Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 814-01639 | |
Entity Registrant Name | New Mountain Guardian IV Income Fund, L.L.C. | |
Entity Address, Address Line One | 1633 Broadway, 48th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10019 | |
City Area Code | 212 | |
Local Phone Number | 720-0300 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 92-0964074 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 24,525,250 | |
Entity Central Index Key | 0001976719 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
Statements of Assets, Liabiliti
Statements of Assets, Liabilities and Members' Capital - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Assets | ||||
Non-controlled/non-affiliated investments at fair value (cost of $238,299 and $85,367, respectively) | $ 240,081 | [1] | $ 86,613 | [2] |
Cash and cash equivalents | 39,289 | 19,876 | ||
Interest receivable | 1,513 | 687 | ||
Other assets | 127 | 148 | ||
Total assets | 281,010 | 107,324 | ||
Borrowings | ||||
Deferred financing costs (net of accumulated amortization of $220 and $68, respectively) | (200) | (144) | ||
Net borrowings | (200) | (144) | ||
Payable for unsettled securities purchased | 28,974 | 0 | ||
Distribution payable | 3,749 | 0 | ||
Accrued organizational and offering expenses | 752 | 804 | ||
Incentive fee payable | 434 | 153 | ||
Management fee payable | 296 | 120 | ||
Interest payable | 0 | 66 | ||
Total liabilities | 35,102 | 1,494 | ||
Commitments and contingencies (See Note 8) | ||||
Members' Capital | ||||
Common units, $24,525,250 and $10,560,000 units issued and outstanding, respectively | 245,097 | 105,445 | ||
Accumulated underdistributed earnings | 811 | 385 | ||
Total members' capital | 245,908 | 105,830 | ||
Total liabilities and members' capital | $ 281,010 | $ 107,324 | ||
Members' capital per unit (in dollars per share) | $ 10.03 | $ 10.02 | ||
Payable to affiliate | ||||
Borrowings | ||||
Payable to affiliates/ Other liabilities | $ 73 | $ 63 | ||
Nonrelated Party | ||||
Borrowings | ||||
Payable to affiliates/ Other liabilities | 1,024 | 432 | ||
BMO Subscription Line | ||||
Borrowings | ||||
BMO Subscription Line | $ 0 | $ 0 | ||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Statements of Assets, Liabili_2
Statements of Assets, Liabilities and Members' Capital (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Statement of Financial Position [Abstract] | ||||
Investments, cost | $ 238,299 | [1] | $ 85,367 | [2] |
Deferred financing costs, accumulated amortization | $ 220 | $ 68 | ||
Common units, issued (in shares) | 24,525,250 | 10,560,000 | ||
Common units, outstanding (in shares) | 24,525,250 | 10,560,000 | ||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Statements of Operations
Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Investment income | ||||||
Interest income (excluding Payment-in-kind ("PIK") interest income) | $ 4,959 | $ 23 | [1] | $ 8,057 | $ 23 | [1] |
PIK interest income | 252 | 3 | [1] | 396 | 3 | [1] |
Fee income | 581 | 21 | [1] | 1,039 | 21 | [1] |
Total investment income | 5,792 | 47 | [1] | 9,492 | 47 | [1] |
Expenses | ||||||
Interest and other financing expenses | 751 | 3 | [1] | 889 | 3 | [1] |
Incentive fee | 434 | 0 | [1] | 725 | ||
Management fee | 460 | 6 | 676 | 6 | ||
Professional fees | 281 | 83 | [1] | 499 | 83 | [1] |
Administrative expenses | 233 | 76 | [1] | 462 | 76 | [1] |
Organizational and offering expenses | 0 | 508 | [1] | 142 | 508 | [1] |
Other general and administrative expenses | 27 | 9 | [1] | 58 | 9 | [1] |
Total expenses | 2,186 | 685 | [1] | 3,451 | 685 | [1] |
Less: expenses waived (See Note 5) | (139) | (30) | [1] | (213) | (30) | [1] |
Less: management fees waived (See Note 5) | (164) | (3) | (272) | (3) | ||
Net expenses | 1,883 | 652 | [1] | 2,966 | 652 | [1] |
Net investment income (loss) | 3,909 | (605) | [1] | 6,526 | (605) | [1] |
Net realized gains (losses) on investments | 4 | 0 | [1] | 4 | 0 | [1] |
Net change in unrealized appreciation (depreciation) of investments | (7) | 46 | [2] | 536 | 46 | [2],[3] |
Net realized and unrealized gains (losses) | (3) | 46 | [1] | 540 | 46 | [1] |
Net increase (decrease) in members' capital resulting from operations | $ 3,906 | $ (559) | [1] | $ 7,066 | $ (559) | [1],[3] |
Earnings (loss) per unit - basic (in dollars per share) | $ 0.23 | $ (1.19) | [1] | $ 0.52 | $ (1.19) | [1] |
Earnings (loss) per unit - diluted (in dollars per share) | $ 0.23 | $ (1.19) | [1] | $ 0.52 | $ (1.19) | [1] |
Weighted average common units outstanding - basic (in shares) | 16,852,036 | 469,792 | [1] | 13,706,018 | 469,792 | [1] |
Weighted average common units outstanding - diluted (in shares) | 16,852,036 | 469,792 | [1] | 13,706,018 | 469,792 | [1] |
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Statements of Changes in Member
Statements of Changes in Members' Capital - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Increase (decrease) in members' capital resulting from operations: | ||||||
Net investment income (loss) | $ 3,909 | $ (605) | [1] | $ 6,526 | $ (605) | [1] |
Net realized gains (losses) on investments | 4 | 0 | [1] | 4 | 0 | [1] |
Net change in unrealized appreciation (depreciation) of investments | (7) | 46 | [2] | 536 | 46 | [2],[3] |
Net increase (decrease) in members' capital resulting from operations | 3,906 | (559) | [1] | 7,066 | (559) | [1],[3] |
Capital transactions | ||||||
Contributions | 139,653 | 10,499 | [2] | 139,653 | 10,499 | [2] |
Placement fees | (9) | 0 | [2] | (9) | 0 | [2] |
Distributions declared to unitholders from net investment income | (3,749) | 0 | [2] | (6,632) | 0 | [2] |
Total net increase (decrease) in members' capital resulting from capital transactions | 135,895 | 10,499 | [2] | 133,012 | 10,499 | [2] |
Net increase (decrease) in members' capital | 139,801 | 9,940 | [2] | 140,078 | 9,940 | [2] |
Members' capital at the beginning of the period | 106,107 | 1 | [2] | 105,830 | 1 | [2] |
Members' capital at the end of the period | $ 245,908 | $ 9,941 | [2] | $ 245,908 | $ 9,941 | [2] |
Units issued (in shares) | 13,965,250 | 1,049,900 | [2] | 13,965,250 | 1,049,900 | [2] |
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 8 Months Ended | |||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | [2] | Jun. 30, 2023 | |||
Cash flows from operating activities | ||||||||
Net increase (decrease) in members' capital resulting from operations | $ 3,906 | $ (559) | [1] | $ 7,066 | $ (559) | [1] | ||
Adjustments to reconcile net increase in members' capital resulting from operations to net cash used in operating activities: | ||||||||
Net realized (gains) losses on investments | (4) | 0 | ||||||
Net change in unrealized (appreciation) depreciation of investments | 7 | (46) | [3] | (536) | (46) | [3] | ||
Amortization of purchase discount | (370) | (8) | ||||||
Amortization of deferred financing costs | 152 | 0 | ||||||
Amortization of deferred offering costs | 107 | 15 | ||||||
Non-cash investment income | (358) | 0 | ||||||
(Increase) decrease in operating assets: | ||||||||
Proceeds from sales and paydowns of investments | 13,331 | 4 | ||||||
Cash repayments on drawn revolvers | 1,085 | 0 | ||||||
Cash received for purchase of undrawn portion of revolving credit or delayed draw facilities | 68 | 0 | ||||||
Interest and dividend receivable | (826) | (18) | ||||||
Other assets | (84) | (22) | ||||||
Increase (decrease) in operating liabilities: | ||||||||
Payable for unsettled securities purchased | 28,974 | 2,100 | ||||||
Interest payable | (66) | 3 | ||||||
Incentive fee payable | 281 | 0 | ||||||
Management fee payable | 176 | 3 | ||||||
Accrued organizational and offering expenses | (52) | 655 | ||||||
Payable to affiliate | 10 | 79 | ||||||
Other liabilities | 570 | (82) | ||||||
Net cash flows used in operating activities | (117,160) | (3,114) | ||||||
Cash flows from financing activities | ||||||||
Distributions | (2,883) | 0 | ||||||
Net proceeds from issuance of common units | 139,653 | 10,499 | $ 10,500 | |||||
Proceeds from BMO Subscription Line | 57,200 | 0 | ||||||
Placement fees paid | (9) | 0 | ||||||
Deferred financing costs paid | (188) | 0 | ||||||
Net cash flows provided by financing activities | 136,573 | 15,499 | ||||||
Net increase (decrease) in cash and cash equivalents | 19,413 | 12,385 | ||||||
Cash and cash equivalents at the beginning of the period | 19,876 | 1 | ||||||
Cash and cash equivalents at the end of the period | 39,289 | 12,386 | [2] | 39,289 | 12,386 | 12,386 | [2] | |
Supplemental disclosure of cash flow information | ||||||||
Cash interest paid | 576 | 0 | ||||||
Non-cash financing activities: | ||||||||
Distributions declared and payable | $ 3,749 | $ 0 | [2] | 3,749 | 0 | $ 0 | [2] | |
Accrual for deferred credit facility costs | 57 | 53 | ||||||
Accrual for deferred offering costs | 2 | 170 | ||||||
BMO Subscription Line | ||||||||
Cash flows from financing activities | ||||||||
Repayment of Unsecured Management Company Revolver | (57,200) | 0 | ||||||
Unsecured Management Company Revolver | ||||||||
Cash flows from financing activities | ||||||||
Proceeds from BMO Subscription Line | 0 | 5,000 | ||||||
Delayed Drawn Facilities | ||||||||
(Increase) decrease in operating assets: | ||||||||
Purchase of investments and delayed draw facilities | (165,265) | (5,238) | ||||||
Drawn revolvers | ||||||||
(Increase) decrease in operating assets: | ||||||||
Purchase of investments and delayed draw facilities | (1,395) | 0 | ||||||
