Registrant Name | PIMCO Capital Solutions BDC Corp. | |
Document Annual Report | true | |
Document Transition Report | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001905824 | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Securities Act File Number | 814-01549 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-4705230 | |
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 | |
ICFR Auditor Attestation Flag | false | |
Entity Common Stock, Shares Outstanding | 21,602,602 | |
Auditor Name | PricewaterhouseCoopers LLP | |
Auditor Firm ID | 238 | |
Auditor Location | Kansas City, Missouri | |
Document Financial Statement Error Correction [Flag] | false |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments at fair value | ||
Non-controlled, non-affiliated investments, at fair value (cost of $220,859 and $256,627, respectively) | $ 215,975 | $ 230,202 |
Cash | 2,306 | 800 |
Restricted cash | 1,009 | 0 |
Interest receivable | 2,428 | 2,968 |
Receivable for paydowns of investments | 59 | 830 |
Organizational costs paid by Advisor | 194 | 1,004 |
Deferred offering costs | 10 | |
Deferred financing fee | 2,280 | 0 |
Due from affiliate | 2 | |
Total Assets | 224,251 | $ 235,816 |
Liabilities | ||
Other Liability, Current, Related Party, Type [Extensible Enumeration] | Related Party [Member] | |
Due to affiliate | $ 435 | |
Interest payable | 325 | 0 |
Accrued administration fee | 87 | 94 |
Organizational costs payable to Advisor | 1,153 | 1,153 |
Offering costs payable to Advisor | 20 | 20 |
Directors fee reimbursement to Advisor | 152 | 192 |
Accrued legal fee | 153 | 0 |
Accrued commitment fee | 171 | 0 |
Other payable | 140 | 127 |
Total Liabilities | 2,201 | 2,021 |
Commitments & Contingencies (Note 3 & 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 | 253,745 | 253,854 |
Distributable earnings (loss) | (31,720) | (20,084) |
Total Net Assets | 222,050 | 233,795 |
Total Liabilities and Net Assets | $ 224,251 | $ 235,816 |
Net asset value per share | $ 8.75 | $ 9.21 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Investment Owned, at Cost | [1] | $ 220,859 | $ 256,627 | [2] |
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 investments are U.S. domiciled.[2]All debt investments are income-producing, unless otherwise noted. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Income Statement [Abstract] | ||
Interest income | $ 9,262 | $ 19,546 |
Payment in-kind interest | 1,624 | 6,874 |
Other income | 64 | |
Total investment income | 10,886 | 26,484 |
Expenses | ||
Management fee | 1,574 | 2,955 |
Directors fee | 192 | 245 |
Administration fee | 191 | 355 |
Interest expense | 469 | |
Organizational costs | 1,153 | |
Tax expense | 264 | 22 |
Offering costs | 10 | 10 |
Legal expenses | 153 | |
Other expenses | 129 | 43 |
Recoupment of prior expenses paid by the Advisor | 811 | |
Total expenses | 3,513 | 5,063 |
Less: Waivers (Note 3) | (2,578) | (2,955) |
Net expenses | 935 | 2,108 |
Net investment income (loss) | 9,951 | 24,376 |
Net realized and unrealized gains (losses) on investment transactions: | ||
Non-controlled/non-affiliated investments | 42 | (32,541) |
Non-controlled/non-affiliated investments | (19,837) | 21,541 |
Net realized and unrealized gains (losses) | (19,795) | (11,000) |
Net Increase (Decrease) in Net Assets Resulting from Operations | $ (9,844) | $ 13,376 |
Weighted average shares outstanding, Basic | 22,911,164 | 25,387,884 |
Weighted average shares outstanding, Diluted | 22,911,164 | 25,387,884 |
Net Investment income (loss) per share (basic and diluted) | $ 0.43 | $ 0.96 |
Earnings (loss) per share, Basic | (0.43) | 0.53 |
Earnings (loss) per share, Diluted | $ (0.43) | $ 0.53 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Investment Company, Financial Highlights [Line Items] | ||
Net investment income | $ 9,951 | $ 24,376 |
Net realized gain (loss) | 42 | (32,541) |
Net change in unrealized appreciation (depreciation) | (19,837) | 21,541 |
Net Increase (Decrease) in Net Assets Resulting from Operations | (9,844) | 13,376 |
Distributions to stockholders from: | ||
Distributable earnings | (10,240) | (25,121) |
Total distributions to stockholders | (10,240) | (25,121) |
Capital Share Transactions | ||
Issuance of common shares | 253,879 | |
Net Increase (Decrease) in Net Assets Resulting from Capital Share Transactions | 253,879 | |
Total Increase (Decrease) in Net Assets | 233,795 | (11,745) |
Net Assets | ||
Beginning of period | 233,795 | |
End of period | $ 233,795 | $ 222,050 |
Capital Share Activity | ||
Shares issued | 25,387,884 | |
Net Increase (Decrease) in Shares Outstanding | 25,387,884 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 7 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Dec. 31, 2023 | |
Cash Flows From Operating Activities: | ||
Net Increase (Decrease) in Net Assets from Operations | $ (9,844,000) | $ 13,376,000 |
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 | (85,388,000) | (81,550,000) |
Proceeds from sales of long-term securities | 13,332,000 | 107,778,000 |
Sales (Purchases) of short-term portfolio investments, net | (31,869,000) | (12,407,000) |
Net change in unrealized (appreciation) depreciation on investments | 19,837,000 | (21,541,000) |
Net realized (gain) loss on investments | (42,000) | 32,541,000 |
Payment in-kind interest | (1,624,000) | (6,874,000) |
Net (accretion) on investments | (1,346,000) | (2,737,000) |
Paydown (gain) | (68,000) | (212,000) |
Amortization of deferred financing cost | 144,000 | |
Amortization of deferred offering costs | 10,000 | 10,000 |
Increase/(decrease) in operating assets and liabilities: | ||
(Increase) decrease in interest receivable | (2,968,000) | 540,000 |
(Increase) decrease in organizational costs paid by Advisor | (1,004,000) | 810,000 |
(Increase) decrease in deferred offering costs | (20,000) | |
(Increase) decrease in due from affiliate | (2,000) | 2,000 |
Increase (decrease) in due to affiliate | 435,000 | (435,000) |
Increase (decrease) in interest payable | 325,000 | |
Increase (decrease) in accrued administration fee | 94,000 | (7,000) |
Increase (decrease) in organizational costs payable to Advisor | 1,153,000 | |
Increase (decrease) in offering costs payable to Advisor | 20,000 | |
Increase (decrease) in directors fee reimbursement to Advisor | 192,000 | (40,000) |
Increase (decrease) in accrued legal fee | 153,000 | |
Increase (decrease) in accrued commitment fee | 171,000 | |
Increase (decrease) in other payable | 127,000 | 13,000 |
Net cash provided by (used for) operating activities | (98,975,000) | 30,060,000 |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of common shares | 110,015,000 | |
Distributions paid | (10,240,000) | (25,121,000) |
Deferred financing fees paid | (2,424,000) | |
Net cash provided by (used for) financing activities | 99,775,000 | (27,545,000) |
Net increase (decrease) in cash and restricted cash | 800,000 | 2,515,000 |
Cash and restricted cash, beginning of period | 800,000 | |
Cash and restricted cash, end of period | 800,000 | 3,315,000 |
Supplemental and Cash Flow Information: | ||
Tax expenses paid during the period | 264,000 | 22,000 |
Supplemental and Non-Cash Information: | ||
Contributions of securities, at net fair value | $ 143,864,000 | |
Exchange of investments | $ 12,900,000 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 220,859 | $ 256,627 | [2] |
Fair Value | [1] | $ 215,975 | $ 230,202 | [2] |
Percentage of Net Assets | [1] | 97.26% | 98.46% | [2] |
Investment, Identifier [Axis]: Common Stocks | Retailers | Total Retailers | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 359 | ||
Fair Value | [1] | $ 263 | ||
Percentage of Net Assets | [1] | 0.12% | ||
Investment, Identifier [Axis]: Common Stocks | Retailers | West Marine/Rising Tide Holdings, Inc. | ||||
Summary of Investment Holdings [Line Items] | ||||
Par Amount | [1],[3],[4] | $ 25,000 | ||
Cost | [1],[3],[4] | 359 | ||
Fair Value | [1],[3],[4] | $ 263 | ||
Percentage of Net Assets | [1],[3],[4] | 0.12% | ||
Investment, Identifier [Axis]: Common Stocks | Total Common Stocks | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 359 | ||
Fair Value | [1] | $ 263 | ||
Percentage of Net Assets | [1] | 0.12% | ||
Investment, Identifier [Axis]: Corporate Bonds | Automotive | Rivian Holdings/Auto LLC 144 | SOFR + 5.625% | 11.493% | 10/15/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[5],[6] | 5.625% | ||
Interest Rate | [1],[5],[7] | 11.493% | ||
Maturity Date | [1],[5] | Oct. 15, 2026 | ||
Par Amount | [1],[5] | $ 28,601 | ||
Cost | [1],[5] | 28,255 | ||
Fair Value | [1],[5] | $ 28,658 | ||
Percentage of Net Assets | [1],[5] | 12.91% | ||
Investment, Identifier [Axis]: Corporate Bonds | Automotive | Total Automotive | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 28,255 | ||
Fair Value | [1] | $ 28,658 | ||
Percentage of Net Assets | [1] | 12.91% | ||
Investment, Identifier [Axis]: Corporate Bonds | Rivian Holdings/Auto LLC 144A | Automotive | LIBOR + 5.625% | 10.164% | 10/15/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[8],[9] | 5.625% | ||
Interest Rate | [1],[2],[7],[8] | 10.164% | ||
Maturity Date | [1],[2],[8] | Oct. 15, 2026 | ||
Par Amount | [1],[2],[8] | $ 28,601 | ||
Cost | [1],[2],[8] | 28,146 | ||
Fair Value | [1],[2],[8] | $ 27,743 | ||
Percentage of Net Assets | [1],[2],[8] | 11.87% | ||
Investment, Identifier [Axis]: Corporate Bonds | Total Corporate Bonds | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 28,255 | $ 28,146 | [2] |
Fair Value | [1] | $ 28,658 | $ 27,743 | [2] |
Percentage of Net Assets | [1] | 12.91% | 11.87% | [2] |
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | AP Core Holdings II, LLC Term B-1 Loan | Entertainment | LIBOR + 5.500% | 9.884% | 09/01/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 5.50% | ||
Interest Rate | [1],[2],[7] | 9.884% | ||
Maturity Date | [1],[2] | Sep. 01, 2027 | ||
Par Amount | [1],[2] | $ 3,683 | ||
Cost | [1],[2] | 3,632 | ||
Fair Value | [1],[2] | $ 3,349 | ||
Percentage of Net Assets | [1],[2] | 1.43% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | AP Core Holdings II, LLC Term B-2 Loan | Entertainment | LIBOR + 5.500% | 9.884% | 09/01/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 5.50% | ||
Interest Rate | [1],[2],[7] | 9.884% | ||
Maturity Date | [1],[2] | Sep. 01, 2027 | ||
Par Amount | [1],[2] | $ 3,458 | ||
Cost | [1],[2] | 3,409 | ||
Fair Value | [1],[2] | $ 3,128 | ||
Percentage of Net Assets | [1],[2] | 1.34% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | AssuredPartners, Inc. 2020 February Refinancing Term Loan | Brokerage | LIBOR + 3.500% | 7.884% | 02/12/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.50% | ||
Interest Rate | [1],[2],[7] | 7.884% | ||
Maturity Date | [1],[2] | Feb. 12, 2027 | ||
Par Amount | [1],[2] | $ 6,964 | ||
Cost | [1],[2] | 6,637 | ||
Fair Value | [1],[2] | $ 6,780 | ||
Percentage of Net Assets | [1],[2] | 2.90% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Caesars Resort Collection, LLC Term B Loan | Gaming | LIBOR + 2.750% | 7.134% | 12/23/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 2.75% | ||
Interest Rate | [1],[2],[7] | 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% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan | Packaging | SOFR + 4.275% | 8.598% | 04/13/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 4.275% | ||
Interest Rate | [1],[2],[7] | 8.598% | ||
Maturity Date | [1],[2] | Apr. 13, 2029 | ||
Par Amount | [1],[2] | $ 6,965 | ||
Cost | [1],[2] | 6,665 | ||
Fair Value | [1],[2] | $ 6,651 | ||
Percentage of Net Assets | [1],[2] | 2.84% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Consumer Services | BCPE Empire Holdings, Inc. Extended Term Loan | SOFR + 4.750% | 10.106% | 12/11/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 4.75% | ||
Interest Rate | [1] | 10.106% | ||
Maturity Date | [1] | Dec. 11, 2028 | ||
Par Amount | [1] | $ 2,494 | ||
Cost | [1] | 2,496 | ||
Fair Value | [1] | $ 2,504 | ||
Percentage of Net Assets | [1] | 1.13% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Cornerstone Building Brands Inc. Tranche B Term Loan | Building Materials | LIBOR + 3.250% | 7.568% | 04/12/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[8],[9] | 3.25% | ||
Interest Rate | [1],[2],[7],[8] | 7.568% | ||
Maturity Date | [1],[2],[8] | Apr. 12, 2028 | ||
Par Amount | [1],[2],[8] | $ 4,835 | ||
Cost | [1],[2],[8] | 4,778 | ||
Fair Value | [1],[2],[8] | $ 4,361 | ||
Percentage of Net Assets | [1],[2],[8] | 1.87% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Diversified Manufacturing | TK Elevator Midco GmbH Facility B1 Loan | SOFR + 3.928% | 9.381% | 07/30/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 3.928% | ||
Interest Rate | [1] | 9.381% | ||
Maturity Date | [1] | Jul. 30, 2027 | ||
Par Amount | [1] | $ 2,494 | ||
Cost | [1] | 2,494 | ||
Fair Value | [1] | $ 2,503 | ||
Percentage of Net Assets | [1] | 1.13% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Endurance International Group Holdings Inc. Initial Term Loan | Technology | LIBOR + 3.500% | 7.717% | 02/10/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.50% | ||
Interest Rate | [1],[2],[7] | 7.717% | ||
Maturity Date | [1],[2] | Feb. 10, 2028 | ||
Par Amount | [1],[2] | $ 6,965 | ||
Cost | [1],[2] | 6,602 | ||
Fair Value | [1],[2] | $ 6,286 | ||
Percentage of Net Assets | [1],[2] | 2.69% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-1 Loan | SOFR + 5.614% | 10.970% | 09/01/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 5.614% | ||
Interest Rate | [1] | 10.97% | ||
Maturity Date | [1] | Sep. 01, 2027 | ||
Par Amount | [1] | $ 2,165 | ||
Cost | [1] | 2,140 | ||
Fair Value | [1] | $ 2,124 | ||
