Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Class of Stock [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Securities Act File Number | 001-04321 | |
Entity Registrant Name | NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 88-6187397 | |
Entity Address, Address Line One | 430 Park Avenue, 14th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 478-9200 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001911066 | |
Amendment Flag | false | |
Common Class I | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,410,116 | |
Common Class D | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 | |
Common Class S | ||
Class of Stock [Line Items] | ||
Entity Common Stock, Shares Outstanding | 0 |
CONSOLIDATED STATEMENTS OF ASSE
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investments | ||
Non-controlled/non-affiliate company investments, at fair value (amortized cost of $395,305 and $352,998, respectively) | $ 396,192 | $ 349,518 |
Cash and cash equivalents | 10,477 | 65,785 |
Due from affiliate expense support (See Note 4) | 2,526 | 2,215 |
Interest receivable | 3,935 | 4,282 |
Receivable for investments sold | 204 | 196 |
Prepaid expenses | 111 | 29 |
Total assets | 406,839 | 422,025 |
Liabilities | ||
Secured borrowings (net of $592 and $647 deferred financing costs, respectively) (See Note 5) | 132,408 | 154,353 |
Distributions payable | 2,605 | 3,109 |
Interest payable | 481 | 533 |
Due to affiliate expense support (See Note 4) | 2,526 | 2,215 |
Board of Trustees' fees payable | 127 | 128 |
Accounts payable and accrued expenses | 1,412 | 1,386 |
Total liabilities | 139,559 | 161,724 |
Commitments and contingencies (See Note 6) | ||
Net Assets: (See Note 7) | ||
Common shares of beneficial interest, par value $0.01 per share, unlimited shares authorized, 10,853,142 and 10,540,040 Class I shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 109 | 105 |
Paid-in-capital in excess of par value | 271,112 | 263,396 |
Total distributable earnings (loss) | (3,941) | (3,200) |
Total net assets | 267,280 | 260,301 |
Total liabilities and net assets | $ 406,839 | $ 422,025 |
Net asset value per Class I share (in dollars per share) | $ 24.63 | $ 24.70 |
Non-controlled/Non-affiliated | ||
Investments | ||
Non-controlled/non-affiliate company investments, at fair value (amortized cost of $395,305 and $352,998, respectively) | $ 389,586 | $ 349,518 |
CONSOLIDATED STATEMENTS OF AS_2
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized cost | $ 401,911 | $ 352,998 |
Deferred financing costs | $ 592 | $ 647 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common shares, shares issued (in shares) | 10,853,142 | 10,540,040 |
Common shares, shares outstanding (in shares) | 10,853,142 | 10,540,040 |
Non-controlled/Non-affiliated | ||
Amortized cost | $ 395,305 | $ 352,998 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | ||
Investment income: | |||||
Payment-in-kind interest income | $ 506,000 | $ 239,000 | $ 239,000 | $ 1,074,000 | |
Dividend income | 25,000 | 0 | 0 | 98,000 | |
Other income | 12,000 | 0 | 0 | 31,000 | |
Expenses: | |||||
Organizational expenses | 0 | 197,000 | 933,000 | [1] | 0 |
Interest and debt financing expenses | 2,598,000 | 567,000 | 567,000 | [1] | 5,074,000 |
Interest expense on Note (See Note 4) | 0 | 226,000 | 226,000 | [1] | 0 |
Professional fees | 214,000 | 263,000 | 451,000 | [1] | 415,000 |
Management fees | 165,000 | 0 | 0 | [1] | 165,000 |
Income based incentive fees | 373,000 | 0 | 0 | [1] | 373,000 |
Board of Trustees’ fees | 127,000 | 126,000 | 129,000 | [1] | 252,000 |
Administration fees | 120,000 | 65,000 | 75,000 | [1] | 238,000 |
Other general and administrative expenses | 132,000 | 58,000 | 58,000 | [1] | 262,000 |
Offering costs | 150,000 | 36,000 | 40,000 | [1] | 281,000 |
Total expenses | 3,879,000 | 1,538,000 | 2,479,000 | [1] | 7,060,000 |
Expense support | (174,000) | (249,000) | (1,177,000) | [1] | (329,000) |
Management fees waived (Note 4) | (165,000) | 0 | 0 | [1] | (165,000) |
Incentive fees waived (Note 4) | (373,000) | 0 | 0 | [1] | (373,000) |
Net expenses | 3,167,000 | 1,289,000 | 1,302,000 | [1] | 6,193,000 |
Net investment income (loss) | 7,970,000 | 5,087,000 | 5,074,000 | [2] | 15,185,000 |
Realized and unrealized gain (loss) on investments: | |||||
Net realized gain (loss) on non-controlled/non-affiliated company investments | (267,000) | [3] | 618,000 | ||
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (1,005,000) | [3] | (2,239,000) | ||
Net increase (decrease) in net assets resulting from operations | $ 7,371,000 | $ 3,815,000 | $ 3,802,000 | [2] | $ 13,564,000 |
Per share data: | |||||
Net investment income per share - basic (in dollars per share) | $ 0.75 | $ 0.48 | $ 0.49 | [1] | $ 1.43 |
Net investment income per share - diluted (in dollars per share) | 0.75 | 0.48 | 0.49 | [1] | 1.43 |
Net increase (decrease) in net assets resulting from operations per share (in dollars per share) | $ 0.69 | $ 0.36 | $ 0.36 | [1] | $ 1.28 |
Weighted average common shares outstanding - basic (in shares) | 10,643,261 | 10,540,040 | 10,426,707 | [1] | 10,591,935 |
Weighted average common shares outstanding - diluted (in shares) | 10,643,261 | 10,540,040 | 10,426,707 | [1] | 10,591,935 |
Non-controlled/Non-affiliated | |||||
Investment income: | |||||
Interest income | $ 10,594,000 | $ 6,137,000 | $ 6,137,000 | [1] | $ 20,175,000 |
Payment-in-kind interest income | 506,000 | 239,000 | 239,000 | [1] | 1,074,000 |
Dividend income | 25,000 | 0 | 0 | [1] | 98,000 |
Other income | 12,000 | 0 | 0 | [1] | 31,000 |
Total investment income | 11,137,000 | 6,376,000 | 6,376,000 | [1] | 21,378,000 |
Realized and unrealized gain (loss) on investments: | |||||
Net realized gain (loss) on non-controlled/non-affiliated company investments | 610,000 | (267,000) | (267,000) | [1] | 618,000 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments | (1,209,000) | (1,005,000) | (1,005,000) | [1] | (2,239,000) |
Total net realized and unrealized gain (loss) on investments | $ (599,000) | $ (1,272,000) | $ (1,272,000) | [1] | $ (1,621,000) |
[1]Period from February 8, 2022 (inception) through June 30, 2022.[2]Period from February 8, 2022 (inception) through June 30, 2022.[3]Period from February 8, 2022 (inception) through June 30, 2022. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | [1] | Jun. 30, 2023 | |||
Increase (decrease) in net assets resulting from operations: | |||||||
Net investment income (loss) | $ 7,970 | $ 5,087 | $ 5,074 | $ 15,185 | |||
Net realized gain (loss) on investments | 610 | (267) | (267) | 618 | |||
Net change in unrealized appreciation (depreciation) on investments | (1,209) | (1,005) | (1,005) | (2,239) | |||
Net increase (decrease) in net assets resulting from operations | 7,371 | 3,815 | 3,802 | 13,564 | |||
Shareholder Distributions: | |||||||
Class I | [2] | (7,663) | 0 | 0 | (14,305) | ||
Net increase (decrease) in net assets resulting from shareholder distributions | (7,663) | 0 | 0 | (14,305) | |||
Capital share transactions: | |||||||
Issuance of common shares, net | 7,720 | 0 | 263,501 | 7,720 | |||
Net increase (decrease) in net assets resulting from capital share transactions - Class I | 7,720 | 0 | 263,501 | 7,720 | |||
Total increase (decrease) in net assets | 7,428 | 3,815 | 267,303 | 6,979 | |||
Net assets, at beginning of period | 259,852 | 263,488 | 0 | 260,301 | |||
Net assets, at end of period | $ 267,280 | $ 267,303 | [1] | $ 267,303 | $ 267,280 | ||
[1]Period from February 8, 2022 (inception) through June 30, 2022.[2]For the three and six months ended June 30, 2023, distributions declared from earnings were derived from net investment income. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 5 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | ||
Cash flows from operating activities: | |||
Net increase (decrease) in net assets resulting from operations | $ 3,802 | [1] | $ 13,564 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities | |||
Purchase of investments | (25,235) | [2] | (53,529) |
Proceeds from principal repayments and sales of investments | 26,590 | [2] | 13,404 |
Payment-in-kind interest | (239) | [2] | (1,074) |
Amortization of premium/accretion of discount, net | (191) | [2] | (490) |
Net realized (gain) loss on investments | 267 | [2] | (618) |
Net change in unrealized (appreciation) depreciation on investments | 1,005 | [2] | 2,239 |
Amortization of deferred financing costs | 0 | [2] | 78 |
Changes in operating assets and liabilities: | |||
Due from affiliate expense support | (1,660) | [2] | (311) |
Receivable for investments sold | (9,410) | [2] | (8) |
Interest receivable | (4,854) | [2] | 347 |
Prepaid expenses | (74) | [2] | (82) |
Payable for investments purchased | 4,840 | [2] | 0 |
Interest payable | 543 | [2] | (52) |
Due to affiliate expense support | 1,660 | [2] | 311 |
Board of Trustees' fees payable | 129 | [2] | (1) |
Accounts payable and accrued expenses | 469 | [2] | 26 |
Net cash provided by (used in) operating activities | (2,358) | [2] | (26,196) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares | 1 | [2] | 7,720 |
Proceeds from secured borrowings | 96,500 | [2] | 42,000 |
Repayments of secured borrowings | (32,731) | [2] | (64,000) |
Distributions paid | 0 | [2] | (14,809) |
Payments of deferred financing costs | 0 | [2] | (23) |
Net cash provided by (used in) financing activities | 63,770 | [2] | (29,112) |
Net increase (decrease) in cash and cash equivalents | 61,412 | [2] | (55,308) |
Cash and cash equivalents, beginning of period | 0 | [2] | 65,785 |
Cash and cash equivalents, end of period | 61,412 | [2] | 10,477 |
Supplemental information and non-cash activities: | |||
Purchases of investments | (296,231) | [2] | 0 |
Cash paid during the period for interest | 234 | [2] | 5,047 |
Financing costs paid through expense support | 373 | [2] | 0 |
Cash paid during the period for excise taxes | 0 | [2] | 2 |
Issuance of Class I common shares, net | $ 263,500 | [2] | $ 0 |
[1]Period from February 8, 2022 (inception) through June 30, 2022.[2]Period from February 8, 2022 (inception) through June 30, 2022. |
CONSOLIDATED SCHEDULE OF INVEST
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Cost | $ 401,911 | $ 352,998 | |||
Fair Value | $ 396,192 | $ 349,518 | |||
% of Net Assets | 148.23% | [1] | 134.27% | [2] | |
Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 390,282 | $ 349,421 | |||
Fair Value | $ 384,096 | $ 345,180 | |||
% of Net Assets | 143.71% | [1] | 132.60% | [2] | |
Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 5,023 | $ 3,577 | |||
Fair Value | $ 5,490 | $ 4,338 | |||
% of Net Assets | 2.05% | [1] | 1.67% | [2] | |
Cash Equivalents | |||||
Schedule of Investments [Line Items] | |||||
Cost | [3] | $ 6,606 | |||
Fair Value | [3] | $ 6,606 | |||
% of Net Assets | [1],[3] | 2.47% | |||
Automotive | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 3,903 | $ 3,918 | |||
Fair Value | $ 3,878 | $ 3,893 | |||
% of Net Assets | 1.45% | [1] | 1.50% | [2] | |
Banking, Finance, Insurance, Real Estate | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 3,090 | $ 375 | |||
Fair Value | $ 2,986 | $ 266 | |||
% of Net Assets | 1.12% | [1] | 0.10% | [2] | |
Beverage, Food & Tobacco | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 35,824 | $ 43,357 | |||
Fair Value | $ 35,187 | $ 43,015 | |||
% of Net Assets | 13.16% | [1] | 16.53% | [2] | |
Beverage, Food & Tobacco | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 780 | $ 681 | |||
Fair Value | $ 862 | $ 831 | |||
% of Net Assets | 0.32% | [1] | 0.32% | [2] | |
Capital Equipment | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 14,782 | $ 6,891 | |||
Fair Value | $ 14,714 | $ 6,937 | |||
% of Net Assets | 5.51% | [1] | 2.66% | [2] | |
Capital Equipment | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 160 | ||||
Fair Value | $ 167 | ||||
% of Net Assets | [1] | 0.06% | |||
Chemicals, Plastics, & Rubber | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 15,816 | $ 14,083 | |||
Fair Value | $ 15,458 | $ 13,976 | |||
% of Net Assets | 5.78% | [1] | 5.37% | [2] | |
Chemicals, Plastics, & Rubber | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 504 | $ 504 | |||
Fair Value | $ 853 | $ 980 | |||
% of Net Assets | 0.32% | [1] | 0.38% | [2] | |
Construction & Building | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 18,752 | $ 15,713 | |||
Fair Value | $ 18,449 | $ 15,568 | |||
% of Net Assets | 6.90% | [1] | 5.98% | [2] | |
Construction & Building | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 330 | $ 212 | |||
Fair Value | $ 302 | $ 219 | |||
% of Net Assets | 0.11% | [1] | 0.08% | [2] | |
Consumer Goods: Durable | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 17,366 | $ 15,875 | |||
Fair Value | $ 17,094 | $ 15,653 | |||
% of Net Assets | 6.40% | [1] | 6.01% | [2] | |
Consumer Goods: Non-Durable | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 27,716 | $ 26,344 | |||
Fair Value | $ 27,527 | $ 26,157 | |||
% of Net Assets | 10.30% | [1] | 10.05% | [2] | |
Consumer Goods: Non-Durable | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 763 | $ 228 | |||
Fair Value | $ 775 | $ 263 | |||
% of Net Assets | 0.29% | [1] | 0.10% | [2] | |
Containers, Packaging & Glass | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 16,359 | $ 16,335 | |||
Fair Value | $ 16,341 | $ 16,303 | |||
% of Net Assets | 6.11% | [1] | 6.26% | [2] | |
Containers, Packaging & Glass | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 780 | $ 719 | |||
Fair Value | $ 779 | $ 774 | |||
% of Net Assets | 0.29% | [1] | 0.30% | [2] | |
Energy: Oil & Gas | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 22,590 | $ 21,951 | |||
Fair Value | $ 21,588 | $ 21,275 | |||
% of Net Assets | 8.08% | [1] | 8.17% | [2] | |
Environmental Industries | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 9,741 | $ 7,734 | |||
Fair Value | $ 9,563 | $ 7,661 | |||
% of Net Assets | 3.58% | [1] | 2.94% | [2] | |
Healthcare & Pharmaceuticals | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 31,850 | $ 25,919 | |||
Fair Value | $ 31,353 | $ 25,541 | |||
% of Net Assets | 11.73% | [1] | 9.81% | [2] | |
Healthcare & Pharmaceuticals | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 162 | ||||
Fair Value | $ 179 | ||||
% of Net Assets | [1] | 0.07% | |||
High Tech Industries | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 13,855 | $ 9,449 | |||
Fair Value | $ 13,861 | $ 9,414 | |||
% of Net Assets | 5.19% | [1] | 3.62% | [2] | |
High Tech Industries | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 119 | $ 119 | |||
Fair Value | $ 181 | $ 158 | |||
% of Net Assets | 0.07% | [1] | 0.06% | [2] | |
Media: Advertising, Printing & Publishing | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 6,684 | $ 6,906 | |||
Fair Value | $ 6,665 | $ 6,916 | |||
% of Net Assets | 2.49% | [1] | 2.66% | [2] | |
Services: Business | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 64,875 | $ 59,479 | |||
Fair Value | $ 63,259 | $ 58,583 | |||
% of Net Assets | 23.67% | [1] | 22.51% | [2] | |
Services: Business | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 868 | $ 865 | |||
Fair Value | $ 742 | $ 782 | |||
% of Net Assets | 0.28% | [1] | 0.30% | [2] | |
Services: Consumer | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 29,047 | $ 23,623 | |||
Fair Value | $ 28,551 | $ 23,088 | |||
% of Net Assets | 10.68% | [1] | 8.87% | [2] | |
Services: Consumer | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 338 | $ 142 | |||
Fair Value | $ 329 | $ 151 | |||
% of Net Assets | 0.12% | [1] | 0.06% | [2] | |
Sovereign & Public Finance | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 3,607 | $ 3,617 | |||
Fair Value | $ 3,631 | $ 3,607 | |||
% of Net Assets | 1.36% | [1] | 1.39% | [2] | |
Sovereign & Public Finance | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 107 | $ 107 | |||
Fair Value | $ 209 | $ 180 | |||
% of Net Assets | 0.08% | [1] | 0.07% | [2] | |
Telecommunications | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 6,868 | $ 6,894 | |||
Fair Value | $ 6,770 | $ 6,720 | |||
% of Net Assets | 2.53% | [1] | 2.58% | [2] | |
Transportation: Cargo | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 10,866 | $ 10,902 | |||
Fair Value | $ 10,860 | $ 10,901 | |||
% of Net Assets | 4.06% | [1] | 4.18% | [2] | |
Utilities: Electric | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 2,482 | ||||
Fair Value | $ 2,469 | ||||
% of Net Assets | [1] | 0.92% | |||
Utilities: Electric | Equity Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 112 | ||||
Fair Value | $ 112 | ||||
% of Net Assets | [1] | 0.04% | |||
Wholesale | Debt Investments | |||||
Schedule of Investments [Line Items] | |||||
Cost | $ 34,209 | $ 30,056 | |||
Fair Value | $ 33,892 | $ 29,706 | |||
% of Net Assets | 12.69% | [1] | 11.41% | [2] | |
Investment, Identifier [Axis]: A Place for Mom, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [4],[5],[6] | 4.50% | [7],[8],[9],[10] | |
Interest Rate | 9.77% | [4],[5],[6] | 9.09% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,894 | [4],[5] | $ 6,936 | [7],[8],[9] | |
Cost | 6,894 | [4],[5] | 6,936 | [7],[8],[9] | |
Fair Value | $ 6,741 | [4],[5] | $ 6,657 | [7],[8],[9] | |
% of Net Assets | 2.52% | [1],[4],[5] | 2.56% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [4],[5],[6],[11] | 6% | [7],[8],[9],[10] | |
Interest Rate | 11.39% | [4],[5],[6],[11] | 10.59% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 4,953 | [4],[5],[11] | $ 4,848 | [7],[8],[9] | |
Cost | 4,914 | [4],[5],[11] | 4,807 | [7],[8],[9] | |
Fair Value | $ 4,806 | [4],[5],[11] | $ 4,800 | [7],[8],[9] | |
% of Net Assets | 1.80% | [1],[4],[5],[11] | 1.84% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [4],[5],[6],[11],[12] | 6% | [7],[8],[9],[10],[13] | |
Interest Rate | 11.39% | [4],[5],[6],[11],[12] | 10.59% | [7],[8],[9],[10],[13] | |
Par Amount / Unit | $ 1,000 | [4],[5],[11],[12] | $ 1,000 | [7],[8],[9],[13] | |
Cost | 0 | [4],[5],[11],[12] | 0 | [7],[8],[9],[13] | |
Fair Value | $ (30) | [4],[5],[11],[12] | $ (10) | [7],[8],[9],[13] | |
% of Net Assets | (0.01%) | [1],[4],[5],[11],[12] | 0% | [2],[7],[8],[9],[13] | |
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6% | [4],[5],[6],[11],[12] | 6% | [7],[8],[9],[10],[13] | |
Interest Rate | 11.39% | [4],[5],[6],[11],[12] | 10.59% | [7],[8],[9],[10],[13] | |
Par Amount / Unit | $ 920 | [4],[5],[11],[12] | $ 150 | [7],[8],[9],[13] | |
Cost | 0 | [4],[5],[11],[12] | 0 | [7],[8],[9],[13] | |
Fair Value | $ (27) | [4],[5],[11],[12] | $ (1) | [7],[8],[9],[13] | |
% of Net Assets | (0.01%) | [1],[4],[5],[11],[12] | 0% | [2],[7],[8],[9],[13] | |
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) (Delayed Draw) 3 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [7],[8],[9],[10],[13] | 6% | |||
Interest Rate | [7],[8],[9],[10],[13] | 10.59% | |||
Par Amount / Unit | [7],[8],[9],[13] | $ 1,000 | |||
Cost | [7],[8],[9],[13] | 0 | |||
Fair Value | [7],[8],[9],[13] | $ (10) | |||
% of Net Assets | [2],[7],[8],[9],[13] | 0% | |||
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | [8],[14],[15] | $ 142 | |||
Fair Value | [8],[14],[15] | $ 151 | |||
% of Net Assets | [2],[8],[14],[15] | 0.06% | |||
Share / Unit | [8],[14],[15] | 1,000 | |||
Investment, Identifier [Axis]: ADPD Holdings, LLC (a/k/a NearU) 2 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 142 | |||
Fair Value | [5],[16],[17] | $ 130 | |||
% of Net Assets | [1],[5],[16],[17] | 0.05% | |||
Share / Unit | [5],[16],[17] | 1,419 | |||
Investment, Identifier [Axis]: ALKU Intermediate Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.25% | |||
Interest Rate | [4],[5],[6] | 11.39% | |||
Par Amount / Unit | [4],[5] | $ 2,718 | |||
Cost | [4],[5] | 2,664 | |||
Fair Value | [4],[5] | $ 2,665 | |||
% of Net Assets | [1],[4],[5] | 1% | |||
Investment, Identifier [Axis]: AMC Buyer, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6] | 5.50% | [7],[8],[10] | |
Interest Rate | 10.77% | [4],[5],[6] | 10.09% | [7],[8],[10] | |
Par Amount / Unit | $ 6,912 | [4],[5] | $ 6,947 | [7],[8] | |
Cost | 6,895 | [4],[5] | 6,919 | [7],[8] | |
Fair Value | $ 6,911 | [4],[5] | $ 6,947 | [7],[8] | |
% of Net Assets | 2.59% | [1],[4],[5] | 2.67% | [2],[7],[8] | |
Investment, Identifier [Axis]: Acclaim MidCo, LLC (dba ClaimLogiQ) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.25% | |||
Interest Rate | [4],[5],[6] | 11.52% | |||
Par Amount / Unit | [4],[5] | $ 2,227 | |||
Cost | [4],[5] | 2,183 | |||
Fair Value | [4],[5] | $ 2,183 | |||
% of Net Assets | [1],[4],[5] | 0.82% | |||
Investment, Identifier [Axis]: Acclaim MidCo, LLC (dba ClaimLogiQ) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 5.50% | |||
Interest Rate | [4],[5],[6],[12] | 10.77% | |||
Par Amount / Unit | [4],[5],[12] | $ 891 | |||
Cost | [4],[5],[12] | (4) | |||
Fair Value | [4],[5],[12] | $ (18) | |||
% of Net Assets | [1],[4],[5],[12] | (0.01%) | |||
Investment, Identifier [Axis]: Accupac, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.77% | [4],[5],[6],[11] | 10.09% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,911 | [4],[5],[11] | $ 6,946 | [7],[8],[9] | |
Cost | 6,893 | [4],[5],[11] | 6,923 | [7],[8],[9] | |
Fair Value | $ 6,672 | [4],[5],[11] | $ 6,815 | [7],[8],[9] | |
% of Net Assets | 2.50% | [1],[4],[5],[11] | 2.62% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: AmSpec Group, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [4],[5],[6],[11] | 5.75% | [7],[8],[9],[10] | |
Interest Rate | 11.51% | [4],[5],[6],[11] | 10.52% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,909 | [4],[5],[11] | $ 6,946 | [7],[8],[9] | |
Cost | 6,909 | [4],[5],[11] | 6,946 | [7],[8],[9] | |
Fair Value | $ 6,909 | [4],[5],[11] | $ 6,945 | [7],[8],[9] | |
% of Net Assets | 2.59% | [1],[4],[5],[11] | 2.67% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Apex Services Partners, LLC (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.77% | [4],[5],[6],[11] | 10.09% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 2,978 | [4],[5],[11] | $ 3,000 | [7],[8],[9] | |
Cost | 2,967 | [4],[5],[11] | 2,987 | [7],[8],[9] | |
Fair Value | $ 2,978 | [4],[5],[11] | $ 2,981 | [7],[8],[9] | |
% of Net Assets | 1.11% | [1],[4],[5],[11] | 1.14% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Apex Services Partners, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.77% | [4],[5],[6],[11] | 10.09% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 2,978 | [4],[5],[11] | $ 3,000 | [7],[8],[9] | |
Cost | 2,956 | [4],[5],[11] | 2,973 | [7],[8],[9] | |
Fair Value | $ 2,978 | [4],[5],[11] | $ 2,981 | [7],[8],[9] | |
% of Net Assets | 1.11% | [1],[4],[5],[11] | 1.14% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Arise Holdings Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.25% | [4],[5],[6] | 4.25% | [7],[8],[10] | |
Interest Rate | 9.64% | [4],[5],[6] | 8.84% | [7],[8],[10] | |
Par Amount / Unit | $ 6,911 | [4],[5] | $ 6,946 | [7],[8] | |
Cost | 6,868 | [4],[5] | 6,894 | [7],[8] | |
Fair Value | $ 6,770 | [4],[5] | $ 6,720 | [7],[8] | |
% of Net Assets | 2.53% | [1],[4],[5] | 2.58% | [2],[7],[8] | |
Investment, Identifier [Axis]: BroadcastMed Holdco, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [5],[6] | 10% | [8],[10] | |
Interest Rate, PIK | 3.75% | [5],[6] | 3.75% | [8],[10] | |
Par Amount / Unit | $ 2,673 | [5] | $ 2,649 | [8] | |
Cost | 2,626 | [5] | 2,597 | [8] | |
Fair Value | $ 2,574 | [5] | $ 2,598 | [8] | |
% of Net Assets | 0.96% | [1],[5] | 1% | [2],[8] | |
Investment, Identifier [Axis]: BroadcastMed Holdco, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 655 | [5],[17] | $ 655 | [8],[14],[15] | |