Drawn revolving credit facilities | ||||||||
(Increase) decrease in operating assets: | ||||||||
Purchase of investments and delayed draw facilities | $ (24) | $ 0 | ||||||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Schedule of Investments
Schedule of Investments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | ||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 238,299 | [1] | $ 85,367 | [2] | ||
Fair Value | $ 240,081 | [1] | $ 86,613 | [2] | ||
Percent of Members' Capital | 97.63% | [1] | 81.84% | [2] | ||
Percent of Total Investments at Fair Value | 100% | 100% | ||||
Total assets represented by investments at fair value (as a percent) | 3.49% | 2.61% | ||||
Non-controlled/Non-affiliated | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 238,299 | |||||
Fair Value | $ 240,081 | |||||
Percent of Members' Capital | 97.63% | |||||
Business Services | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 66,918 | $ 34,107 | ||||
Fair Value | $ 67,448 | 34,304 | ||||
Business Services | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 39.60% | 28.09% | ||||
Software | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 104,379 | 29,533 | ||||
Fair Value | $ 105,021 | 29,969 | ||||
Software | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 34.60% | 43.75% | ||||
Healthcare | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 23,562 | 9,342 | ||||
Fair Value | $ 23,706 | 9,387 | ||||
Healthcare | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 10.84% | 9.88% | ||||
Education | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 14,677 | 3,215 | ||||
Fair Value | $ 14,550 | 3,351 | ||||
Education | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 3.87% | 6.06% | ||||
Food & Beverage | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 8,803 | 3,937 | ||||
Fair Value | $ 9,411 | 4,335 | ||||
Food & Beverage | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 5.01% | 3.92% | ||||
Consumer Services | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 9,054 | 2,941 | ||||
Fair Value | $ 9,103 | 2,975 | ||||
Consumer Services | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 3.79% | |||||
Financial Services | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 5,925 | 2,292 | ||||
Fair Value | $ 5,937 | 2,292 | ||||
Financial Services | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 2.65% | 2.47% | ||||
Packaging | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 4,981 | |||||
Fair Value | $ 4,905 | |||||
Packaging | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 2.04% | |||||
Consumer Services | Investments at Fair Value | Industry Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 3.43% | |||||
Funded Debt Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 241,478 | 87,694 | ||||
Cost | 238,400 | 85,407 | ||||
Fair Value | $ 240,116 | $ 86,661 | ||||
Percent of Members' Capital | 97.64% | 81.89% | ||||
Funded Debt Investments | iCIMS, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 6,919 | |||||
Cost | 6,891 | |||||
Fair Value | $ 6,919 | |||||
Percent of Members' Capital | 2.81% | |||||
Funded Debt Investments | Al Altius US Bidco, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 4,372 | |||||
Cost | 4,347 | |||||
Fair Value | $ 4,372 | |||||
Percent of Members' Capital | 4.13% | |||||
Funded Debt Investments | Affinipay Midco, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,980 | [3] | $ 4,000 | |||
Cost | 3,979 | [3] | 4,001 | |||
Fair Value | $ 3,980 | [3] | $ 4,000 | |||
Percent of Members' Capital | 1.62% | 3.78% | ||||
Funded Debt Investments | Higginbotham Insurance Agency, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 4,345 | |||||
Cost | 4,334 | |||||
Fair Value | $ 4,345 | |||||
Percent of Members' Capital | 1.77% | |||||
Funded Debt Investments | USRP Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,613 | $ 3,436 | ||||
Cost | 3,598 | 3,424 | ||||
Fair Value | $ 3,613 | $ 3,436 | ||||
Percent of Members' Capital | 1.47% | 3.25% | ||||
Funded Debt Investments | Kaseya Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,362 | $ 3,258 | ||||
Cost | 3,332 | 3,228 | ||||
Fair Value | $ 3,362 | $ 3,258 | ||||
Percent of Members' Capital | 1.37% | 3.08% | ||||
Funded Debt Investments | Ncontracts, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,236 | |||||
Cost | 3,198 | |||||
Fair Value | $ 3,236 | |||||
Percent of Members' Capital | 1.32% | |||||
Funded Debt Investments | DOXA Insurance Holdings LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,597 | |||||
Cost | 3,563 | |||||
Fair Value | $ 3,597 | |||||
Percent of Members' Capital | 1.46% | |||||
Funded Debt Investments | Wealth Enhancement Group, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 2,449 | $ 2,000 | ||||
Cost | 2,446 | 2,001 | ||||
Fair Value | $ 2,449 | $ 2,000 | ||||
Percent of Members' Capital | 1% | 1.89% | ||||
Funded Debt Investments | Businessolver.com, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,813 | $ 1,796 | ||||
Cost | 1,813 | 1,796 | ||||
Fair Value | $ 1,813 | $ 1,796 | ||||
Percent of Members' Capital | 0.74% | 1.70% | ||||
Funded Debt Investments | More cowbell II LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,662 | $ 1,611 | ||||
Cost | 1,650 | 1,600 | ||||
Fair Value | $ 1,650 | $ 1,599 | ||||
Percent of Members' Capital | 0.67% | 1.51% | ||||
Funded Debt Investments | AWP Group Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,356 | $ 1,068 | ||||
Cost | 1,344 | 1,057 | ||||
Fair Value | $ 1,356 | $ 1,057 | ||||
Percent of Members' Capital | 0.55% | 1% | ||||
Funded Debt Investments | KENG Acquisition, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,090 | $ 1,071 | ||||
Cost | 1,078 | 1,059 | ||||
Fair Value | $ 1,090 | $ 1,059 | ||||
Percent of Members' Capital | 0.44% | 1% | ||||
Funded Debt Investments | Brave Parent Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 6,361 | |||||
Cost | 6,350 | |||||
Fair Value | $ 6,328 | |||||
Percent of Members' Capital | 2.57% | |||||
Funded Debt Investments | PDI TA Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,948 | |||||
Cost | 1,938 | |||||
Fair Value | $ 1,948 | |||||
Percent of Members' Capital | 0.79% | |||||
Funded Debt Investments | GS Acquisitionco, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 907 | |||||
Cost | 909 | |||||
Fair Value | $ 907 | |||||
Percent of Members' Capital | 0.37% | |||||
Funded Debt Investments | Accession Risk Management Group, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,706 | $ 361 | ||||
Cost | 1,706 | 361 | ||||
Fair Value | $ 1,706 | $ 361 | ||||
Percent of Members' Capital | 0.69% | 0.34% | ||||
Funded Debt Investments | Associations, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 9,482 | |||||
Cost | 9,474 | |||||
Fair Value | $ 9,474 | |||||
Percent of Members' Capital | 3.85% | |||||
Funded Debt Investments | YLG Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 5,145 | |||||
Cost | 5,145 | |||||
Fair Value | $ 5,145 | |||||
Percent of Members' Capital | 2.09% | |||||
Funded Debt Investments | PPV Intermediate Holdings, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 4,552 | |||||
Cost | 4,547 | |||||
Fair Value | $ 4,552 | |||||
Percent of Members' Capital | 1.85% | |||||
Funded Debt Investments | Nielsen Consumer Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [4] | $ 4,331 | ||||
Cost | [4] | 4,298 | ||||
Fair Value | [4] | $ 4,337 | ||||
Percent of Members' Capital | [4] | 1.76% | ||||
Funded Debt Investments | Diligent Corporation | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,675 | |||||
Cost | 3,661 | |||||
Fair Value | $ 3,661 | |||||
Percent of Members' Capital | 1.49% | |||||
Funded Debt Investments | Syndigo LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,181 | |||||
Cost | 3,023 | |||||
Fair Value | $ 3,168 | |||||
Percent of Members' Capital | 1.29% | |||||
Funded Debt Investments | IG Investments Holdings, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 956 | |||||
Cost | 956 | |||||
Fair Value | $ 956 | |||||
Percent of Members' Capital | 0.39% | |||||
Funded Debt Investments | Bullhorn, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 7,143 | |||||
Cost | 7,133 | |||||
Fair Value | $ 7,143 | |||||
Percent of Members' Capital | 2.90% | |||||
Funded Debt Investments | United States | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 240,805 | $ 87,021 | ||||
Cost | 237,734 | 84,741 | ||||
Fair Value | $ 239,443 | $ 85,995 | ||||
Percent of Members' Capital | 97.37% | 81.26% | ||||
Funded Debt Investments | Australia | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 673 | $ 673 | ||||
Cost | 666 | 666 | ||||
Fair Value | $ 673 | $ 666 | ||||
Percent of Members' Capital | 0.27% | 0.63% | ||||
Funded Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 238,400 | $ 85,407 | ||||
Fair Value | $ 240,116 | $ 86,661 | ||||
Percent of Members' Capital | 97.64% | 81.89% | ||||
Unfunded Debt Investments | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 27,177 | |||||
Cost | (40) | |||||
Fair Value | $ (48) | |||||
Percent of Members' Capital | (0.05%) | |||||
Unfunded Debt Investments | Non-controlled/Affiliated | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 60,325 | |||||
Cost | (101) | |||||
Fair Value | $ (35) | |||||
Percent of Members' Capital | (0.01%) | |||||
Unfunded Debt Investments | iCIMS, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,567 | |||||