Percentage of Net Assets | [1] | 0.96% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | AP Core Holdings II, LLC Term B-2 Loan | SOFR + 5.614% | 10.970% | 09/01/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 5.614% | ||
Interest Rate | [1] | 10.97% | ||
Maturity Date | [1] | Sep. 01, 2027 | ||
Par Amount | [1] | $ 2,231 | ||
Cost | [1] | 2,205 | ||
Fair Value | [1] | $ 2,184 | ||
Percentage of Net Assets | [1] | 0.98% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Entertainment | PLNTF Holdings, LLC Initial Term Loan | SOFR + 8.262% | 13.633% | 03/22/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6],[10] | 8.262% | ||
Interest Rate | [1],[10] | 13.633% | ||
Maturity Date | [1],[10] | Mar. 22, 2026 | ||
Par Amount | [1],[10] | $ 11,116 | ||
Cost | [1],[10] | 10,989 | ||
Fair Value | [1],[10] | $ 10,671 | ||
Percentage of Net Assets | [1],[10] | 4.80% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Financial Other | Asurion, LLC B-8 Term Loan | SOFR + 3.364% | 8.720% | 12/23/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 3.364% | ||
Interest Rate | [1] | 8.72% | ||
Maturity Date | [1] | Dec. 23, 2026 | ||
Par Amount | [1] | $ 2,494 | ||
Cost | [1] | 2,428 | ||
Fair Value | [1] | $ 2,492 | ||
Percentage of Net Assets | [1] | 1.12% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Gainwell Acquisition Corp. Term B Loan | Pharmaceuticals | LIBOR + 4.000% | 8.730% | 10/01/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 4% | ||
Interest Rate | [1],[2],[7] | 8.73% | ||
Maturity Date | [1],[2] | Oct. 01, 2027 | ||
Par Amount | [1],[2] | $ 4,900 | ||
Cost | [1],[2] | 4,854 | ||
Fair Value | [1],[2] | $ 4,612 | ||
Percentage of Net Assets | [1],[2] | 1.97% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Healthcare | U.S. Renal Care, Inc. Closing Date Term Loan | SOFR + 5.356% | 10.470% | 06/20/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 5.356% | ||
Interest Rate | [1] | 10.47% | ||
Maturity Date | [1] | Jun. 20, 2028 | ||
Par Amount | [1] | $ 1,591 | ||
Cost | [1] | 977 | ||
Fair Value | [1] | $ 1,213 | ||
Percentage of Net Assets | [1] | 0.55% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | IT Services | Alorica, Inc. Term Loan | SOFR + 6.875% | 12.231% | 12/21/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[4],[6] | 6.875% | ||
Interest Rate | [1],[4] | 12.231% | ||
Maturity Date | [1],[4] | Dec. 21, 2027 | ||
Par Amount | [1],[4] | $ 12,250 | ||
Cost | [1],[4] | 12,137 | ||
Fair Value | [1],[4] | $ 11,999 | ||
Percentage of Net Assets | [1],[4] | 5.40% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Delayed Draw Term Loan | SOFR + 6.000% | 11.388% | 08/27/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[4],[6] | 6% | ||
Interest Rate | [1],[4] | 11.388% | ||
Maturity Date | [1],[4] | Aug. 27, 2026 | ||
Par Amount | [1],[4] | $ 3,691 | ||
Cost | [1],[4] | 3,691 | ||
Fair Value | [1],[4] | $ 3,671 | ||
Percentage of Net Assets | [1],[4] | 1.65% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Insurance Life | Integrity Marketing Acquisition, LLC Incremental Term Loan | SOFR + 6.000% | 11.388% | 08/27/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[4],[6] | 6% | ||
Interest Rate | [1],[4] | 11.388% | ||
Maturity Date | [1],[4] | Aug. 27, 2026 | ||
Par Amount | [1],[4] | $ 5,528 | ||
Cost | [1],[4] | 5,417 | ||
Fair Value | [1],[4] | $ 5,498 | ||
Percentage of Net Assets | [1],[4] | 2.48% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | LBM Acquisition LLC Initial Term Loan | Retailers | LIBOR + 3.750% | 7.121% | 12/17/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.75% | ||
Interest Rate | [1],[2],[7] | 7.121% | ||
Maturity Date | [1],[2] | Dec. 17, 2027 | ||
Par Amount | [1],[2] | $ 4,724 | ||
Cost | [1],[2] | 4,683 | ||
Fair Value | [1],[2] | $ 4,116 | ||
Percentage of Net Assets | [1],[2] | 1.76% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Mavenir Systems Inc. Initial Term Loan | Technology | LIBOR + 4.750% | 9.424% | 08/18/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[8],[9] | 4.75% | ||
Interest Rate | [1],[2],[7],[8] | 9.424% | ||
Maturity Date | [1],[2],[8] | Aug. 18, 2028 | ||
Par Amount | [1],[2],[8] | $ 9,925 | ||
Cost | [1],[2],[8] | 9,833 | ||
Fair Value | [1],[2],[8] | $ 8,101 | ||
Percentage of Net Assets | [1],[2],[8] | 3.47% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | McAfee Corp. Term Loan | Technology | SOFR + 3.850% | 7.974% | 03/01/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.85% | ||
Interest Rate | [1],[2],[7] | 7.974% | ||
Maturity Date | [1],[2] | Mar. 01, 2029 | ||
Par Amount | [1],[2] | $ 6,965 | ||
Cost | [1],[2] | 6,593 | ||
Fair Value | [1],[2] | $ 6,502 | ||
Percentage of Net Assets | [1],[2] | 2.78% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | PLNTF Holdings LLC Initial Term Loan | Entertainment | LIBOR + 8.000% | 12.753% | 03/22/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9],[11] | 8% | ||
Interest Rate | [1],[2],[7],[11] | 12.753% | ||
Maturity Date | [1],[2],[11] | Mar. 22, 2026 | ||
Par Amount | [1],[2],[11] | $ 11,230 | ||
Cost | [1],[2],[11] | 11,034 | ||
Fair Value | [1],[2],[11] | $ 10,725 | ||
Percentage of Net Assets | [1],[2],[11] | 4.59% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Packaging | Clydesdale Acquisition Holdings, Inc. Seven Year Term Loan | SOFR + 4.275% | 9.631% | 04/13/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6],[10] | 4.275% | ||
Interest Rate | [1],[10] | 9.631% | ||
Maturity Date | [1],[10] | Apr. 13, 2029 | ||
Par Amount | [1],[10] | $ 2,203 | ||
Cost | [1],[10] | 2,122 | ||
Fair Value | [1],[10] | $ 2,215 | ||
Percentage of Net Assets | [1],[10] | 1% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Packaging | LABL, Inc. Initial Dollar Term Loan | SOFR + 5.100% | 10.456% | 10/29/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 5.10% | ||
Interest Rate | [1] | 10.456% | ||
Maturity Date | [1] | Oct. 29, 2028 | ||
Par Amount | [1] | $ 2,494 | ||
Cost | [1] | 2,485 | ||
Fair Value | [1] | $ 2,398 | ||
Percentage of Net Assets | [1] | 1.08% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Peraton Corp. Term B Loan | Technology | LIBOR + 3.750% | 8.134% | 02/01/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.75% | ||
Interest Rate | [1],[2],[7] | 8.134% | ||
Maturity Date | [1],[2] | Feb. 01, 2028 | ||
Par Amount | [1],[2] | $ 3,087 | ||
Cost | [1],[2] | 3,072 | ||
Fair Value | [1],[2] | $ 3,020 | ||
Percentage of Net Assets | [1],[2] | 1.29% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | PetSmart LLC Initial Term Loan | Retailers | LIBOR + 3.750% | 8.130% | 02/11/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.75% | ||
Interest Rate | [1],[2],[7] | 8.13% | ||
Maturity Date | [1],[2] | Feb. 11, 2028 | ||
Par Amount | [1],[2] | $ 6,982 | ||
Cost | [1],[2] | 6,686 | ||
Fair Value | [1],[2] | $ 6,854 | ||
Percentage of Net Assets | [1],[2] | 2.93% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Pharmaceuticals | Gainwell Acquisition Corp. Term B Loan | SOFR + 4.100% | 9.448% | 10/01/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6],[10] | 4.10% | ||
Interest Rate | [1],[10] | 9.448% | ||
Maturity Date | [1],[10] | Oct. 01, 2027 | ||
Par Amount | [1],[10] | $ 2,238 | ||
Cost | [1],[10] | 2,221 | ||
Fair Value | [1],[10] | $ 2,182 | ||
Percentage of Net Assets | [1],[10] | 0.98% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Planview Parent Inc. Closing Date Term Loan | Technology | LIBOR + 4.000% | 8.730% | 12/17/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 4% | ||
Interest Rate | [1],[2],[7] | 8.73% | ||
Maturity Date | [1],[2] | Dec. 17, 2027 | ||
Par Amount | [1],[2] | $ 6,964 | ||
Cost | [1],[2] | 6,801 | ||
Fair Value | [1],[2] | $ 6,504 | ||
Percentage of Net Assets | [1],[2] | 2.78% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Polaris Newco LLC Dollar Term Loan | Technology | LIBOR + 4.000% | 8.730% | 06/02/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 4% | ||
Interest Rate | [1],[2],[7] | 8.73% | ||
Maturity Date | [1],[2] | Jun. 02, 2028 | ||
Par Amount | [1],[2] | $ 6,965 | ||
Cost | [1],[2] | 6,741 | ||
Fair Value | [1],[2] | $ 6,373 | ||
Percentage of Net Assets | [1],[2] | 2.73% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Retailers | LBM Acquisition, LLC Initial Term Loan | SOFR + 3.850% | 9.206% | 12/17/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6],[10] | 3.85% | ||
Interest Rate | [1],[10] | 9.206% | ||
Maturity Date | [1],[10] | Dec. 17, 2027 | ||
Par Amount | [1],[10] | $ 2,222 | ||
Cost | [1],[10] | 2,207 | ||
Fair Value | [1],[10] | $ 2,201 | ||
Percentage of Net Assets | [1],[10] | 0.99% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Retailers | Rising Tide Holdings, Inc. FILO Term Loan | SOFR + 9.000% | 14.356% | 06/01/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[4],[6] | 9% | ||
Interest Rate | [1],[4] | 14.356% | ||
Maturity Date | [1],[4] | Jun. 01, 2026 | ||
Par Amount | [1],[4] | $ 4,570 | ||
Cost | [1],[4] | 4,426 | ||
Fair Value | [1],[4] | $ 4,406 | ||
Percentage of Net Assets | [1],[4] | 1.98% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Rising Tide Holdings, Inc. Initial Term Loan | Retailers | LIBOR + 4.750% | 9.485% | 06/01/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9],[11] | 4.75% | ||
Interest Rate | [1],[2],[7],[11] | 9.485% | ||
Maturity Date | [1],[2],[11] | Jun. 01, 2028 | ||
Par Amount | [1],[2],[11] | $ 9,850 | ||
Cost | [1],[2],[11] | 9,759 | ||
Fair Value | [1],[2],[11] | $ 4,679 | ||
Percentage of Net Assets | [1],[2],[11] | 2% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Sophia L.P. Term Loan B | Technology | LIBOR + 3.500% | 8.230% | 10/07/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.50% | ||
Interest Rate | [1],[2],[7] | 8.23% | ||
Maturity Date | [1],[2] | Oct. 07, 2027 | ||
Par Amount | [1],[2] | $ 6,965 | ||
Cost | [1],[2] | 6,733 | ||
Fair Value | [1],[2] | $ 6,738 | ||
Percentage of Net Assets | [1],[2] | 2.88% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Team Health Holdings Inc. Non-Extended Term Loan | Healthcare | SOFR + 2.750% | 7.134% | 02/06/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 2.75% | ||
Interest Rate | [1],[2],[7] | 7.134% | ||
Maturity Date | [1],[2] | Feb. 06, 2024 | ||
Par Amount | [1],[2] | $ 6,963 | ||
Cost | [1],[2] | 6,513 | ||
Fair Value | [1],[2] | $ 5,988 | ||
Percentage of Net Assets | [1],[2] | 2.56% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Endurance International Group Holdings, Inc. Initial Term Loan | SOFR + 3.928% | 9.422% | 02/10/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 3.928% | ||
Interest Rate | [1] | 9.422% | ||
Maturity Date | [1] | Feb. 10, 2028 | ||
Par Amount | [1] | $ 6,894 | ||
Cost | [1] | 6,594 | ||
Fair Value | [1] | $ 6,772 | ||
Percentage of Net Assets | [1] | 3.05% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | MH Sub I, LLC Term Loan | SOFR + 4.250% | 9.606% | 05/03/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 4.25% | ||
Interest Rate | [1] | 9.606% | ||
Maturity Date | [1] | May 03, 2028 | ||
Par Amount | [1] | $ 2,494 | ||
Cost | [1] | 2,405 | ||
Fair Value | [1] | $ 2,456 | ||
Percentage of Net Assets | [1] | 1.11% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Mavenir Systems, Inc. Initial Term Loan | SOFR + 5.012% | 10.390% | 08/18/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[5],[6] | 5.012% | ||
Interest Rate | [1],[5] | 10.39% | ||
Maturity Date | [1],[5] | Aug. 18, 2028 | ||
Par Amount | [1],[5] | $ 9,825 | ||
Cost | [1],[5] | 9,746 | ||
Fair Value | [1],[5] | $ 6,951 | ||
Percentage of Net Assets | [1],[5] | 3.13% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | McAfee Corp. Term Loan | SOFR + 3.850% | 9.193% | 03/01/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6],[10] | 3.85% | ||
Interest Rate | [1],[10] | 9.193% | ||
Maturity Date | [1],[10] | Mar. 01, 2029 | ||
Par Amount | [1],[10] | $ 2,352 | ||
Cost | [1],[10] | 2,241 | ||
Fair Value | [1],[10] | $ 2,348 | ||
Percentage of Net Assets | [1],[10] | 1.06% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Planview Parent, Inc. Closing Date Term Loan | SOFR + 4.262% | 9.610% | 12/17/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6],[10] | 4.262% | ||
Interest Rate | [1],[10] | 9.61% | ||
Maturity Date | [1],[10] | Dec. 17, 2027 | ||
Par Amount | [1],[10] | $ 6,893 | ||
Cost | [1],[10] | 6,758 | ||
Fair Value | [1],[10] | $ 6,850 | ||
Percentage of Net Assets | [1],[10] | 3.08% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | Polaris Newco, LLC Dollar Term Loan | SOFR + 4.114% | 9.470% | 06/02/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 4.114% | ||
Interest Rate | [1] | 9.47% | ||
Maturity Date | [1] | Jun. 02, 2028 | ||
Par Amount | [1] | $ 2,400 | ||
Cost | [1] | 2,331 | ||
Fair Value | [1] | $ 2,371 | ||
Percentage of Net Assets | [1] | 1.07% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Technology | TIBCO Software, Inc. Dollar Term Loan B | SOFR + 4.600% | 9.948% | 03/30/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 4.60% | ||
Interest Rate | [1] | 9.948% | ||
Maturity Date | [1] | Mar. 30, 2029 | ||
Par Amount | [1] | $ 2,494 | ||
Cost | [1] | 2,389 | ||
Fair Value | [1] | $ 2,442 | ||
Percentage of Net Assets | [1] | 1.10% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Consumer Services | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,496 | ||
Fair Value | [1] | $ 2,504 | ||
Percentage of Net Assets | [1] | 1.13% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Diversified Manufacturing | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,494 | ||
Fair Value | [1] | $ 2,503 | ||
Percentage of Net Assets | [1] | 1.13% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Entertainment | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 15,334 | ||