Fair Value | $ 623 | [5],[17] | $ 655 | [8],[14],[15] | |
% of Net Assets | 0.23% | [1],[5],[17] | 0.25% | [2],[8],[14],[15] | |
Share / Unit | 43,679 | [5],[17] | 44,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: Brown & Joseph, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6] | 5.75% | [7],[8],[10] | |
Interest Rate | 10.77% | [4],[5],[6] | 10.34% | [7],[8],[10] | |
Par Amount / Unit | $ 6,656 | [4],[5] | $ 6,945 | [7],[8] | |
Cost | 6,618 | [4],[5] | 6,896 | [7],[8] | |
Fair Value | $ 6,597 | [4],[5] | $ 6,920 | [7],[8] | |
% of Net Assets | 2.47% | [1],[4],[5] | 2.66% | [2],[7],[8] | |
Investment, Identifier [Axis]: CDI AcquisitionCo, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.25% | [4],[5],[6] | 4.50% | [7],[8],[10] | |
Interest Rate | 9.64% | [4],[5],[6] | 9.28% | [7],[8],[10] | |
Par Amount / Unit | $ 6,774 | [4],[5] | $ 6,865 | [7],[8] | |
Cost | 6,756 | [4],[5] | 6,840 | [7],[8] | |
Fair Value | $ 6,759 | [4],[5] | $ 6,827 | [7],[8] | |
% of Net Assets | 2.53% | [1],[4],[5] | 2.62% | [2],[7],[8] | |
Investment, Identifier [Axis]: CV Holdco, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 105 | [5],[16],[17] | $ 102 | [8],[14],[15] | |
Fair Value | $ 62 | [5],[16],[17] | $ 49 | [8],[14],[15] | |
% of Net Assets | 0.03% | [1],[5],[16],[17] | 0.02% | [2],[8],[14],[15] | |
Share / Unit | 1,038 | [5],[16],[17] | 1,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: CV Intermediate Holdco Corp. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11% | [5],[6] | 11% | [8],[10] | |
Par Amount / Unit | $ 10,000 | [5] | $ 10,000 | [8] | |
Cost | 9,868 | [5] | 9,848 | [8] | |
Fair Value | $ 9,174 | [5] | $ 9,333 | [8] | |
% of Net Assets | 3.43% | [1],[5] | 3.59% | [2],[8] | |
Investment, Identifier [Axis]: Chroma Color Corporation (dba "Chroma Color) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6% | |||
Interest Rate | [4],[5],[6] | 11.27% | |||
Par Amount / Unit | [4],[5] | $ 1,753 | |||
Cost | [4],[5] | 1,719 | |||
Fair Value | [4],[5] | $ 1,719 | |||
% of Net Assets | [1],[4],[5] | 0.64% | |||
Investment, Identifier [Axis]: Chroma Color Corporation (dba "Chroma Color) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6% | |||
Interest Rate | [4],[5],[6],[12] | 11.27% | |||
Par Amount / Unit | [4],[5],[12] | $ 381 | |||
Cost | [4],[5],[12] | (4) | |||
Fair Value | [4],[5],[12] | $ (7) | |||
% of Net Assets | [1],[4],[5],[12] | 0% | |||
Investment, Identifier [Axis]: Class Valuation | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11% | [5],[6] | 11% | [8],[10] | |
Par Amount / Unit | $ 444 | [5] | $ 444 | [8] | |
Cost | 437 | [5] | 436 | [8] | |
Fair Value | $ 408 | [5] | $ 415 | [8] | |
% of Net Assets | 0.15% | [1],[5] | 0.16% | [2],[8] | |
Investment, Identifier [Axis]: Cold Spring Brewing Company | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [4],[5],[6] | 4.75% | [7],[8],[10] | |
Interest Rate | 9.89% | [4],[5],[6] | 9.11% | [7],[8],[10] | |
Par Amount / Unit | $ 6,363 | [4],[5] | $ 6,805 | [7],[8] | |
Cost | 6,363 | [4],[5] | 6,805 | [7],[8] | |
Fair Value | $ 6,363 | [4],[5] | $ 6,804 | [7],[8] | |
% of Net Assets | 2.38% | [1],[4],[5] | 2.61% | [2],[7],[8] | |
Investment, Identifier [Axis]: CrossCountry Consulting | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [4],[5],[6],[11] | 5.75% | [7],[8],[9],[10] | |
Interest Rate | 10.89% | [4],[5],[6],[11] | 10.34% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 1,386 | [4],[5],[11] | $ 1,393 | [7],[8],[9] | |
Cost | 1,362 | [4],[5],[11] | 1,367 | [7],[8],[9] | |
Fair Value | $ 1,386 | [4],[5],[11] | $ 1,376 | [7],[8],[9] | |
% of Net Assets | 0.52% | [1],[4],[5],[11] | 0.53% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: CrossCountry Consulting (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [5],[6],[11],[12] | 5.75% | [8],[9],[10],[13] | |
Interest Rate | 10.89% | [5],[6],[11],[12] | 10.34% | [8],[9],[10],[13] | |
Par Amount / Unit | $ 560 | [5],[11],[12] | $ 560 | [8],[9],[13] | |
Cost | (5) | [5],[11],[12] | (5) | [8],[9],[13] | |
Fair Value | $ 0 | [5],[11],[12] | $ (7) | [8],[9],[13] | |
% of Net Assets | 0% | [1],[5],[11],[12] | 0% | [2],[8],[9],[13] | |
Investment, Identifier [Axis]: Dresser Utility Solutions, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6] | 4.25% | [7],[8],[10] | |
Interest Rate | 10.39% | [4],[5],[6] | 8.64% | [7],[8],[10] | |
Par Amount / Unit | $ 3,465 | [4],[5] | $ 3,473 | [7],[8] | |
Cost | 3,456 | [4],[5] | 3,473 | [7],[8] | |
Fair Value | $ 3,456 | [4],[5] | $ 3,473 | [7],[8] | |
% of Net Assets | 1.29% | [1],[4],[5] | 1.33% | [2],[7],[8] | |
Investment, Identifier [Axis]: Dresser Utility Solutions, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 9.39% | [4],[5],[6] | 9.64% | [7],[8],[10] | |
Par Amount / Unit | $ 3,455 | [4],[5] | $ 3,473 | [7],[8] | |
Cost | 3,419 | [4],[5] | 3,429 | [7],[8] | |
Fair Value | $ 3,395 | [4],[5] | $ 3,399 | [7],[8] | |
% of Net Assets | 1.27% | [1],[4],[5] | 1.30% | [2],[7],[8] | |
Investment, Identifier [Axis]: EFC Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [5],[6],[12] | 11% | |||
Interest Rate, PIK | [5],[6],[12] | 2.50% | |||
Par Amount / Unit | [5],[12] | $ 2,420 | |||
Cost | [5],[12] | 2,352 | |||
Fair Value | [5],[12] | $ 2,352 | |||
% of Net Assets | [1],[5],[12] | 0.88% | |||
Investment, Identifier [Axis]: EFC Holdings, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17],[18] | $ 114 | |||
Fair Value | [5],[16],[17],[18] | $ 117 | |||
% of Net Assets | [1],[5],[16],[17],[18] | 0.04% | |||
Share / Unit | [5],[16],[17],[18] | 114 | |||
Investment, Identifier [Axis]: EFC Holdings, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17],[18] | $ 46 | |||
Fair Value | [5],[16],[17],[18] | $ 50 | |||
% of Net Assets | [1],[5],[16],[17],[18] | 0.02% | |||
Share / Unit | [5],[16],[17],[18] | 114 | |||
Investment, Identifier [Axis]: Elevation Labs | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 10.52% | [4],[5],[6] | 9.84% | [7],[8],[10] | |
Par Amount / Unit | $ 1,309 | [4],[5] | $ 1,315 | [7],[8] | |
Cost | 1,298 | [4],[5] | 1,303 | [7],[8] | |
Fair Value | $ 1,292 | [4],[5] | $ 1,301 | [7],[8] | |
% of Net Assets | 0.48% | [1],[4],[5] | 0.50% | [2],[7],[8] | |
Investment, Identifier [Axis]: Elevation Labs (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6],[12] | 5.25% | [7],[8],[10],[13] | |
Interest Rate | 10.52% | [4],[5],[6],[12] | 9.84% | [7],[8],[10],[13] | |
Par Amount / Unit | $ 599 | [4],[5],[12] | $ 599 | [7],[8],[13] | |
Cost | (3) | [4],[5],[12] | (3) | [7],[8],[13] | |
Fair Value | $ (8) | [4],[5],[12] | $ (6) | [7],[8],[13] | |
% of Net Assets | 0% | [1],[4],[5],[12] | 0% | [2],[7],[8],[13] | |
Investment, Identifier [Axis]: Evergreen Services Group | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.15% | [4],[5],[6],[11] | 6% | [7],[8],[9],[10] | |
Interest Rate | 11.42% | [4],[5],[6],[11] | 10.59% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 4,047 | [4],[5],[11] | $ 4,068 | [7],[8],[9] | |
Cost | 3,976 | [4],[5],[11] | 3,991 | [7],[8],[9] | |
Fair Value | $ 3,915 | [4],[5],[11] | $ 3,971 | [7],[8],[9] | |
% of Net Assets | 1.47% | [1],[4],[5],[11] | 1.52% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Evergreen Services Group (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.15% | [4],[5],[6],[11] | 6% | [7],[8],[9],[10] | |
Interest Rate | 11.42% | [4],[5],[6],[11] | 10.59% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 968 | [4],[5],[11] | $ 970 | [7],[8],[9] | |
Cost | 960 | [4],[5],[11] | 694 | [7],[8],[9] | |
Fair Value | $ 937 | [4],[5],[11] | $ 680 | [7],[8],[9] | |
% of Net Assets | 0.35% | [1],[4],[5],[11] | 0.26% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Excel Fitness | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 10.52% | [4],[5],[6] | 9.84% | [7],[8],[10] | |
Par Amount / Unit | $ 5,955 | [4],[5] | $ 5,985 | [7],[8] | |
Cost | 5,894 | [4],[5] | 5,920 | [7],[8] | |
Fair Value | $ 5,709 | [4],[5] | $ 5,690 | [7],[8] | |
% of Net Assets | 2.14% | [1],[4],[5] | 2.19% | [2],[7],[8] | |
Investment, Identifier [Axis]: FSK Pallet Holding Corp. (DBA Kamps Pallets) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6] | 5% | [7],[8],[10] | |
Interest Rate | 10.77% | [4],[5],[6] | 9.77% | [7],[8],[10] | |
Par Amount / Unit | $ 5,955 | [4],[5] | $ 5,985 | [7],[8] | |
Cost | 5,852 | [4],[5] | 5,870 | [7],[8] | |
Fair Value | $ 5,819 | [4],[5] | $ 5,869 | [7],[8] | |
% of Net Assets | 2.17% | [1],[4],[5] | 2.25% | [2],[7],[8] | |
Investment, Identifier [Axis]: Fortune International, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [4],[5],[6] | 4.75% | [7],[8],[10] | |
Interest Rate | 10.02% | [4],[5],[6] | 9.52% | [7],[8],[10] | |
Par Amount / Unit | $ 6,913 | [4],[5] | $ 6,948 | [7],[8] | |
Cost | 6,867 | [4],[5] | 6,891 | [7],[8] | |
Fair Value | $ 6,692 | [4],[5] | $ 6,802 | [7],[8] | |
% of Net Assets | 2.50% | [1],[4],[5] | 2.61% | [2],[7],[8] | |
Investment, Identifier [Axis]: Freedom U.S. Acquisition Corporation | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [4],[5],[6] | 4.50% | [7],[8],[10] | |
Interest Rate | 10.05% | [4],[5],[6] | 9.27% | [7],[8],[10] | |
Par Amount / Unit | $ 7,000 | [4],[5] | $ 7,000 | [7],[8] | |
Cost | 7,000 | [4],[5] | 7,000 | [7],[8] | |
Fair Value | $ 6,925 | [4],[5] | $ 6,955 | [7],[8] | |
% of Net Assets | 2.59% | [1],[4],[5] | 2.67% | [2],[7],[8] | |
Investment, Identifier [Axis]: Fresh Edge | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [4],[5],[6] | 9% | [8],[10] | |
Interest Rate | 9.77% | [4],[5],[6] | 13.36% | [8],[10] | |
Interest Rate, PIK | [4],[5],[6] | 5.125% | |||
Par Amount / Unit | $ 2,890 | [4],[5] | $ 2,890 | [8] | |
Cost | 2,821 | [4],[5] | 2,820 | [8] | |
Fair Value | $ 2,820 | [4],[5] | $ 2,820 | [8] | |
% of Net Assets | 1.05% | [1],[4],[5] | 1.08% | [2],[8] | |
Investment, Identifier [Axis]: Fresh Edge 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | [8],[14],[15] | $ 454 | |||
Fair Value | [8],[14],[15] | $ 454 | |||
% of Net Assets | [2],[8],[14],[15] | 0.17% | |||
Share / Unit | [8],[14],[15] | 0 | |||
Investment, Identifier [Axis]: Fresh Edge 2 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | [8],[14],[15] | $ 0 | |||
Fair Value | [8],[14],[15] | $ 0 | |||
% of Net Assets | [2],[8],[14],[15] | 0% | |||
Share / Unit | [8],[14],[15] | 0 | |||
Investment, Identifier [Axis]: Fresh Edge- Common | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 0 | |||
Fair Value | [5],[16],[17] | $ 54 | |||
% of Net Assets | [1],[5],[16],[17] | 0.02% | |||
Share / Unit | [5],[16],[17] | 454 | |||
Investment, Identifier [Axis]: Fresh Edge- Preferred | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 454 | |||
Fair Value | [5],[16],[17] | $ 488 | |||
% of Net Assets | [1],[5],[16],[17] | 0.18% | |||
Share / Unit | [5],[16],[17] | 454 | |||
Investment, Identifier [Axis]: Gannett Fleming | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.60% | [4],[5],[6] | 6.50% | [7],[8],[10] | |
Interest Rate | 11.87% | [4],[5],[6] | 11.09% | [7],[8],[10] | |
Par Amount / Unit | $ 1,990 | [4],[5] | $ 2,000 | [7],[8] | |
Cost | 1,954 | [4],[5] | 1,960 | [7],[8] | |
Fair Value | $ 1,955 | [4],[5] | $ 1,960 | [7],[8] | |
% of Net Assets | 0.73% | [1],[4],[5] | 0.76% | [2],[7],[8] | |
Investment, Identifier [Axis]: Gannett Fleming 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 85 | [5],[16],[17] | $ 85 | [8],[14],[15] | |
Fair Value | $ 85 | [5],[16],[17] | $ 85 | [8],[14],[15] | |
% of Net Assets | 0.03% | [1],[5],[16],[17] | 0.03% | [2],[8],[14],[15] | |
Share / Unit | 84,949 | [5],[16],[17] | 85,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: Gannett Fleming 2 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 118 | |||
Fair Value | [5],[16],[17] | $ 113 | |||
% of Net Assets | [1],[5],[16],[17] | 0.04% | |||
Share / Unit | [5],[16],[17] | 113,901 | |||
Investment, Identifier [Axis]: GenServe LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6],[11] | 5.25% | [7],[8],[9],[10] | |
Interest Rate | 10.52% | [4],[5],[6],[11] | 9.84% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,913 | [4],[5],[11] | $ 6,947 | [7],[8],[9] | |
Cost | 6,881 | [4],[5],[11] | 6,891 | [7],[8],[9] | |
Fair Value | $ 6,830 | [4],[5],[11] | $ 6,937 | [7],[8],[9] | |
% of Net Assets | 2.56% | [1],[4],[5],[11] | 2.66% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Harvest Hill Beverage Company | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [5],[6] | 9% | |||
Interest Rate | [5],[6] | 14.14% | |||
Par Amount / Unit | [5] | $ 2,800 | |||
Cost | [5] | 2,720 | |||
Fair Value | [5] | $ 2,719 | |||
% of Net Assets | [1],[5] | 1.02% | |||
Investment, Identifier [Axis]: Health Management Associates | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.50% | |||
Interest Rate | [4],[5],[6] | 11.64% | |||
Par Amount / Unit | [4],[5] | $ 3,439 | |||
Cost | [4],[5] | 3,372 | |||
Fair Value | [4],[5] | $ 3,371 | |||
% of Net Assets | [1],[4],[5] | 1.26% | |||
Investment, Identifier [Axis]: Health Management Associates (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6.50% | |||
Interest Rate | [4],[5],[6],[12] | 11.64% | |||
Par Amount / Unit | [4],[5],[12] | $ 611 | |||
Cost | [4],[5],[12] | 183 | |||
Fair Value | [4],[5],[12] | $ 183 | |||
% of Net Assets | [1],[4],[5],[12] | 0.07% | |||
Investment, Identifier [Axis]: Health Management Associates 1 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 162 | |||
Fair Value | [5],[16],[17] | $ 179 | |||
% of Net Assets | [1],[5],[16],[17] | 0.07% | |||
Share / Unit | [5],[16],[17] | 161,953 | |||
Investment, Identifier [Axis]: Heartland Veterinary Partners LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7.50% | [5],[6] | 7.50% | [8],[10] | |
Interest Rate | 12.64% | [5],[6] | 12.09% | [8],[10] | |
Par Amount / Unit | $ 1,000 | [5] | $ 1,000 | [8] | |
Cost | 984 | [5] | 982 | [8] | |
Fair Value | $ 974 | [5] | $ 980 | [8] | |
% of Net Assets | 0.36% | [1],[5] | 0.38% | [2],[8] | |
Investment, Identifier [Axis]: Heartland Veterinary Partners LLC (Incremental) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 7.50% | [5],[6],[12] | 7.50% | [8],[10],[13] | |
Interest Rate | 12.64% | [5],[6],[12] | 12.09% | [8],[10],[13] | |
Par Amount / Unit | $ 5,000 | [5],[12] | $ 5,000 | [8],[13] | |
Cost | 460 | [5],[12] | 0 | [8],[13] | |
Fair Value | $ 332 | [5],[12] | $ (100) | [8],[13] | |
% of Net Assets | 0.12% | [1],[5],[12] | (0.04%) | [2],[8],[13] | |
Investment, Identifier [Axis]: Hyphen Solutions, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.64% | [4],[5],[6],[11] | 9.89% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,912 | [4],[5],[11] | $ 6,947 | [7],[8],[9] | |
Cost | 6,870 | [4],[5],[11] | 6,898 | [7],[8],[9] | |
Fair Value | $ 6,672 | [4],[5],[11] | $ 6,804 | [7],[8],[9] | |
% of Net Assets | 2.50% | [1],[4],[5],[11] | 2.61% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.50% | |||
Interest Rate | [4],[5],[6] | 11.77% | |||
Par Amount / Unit | [4],[5] | $ 4,607 | |||
Cost | [4],[5] | 4,522 | |||
Fair Value | [4],[5] | $ 4,521 | |||
% of Net Assets | [1],[4],[5] | 1.69% | |||
Investment, Identifier [Axis]: INS Intermediate II, LLC (Ergotech Controls, Inc. – d/b/a INS) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6.50% | |||
Interest Rate | [4],[5],[6],[12] | 11.77% | |||
Par Amount / Unit | [4],[5],[12] | $ 1,139 | |||
Cost | [4],[5],[12] | (21) | |||
Fair Value | [4],[5],[12] | $ (21) | |||
% of Net Assets | [1],[4],[5],[12] | (0.01%) | |||
Investment, Identifier [Axis]: ISG Merger Sub, LLC (dba Industrial Service Group) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6] | 6.25% | [7],[8],[10] | |
Interest Rate | 11.52% | [4],[5],[6] | 10.61% | [7],[8],[10] | |
Par Amount / Unit | $ 2,466 | [4],[5] | $ 2,479 | [7],[8] | |
Cost | 2,420 | [4],[5] | 2,429 | [7],[8] | |
Fair Value | $ 2,421 | [4],[5] | $ 2,429 | [7],[8] | |
% of Net Assets | 0.91% | [1],[4],[5] | 0.93% | [2],[7],[8] | |
Investment, Identifier [Axis]: ISG Merger Sub, LLC (dba Industrial Service Group) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6],[12] | 6.25% | [7],[8],[10],[13] | |
Interest Rate | 11.52% | [4],[5],[6],[12] | 10.61% | [7],[8],[10],[13] | |
Par Amount / Unit | $ 1,282 | [4],[5],[12] | $ 1,282 | [7],[8],[13] | |
Cost | (6) | [4],[5],[12] | (6) | [7],[8],[13] | |
Fair Value | $ (24) | [4],[5],[12] | $ (25) | [7],[8],[13] | |
% of Net Assets | (0.01%) | [1],[4],[5],[12] | (0.01%) | [2],[7],[8],[13] | |
Investment, Identifier [Axis]: ITSavvy LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 10.89% | [4],[5],[6] | 9.84% | [7],[8],[10] | |
Par Amount / Unit | $ 1,784 | [4],[5] | $ 1,793 | [7],[8] | |
Cost | 1,770 | [4],[5] | 1,776 | [7],[8] | |
Fair Value | $ 1,792 | [4],[5] | $ 1,793 | [7],[8] | |
% of Net Assets | 0.67% | [1],[4],[5] | 0.69% | [2],[7],[8] | |
Investment, Identifier [Axis]: ITSavvy LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [5],[6],[12] | 5.25% | [8],[10],[13] | |
Interest Rate | 10.89% | [5],[6],[12] | 9.84% | [8],[10],[13] | |
Par Amount / Unit | $ 383 | [5],[12] | $ 480 | [8],[13] | |
Cost | 344 | [5],[12] | (5) | [8],[13] | |
Fair Value | $ 349 | [5],[12] | $ 0 | [8],[13] | |
% of Net Assets | 0.13% | [1],[5],[12] | 0% | [2],[8],[13] | |
Investment, Identifier [Axis]: ITSavvy LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 119 | [5],[16],[17] | $ 119 | [8],[14],[15] | |
Fair Value | $ 181 | [5],[16],[17] | $ 158 | [8],[14],[15] | |
% of Net Assets | 0.07% | [1],[5],[16],[17] | 0.06% | [2],[8],[14],[15] | |
Share / Unit | 119 | [5],[16],[17] | 0 | [8],[14],[15] | |
Investment, Identifier [Axis]: Image International Intermediate Holdco II, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.64% | [4],[5],[6],[11] | 10.27% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,992 | [4],[5],[11] | $ 6,992 | [7],[8],[9] | |
Cost | 6,990 | [4],[5],[11] | 6,950 | [7],[8],[9] | |
Fair Value | $ 6,857 | [4],[5],[11] | $ 6,873 | [7],[8],[9] | |
% of Net Assets | 2.56% | [1],[4],[5],[11] | 2.64% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Impact Parent Corporation (d/b/a Impact Environmental Group) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6% | |||
Interest Rate | [4],[5],[6] | 11.39% | |||
Par Amount / Unit | [4],[5] | $ 2,086 | |||
Cost | [4],[5] | 2,045 | |||
Fair Value | [4],[5] | $ 2,047 | |||
% of Net Assets | [1],[4],[5] | 0.77% | |||
Investment, Identifier [Axis]: Impact Parent Corporation (d/b/a Impact Environmental Group) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6% | |||
Interest Rate | [4],[5],[6],[12] | 11.39% | |||
Par Amount / Unit | [4],[5],[12] | $ 972 | |||
Cost | [4],[5],[12] | (5) | |||
Fair Value | [4],[5],[12] | $ (18) | |||
% of Net Assets | [1],[4],[5],[12] | (0.01%) | |||
Investment, Identifier [Axis]: Infinite Bidco LLC (Infinite Electronics) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[11] | 6.25% | |||
Interest Rate | [4],[5],[6],[11] | 11.64% | |||
Par Amount / Unit | [4],[5],[11] | $ 1,977 | |||
Cost | [4],[5],[11] | 1,922 | |||
Fair Value | [4],[5],[11] | $ 1,922 | |||
% of Net Assets | [1],[4],[5],[11] | 0.72% | |||
Investment, Identifier [Axis]: Infobase Acquisition, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6] | 5.50% | [7],[8],[10] | |
Interest Rate | 10.89% | [4],[5],[6] | 10.09% | [7],[8],[10] | |
Par Amount / Unit | $ 735 | [4],[5] | $ 738 | [7],[8] | |
Cost | 729 | [4],[5] | 731 | [7],[8] | |
Fair Value | $ 724 | [4],[5] | $ 729 | [7],[8] | |
% of Net Assets | 0.27% | [1],[4],[5] | 0.28% | [2],[7],[8] | |
Investment, Identifier [Axis]: Infobase Acquisition, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [5],[6],[12] | 5.50% | [8],[10],[13] | |
Interest Rate | 10.89% | [5],[6],[12] | 10.09% | [8],[10],[13] | |
Par Amount / Unit | $ 122 | [5],[12] | $ 122 | [8],[13] | |
Cost | 0 | [5],[12] | 0 | [8],[13] | |
Fair Value | $ (2) | [5],[12] | $ (2) | [8],[13] | |
% of Net Assets | 0% | [1],[5],[12] | 0% | [2],[8],[13] | |
Investment, Identifier [Axis]: Kenco Group, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [4],[5],[6] | 5.50% | [7],[8],[10] | |
Interest Rate | 10.27% | [4],[5],[6] | 10.09% | [7],[8],[10] | |
Par Amount / Unit | $ 5,124 | [4],[5] | $ 5,150 | [7],[8] | |
Cost | 5,030 | [4],[5] | 5,049 | [7],[8] | |
Fair Value | $ 5,053 | [4],[5] | $ 5,049 | [7],[8] | |
% of Net Assets | 1.89% | [1],[4],[5] | 1.94% | [2],[7],[8] | |
Investment, Identifier [Axis]: Kenco Group, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [4],[5],[6],[12] | 5.50% | [7],[8],[10],[13] | |
Interest Rate | 10.27% | [4],[5],[6],[12] | 10.09% | [7],[8],[10],[13] | |
Par Amount / Unit | $ 850 | [4],[5],[12] | $ 850 | [7],[8],[13] | |
Cost | (16) | [4],[5],[12] | (17) | [7],[8],[13] | |
Fair Value | $ (12) | [4],[5],[12] | $ (17) | [7],[8],[13] | |
% of Net Assets | 0% | [1],[4],[5],[12] | (0.01%) | [2],[7],[8],[13] | |
Investment, Identifier [Axis]: Kofile, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [5],[6] | 10% | [8],[10] | |
Interest Rate, PIK | 1.25% | [5],[6] | 1.75% | [8],[10] | |
Par Amount / Unit | $ 10,204 | [5] | $ 10,128 | [8] | |
Cost | 10,204 | [5] | 10,128 | [8] | |
Fair Value | $ 9,639 | [5] | $ 9,987 | [8] | |
% of Net Assets | 3.61% | [1],[5] | 3.84% | [2],[8] | |
Investment, Identifier [Axis]: Kofile, Inc. 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | [8],[14],[15] | $ 108 | |||
Fair Value | [8],[14],[15] | $ 78 | |||
% of Net Assets | [2],[8],[14],[15] | 0.03% | |||
Share / Unit | [8],[14],[15] | 0 | |||
Investment, Identifier [Axis]: Kofile, Inc. 2 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 108 | |||
Fair Value | [5],[16],[17] | $ 57 | |||
% of Net Assets | [1],[5],[16],[17] | 0.02% | |||
Share / Unit | [5],[16],[17] | 100 | |||
Investment, Identifier [Axis]: LMI Consulting, LLC (LMI) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [4],[5],[6] | 6.50% | [7],[8],[10] | |
Interest Rate | 11.77% | [4],[5],[6] | 11.09% | [7],[8],[10] | |
Par Amount / Unit | $ 738 | [4],[5] | $ 742 | [7],[8] | |
Cost | 725 | [4],[5] | 728 | [7],[8] | |
Fair Value | $ 723 | [4],[5] | $ 718 | [7],[8] | |
% of Net Assets | 0.27% | [1],[4],[5] | 0.28% | [2],[7],[8] | |
Investment, Identifier [Axis]: LMI Consulting, LLC (LMI) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [4],[5],[6] | 6.50% | [7],[8],[10] | |
Interest Rate | 11.77% | [4],[5],[6] | 11.09% | [7],[8],[10] | |
Par Amount / Unit | $ 2,970 | [4],[5] | $ 2,985 | [7],[8] | |
Cost | 2,882 | [4],[5] | 2,889 | [7],[8] | |
Fair Value | $ 2,908 | [4],[5] | $ 2,889 | [7],[8] | |
% of Net Assets | 1.09% | [1],[4],[5] | 1.11% | [2],[7],[8] | |
Investment, Identifier [Axis]: LMI Renaissance | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 107 | [5],[16],[17] | $ 107 | [8],[14],[15] | |
Fair Value | $ 209 | [5],[16],[17] | $ 180 | [8],[14],[15] | |
% of Net Assets | 0.08% | [1],[5],[16],[17] | 0.07% | [2],[8],[14],[15] | |
Share / Unit | 106,984 | [5],[16],[17] | 107,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: Legacy Service Partners, LLC (“LSP”) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.50% | |||
Interest Rate | [4],[5],[6] | 11.77% | |||
Par Amount / Unit | [4],[5] | $ 4,085 | |||
Cost | [4],[5] | 4,009 | |||
Fair Value | [4],[5] | $ 4,009 | |||
% of Net Assets | [1],[4],[5] | 1.50% | |||
Investment, Identifier [Axis]: Legacy Service Partners, LLC (“LSP”) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6.50% | |||
Interest Rate | [4],[5],[6],[12] | 11.77% | |||
Par Amount / Unit | [4],[5],[12] | $ 1,901 | |||
Cost | [4],[5],[12] | 1,413 | |||
Fair Value | [4],[5],[12] | $ 1,387 | |||
% of Net Assets | [1],[4],[5],[12] | 0.52% | |||
Investment, Identifier [Axis]: Legacy Service Partners, LLC (“LSP”) 1 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 196 | |||