Cost | (3) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | USRP Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 867 | $ 1,060 | ||||
Cost | 0 | 0 | ||||
Fair Value | $ 0 | $ 0 | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | Kaseya Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,266 | $ 324 | ||||
Cost | (1) | (3) | ||||
Fair Value | $ 0 | $ 0 | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | Ncontracts, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 483 | $ 580 | ||||
Cost | (2) | (4) | ||||
Fair Value | $ 0 | $ (4) | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | DOXA Insurance Holdings LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 2,361 | $ 2,391 | ||||
Cost | (4) | (4) | ||||
Fair Value | $ 0 | $ (4) | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | Wealth Enhancement Group, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 2,601 | |||||
Cost | (1) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | More cowbell II LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 298 | $ 352 | ||||
Cost | (1) | (1) | ||||
Fair Value | $ (1) | $ (1) | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | AWP Group Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 381 | $ 674 | ||||
Cost | (1) | (2) | ||||
Fair Value | $ 0 | $ (7) | ||||
Percent of Members' Capital | 0% | (0.01%) | ||||
Unfunded Debt Investments | KENG Acquisition, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 790 | $ 813 | ||||
Cost | (3) | (3) | ||||
Fair Value | $ 0 | $ (10) | ||||
Percent of Members' Capital | 0% | (0.02%) | ||||
Unfunded Debt Investments | MRI Software LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,547 | $ 1,860 | ||||
Cost | (1) | (1) | ||||
Fair Value | $ 0 | $ 0 | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | PetVet Care Centers, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 776 | $ 776 | ||||
Cost | (3) | (4) | ||||
Fair Value | $ 0 | $ 0 | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | Brave Parent Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 626 | |||||
Cost | (1) | |||||
Fair Value | $ (3) | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | PDI TA Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 646 | |||||
Cost | (1) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Next Holdco, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 620 | $ 620 | ||||
Cost | (1) | (1) | ||||
Fair Value | $ 0 | $ (1) | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | GS Acquisitionco, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 3,215 | |||||
Cost | (2) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | KENE Acquisition, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,014 | |||||
Cost | (2) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Enverus Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 336 | $ 336 | ||||
Cost | (1) | (2) | ||||
Fair Value | $ 0 | $ (2) | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | Zone Climate Services, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,311 | $ 1,648 | ||||
Cost | (2) | (2) | ||||
Fair Value | $ (8) | $ 0 | ||||
Percent of Members' Capital | 0% | 0% | ||||
Unfunded Debt Investments | Ciklum Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [4] | $ 3,870 | ||||
Cost | [4] | (9) | ||||
Fair Value | [4] | $ 0 | ||||
Percent of Members' Capital | [4] | 0% | ||||
Unfunded Debt Investments | Brave Parent Holdings, Inc | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 348 | |||||
Cost | (1) | |||||
Fair Value | $ (1) | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | PDQ com Corporation | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 458 | |||||
Cost | (2) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Associations, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,095 | |||||
Cost | 0 | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | YLG Holdings, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 575 | |||||
Cost | 0 | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Diligent Corporation | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 897 | |||||
Cost | (3) | |||||
Fair Value | $ (3) | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Bullhorn, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 893 | |||||
Cost | (1) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | PDQ.com Corporation | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 458 | |||||
Cost | (1) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Adelaide Borrower, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 857 | |||||
Cost | (3) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | OEConnection LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 2,083 | |||||
Cost | (4) | |||||
Fair Value | $ 0 | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | GraphPAD Software, LLC | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,264 | |||||
Cost | (3) | |||||
Fair Value | $ (3) | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Baker Tilly Advisory Group, LP | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 874 | |||||
Cost | (3) | |||||
Fair Value | $ (3) | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Model N, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 2,130 | |||||
Cost | (4) | |||||
Fair Value | $ (4) | |||||
Percent of Members' Capital | 0% | |||||
Unfunded Debt Investments | Recorded Future, Inc. | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 2,181 | |||||
Cost | (10) | |||||
Fair Value | $ (10) | |||||
Percent of Members' Capital | (0.01%) | |||||
Unfunded Debt Investments | United States | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 27,177 | |||||
Cost | (40) | |||||
Fair Value | $ (48) | |||||
Percent of Members' Capital | (0.05%) | |||||
Unfunded Debt Investments | United States | Non-controlled/Non-affiliated | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 60,325 | |||||
Cost | (101) | |||||
Fair Value | $ (35) | |||||
Percent of Members' Capital | (0.01%) | |||||
First lien | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 225,057 | $ 82,696 | ||||
Fair Value | $ 226,625 | 83,830 | ||||
First lien | Investments at Fair Value | Investment Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 96.79% | 94.39% | ||||
Second lien | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 8,925 | 717 | ||||
Fair Value | $ 8,926 | 752 | ||||
Second lien | Investments at Fair Value | Investment Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 0.87% | 3.72% | ||||
Floating rates | Investments at Fair Value | Interest Rate Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 97.66% | 98.11% | ||||
Fixed rates | Investments at Fair Value | Interest Rate Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 2.34% | 1.89% | ||||
Subordinated | ||||||
Schedule of Investments [Line Items] | ||||||
Cost | $ 4,317 | 1,954 | ||||
Fair Value | $ 4,530 | 2,031 | ||||
Subordinated | Investments at Fair Value | Investment Type | ||||||
Schedule of Investments [Line Items] | ||||||
Percent of Total Investments at Fair Value | 2.34% | 1.89% | ||||
Investment, Identifier [Axis]: AAH Topco, LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6% | ||||
Interest Rate | [3],[5],[6] | 11.44% | ||||
Principal Amount or Par Value | [3],[6] | $ 1,592 | ||||
Cost | [3],[6] | 1,579 | ||||
Fair Value | [3],[6] | $ 1,592 | ||||
Percent of Members' Capital | [3],[6] | 0.65% | ||||
Investment, Identifier [Axis]: AAH Topco, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 3,750 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: AAH Topco, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 2,156 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [8],[9] | ||
Interest Rate | 10.93% | [3],[5] | 10.95% | [8],[9] | ||
Principal Amount or Par Value | $ 993 | [3] | $ 998 | [8] | ||
Cost | 984 | [3] | 988 | [8] | ||
Fair Value | $ 993 | [3] | $ 988 | [8] | ||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Drawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5],[6] | 5.50% | [7],[8],[9] | ||
Interest Rate | 10.93% | [3],[5],[6] | 10.95% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 267 | [3],[6] | $ 44 | [7],[8] | ||
Cost | 264 | [3],[6] | 44 | [7],[8] | ||
Fair Value | $ 267 | [3],[6] | $ 44 | [7],[8] | ||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Drawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5],[6] | 5.50% | [7],[8],[9] | ||
Interest Rate | 10.94% | [3],[5],[6] | 10.95% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 96 | [3],[6] | $ 26 | [7],[8] | ||
Cost | 96 | [3],[6] | 25 | [7],[8] | ||
Fair Value | 96 | [3],[6] | 25 | [7],[8] | ||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 272 | [3],[6] | 161 | [7],[8] | ||
Cost | 0 | [3],[6] | (2) | [7],[8] | ||
Fair Value | 0 | [3],[6] | (2) | [7],[8] | ||
Investment, Identifier [Axis]: AWP Group Holdings, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 513 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ (5) | ||||
Investment, Identifier [Axis]: AWP Group Holdings, Inc.., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 109 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 6% | ||||
Interest Rate | [8],[9] | 11.41% | ||||
Principal Amount or Par Value | [8] | $ 250 | ||||
Cost | [8] | 250 | ||||
Fair Value | [8] | $ 250 | ||||
Investment, Identifier [Axis]: Accession Risk Management Group, Inc. First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 6% | ||||
Interest Rate | [7],[8],[9] | 11.35% | ||||