Fair Value | [1] | $ 14,979 | ||
Percentage of Net Assets | [1] | 6.74% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Financial Other | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,428 | ||
Fair Value | [1] | $ 2,492 | ||
Percentage of Net Assets | [1] | 1.12% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total First Lien Senior Secured | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 97,624 | $ 143,434 | [2] |
Fair Value | [1] | $ 95,381 | $ 132,532 | [2] |
Percentage of Net Assets | [1] | 42.95% | 56.69% | [2] |
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Healthcare | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 977 | ||
Fair Value | [1] | $ 1,213 | ||
Percentage of Net Assets | [1] | 0.55% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total IT Services | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 12,137 | ||
Fair Value | [1] | $ 11,999 | ||
Percentage of Net Assets | [1] | 5.40% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Insurance Life | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 9,108 | ||
Fair Value | [1] | $ 9,169 | ||
Percentage of Net Assets | [1] | 4.13% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Packaging | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 4,607 | ||
Fair Value | [1] | $ 4,613 | ||
Percentage of Net Assets | [1] | 2.08% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Pharmaceuticals | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,221 | ||
Fair Value | [1] | $ 2,182 | ||
Percentage of Net Assets | [1] | 0.98% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Retailers | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 6,633 | ||
Fair Value | [1] | $ 6,607 | ||
Percentage of Net Assets | [1] | 2.97% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Technology | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 32,464 | ||
Fair Value | [1] | $ 30,190 | ||
Percentage of Net Assets | [1] | 13.60% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Total Wireless | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 6,725 | ||
Fair Value | [1] | $ 6,930 | ||
Percentage of Net Assets | [1] | 3.12% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | U.S. Foods Inc. (aka U.S. Foodservice, Inc.) Incremental B-2019 Term Loan | Food and Beverage | LIBOR + 2.000% | 6.384% | 09/13/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 2% | ||
Interest Rate | [1],[2],[7] | 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% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | U.S. Renal Care, Inc. Initial Term Loan | Healthcare | LIBOR + 5.000% | 9.438% | 06/26/2026 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 5% | ||
Interest Rate | [1],[2],[7] | 9.438% | ||
Maturity Date | [1],[2] | Jun. 26, 2026 | ||
Par Amount | [1],[2] | $ 1,891 | ||
Cost | [1],[2] | 1,857 | ||
Fair Value | [1],[2] | $ 1,067 | ||
Percentage of Net Assets | [1],[2] | 0.46% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Univision Communications Inc. Initial Term Loan | Broadcasting | LIBOR + 3.250% | 7.634% | 01/31/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 3.25% | ||
Interest Rate | [1],[2],[7] | 7.634% | ||
Maturity Date | [1],[2] | Jan. 31, 2029 | ||
Par Amount | [1],[2] | $ 6,965 | ||
Cost | [1],[2] | 6,775 | ||
Fair Value | [1],[2] | $ 6,780 | ||
Percentage of Net Assets | [1],[2] | 2.90% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Victorias Secret & Co. Initial Term Loan | Retailers | LIBOR + 3.250% | 7.983% | 08/02/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[8],[9] | 3.25% | ||
Interest Rate | [1],[2],[7],[8] | 7.983% | ||
Maturity Date | [1],[2],[8] | Aug. 02, 2028 | ||
Par Amount | [1],[2],[8] | $ 2,908 | ||
Cost | [1],[2],[8] | 2,882 | ||
Fair Value | [1],[2],[8] | $ 2,835 | ||
Percentage of Net Assets | [1],[2],[8] | 1.21% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Windstream Services LLC Incremental Term Loan | Wireless | SOFR + 4.100% | 8.423% | 02/28/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9],[11] | 4.10% | ||
Interest Rate | [1],[2],[7],[11] | 8.423% | ||
Maturity Date | [1],[2],[11] | Feb. 28, 2027 | ||
Par Amount | [1],[2],[11] | $ 7,000 | ||
Cost | [1],[2],[11] | 6,655 | ||
Fair Value | [1],[2],[11] | $ 6,678 | ||
Percentage of Net Assets | [1],[2],[11] | 2.86% | ||
Investment, Identifier [Axis]: Debt Investments | First Lien Senior Secured | Wireless | Windstream Services, LLC Incremental Term Loan | SOFR + 4.100% | 9.456% | 02/23/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 4.10% | ||
Interest Rate | [1] | 9.456% | ||
Maturity Date | [1] | Feb. 23, 2027 | ||
Par Amount | [1] | $ 7,000 | ||
Cost | [1] | 6,725 | ||
Fair Value | [1] | $ 6,930 | ||
Percentage of Net Assets | [1] | 3.12% | ||
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Altar BidCo Inc. Initial Term Loan | Technology | SOFR + 5.619% | 10.512% | 02/01/2030 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 5.619% | ||
Interest Rate | [1],[2],[7] | 10.512% | ||
Maturity Date | [1],[2] | Feb. 01, 2030 | ||
Par Amount | [1],[2] | $ 2,900 | ||
Cost | [1],[2] | 2,872 | ||
Fair Value | [1],[2] | $ 2,489 | ||
Percentage of Net Assets | [1],[2] | 1.06% | ||
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | KKR Apple Bidco LLC Initial Term Loan | Aviation Services | LIBOR + 5.750% | 10.134% | 09/21/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9] | 5.75% | ||
Interest Rate | [1],[2],[7] | 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% | ||
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Rising Tide Holdings Inc. Initial Term Loan | Retailers | LIBOR + 8.250% | 12.985% | 06/01/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[2],[9],[11] | 8.25% | ||
Interest Rate | [1],[2],[7],[11] | 12.985% | ||
Maturity Date | [1],[2],[11] | Jun. 01, 2029 | ||
Par Amount | [1],[2],[11] | $ 21,500 | ||
Cost | [1],[2],[11] | 19,839 | ||
Fair Value | [1],[2],[11] | $ 8,062 | ||
Percentage of Net Assets | [1],[2],[11] | 3.45% | ||
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Technology | Altar BidCo, Inc. Initial Term Loan | SOFR + 5.600% | 10.813% | 02/01/2030 | ||||
Summary of Investment Holdings [Line Items] | ||||
Reference Rate Spread | [1],[6] | 5.60% | ||
Interest Rate | [1] | 10.813% | ||
Maturity Date | [1] | Feb. 01, 2030 | ||
Par Amount | [1] | $ 2,900 | ||
Cost | [1] | 2,875 | ||
Fair Value | [1] | $ 2,878 | ||
Percentage of Net Assets | [1] | 1.30% | ||
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Total Second Lien Secured | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,875 | $ 23,905 | [2] |
Fair Value | [1] | $ 2,878 | $ 11,715 | [2] |
Percentage of Net Assets | [1] | 1.30% | 5.01% | [2] |
Investment, Identifier [Axis]: Debt Investments | Second Lien Senior Secured | Total Technology | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,875 | ||
Fair Value | [1] | $ 2,878 | ||
Percentage of Net Assets | [1] | 1.30% | ||
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Consumer Services | LEAF Home Solutions Note | 12.000% | 02/26/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[4],[7],[10],[12] | 12% | ||
Maturity Date | [1],[4],[10],[12] | Feb. 26, 2027 | ||
Par Amount | [1],[4],[10],[12] | $ 32,235 | ||
Cost | [1],[4],[10],[12] | 32,090 | ||
Fair Value | [1],[4],[10],[12] | $ 29,526 | ||
Percentage of Net Assets | [1],[4],[10],[12] | 13.30% | ||
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | LEAF Home Solutions Note PIK | Consumer Services | 12.000% | 02/26/2027 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[2],[7],[11] | 12% | ||
Maturity Date | [1],[2],[11] | Feb. 26, 2027 | ||
Par Amount | [1],[2],[11] | $ 28,689 | ||
Cost | [1],[2],[11] | 28,502 | ||
Fair Value | [1],[2],[11] | $ 25,562 | ||
Percentage of Net Assets | [1],[2],[11] | 10.93% | ||
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Technology | GCOM | 17.000% | 02/16/2029 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[4],[7],[12],[13] | 17% | ||
Maturity Date | [1],[4],[12],[13] | Feb. 16, 2029 | ||
Par Amount | [1],[4],[12],[13] | $ 13,277 | ||
Cost | [1],[4],[12],[13] | 10,622 | ||
Fair Value | [1],[4],[12],[13] | $ 10,535 | ||
Percentage of Net Assets | [1],[4],[12],[13] | 4.74% | ||
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Total Consumer Services | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 32,090 | ||
Fair Value | [1] | $ 29,526 | ||
Percentage of Net Assets | [1] | 13.30% | ||
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Total Senior Unsecured | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 42,712 | $ 28,502 | [2] |
Fair Value | [1] | $ 40,061 | $ 25,562 | [2] |
Percentage of Net Assets | [1] | 18.04% | 10.93% | [2] |
Investment, Identifier [Axis]: Debt Investments | Senior Unsecured | Total Technology | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 10,622 | ||
Fair Value | [1] | $ 10,535 | ||
Percentage of Net Assets | [1] | 4.74% | ||
Investment, Identifier [Axis]: Short-Term Investments | Total U.S. Treasury Bills | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 46,543 | ||
Fair Value | [1] | $ 46,553 | ||
Percentage of Net Assets | [1] | 20.96% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | Total U.S. Treasury Bills | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1],[2] | $ 32,640 | ||
Fair Value | [1],[2] | $ 32,650 | ||
Percentage of Net Assets | [1],[2] | 13.96% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 0.000% | 01/02/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[7] | 0% | ||
Maturity Date | [1] | Jan. 02, 2024 | ||
Par Amount | [1] | $ 8,000 | ||
Cost | [1] | 7,999 | ||
Fair Value | [1] | $ 8,000 | ||
Percentage of Net Assets | [1] | 3.61% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 3.44% | 01/26/2023 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[2],[7] | 3.44% | ||
Maturity Date | [1],[2] | Jan. 26, 2023 | ||
Par Amount | [1],[2] | $ 8,000 | ||
Cost | [1],[2] | 7,978 | ||
Fair Value | [1],[2] | $ 7,980 | ||
Percentage of Net Assets | [1],[2] | 3.41% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.08% | 3/09/2023 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[2],[7] | 4.08% | ||
Maturity Date | [1],[2] | Mar. 09, 2023 | ||
Par Amount | [1],[2] | $ 9,200 | ||
Cost | [1],[2] | 9,128 | ||
Fair Value | [1],[2] | $ 9,130 | ||
Percentage of Net Assets | [1],[2] | 3.91% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.12% | 03/23/2023 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[2],[7] | 4.12% | ||
Maturity Date | [1],[2] | Mar. 23, 2023 | ||
Par Amount | [1],[2] | $ 600 | ||
Cost | [1],[2] | 594 | ||
Fair Value | [1],[2] | $ 594 | ||
Percentage of Net Assets | [1],[2] | 0.25% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.18% | 03/30/2023 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[2],[7] | 4.18% | ||
Maturity Date | [1],[2] | Mar. 30, 2023 | ||
Par Amount | [1],[2] | $ 15,100 | ||
Cost | [1],[2] | 14,940 | ||
Fair Value | [1],[2] | $ 14,946 | ||
Percentage of Net Assets | [1],[2] | 6.39% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 4.820% | 01/23/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[7] | 4.82% | ||
Maturity Date | [1] | Jan. 23, 2024 | ||
Par Amount | [1] | $ 6,200 | ||
Cost | [1] | 6,180 | ||
Fair Value | [1] | $ 6,181 | ||
Percentage of Net Assets | [1] | 2.78% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.094% | 02/20/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[7] | 5.094% | ||
Maturity Date | [1] | Feb. 20, 2024 | ||
Par Amount | [1] | $ 4,300 | ||
Cost | [1] | 4,268 | ||
Fair Value | [1] | $ 4,269 | ||
Percentage of Net Assets | [1] | 1.92% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.096% | 03/14/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[7] | 5.096% | ||
Maturity Date | [1] | Mar. 14, 2024 | ||
Par Amount | [1] | $ 27,200 | ||
Cost | [1] | 26,911 | ||
Fair Value | [1] | $ 26,918 | ||
Percentage of Net Assets | [1] | 12.12% | ||
Investment, Identifier [Axis]: Short-Term Investments | U.S. Treasury Bills | U.S. Treasury Bill | 5.137% | 03/28/2024 | ||||
Summary of Investment Holdings [Line Items] | ||||
Interest Rate | [1],[7] | 5.137% | ||
Maturity Date | [1] | Mar. 28, 2024 | ||
Par Amount | [1] | $ 1,200 | ||
Cost | [1] | 1,185 | ||
Fair Value | [1] | $ 1,185 | ||
Percentage of Net Assets | [1] | 0.53% | ||
Investment, Identifier [Axis]: Total Debt Investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 143,211 | $ 195,841 | [2] |
Fair Value | [1] | $ 138,320 | $ 169,809 | [2] |
Percentage of Net Assets | [1] | 62.29% | 72.63% | [2] |
Investment, Identifier [Axis]: Total Non-Controlled Non-Affiliated Investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 220,859 | $ 256,627 | [2] |
Fair Value | [1] | $ 215,975 | $ 230,202 | [2] |
Percentage of Net Assets | [1] | 97.26% | 98.46% | [2] |
Investment, Identifier [Axis]: Total Short-Term Investments | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 46,543 | $ 32,640 | [2] |
Fair Value | [1] | $ 46,553 | $ 32,650 | [2] |
Percentage of Net Assets | [1] | 20.96% | 13.96% | [2] |
Investment, Identifier [Axis]: Total Warrants | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,491 | ||
Fair Value | [1] | $ 2,181 | ||
Percentage of Net Assets | [1] | 0.98% | ||
Investment, Identifier [Axis]: Warrants | Retailers | Total Retailers | ||||
Summary of Investment Holdings [Line Items] | ||||
Percentage of Net Assets | [1] | 0% | ||
Investment, Identifier [Axis]: Warrants | Retailers | West Marine/Rising Tide Holdings, Inc. | 9/8/2028 | ||||
Summary of Investment Holdings [Line Items] | ||||
Maturity Date | [1],[3],[4] | Sep. 08, 2028 | ||
Par Amount | [1],[3],[4] | $ 47,166 | ||
Percentage of Net Assets | [1],[3],[4] | 0% | ||
Investment, Identifier [Axis]: Warrants | Technology | GCOM | 08/11/2033 | ||||