Fair Value | [5],[16],[17] | $ 199 | |||
% of Net Assets | [5],[16],[17] | 0.07% | |||
Share / Unit | [5],[16],[17] | 1,963 | |||
Investment, Identifier [Axis]: MEI Rigging & Crating | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.50% | |||
Interest Rate | [4],[5],[6] | 11.64% | |||
Par Amount / Unit | [4],[5] | $ 3,166 | |||
Cost | [4],[5] | 3,102 | |||
Fair Value | [4],[5] | $ 3,102 | |||
% of Net Assets | [1],[4],[5] | 1.15% | |||
Investment, Identifier [Axis]: MEI Rigging & Crating (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6.50% | |||
Interest Rate | [4],[5],[6],[12] | 11.64% | |||
Par Amount / Unit | [4],[5],[12] | $ 501 | |||
Cost | [4],[5],[12] | (3) | |||
Fair Value | [4],[5],[12] | $ (10) | |||
% of Net Assets | [1],[4],[5],[12] | 0% | |||
Investment, Identifier [Axis]: Marco APE Opco Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10] | 10.50% | |||
Interest Rate, PIK | 1,500% | [5],[6] | 4.25% | [8],[10] | |
Par Amount / Unit | $ 9,286 | [5] | $ 8,633 | [8] | |
Cost | 8,806 | [5] | 8,103 | [8] | |
Fair Value | $ 7,828 | [5] | $ 7,458 | [8] | |
% of Net Assets | 2.93% | [1],[5] | 2.87% | [2],[8] | |
Investment, Identifier [Axis]: Marlin Coinvest LP | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17],[18] | $ 200 | |||
Fair Value | [5],[16],[17],[18] | $ 200 | |||
% of Net Assets | [1],[5],[16],[17],[18] | 0.08% | |||
Share / Unit | [5],[16],[17],[18] | 200,000 | |||
Investment, Identifier [Axis]: Mr. Greens | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10] | 10% | |||
Interest Rate, PIK | [8],[10] | 2% | |||
Par Amount / Unit | [8] | $ 10,153 | |||
Cost | [8] | 9,807 | |||
Fair Value | [8] | $ 10,153 | |||
% of Net Assets | [2],[8] | 3.90% | |||
Investment, Identifier [Axis]: Mr. Greens 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | [8],[14],[15] | $ 101 | |||
Fair Value | [8],[14],[15] | $ 276 | |||
% of Net Assets | [2],[8],[14],[15] | 0.11% | |||
Share / Unit | [8],[14],[15] | 1,000 | |||
Investment, Identifier [Axis]: NMC Skincare Intermediate Holdings II, LLC (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [4],[5],[6],[11] | 5% | [7],[8],[9],[10] | |
Interest Rate | 10.14% | [4],[5],[6],[11] | 9.77% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,910 | [4],[5],[11] | $ 6,946 | [7],[8],[9] | |
Cost | 6,841 | [4],[5],[11] | 6,849 | [7],[8],[9] | |
Fair Value | $ 6,687 | [4],[5],[11] | $ 6,672 | [7],[8],[9] | |
% of Net Assets | 2.50% | [1],[4],[5],[11] | 2.56% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: New Era Technology, Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6],[11] | 6.25% | [7],[8],[9],[10] | |
Interest Rate | 11.52% | [4],[5],[6],[11] | 11.02% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,758 | [4],[5],[11] | $ 6,947 | [7],[8],[9] | |
Cost | 6,737 | [4],[5],[11] | 6,919 | [7],[8],[9] | |
Fair Value | $ 6,562 | [4],[5],[11] | $ 6,650 | [7],[8],[9] | |
% of Net Assets | 2.46% | [1],[4],[5],[11] | 2.56% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: New ILC Dover, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [4],[5],[6],[11] | 5% | [7],[8],[9],[10] | |
Interest Rate | 10.27% | [4],[5],[6],[11] | 9.77% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,911 | [4],[5],[11] | $ 6,947 | [7],[8],[9] | |
Cost | 6,903 | [4],[5],[11] | 6,935 | [7],[8],[9] | |
Fair Value | $ 6,911 | [4],[5],[11] | $ 6,946 | [7],[8],[9] | |
% of Net Assets | 2.58% | [1],[4],[5],[11] | 2.67% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: New You Bariatric Group, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 10.52% | [4],[5],[6] | 9.84% | [7],[8],[10] | |
Par Amount / Unit | $ 6,910 | [4],[5] | $ 6,946 | [7],[8] | |
Cost | 6,910 | [4],[5] | 6,946 | [7],[8] | |
Fair Value | $ 6,704 | [4],[5] | $ 6,838 | [7],[8] | |
% of Net Assets | 2.51% | [1],[4],[5] | 2.63% | [2],[7],[8] | |
Investment, Identifier [Axis]: Nonni's Foods, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6] | 5% | [7],[8],[10] | |
Interest Rate | 10.64% | [4],[5],[6] | 9.39% | [7],[8],[10] | |
Par Amount / Unit | $ 6,927 | [4],[5] | $ 6,963 | [7],[8] | |
Cost | 6,926 | [4],[5] | 6,958 | [7],[8] | |
Fair Value | $ 6,848 | [4],[5] | $ 6,915 | [7],[8] | |
% of Net Assets | 2.56% | [1],[4],[5] | 2.66% | [2],[7],[8] | |
Investment, Identifier [Axis]: North Haven Stack Buyer, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.77% | [4],[5],[6],[11] | 9.86% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,912 | [4],[5],[11] | $ 6,947 | [7],[8],[9] | |
Cost | 6,888 | [4],[5],[11] | 6,918 | [7],[8],[9] | |
Fair Value | $ 6,725 | [4],[5],[11] | $ 6,845 | [7],[8],[9] | |
% of Net Assets | 2.52% | [1],[4],[5],[11] | 2.63% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Nutrition 101 Buyer LLC (a/k/a 101, Inc.) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 10.52% | [4],[5],[6] | 9.61% | [7],[8],[10] | |
Par Amount / Unit | $ 820 | [4],[5] | $ 824 | [7],[8] | |
Cost | 813 | [4],[5] | 816 | [7],[8] | |
Fair Value | $ 809 | [4],[5] | $ 816 | [7],[8] | |
% of Net Assets | 0.30% | [1],[4],[5] | 0.31% | [2],[7],[8] | |
Investment, Identifier [Axis]: Oliver Packaging | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11% | [5],[6] | 10% | [8],[10] | |
Interest Rate, PIK | [8],[10] | 1% | |||
Par Amount / Unit | $ 1,326 | [5] | $ 1,332 | [8] | |
Cost | 1,303 | [5] | 1,308 | [8] | |
Fair Value | $ 1,277 | [5] | $ 1,265 | [8] | |
% of Net Assets | 0.48% | [1],[5] | 0.48% | [2],[8] | |
Investment, Identifier [Axis]: Oliver Packaging 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 671 | [5],[16],[17] | $ 610 | [8],[14],[15] | |
Fair Value | $ 626 | [5],[16],[17] | $ 639 | [8],[14],[15] | |
% of Net Assets | 0.23% | [1],[5],[16],[17] | 0.25% | [2],[8],[14],[15] | |
Share / Unit | 6,710 | [5],[16],[17] | 6,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: Ovation Holdings, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.25% | |||
Interest Rate | [4],[5],[6] | 11.52% | |||
Par Amount / Unit | [4],[5] | $ 2,988 | |||
Cost | [4],[5] | 2,926 | |||
Fair Value | [4],[5] | $ 2,924 | |||
% of Net Assets | [1],[4],[5] | 1.09% | |||
Investment, Identifier [Axis]: Ovation Holdings, Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6.25% | |||
Interest Rate | [4],[5],[6],[12] | 11.52% | |||
Par Amount / Unit | [4],[5],[12] | $ 705 | |||
Cost | [4],[5],[12] | (8) | |||
Fair Value | [4],[5],[12] | $ (15) | |||
% of Net Assets | [1],[4],[5],[12] | (0.01%) | |||
Investment, Identifier [Axis]: PG Aggregator, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 109 | [5],[16],[17] | $ 109 | [8],[14],[15] | |
Fair Value | $ 153 | [5],[16],[17] | $ 135 | [8],[14],[15] | |
% of Net Assets | 0.06% | [1],[5],[16],[17] | 0.05% | [2],[8],[14],[15] | |
Share / Unit | 100 | [5],[16],[17] | 0 | [8],[14],[15] | |
Investment, Identifier [Axis]: PG Buyer, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [4],[5],[6] | 1.50% | [8],[10] | |
Interest Rate, PIK | 1.50% | [4],[5],[6] | 10% | [8],[10] | |
Par Amount / Unit | $ 8,153 | [4],[5] | $ 8,092 | [8] | |
Cost | 8,153 | [4],[5] | 8,092 | [8] | |
Fair Value | $ 8,153 | [4],[5] | $ 8,092 | [8] | |
% of Net Assets | 3.05% | [1],[4],[5] | 3.11% | [2],[8] | |
Investment, Identifier [Axis]: Patriot Growth Insurance Service (Delayed Draw) (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [4],[5],[6],[11],[12] | 5.75% | [7],[8],[9],[10],[13] | |
Interest Rate | 11.02% | [4],[5],[6],[11],[12] | 10.52% | [7],[8],[9],[10],[13] | |
Par Amount / Unit | $ 5,987 | [4],[5],[11],[12] | $ 5,999 | [7],[8],[9],[13] | |
Cost | 3,090 | [4],[5],[11],[12] | 375 | [7],[8],[9],[13] | |
Fair Value | $ 2,986 | [4],[5],[11],[12] | $ 266 | [7],[8],[9],[13] | |
% of Net Assets | 1.12% | [1],[4],[5],[11],[12] | 0.10% | [2],[7],[8],[9],[13] | |
Investment, Identifier [Axis]: Phaidon International | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[18],[19] | 5.50% | [7],[8],[10],[20],[21] | |
Interest Rate | 10.64% | [4],[5],[6],[18],[19] | 9.86% | [7],[8],[10],[20],[21] | |
Par Amount / Unit | $ 6,825 | [4],[5],[18],[19] | $ 7,000 | [7],[8],[20],[21] | |
Cost | 6,765 | [4],[5],[18],[19] | 6,932 | [7],[8],[20],[21] | |
Fair Value | $ 6,770 | [4],[5],[18],[19] | $ 6,916 | [7],[8],[20],[21] | |
% of Net Assets | 2.53% | [1],[4],[5],[18],[19] | 2.66% | [2],[7],[8],[20],[21] | |
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6% | |||
Interest Rate | [4],[5],[6],[12] | 11.27% | |||
Par Amount / Unit | [4],[5],[12] | $ 1,455 | |||
Cost | [4],[5],[12] | (14) | |||
Fair Value | [4],[5],[12] | $ (28) | |||
% of Net Assets | [1],[4],[5],[12] | (0.01%) | |||
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6% | |||
Interest Rate | [4],[5],[6] | 11.27% | |||
Par Amount / Unit | [4],[5] | $ 2,545 | |||
Cost | [4],[5] | 2,496 | |||
Fair Value | [4],[5] | $ 2,497 | |||
% of Net Assets | [1],[4],[5] | 0.93% | |||
Investment, Identifier [Axis]: Pinnacle Supply Partners, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17] | $ 112 | |||
Fair Value | [5],[16],[17] | $ 112 | |||
% of Net Assets | [1],[5],[16],[17] | 0.04% | |||
Share / Unit | [5],[16],[17] | 111,875 | |||
Investment, Identifier [Axis]: Protective Industrial Products (“PIP”) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[11] | 5% | |||
Interest Rate | [4],[5],[6],[11] | 10.14% | |||
Par Amount / Unit | [4],[5],[11] | $ 1,346 | |||
Cost | [4],[5],[11] | 1,293 | |||
Fair Value | [4],[5],[11] | $ 1,293 | |||
% of Net Assets | [1],[4],[5],[11] | 0.48% | |||
Investment, Identifier [Axis]: RTH Buyer LLC (dba "Rhino Tool House) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 6.25% | |||
Interest Rate | [4],[5],[6] | 11.64% | |||
Par Amount / Unit | [4],[5] | $ 2,686 | |||
Cost | [4],[5] | 2,634 | |||
Fair Value | [4],[5] | $ 2,635 | |||
% of Net Assets | [1],[4],[5] | 0.99% | |||
Investment, Identifier [Axis]: RTH Buyer LLC (dba "Rhino Tool House) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6],[12] | 6.25% | |||
Interest Rate | [4],[5],[6],[12] | 11.64% | |||
Par Amount / Unit | [4],[5],[12] | $ 627 | |||
Cost | [4],[5],[12] | (3) | |||
Fair Value | [4],[5],[12] | $ (12) | |||
% of Net Assets | [1],[4],[5],[12] | 0% | |||
Investment, Identifier [Axis]: RVGD Aggregator LP (Revision Skincare) | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 98 | [5],[16],[17] | $ 98 | [8],[14],[15] | |
Fair Value | $ 114 | [5],[16],[17] | $ 133 | [8],[14],[15] | |
% of Net Assets | 0.04% | [1],[5],[16],[17] | 0.05% | [2],[8],[14],[15] | |
Share / Unit | 100 | [5],[16],[17] | 0 | [8],[14],[15] | |
Investment, Identifier [Axis]: Randys Holdings, Inc | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [4],[5],[6],[11] | 6.50% | [7],[8],[9],[10] | |
Interest Rate | 11.77% | [4],[5],[6],[11] | 11.09% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 3,977 | [4],[5],[11] | $ 3,996 | [7],[8],[9] | |
Cost | 3,903 | [4],[5],[11] | 3,918 | [7],[8],[9] | |
Fair Value | $ 3,903 | [4],[5],[11] | $ 3,919 | [7],[8],[9] | |
% of Net Assets | 1.46% | [1],[4],[5],[11] | 1.51% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Randys Holdings, Inc (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.50% | [4],[5],[6],[11],[12] | 6.50% | [7],[8],[9],[10],[13] | |
Interest Rate | 11.77% | [4],[5],[6],[11],[12] | 11.09% | [7],[8],[9],[10],[13] | |
Par Amount / Unit | $ 1,332 | [4],[5],[11],[12] | $ 1,332 | [7],[8],[9],[13] | |
Cost | 0 | [4],[5],[11],[12] | 0 | [7],[8],[9],[13] | |
Fair Value | $ (25) | [4],[5],[11],[12] | $ (26) | [7],[8],[9],[13] | |
% of Net Assets | (0.01%) | [1],[4],[5],[11],[12] | (0.01%) | [2],[7],[8],[9],[13] | |
Investment, Identifier [Axis]: Red Dawn SEI Buyer, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 8.25% | [5],[6] | 8.25% | [8],[10] | |
Interest Rate | 13.52% | [5],[6] | 13.02% | [8],[10] | |
Par Amount / Unit | $ 6,650 | [5] | $ 6,650 | [8] | |
Cost | 6,650 | [5] | 6,650 | [8] | |
Fair Value | $ 6,624 | [5] | $ 6,650 | [8] | |
% of Net Assets | 2.48% | [1],[5] | 2.54% | [2],[8] | |
Investment, Identifier [Axis]: Red Dawn SEI Buyer, Inc. (Incremental) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 8.50% | [5],[6] | 8.50% | [8],[10] | |
Interest Rate | 13.77% | [5],[6] | 13.27% | [8],[10] | |
Par Amount / Unit | $ 3,350 | [5] | $ 3,350 | [8] | |
Cost | 3,350 | [5] | 3,350 | [8] | |
Fair Value | $ 3,350 | [5] | $ 3,350 | [8] | |
% of Net Assets | 1.25% | [1],[5] | 1.29% | [2],[8] | |
Investment, Identifier [Axis]: Revision Buyer LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [5],[6] | 10% | [8],[10] | |
Interest Rate, PIK | 1% | [5],[6] | 1% | [8],[10] | |
Par Amount / Unit | $ 10,125 | [5] | $ 10,075 | [8] | |
Cost | 9,952 | [5] | 9,889 | [8] | |
Fair Value | $ 10,147 | [5] | $ 9,896 | [8] | |
% of Net Assets | 3.80% | [1],[5] | 3.80% | [2],[8] | |
Investment, Identifier [Axis]: SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [4],[5],[6] | 5.75% | [7],[8],[10] | |
Interest Rate | 10.89% | [4],[5],[6] | 10.34% | [7],[8],[10] | |
Par Amount / Unit | $ 2,253 | [4],[5] | $ 2,265 | [7],[8] | |
Cost | 2,209 | [4],[5] | 2,217 | [7],[8] | |
Fair Value | $ 2,212 | [4],[5] | $ 2,221 | [7],[8] | |
% of Net Assets | 0.83% | [1],[4],[5] | 0.85% | [2],[7],[8] | |
Investment, Identifier [Axis]: SCP Eye Care Holdco, LLC (DBA EyeSouth Partners) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [4],[5],[6],[12] | 5.75% | [7],[8],[10],[13] | |
Interest Rate | 10.89% | [4],[5],[6],[12] | 10.34% | [7],[8],[10],[13] | |
Par Amount / Unit | $ 735 | [4],[5],[12] | $ 735 | [7],[8],[13] | |
Cost | 120 | [4],[5],[12] | 0 | [7],[8],[13] | |
Fair Value | $ 107 | [4],[5],[12] | $ (14) | [7],[8],[13] | |
% of Net Assets | 0.04% | [1],[4],[5],[12] | (0.01%) | [2],[7],[8],[13] | |
Investment, Identifier [Axis]: SPI LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [4],[5],[6],[11] | 5% | [7],[8],[9],[10] | |
Interest Rate | 10.14% | [4],[5],[6],[11] | 9.59% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,913 | [4],[5],[11] | $ 6,948 | [7],[8],[9] | |
Cost | 6,829 | [4],[5],[11] | 6,855 | [7],[8],[9] | |
Fair Value | $ 6,730 | [4],[5],[11] | $ 6,804 | [7],[8],[9] | |
% of Net Assets | 2.52% | [1],[4],[5],[11] | 2.61% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: SW Ingredients Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10.50% | [5],[6] | 10.50% | [8],[10] | |
Interest Rate, PIK | 1% | [5],[6] | 1% | [8],[10] | |
Par Amount / Unit | $ 10,127 | [5] | $ 10,076 | [8] | |
Cost | 10,127 | [5] | 10,076 | [8] | |
Fair Value | $ 9,745 | [5] | $ 9,521 | [8] | |
% of Net Assets | 3.65% | [1],[5] | 3.67% | [2],[8] | |
Investment, Identifier [Axis]: Solaray, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6],[11] | 5.75% | [7],[8],[9],[10] | |
Interest Rate | 11.52% | [4],[5],[6],[11] | 10.34% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 6,907 | [4],[5],[11] | $ 6,963 | [7],[8],[9] | |
Cost | 6,906 | [4],[5],[11] | 6,955 | [7],[8],[9] | |
Fair Value | $ 6,763 | [4],[5],[11] | $ 6,878 | [7],[8],[9] | |
% of Net Assets | 2.53% | [1],[4],[5],[11] | 2.64% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Southern Veterinary Partners | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.50% | [4],[5],[6],[11] | 5.50% | [7],[8],[9],[10] | |
Interest Rate | 10.64% | [4],[5],[6],[11] | 9.86% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 3,069 | [4],[5],[11] | $ 3,085 | [7],[8],[9] | |
Cost | 3,017 | [4],[5],[11] | 3,026 | [7],[8],[9] | |
Fair Value | $ 3,018 | [4],[5],[11] | $ 3,022 | [7],[8],[9] | |
% of Net Assets | 1.13% | [1],[4],[5],[11] | 1.16% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Spartech | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.75% | [4],[5],[6],[11] | 4.75% | [7],[8],[9],[10] | |
Interest Rate | 10.02% | [4],[5],[6],[11] | 9.52% | [7],[8],[9],[10] | |
Par Amount / Unit | $ 3,950 | [4],[5],[11] | $ 3,970 | [7],[8],[9] | |
Cost | 3,950 | [4],[5],[11] | 3,970 | [7],[8],[9] | |
Fair Value | $ 3,595 | [4],[5],[11] | $ 3,863 | [7],[8],[9] | |
% of Net Assets | 1.34% | [1],[4],[5],[11] | 1.48% | [2],[7],[8],[9] | |
Investment, Identifier [Axis]: Specialist Resources Global Inc. (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 4.50% | [4],[5],[6] | 4.50% | [7],[8],[10] | |
Interest Rate | 9.64% | [4],[5],[6] | 8.89% | [7],[8],[10] | |
Par Amount / Unit | $ 6,911 | [4],[5] | $ 6,947 | [7],[8] | |
Cost | 6,911 | [4],[5] | 6,947 | [7],[8] | |
Fair Value | $ 6,911 | [4],[5] | $ 6,894 | [7],[8] | |
% of Net Assets | 2.59% | [1],[4],[5] | 2.65% | [2],[7],[8] | |
Investment, Identifier [Axis]: Spice World | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 126 | [5],[16],[17] | $ 126 | [8],[14],[15] | |
Fair Value | $ 120 | [5],[16],[17] | $ 101 | [8],[14],[15] | |
% of Net Assets | 0.04% | [1],[5],[16],[17] | 0.04% | [2],[8],[14],[15] | |
Share / Unit | 1,000 | [5],[16],[17] | 1,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: SupplyOne, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 10% | [5],[6] | 10% | [8],[10] | |
Interest Rate, PIK | 1.50% | [5],[6] | 1.50% | [8],[10] | |
Par Amount / Unit | $ 10,151 | [5] | $ 10,113 | [8] | |
Cost | 10,151 | [5] | 10,113 | [8] | |
Fair Value | $ 10,151 | [5] | $ 10,113 | [8] | |
% of Net Assets | 3.80% | [1],[5] | 3.89% | [2],[8] | |
Investment, Identifier [Axis]: SupplyOne, Inc. 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 504 | [5],[16],[17] | $ 504 | [8],[14],[15] | |
Fair Value | $ 853 | [5],[16],[17] | $ 980 | [8],[14],[15] | |
% of Net Assets | 0.32% | [1],[5],[16],[17] | 0.38% | [2],[8],[14],[15] | |
Share / Unit | 1,000 | [5],[16],[17] | 1,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: Transit Buyer LLC (dba“Propark”) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [5],[6] | 6.25% | |||
Interest Rate | [5],[6] | 11.64% | |||
Par Amount / Unit | [5] | $ 2,539 | |||
Cost | [5] | 2,492 | |||
Fair Value | [5] | $ 2,491 | |||
% of Net Assets | [1],[5] | 0.93% | |||
Investment, Identifier [Axis]: Transit Buyer LLC (dba“Propark”) (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [5],[6],[12] | 6.25% | |||
Interest Rate | [5],[6],[12] | 11.64% | |||
Par Amount / Unit | [5],[12] | $ 1,157 | |||
Cost | [5],[12] | (22) | |||
Fair Value | [5],[12] | $ (22) | |||
% of Net Assets | [1],[5],[12] | (0.01%) | |||
Investment, Identifier [Axis]: Trench Plate Rental Co. | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 127 | [5],[16],[17] | $ 127 | [8],[14],[15] | |
Fair Value | $ 104 | [5],[16],[17] | $ 134 | [8],[14],[15] | |
% of Net Assets | 0.04% | [1],[5],[16],[17] | 0.05% | [2],[8],[14],[15] | |
Share / Unit | 1,000 | [5],[16],[17] | 1,000 | [8],[14],[15] | |
Investment, Identifier [Axis]: Trilon Group, LLC (Delayed Draw) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6] | 6.25% | [7],[8],[10],[13] | |
Interest Rate | 11.52% | [4],[5],[6] | 10.84% | [7],[8],[10],[13] | |
Par Amount / Unit | $ 399 | [4],[5] | $ 400 | [7],[8],[13] | |
Cost | 399 | [4],[5] | 37 | [7],[8],[13] | |
Fair Value | $ 387 | [4],[5] | $ 32 | [7],[8],[13] | |
% of Net Assets | 0.15% | [1],[4],[5] | 0.01% | [2],[7],[8],[13] | |
Investment, Identifier [Axis]: Trilon Group, LLC (Delayed Draw) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 11.52% | [4],[5],[6] | 9.84% | [7],[8],[10] | |
Par Amount / Unit | $ 2,985 | [4],[5] | $ 3,000 | [7],[8] | |
Cost | 2,985 | [4],[5] | 3,000 | [7],[8] | |
Fair Value | $ 2,895 | [4],[5] | $ 2,888 | [7],[8] | |
% of Net Assets | 1.08% | [1],[4],[5] | 1.11% | [2],[7],[8] | |
Investment, Identifier [Axis]: Trilon Group, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6] | 5.25% | [7],[8],[10] | |
Interest Rate | 11.52% | [4],[5],[6] | 9.84% | [7],[8],[10] | |
Par Amount / Unit | $ 2,978 | [4],[5] | $ 2,993 | [7],[8] | |
Cost | 2,952 | [4],[5] | 2,964 | [7],[8] | |
Fair Value | $ 2,888 | [4],[5] | $ 2,881 | [7],[8] | |
% of Net Assets | 1.08% | [1],[4],[5] | 1.11% | [2],[7],[8] | |
Investment, Identifier [Axis]: Trilon Group, LLC 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 6.25% | [4],[5],[6] | 6.25% | [7],[8],[10] | |
Interest Rate | 11.52% | [4],[5],[6] | 10.84% | [7],[8],[10] | |
Par Amount / Unit | $ 599 | [4],[5] | $ 600 | [7],[8] | |
Cost | 594 | [4],[5] | 594 | [7],[8] | |
Fair Value | $ 581 | [4],[5] | $ 593 | [7],[8] | |
% of Net Assets | 0.22% | [1],[4],[5] | 0.23% | [2],[7],[8] | |
Investment, Identifier [Axis]: US Radiology Specialists, Inc. | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6],[11] | 5.25% | [7],[9],[10],[22] | |
Interest Rate | 10.39% | [4],[5],[6],[11] | 10.02% | [7],[9],[10],[22] | |
Par Amount / Unit | $ 1,873 | [4],[5],[11] | $ 1,882 | [7],[9],[22] | |
Cost | 1,796 | [4],[5],[11] | 1,798 | [7],[9],[22] | |
Fair Value | $ 1,802 | [4],[5],[11] | $ 1,704 | [7],[9],[22] | |
% of Net Assets | 0.67% | [1],[4],[5],[11] | 0.66% | [2],[7],[9],[22] | |
Investment, Identifier [Axis]: Ultima Health Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | 11% | [5],[6] | 11% | [8],[10] | |
Interest Rate, PIK | 1.50% | [5],[6] | 1.50% | [8],[10] | |
Par Amount / Unit | $ 1,316 | [5] | $ 1,306 | [8] | |
Cost | 1,293 | [5] | 1,282 | [8] | |
Fair Value | $ 1,274 | [5] | $ 1,278 | [8] | |
% of Net Assets | 0.48% | [1],[5] | 0.49% | [2],[8] | |
Investment, Identifier [Axis]: Ultima Health Holdings, LLC 1 | |||||
Schedule of Investments [Line Items] | |||||
Interest Rate | [8],[10],[14],[15] | 0% | |||
Cost | $ 130 | [5],[16],[17] | $ 130 | [8],[14],[15] | |
Fair Value | $ 118 | [5],[16],[17] | $ 130 | [8],[14],[15] | |
% of Net Assets | 0.05% | [1],[5],[16],[17] | 0.05% | [2],[8],[14],[15] | |
Share / Unit | 11 | [5],[16],[17] | 0 | [8],[14],[15] | |
Investment, Identifier [Axis]: Viking Target, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5% | [4],[5],[6] | 5% | [7],[8],[10] | |
Interest Rate | 10.14% | [4],[5],[6] | 9.77% | [7],[8],[10] | |
Par Amount / Unit | $ 6,708 | [4],[5] | $ 6,945 | [7],[8] | |
Cost | 6,684 | [4],[5] | 6,906 | [7],[8] | |
Fair Value | $ 6,665 | [4],[5] | $ 6,916 | [7],[8] | |
% of Net Assets | 2.49% | [1],[4],[5] | 2.66% | [2],[7],[8] | |
Investment, Identifier [Axis]: W2O Holdings, LLC | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.25% | [4],[5],[6] | 4.75% | [7],[8],[10] | |
Interest Rate | 10.64% | [4],[5],[6] | 9.52% | [7],[8],[10] | |
Par Amount / Unit | $ 6,913 | [4],[5] | $ 6,947 | [7],[8] | |
Cost | 6,913 | [4],[5] | 6,947 | [7],[8] | |
Fair Value | $ 6,856 | [4],[5] | $ 6,905 | [7],[8] | |
% of Net Assets | 2.57% | [1],[4],[5] | 2.65% | [2],[7],[8] | |
Investment, Identifier [Axis]: WCI Holdings LLC | |||||
Schedule of Investments [Line Items] | |||||
Cost | [5],[16],[17],[18] | $ 535 | |||
Fair Value | [5],[16],[17],[18] | $ 543 | |||
% of Net Assets | [1],[5],[16],[17],[18] | 0.20% | |||
Share / Unit | [5],[16],[17],[18] | 534,934 | |||
Investment, Identifier [Axis]: Wellspring Pharmaceutical | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [4],[5],[6] | 5.75% | [7],[8],[10] | |
Interest Rate | 11.14% | [4],[5],[6] | 10.53% | [7],[8],[10] | |
Par Amount / Unit | $ 4,074 | [4],[5] | $ 4,095 | [7],[8] | |
Cost | 4,004 | [4],[5] | 4,017 | [7],[8] | |
Fair Value | $ 3,955 | [4],[5] | $ 4,020 | [7],[8] | |
% of Net Assets | 1.48% | [1],[4],[5] | 1.54% | [2],[7],[8] | |
Investment, Identifier [Axis]: Wellspring Pharmaceutical (Delayed Draw) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | 5.75% | [5],[6] | 5.75% | [8],[10],[13] | |
Interest Rate | 11.14% | [5],[6] | 10.53% | [8],[10],[13] | |
Par Amount / Unit | $ 1,895 | [5] | $ 1,895 | [8],[13] | |
Cost | 1,882 | [5] | (14) | [8],[13] | |
Fair Value | $ 1,839 | [5] | $ (35) | [8],[13] | |
% of Net Assets | 0.69% | [1],[5] | (0.01%) | [2],[8],[13] | |
Investment, Identifier [Axis]: Xpressmyself.com LLC (a/k/a SmartSign) | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [7],[8],[10] | 5% | |||