Principal Amount or Par Value | [7],[8] | $ 111 | ||||
Cost | [7],[8] | 111 | ||||
Fair Value | [7],[8] | 111 | ||||
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6% | ||||
Interest Rate | [3],[5] | 11.34% | ||||
Principal Amount or Par Value | [3] | $ 1,523 | ||||
Cost | [3] | 1,523 | ||||
Fair Value | [3] | $ 1,523 | ||||
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6% | ||||
Interest Rate | [3],[5],[6] | 11.35% | ||||
Principal Amount or Par Value | [3],[6] | $ 183 | ||||
Cost | [3],[6] | 183 | ||||
Fair Value | [3],[6] | 183 | ||||
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 1,639 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: Accession Risk Management Group, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 286 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Adelaide Borrower, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 3.38% | ||||
PIK | [3],[5] | 3.38% | ||||
Interest Rate | [3],[4],[5] | 12.08% | ||||
Principal Amount or Par Value | [3],[4] | $ 2,329 | ||||
Cost | [3],[4] | 2,306 | ||||
Fair Value | [3],[4] | $ 2,329 | ||||
Percent of Members' Capital | [3],[4] | 0.95% | ||||
Investment, Identifier [Axis]: Adelaide Borrower, LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 524 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Adelaide Borrower, LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 333 | ||||
Cost | [3],[6] | (3) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [8],[9] | ||
Interest Rate | 10.83% | [3],[5] | 10.88% | [8],[9] | ||
Principal Amount or Par Value | $ 2,733 | [3] | $ 2,747 | [8] | ||
Cost | 2,733 | [3] | 2,748 | [8] | ||
Fair Value | $ 2,733 | [3] | $ 2,747 | [8] | ||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [8],[9] | ||
Interest Rate | 10.81% | [3],[5] | 10.86% | [8],[9] | ||
Principal Amount or Par Value | $ 486 | [3] | $ 488 | [8] | ||
Cost | 486 | [3] | 488 | [8] | ||
Fair Value | $ 486 | [3] | $ 488 | [8] | ||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [8],[9] | ||
Interest Rate | 10.83% | [3],[5] | 10.88% | [8],[9] | ||
Principal Amount or Par Value | $ 419 | [3] | $ 421 | [8] | ||
Cost | 419 | [3] | 421 | [8] | ||
Fair Value | $ 419 | [3] | $ 421 | [8] | ||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 4 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [8],[9] | ||
Interest Rate | 10.83% | [3],[5] | 10.88% | [8],[9] | ||
Principal Amount or Par Value | $ 273 | [3] | $ 275 | [8] | ||
Cost | 273 | [3] | 275 | [8] | ||
Fair Value | $ 273 | [3] | $ 275 | [8] | ||
Investment, Identifier [Axis]: Affinipay Midco, LLC, First Lien 5 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [8],[9] | ||
Interest Rate | 10.84% | [3],[5] | 10.88% | [8],[9] | ||
Principal Amount or Par Value | $ 69 | [3] | $ 69 | [8] | ||
Cost | 68 | [3] | 69 | [8] | ||
Fair Value | $ 69 | [3] | $ 69 | [8] | ||
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 4.75% | ||||
Interest Rate | [3],[5] | 10.03% | ||||
Principal Amount or Par Value | [3] | $ 5,903 | ||||
Cost | [3] | 5,872 | ||||
Fair Value | [3] | $ 5,903 | ||||
Percent of Members' Capital | [3] | 2.40% | ||||
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 1,539 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.08% | ||||
Interest Rate | [8],[9] | 10.43% | ||||
Principal Amount or Par Value | [8] | $ 1,549 | ||||
Cost | [8] | 1,541 | ||||
Fair Value | [8] | $ 1,549 | ||||
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.08% | ||||
Interest Rate | [8],[9] | 10.43% | ||||
Principal Amount or Par Value | [8] | $ 1,424 | ||||
Cost | [8] | 1,413 | ||||
Fair Value | [8] | $ 1,424 | ||||
Investment, Identifier [Axis]: Al Altius US Bidco, Inc., First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.08% | ||||
Interest Rate | [8],[9] | 10.43% | ||||
Principal Amount or Par Value | [8] | $ 1,399 | ||||
Cost | [8] | 1,393 | ||||
Fair Value | [8] | $ 1,399 | ||||
Investment, Identifier [Axis]: Alegeus Technologies Holdings Corp., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 8.25% | ||||
Interest Rate | [3],[5] | 13.67% | ||||
Principal Amount or Par Value | [3] | $ 3,469 | ||||
Cost | [3] | 3,469 | ||||
Fair Value | [3] | $ 3,469 | ||||
Percent of Members' Capital | [3] | 1.41% | ||||
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5% | ||||
Interest Rate | [3],[5],[6] | 10.34% | ||||
Principal Amount or Par Value | [3],[6] | $ 783 | ||||
Cost | [3],[6] | 774 | ||||
Fair Value | [3],[6] | $ 783 | ||||
Percent of Members' Capital | [3],[6] | 0.32% | ||||
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 5.50% | ||||
Interest Rate | [7],[8],[9] | 10.96% | ||||
Principal Amount or Par Value | [7],[8] | $ 110 | ||||
Cost | [7],[8] | 109 | ||||
Fair Value | [7],[8] | $ 110 | ||||
Percent of Members' Capital | [7],[8] | 0.10% | ||||
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 1,708 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: Allworth Financial Group, L.P., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 1,033 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Anaplan, Inc, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 6.50% | ||||
Interest Rate | [8],[9] | 11.85% | ||||
Principal Amount or Par Value | [8] | $ 3,000 | ||||
Cost | [8] | 2,985 | ||||
Fair Value | [8] | $ 3,000 | ||||
Percent of Members' Capital | [8] | 2.83% | ||||
Investment, Identifier [Axis]: Anaplan, Inc., First lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.75% | ||||
Interest Rate | [3],[5] | 11.08% | ||||
Principal Amount or Par Value | [3] | $ 4,667 | ||||
Cost | [3] | 4,653 | ||||
Fair Value | [3] | $ 4,667 | ||||
Percent of Members' Capital | [3] | 1.90% | ||||
Investment, Identifier [Axis]: Associations, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 6.50% | [3],[5] | 4% | [8],[9],[10] | ||
PIK | [8],[9],[10] | 2.50% | ||||
Interest Rate | 12.09% | [3],[5] | 12.16% | [8],[9],[10] | ||
Principal Amount or Par Value | $ 7,863 | [3] | $ 4,000 | [8],[10] | ||
Cost | 7,859 | [3] | 3,981 | [8],[10] | ||
Fair Value | 7,859 | [3] | $ 4,000 | [8],[10] | ||
Percent of Members' Capital | [8],[10] | 3.78% | ||||
Investment, Identifier [Axis]: Associations, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 487 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Associations, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 608 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Associations, Inc., Subordinated 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 14.25% | ||||
Interest Rate | [3],[5] | 14.25% | ||||
Principal Amount or Par Value | [3] | $ 1,172 | ||||
Cost | [3] | 1,169 | ||||
Fair Value | [3] | $ 1,169 | ||||
Investment, Identifier [Axis]: Associations, Inc., Subordinated 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 14.25% | ||||
Interest Rate | [3],[5] | 14.25% | ||||
Principal Amount or Par Value | [3] | $ 447 | ||||
Cost | [3] | 446 | ||||
Fair Value | [3] | $ 446 | ||||
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd, Fist Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9],[11] | 6.75% | ||||
Interest Rate | [9],[11] | 12.11% | ||||
Principal Amount or Par Value | [11] | $ 673 | ||||
Cost | [11] | 666 | ||||
Fair Value | [11] | $ 666 | ||||
Percent of Members' Capital | [11] | 0.63% | ||||
Investment, Identifier [Axis]: Atlas AU Bidco Pty Ltd., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.75% | ||||
Interest Rate | [3],[5] | 11.08% | ||||
Principal Amount or Par Value | [3] | $ 673 | ||||
Cost | [3] | 666 | ||||
Fair Value | [3] | $ 673 | ||||
Percent of Members' Capital | [3] | 0.27% | ||||
Investment, Identifier [Axis]: Avalara, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6.75% | ||||
Interest Rate | [3],[5] | 12.08% | ||||
Principal Amount or Par Value | [3] | $ 1,515 | ||||
Cost | [3] | 1,515 | ||||
Fair Value | [3] | $ 1,515 | ||||
Percent of Members' Capital | [3] | 0.62% | ||||
Investment, Identifier [Axis]: Avalara, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 152 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Baker Tilly Advisory Group, LP, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 416 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Baker Tilly Advisory Group, LP, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 458 | ||||
Cost | [3],[6] | (3) | ||||
Fair Value | [3],[6] | $ (3) | ||||
Investment, Identifier [Axis]: Baker Tilly Advisory Group, LP, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 2,082 | ||||
Cost | [3] | 2,066 | ||||
Fair Value | [3] | $ 2,065 | ||||
Percent of Members' Capital | [3] | 0.84% | ||||
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 1,077 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 7.25% | ||||
Interest Rate | [8],[9] | 12.72% | ||||
Principal Amount or Par Value | [8] | $ 3,175 | ||||
Cost | [8] | 3,137 | ||||
Fair Value | [8] | $ 3,136 | ||||
Percent of Members' Capital | [8] | 2.96% | ||||
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 7.25% | ||||
Interest Rate | [3],[5] | 12.59% | ||||
Principal Amount or Par Value | [3] | $ 3,175 | ||||
Cost | [3] | 3,139 | ||||
Fair Value | [3] | $ 3,175 | ||||
Percent of Members' Capital | [3] | 1.29% | ||||
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 313 | ||||
Cost | [3],[6] | (3) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Bluefin Holding, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 313 | ||||
Cost | [7],[8] | (4) | ||||