Summary of Investment Holdings [Line Items] | ||||
Maturity Date | [1],[3],[4],[13] | Aug. 11, 2033 | ||
Par Amount | [1],[3],[4],[13] | $ 2,491,250 | ||
Cost | [1],[3],[4],[13] | 2,491 | ||
Fair Value | [1],[3],[4],[13] | $ 2,181 | ||
Percentage of Net Assets | [1],[3],[4],[13] | 0.98% | ||
Investment, Identifier [Axis]: Warrants | Technology | Total Technology | ||||
Summary of Investment Holdings [Line Items] | ||||
Cost | [1] | $ 2,491 | ||
Fair Value | [1] | $ 2,181 | ||
Percentage of Net Assets | [1] | 0.98% | ||
[1]All investments are U.S. domiciled.[2]All debt investments are income-producing, unless otherwise noted.[3]Non-income producing security.[4]The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements in the Notes to Consolidated Financial Statements.[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, 2023, total non-qualifying assets at fair value represented 16.0% of the Company’s total net assets calculated in accordance with the 1940 Act.[6]Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to 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, 2023, the reference rates for the floating rate loans were the 1 Month SOFR of 5.35%, 3 Month SOFR of 5.33% and 6 Month SOFR of 5.16%.[7]Interest rates on short-term investments are annualized.[8]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.[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%.[10]Pledged as collateral against the credit facility. See Note 4. Borrowings in the Notes to Consolidated Financial Statements for additional information.[11]The fair value of the investment was valued using significant unobservable inputs. See Note 6. Fair Value Measurements.[12]All or a portion of the interest on this position is paid-in-kind (PIK)[13]Represents co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission. See Note 3. Related Party Transactions in the Notes to Consolidated Financial Statements. |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | Dec. 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 | 4.39% | |
3 Month LIBOR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 4.77% | |
6 Month LIBOR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 5.14% | |
1 Month SOFR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 5.35% | 4.36% |
3 Month SOFR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 5.33% | 4.59% |
6 Month SOFR [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment, Basis Spread, Variable Rate | 5.16% | 4.78% |
Minimum [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Percentage of qualifying assets to the total assets | 16% | 18.40% |
N-2
N-2 - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 09, 2022 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001905824 | ||
Amendment Flag | false | ||
Securities Act File Number | 814-01549 | ||
Document Type | 10-K | ||
Entity Registrant Name | PIMCO Capital Solutions BDC Corp. | ||
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 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
General Description of Registrant [Abstract] | |||
NAV Per Share | $ 8.75 | $ 9.21 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 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 December 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 | 12 Months Ended |
Dec. 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. The functional and reporting currency for the Company is the U.S. dollar. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. Basis of Consolidation As provided under ASC Topic 946 and Regulation S-X, 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 Statements 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 Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statements of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income. Deferred Financing Fees Deferred financing fees represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2023 and December 31, 2022, the Company had deferred financing costs of $2,280 and $0, respectively (amounts in thousands). These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings. Payment In-Kind The Company may have investments that contain Payment-In-Kind in-kind 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 remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Reimbursement Agreement”) with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company’s behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of December 31, 2023 and December 31, 2022, $194 and $1,004, respectively (amounts in thousands), were recoverable by the Advisor for organizational expenses paid on the Company’s behalf and is recorded as “Organizational costs paid by Advisor” on the Consolidated Statements of Assets and Liabilities. As of December 31, 2023 and December 31, 2022, $1,153 and $1,153, respectively (amounts in thousands), owed to the Advisor for organizational expenses 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 reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of December 31, 2023 and December 31, 2022, there were $0 and $10, respectively (amounts in thousands), recoverable by the Advisor for offering costs paid on the Company’s behalf and were recorded as “Deferred offering costs” on the Consolidated Statements of Assets and Liabilities. As of December 31, 2023 and December 31, 2022, there were $20 and $20, respectively (amounts in thousands), owed to the Advisor for offering costs paid on the Company’s behalf and were recorded as “Offering costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities 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 Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors’ out-of-pocket Legal Expense Legal expenses are related to ongoing reviews of and legal advice on filings, board materials and financing facility and regulatory matters of the Company. These expenses are included as Legal expenses on the Consolidated Statements of Operations and Legal expenses payable on the Consolidated Statements of Assets and Liabilities. Cash, Foreign Currency and Restricted Cash 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. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. The restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in Note 4. Borrowings. Cash and restricted cash consisted of the following as of December 31, 2023 and December 31, 2022. December 31, 2023 December 31, 2022 Cash $ 2,306 $ 800 Restricted Cash 1,009 — Total cash and restricted cash in the Consolidated Statement of Cash Flows $ 3,315 $ 800 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 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 cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. New Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, 2020-04 2022-06, 2020-04 On July 26, 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. The disclosures are effective beginning with annual reports for fiscal years ending on or after December 15, 2023. The Company adopted the disclosure requirements as of December 31, 2023 and no material cybersecurity incidents have been identified. Refer to Item 1C. Cybersecurity |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 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 year ended December 31, 2023 and the period from June 10, 2022 (date of inception) to December 31, 2022, the Company incurred a management fee of $2,955 and $1,574, respectively (amounts 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 year ended December 31, 2023 and the period from June 10, 2022 (date of inception) to December 31, 2022, the Company incurred an administration fee of $355 and $191, respectively (amounts 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 year ended December 31, 2023 and the period from June 10, 2022 (date of inception) to December 31, 2022, the Advisor paid directors fees on behalf of the Company. As of December 31, 2023 and December 31, 2022, $152 and $192, respectively (amounts in thousands), was reimbursable to the Advisor for directors fees and is recorded as “Directors fee reimbursement to Advisor” on the Consolidated Statements 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 year ended December 31, 2023 and the period from June 10, 2022 (date of inception) to December 31, 2022, the Company waived an organization cost of $0 and $1,004, respectively (amounts in thousands). For the year ended December 31, 2023, the Advisor recouped $811 (amount in thousands) from the Company for prior expenses paid and were recorded as “Recoupment of prior expenses paid by the Advisor” on the Consolidated Statement of Operations. Due to/from Affiliate As of December 31, 2023 and December 31, 2022, the Company has $0 and $2, respectively (amounts in thousands), receivable from an affiliate for interest paid to the affiliate that is due to the Company and is included in “Due from affiliate” on the Consolidated Statements of Assets and Liabilities. As of December 31, 2023 and December 31, 2022, the Company has $0 and $435, respectively (amounts in thousands), payable to an affiliate for interest received from the affiliate and is included in “Due to affiliate” on the Consolidated Statements 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 Statements 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 co-investments co-investments See Note 1. Organization |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | 4. Borrowings The Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing (if certain requirements are met). As of December 31, 2023 and December 31, 2022, the Company did not have any borrowings outstanding and, therefore, the asset coverage ratio is not applicable. Credit Facility On June 19, 2023, Amber CS LLC (the “Subsidiary”), as borrower and portfolio asset servicer, a wholly-owned financing subsidiary of the Company, Topaz CS LLC, as equity holder of Subsidiary, and Opal CS LLC and Quartz CS LLC, as Subsidiary guarantors, entered into a loan servicing agreement (the “Credit Facility”) with Massachusetts Mutual Life Insurance Company, as initial lender, administrative agent, facility servicer, and collateral custodian, and MassMutual Ascend Life Insurance Company, as initial lender. Under the Credit Facility, the maximum aggregate committed borrowing amount is $150,000 (amount in thousands) (the “Maximum Facility Amount”) with a scheduled maturity date of June 19, 2032. The facility bears interest at a rate of the applicable Benchmark plus (a) 2.85% for SOFR advances, and (b) 1.85% for an advance bearing interest at the alternate base rate which is a rate of interest per annum equal to the higher of (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum. The facility bears an Unused Commitment Fee on the average daily unused amount in excess of the Minimum Usage Amount, if any, at a rate of .40% per annum. The Minimum Usage Amount is (a) zero prior to June 19, 2024, and (b) an amount equal to 70% of the Maximum Facility Amount any date on or after June 19, 2024. The Unused Commitment Fee is disclosed as a component of interest expense on the Consolidated Statement of Operations. The Subsidiary also pays a Facility Servicer Fee in an aggregate amount equal to 0.03% per annum of the Maximum Facility Amount, an annual Collateral Custodian Fee of $5, an Agent Fee in an annual amount of $25, and a Rating fee of $175 for the initial rating and an annual fee of $45 thereafter (amounts in thousands). The Credit Facility contains certain covenants including: (i) the Subsidiary acquiring a Debt Rating of BBB-, Certain investments, as disclosed on the Consolidated Schedule of Investments and their related cashflow are pledged as collateral for the Credit Facility. In connection with the establishment of the loan facility, the Company paid upfront fees and incurred legal expenses of $2,424 (amount in thousands), which are being amortized into interest expense through the scheduled maturity date. The Company had $0 of outstanding borrowings as of December 31, 2023. Interest expense related to the borrowings and amortization of deferred financing costs are disclosed as a component of interest expense on the Consolidated Statements of Operations. For the year ended December 31, 2023 and the period from June 10, 2022 (date of inception) to December 31, 2022, the Company had interest expense of $469 and $0, respectively, inclusive of amortization expense for deferred financing fees of $144 and $0, respectively, and unused commitment fees of $325 and $0, respectively (amounts in thousands). |
Investments