Interest Rate | [7],[8],[10] | 9.59% | |||
Par Amount / Unit | [7],[8] | $ 2,045 | |||
Cost | [7],[8] | 2,026 | |||
Fair Value | [7],[8] | $ 2,026 | |||
% of Net Assets | [2],[7],[8] | 0.78% | |||
Investment, Identifier [Axis]: Xpressmyself.com LLC (a/k/a SmartSign) 1 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 5.75% | |||
Interest Rate | [4],[5],[6] | 11.02% | |||
Par Amount / Unit | [4],[5] | $ 1,539 | |||
Cost | [4],[5] | 1,508 | |||
Fair Value | [4],[5] | $ 1,508 | |||
% of Net Assets | [1],[4],[5] | 0.57% | |||
Investment, Identifier [Axis]: Xpressmyself.com LLC (a/k/a SmartSign) 2 | |||||
Schedule of Investments [Line Items] | |||||
Spread Above Reference Rate | [4],[5],[6] | 4.75% | |||
Interest Rate | [4],[5],[6] | 10.02% | |||
Par Amount / Unit | [4],[5] | $ 2,035 | |||
Cost | [4],[5] | 2,017 | |||
Fair Value | [4],[5] | $ 1,974 | |||
% of Net Assets | [1],[4],[5] | 0.74% | |||
[1]Percentage is based on net assets of $267,280 as of June 30, 2023.[2]Percentage is based on net assets of $260,301 as of December 31, 2022.[3]Cash equivalents balance represents amounts held in interest-bearing money market funds issued by U.S. Bank National Association and First American.[4] Denotes that all or a portion of the assets are owned by SPV I (as defined in Note 1 “Organization”). SPV I entered into a senior secured revolving credit facility (the “Bank of America Credit Facility”) on April 19, 2022. The lenders of the Bank of America Credit Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Fund. See Note 5 “Secured Borrowings” for more information. Investment valued using unobservable inputs (Level 3). See Note 2 Denotes that all or a portion of the assets are owned by SPV I (as defined in Note 1 “Organization”). SPV I entered into a senior secured revolving credit facility (the “Bank of America Credit Facility”) on April 19, 2022. The lenders of the Bank of America Credit Facility have a first lien security interest in substantially all of the assets of SPV I. Accordingly, such assets are not available to creditors of the Fund. See Note 5 “Secured Borrowings”. Investment valued using unobservable inputs (Level 3). See Note 2 Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 6 "Commitments and Contingencies". The investment may be subject to unused commitment fees. Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. See Note 6 "Commitments and Contingencies". The investment may be subject to unused commitment fees. Investments valued using observable inputs (Level 2). See Note 2 “Significant Accounting Policies – Valuation of Portfolio Investments” and Note 3 "Fair Value Measurements" for more information. |
CONSOLIDATED SCHEDULE OF INVE_2
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) $ in Thousands | Jun. 30, 2023 USD ($) investment | Dec. 31, 2022 USD ($) investment | ||
Schedule of Investments [Line Items] | ||||
Net assets | $ 267,280 | $ 260,301 | ||
Aggregate fair value | $ 5,490 | $ 4,338 | ||
Percent of net assets | 148.23% | [1] | 134.27% | [2] |
Restricted Security | ||||
Schedule of Investments [Line Items] | ||||
Number of investments | investment | 24 | 17 | ||
Percent of net assets | 2.05% | 1.70% | ||
Qualifying Assets | ||||
Schedule of Investments [Line Items] | ||||
Percent of net assets | 70% | 70% | ||
Non Qualifying Assets | ||||
Schedule of Investments [Line Items] | ||||
Percent of net assets | 1.89% | 1.64% | ||
One Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.22% | 4.39% | ||
Three Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.55% | 4.77% | ||
Six Month Libor | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.76% | |||
One Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.14% | 4.36% | ||
Three Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.27% | 4.59% | ||
Six Month SOFR | ||||
Schedule of Investments [Line Items] | ||||
Effective interest rate | 5.39% | 4.78% | ||
[1]Percentage is based on net assets of $267,280 as of June 30, 2023.[2]Percentage is based on net assets of $260,301 as of December 31, 2022. |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION Nuveen Churchill Private Capital Income Fund (“PCAP”, and together with its consolidated subsidiaries, the “Fund”) is a Delaware statutory trust formed on February 8, 2022. PCAP is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is externally managed by its adviser, Churchill Asset Management LLC (the “Adviser” or “Churchill”). Churchill is an indirect subsidiary of Nuveen, LLC (“Nuveen”), the investment management division of TIAA (as defined below). Churchill has engaged its affiliate, Nuveen Asset Management, LLC (“Nuveen Asset Management” or the “Sub-Adviser”), acting through its leveraged finance division, to manage certain of its Liquid Investments (defined below) pursuant to an investment sub-advisory agreement between the Adviser and Nuveen Asset Management (as discussed further in Note 4 ). The Fund has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund’s investment objective is to generate attractive risk-adjusted returns primarily through current income and, secondarily, long-term capital appreciation, by investing in a diversified portfolio of private debt and equity investments in U.S. middle market companies owned by leading private equity firms, which the Fund defines as companies with approximately $10 million to $250 million of earnings before interest, taxes, depreciation and amortization (“EBITDA”). The Fund primarily focuses on investing in U.S. middle market companies with $10 to $100 million in EBITDA, which the Fund considers the core middle market. The Fund primarily invests in first-lien senior secured debt and first-out positions in unitranche loans (collectively “Senior Loan Investments”), as well as junior debt investments, such as second-lien loans, unsecured debt, subordinated debt and last-out positions in unitranche loans (including fixed- and floating-rate instruments and instruments with payment-in-kind income) (“Junior Capital Investments”). Senior Loan Investments and Junior Capital Investments may be originated alongside smaller related common equity positions to the same portfolio companies. The portfolio also will include larger, stand-alone direct equity co-investments in private-equity backed companies that may or may not be originated alongside or separately from Senior Loan Investments and/or Junior Capital Investments to the applicable portfolio company (“Equity Co-Investments”). We target an investment portfolio consisting, directly or indirectly, of at least 50% in Senior Loan Investments, up to 30% in Junior Capital Investments and up to 20% in Equity Co-Investments. To support the Fund’s share repurchase program (as discussed further in Note 7 ), the Fund also will invest 5% to 10% of its assets in cash and cash equivalents, liquid fixed-income securities (including broadly syndicated loans) and other liquid credit instruments (“Liquid Investments”). The Fund was established by Teachers Insurance and Annuity Association of America (“TIAA”), the ultimate parent of Churchill and Nuveen, and operated as a wholly owned subsidiary of TIAA until the Escrow Break Date (as defined below). On March 30, 2022, TIAA purchased 40 shares of the Fund’s Class I shares at $25.00 per share. On March 31, 2022, prior to the Fund’s election to be regulated as a BDC under the 1940 Act, TIAA contributed certain portfolio investments to the Fund in the amount of $296,231 (fair value as of March 31, 2022). In addition, on March 31, 2022, the Fund entered into a promissory note with TIAA (the “Note”) as the lender. The principal amount of the Note equaled (i) the fair value of portfolio investments contributed as of March 31, 2022, minus (ii) $263,500 (as discussed further in Note 4 ). In connection therewith, the Fund issued to TIAA 10,540,000 shares of the Fund’s Class I shares of beneficial interest at $25.00 per share. On June 3, 2022, the Fund fully repaid the balance on the Note to TIAA which was comprised of $32,731 and $226 of principal and interest, respectively. NCPIF SPV I LLC (“SPV I”), a Delaware limited liability company, formed on February 25, 2022. SPV I is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation. SPV I commenced operations on March 31, 2022, upon receipt of contribution of portfolio investments from TIAA to the Fund (as discussed further in Note 7 ). NCPIF Equity Holdings LLC (“Equity Holdings”), a Delaware limited liability company, was formed on April 1, 2022. Equity Holdings commenced operations on February 6, 2023. Equity Holdings is a wholly owned subsidiary of the Fund and is consolidated in these consolidated financial statements commencing from the date of its formation. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”), and pursuant to Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the period presented, have been included. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value unless otherwise disclosed within. Consolidation As provided under ASC 946, the Fund will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries, SPV I and Equity Holdings. All significant intercompany balances and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash, Restricted Cash and Cash Equivalents Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, restricted cash and cash equivalents are carried at cost, which approximates fair value. As of June 30, 2023, the Fund did not hold any restricted cash. Valuation of Portfolio Investments Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”) and in accordance with the 1940 Act. ASC Topic 820’s definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market, and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets. The Fund’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee (the “Valuation Designee”) to determine the fair value of the Fund's investments that do not have readily available market quotations, effective beginning in the fiscal quarter ended March 31, 2023. Pursuant to the Fund's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Fund's assets for which market quotations are not readily available, subject to the oversight of the Board. With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, undertakes a multi-step valuation process each quarter, as follows: i. the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm; ii. to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Board of Trustees to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Fund will provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management’s preliminary valuation and recommendation of fair value; iii. the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determine the fair value of each investment in good faith based on the Fund’s valuation policy, subject to the oversight of the Board; and iv. the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Fund's valuation policy in connection with each quarterly Board meeting and discuss with the Board its determination of the fair value of each investment in good faith. The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company’s credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee may also base its valuation of an investment on recent investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are disclosed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, management may utilize third-party sources. When determining NAV as of the last day of a month that is not also the last day of a calendar quarter, the Adviser updates the value of securities with “readily available market quotations” (as defined in Rule 2a-5 under the 1940 Act) to the most recent market quotation. For securities without readily available market quotations, the Adviser generally values such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment. The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such value do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material. The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Fund’s assets for which market quotations are not readily available, taking into account the Fund’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Fund's investments. Investment Transactions and Revenue Recognition Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains and losses on investment transactions are determined on a specific identification basis and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments. Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Fund accrues interest income if it expects that ultimately it will be able to collect such income. The Fund may have loans in its portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to shareholders in the form of distributions in order for the Fund to maintain its tax treatment as a RIC, even though the Fund has not yet collected cash. As of June 30, 2023 and December 31, 2022, the fair value of the loans in the portfolio with PIK income provisions was $64,683 and $70,361, respectively, which represents approximately 16.60% and 20.13% of total investments at fair value, respectively. For the three and six months ended June 30, 2023, the Company earned $506 and $1,074, respectively, in PIK income. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company earned $239 and $239, respectively, in PIK income. As of June 30, 2023, there were no PIK loans in the Fund's portfolio on non-accrual status. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio companies and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the three and six months ended June 30, 2023, the Company earned $25 and $98, respectively, in dividend income. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company did not earn any dividend income on its equity investments. Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Fund’s investment activities, as well as any fees for managerial assistance services rendered by the Fund to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2023, the Company earned other income of $12 and $31, respectively, primarily related to prepayment fees. For the three months ended June 30, 2022 and for the period from February 8, 2022 (inception) to June 30, 2022, the Fund did not earn other income. Loans are generally placed on non-accrual status when a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Fund will cease recognizing interest income on that loan until all principal and interest is current through payment, or until a restructuring occurs such that the interest income is deemed to be collectible. However, the Fund remains contractually entitled to this interest. The Fund may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. As of June 30, 2023 and December 31,2022, there were no loans in the Fund's portfolio on non-accrual status. Deferred Financing Costs Deferred financing costs include capitalized expenses related to the closing or amendments of borrowings. Amortization of deferred financing costs is computed on the straight-line basis over the term of the borrowings. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. Organization and Offering Costs Organization costs consist of primarily legal, incorporation and accounting fees incurred in connection with the organization of the Fund. Organization costs are expensed as incurred and are shown in the Fund's consolidated statements of operations. Refer to Note 4 for further details on the Expense Support Agreement. Offering costs consist primarily of fees and expenses incurred in connection with the offering of Common Shares, as well as legal, printing and other costs associated with the preparation and filing of the registration statements and offering materials. Offering costs are recognized as a deferred charge, amortized on a straight-line basis over 12 months and are shown in the Fund's consolidated statements of operations. For the three and six months ended June 30, 2023, offering costs of $115 and $313, respectively, were incurred, and $150 and $281, respectively, were amortized and recognized as offering costs on the consolidated statements of operations, and covered under the Expense Support Agreement. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, offering costs of $92 and $150, respectively, were incurred, and $36 and $40, respectively, were amortized and recognized as offering costs on the consolidated statements of operations, and covered under the Expense Support Agreement. Refer to Note 4 for further details on the Expense Support Agreement. Income Taxes For U.S. federal income tax purposes, the Fund has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Fund is generally required to pay U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute. The minimum distribution requirements applicable to RICs require the Fund to distribute to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Fund may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Fund is subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless the Fund distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ended October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to U.S. federal income tax is considered to have been distributed. The Fund intends to timely distribute to our shareholders substantially all of our annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable tax authority. SPV I is a disregarded entity for tax purposes and will be consolidated with the tax return of the Fund. Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three and six months ended June 30, 2023, the Company did not incur any excise tax expense. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company did not incur any excise tax expense. Dividends and Distributions to Common Shareholders The Fund has declared distributions each month beginning in September 2022 through the date of this Quarterly Report on Form 10-Q, and expects to continue to pay regular monthly distributions to the extent the Fund has taxable income available. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board of Trustees and will depend on the Fund’s earnings, financial condition, maintenance of its tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board of Trustees may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any. Functional Currency The functional currency of the Fund is the U.S. Dollar and all transactions were in U.S. Dollars. Recent Accounting Standards Updates The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reportin g in March 2020. This update provides temporary optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedge accounting, and other transactions subject to meeting certain criteria. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discounted because of reference rate reform, and was effective upon issuance through December 31, 2022. As of June 30, 2023, the Fund has amended substantially all of its agreements that have LIBOR as a reference rate to an alternate rate. Contract modifications may be required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Disclosures The following table presents fair value measurements of investments, by major class as of June 30, 2023 and December 31, 2022, according to the fair value hierarchy: As of June 30, 2023 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ — $ 294,555 $ 294,555 Subordinated Debt (1) — — 89,541 89,541 Equity Investments — — 5,490 5,490 Cash Equivalents 6,606 — — 6,606 Total $ 6,606 $ — $ 389,586 $ 396,192 _______________ (1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $34,229 and mezzanine debt of $55,312. As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ 1,704 $ 249,667 $ 251,371 Subordinated Debt (1) — — 93,809 93,809 Equity Investments — — 4,338 4,338 Total $ — $ 1,704 $ 347,814 $ 349,518 _______________ (1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $30,906 and mezzanine debt of $62,903. The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2023: First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of March 31, 2023 $ 271,509 $ 99,293 $ 5,613 $ 376,415 Purchase of investments 22,496 422 430 23,348 Proceeds from principal repayments and sales of investments (1,465) (10,212) (392) (12,069) Payment-in-kind interest — 511 — 511 Amortization of premium/accretion of discount, net 153 57 — 210 Net realized gain (loss) on investments 8 311 291 610 Net change in unrealized appreciation (depreciation) on investments 83 (841) (452) (1,210) Transfers to Level 3 (1) 1,771 — — 1,771 Balance as of June 30, 2023 $ 294,555 $ 89,541 $ 5,490 $ 389,586 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2023 $ 83 $ (542) $ (261) $ (720) First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of December 31, 2022 $ 249,668 $ 93,808 $ 4,338 $ 347,814 Purchase of investments 46,514 5,467 1,548 53,529 Proceeds from principal repayments and sales of investments (2,800) (10,212) (392) (13,404) Payment-in-kind interest — 1,074 — 1,074 Amortization of premium/accretion of discount, net 352 138 — 490 Net realized gain (loss) on investments 15 312 291 618 Net change in unrealized appreciation (depreciation) on investments (898) (1,046) (295) (2,239) Transfers to Level 3 (1) 1,704 — — 1,704 Balance as of June 30, 2023 $ 294,555 $ 89,541 $ 5,490 $ 389,586 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2023 $ (898) $ (721) $ (119) $ (1,738) ________________ (1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2023, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for one portfolio company. The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2022 and for the period February 28, 2022 (inception) through June 30, 2022: First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of March 31, 2022 $ 180,987 $ 113,970 $ 1,274 $ 296,231 Purchase of investments 25,128 — 107 25,235 Proceeds from principal repayments and sales of investments (7,590) (19,000) — (26,590) Amortization of premium/accretion of discount, net 116 75 — 191 Net realized gain (loss) on investments 14 (281) — (267) Net change in unrealized appreciation (depreciation) on investments (1,312) (37) 344 (1,005) Balance as of June 30, 2022 $ 197,343 $ 94,727 $ 1,725 $ 293,795 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2022 $ (1,312) $ (37) $ 344 $ (1,005) First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of February 8, 2022 (inception) $ — $ — $ — $ — Purchase of investments 206,115 113,970 1,381 321,466 Proceeds from principal repayments and sales of investments (7,590) (19,000) — (26,590) Amortization of premium/accretion of discount, net 116 75 — 191 Net realized gain (loss) on investments 14 (281) — (267) Net change in unrealized appreciation (depreciation) on investments (1,312) (37) 344 (1,005) Balance as of June 30, 2022 $ 197,343 $ 94,727 $ 1,725 $ 293,795 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2022 $ (1,312) $ (37) $ 344 $ (1,005) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three months ended June 30, 2022 and for the period from February 8, 2022 (inception) through June 30, 2022, there were no transfers into or out of Level 3. Significant Unobservable Inputs ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2023 and December 31, 2022 were as follows: Investment Type Fair Value at June 30, 2023 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 273,875 Yield Method Discount Rate 8.82 % 14.25 % 11.19 % First Lien Term Loans 20,680 Recent Transaction Transaction Price 98.00 100.00 98.61 Subordinated Debt 89,541 Yield Method Discount Rate 11.57 % 22.51 % 14.28 % Equity Investments 5,179 Market Approach EBITDA Multiple 8.00x 19.50x 10.79x Total $ 389,275 Equity investments in the amount of $311 at June 30, 2023 have been excluded from the table above as the investments are valued using recent transaction price. Investment Type Fair Value at December 31, 2022 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 228,304 Yield Method Implied Discount Rate 8.98 % 13.37 % 10.63 % First Lien Term Loans 21,363 Recent Transaction Transaction Price 98.01 98.08 98.05 Subordinated Debt 88,391 Yield Method Implied Discount Rate 8.88 % 17.94 % 13.39 % Subordinated Debt 5,418 Recent Transaction Transaction Price 97.58 98.08 97.82 Equity Investments 3,144 Enterprise Value EBITDA Multiple 9.25x 13.50x 10.93x Total $ 346,620 Equity investments in the amount of $1,194 at December 31, 2022 have been excluded from the table above as the investments are valued using recent transaction price. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Advisory Agreement On March 31, 2022, the Fund entered into the Advisory Agreement. The Board of Trustees, including all of the trustees who are not “interested persons” (as defined under Section 2(a)(19) of the 1940 Act) of the Fund (the “Independent Trustees”), has approved the Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such trustees as required by the 1940 Act. On August 3, 2022, the Board of Trustees, including all of the Independent Trustees, approved Amendment No. 1 to the Advisory Agreement (the “Advisory Agreement Amendment”). The Advisory Agreement Amendment was entered into solely to extend the notice requirement for the Adviser to terminate the Advisory Agreement from 60 days to 120 days (as described below). On January 10, 2023, the Board of Trustees, including all of the Independent Trustees, approved Amendment No. 2 (the “Second Advisory Agreement Amendment”) to the Investment Advisory Agreement, which became effective immediately. The Fund and the Adviser entered into the Second Advisory Agreement Amendment as a result of comments issued by securities regulators from various states in connection with their “blue sky” review of the Fund’s offering. The Second Advisory Agreement Amendment, among other things: (1) removed sunset provisions contingent upon recognition of the Common Shares as “covered securities”; (2) removed provisions entitling the Adviser to amounts owed under Sections 3 or Section 7 of the Advisory Agreement following a notice of termination of the Advisory Agreement; (3) specifies the conditions under which the Adviser may sell all or substantially all of the Fund’s assets; and (4) revised provisions to reflect conflicts of interest provisions set forth in the NASAA Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time (the “Omnibus Guidelines”). Unless terminated earlier as described below, the Advisory Agreement will remain in effect for a period of two years from March 31, 2022 and will remain in effect from year-to-year thereafter if approved annually by the Board of Trustees or by the affirmative vote of the holders of a majority of our outstanding voting securities and, in each case, a majority of the Independent Trustees. The Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser and may be terminated by the Adviser without penalty upon not less than 120 days’ written notice to the Fund or by the Fund without penalty upon not less than 60 days’ written notice to the Adviser. The holders of a majority of the outstanding voting securities may also terminate either of the Advisory Agreement without penalty. Base Management Fee The management fee is payable monthly in arrears at an annual rate of 0.75% of the value of the Fund’s net assets as of the beginning of the first calendar day of the applicable month. For the first calendar month in which the Fund has operations, net assets will be measured using the beginning net assets as of the Escrow Break Date. In addition, the Adviser has agreed to waive its management fee until the expiry of twelve months from the Escrow Break Date. For the three and six months ended June 30, 2023, base management fees earned were $165 and $165, respectively, all of which were voluntarily waived by the Adviser. As of June 30, 2023, no amounts were payable to the Adviser related to management fees. For the three months ended June 30, 2022 and for the period from February 8, 2022 (inception) through June 30, 2022, no management fees were earned. Incentive Fee The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not: (i) incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below. Incentive Fee Based on Income The portion based on income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments (as discussed further below) are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund’s net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.50% per quarter (6% annualized). The Fund will pay the Adviser an incentive fee quarterly in arrears with respect to Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized); • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06% annualized). The Fund refers to this portion of Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.76%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter; and • 15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.76% (7.06% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. These calculations will be pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. The Adviser has agreed to waive the incentive fee based on income until the expiry of twelve months from the Escrow Break Date. For the three and six months ended June 30, 2023, income based incentive fees were $373 and $373, respectively, all of which were voluntarily waived by the Adviser. As of June 30, 2023, no amounts were payable to the Adviser related to income based incentive fees. For the three months ended June 30, 2022 and for the period from February 8, 2022 (inception) through June 30, 2022, no income based incentive fees were earned. Incentive Fee Based on Capital Gains The second component of the incentive fee, the capital gains incentive fee, will be payable at the end of each calendar year in arrears. The amount payable will equal: • 15% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S. GAAP. Each year, the fee paid for the capital gains incentive fee will be net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund was to sell the relevant investment and realize a capital gain. In no event will the capital gains incentive fee payable pursuant to the Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof. The fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated. For the three and six months ended June 30, 2023, for the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Fund did not incur any incentive fee based on capital gains. Sub-Advisory Agreement On March 31, 2022, the Adviser entered into the Investment Sub-Advisory Agreement with the Sub-Adviser (the “Sub-Advisory Agreement”). The Board of Trustees, including all of the Independent Trustees, also approved the Sub-Advisory Agreement in accordance with, and on the basis of an evaluation satisfactory to such trustees as required by the 1940 Act. The Sub-Adviser manages certain of the Liquid Investments pursuant to the Sub-Advisory Agreement. The Adviser has general oversight over the investment process on behalf of the Fund and manages the capital structure of the Fund, including, but not limited to, asset and liability management. The Adviser also has ultimate responsibility for the Fund’s performance under the terms of the Investment Advisory Agreement. The Adviser will pay the Sub-Adviser monthly in arrears, 0.375% of the daily weighted average principal amount of the Liquid Investments managed by the Sub-Adviser pursuant to the Sub-Advisory Agreement. On August 3, 2022, the Board, including all of the Independent Trustees, approved Amendment No. 1 to the Sub-Advisory Agreement (the “Sub-Advisory Agreement Amendment”). The Sub-Advisory Agreement Amendment was entered into solely to extend the notice requirement applicable to both the Adviser and the Sub-Adviser to terminate the Sub-Advisory Agreement from 60 days to 120 days (as described below). Unless terminated earlier as described below, the Sub-Advisory Agreement will remain in effect for a period of two years from March 31, 2022 and will remain in effect from year-to-year thereafter if approved annually by the Board of Trustees or by the affirmative vote of the holders of a majority of our outstanding voting securities and, in each case, a majority of the Independent Trustees. The Sub-Advisory Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act, by the Adviser and may be terminated by either the Adviser or the Sub-Adviser without penalty upon not less than 120 days’ written notice to the other. Administration Agreement On March 31, 2022, the Fund entered into an administration agreement with the Administrator (the “Administration Agreement”), which was approved by the Board of Trustees. Pursuant to the Administration Agreement, the Administrator furnishes the Fund with office facilities and equipment and provides clerical, bookkeeping and record keeping and other administrative services at such facilities. The Administrator performs, or oversees the performance of, the required administrative services, which include, among other things, assisting the Fund with the preparation of the financial records that the Fund is required to maintain and with the preparation of reports to shareholders and reports filed with the SEC. At the request of the Adviser or the Sub-Adviser, the Administrator also may provide significant managerial assistance on the Fund’s behalf to those portfolio companies that have accepted the Fund’s offer to provide such assistance. U.S. Bancorp Fund Services, LLC will provide the Fund with certain fund administration and bookkeeping services pursuant to a sub-administration agreement (the “Sub-Administration Agreement”) with the Administrator. On January 10, 2023, the Board, including all of the Independent Trustees, approved Amendment No. 1 (the “Administration Agreement Amendment”) to the Administration Agreement, which became effective immediately. The Fund and the Administrator entered into the Administration Agreement Amendment as a result of comments issued by securities regulators from various states in connection with their “blue sky” review of the Fund’s offering. The Administration Agreement Amendment provides that the Indemnified Parties (as defined in the Administration Agreement) will not be entitled to indemnification for any loss or liability to the Fund or its shareholders by reason of the Indemnified Parties’ negligence or misconduct, in accordance with the Omnibus Guidelines. For the three and six months ended June 30, 2023, the Fund incurred $120 and $238, respectively, in fees under the Sub-Administrative Agreement, which are included in administration fees in the consolidated statement of operations. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company incurred $65 and $75, respectively, in fees under the Sub-Administration Agreement, which are included in administration fees in the accompanying consolidated statements of operations. As of June 30, 2023 and December 31, 2022, $420 and $246, respectively, was unpaid and included in accounts payable and accrued expenses in the consolidated statement of assets and liabilities. Intermediary Manager Agreement On March 31, 2022, the Fund entered into an Intermediary Manager Agreement (the “Intermediary Manager Agreement”) with the Intermediary Manager, an affiliate of the Adviser. Under the terms of the Intermediary Manager Agreement, the Intermediary Manager serves as the agent and principal distributor for the Fund’s public offering of its Common Shares. The Intermediary Manager is entitled to receive distribution and/or shareholder servicing fees monthly at an annual rate of 0.85% of the value of the Fund’s net assets attributable to Class S shares as of the beginning of the first calendar day of the month. The Intermediary Manager is entitled to receive distribution and/or shareholder servicing fees monthly at an annual rate of 0.25% of the value of the Fund’s net assets attributable to Class D shares as of the beginning of the first calendar day of the month. No distribution and/or shareholder servicing fees will be paid with respect to Class I shares. The Fund will cease paying the distribution and/or shareholder servicing fees on any Class S share and Class D share in a shareholder’s account at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total brokerage commissions and distribution and/or shareholder servicing fees paid with respect to any such share held by such shareholder within such account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share. At the end of such month, each such Class S share or Class D share will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such share. The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from the offering. The Intermediary Manager Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Independent Trustees and the trustees who have no direct or indirect financial interest in the operation of the Fund’s distribution plan or the Intermediary Manager Agreement or by vote a majority of the outstanding voting securities of the Fund, on not more than 60 days’ written notice to the Intermediary Manager or the Adviser. The Intermediary Manager Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act. Expense Support and Conditional Reimbursement Agreement On March 31, 2022, the Fund entered into an expense support and conditional reimbursement agreement (the “Expense Support Agreement”) with the Adviser. The Expense Support Agreement provides that, Nuveen Alternative Holdings, an affiliate of the Adviser may pay (or cause one or more of its affiliates to pay) certain expenses of the Fund, provided that no portion of the payment will be used to pay any interest expenses of the Fund and/or shareholder servicing fees of the Fund (each, an “Expense Payment’). Such expense payment will be made in any combination of cash or other immediately available funds no later than forty-five days after a written commitment from Nuveen Alternative Holdings to pay such expense, and/or by an offset against amounts due from the Fund to Nuveen Alternative Holdings. Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (such amount referred to as the “Excess Operating Funds”), the Fund will pay such Excess Operating Funds, or a portion thereof (each, a “Reimbursement Payment”), to Nuveen Alternative Holdings until such time as all Expense Payments made by the entity to the Fund within three years prior to the last business day of such calendar quarter have been reimbursed. Available Operating Funds means the sum of (i) the Fund’s net investment income (including net realized short-term capital gains reduced by net realized long-term capital losses), (ii) the Fund’s net capital gains (including the excess of net realized long-term capital gains over net realized short-term capital losses) and (iii) dividends and other distributions paid to the Fund 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). The amount of the Reimbursement Payment for any calendar quarter will equal the lesser of (i) the Excess Operating Funds in such quarter and (ii) the aggregate amount of all Expense Payments made by Nuveen Alternative Holdings to the Fund within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Fund to Nuveen Alternative Holdings. No Reimbursement Payment for any month will be made if (1) the annualized rate of regular cash distributions declared by the Fund at the time of such Reimbursement Payment is less than the annualized rate of regular cash distributions declared by the Fund at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Fund’s Operating Expense Ratio (as 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 the Fund’s operating costs and expenses incurred, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Fund’s net assets. The Fund’s obligation to make a Reimbursement Payment will automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. The following table presents a cumulative summary of the expense payments and reimbursement payments since the Fund’s commencement of operations, comprised primarily of organizational expenses, offering costs and professional fees: For the Quarter Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payments Reimbursement Eligibility Expiration March 31, 2022 $ 983 $ — $ 983 March 31, 2025 June 30, 2022 677 — 677 June 30, 2025 September 30, 2022 379 — 379 September 30, 2025 December 31, 2022 176 — 176 December 31, 2025 March 31, 2023 198 — 198 March 31, 2026 June 30, 2023 113 — 113 June 30, 2026 Total $ 2,526 $ — $ 2,526 Board of Trustees’ Fees The Board consists of seven members, four of whom are Independent Trustees. On March 30, 2022, the Board established an Audit Committee, a Nominating and Corporate Governance Committee and a Special Transactions Committee, each consisting solely of the Independent Trustees, and may establish additional committees in the future. For the three and six months ended June 30, 2023, the Fund incurred $127 and $252, respectively, in fees which are included in Board of Trustees’ fees in the accompanying consolidated statements of operations. For the three months ended June 30, 2022 and for the period from February 8, 2022 (inception) through June 30, 2022, the Fund incurred $126 and $129, respectively, in fees which are included in Board of Trustees’ fees in the accompanying consolidated statements of operations. As of June 30, 2023 and December 31, 2022, $127 and $128, respectively, were unpaid and are included in Board of Trustees’ fees payable in the accompanying consolidated statements of assets and liabilities. Other Related Party Transactions From time to time, the Adviser may pay amounts owed by the Fund to third-party providers of goods or services and the Fund will subsequently reimburse the Adviser for such amounts paid on its behalf. Amounts payable to the Adviser are settled in the normal course of business without formal payment terms. As of June 30, 2023 and December 31, 2022, the Fund owed the Adviser $206 and $231, respectively, for reimbursements including the Fund’s allocable portion of overhead, which is included in accounts payable and accrued expenses in the accompanying consolidated statement of assets and liabilities. Promissory Note On March 31, 2022, the Fund entered into the Note with TIAA as the lender. The Note is issued under the purchase and sales agreement, dated as of March 31, 2022, by and among the Fund, SPV I and TIAA in connection with the contribution of portfolio investments by TIAA to the Fund (as discussed further in Note 7 ). The principal amount of the Note equals (i) the fair value of portfolio investments contributed as of March 31, 2022, minus (ii) $263,500. The Note was due to mature on March 30, 2023, with an interest rate of 4% per annum on the unpaid principal amount, compounded quarterly. On June 3, 2022, the Fund fully repaid the balance on the Note which was comprised of $32,731 and $226 of principal and interest, respectively. |
SECURED BORROWINGS
SECURED BORROWINGS | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
SECURED BORROWINGS | SECURED BORROWINGS In accordance with the 1940 Act, the Fund is only permitted to borrow amounts such that its asset coverage, as defined in the 1940 Act, is maintained at a level of at least 150% after such borrowing. As of June 30, 2023 and December 31, 2022, the Fund’s asset coverage was 300.96% and 267.94%, respectively. On April 19, 2022, SPV I entered into a credit agreement with the lenders from time to time parties thereto, Bank of America, N.A., as administrative agent, the Fund, as servicer, U.S. Bank Trust Company, National Association, as collateral administrator, and U.S. Bank National Association, as collateral custodian (the “Credit Agreement” and the revolving credit facility thereunder, the “Bank of America Credit Facility”). On October 4, 2022, SPV I entered into Amendment No. 1 to the Credit Agreement (the “Amendment”). The Amendment, among other things: (i) increased the maximum amount available under the Bank of America Credit Facility from $200,000 to $250,000; and (ii) increased the rate to be paid from Daily SOFR +2.00% to Daily SOFR +2.15% with a “step up” on the one year anniversary of the Closing Date (as defined in the Amendment) increasing from Daily SOFR +2.15% to Daily SOFR +2.40%, as reflected in the Amendment. Borrowings under the Credit Agreement are secured by all of the assets held by SPV I and bear interest based on either (x) an annual rate equal to SOFR determined for any day (“Daily SOFR”) for the relevant interest period, plus an applicable spread, or (y) the highest of (i) the Federal Funds Rate plus an applicable spread, (ii) the Prime Rate in effect for any day and (iii) Daily SOFR plus an applicable spread. Interest is payable monthly in arrears. Advances under the Credit Agreement are secured by a pool of broadly-syndicated and middle-market loans subject to eligibility criteria and advance rates specified in the Credit Agreement. Advances under the Credit Agreement may be prepaid and reborrowed at any time during the Availability Period (as defined therein), and SPV I may terminate or reduce the facility amount subject to certain conditions . As of June 30, 2023, the Bank of America Credit Facility bears interest at a rate of Daily SOFR plus 2.40% per annum. Interest is payable monthly in arrears. Any amounts borrowed under the Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) April 19, 2027, the fifth anniversary of the effective date of April 19, 2022, or (ii) upon certain other events in connection with a refinancing under the Credit Agreement. Borrowing under the Credit Agreement is subject to certain restrictions contained in the 1940 Act. Prior to entering into the Bank of America Credit Facility, the Fund contributed and/or sold certain assets to SPV I pursuant to a contribution and sale agreement and TIAA contributed and/or sold certain assets to SPV I pursuant to a master participation and assignment agreement, and the Fund expects to contribute and/or sell additional assets to SPV I pursuant to a contribution and sale agreement in the future. The Fund may, but will not be required to, repurchase and/or substitute certain assets previously transferred to SPV I subject to the conditions specified in the contribution and sale agreement and the Bank of America Credit Facility Agreement. The fair value of the Bank of America Credit Facility, which would be categorized as Level 3 within the fair value hierarchy as of June 30, 2023, approximates its carrying value. The carrying amounts of the Fund’s assets and liabilities, including the credit facilities, other than investments at fair value, approximate fair value due to their short maturities. The borrowing consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 Bank of America Credit Facility Total Total Commitment $ 250,000 $ 250,000 Borrowings Outstanding (1) 133,000 133,000 Unused Portion (2) 117,000 117,000 Amount Available (3) 98,834 98,834 _______________ (1) Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. December 31, 2022 Bank of America Credit Facility Total Total Commitment $ 250,000 $ 250,000 Borrowings Outstanding (1) 155,000 155,000 Unused Portion (2) 95,000 95,000 Amount Available (3) 81,855 81,855 ______________ (1) Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and from February 8, 2022 (inception) through June 30, 2022,the components of interest expense and debt financing expenses were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (1) Borrowing interest expense $ 2,441 $ 465 $ 4,769 $ 465 Unused fees 118 86 227 86 Amortization of deferred financing costs (2) 39 16 78 16 Total interest and debt financing expenses $ 2,598 $ 567 $ 5,074 $ 567 Average interest rate (3) 7.75 % 3.00 % 7.36 % 3.00 % Average daily borrowings $ 132,335 $ 91,944 $ 136,890 $ 91,944 _______________ (1) Period from February 8, 2022 (inception) through June 30, 2022. (2) For the three and six months ended June 30, 2023, $2 and $2, respectively, of deferred financing costs were designated for reimbursement pursuant to the Expense Support Agreement. For the three and six months ended June 30, 2022, $373 and $373, respectively, of deferred financing costs were designated for reimbursement pursuant to the Expense Support Agreement. (3) Average interest rate includes interest expense and unused fees. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIESIn the ordinary course of its business, the Fund enters into contracts or agreements that contain indemnifications or warranties. Future events could occur that might lead to the enforcement of these provisions against the Fund. The Fund believes that the likelihood of such an event is remote; however, the maximum potential exposure is unknown. No accrual has been made in the consolidated financial statements as of June 30, 2023 for any such exposure. As of June 30, 2023 and December 31, 2022, the Fund had the following unfunded commitments to fund delayed draw loans: Portfolio Company June 30, 2023 December 31, 2022 Acclaim MidCo $ 891 $ — ADPD Holdings, LLC 1,918 2,149 Chroma Color Corporation 381 — Evergreen Services Group, LLC — 267 Health Management Associates 415 — Heartland Veterinary Partners, LLC 4,540 5,000 Impact Parent Corporation 972 — Infobase Acquisition, Inc. 122 122 INS Intermediate 1,139 — ISG Merger Sub, LLC 1,282 1,282 ITSavvy, LLC 36 480 Kenco Group, Inc. 850 850 KL Bronco Acquisition, Inc. 599 599 Legacy Service Partners 479 — MEI Rigging & Crating 501 — Ovation Holdings, Inc. 705 — Patriot Growth Insurance Service 2,847 5,568 Pinnacle Supply Partners 1,455 — Randys Holdings, Inc 1,332 1,332 RTH 627 — SCP Eye Care Holdco, LLC 615 735 Transit Buyer LLC 1,157 — Trilon Group, LLC — 363 Victors CCC Buyer LLC 560 560 Wellspring Pharmaceutical — 1,895 Total unfunded commitments $ 23,423 $ 21,202 The Fund believes its assets will provide adequate coverage to satisfy these unfunded commitments. As of June 30, 2023, the Fund had cash and cash equivalents of $10,477 and available borrowings under the Bank of America Credit Facility of $98,834. |