Fair Value | [7],[8] | $ (4) | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: Brave Parent Holdings, Inc. First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5% | ||||
Interest Rate | [3],[5],[6] | 10.33% | ||||
Principal Amount or Par Value | [3],[6] | $ 393 | ||||
Cost | [3],[6] | 392 | ||||
Fair Value | [3],[6] | $ 391 | ||||
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.33% | ||||
Principal Amount or Par Value | [3] | $ 5,968 | ||||
Cost | [3] | 5,958 | ||||
Fair Value | [3] | 5,937 | ||||
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5% | ||||
Interest Rate | [8],[9] | 10.36% | ||||
Principal Amount or Par Value | [8] | $ 2,039 | ||||
Cost | [8] | 2,029 | ||||
Fair Value | [8] | $ 2,029 | ||||
Percent of Members' Capital | [8] | 1.92% | ||||
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 286 | [3],[6] | $ 232 | [7],[8] | ||
Cost | 0 | [3],[6] | 0 | [7],[8] | ||
Fair Value | (1) | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: Brave Parent Holdings, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 340 | [3],[6] | 116 | [7],[8] | ||
Cost | (1) | [3],[6] | (1) | [7],[8] | ||
Fair Value | $ (2) | [3],[6] | $ (1) | [7],[8] | ||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5% | ||||
Interest Rate | [3],[5],[6] | 10.33% | ||||
Principal Amount or Par Value | [3],[6] | $ 2,037 | ||||
Cost | [3],[6] | 2,032 | ||||
Fair Value | [3],[6] | 2,037 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 545 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 348 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 3,958 | ||||
Cost | [3] | 3,954 | ||||
Fair Value | [3] | $ 3,958 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 818 | ||||
Cost | [3] | 817 | ||||
Fair Value | [3] | $ 818 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 183 | ||||
Cost | [3] | 183 | ||||
Fair Value | [3] | $ 183 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien 4 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 82 | ||||
Cost | [3] | 82 | ||||
Fair Value | [3] | $ 82 | ||||
Investment, Identifier [Axis]: Bullhorn, Inc., First Lien 5 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 65 | ||||
Cost | [3] | 65 | ||||
Fair Value | [3] | $ 65 | ||||
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.50% | ||||
Interest Rate | [8],[9] | 10.96% | ||||
Principal Amount or Par Value | [8] | $ 1,747 | ||||
Cost | [8] | 1,747 | ||||
Fair Value | [8] | $ 1,747 | ||||
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.93% | ||||
Principal Amount or Par Value | [3] | $ 1,738 | ||||
Cost | [3] | 1,738 | ||||
Fair Value | [3] | $ 1,738 | ||||
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 5.50% | ||||
Interest Rate | [7],[8],[9] | 10.96% | ||||
Principal Amount or Par Value | [7],[8] | $ 49 | ||||
Cost | [7],[8] | 49 | ||||
Fair Value | [7],[8] | 49 | ||||
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.50% | ||||
Interest Rate | [3],[5],[6] | 10.93% | ||||
Principal Amount or Par Value | [3],[6] | $ 75 | ||||
Cost | [3],[6] | 75 | ||||
Fair Value | [3],[6] | 75 | ||||
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 263 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: Businessolver.com, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 237 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Calabrio, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 7.13% | ||||
Interest Rate | [3],[5] | 12.47% | ||||
Principal Amount or Par Value | [3] | $ 241 | ||||
Cost | [3] | 239 | ||||
Fair Value | [3] | $ 241 | ||||
Percent of Members' Capital | [3] | 0.10% | ||||
Investment, Identifier [Axis]: CentralSquare Technologies, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 630 | ||||
Cost | [3],[6] | (8) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: CentralSquare Technologies, LLC., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 3% | ||||
PIK | [3],[5] | 3.50% | ||||
Interest Rate | [3],[5] | 11.83% | ||||
Principal Amount or Par Value | [3] | $ 5,577 | ||||
Cost | [3] | 5,510 | ||||
Fair Value | [3] | $ 5,577 | ||||
Percent of Members' Capital | 2.27% | |||||
Investment, Identifier [Axis]: Ciklum Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[4],[5] | 7% | ||||
Interest Rate | [3],[4],[5] | 12.43% | ||||
Principal Amount or Par Value | [3],[4] | $ 2,476 | ||||
Cost | [3],[4] | 2,447 | ||||
Fair Value | [3],[4] | $ 2,476 | ||||
Percent of Members' Capital | [3],[4] | 1.01% | ||||
Investment, Identifier [Axis]: Ciklum Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 3,096 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Ciklum Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 774 | ||||
Cost | [3],[6] | (9) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: CommerceHub, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 6.25% | ||||
Interest Rate | [8],[9] | 11.79% | ||||
Principal Amount or Par Value | [8] | $ 1,980 | ||||
Cost | [8] | 1,783 | ||||
Fair Value | [8] | $ 1,980 | ||||
Percent of Members' Capital | [8] | 1.87% | ||||
Investment, Identifier [Axis]: CommerceHub, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6.25% | ||||
Interest Rate | [3],[5] | 11.58% | ||||
Principal Amount or Par Value | [3] | $ 1,970 | ||||
Cost | [3] | 1,793 | ||||
Fair Value | [3] | $ 1,970 | ||||
Percent of Members' Capital | [3] | 0.80% | ||||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.59% | ||||
Principal Amount or Par Value | [3] | $ 528 | ||||
Cost | [3] | 525 | ||||
Fair Value | [3] | $ 528 | ||||
Percent of Members' Capital | [3] | 0.21% | ||||
Investment, Identifier [Axis]: CoreTrust Purchasing Group LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 289 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.50% | [9] | ||
Interest Rate | 10.84% | [3],[5] | 10.87% | [9] | ||
Principal Amount or Par Value | $ 2,048 | [3] | $ 2,054 | |||
Cost | 2,029 | [3] | 2,033 | |||
Fair Value | $ 2,048 | [3] | $ 2,033 | |||
Percent of Members' Capital | 1.92% | |||||
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.50% | ||||
Interest Rate | [3],[5],[6] | 10.84% | ||||
Principal Amount or Par Value | [3],[6] | $ 1,549 | ||||
Cost | [3],[6] | 1,534 | ||||
Fair Value | [3],[6] | 1,549 | ||||
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 1,523 | [3],[6] | $ 1,951 | [7] | ||
Cost | 0 | [3],[6] | 0 | [7] | ||
Fair Value | 0 | [3],[6] | 0 | [7] | ||
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 398 | [3],[6] | 440 | [7] | ||
Cost | 0 | [3],[6] | (4) | [7] | ||
Fair Value | 0 | [3],[6] | $ (4) | [7] | ||
Investment, Identifier [Axis]: DOXA Insurance Holdings LLC, First Lien - Undrawn 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 440 | ||||
Cost | [3],[6] | (4) | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Diligent Corporation First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 359 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | (1) | ||||
Investment, Identifier [Axis]: Diligent Corporation, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 538 | ||||
Cost | [3],[6] | (2) | ||||
Fair Value | [3],[6] | $ (2) | ||||
Investment, Identifier [Axis]: Diligent Corporation, First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 3,137 | ||||
Cost | [3] | 3,125 | ||||
Fair Value | [3] | $ 3,125 | ||||
Investment, Identifier [Axis]: Diligent Corporation, First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.34% | ||||
Principal Amount or Par Value | [3] | $ 538 | ||||
Cost | [3] | 536 | ||||
Fair Value | [3] | $ 536 | ||||
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9] | 5.50% | ||||
Interest Rate | [9] | 10.86% | ||||
Principal Amount or Par Value | $ 2,664 | |||||
Cost | 2,644 | |||||
Fair Value | $ 2,644 | |||||
Percent of Members' Capital | 2.50% | |||||
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.84% | ||||
Principal Amount or Par Value | [3] | $ 2,657 | ||||
Cost | [3] | 2,639 | ||||
Fair Value | [3] | $ 2,657 | ||||
Percent of Members' Capital | [3] | 1.08% | ||||
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 133 | [3],[6] | $ 133 | [7] | ||
Cost | 0 | [3],[6] | 0 | [7] | ||
Fair Value | 0 | [3],[6] | 0 | [7] | ||
Investment, Identifier [Axis]: Enverus Holdings, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 203 | [3],[6] | 203 | [7] | ||
Cost | (1) | [3],[6] | (2) | [7] | ||
Fair Value | 0 | [3],[6] | $ (2) | [7] | ||
Investment, Identifier [Axis]: Foreside Financial Group, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 1,737 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Foundational Education Group, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 3.75% | ||||
Interest Rate | [5] | 9.34% | ||||
Principal Amount or Par Value | $ 4,993 | |||||
Cost | 4,906 | |||||
Fair Value | $ 4,906 | |||||
Percent of Members' Capital | 2% | |||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6% | ||||
Interest Rate | [3],[5],[6] | 11.44% | ||||
Principal Amount or Par Value | [3],[6] | $ 643 | ||||
Cost | [3],[6] | 643 | ||||
Fair Value | [3],[6] | $ 643 | ||||
Percent of Members' Capital | [3],[6] | 0.26% | ||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 6% | ||||
Interest Rate | [7],[8],[9] | 11.46% | ||||
Principal Amount or Par Value | [7],[8] | $ 182 | ||||
Cost | [7],[8] | 182 | ||||
Fair Value | [7],[8] | $ 182 | ||||
Percent of Members' Capital | [7],[8] | 0.17% | ||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 1,355 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: GC Waves Holdings, Inc., First Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 1,817 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.58% | ||||