Investments | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 (Amounts in thousands) Cost Fair Value Cost Fair Value First Lien Senior Secured $ 97,624 $ 95,381 $ 143,434 $ 132,532 Second Lien Senior Secured 2,875 2,878 23,905 11,715 Senior Unsecured 42,712 40,061 28,502 25,562 Corporate Bonds 28,255 28,658 28,146 27,743 Common Stocks 359 263 — — Warrants 2,491 2,181 — — Short-Term Investments 46,543 46,553 32,640 32,650 Total investments $ 220,859 $ 215,975 $ 256,627 $ 230,202 The industry composition of investments as a percentage of total investments based on fair value as of December 31, 2023 and December 31, 2022 was as follows: December 31, 2023 December 31, 2022 Automotive 13.3 % 12.1 % Aviation Services — 0.5 % Broadcasting — 2.9 % Brokerage — 2.9 % Building Materials — 1.9 % Consumer Services 14.8 % 11.1 % Diversified Manufacturing 1.1 % — Entertainment 6.9 % 7.5 % Financial Other 1.2 % — Food and Beverage — 2.6 % Gaming — 1.9 % Healthcare 0.6 % 3.1 % Insurance Life 4.3 % — Packaging 2.1 % 2.9 % Pharmaceuticals 1.0 % 2.0 % Retailers 3.2 % 11.5 % Technology 21.2 % 20.0 % Treasury Bills 21.5 % 14.2 % IT Services 5.6 % — Wireless 3.2 % 2.9 % Total 100.0 % 100.0 % As of December 31, 2023 and December 31, 2022, 100.0% of investments held were based in the United States. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 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. Common stocks, warrants and financial derivative instruments, such as futures contracts or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. 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. 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 The market approach generally involves multiplying a key performance metric of the company, such as earnings before interest, taxes, depreciation and amortization (“EBITDA”), by a valuation multiple observed in a range of comparable companies or transactions. The selection of a population of comparable companies requires judgment, including qualitative and quantitative analysis of the comparability of the companies. The Advisor may also adjust the valuation multiple for differences between the investment and the referenced comparable. A cost approach is generally used when a recent transaction price for a specific asset is indicative of fair value. 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 December 31, 2023 and December 31, 2022 (amounts in thousands): December 31, 2023 Assets Level 1 Level 2 Level 3 Total First Lien Senior Secured $ — $ 69,807 $ 25,574 $ 95,381 Second Lien Senior Secured — 2,878 — 2,878 Senior Unsecured — — 40,061 40,061 Corporate Bonds — 28,658 — 28,658 Common Stocks — — 263 263 Warrants — — 2,181 2,181 Short-Term Investments — 46,553 — 46,553 Total assets $ — $ 147,896 $ 68,079 $ 215,975 December 31, 2022 Assets Level 1 Level 2 Level 3 Total First Lien Senior Secured $ — $ 110,450 $ 22,082 $ 132,532 Second Lien Senior 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) for the year ended December 31, 2023 and the period June 10, 2022 (date of inception) to December 31, 2022: Net Net Change in Beginning Purchases Net Sales Accrued Realized Unrealized Transfers Tranfers Ending Balance at and In-Kind and Discounts/ Gain/ Appreciation/ into Level out of Balance at 12/31/2022 Drawdowns (1) Contributions Paydowns (2) (Premiums) (Loss) (Depreciation) 3 Level 3 12/31/23 Term Loans First Lien Secured $ 22,082 $ 24,928 $ 0 ($ 5,380 ) $ 177 ($ 3,790 ) $ 5,158 $ 0 ($ 17,601 ) $ 25,574 Term Loans Second Lien Secured 8,062 0 0 (5,945 ) 36 (13,930 ) 11,777 0 0 0 Term Loans Senior Unsecured 25,562 14,083 0 0 128 0 288 0 0 40,061 Common Stocks 0 359 0 0 0 0 (97 ) 1 0 263 Unlisted Warrants 0 2,492 0 0 0 0 (311 ) 0 0 2,181 Totals $ 55,706 $ 41,862 $ 0 ($ 11,325 ) $ 341 ($ 17,720 ) $ 16,815 $ 1 ($ 17,601 ) $ 68,079 (1) Purchases and Drawdowns may include securities received in corporate actions and restructurings. (2) Sales and Paydowns may include securities delivered in corporate actions and restructuring of investments. Net Net Change in Beginning Purchases Net Sales Accrued Realized Unrealized Transfers Tranfers Ending Balance at and In-Kind and Discounts/ Gain/ Appreciation/ into Level out of Balance at 6/10/2022 Drawdowns Contributions Paydowns (Premiums) (Loss) (Depreciation) 3 Level 3 12/31/22 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 of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive Fair Value as of December 31, 2023 Valuation Techniques Unobservable Input Range Weighted Average (1) Term Loans $ 25,574 Discounted Cash Flow Discount Rate 10.67% - 16.39% 12.23% Senior Unsecured 40,061 Discounted Cash Flow Discount Rate 15.41% - 23.37% 17.50% Common Stocks 263 Discounted Cash Flow/Comparable Multiple Discount Rate/Revenue Multiple n/a 17.25%/0.55x Warrants 2,181 Comparable Multiple EBITDA Multiple n/a 10.00x Total Assets $ 68,079 Fair Value as of December 31, 2022 Valuation Techniques Unobservable Input 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 in the category. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022, 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 Statements 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 December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands): Portfolio Company Investment Type December 31, 2023 Integrity Marketing Acquisition, LLC Revolver $ 709 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 defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it. |
Net Assets
Net Assets | 12 Months Ended |
Dec. 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 year ended December 31, 2023. The following table summarizes the total shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the period June 10, 2022 (date of inception) through December 31, 2022: For the period June 10, 2022 (date of inception) through December 31, 2022 Share Issuance Date Shares Amount (in thousands) June 10 1,500 $ 15 June 30 25,386,384 253,864 Total capital drawdowns 25,387,884 $ 253,879 Distributions For the year ended December 31, 2023, the Board declared the following distributions: On May 24, 2023, the Company paid a dividend of $0.12 per share to stockholders of record as of May 22, 2023. On August 24, 2023, the Company paid a dividend of $0.19 per share to stockholders of record as of August 22, 2023. On November 21, 2023, the Company paid a dividend of $0.14 per share to stockholders of record as of November 17, 2023. On December 22, 2023, the Company paid a dividend of $0.54 per share to stockholders of record as of December 20, 2023. For the period from June 10, 2022 (date of inception) to December 31, 2022, the Board declared the following distributions: On November 14, 2022, the Company paid a dividend of $0.17 per share for the period June 10, 2022 (date of inception) through September 30, 2022 to stockholders of record on November 9, 2022. On December 29, 2022, the Company paid a dividend of $0.23 per share for the period ended December 31, 2022 to stockholders of record on December 23, 2022. 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 year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022, no Share repurchase was offered or requested and no Shares were repurchased. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 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 year ended December 31, 2023 and the period June 10, 2022 (date of inception) to December 31, 2022 (amounts in thousands, except share and per share): June 10, 2022 (date of Year Ended inception) to December 31, 2023 December 31, 2022 Net increase (decrease) in net assets resulting from operations $ 13,376 $ (9,844 ) Weighted average shares of common stock oustanding -basic and diluted 25,387,884 22,911,164 Earnings (loss) per common share (basic and diluted) $ 0.53 $ (0.43 ) |
Federal Tax Matters
Federal Tax Matters | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Federal Tax Matters | 10. Federal Tax Matters For the period from June 10, 2022 (date of inception) through July 31, 2022, the Company had taxable corporation status under the Code whereupon it was liable for and paid $263,690 in federal and state income tax. As of August 1, 2022, the Company has elected to qualify as a RIC under Subchapter M of the Code and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made for the periods after such election. The Company may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments. In accordance with U.S. GAAP, the Manager has reviewed the Company’s’ tax positions for all open tax years. As of December 31, 2023 and December 31, 2022, the Company has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns. The Company files U.S. federal, state, and local tax returns as required. The Company’s tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes. As of December 31, 2023 and December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands † PIMCO Capital Undistributed (1) Undistributed Net Tax Basis (2) Other Book-to-Tax (3) Accumulated (4) Qualified (5) Qualified (6) Total December 31, 2023 $ 80 $ 0 $ 1,671 ($ 959 ) $ (32,512 ) $ 0 $ 0 ($ 31,720 ) December 31, 2022 $ 0 $ 0 ($ 19,837 ) ($ 149 ) $ 0 $ 0 $ 0 ($ 19,986 ) The Company, a fund is permitted to carry forward any capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses. For the year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022, the Company had the following post-effective capital losses with no expiration (amounts in thousands † PIMCO Capital Solutions BDC Corp. Short-Term Long-Term December 31, 2023 $ 5,642 $ 26,870 December 31, 2022 $ 0 $ 0 As of December 31, 2023 and December 31, 2022, the aggregate cost and the net unrealized appreciation (depreciation) of investments for federal income tax purposes are as follows (amounts in thousands † PIMCO Capital Solutions BDC Corp. Federal Tax Cost Unrealized Unrealized Net Unrealized Appreciation (7) December 31, 2023 $ 224,758 $ 1,708 ($ 6,625 ) ($ 4,917 ) December 31, 2022 $ 257,994 $ 537 ($ 26,963 ) ($ 26,426 ) For the fiscal year ended December 31, 2023 and the fiscal period ended December 31, 2022, the Company made the following tax basis distributions (amounts in thousands † December 31, 2023 December 31, 2022 Ordinary Income (8) Long-Term Return of (9) Ordinary Income (8) Long-Term Return of (9) PIMCO Capital Solutions BDC Corp. $ 24,791 $ 0 $ 329 $ 10,135 $ 41 $ 64 † A zero balance may reflect actual amounts roundi n (1) Includes undistributed short-term capital gains, if any. (2) Adjusted for open wash sale deferrals and for differences between book and tax unrealized gain/loss, if any. (3) Represents differences in income tax regulations and U.S. GAAP, mainly for organizational expenses. (4) Capital losses available to offset future net capital gains as shown below. (5) Capital losses realized during the year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022 which the Company elected to defer to the following taxable year pursuant to income tax regulations. (6) Specified losses realized during the year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022 which the Company elected to defer to the following taxable year pursuant to income tax regulations. (7) Primary differences, if any, between book and tax net unrealized appreciation (depreciation) on investments are attributable to wash sales, if applicable. (8) Includes short-term capital gains distributed, if any. (9) A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Financial Highlights | 11. Financial Highlights June 10, 2022 (date Year Ended of inception) to December 31, 2023 December 31, 2022 Per share data: Net asset value, beginning of period $ 9.21 $ — Net investment income (loss) (1) 0.96 0.43 Net realized and unrealized gain (loss) on investment transactions (2) (0.43 ) (0.77 ) Net increase (decrease) in net assets from operations (1) 0.53 (0.34 ) Impact of issuance of common stock — 10.00 Distributions declared (1) (0.99 ) (0.45 ) Total increase (decrease) in net assets (0.46 ) 9.21 Net asset value, end of period $ 8.75 $ 9.21 Shares Outstanding, end of period 25,387,884 25,387,884 Total Return (3) 5.86 % (3.41 )% Ratios / supplemental data Ratio of expenses to average net assets, gross of (4)(5) 2.13 % 2.37 % Ratio of expenses to average net assets, net of (4)(5) 0.88 % 0.68 % Ratio of net investment income (loss) to average net (4)(5) 10.28 % 7.91 % Net Assets, end of period $ 222,050 $ 233,795 Weighted average shares outstanding 25,387,884 22,911,164 Total capital commitments, end of period $ 253,879 $ 253,879 Portfolio turnover rate (6) 41.86 % 7.28 % (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 Statements 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 for period less than one year. (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 for period less than one year. (7) See Note 10 for the tax character of the distributable earnings. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events Subsequent events after the Consolidated Statements 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 other events requiring adjustment or disclosure in the consolidated financial statements except as discussed below. On January 25, 2024, the Company repurchased 3,785,281.95 shares of common stock, par value $0.001 per share from PIMCO Capital Solutions US Feeder LP for $33,238 (amount in thousands) at $8.78 per share in accordance with its offer to repurchase (the “Tender Offer”) its own shares up to the amount of shares that could be repurchased with approximately $40,000 (amount in thousands). The Tender Offer expired on January 25, 2024 and $33,238 (amount in thousands) was paid to PIMCO Capital Solutions US Feeder LP on January 31, 2024. Federal Income Tax Information (Unaudited) As required by the Code and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Company’s fiscal year end regarding the status of qualified dividend income and the dividend received deduction. Dividend Received Deduction Qualified Dividend Income Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. Section 163(j) Interest Dividends. Section 1.163(j)-1(b). Dividend Qualified Qualified † Qualified Short- † 163(j) Interest † PIMCO Capital Solutions BDC Corp. 0 % 0 % $ 26,494 $ 0 $ 0 † A zero balance may reflect actual amounts rounding to less than one thousand. Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Company. In January 2024, you will be advised on IRS Form 1099-DIV Section 199A Dividends. Non-corporate 199A Dividends PIMCO Capital Solutions BDC Corp. 0 % |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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. The functional and reporting currency for the Company is the U.S. dollar. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Basis of Consolidation | Basis of Consolidation As provided under ASC Topic 946 and Regulation S-X, |