NET ASSETS
NET ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
NET ASSETS | NET ASSETS In connection with its formation, the Fund has the authority to issue an unlimited number of Common Shares. On March 30, 2022, an affiliate of the Adviser, TIAA, purchased 40 shares of the Fund’s Class I shares of beneficial interest at $25.00 per share. On March 31, 2022, TIAA contributed certain portfolio investments to the Fund in the amount of $296,231 (fair value as of March 31, 2022). In connection therewith, the Fund entered into the Note with TIAA as the lender (as described in Note 4 ), and issued to TIAA 10,540,000 shares of the Fund’s Class I shares of beneficial interest at $25.00 per share. The Fund fully repaid the balance of the Note to TIAA on June 3, 2022. On the Escrow Break Date, the Fund had satisfied the minimum offering requirement and the Board authorized the release of proceeds from escrow. Distributions The following table summarizes the Fund’s dividends declared for the period from February 8, 2022 (inception) through June 30, 2023. Class I Declaration Date Record Date Payment Date Dividend per Share Distribution Amount September 30, 2022 September 30, 2022 October 28, 2022 $0.870 (1) $9,170 October 31, 2022 October 31, 2022 November 28, 2022 $0.180 $1,897 November 30, 2022 November 30, 2022 December 28, 2022 $0.190 $2,003 December 31, 2022 December 31, 2022 January 28, 2023 $0.295 (2) $3,109 January 31, 2023 January 31, 2023 February 28, 2023 $0.200 $2,108 February 28, 2023 February 28, 2023 March 28, 2023 $0.200 $2,108 March 31, 2023 March 31, 2023 April 28, 2023 $0.230 $2,424 April 28, 2023 April 30, 2023 May 26, 2023 $0.240 $2,530 May 25, 2023 May 31, 2023 June 28, 2023 $0.240 $2,530 June 28, 2023 June 30, 2023 July 28, 2023 $0.240 $2,605 _______________ (1) Represents monthly dividend of $0.14 per share for each of April 2022, May 2022 and June 2022, and monthly dividend of $0.15 per share for each of July 2022, August 2022 and September 2022. (2) Comprised of $0.19 regular dividend and $0.105 supplemental dividend attributable to accrued net investment income. Distribution Reinvestment Plan The Fund has adopted a distribution reinvestment plan, pursuant to which it will reinvest all cash dividends declared by the Board of Trustees on behalf of its shareholders who do not elect to receive their dividends in cash, except for shareholders in certain states. As a result, if the Board of Trustees authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving the cash dividend or other distribution. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oregon, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Distributions on fractional shares will be credited to each participating shareholder’s account to three decimal places. As of June 30, 2023, no Common Shares were issued pursuant to the distribution reinvestment plan. Share Repurchase Program Beginning no later than the first full calendar quarter following the Escrow Break Date, and at the discretion of the Board of Trustees, the Fund intends to commence a share repurchase program in which it intends to repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board of Trustees, in its sole discretion, may amend, suspend or terminate the share repurchase program if it deems such action to be in the best interest of the Fund’s shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on our liquidity, adversely affect the Fund’s operations or risk having an adverse impact on the Fund that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board of Trustees will consider on at least a quarterly basis whether the continued suspension of the Share Repurchase Program is in the best interest of the Fund and shareholders, and will reinstate the Share Repurchase Program when and if appropriate and subject to its fiduciary duty to the Fund and shareholders. However, our Board is not required to authorize the recommencement of our Share Repurchase Program within any specified period of time. The Fund intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended, and the 1940 Act. All Common Shares purchased by the Fund pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares. Under the share repurchase program, to the extent the Fund offers to repurchase Common Shares in any particular quarter, the Fund expects to repurchase Common Shares pursuant to tender offers using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.Common Shares. The repurchase of the Adviser’s shares, if any, will be on the same terms and subject to the same limitations as other shareholders under the Share Repurchase Program. Payment for repurchased shares may require us to liquidate portfolio holdings earlier than our Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates. Our Adviser intends to take measures, subject to policies as may be established by our Board of Trustees, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of shares. Class I shares owned by TIAA will be subject to the following restrictions. TIAA may submit its Class I shares for repurchase beginning on March 31, 2027. Beginning March 31, 2027, the total amount of TIAA shares eligible for repurchase will be limited to no more than 1.67% of our aggregate NAV per calendar quarter; provided that, if in any quarter the total amount of aggregate repurchase requests of all classes of Common Shares does not exceed the Share Repurchase Plan limit of 5% of the aggregate NAV per calendar quarter, these redemption limits on the TIAA shares will not apply for that quarter, and TIAA will be entitled to submit its shares for repurchase up to the overall Share Repurchase Plan limits. For the six months ended June 30, 2023, no Common Shares were repurchased. |
CONSOLIDATED FINANCIAL HIGHLIGH
CONSOLIDATED FINANCIAL HIGHLIGHTS | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
CONSOLIDATED FINANCIAL HIGHLIGHTS | CONSOLIDATED FINANCIAL HIGHLIGHTS The following is a schedule of financial highlights for the six months ended June 30, 2023 and for the period from February 8, 2022 (inception) through June 30, 2022: Six Months Ended June 30, 2023 2022 * Per share data: Net asset value at beginning of period $ 24.70 $ — Net investment income (loss) 1.43 0.49 Net realized gains (losses) (1) 0.06 (0.03) Net change in unrealized appreciation (depreciation) (1) (0.21) (0.10) Net increase (decrease) in net assets resulting from operations 1.28 0.36 Stockholder distributions from income (2) (1.35) — Issuance of common shares — 25.00 Other (3) — — Net asset value at end of period $ 24.63 $ 25.36 Supplemental Data: Net assets at end of period $ 267,280 $ 267,303 Shares outstanding at end of period (1) 10,853,142 10,540,040 Total return 5.31 % 1.44 % Ratio to average net assets: Ratio of net expenses to average net assets (4) (5) 4.76 % 1.12 % Ratio of net investment income (loss) to average net assets (4) 11.67 % 5.02 % Portfolio turnover rate (6) 3.60 % 9.01 % Asset coverage ratio 300.96 % 377.00 % _______________ *For the period February 8, 2022 (inception) through June 30, 2022 (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for distributions reflects the actual amount of distributions declared during the period. (3) Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (4) Ratios are annualized except for expense support amounts relating to organizational costs and interest expense on the Note. The ratio of total expenses to average net assets was 5.01% and 1.70% for the period ending June 30, 2023 and for the period February 8, 2022 (inception) through June 30, 2022, respectively, on an annualized basis, excluding the effect of expense support which represented (0.25)% and (0.58)%, respectively, of average net assets, and excluding the effect of waived management fees and incentive fees which represented (0.45)% and (1.01)% of average net assets for the period ending June 30, 2023. There were no management fees or incentive fees incurred or waived for the period February 8, 2022 (inception) through June 30, 2022. Average net assets is calculated utilizing quarterly net assets. (5) The ratio of interest and debt financing expenses to average net assets for the period ending June 30, 2023 and the period February 8, 2022 (inception) through June 30, 2022, was 3.90% and 0.00%, respectively, Average net assets is calculated utilizing quarterly net assets. (6) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The Fund’s management evaluated subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements as of June 30, 2023, except as discussed below. On July 28, 2023, the Board declared a regular distribution for Class I shares of beneficial interest in the amount of $0.25 per share and a special distribution for Class I shares of beneficial interest in the amount of $0.02 per share. The distribution is payable to Class I shareholders of record as of July 31, 2023 and the payment date is on August 28, 2023. Inclusive of the July 3, 2023 and August 1, 2023 subscriptions, the Fund has received approximately $289.6 million of net proceeds relating to the issuance of Class I shares. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | ||
Pay vs Performance Disclosure | |||||
Net increase (decrease) in net assets resulting from operations | $ 7,371 | $ 3,815 | $ 3,802 | [1] | $ 13,564 |
[1]Period from February 8, 2022 (inception) through June 30, 2022. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company for the purposes of accounting and financial reporting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC 946”), and pursuant to Regulation S-X. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair statement of the consolidated financial statements for the period presented, have been included. U.S. GAAP for an investment company requires investments to be recorded at fair value. The carrying value for all other assets and liabilities approximates their fair value unless otherwise disclosed within. |
Consolidation | Consolidation As provided under ASC 946, the Fund will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Fund. Accordingly, the consolidated financial statements include the accounts of the Fund and its wholly owned subsidiaries, SPV I and Equity Holdings. All significant intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Fund to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash, Restricted Cash and Cash Equivalents | Cash, Restricted Cash and Cash Equivalents Cash and restricted cash represent cash deposits held at financial institutions, which at times may exceed U.S. federally insured limits. Cash equivalents include short-term highly liquid investments, such as money market funds, that are readily convertible to cash and have original maturities of three months or less. Cash, restricted cash and cash equivalents are carried at cost, which approximates fair value. As of June 30, 2023, the Fund did not hold any restricted cash. |
Valuation of Portfolio Investments | Valuation of Portfolio Investments Investments are valued in accordance with the fair value principles established by FASB ASC Topic 820, Fair Value Measurement (“ASC Topic 820”) and in accordance with the 1940 Act. ASC Topic 820’s definition of fair value focuses on the amount that would be received to sell the asset or paid to transfer the liability in the principal or most advantageous market, and prioritizes the use of market-based inputs (observable) over entity-specific inputs (unobservable) within a measurement of fair value. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC Topic 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings, and provides for enhanced disclosures determined by the level within the hierarchy of information used in the valuation. In accordance with ASC Topic 820, these inputs are summarized in the three levels listed below: • Level 1 — Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date. • Level 2 — Valuations are based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3 — Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Active, publicly traded instruments are classified as Level 1 and their values are generally based on quoted market prices, even if both the market’s normal daily trading volume is not sufficient to absorb the quantity held and placing orders to sell the position in a single transaction might affect the quoted price. Fair value is generally determined as the price that would be received for an investment in a current sale, which assumes an orderly market is available for the market participants at the measurement date. If available, fair value of investments is based on directly observable market prices or on market data derived from comparable assets. The Fund’s valuation policy considers the fact that no ready market may exist for many of the securities in which it invests and that fair value for its investments must be determined using unobservable inputs. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Fund's valuation designee (the “Valuation Designee”) to determine the fair value of the Fund's investments that do not have readily available market quotations, effective beginning in the fiscal quarter ended March 31, 2023. Pursuant to the Fund's valuation policy approved by the Board, a valuation committee comprised of employees of the Adviser (the “Valuation Committee”) is responsible for determining the fair value of the Fund's assets for which market quotations are not readily available, subject to the oversight of the Board. With respect to investments for which market quotations are not readily available (Level 3), the Valuation Designee, subject to the oversight of the Board as described below, undertakes a multi-step valuation process each quarter, as follows: i. the quarterly valuation process begins with each portfolio company or investment being initially valued by either the professionals of the applicable investment team that are responsible for the portfolio investment or an independent third-party valuation firm; ii. to the extent that an independent third-party valuation firm has not been engaged by, or on behalf of, the Board of Trustees to value 100% of the portfolio, then at a minimum, an independent third-party valuation firm will be engaged by, or on behalf of, the Fund will provide positive assurance of the portfolio each quarter (such that each investment is reviewed by a third-party valuation firm at least once on a rolling 12-month basis and each watch-list investment will be reviewed each quarter), including a review of management’s preliminary valuation and recommendation of fair value; iii. the Valuation Committee then reviews and discusses the valuations with any input, where appropriate, from the independent third-party valuation firm(s), and determine the fair value of each investment in good faith based on the Fund’s valuation policy, subject to the oversight of the Board; and iv. the Valuation Designee provides the Board with the information relating to the fair value determination pursuant to the Fund's valuation policy in connection with each quarterly Board meeting and discuss with the Board its determination of the fair value of each investment in good faith. The Valuation Designee makes this fair value determination on a quarterly basis and in such other instances when a decision regarding the fair value of the portfolio investments is required. Factors considered by the Valuation Designee as part of the valuation of investments include each portfolio company’s credit ratings/risk, current and projected earnings, current and expected leverage, ability to make interest and principal payments, liquidity, compliance with applicable loan covenants, and price to earnings (or other financial) ratios and those of comparable companies, as well as the estimated remaining life of the investment and current market yields and interest rate spreads of similar securities as of the measurement date. Other factors taken into account include changes in the interest rate environment and credit markets that may affect the price at which similar investments would trade. The Valuation Designee may also base its valuation of an investment on recent investments and securities with similar structure and risk characteristics. The Valuation Designee obtains market data from its ongoing investment purchase efforts, in addition to monitoring transactions that have closed or are disclosed in industry publications. External information may include (but is not limited to) observable market data derived from the U.S. loan and equity markets. As part of compiling market data as an indication of current market conditions, management may utilize third-party sources. When determining NAV as of the last day of a month that is not also the last day of a calendar quarter, the Adviser updates the value of securities with “readily available market quotations” (as defined in Rule 2a-5 under the 1940 Act) to the most recent market quotation. For securities without readily available market quotations, the Adviser generally values such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment. The values assigned to investments are based on available information and may fluctuate from period to period. In addition, such value do not necessarily represent the amount that ultimately might be realized upon a portfolio investment's sale. Due to the inherent uncertainty of valuation, the estimated fair value of an investment may differ from the value that would have been used had a ready market for the security existed, and the difference could be material. The Board is responsible for overseeing the Valuation Designee’s process for determining the fair value of the Fund’s assets for which market quotations are not readily available, taking into account the Fund’s valuation risks. To facilitate the Board’s oversight of the valuation process, the Valuation Designee provides the Board with quarterly reports, annual reports, and prompt reporting of material matters affecting the Valuation Designee’s determination of fair value. As part of the Board’s oversight role, the Board may request and review additional information to be informed of the Valuation Designee’s process for determining the fair value of the Fund's investments. |
Investment Transactions | Investment transactions are recorded on the applicable trade date. Any amounts related to purchases, sales and principal paydowns that have traded, but not settled, are reflected as either a receivable for investments sold or payable for investments purchased on the consolidated statements of assets and liabilities. Realized gains and losses on investment transactions are determined on a specific identification basis and are included as net realized gain (loss) on investments in the consolidated statements of operations. Net change in unrealized appreciation (depreciation) on investments is recognized in the consolidated statements of operations and reflects the period-to-period change in fair value and cost of investments. |
Revenue Recognition | Interest income, including amortization of premium and accretion of discount on loans, and expenses are recorded on the accrual basis. The Fund accrues interest income if it expects that ultimately it will be able to collect such income. The Fund may have loans in its portfolio that contain payment-in-kind (“PIK”) income provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through PIK income. This non-cash source of income is included when determining what must be paid out to shareholders in the form of distributions in order for the Fund to maintain its tax treatment as a RIC, even though the Fund has not yet collected cash. As of June 30, 2023 and December 31, 2022, the fair value of the loans in the portfolio with PIK income provisions was $64,683 and $70,361, respectively, which represents approximately 16.60% and 20.13% of total investments at fair value, respectively. For the three and six months ended June 30, 2023, the Company earned $506 and $1,074, respectively, in PIK income. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company earned $239 and $239, respectively, in PIK income. As of June 30, 2023, there were no PIK loans in the Fund's portfolio on non-accrual status. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio companies and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. For the three and six months ended June 30, 2023, the Company earned $25 and $98, respectively, in dividend income. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company did not earn any dividend income on its equity investments. Other income may include income such as consent, waiver, amendment, unused, and prepayment fees associated with the Fund’s investment activities, as well as any fees for managerial assistance services rendered by the Fund to its portfolio companies. Such fees are recognized as income when earned or the services are rendered. For the three and six months ended June 30, 2023, the Company earned other income of $12 and $31, respectively, primarily related to prepayment fees. For the three months ended June 30, 2022 and for the period from February 8, 2022 (inception) to June 30, 2022, the Fund did not earn other income. Loans are generally placed on non-accrual status when a payment default occurs on a loan in the portfolio, or if management otherwise believes that the issuer of the loan will not be able to make contractual interest payments or principal payments. The Fund will cease recognizing interest income on that loan until all principal and interest is current through payment, or until a restructuring occurs such that the interest income is deemed to be collectible. However, the Fund remains contractually entitled to this interest. The Fund may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. Accrued interest is written-off when it becomes probable that the interest will not be collected and the amount of uncollectible interest can be reasonably estimated. As of June 30, 2023 and December 31,2022, there were no loans in the Fund's portfolio on non-accrual status. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs include capitalized expenses related to the closing or amendments of borrowings. Amortization of deferred financing costs is computed on the straight-line basis over the term of the borrowings. The amortization of such costs is included in interest and debt financing expenses in the accompanying consolidated statements of operations. The unamortized balance of such costs is included as a direct deduction from the related liability in the accompanying consolidated statements of assets and liabilities. |