Principal Amount or Par Value | [3] | $ 668 | ||||
Cost | [3] | 670 | ||||
Fair Value | [3] | $ 668 | ||||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien - Drawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.25% | ||||
Interest Rate | [3],[5],[6] | 10.58% | ||||
Principal Amount or Par Value | [3],[6] | $ 147 | ||||
Cost | [3],[6] | 147 | ||||
Fair Value | [3],[6] | $ 147 | ||||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien - Drawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.25% | ||||
Interest Rate | [3],[5],[6] | 10.58% | ||||
Principal Amount or Par Value | [3],[6] | $ 92 | ||||
Cost | [3],[6] | 92 | ||||
Fair Value | [3],[6] | 92 | ||||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 2,616 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: GS Acquisitionco, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 599 | ||||
Cost | [3],[6] | (2) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Galway Borrower LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.75% | ||||
Interest Rate | [3],[5] | 11.18% | ||||
Principal Amount or Par Value | [3] | $ 609 | ||||
Cost | [3] | 605 | ||||
Fair Value | [3] | $ 609 | ||||
Percent of Members' Capital | [3] | 0.25% | ||||
Investment, Identifier [Axis]: Galway Borrower LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 923 | ||||
Cost | [3],[6] | (7) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Geo Parent Corporation, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.25% | [3],[5] | 5.25% | [8],[9] | ||
Interest Rate | 10.50% | [3],[5] | 10.80% | [8],[9] | ||
Principal Amount or Par Value | $ 5,294 | [3] | $ 3,654 | [8] | ||
Cost | 5,262 | [3] | 3,619 | [8] | ||
Fair Value | $ 5,294 | [3] | $ 3,654 | [8] | ||
Percent of Members' Capital | 2.15% | [3] | 3.45% | [8] | ||
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 4.75% | ||||
Interest Rate | [5] | 10.08% | ||||
Principal Amount or Par Value | $ 3,675 | |||||
Cost | 3,666 | |||||
Fair Value | $ 3,666 | |||||
Percent of Members' Capital | 1.49% | |||||
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [6] | $ 345 | ||||
Cost | [6] | (1) | ||||
Fair Value | [6] | (1) | ||||
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [6] | 919 | ||||
Cost | [6] | (2) | ||||
Fair Value | [6] | $ (2) | ||||
Investment, Identifier [Axis]: Greenway Health, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9] | 6.75% | ||||
Interest Rate | [9] | 11.93% | ||||
Principal Amount or Par Value | $ 3,175 | |||||
Cost | 3,127 | |||||
Fair Value | $ 3,127 | |||||
Percent of Members' Capital | 2.95% | |||||
Investment, Identifier [Axis]: Greenway Health, LLC., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6.75% | ||||
Interest Rate | [3],[5] | 12.01% | ||||
Principal Amount or Par Value | [3] | $ 3,167 | ||||
Cost | [3] | 3,123 | ||||
Fair Value | [3] | $ 3,167 | ||||
Percent of Members' Capital | [3] | 1.29% | ||||
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.75% | ||||
Interest Rate | [8],[9] | 11.10% | ||||
Principal Amount or Par Value | [8] | $ 2,560 | ||||
Cost | [8] | 2,535 | ||||
Fair Value | [8] | $ 2,535 | ||||
Percent of Members' Capital | [8] | 2.40% | ||||
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 614 | ||||
Cost | [3],[6] | (6) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Healthspan Buyer, LLC, First Line - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 614 | ||||
Cost | [7],[8] | (6) | ||||
Fair Value | [7],[8] | $ (6) | ||||
Percent of Members' Capital | [7],[8] | (0.01%) | ||||
Investment, Identifier [Axis]: Healthspan Buyer, LLC., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.83% | ||||
Principal Amount or Par Value | [3] | $ 2,547 | ||||
Cost | [3] | 2,524 | ||||
Fair Value | [3] | $ 2,547 | ||||
Percent of Members' Capital | [3] | 1.04% | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 4.75% | ||||
Interest Rate | [3],[5],[6] | 10.09% | ||||
Principal Amount or Par Value | [3],[6] | $ 445 | ||||
Cost | [3],[6] | 443 | ||||
Fair Value | [3],[6] | 445 | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 5.50% | ||||
Interest Rate | [7],[8],[9] | 10.96% | ||||
Principal Amount or Par Value | [7],[8] | $ 1,329 | ||||
Cost | [7],[8] | 1,322 | ||||
Fair Value | [7],[8] | $ 1,329 | ||||
Percent of Members' Capital | [7],[8] | 1.26% | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 668 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 3,554 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.94% | ||||
Principal Amount or Par Value | [3] | $ 3,009 | ||||
Cost | [3] | 3,000 | ||||
Fair Value | [3] | $ 3,009 | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.94% | ||||
Principal Amount or Par Value | [3] | $ 690 | ||||
Cost | [3] | 690 | ||||
Fair Value | [3] | $ 690 | ||||
Investment, Identifier [Axis]: Higginbotham Insurance Agency, Inc., First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.94% | ||||
Principal Amount or Par Value | [3] | $ 201 | ||||
Cost | [3] | 201 | ||||
Fair Value | [3] | $ 201 | ||||
Investment, Identifier [Axis]: Houghton Mifflin Harcourt Company | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.70% | ||||
Principal Amount or Par Value | [3] | $ 7,279 | ||||
Cost | [3] | 7,070 | ||||
Fair Value | [3] | $ 6,944 | ||||
Percent of Members' Capital | [3] | 2.82% | ||||
Investment, Identifier [Axis]: Houghton Mifflin Harcourt Company, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9] | 5.25% | ||||
Interest Rate | [9] | 10.71% | ||||
Principal Amount or Par Value | $ 3,411 | |||||
Cost | 3,215 | |||||
Fair Value | $ 3,351 | |||||
Percent of Members' Capital | 3.17% | |||||
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6% | ||||
Interest Rate | [3],[5] | 11.43% | ||||
Principal Amount or Par Value | [3] | $ 845 | ||||
Cost | [3] | 845 | ||||
Fair Value | [3] | $ 845 | ||||
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6% | ||||
Interest Rate | [3],[5] | 11.43% | ||||
Principal Amount or Par Value | [3] | $ 111 | ||||
Cost | [3] | 111 | ||||
Fair Value | [3] | 111 | ||||
Investment, Identifier [Axis]: Icefall Parent, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 414 | ||||
Cost | [3],[6] | (4) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Icefall Parent, Inc., First lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6.50% | ||||
Interest Rate | [3],[5] | 11.83% | ||||
Principal Amount or Par Value | [3] | $ 4,348 | ||||
Cost | [3] | 4,307 | ||||
Fair Value | [3] | $ 4,348 | ||||
Percent of Members' Capital | [3] | 1.77% | ||||
Investment, Identifier [Axis]: KENE Acquisition, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.58% | ||||
Principal Amount or Par Value | [3] | $ 1,763 | ||||
Cost | [3] | 1,746 | ||||
Fair Value | [3] | $ 1,763 | ||||
Percent of Members' Capital | [3] | 0.72% | ||||
Investment, Identifier [Axis]: KENE Acquisition, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 780 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: KENE Acquisition, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 234 | ||||
Cost | [3],[6] | (2) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc. First Line - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 225 | ||||
Cost | [7],[8] | (3) | ||||
Fair Value | [7],[8] | (3) | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc. First Line - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 588 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ (7) | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 6% | [3],[5] | 6.25% | [8],[9] | ||
Interest Rate | 11.33% | [3],[5] | 11.60% | [8],[9] | ||
Principal Amount or Par Value | $ 924 | [3] | $ 928 | [8] | ||
Cost | 914 | [3] | 917 | [8] | ||
Fair Value | $ 924 | [3] | $ 917 | [8] | ||
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6% | ||||
Interest Rate | [3],[5],[6] | 11.33% | ||||
Principal Amount or Par Value | [3],[6] | $ 166 | ||||
Cost | [3],[6] | 164 | ||||
Fair Value | [3],[6] | 166 | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Drawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 6.25% | ||||
Interest Rate | [7],[8],[9] | 11.60% | ||||
Principal Amount or Par Value | [7],[8] | $ 115 | ||||
Cost | [7],[8] | 114 | ||||
Fair Value | [7],[8] | $ 114 | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Drawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 6.25% | ||||
Interest Rate | [7],[8],[9] | 11.60% | ||||
Principal Amount or Par Value | [7],[8] | $ 28 | ||||
Cost | [7],[8] | 28 | ||||
Fair Value | [7],[8] | $ 28 | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 537 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: KENG Acquisition, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 253 | ||||
Cost | [3],[6] | (3) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.75% | [3],[5],[6] | 5.75% | [7],[8],[9] | ||
Interest Rate | 11.19% | [3],[5],[6] | 11.23% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 9 | [3],[6] | $ 10 | [7],[8] | ||
Cost | 9 | [3],[6] | 9 | [7],[8] | ||
Fair Value | $ 9 | [3],[6] | $ 9 | [7],[8] | ||
Percent of Members' Capital | 0% | [3],[6] | 0.01% | [7],[8] | ||
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 784 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ (8) | ||||
Percent of Members' Capital | [7],[8] | (0.01%) | ||||
Investment, Identifier [Axis]: KPSKY Acquisition Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 784 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Kaseya Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9],[10] | 3.50% | ||||