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 Statements 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 Statements of Operations. Certain commitment fees are deferred and included in Other Liabilities on the Consolidated Statements of Assets and Liabilities. The commitment fees are amortized over the life of the investment as other income. |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. As of December 31, 2023 and December 31, 2022, the Company had deferred financing costs of $2,280 and $0, respectively (amounts in thousands). These amounts are amortized and included in interest expense in the Consolidated Statements of Operations over the life of the borrowings. |
Payment In-Kind Interest | Payment In-Kind The Company may have investments that contain Payment-In-Kind in-kind |
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 remaining amounts upon dissolution. The Company has entered into an Expense Support and Conditional Reimbursement Agreement (the “Expense Reimbursement Agreement”) with the Advisor pursuant to which the Advisor may elect to pay certain expenses on the Company’s behalf and the Company may be required to repay the Advisor from its excess operating funds until such time as all expenses made by the Advisor on behalf of the Company within three years have been reimbursed. These expenses consist primarily of legal fees and other costs of organizing the Company. As of December 31, 2023 and December 31, 2022, $194 and $1,004, respectively (amounts in thousands), were recoverable by the Advisor for organizational expenses paid on the Company’s behalf and is recorded as “Organizational costs paid by Advisor” on the Consolidated Statements of Assets and Liabilities. As of December 31, 2023 and December 31, 2022, $1,153 and $1,153, respectively (amounts in thousands), owed to the Advisor for organizational expenses |
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 reimbursement of the offering costs, the Advisor shall not seek reimbursement of any remaining amounts upon dissolution. As of December 31, 2023 and December 31, 2022, there were $0 and $10, respectively (amounts in thousands), recoverable by the Advisor for offering costs paid on the Company’s behalf and were recorded as “Deferred offering costs” on the Consolidated Statements of Assets and Liabilities. As of December 31, 2023 and December 31, 2022, there were $20 and $20, respectively (amounts in thousands), owed to the Advisor for offering costs paid on the Company’s behalf and were recorded as “Offering costs payable to Advisor” on the Consolidated Statements of Assets and Liabilities |
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 Statements of Operations. In addition, valuation, insurance, filing, research, consulting, subscriptions, directors’ out-of-pocket |
Legal Expense | Legal Expense Legal expenses are related to ongoing reviews of and legal advice on filings, board materials and financing facility and regulatory matters of the Company. These expenses are included as Legal expenses on the Consolidated Statements of Operations and Legal expenses payable on the Consolidated Statements of Assets and Liabilities. |
Cash, Foreign Currency and Restricted Cash | Cash, Foreign Currency and Restricted Cash 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. Restricted cash is subject to a contractual restriction by a third party, including restriction of withdrawal and use until transferred to the operating account of the Company. The restricted cash is held at an account controlled by the Credit Facility servicer as disclosed in Note 4. Borrowings. Cash and restricted cash consisted of the following as of December 31, 2023 and December 31, 2022. December 31, 2023 December 31, 2022 Cash $ 2,306 $ 800 Restricted Cash 1,009 — Total cash and restricted cash in the Consolidated Statement of Cash Flows $ 3,315 $ 800 |
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 |
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 cash dividends or distributions automatically reinvested in additional Shares, rather than receiving cash. Shareholders who receive distributions in the form of Shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, those stockholders will not receive cash with which to pay any applicable taxes. |
New Accounting Pronouncements | New Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update (“ASU”), ASU 2020-04, 2020-04 2022-06, 2020-04 On July 26, 2023, the SEC adopted amendments intended to enhance and standardize disclosures related to cybersecurity. The amendments require timely disclosure of material cybersecurity incidents and annual disclosures related to cybersecurity risk management, strategy, and governance. The disclosures are effective beginning with annual reports for fiscal years ending on or after December 15, 2023. The Company adopted the disclosure requirements as of December 31, 2023 and no material cybersecurity incidents have been identified. Refer to Item 1C. Cybersecurity |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary Of Cash And Restricted Cash | Cash and restricted cash consisted of the following as of December 31, 2023 and December 31, 2022. December 31, 2023 December 31, 2022 Cash $ 2,306 $ 800 Restricted Cash 1,009 — Total cash and restricted cash in the Consolidated Statement of Cash Flows $ 3,315 $ 800 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022: December 31, 2023 December 31, 2022 (Amounts in thousands) Cost Fair Value Cost Fair Value First Lien Senior Secured $ 97,624 $ 95,381 $ 143,434 $ 132,532 Second Lien Senior Secured 2,875 2,878 23,905 11,715 Senior Unsecured 42,712 40,061 28,502 25,562 Corporate Bonds 28,255 28,658 28,146 27,743 Common Stocks 359 263 — — Warrants 2,491 2,181 — — Short-Term Investments 46,543 46,553 32,640 32,650 Total investments $ 220,859 $ 215,975 $ 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 December 31, 2023 and December 31, 2022 was as follows: December 31, 2023 December 31, 2022 Automotive 13.3 % 12.1 % Aviation Services — 0.5 % Broadcasting — 2.9 % Brokerage — 2.9 % Building Materials — 1.9 % Consumer Services 14.8 % 11.1 % Diversified Manufacturing 1.1 % — Entertainment 6.9 % 7.5 % Financial Other 1.2 % — Food and Beverage — 2.6 % Gaming — 1.9 % Healthcare 0.6 % 3.1 % Insurance Life 4.3 % — Packaging 2.1 % 2.9 % Pharmaceuticals 1.0 % 2.0 % Retailers 3.2 % 11.5 % Technology 21.2 % 20.0 % Treasury Bills 21.5 % 14.2 % IT Services 5.6 % — Wireless 3.2 % 2.9 % Total 100.0 % 100.0 % |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 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 December 31, 2023 and December 31, 2022 (amounts in thousands): December 31, 2023 Assets Level 1 Level 2 Level 3 Total First Lien Senior Secured $ — $ 69,807 $ 25,574 $ 95,381 Second Lien Senior Secured — 2,878 — 2,878 Senior Unsecured — — 40,061 40,061 Corporate Bonds — 28,658 — 28,658 Common Stocks — — 263 263 Warrants — — 2,181 2,181 Short-Term Investments — 46,553 — 46,553 Total assets $ — $ 147,896 $ 68,079 $ 215,975 December 31, 2022 Assets Level 1 Level 2 Level 3 Total First Lien Senior Secured $ — $ 110,450 $ 22,082 $ 132,532 Second Lien Senior 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) for the year ended December 31, 2023 and the period June 10, 2022 (date of inception) to December 31, 2022: Net Net Change in Beginning Purchases Net Sales Accrued Realized Unrealized Transfers Tranfers Ending Balance at and In-Kind and Discounts/ Gain/ Appreciation/ into Level out of Balance at 12/31/2022 Drawdowns (1) Contributions Paydowns (2) (Premiums) (Loss) (Depreciation) 3 Level 3 12/31/23 Term Loans First Lien Secured $ 22,082 $ 24,928 $ 0 ($ 5,380 ) $ 177 ($ 3,790 ) $ 5,158 $ 0 ($ 17,601 ) $ 25,574 Term Loans Second Lien Secured 8,062 0 0 (5,945 ) 36 (13,930 ) 11,777 0 0 0 Term Loans Senior Unsecured 25,562 14,083 0 0 128 0 288 0 0 40,061 Common Stocks 0 359 0 0 0 0 (97 ) 1 0 263 Unlisted Warrants 0 2,492 0 0 0 0 (311 ) 0 0 2,181 Totals $ 55,706 $ 41,862 $ 0 ($ 11,325 ) $ 341 ($ 17,720 ) $ 16,815 $ 1 ($ 17,601 ) $ 68,079 (1) Purchases and Drawdowns may include securities received in corporate actions and restructurings. (2) Sales and Paydowns may include securities delivered in corporate actions and restructuring of investments. Net Net Change in Beginning Purchases Net Sales Accrued Realized Unrealized Transfers Tranfers Ending Balance at and In-Kind and Discounts/ Gain/ Appreciation/ into Level out of Balance at 6/10/2022 Drawdowns Contributions Paydowns (Premiums) (Loss) (Depreciation) 3 Level 3 12/31/22 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 of the Company’s Level 3 financial instruments. The table is not intended to be all-inclusive Fair Value as of December 31, 2023 Valuation Techniques Unobservable Input Range Weighted Average (1) Term Loans $ 25,574 Discounted Cash Flow Discount Rate 10.67% - 16.39% 12.23% Senior Unsecured 40,061 Discounted Cash Flow Discount Rate 15.41% - 23.37% 17.50% Common Stocks 263 Discounted Cash Flow/Comparable Multiple Discount Rate/Revenue Multiple n/a 17.25%/0.55x Warrants 2,181 Comparable Multiple EBITDA Multiple n/a 10.00x Total Assets $ 68,079 Fair Value as of December 31, 2022 Valuation Techniques Unobservable Input 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 in the category. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Commitments [Abstract] | |
Summary of outstanding commitments to fund investments | As of December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies (amounts in thousands): Portfolio Company Investment Type December 31, 2023 Integrity Marketing Acquisition, LLC Revolver $ 709 |
Net Assets (Tables)
Net Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Assets [Abstract] | |
Summary of total shares issued and amount received related to capital drawdowns | The following table summarizes the total shares issued and amount received related to capital drawdowns delivered pursuant to the Subscription Agreements during the period June 10, 2022 (date of inception) through December 31, 2022: For the period June 10, 2022 (date of inception) through December 31, 2022 Share Issuance Date Shares Amount (in thousands) June 10 1,500 $ 15 June 30 25,386,384 253,864 Total capital drawdowns 25,387,884 $ 253,879 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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 year ended December 31, 2023 and the period June 10, 2022 (date of inception) to December 31, 2022 (amounts in thousands, except share and per share): June 10, 2022 (date of Year Ended inception) to December 31, 2023 December 31, 2022 Net increase (decrease) in net assets resulting from operations $ 13,376 $ (9,844 ) Weighted average shares of common stock oustanding -basic and diluted 25,387,884 22,911,164 Earnings (loss) per common share (basic and diluted) $ 0.53 $ (0.43 ) |
Federal Tax Matters (Tables)
Federal Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Summary of Components of Distributable Taxable Earnings | As of December 31, 2023 and December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands † PIMCO Capital Undistributed (1) Undistributed Net Tax Basis (2) Other Book-to-Tax (3) Accumulated (4) Qualified (5) Qualified (6) Total December 31, 2023 $ 80 $ 0 $ 1,671 ($ 959 ) $ (32,512 ) $ 0 $ 0 ($ 31,720 ) December 31, 2022 $ 0 $ 0 ($ 19,837 ) ($ 149 ) $ 0 $ 0 $ 0 ($ 19,986 ) |
Summary of Post-Effective Capital Losses | For the year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022, the Company had the following post-effective capital losses with no expiration (amounts in thousands † PIMCO Capital Solutions BDC Corp. Short-Term Long-Term December 31, 2023 $ 5,642 $ 26,870 December 31, 2022 $ 0 $ 0 |
Summary of Aggregate Cost and the Net Unrealized Appreciation (Depreciation) | As of December 31, 2023 and December 31, 2022, the aggregate cost and the net unrealized appreciation (depreciation) of investments for federal income tax purposes are as follows (amounts in thousands † PIMCO Capital Solutions BDC Corp. Federal Tax Cost Unrealized Unrealized Net Unrealized Appreciation (7) December 31, 2023 $ 224,758 $ 1,708 ($ 6,625 ) ($ 4,917 ) December 31, 2022 $ 257,994 $ 537 ($ 26,963 ) ($ 26,426 ) |
Summary of Tax Basis Distributions | For the fiscal year ended December 31, 2023 and the fiscal period ended December 31, 2022, the Company made the following tax basis distributions (amounts in thousands † December 31, 2023 December 31, 2022 Ordinary Income (8) Long-Term Return of (9) Ordinary Income (8) Long-Term Return of (9) PIMCO Capital Solutions BDC Corp. $ 24,791 $ 0 $ 329 $ 10,135 $ 41 $ 64 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule Of Financial Highlights | June 10, 2022 (date Year Ended of inception) to December 31, 2023 December 31, 2022 Per share data: Net asset value, beginning of period $ 9.21 $ — Net investment income (loss) (1) 0.96 0.43 Net realized and unrealized gain (loss) on investment transactions (2) (0.43 ) (0.77 ) Net increase (decrease) in net assets from operations (1) 0.53 (0.34 ) Impact of issuance of common stock — 10.00 Distributions declared (1) (0.99 ) (0.45 ) Total increase (decrease) in net assets (0.46 ) 9.21 Net asset value, end of period $ 8.75 $ 9.21 Shares Outstanding, end of period 25,387,884 25,387,884 Total Return (3) 5.86 % (3.41 )% Ratios / supplemental data Ratio of expenses to average net assets, gross of (4)(5) 2.13 % 2.37 % Ratio of expenses to average net assets, net of (4)(5) 0.88 % 0.68 % Ratio of net investment income (loss) to average net (4)(5) 10.28 % 7.91 % Net Assets, end of period $ 222,050 $ 233,795 Weighted average shares outstanding 25,387,884 22,911,164 Total capital commitments, end of period $ 253,879 $ 253,879 Portfolio turnover rate (6) 41.86 % 7.28 % (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 Statements 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 for period less than one year. (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 for period less than one year. (7) See Note 10 for the tax character of the distributable earnings. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Summary of Percentage of Ordinary Income Distributions | The 163(j) percentage of ordinary income distributions is set forth in the table below. Dividend Qualified Qualified † Qualified Short- † 163(j) Interest † PIMCO Capital Solutions BDC Corp. 0 % 0 % $ 26,494 $ 0 $ 0 † A zero balance may reflect actual amounts rounding to less than one thousand. |