Organization and Offering Costs | Organization and Offering Costs Organization costs consist of primarily legal, incorporation and accounting fees incurred in connection with the organization of the Fund. Organization costs are expensed as incurred and are shown in the Fund's consolidated statements of operations. Refer to Note 4 for further details on the Expense Support Agreement. Offering costs consist primarily of fees and expenses incurred in connection with the offering of Common Shares, as well as legal, printing and other costs associated with the preparation and filing of the registration statements and offering materials. Offering costs are recognized as a deferred charge, amortized on a straight-line basis over 12 months and are shown in the Fund's consolidated statements of operations. For the three and six months ended June 30, 2023, offering costs of $115 and $313, respectively, were incurred, and $150 and $281, respectively, were amortized and recognized as offering costs on the consolidated statements of operations, and covered under the Expense Support Agreement. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, offering costs of $92 and $150, respectively, were incurred, and $36 and $40, respectively, were amortized and recognized as offering costs on the consolidated statements of operations, and covered under the Expense Support Agreement. Refer to Note 4 for further details on the Expense Support Agreement. |
Income Taxes | Income Taxes For U.S. federal income tax purposes, the Fund has elected, and intends to qualify annually, to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. In order to qualify as a RIC, the Fund must meet certain minimum distribution, source-of-income and asset diversification requirements. If such requirements are met, then the Fund is generally required to pay U.S. federal income taxes only on the portion of its taxable income and capital gains it does not distribute. The minimum distribution requirements applicable to RICs require the Fund to distribute to its shareholders at least 90% of its investment company taxable income (“ICTI”), as defined by the Code, each year. Depending on the level of ICTI earned in a tax year, the Fund may choose to carry forward ICTI in excess of current year distributions into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. In addition, based on the excise distribution requirements, the Fund is subject to a 4% nondeductible U.S. federal excise tax on undistributed income unless the Fund distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ended October 31 in that calendar year and (3) any income realized, but not distributed, in the preceding year. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to U.S. federal income tax is considered to have been distributed. The Fund intends to timely distribute to our shareholders substantially all of our annual taxable income for each year, except that the Fund may retain certain net capital gains for reinvestment and, depending upon the level of taxable income earned in a year, we may choose to carry forward ICTI for distribution in the following year and pay any applicable U.S. federal excise tax. The Fund evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely than not” to be sustained by the applicable tax authority. SPV I is a disregarded entity for tax purposes and will be consolidated with the tax return of the Fund. Equity Holdings has elected to be classified as a corporation for U.S. federal income tax purposes. All penalties and interest associated with income taxes, if any, are included in income tax expense. For the three and six months ended June 30, 2023, the Company did not incur any excise tax expense. For the three months ended June 30, 2022 and for the period February 8, 2022 (inception) through June 30, 2022, the Company did not incur any excise tax expense. |
Dividends and Distributions to Common Shareholders | Dividends and Distributions to Common Shareholders The Fund has declared distributions each month beginning in September 2022 through the date of this Quarterly Report on Form 10-Q, and expects to continue to pay regular monthly distributions to the extent the Fund has taxable income available. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Board of Trustees and will depend on the Fund’s earnings, financial condition, maintenance of its tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board of Trustees may deem relevant from time to time. Although the gross distribution per share is generally equivalent for each share class, the net distribution for each share class is reduced for any class specific expenses, including distribution and shareholder servicing fees, if any. |
Functional Currency | Functional Currency The functional currency of the Fund is the U.S. Dollar and all transactions were in U.S. Dollars. |
Recent Accounting Standards Updates | Recent Accounting Standards Updates The FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reportin g in March 2020. This update provides temporary optional expedients and exceptions for applying U.S. GAAP to contract modifications, hedge accounting, and other transactions subject to meeting certain criteria. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discounted because of reference rate reform, and was effective upon issuance through December 31, 2022. As of June 30, 2023, the Fund has amended substantially all of its agreements that have LIBOR as a reference rate to an alternate rate. Contract modifications may be required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements of Investments | The following table presents fair value measurements of investments, by major class as of June 30, 2023 and December 31, 2022, according to the fair value hierarchy: As of June 30, 2023 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ — $ 294,555 $ 294,555 Subordinated Debt (1) — — 89,541 89,541 Equity Investments — — 5,490 5,490 Cash Equivalents 6,606 — — 6,606 Total $ 6,606 $ — $ 389,586 $ 396,192 _______________ (1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $34,229 and mezzanine debt of $55,312. As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: First Lien Term Loans $ — $ 1,704 $ 249,667 $ 251,371 Subordinated Debt (1) — — 93,809 93,809 Equity Investments — — 4,338 4,338 Total $ — $ 1,704 $ 347,814 $ 349,518 _______________ (1) Subordinated Debt is further comprised of second lien term loans and/or second lien notes of $30,906 and mezzanine debt of $62,903. |
Schedule of Reconciliation of the Beginning and Ending Balances for Investments and Fair value Debt Obligations | The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2023: First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of March 31, 2023 $ 271,509 $ 99,293 $ 5,613 $ 376,415 Purchase of investments 22,496 422 430 23,348 Proceeds from principal repayments and sales of investments (1,465) (10,212) (392) (12,069) Payment-in-kind interest — 511 — 511 Amortization of premium/accretion of discount, net 153 57 — 210 Net realized gain (loss) on investments 8 311 291 610 Net change in unrealized appreciation (depreciation) on investments 83 (841) (452) (1,210) Transfers to Level 3 (1) 1,771 — — 1,771 Balance as of June 30, 2023 $ 294,555 $ 89,541 $ 5,490 $ 389,586 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2023 $ 83 $ (542) $ (261) $ (720) First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of December 31, 2022 $ 249,668 $ 93,808 $ 4,338 $ 347,814 Purchase of investments 46,514 5,467 1,548 53,529 Proceeds from principal repayments and sales of investments (2,800) (10,212) (392) (13,404) Payment-in-kind interest — 1,074 — 1,074 Amortization of premium/accretion of discount, net 352 138 — 490 Net realized gain (loss) on investments 15 312 291 618 Net change in unrealized appreciation (depreciation) on investments (898) (1,046) (295) (2,239) Transfers to Level 3 (1) 1,704 — — 1,704 Balance as of June 30, 2023 $ 294,555 $ 89,541 $ 5,490 $ 389,586 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2023 $ (898) $ (721) $ (119) $ (1,738) ________________ (1) Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. For the three and six months ended June 30, 2023, transfers into Level 3 from Level 2 were a result of changes in the observability of significant inputs for one portfolio company. The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended June 30, 2022 and for the period February 28, 2022 (inception) through June 30, 2022: First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of March 31, 2022 $ 180,987 $ 113,970 $ 1,274 $ 296,231 Purchase of investments 25,128 — 107 25,235 Proceeds from principal repayments and sales of investments (7,590) (19,000) — (26,590) Amortization of premium/accretion of discount, net 116 75 — 191 Net realized gain (loss) on investments 14 (281) — (267) Net change in unrealized appreciation (depreciation) on investments (1,312) (37) 344 (1,005) Balance as of June 30, 2022 $ 197,343 $ 94,727 $ 1,725 $ 293,795 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2022 $ (1,312) $ (37) $ 344 $ (1,005) First Lien Term Loans Subordinated Debt Equity Investments Total Balance as of February 8, 2022 (inception) $ — $ — $ — $ — Purchase of investments 206,115 113,970 1,381 321,466 Proceeds from principal repayments and sales of investments (7,590) (19,000) — (26,590) Amortization of premium/accretion of discount, net 116 75 — 191 Net realized gain (loss) on investments 14 (281) — (267) Net change in unrealized appreciation (depreciation) on investments (1,312) (37) 344 (1,005) Balance as of June 30, 2022 $ 197,343 $ 94,727 $ 1,725 $ 293,795 Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held as of June 30, 2022 $ (1,312) $ (37) $ 344 $ (1,005) |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements of assets as of June 30, 2023 and December 31, 2022 were as follows: Investment Type Fair Value at June 30, 2023 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 273,875 Yield Method Discount Rate 8.82 % 14.25 % 11.19 % First Lien Term Loans 20,680 Recent Transaction Transaction Price 98.00 100.00 98.61 Subordinated Debt 89,541 Yield Method Discount Rate 11.57 % 22.51 % 14.28 % Equity Investments 5,179 Market Approach EBITDA Multiple 8.00x 19.50x 10.79x Total $ 389,275 Equity investments in the amount of $311 at June 30, 2023 have been excluded from the table above as the investments are valued using recent transaction price. Investment Type Fair Value at December 31, 2022 Valuation Techniques Unobservable Inputs Ranges Weighted Average First Lien Term Loans $ 228,304 Yield Method Implied Discount Rate 8.98 % 13.37 % 10.63 % First Lien Term Loans 21,363 Recent Transaction Transaction Price 98.01 98.08 98.05 Subordinated Debt 88,391 Yield Method Implied Discount Rate 8.88 % 17.94 % 13.39 % Subordinated Debt 5,418 Recent Transaction Transaction Price 97.58 98.08 97.82 Equity Investments 3,144 Enterprise Value EBITDA Multiple 9.25x 13.50x 10.93x Total $ 346,620 Equity investments in the amount of $1,194 at December 31, 2022 have been excluded from the table above as the investments are valued using recent transaction price. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Expenses Reimbursed by the Advisor | The following table presents a cumulative summary of the expense payments and reimbursement payments since the Fund’s commencement of operations, comprised primarily of organizational expenses, offering costs and professional fees: For the Quarter Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payments Reimbursement Eligibility Expiration March 31, 2022 $ 983 $ — $ 983 March 31, 2025 June 30, 2022 677 — 677 June 30, 2025 September 30, 2022 379 — 379 September 30, 2025 December 31, 2022 176 — 176 December 31, 2025 March 31, 2023 198 — 198 March 31, 2026 June 30, 2023 113 — 113 June 30, 2026 Total $ 2,526 $ — $ 2,526 |
SECURED BORROWINGS (Tables)
SECURED BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The borrowing consisted of the following as of June 30, 2023 and December 31, 2022: June 30, 2023 Bank of America Credit Facility Total Total Commitment $ 250,000 $ 250,000 Borrowings Outstanding (1) 133,000 133,000 Unused Portion (2) 117,000 117,000 Amount Available (3) 98,834 98,834 _______________ (1) Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. December 31, 2022 Bank of America Credit Facility Total Total Commitment $ 250,000 $ 250,000 Borrowings Outstanding (1) 155,000 155,000 Unused Portion (2) 95,000 95,000 Amount Available (3) 81,855 81,855 ______________ (1) Borrowings outstanding on the consolidated statement of assets and liabilities are net of deferred financing costs. (2) The unused portion is the amount upon which commitment fees are based. (3) Available for borrowing based on the computation of collateral to support the borrowings and subject to compliance with applicable covenants and financial ratios. For the three and six months ended June 30, 2023 and for the three months ended June 30, 2022 and from February 8, 2022 (inception) through June 30, 2022,the components of interest expense and debt financing expenses were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (1) Borrowing interest expense $ 2,441 $ 465 $ 4,769 $ 465 Unused fees 118 86 227 86 Amortization of deferred financing costs (2) 39 16 78 16 Total interest and debt financing expenses $ 2,598 $ 567 $ 5,074 $ 567 Average interest rate (3) 7.75 % 3.00 % 7.36 % 3.00 % Average daily borrowings $ 132,335 $ 91,944 $ 136,890 $ 91,944 _______________ (1) Period from February 8, 2022 (inception) through June 30, 2022. (2) For the three and six months ended June 30, 2023, $2 and $2, respectively, of deferred financing costs were designated for reimbursement pursuant to the Expense Support Agreement. For the three and six months ended June 30, 2022, $373 and $373, respectively, of deferred financing costs were designated for reimbursement pursuant to the Expense Support Agreement. (3) Average interest rate includes interest expense and unused fees. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Unfunded Commitments to Fund Delayed Draw Loans | As of June 30, 2023 and December 31, 2022, the Fund had the following unfunded commitments to fund delayed draw loans: Portfolio Company June 30, 2023 December 31, 2022 Acclaim MidCo $ 891 $ — ADPD Holdings, LLC 1,918 2,149 Chroma Color Corporation 381 — Evergreen Services Group, LLC — 267 Health Management Associates 415 — Heartland Veterinary Partners, LLC 4,540 5,000 Impact Parent Corporation 972 — Infobase Acquisition, Inc. 122 122 INS Intermediate 1,139 — ISG Merger Sub, LLC 1,282 1,282 ITSavvy, LLC 36 480 Kenco Group, Inc. 850 850 KL Bronco Acquisition, Inc. 599 599 Legacy Service Partners 479 — MEI Rigging & Crating 501 — Ovation Holdings, Inc. 705 — Patriot Growth Insurance Service 2,847 5,568 Pinnacle Supply Partners 1,455 — Randys Holdings, Inc 1,332 1,332 RTH 627 — SCP Eye Care Holdco, LLC 615 735 Transit Buyer LLC 1,157 — Trilon Group, LLC — 363 Victors CCC Buyer LLC 560 560 Wellspring Pharmaceutical — 1,895 Total unfunded commitments $ 23,423 $ 21,202 |
NET ASSETS (Tables)
NET ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Fund's Dividends Declared | The following table summarizes the Fund’s dividends declared for the period from February 8, 2022 (inception) through June 30, 2023. Class I Declaration Date Record Date Payment Date Dividend per Share Distribution Amount September 30, 2022 September 30, 2022 October 28, 2022 $0.870 (1) $9,170 October 31, 2022 October 31, 2022 November 28, 2022 $0.180 $1,897 November 30, 2022 November 30, 2022 December 28, 2022 $0.190 $2,003 December 31, 2022 December 31, 2022 January 28, 2023 $0.295 (2) $3,109 January 31, 2023 January 31, 2023 February 28, 2023 $0.200 $2,108 February 28, 2023 February 28, 2023 March 28, 2023 $0.200 $2,108 March 31, 2023 March 31, 2023 April 28, 2023 $0.230 $2,424 April 28, 2023 April 30, 2023 May 26, 2023 $0.240 $2,530 May 25, 2023 May 31, 2023 June 28, 2023 $0.240 $2,530 June 28, 2023 June 30, 2023 July 28, 2023 $0.240 $2,605 _______________ (1) Represents monthly dividend of $0.14 per share for each of April 2022, May 2022 and June 2022, and monthly dividend of $0.15 per share for each of July 2022, August 2022 and September 2022. (2) Comprised of $0.19 regular dividend and $0.105 supplemental dividend attributable to accrued net investment income. |
CONSOLIDATED FINANCIAL HIGHLI_2
CONSOLIDATED FINANCIAL HIGHLIGHTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights for the six months ended June 30, 2023 and for the period from February 8, 2022 (inception) through June 30, 2022: Six Months Ended June 30, 2023 2022 * Per share data: Net asset value at beginning of period $ 24.70 $ — Net investment income (loss) 1.43 0.49 Net realized gains (losses) (1) 0.06 (0.03) Net change in unrealized appreciation (depreciation) (1) (0.21) (0.10) Net increase (decrease) in net assets resulting from operations 1.28 0.36 Stockholder distributions from income (2) (1.35) — Issuance of common shares — 25.00 Other (3) — — Net asset value at end of period $ 24.63 $ 25.36 Supplemental Data: Net assets at end of period $ 267,280 $ 267,303 Shares outstanding at end of period (1) 10,853,142 10,540,040 Total return 5.31 % 1.44 % Ratio to average net assets: Ratio of net expenses to average net assets (4) (5) 4.76 % 1.12 % Ratio of net investment income (loss) to average net assets (4) 11.67 % 5.02 % Portfolio turnover rate (6) 3.60 % 9.01 % Asset coverage ratio 300.96 % 377.00 % _______________ *For the period February 8, 2022 (inception) through June 30, 2022 (1) The per share data was derived by using the weighted average shares outstanding during the period. (2) The per share data for distributions reflects the actual amount of distributions declared during the period. (3) Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (4) Ratios are annualized except for expense support amounts relating to organizational costs and interest expense on the Note. The ratio of total expenses to average net assets was 5.01% and 1.70% for the period ending June 30, 2023 and for the period February 8, 2022 (inception) through June 30, 2022, respectively, on an annualized basis, excluding the effect of expense support which represented (0.25)% and (0.58)%, respectively, of average net assets, and excluding the effect of waived management fees and incentive fees which represented (0.45)% and (1.01)% of average net assets for the period ending June 30, 2023. There were no management fees or incentive fees incurred or waived for the period February 8, 2022 (inception) through June 30, 2022. Average net assets is calculated utilizing quarterly net assets. (5) The ratio of interest and debt financing expenses to average net assets for the period ending June 30, 2023 and the period February 8, 2022 (inception) through June 30, 2022, was 3.90% and 0.00%, respectively, Average net assets is calculated utilizing quarterly net assets. (6) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. |
ORGANIZATION (Details)
ORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 03, 2022 | Mar. 31, 2022 | Mar. 30, 2022 | Jun. 30, 2023 |
Schedule of Equity Method Investments [Line Items] | ||||
Sale of stock | $ 2,500,000 | |||
TIAA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Portfolio investments to the fund amount | $ 296,231 | |||
TIAA | Affiliated Entity | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Capital commitments | $ 263,500 | |||
Debt instrument, periodic payment, principal | $ 32,731 | |||
Debt instrument, periodic payment, interest | $ 226 | |||
TIAA | Common Class I | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Purchased and sold shares (in share) | 40 | |||
Issuance Price per share (in dollars per share) | $ 25 | |||
Issuance of shares (in shares) | 10,540,000 | |||
Shares issued price per share (in dollars per share) | $ 25 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fair Value | $ 396,192,000 | $ 396,192,000 | $ 349,518,000 | ||||
Payment-in-kind interest income | 506,000 | $ 239,000 | $ 239,000 | 1,074,000 | |||
Dividend income | 25,000 | 0 | 0 | 98,000 | |||
Other income | 12,000 | 0 | 0 | 31,000 | |||
Offering costs | 115,000 | 92,000 | 150,000 | 313,000 | |||
Noninterest expense offering cost | 150,000 | 36,000 | 40,000 | [1] | 281,000 | $ 40,000 | |
Non-controlled/Non-affiliated | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fair Value | 389,586,000 | 389,586,000 | 349,518,000 | ||||
Payment-in-kind interest income | 506,000 | 239,000 | 239,000 | [1] | 1,074,000 | ||
Dividend income | 25,000 | 0 | 0 | [1] | 98,000 | ||
Other income | 12,000 | $ 0 | $ 0 | [1] | 31,000 | ||
Payment in Kind (PIK) Note | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Fair Value | $ 64,683,000 | $ 64,683,000 | $ 70,361,000 | ||||
Investment Type Concentration Risk | Investments At Fair Value | Payment in Kind (PIK) Note | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Concentration risk, percentage | 16.60% | 20.13% | |||||
[1]Period from February 8, 2022 (inception) through June 30, 2022. |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 396,192 | $ 349,518 |
First Lien Term Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 294,555 | 251,371 |
Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 89,541 | 93,809 |
Equity Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,490 | 4,338 |
Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,606 | |
Second Lien Term Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 34,229 | 30,906 |
Mezzanine Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 55,312 | 62,903 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,606 | 0 |
Level 1 | First Lien Term Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 1 | Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 1 | Equity Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 1 | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,606 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 1,704 |