PIK | [8],[9],[10] | 2.50% | ||||
Interest Rate | [8],[9] | 11.38% | ||||
Principal Amount or Par Value | [8] | $ 3,197 | ||||
Cost | [8] | 3,168 | ||||
Fair Value | [8] | $ 3,197 | ||||
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Drawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5],[6] | 5.50% | [7],[8],[9] | ||
Interest Rate | 10.82% | [3],[5],[6] | 10.86% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 63 | [3],[6] | $ 49 | [7],[8] | ||
Cost | 61 | [3],[6] | 48 | [7],[8] | ||
Fair Value | $ 63 | [3],[6] | $ 49 | [7],[8] | ||
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Drawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5],[6] | 3.50% | [7],[8],[9],[10] | ||
PIK | [7],[8],[9],[10] | 2.50% | ||||
Interest Rate | 10.83% | [3],[5],[6] | 11.38% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 49 | [3],[6] | $ 12 | [7],[8] | ||
Cost | 48 | [3],[6] | 12 | [7],[8] | ||
Fair Value | 49 | [3],[6] | 12 | [7],[8] | ||
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 144 | [3],[6] | 144 | [7],[8] | ||
Cost | (1) | [3],[6] | (1) | [7],[8] | ||
Fair Value | 0 | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: Kaseya Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 1,122 | [3],[6] | 180 | [7],[8] | ||
Cost | 0 | [3],[6] | (2) | [7],[8] | ||
Fair Value | $ 0 | [3],[6] | $ 0 | [7],[8] | ||
Investment, Identifier [Axis]: Kaseya Inc., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.83% | ||||
Principal Amount or Par Value | [3] | $ 3,238 | ||||
Cost | [3] | 3,211 | ||||
Fair Value | [3] | $ 3,238 | ||||
Investment, Identifier [Axis]: Kaseya Inc., First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.83% | ||||
Principal Amount or Par Value | [3] | $ 12 | ||||
Cost | [3] | 12 | ||||
Fair Value | [3] | $ 12 | ||||
Investment, Identifier [Axis]: Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.) First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.75% | ||||
Interest Rate | [8],[9] | 11.11% | ||||
Principal Amount or Par Value | [8] | $ 2,319 | ||||
Cost | [8] | 2,297 | ||||
Fair Value | [8] | $ 2,319 | ||||
Percent of Members' Capital | [8] | 2.19% | ||||
Investment, Identifier [Axis]: Legal Spend Holdings, LLC (fka Bottomline Technologies, Inc.), First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.75% | ||||
Interest Rate | [3],[5] | 11.09% | ||||
Principal Amount or Par Value | [3] | $ 2,313 | ||||
Cost | [3] | 2,293 | ||||
Fair Value | [3] | $ 2,313 | ||||
Percent of Members' Capital | [3] | 0.94% | ||||
Investment, Identifier [Axis]: MRI Software LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.75% | ||||
Interest Rate | [3],[5],[6] | 11.08% | ||||
Principal Amount or Par Value | [3],[6] | $ 313 | ||||
Cost | [3],[6] | 311 | ||||
Fair Value | [3],[6] | $ 313 | ||||
Percent of Members' Capital | [3],[6] | 0.13% | ||||
Investment, Identifier [Axis]: MRI Software LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 1,378 | [3],[6] | $ 1,691 | [7],[8] | ||
Cost | 0 | [3],[6] | 0 | [7],[8] | ||
Fair Value | 0 | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: MRI Software LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 169 | [3],[6] | 169 | [7],[8] | ||
Cost | (1) | [3],[6] | (1) | [7],[8] | ||
Fair Value | $ 0 | [3],[6] | $ 0 | [7],[8] | ||
Investment, Identifier [Axis]: Michael Baker International, LLC., First lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 4.75% | ||||
Interest Rate | [5] | 10.09% | ||||
Principal Amount or Par Value | $ 6,458 | |||||
Cost | 6,466 | |||||
Fair Value | $ 6,491 | |||||
Percent of Members' Capital | 2.64% | |||||
Investment, Identifier [Axis]: Model N, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [6] | $ 1,389 | ||||
Cost | [6] | 0 | ||||
Fair Value | [6] | $ 0 | ||||
Investment, Identifier [Axis]: Model N, Inc., First lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 5% | ||||
Interest Rate | [5] | 10.34% | ||||
Principal Amount or Par Value | $ 6,808 | |||||
Cost | 6,774 | |||||
Fair Value | $ 6,774 | |||||
Percent of Members' Capital | 2.75% | |||||
Investment, Identifier [Axis]: Model N, Inc.., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [6] | $ 741 | ||||
Cost | [6] | (4) | ||||
Fair Value | [6] | $ (4) | ||||
Investment, Identifier [Axis]: More cowbell II LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 6% | ||||
Interest Rate | [8],[9] | 11.48% | ||||
Principal Amount or Par Value | [8] | $ 1,570 | ||||
Cost | [8] | 1,559 | ||||
Fair Value | [8] | $ 1,558 | ||||
Investment, Identifier [Axis]: More cowbell II LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6% | ||||
Interest Rate | [3],[5] | 11.09% | ||||
Principal Amount or Par Value | [3] | $ 1,566 | ||||
Cost | [3] | 1,555 | ||||
Fair Value | [3] | $ 1,555 | ||||
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 6% | ||||
Interest Rate | [7],[8],[9] | 11.37% | ||||
Principal Amount or Par Value | [7],[8] | $ 41 | ||||
Cost | [7],[8] | 41 | ||||
Fair Value | [7],[8] | 41 | ||||
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6% | ||||
Interest Rate | [3],[5],[6] | 11.30% | ||||
Principal Amount or Par Value | [3],[6] | $ 96 | ||||
Cost | [3],[6] | 95 | ||||
Fair Value | [3],[6] | 95 | ||||
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 171 | [3],[6] | 171 | [7],[8] | ||
Cost | 0 | [3],[6] | 0 | [7],[8] | ||
Fair Value | 0 | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: More cowbell II LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 127 | [3],[6] | 181 | [7],[8] | ||
Cost | (1) | [3],[6] | (1) | [7],[8] | ||
Fair Value | $ (1) | [3],[6] | $ (1) | [7],[8] | ||
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 6.50% | [3],[5] | 6.50% | [9] | ||
Interest Rate | 11.77% | [3],[5] | 11.80% | [9] | ||
Principal Amount or Par Value | $ 3,139 | [3] | $ 3,139 | |||
Cost | 3,102 | [3] | 3,100 | |||
Fair Value | $ 3,139 | [3] | $ 3,100 | |||
Percent of Members' Capital | 2.93% | |||||
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6.50% | ||||
Interest Rate | [3],[5],[6] | 11.83% | ||||
Principal Amount or Par Value | [3],[6] | $ 97 | ||||
Cost | [3],[6] | 96 | ||||
Fair Value | [3],[6] | 97 | ||||
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 290 | [3],[6] | $ 290 | [7] | ||
Cost | 0 | [3],[6] | 0 | [7] | ||
Fair Value | 0 | [3],[6] | 0 | [7] | ||
Investment, Identifier [Axis]: Ncontracts, LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 193 | [3],[6] | 290 | [7] | ||
Cost | (2) | [3],[6] | (4) | [7] | ||
Fair Value | $ 0 | [3],[6] | $ (4) | [7] | ||
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 6% | ||||
Interest Rate | [8],[9] | 11.37% | ||||
Principal Amount or Par Value | [8] | $ 1,760 | ||||
Cost | [8] | 1,747 | ||||
Fair Value | [8] | $ 1,747 | ||||
Percent of Members' Capital | [8] | 1.65% | ||||
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6% | ||||
Interest Rate | [3],[5] | 11.32% | ||||
Principal Amount or Par Value | [3] | $ 1,756 | ||||
Cost | [3] | 1,743 | ||||
Fair Value | [3] | $ 1,756 | ||||
Percent of Members' Capital | [3] | 0.71% | ||||
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 451 | [3],[6] | $ 451 | [7],[8] | ||
Cost | 0 | [3],[6] | 0 | [7],[8] | ||
Fair Value | 0 | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: Next Holdco, LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 169 | [3],[6] | 169 | [7],[8] | ||
Cost | (1) | [3],[6] | (1) | [7],[8] | ||
Fair Value | $ 0 | [3],[6] | $ (1) | [7],[8] | ||
Investment, Identifier [Axis]: Nielsen Consumer Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9],[11] | 6.25% | ||||
Interest Rate | [9],[11] | 11.61% | ||||
Principal Amount or Par Value | [11] | $ 2,181 | ||||
Cost | [11] | 2,150 | ||||
Fair Value | [11] | $ 2,139 | ||||
Percent of Members' Capital | [11] | 2.02% | ||||
Investment, Identifier [Axis]: Nielsen Consumer Inc., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 6.25% | ||||
Interest Rate | [5] | 11.59% | ||||
Principal Amount or Par Value | $ 2,170 | |||||
Cost | 2,142 | |||||
Fair Value | $ 2,181 | |||||
Investment, Identifier [Axis]: Nielsen Consumer Inc., First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 4.75% | ||||
Interest Rate | [5] | 10.08% | ||||
Principal Amount or Par Value | $ 2,161 | |||||
Cost | 2,156 | |||||
Fair Value | $ 2,156 | |||||
Investment, Identifier [Axis]: OA Buyer, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.58% | ||||
Principal Amount or Par Value | [3] | $ 7,129 | ||||
Cost | [3] | 7,112 | ||||
Fair Value | [3] | $ 7,129 | ||||
Percent of Members' Capital | [3] | 2.90% | ||||
Investment, Identifier [Axis]: OEConnection LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 1,282 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: OEConnection LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 801 | ||||
Cost | [3],[6] | (4) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: OEConnection LLC., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.59% | ||||
Principal Amount or Par Value | [3] | $ 7,385 | ||||
Cost | [3] | 7,349 | ||||
Fair Value | [3] | $ 7,385 | ||||
Percent of Members' Capital | [3] | 3% | ||||
Investment, Identifier [Axis]: Oranje Holdco, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 7.25% | ||||
Interest Rate | [5] | 12.59% | ||||
Principal Amount or Par Value | $ 2,727 | |||||
Cost | 2,701 | |||||
Fair Value | $ 2,700 | |||||
Percent of Members' Capital | 1.10% | |||||