Summary of Percentage of Ordinary Dividends | The IRC section 199A percentage of ordinary dividends are as follows: 199A Dividends PIMCO Capital Solutions BDC Corp. 0 % |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Jun. 10, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Proceeds from issuance of common stock | $ 110,015 | |||
Common stock par value | $ 0.001 | $ 0.001 | ||
Number of new stock issued during the period. | 25,387,884 | |||
Aggregate purchase price | $ 253,879 | |||
Capital commitments | $ 253,879 | |||
Unfunded capital commitments percentage | 0% | |||
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 | |||
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 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Line Items] | ||
Deferred offering costs | $ 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). | |
Deferred Financing Fees | $ 2,280 | 0 |
Organizational costs payable | 1,153 | 1,153 |
Offering costs payable | 20 | 20 |
Advisor [Member] | ||
Accounting Policies [Line Items] | ||
Deferred offering costs | 0 | 10 |
Organizational costs payable | 1,153 | 1,153 |
Offering costs payable | 20 | 20 |
Advisor [Member] | Organizational costs [Member] | ||
Accounting Policies [Line Items] | ||
Accounts payable to related parties | $ 194 | $ 1,004 |
Accounts Payable, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] |
Significant Accounting Polici_5
Significant Accounting Policies - Summary Of Cash And Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | ||
Cash | $ 2,306 | $ 800 |
Restricted Cash | 1,009 | 0 |
Total cash and restricted cash in the Consolidated Statement of Cash Flows | $ 3,315 | $ 800 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||||
Investment company organization cost waiver | $ 1,004 | $ 0 | ||
Due to affiliate | 435 | $ 435 | ||
Recoupment of prior expenses paid by the Advisor | (811) | |||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from affiliates | 2 | 0 | 2 | |
Due to affiliate | $ 435 | 0 | $ 435 | |
Advisor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Recoupment of prior expenses paid by the Advisor | $ 811 | |||
Advisory Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of base management fee | 1.25% | |||
Investment company management fee waiver | 100% | 100% | 100% | |
Advisory Agreement [Member] | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party costs | $ 1,574 | $ 2,955 | ||
Administration Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Investment company administrator fee to net assets | 0.15% | |||
Administration Agreement [Member] | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party costs | $ 191 | $ 355 | ||
Directors fee [Member] | Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party costs | $ 152 | $ 192 |
Borrowings - Addtional Informat
Borrowings - Addtional Information (Detail) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jun. 19, 2024 | Jun. 30, 2023 | Jun. 19, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | |
Short-Term Debt [Line Items] | |||||
Maximum amount borrowed under the credit facility | $ 150,000 | ||||
Date the credit facility terminates | Jun. 19, 2032 | ||||
Line of Credit [Member] | |||||
Short-Term Debt [Line Items] | |||||
Permitted borrowings over asset coverage ratio percentage | 150% | ||||
Line of credit | $ 0 | $ 0 | |||
Line of credit facility, unused capacity, commitment fee percentage | 40% | ||||
Line Of credit facility servicer fee percentage | 0.03% | ||||
Line of credit facility aggregate collateral custodian fee | $ 5 | ||||
Line of credit facility aggregate agent fee | 25 | ||||
Payment of upfront fees and incurred legal expenses | $ 2,424 | ||||
Interest expense | 0 | 469 | |||
Interest expense, debt, excluding amortization | 0 | 144 | |||
Line of credit intial rating fee payable | 175 | ||||
Line of credit annual fee payable thereafter | $ 45 | ||||
Unused commitment fees | $ 0 | $ 325 | |||
Line of Credit [Member] | Prior to June 19, 2024 [Member] | |||||
Short-Term Debt [Line Items] | |||||
Line of credit facility, maximum usage amount percentage | 0% | ||||
Line of Credit [Member] | Post June 19, 2024 [Member] | |||||
Short-Term Debt [Line Items] | |||||
Line of credit facility, maximum usage amount percentage | 70% | ||||
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.85% | ||||
Line of Credit [Member] | Base Rate [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.85% | ||||
Description of reference rate used for variable rate of debt instrument | (a) the Prime Rate in effect on such day; and (b) the Federal Funds Rate in effect on such day plus 0.5% per annum. |
Investments - Summary of Invest
Investments - Summary of Investments at Fair Value and Cost (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | ||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | [1] | $ 220,859 | $ 256,627 | [2] |
Fair Value | [1] | 215,975 | 230,202 | [2] |
First Lien Senior Secured Notes [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 97,624 | 143,434 | ||
Fair Value | 95,381 | 132,532 | ||
Second Lien Senior Secured [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 2,875 | 23,905 | ||
Fair Value | 2,878 | 11,715 | ||
Senior Unsecured Notes [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 42,712 | 28,502 | ||
Fair Value | 40,061 | 25,562 | ||
Corporate Bond Securities [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 28,255 | 28,146 | ||
Fair Value | 28,658 | 27,743 | ||
Common Stocks [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 359 | 0 | ||
Fair Value | 263 | 0 | ||
Warrants [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 2,491 | 0 | ||
Fair Value | 2,181 | 0 | ||
Short-Term Investments [Member] | ||||
Disclosure In Tabular Form Of Investments Held At Fair Value And Cost [Line Items] | ||||
Cost | 46,543 | 32,640 | ||
Fair Value | $ 46,553 | $ 32,650 | ||
[1]All investments are U.S. domiciled.[2]All debt investments are income-producing, unless otherwise noted. |
Investments - Summary of Indust
Investments - Summary of Industry Composition of Investments as a Percentage of Total Investments Based on Fair Value (Detail) | Dec. 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 | 13.30% | 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 | 0% | 2.90% |
Brokerage [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 0% | 2.90% |
Building Materials [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 0% | 1.90% |
Consumer Services [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 14.80% | 11.10% |
Diversified Manufacturing [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 1.10% | 0% |
Entertainment [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 6.90% | 7.50% |
Financial Other [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 1.20% | 0% |
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 | 0.60% | 3.10% |
Insurance Life [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 4.30% | 0% |
Packaging [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 2.10% | 2.90% |
Pharmaceuticals [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 1% | 2% |
Retailers [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 3.20% | 11.50% |
Technology Sector [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 21.20% | 20% |
Treasury Bills [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 21.50% | 14.20% |
IT Serives [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 5.60% | 0% |
Wireless [Member] | ||
Disclosure In Tabular Form Of Composition Of Investments Industry Wise [Line Items] | ||
Percentage Of Investments | 3.20% | 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) | Dec. 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) | Dec. 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 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | [1] | $ 215,975 | $ 230,202 | [2] |
First Lien Senior Secured Notes [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 95,381 | 132,532 | ||
Second Lien Senior Secured [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 2,878 | 11,715 | ||
Senior unsecured notes [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 40,061 | 25,562 | ||
Corporate bond securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 28,658 | 27,743 | ||
Common Stock [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 263 | 0 | ||
Warrant [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 2,181 | 0 | ||
Short-term investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 46,553 | 32,650 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | First Lien Senior Secured Notes [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Second Lien Senior Secured [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 1 [Member] | Corporate bond securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Common Stock [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 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 2 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 147,896 | 174,496 | ||
Fair Value, Inputs, Level 2 [Member] | First Lien Senior Secured Notes [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 69,807 | 110,450 | ||
Fair Value, Inputs, Level 2 [Member] | Second Lien Senior Secured [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 2,878 | 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 2 [Member] | Corporate bond securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 28,658 | 27,743 | ||
Fair Value, Inputs, Level 2 [Member] | Common Stock [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | |||
Fair Value, Inputs, Level 2 [Member] | Short-term investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 46,553 | 32,650 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 68,079 | 55,706 | ||
Fair Value, Inputs, Level 3 [Member] | First Lien Senior Secured Notes [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 25,574 | 22,082 | ||
Fair Value, Inputs, Level 3 [Member] | Second Lien Senior Secured [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 0 | 8,062 | ||
Fair Value, Inputs, Level 3 [Member] | Senior unsecured notes [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 40,061 | 25,562 | ||
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] | Common Stock [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 263 | |||
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | 2,181 | |||
Fair Value, Inputs, Level 3 [Member] | Short-term investments [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment owned, at fair value | $ 0 | $ 0 | ||
[1]All investments are U.S. domiciled.[2]All debt investments are income-producing, unless otherwise noted. |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary Of Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation (Detail) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2023 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Realized gain (loss) | $ 42 | $ (32,541) | ||
Net Change in Unrealized Appreciation/ (Depreciation) | (19,837) | 21,541 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 0 | 55,706 | ||
Net Purchases and Drawdowns | 13,297 | 41,862 | [1] | |
In-Kind Contributions | 60,619 | 0 | ||
Net Sales and Paydowns | (107) | (11,325) | [2] | |
Accrued Discounts/ (Premiums) | 134 | 341 | ||
Realized gain (loss) | 2 | (17,720) | ||
Net Change in Unrealized Appreciation/ (Depreciation) | (18,239) | 16,815 | ||
Transfers into Level 3 | 0 | 1 | ||
Tranfers out of Level 3 | 0 | (17,601) | ||
Ending balance | 55,706 | 68,079 | ||
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 | 0 | 22,082 | ||
Net Purchases and Drawdowns | 6,650 | 24,928 | [1] | |
In-Kind Contributions | 19,764 | 0 | ||
Net Sales and Paydowns | (107) | (5,380) | [2] | |
Accrued Discounts/ (Premiums) | 41 | 177 | ||
Realized gain (loss) | 2 | (3,790) | ||
Net Change in Unrealized Appreciation/ (Depreciation) | (4,268) | 5,158 | ||
Transfers into Level 3 | 0 | 0 | ||
Tranfers out of Level 3 | 0 | (17,601) | ||
Ending balance | 22,082 | 25,574 | ||
Investments 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 | 0 | 8,062 | ||
Net Purchases and Drawdowns | 5,022 | 0 | [1] | |
In-Kind Contributions | 13,874 | 0 | ||
Net Sales and Paydowns | 0 | (5,945) | [2] | |
Accrued Discounts/ (Premiums) | 43 | 36 | ||
Realized gain (loss) | 0 | (13,930) | ||
Net Change in Unrealized Appreciation/ (Depreciation) | (10,877) | 11,777 | ||
Transfers into Level 3 | 0 | 0 | ||
Tranfers out of Level 3 | 0 | 0 | ||
Ending balance | 8,062 | 0 | ||
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 | 0 | 25,562 | ||
Net Purchases and Drawdowns | 1,625 | 14,083 | [1] | |
In-Kind Contributions | 26,981 | 0 | ||
Net Sales and Paydowns | 0 | 0 | [2] | |
Accrued Discounts/ (Premiums) | 50 | 128 | ||
Realized gain (loss) | 0 | 0 | ||
Net Change in Unrealized Appreciation/ (Depreciation) | (3,094) | 288 | ||
Transfers into Level 3 | 0 | 0 | ||
Tranfers out of Level 3 | 0 | 0 | ||
Ending balance | 25,562 | 40,061 | ||
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 0 | |||
Net Purchases and Drawdowns | [1] | 359 | ||
In-Kind Contributions | 0 | |||
Net Sales and Paydowns | [2] | 0 | ||