Level 2 | First Lien Term Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 1,704 |
Level 2 | Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | Equity Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 389,586 | 347,814 |
Level 3 | First Lien Term Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 294,555 | 249,667 |
Level 3 | Subordinated Debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 89,541 | 93,809 |
Level 3 | Equity Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 5,490 | $ 4,338 |
Level 3 | Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 0 |
FAIR VALUE MEASUREMENTS - Sch_2
FAIR VALUE MEASUREMENTS - Schedule of Reconciliation of the Beginning and Ending Balances for Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | |
Total | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 376,415 | $ 296,231 | $ 0 | $ 347,814 |
Purchase of investments | 23,348 | 25,235 | 321,466 | 53,529 |
Proceeds from principal repayments and sales of investments | (12,069) | (26,590) | (26,590) | (13,404) |
Payment-in-kind interest | 511 | 1,074 | ||
Amortization of premium/accretion of discount, net | 210 | 191 | 191 | 490 |
Transfers to Level 3 | 1,771 | 1,704 | ||
Ending balance | 389,586 | 293,795 | 293,795 | 389,586 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held | (720) | (1,005) | (1,005) | (1,738) |
Total | Net realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 610 | (267) | (267) | 618 |
Total | Net change in unrealized appreciation (depreciation) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | (1,210) | (1,005) | (1,005) | (2,239) |
First Lien Term Loans | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 271,509 | 180,987 | 0 | 249,668 |
Purchase of investments | 22,496 | 25,128 | 206,115 | 46,514 |
Proceeds from principal repayments and sales of investments | (1,465) | (7,590) | (7,590) | (2,800) |
Payment-in-kind interest | 0 | 0 | ||
Amortization of premium/accretion of discount, net | 153 | 116 | 116 | 352 |
Transfers to Level 3 | 1,771 | 1,704 | ||
Ending balance | 294,555 | 197,343 | 197,343 | 294,555 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held | 83 | (1,312) | (1,312) | (898) |
First Lien Term Loans | Net realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 8 | 14 | 14 | 15 |
First Lien Term Loans | Net change in unrealized appreciation (depreciation) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 83 | (1,312) | (1,312) | (898) |
Subordinated Debt | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 99,293 | 113,970 | 0 | 93,808 |
Purchase of investments | 422 | 0 | 113,970 | 5,467 |
Proceeds from principal repayments and sales of investments | (10,212) | (19,000) | (19,000) | (10,212) |
Payment-in-kind interest | 511 | 1,074 | ||
Amortization of premium/accretion of discount, net | 57 | 75 | 75 | 138 |
Transfers to Level 3 | 0 | 0 | ||
Ending balance | 89,541 | 94,727 | 94,727 | 89,541 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held | (542) | (37) | (37) | (721) |
Subordinated Debt | Net realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 311 | (281) | (281) | 312 |
Subordinated Debt | Net change in unrealized appreciation (depreciation) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | (841) | (37) | (37) | (1,046) |
Equity Investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 5,613 | 1,274 | 0 | 4,338 |
Purchase of investments | 430 | 107 | 1,381 | 1,548 |
Proceeds from principal repayments and sales of investments | (392) | 0 | 0 | (392) |
Payment-in-kind interest | 0 | 0 | ||
Amortization of premium/accretion of discount, net | 0 | 0 | 0 | 0 |
Transfers to Level 3 | 0 | 0 | ||
Ending balance | 5,490 | 1,725 | 1,725 | 5,490 |
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held | (261) | 344 | 344 | (119) |
Equity Investments | Net realized gain (loss) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | 291 | 0 | 0 | 291 |
Equity Investments | Net change in unrealized appreciation (depreciation) on investments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Total gains or losses included in earnings | $ (452) | $ 344 | $ 344 | $ (295) |
FAIR VALUE MEASUREMENTS - Sch_3
FAIR VALUE MEASUREMENTS - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - Level 3 | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 389,275,000 | $ 346,620,000 |
First Lien Term Loans | Yield Method | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 273,875,000 | $ 228,304,000 |
First Lien Term Loans | Yield Method | Low | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.0882 | 0.0898 |
First Lien Term Loans | Yield Method | High | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1425 | 0.1337 |
First Lien Term Loans | Yield Method | Weighted Average | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1119 | 0.1063 |
First Lien Term Loans | Recent Transaction | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 20,680,000 | $ 21,363,000 |
First Lien Term Loans | Recent Transaction | Low | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 98 | 98.01 |
First Lien Term Loans | Recent Transaction | High | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 100 | 98.08 |
First Lien Term Loans | Recent Transaction | Weighted Average | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 98.61 | 98.05 |
Subordinated Debt | Yield Method | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 89,541,000 | $ 88,391,000 |
Subordinated Debt | Yield Method | Low | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1157 | 0.0888 |
Subordinated Debt | Yield Method | High | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.2251 | 0.1794 |
Subordinated Debt | Yield Method | Weighted Average | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 0.1428 | 0.1339 |
Subordinated Debt | Recent Transaction | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 5,418,000 | |
Subordinated Debt | Recent Transaction | Low | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 97.58 | |
Subordinated Debt | Recent Transaction | High | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 98.08 | |
Subordinated Debt | Recent Transaction | Weighted Average | Transaction Price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 97.82 | |
Equity Investments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments valued using recent transactions | $ 311,000 | $ 1,194,000 |
Equity Investments | Market Approach | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 5,179,000 | |
Equity Investments | Market Approach | Low | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 8 | |
Equity Investments | Market Approach | High | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 19.5 | |
Equity Investments | Market Approach | Weighted Average | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 10.79 | |
Equity Investments | Enterprise Value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 3,144,000 | |
Equity Investments | Enterprise Value | Low | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 9.25 | |
Equity Investments | Enterprise Value | High | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 13.5 | |
Equity Investments | Enterprise Value | Weighted Average | EBITDA Multiple | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Measurement input | 10.93 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) | 3 Months Ended | 5 Months Ended | 6 Months Ended | |||||||||
Jan. 10, 2023 | Aug. 03, 2022 | Aug. 02, 2022 | Jun. 03, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) member | Jun. 30, 2022 USD ($) | Mar. 31, 2022 | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) member part | Dec. 31, 2022 USD ($) | ||
Related Party Transaction [Line Items] | ||||||||||||
Management fees | $ 165,000 | $ 0 | $ 0 | [1] | $ 165,000 | |||||||
Income based incentive fees | 373,000 | 0 | 0 | [1] | 373,000 | |||||||
Administration fees | $ 120,000 | 65,000 | 75,000 | [1] | $ 238,000 | |||||||
Number of board members | member | 7 | 7 | ||||||||||
Number of independent directors | member | 4 | 4 | ||||||||||
Directors' fees | $ 127,000 | 126,000 | 129,000 | [1] | $ 252,000 | |||||||
Directors’ fees payable | 127,000 | 127,000 | $ 128,000 | |||||||||
Accounts payable and accrued expenses | 1,412,000 | 1,412,000 | 1,386,000 | |||||||||
Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Income based incentive fees | 373,000 | 0 | 0 | 373,000 | ||||||||
Income based incentive fee payable | 0 | $ 0 | ||||||||||
Affiliated Entity | TIAA | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Capital commitments | $ 263,500,000 | |||||||||||
Interest rate, stated percentage | 4% | 4% | ||||||||||
Debt instrument, periodic payment, principal | $ 32,731,000 | |||||||||||
Debt instrument, periodic payment, interest | $ 226,000 | |||||||||||
Investment Advisory Agreements | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, period of written notice | 120 days | 60 days | ||||||||||
Related party transaction, initial term | 2 years | |||||||||||
Related party transaction period of written notice by fund | 60 days | |||||||||||
Number of components | part | 2 | |||||||||||
Base Management Fee | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Base management fee percentage | 0.75% | |||||||||||
Management fees | 165,000 | 0 | 0 | $ 165,000 | ||||||||
Management fees payable | 0 | 0 | ||||||||||
Quarterly Hurdle Rate | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 1.50% | |||||||||||
Annualized Hurdle Rate | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 6% | |||||||||||
Pre-Incentive Fee Net Investment Income below catch-up threshold | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 100% | |||||||||||
Quarterly Catch-Up Threshold | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 1.76% | |||||||||||
Investment Advisory Agreement - Incentive Rate, Annualized Catch-Up Threshold | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 7.06% | |||||||||||
Pre-Incentive Fee Net Investment Income Exceeds Catch-Up Threshold | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 15% | |||||||||||
Realized Capital Gains | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Incentive fee percentage | 15% | |||||||||||
Sub-Advisory Agreement | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, period of written notice | 120 days | 60 days | ||||||||||
Related party transaction, initial term | 2 years | |||||||||||
Management and service fees, rate | 0.375% | |||||||||||
Administrative Agreement | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Administration fees | 120,000 | $ 65,000 | $ 75,000 | 238,000 | ||||||||
Administration fees payable | 420,000 | 420,000 | 246,000 | |||||||||
Intermediary Manager Agreement | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction period of written notice by fund | 60 days | |||||||||||
Percentage of shareholder servicing fees, proceeds from sale of such share | 10% | 10% | ||||||||||
Percentage of underwriting compensation, net | 10% | 10% | ||||||||||
Percentage of expense, proceeds from offering | 15% | 15% | ||||||||||
Intermediary Manager Agreement | Affiliated Entity | Common Class S | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shareholder servicing fees monthly, annual rate | 0.85% | 0.85% | ||||||||||
Intermediary Manager Agreement | Affiliated Entity | Common Class D | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Shareholder servicing fees monthly, annual rate | 0.25% | 0.25% | ||||||||||
Unreimbursed Expense Payments | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, expense payment period | 45 days | |||||||||||
Unreimbursed Expense Payments | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Related party transaction, period of reimbursement payment | 3 years | |||||||||||
Advisor And Administrator | Affiliated Entity | ||||||||||||
Related Party Transaction [Line Items] | ||||||||||||
Accounts payable and accrued expenses | $ 206,000 | $ 206,000 | $ 231,000 | |||||||||
[1]Period from February 8, 2022 (inception) through June 30, 2022. |
RELATED PARTY TRANSACTIONS - Sc
RELATED PARTY TRANSACTIONS - Schedule of Expenses Reimbursed by the Adviser (Details) - Expense Support Agreement - Affiliated Entity - USD ($) $ in Thousands | 3 Months Ended | 18 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | |||||||
Expense Payments by Adviser | $ 113 | $ 198 | $ 176 | $ 379 | $ 677 | $ 983 | $ 2,526 |
Reimbursement Payments to Adviser | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unreimbursed Expense Payments | $ 113 | $ 198 | $ 176 | $ 379 | $ 677 | $ 983 | $ 2,526 |
SECURED BORROWINGS - Narrative
SECURED BORROWINGS - Narrative (Details) - USD ($) | 6 Months Ended | |||
Oct. 04, 2022 | Oct. 03, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Asset coverage ratio | 300.96% | 267.94% | ||
Maximum facility amount available | $ 250,000,000 | $ 250,000,000 | ||
Bank of America Credit Facility | Secured Borrowings | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum facility amount available | $ 250,000,000 | $ 200,000,000 | $ 250,000,000 | $ 250,000,000 |
Bank of America Credit Facility | Secured Borrowings | Secured Overnight Financing Rate (SOFR) | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Percentage of interest rate | 2.15% | 2% | 2.40% | |
Bank of America Credit Facility | Secured Borrowings | Secured Overnight Financing Rate (SOFR) | Credit Facility | One Year After Closing Date | ||||
Debt Instrument [Line Items] | ||||
Percentage of interest rate | 2.40% |
SECURED BORROWINGS - Schedule o
SECURED BORROWINGS - Schedule of Borrowings (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 04, 2022 | Oct. 03, 2022 |
Debt Instrument [Line Items] | ||||
Total Commitment | $ 250,000,000 | $ 250,000,000 | ||
Borrowings Outstanding | 133,000,000 | 155,000,000 | ||
Unused Portion | 117,000,000 | 95,000,000 | ||
Amount Available | 98,834,000 | 81,855,000 | ||
Bank of America Credit Facility | Secured Borrowings | Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Total Commitment | 250,000,000 | 250,000,000 | $ 250,000,000 | $ 200,000,000 |
Borrowings Outstanding | 133,000,000 | 155,000,000 | ||
Unused Portion | 117,000,000 | 95,000,000 | ||
Amount Available | $ 98,834,000 | $ 81,855,000 |
SECURED BORROWINGS - Schedule_2
SECURED BORROWINGS - Schedule of Components of Interest Expense and Debt Financing Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 5 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Debt Disclosure [Abstract] | ||||||
Borrowing interest expense | $ 2,441 | $ 465 | $ 465 | $ 4,769 | ||
Unused fees | 118 | 86 | 86 | 227 | ||
Amortization of Debt Issuance Costs | 39 | 16 | 16 | 78 | ||
Total interest and debt financing expenses | $ 2,598 | $ 567 | $ 567 | [1] | $ 5,074 | |
Average interest rate | 7.75% | 3% | 3% | 7.36% | ||
Average daily borrowings | $ 132,335 | $ 91,944 | $ 91,944 | $ 136,890 | ||
Deferred financing costs were designated for reimbursement | $ 2 | $ 373 | $ 2 | $ 373 | ||
[1]Period from February 8, 2022 (inception) through June 30, 2022. |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | $ 23,423 | $ 21,202 |
Investment, Identifier [Axis]: ADPD Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,918 | 2,149 |
Investment, Identifier [Axis]: Acclaim MidCo | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 891 | 0 |
Investment, Identifier [Axis]: Chroma Color Corporation | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 381 | 0 |
Investment, Identifier [Axis]: Evergreen Services Group, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 267 |
Investment, Identifier [Axis]: Health Management Associates | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 415 | 0 |
Investment, Identifier [Axis]: Heartland Veterinary Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 4,540 | 5,000 |
Investment, Identifier [Axis]: INS Intermediate | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,139 | 0 |
Investment, Identifier [Axis]: ISG Merger Sub, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,282 | 1,282 |
Investment, Identifier [Axis]: ITSavvy, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 36 | 480 |
Investment, Identifier [Axis]: Impact Parent Corporation | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 972 | 0 |
Investment, Identifier [Axis]: Infobase Acquisition, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 122 | 122 |
Investment, Identifier [Axis]: KL Bronco Acquisition, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 599 | 599 |
Investment, Identifier [Axis]: Kenco Group, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 850 | 850 |
Investment, Identifier [Axis]: Legacy Service Partners | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 479 | 0 |
Investment, Identifier [Axis]: MEI Rigging & Crating | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 501 | 0 |
Investment, Identifier [Axis]: Ovation Holdings, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 705 | 0 |
Investment, Identifier [Axis]: Patriot Growth Insurance Service | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 2,847 | 5,568 |
Investment, Identifier [Axis]: Pinnacle Supply Partners | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,455 | 0 |
Investment, Identifier [Axis]: RTH | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 627 | 0 |
Investment, Identifier [Axis]: Randys Holdings, Inc | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,332 | 1,332 |
Investment, Identifier [Axis]: SCP Eye Care Holdco, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 615 | 735 |
Investment, Identifier [Axis]: Transit Buyer LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 1,157 | 0 |
Investment, Identifier [Axis]: Trilon Group, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 0 | 363 |
Investment, Identifier [Axis]: Victors CCC Buyer LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | 560 | 560 |
Investment, Identifier [Axis]: Wellspring Pharmaceutical | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Unfunded commitments to fund delayed draw loans | $ 0 | $ 1,895 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Cash | $ 10,477 | $ 65,785 |
Unused Portion | 117,000 | $ 95,000 |
Unused Portion Under the Bank of America Credit Facility | ||
Debt Instrument [Line Items] | ||
Unused Portion | $ 98,834 |
NET ASSETS - Narrative (Details
NET ASSETS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 30, 2022 | Jun. 30, 2023 | |
Class of Stock [Line Items] | |||
Shares issued for distribution reinvestment plan (in shares) | 0 | ||
Maximum number of shares to be repurchased, percent | 5% | ||
Common stock market price percent of NAV, threshold | 98% | ||
Common shares repurchased (in shares) | 0 | ||
TIAA | |||
Class of Stock [Line Items] | |||
Portfolio investments to the fund amount | $ 296,231 | ||
Share repurchase program, percentage of outstanding shares offered to repurchase, NAV | 1.67% | ||
TIAA | Common Class I | |||
Class of Stock [Line Items] | |||
Purchased and sold shares (in share) | 40 | ||
Issuance Price per share (in dollars per share) | $ 25 | ||
Issuance of shares (in shares) | 10,540,000 | ||
Shares issued price per share (in dollars per share) | $ 25 |
NET ASSETS - Schedule of Fund's
NET ASSETS - Schedule of Fund's Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |||||||||||||||
Jun. 28, 2023 | May 25, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | |
Class of Stock [Line Items] | ||||||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.14 | $ 0.14 | $ 0.14 | ||||||||||
Regular Dividend | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividend per share (in dollars per share) | $ 0.19 | |||||||||||||||
Special Dividend | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividend per share (in dollars per share) | 0.105 | |||||||||||||||
Common Class I | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividend per share (in dollars per share) | $ 0.240 | $ 0.240 | $ 0.240 | $ 0.230 | $ 0.200 | $ 0.200 | $ 0.295 | $ 0.190 | $ 0.180 | $ 0.870 | ||||||
Distribution Amount | $ 2,605 | $ 2,530 | $ 2,530 | $ 2,424 | $ 2,108 | $ 2,108 | $ 3,109 | $ 2,003 | $ 1,897 | $ 9,170 |
CONSOLIDATED FINANCIAL HIGHLI_3
CONSOLIDATED FINANCIAL HIGHLIGHTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 5 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Feb. 07, 2022 | [1] | ||
Per share data: | ||||||||
Net asset value at beginning of period (in dollars per share) | $ 24.70 | |||||||
Net asset value at end of period (in dollars per share) | $ 24.63 | |||||||
Supplemental Data: | ||||||||
Net assets at end of period | $ 267,303 | [1] | $ 267,280 | $ 259,852 | $ 260,301 | $ 263,488 | $ 0 | |
Shares outstanding at end of period (in shares) | 10,853,142 | 10,540,040 | ||||||
Total return | 1.44% | 5.31% | ||||||
Ratio to average net assets: | ||||||||
Ratio of net expenses to average net assets | 1.12% | 4.76% | ||||||
Ratio of net investment income (loss) to average net assets | 5.02% | 11.67% | ||||||
Portfolio turnover rate | 9.01% | 3.60% | ||||||
Asset coverage ratio | 377% | 300.96% | ||||||
Ratio of total expenses to average net assets | 1.70% | 5.01% | ||||||
Effect of expense support to average net assets ratio | (0.58%) | (0.25%) | ||||||
Effect of waived management fees | 0% | (0.45%) | ||||||
Effect of waived incentive fees | 0% | (1.01%) | ||||||
Ratio of interest and debt financing expenses to average net assets | 0% | 3.90% | ||||||
Common Class I | ||||||||
Per share data: | ||||||||
Net asset value at beginning of period (in dollars per share) | $ 0 | $ 24.70 | ||||||
Net investment income (loss) (in dollars per share) | 0.49 | 1.43 | ||||||
Net realized gains (losses) (in dollars per share) | (0.03) | 0.06 | ||||||
Net change in unrealized appreciation (depreciation) (in dollars per share) | (0.10) | (0.21) | ||||||
Net increase (decrease) in net assets resulting from operations (in dollars per share) | 0.36 | 1.28 | ||||||
Shareholder distributions from income (in dollars per share) | 0 | (1.35) | ||||||
Issuance of common shares (in dollars per share) | 25 | 0 | ||||||
Other (in dollars per share) | 0 | 0 | ||||||
Net asset value at end of period (in dollars per share) | $ 25.36 | $ 24.63 | ||||||
Supplemental Data: | ||||||||
Shares outstanding at end of period (in shares) | 10,540,040 | 10,853,142 | ||||||
[1]Period from February 8, 2022 (inception) through June 30, 2022. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | 1 Months Ended | |||||||||||||||||
Jul. 28, 2023 | Jun. 28, 2023 | May 25, 2023 | Apr. 28, 2023 | Mar. 31, 2023 | Feb. 28, 2023 | Jan. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 01, 2023 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Jun. 30, 2022 | May 31, 2022 | Apr. 30, 2022 | |
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.14 | $ 0.14 | $ 0.14 | ||||||||||||
Regular Dividend | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.19 | |||||||||||||||||
Special Dividend | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend per share (in dollars per share) | 0.105 | |||||||||||||||||
Common Class I | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.240 | $ 0.240 | $ 0.240 | $ 0.230 | $ 0.200 | $ 0.200 | $ 0.295 | $ 0.190 | $ 0.180 | $ 0.870 | ||||||||
Subsequent Event | Common Class I | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Net proceeds received | $ 289,600,000 | |||||||||||||||||
Subsequent Event | Common Class I | Regular Dividend | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.25 | |||||||||||||||||
Subsequent Event | Common Class I | Special Dividend | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividend per share (in dollars per share) | $ 0.02 |