Accrued Discounts/ (Premiums) | 0 | |||
Realized gain (loss) | 0 | |||
Net Change in Unrealized Appreciation/ (Depreciation) | (97) | |||
Transfers into Level 3 | 1 | |||
Tranfers out of Level 3 | 0 | |||
Ending balance | 0 | 263 | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning Balance | 0 | |||
Net Purchases and Drawdowns | [1] | 2,492 | ||
In-Kind Contributions | 0 | |||
Net Sales and Paydowns | [2] | 0 | ||
Accrued Discounts/ (Premiums) | 0 | |||
Realized gain (loss) | 0 | |||
Net Change in Unrealized Appreciation/ (Depreciation) | (311) | |||
Transfers into Level 3 | 0 | |||
Tranfers out of Level 3 | 0 | |||
Ending balance | $ 0 | $ 2,181 | ||
[1]Purchases and Drawdowns may include securities received in corporate actions and restructurings.[2]Sales and Paydowns may include securities delivered in corporate actions and restructuring of investments. |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary Of Significant Unobservable Inputs Used In Measuring Fair Value Of Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 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 | $ 215,975 | $ 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 | $ 68,079 | 55,706 | |
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [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 | 16.39 | ||
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [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 | 10.67 | ||
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | Term Loans One [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 | $ 25,574 | $ 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 | [1] | 12.23 | 15.41 |
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | 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 | $ 40,061 | ||
Valuation techniques | Discounted Cash Flow | ||
Unobservable Input | Discount Rate | ||
Significant unobservable input used in the valuation of investment | [1] | 17.50 | |
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | 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 | 23.37 | ||
Measurement Input, Discount Rate [Member] | Valuation technique, discounted cash flow [Member] | 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 | 15.41 | ||
Measurement input price [Member] | Proxy Pricing [Member] | Term Loans Two [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 | $ 6,678 | ||
Valuation techniques | Proxy Pricing | ||
Unobservable Input | Base Price | ||
Significant unobservable input used in the valuation of investment | [1] | 95.29 | |
Measurement input broker quote [Member] | Third party vendor [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] | 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 | ||
Measurement input broker quote [Member] | Third party vendor [Member] | Term Loans Three [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 | $ 23,466 | ||
Valuation techniques | Third Party Vendor | ||
Unobservable Input | Broker Quote | ||
Significant unobservable input used in the valuation of investment | [1] | 66.00 | |
Measurement Input Discount Rate Revenue Multiple [Member] | Discounted Cash Flow Comparable Multiple [Member] | Common Stocks [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 | $ 263 | ||
Valuation techniques | Discounted Cash Flow/Comparable Multiple | ||
Unobservable Input | Discount Rate/Revenue Multiple | ||
Measurement Input Discount Rate Revenue Multiple [Member] | Discounted Cash Flow Comparable Multiple [Member] | Common Stocks [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 | [1] | 0.55 | |
Measurement Input Discount Rate Revenue Multiple [Member] | Discounted Cash Flow Comparable Multiple [Member] | Common Stocks [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 | [1] | 17.25 | |
Measurement Input, EBITDA Multiple [Member] | Valuation Comparable Multiple [Member] | Warrants [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 | $ 2,181 | ||
Valuation techniques | Comparable Multiple | ||
Unobservable Input | EBITDA Multiple | ||
Significant unobservable input used in the valuation of investment | [1] | 10.00 | |
[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 - Summary Of Outstanding Commitments To Fund Investments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Other Commitments [Line Items] | |
Capital commitments | $ 253,879 |
Integrity Marketing Acquisition, LLC [Member] | Revolver [Member] | |
Other Commitments [Line Items] | |
Capital commitments | $ 709 |
Net Assets - Summary Of Total S
Net Assets - Summary Of Total Shares Issued And Amount Received Related To Capital Drawdowns (Detail) $ in Thousands | 7 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Summary Of Total Shares Issued And Amount Received Related To Capital Drawdowns [Line Items] | |
Shares (New issues) | shares | 25,387,884 |
Amount (New issues) | $ | $ 253,879 |
June 10 [Member] | |
Summary Of Total Shares Issued And Amount Received Related To Capital Drawdowns [Line Items] | |
Shares (New issues) | shares | 1,500 |
Amount (New issues) | $ | $ 15 |
June 30 [Member] | |
Summary Of Total Shares Issued And Amount Received Related To Capital Drawdowns [Line Items] | |
Shares (New issues) | shares | 25,386,384 |
Amount (New issues) | $ | $ 253,864 |
Net Assets - Additional Informa
Net Assets - Additional Information (Detail) - $ / shares | 7 Months Ended | 12 Months Ended | ||||||
Dec. 22, 2023 | Nov. 21, 2023 | Aug. 24, 2023 | May 24, 2023 | Dec. 29, 2022 | Nov. 14, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
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 | |||||||
Number of shares repurchased during the period | 0 | 0 | ||||||
Distributions declared | $ 0.54 | $ 0.14 | $ 0.19 | $ 0.12 | $ 0.23 | $ 0.17 | $ 0.45 | $ 0.99 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of of basic and diluted earnings (loss) per common share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 7 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |||
Net increase (decrease) in net assets resulting from operations | $ (9,844) | $ 13,376 | |
Weighted Average Number of Shares Outstanding, Basic | 22,911,164 | 22,911,164 | 25,387,884 |
Weighted Average Number of Shares Outstanding, Diluted | 22,911,164 | 25,387,884 | |
Earnings Per Share, Basic | $ (0.43) | $ (0.43) | $ 0.53 |
Earnings Per Share, Diluted | $ (0.43) | $ 0.53 |
Federal Tax Matters - Additiona
Federal Tax Matters - Additional Information (Detail) - USD ($) | 2 Months Ended | 7 Months Ended | 12 Months Ended |
Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |||
Income taxes paid, net | $ 263,690 | $ 264,000 | $ 22,000 |
Federal Tax Matters - Summary o
Federal Tax Matters - Summary of Components of Distributable Taxable Earnings (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Company, Distribution to Shareholders [Abstract] | |||
Undistributed Ordinary Income | [1],[2] | $ 80 | $ 0 |
Undistributed Long-Term Capital Gains | [1] | 0 | 0 |
Net Tax Basis Unrealized Appreciation (Depreciation) | [1],[3] | 1,671 | (19,837) |
Other Book-to-Tax Accounting Differences | [1],[4] | (959) | (149) |
Accumulated Capital Losses | [1],[5] | (32,512) | 0 |
Qualified Late-Year Loss Deferral – Capital | [1],[6] | 0 | 0 |
Qualified Late-Year Loss Deferral – Ordinary | [1],[7] | 0 | 0 |
Total Components of Distributable Earnings | [1] | $ (31,720) | $ (19,986) |
[1]A zero balance may reflect actual amounts rounding to less than one thousand.[2]Includes undistributed short-term capital gains, if any.[3]Adjusted for open wash sale deferrals and for differences between book and tax unrealized gain/loss, if any.[4]Represents differences in income tax regulations and U.S. GAAP, mainly for organizational expenses.[5]Capital losses available to offset future net capital gains as shown below.[6]Capital losses realized during the year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022 which the Company elected to defer to the following taxable year pursuant to income tax regulations.[7]Specified losses realized during the year ended December 31, 2023 and the period June 10, 2022 (date of inception) through December 31, 2022 which the Company elected to defer to the following taxable year pursuant to income tax regulations. |
Federal Tax Matters - Summary_2
Federal Tax Matters - Summary of Post-Effective Capital Losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of Post Effective Capital Losses [Line Items] | |||
Investment Company, Distributable Earnings (Loss), Accumulated Capital Loss Carryforward | [1],[2] | $ (32,512) | $ 0 |
Short-Term Debt [Member] | |||
Summary of Post Effective Capital Losses [Line Items] | |||
Investment Company, Distributable Earnings (Loss), Accumulated Capital Loss Carryforward | [1] | 5,642 | 0 |
Long-Term Debt [Member] | |||
Summary of Post Effective Capital Losses [Line Items] | |||
Investment Company, Distributable Earnings (Loss), Accumulated Capital Loss Carryforward | [1] | $ 26,870 | $ 0 |
[1]A zero balance may reflect actual amounts rounding to less than one thousand.[2]Capital losses available to offset future net capital gains as shown below. |
Federal Tax Matters - Summary_3
Federal Tax Matters - Summary of Aggregate Cost and the Net Unrealized Appreciation (Depreciation) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Investment, Tax Basis, Unrealized Gain (Loss) [Abstract] | |||
Federal Tax Cost | [1] | $ 224,758 | $ 257,994 |
Unrealized Appreciation | [1] | 1,708 | 537 |
Unrealized (Depreciation) | [1] | (6,625) | (26,963) |
Net Unrealized Appreciation (Depreciation) | [1],[2] | $ (4,917) | $ (26,426) |
[1]A zero balance may reflect actual amounts rounding to less than one thousand.[2]Primary differences, if any, between book and tax net unrealized appreciation (depreciation) on investments are attributable to wash sales, if applicable. |
Federal Tax Matters - Summary_4
Federal Tax Matters - Summary of Tax Basis Distributions (Detail) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | ||
Investment Company, Dividend Distribution [Abstract] | |||
Ordinary Income Distributions | [1],[2] | $ 10,135 | $ 24,791 |
Long-Term Capital Gain Distributions | [1] | 41 | 0 |
Return of Capital | [1],[3] | $ 64 | $ 329 |
[1]A zero balance may reflect actual amounts rounding to less than one thousand.[2]Includes short-term capital gains distributed, if any.[3]A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting. |
Financial Highlights - Schedule
Financial Highlights - Schedule Of Financial Highlights (Detail) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 7 Months Ended | 12 Months Ended | ||||||
Dec. 22, 2023 | Nov. 21, 2023 | Aug. 24, 2023 | May 24, 2023 | Dec. 29, 2022 | Nov. 14, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | |
Investment Company, Financial Highlights [Abstract] | |||||||||
Net asset value, beginning of period | $ 0 | $ 0 | $ 9.21 | ||||||
Net investment income (loss) | 0.43 | 0.96 | |||||||
Net realized and unrealized gain (loss) on investment transactions | (0.77) | (0.43) | |||||||
Net increase (decrease) in net assets from operations | (0.34) | 0.53 | |||||||
Impact of issuance of common stock | 10 | 0 | |||||||
Distributions declared | $ (0.54) | $ (0.14) | $ (0.19) | $ (0.12) | $ (0.23) | $ (0.17) | (0.45) | (0.99) | |
Total increase (decrease) in net assets | 9.21 | (0.46) | |||||||
Net asset value, end of period | $ 9.21 | $ 8.75 | |||||||
Shares Outstanding, end of period | 25,387,884 | 25,387,884 | |||||||
Total Return | (3.41%) | 5.86% | |||||||
Ratios / supplemental data | |||||||||
Ratio of expenses to average net assets, gross of waivers | 2.37% | 2.13% | |||||||
Ratio of expenses to average net assets, net of waivers | 0.68% | 0.88% | |||||||
Ratio of net investment income (loss) to average net assets | 7.91% | 10.28% | |||||||
Net Assets, end of period | $ 233,795 | $ 222,050 | |||||||
Weighted average shares outstanding, Basic | 22,911,164 | 22,911,164 | 25,387,884 | ||||||
Weighted average shares outstanding, Diluted | 22,911,164 | 25,387,884 | |||||||
Total capital commitments, end of period | $ 253,879 | $ 253,879 | |||||||
Portfolio turnover rate | 7.28 | 41.86 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | |
Jan. 25, 2024 | Dec. 31, 2022 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | |||
Stock repurchased during period shares | 0 | 0 | |
Common stock par value per share | $ 0.001 | $ 0.001 | |
Subsequent Event [Member] | Common Stock [Member] | PIMCO Capital Solutions US Feeder LP [Member] | |||
Subsequent Event [Line Items] | |||
Stock repurchased during period shares | 3,785,281.95 | ||
Common stock par value per share | $ 0.001 | ||
Repurchase price per share | $ 8.78 | ||
Subsequent Event [Member] | Common Stock [Member] | PIMCO Capital Solutions US Feeder LP [Member] | Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Stock repurchased during period Value | $ 33,238 | ||
Subsequent Event [Member] | Common Stock [Member] | PIMCO Capital Solutions US Feeder LP [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Stock repurchased during period Value | $ 40,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Percentage of Ordinary Income Distributions (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | ||
Summary Of Percentage Of Ordinary Income Distributions [Abstract] | ||
Dividend Received Deduction | 0% | |
Qualified Dividend Income | 0% | |
Qualified Interest Income | $ 26,494 | [1] |
Qualified Short-Term Capital Gains | 0 | [1] |
163(j) Interest Dividends | $ 0 | [1] |
[1]A zero balance may reflect actual amounts rounding to less than one thousand. |
Subsequent Events - Summary o_2
Subsequent Events - Summary of Percentage of Ordinary Dividends (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Percentage Of Ordinary Dividends [Abstract] | |
199A Dividends | 0% |