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.58% | ||||
Principal Amount or Par Value | [3] | $ 1,740 | ||||
Cost | [3] | 1,731 | ||||
Fair Value | [3] | $ 1,740 | ||||
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.25% | ||||
Interest Rate | [3],[5],[6] | 10.59% | ||||
Principal Amount or Par Value | [3],[6] | $ 208 | ||||
Cost | [3],[6] | 207 | ||||
Fair Value | [3],[6] | 208 | ||||
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 451 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: PDI TA Holdings, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 195 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.75% | ||||
Interest Rate | [8],[9] | 11.18% | ||||
Principal Amount or Par Value | [8] | $ 454 | ||||
Cost | [8] | 450 | ||||
Fair Value | [8] | $ 454 | ||||
Percent of Members' Capital | [8] | 0.43% | ||||
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 4.75% | ||||
Interest Rate | [3],[5] | 10.05% | ||||
Principal Amount or Par Value | [3] | $ 452 | ||||
Cost | [3] | 448 | ||||
Fair Value | [3] | $ 452 | ||||
Percent of Members' Capital | [3] | 0.18% | ||||
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 295 | [3],[6] | $ 295 | [7],[8] | ||
Cost | 0 | [3],[6] | 0 | [7],[8] | ||
Fair Value | 0 | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: PDQ.com Corporation, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 163 | [3],[6] | 163 | [7],[8] | ||
Cost | (1) | [3],[6] | (2) | [7],[8] | ||
Fair Value | $ 0 | [3],[6] | 0 | [7],[8] | ||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.75% | ||||
Interest Rate | [3],[5] | 11.10% | ||||
Principal Amount or Par Value | [3] | $ 3,576 | ||||
Cost | [3] | 3,576 | ||||
Fair Value | [3] | $ 3,576 | ||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6% | ||||
Interest Rate | [3],[5],[6] | 11.35% | ||||
Principal Amount or Par Value | [3],[6] | $ 976 | ||||
Cost | [3],[6] | 971 | ||||
Fair Value | [3],[6] | 976 | ||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 1,952 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: PPV Intermediate Holdings, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 976 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Perforce Software, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 4.75% | ||||
Interest Rate | [5] | 10.09% | ||||
Principal Amount or Par Value | $ 2,000 | |||||
Cost | 2,003 | |||||
Fair Value | $ 2,001 | |||||
Percent of Members' Capital | 0.81% | |||||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 6% | [3],[5] | 6% | [9] | ||
Interest Rate | 11.34% | [3],[5] | 11.36% | [9] | ||
Principal Amount or Par Value | $ 2,959 | [3] | $ 2,974 | |||
Cost | 2,931 | [3] | 2,945 | |||
Fair Value | $ 2,959 | [3] | $ 2,975 | |||
Percent of Members' Capital | 1.20% | [3] | 2.81% | |||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 388 | [3],[6] | $ 388 | [7] | ||
Cost | 0 | [3],[6] | 0 | [7] | ||
Fair Value | 0 | [3],[6] | 0 | [7] | ||
Investment, Identifier [Axis]: PetVet Care Centers, LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | 388 | [3],[6] | 388 | [7] | ||
Cost | (3) | [3],[6] | (4) | [7] | ||
Fair Value | $ 0 | [3],[6] | $ 0 | [7] | ||
Investment, Identifier [Axis]: Planview Parent, Inc., Second lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 6% | ||||
Interest Rate | [5] | 11.33% | ||||
Principal Amount or Par Value | $ 4,616 | |||||
Cost | 4,604 | |||||
Fair Value | $ 4,604 | |||||
Percent of Members' Capital | 1.87% | |||||
Investment, Identifier [Axis]: Project Accelerate Parent, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.54% | ||||
Principal Amount or Par Value | [3] | $ 1,612 | ||||
Cost | [3] | 1,604 | ||||
Fair Value | [3] | $ 1,612 | ||||
Percent of Members' Capital | [3] | 0.66% | ||||
Investment, Identifier [Axis]: Project Accelerate Parent, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 230 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Pye-Barker Fire & Safety, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.50% | ||||
Interest Rate | [8],[9] | 11% | ||||
Principal Amount or Par Value | [8] | $ 2,487 | ||||
Cost | [8] | 2,476 | ||||
Fair Value | [8] | $ 2,487 | ||||
Percent of Members' Capital | [8] | 2.35% | ||||
Investment, Identifier [Axis]: RLG Holdings, LLC, First lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 4.25% | ||||
Interest Rate | [3],[5] | 9.71% | ||||
Principal Amount or Par Value | [3] | $ 4,987 | ||||
Cost | [3] | 4,981 | ||||
Fair Value | [3] | $ 4,905 | ||||
Percent of Members' Capital | [3] | 1.99% | ||||
Investment, Identifier [Axis]: RealPage, Inc., Second Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 6.50% | ||||
Interest Rate | [5] | 11.96% | ||||
Principal Amount or Par Value | $ 3,193 | |||||
Cost | 3,177 | |||||
Fair Value | $ 3,121 | |||||
Percent of Members' Capital | 1.27% | |||||
Investment, Identifier [Axis]: Recorded Future, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 5.75% | ||||
Interest Rate | [5] | 11.08% | ||||
Principal Amount or Par Value | $ 6,403 | |||||
Cost | 6,371 | |||||
Fair Value | $ 6,370 | |||||
Percent of Members' Capital | 2.59% | |||||
Investment, Identifier [Axis]: Recorded Future, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [6] | $ 696 | ||||
Cost | [6] | (3) | ||||
Fair Value | [6] | (3) | ||||
Investment, Identifier [Axis]: Recorded Future, Inc.., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [6] | 1,485 | ||||
Cost | [6] | (7) | ||||
Fair Value | [6] | $ (7) | ||||
Investment, Identifier [Axis]: Relativity ODA LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 6% | ||||
Interest Rate | [3],[5] | 11.44% | ||||
Principal Amount or Par Value | [3] | $ 3,042 | ||||
Cost | [3] | 3,042 | ||||
Fair Value | [3] | $ 3,042 | ||||
Percent of Members' Capital | [3] | 1.24% | ||||
Investment, Identifier [Axis]: Relativity ODA LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 292 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: Riskonnect Parent, LLC, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 3,175 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Percent of Members' Capital | [3],[6] | 0% | ||||
Investment, Identifier [Axis]: RxB Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.25% | ||||
Interest Rate | [8],[9] | 10.61% | ||||
Principal Amount or Par Value | [8] | $ 1,985 | ||||
Cost | [8] | 1,940 | ||||
Fair Value | [8] | $ 1,985 | ||||
Percent of Members' Capital | [8] | 1.88% | ||||
Investment, Identifier [Axis]: RxB Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.59% | ||||
Principal Amount or Par Value | [3] | $ 1,975 | ||||
Cost | [3] | 1,935 | ||||
Fair Value | [3] | $ 1,975 | ||||
Percent of Members' Capital | [3] | 0.80% | ||||
Investment, Identifier [Axis]: Safety Borrower Holdings LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.25% | ||||
Interest Rate | [3],[5] | 10.81% | ||||
Principal Amount or Par Value | [3] | $ 767 | ||||
Cost | [3] | 767 | ||||
Fair Value | [3] | $ 767 | ||||
Percent of Members' Capital | [3] | 0.31% | ||||
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 2.50% | ||||
PIK | [3],[5] | 4.25% | ||||
Interest Rate | [3],[5] | 12.08% | ||||
Principal Amount or Par Value | [3] | $ 9,776 | ||||
Cost | [3] | 8,803 | ||||
Fair Value | [3] | $ 9,411 | ||||
Percent of Members' Capital | 3.83% | |||||
Investment, Identifier [Axis]: Sierra Enterprises, LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9],[10] | 2.50% | ||||
PIK | [9],[10] | 4.25% | ||||
Interest Rate | [9],[10] | 12.13% | ||||
Principal Amount or Par Value | [10] | $ 4,674 | ||||
Cost | [10] | 3,937 | ||||
Fair Value | [10] | $ 4,335 | ||||
Percent of Members' Capital | [10] | 4.09% | ||||
Investment, Identifier [Axis]: Syndigo LLC, First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 4.50% | ||||
Interest Rate | [8],[9] | 9.97% | ||||
Principal Amount or Par Value | [8] | $ 1,990 | ||||
Cost | [8] | 1,875 | ||||
Fair Value | [8] | $ 1,990 | ||||
Percent of Members' Capital | [8] | 1.88% | ||||
Investment, Identifier [Axis]: Syndigo LLC, Second Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 8% | ||||
Interest Rate | [3],[5] | 13.45% | ||||
Principal Amount or Par Value | [3] | $ 1,201 | ||||
Cost | [3] | 1,144 | ||||
Fair Value | [3] | $ 1,201 | ||||
Investment, Identifier [Axis]: Syndigo LLC., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 4.50% | ||||
Interest Rate | [5] | 9.96% | ||||
Principal Amount or Par Value | $ 1,980 | |||||
Cost | 1,879 | |||||
Fair Value | $ 1,967 | |||||
Investment, Identifier [Axis]: TRC Companies L.L.C. (fka Energize Holdco LLC) Second Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 6.75% | ||||
Interest Rate | [8],[9] | 12.22% | ||||
Principal Amount or Par Value | [8] | $ 775 | ||||
Cost | [8] | 717 | ||||
Fair Value | [8] | $ 752 | ||||
Percent of Members' Capital | [8] | 0.71% | ||||
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.25% | [3],[5],[6] | 5.75% | [7],[8],[9] | ||
Interest Rate | 10.61% | [3],[5],[6] | 11.15% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 848 | [3],[6] | $ 689 | [7],[8] | ||
Cost | 842 | [3],[6] | 683 | [7],[8] | ||
Fair Value | $ 848 | [3],[6] | $ 689 | [7],[8] | ||
Percent of Members' Capital | 0.35% | [3],[6] | 0.65% | [7],[8] | ||
Investment, Identifier [Axis]: Trinity Air Consultants Holdings Corporation, First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | $ 677 | [3],[6] | $ 837 | [7],[8] | ||
Cost | 0 | [3],[6] | 0 | [7],[8] | ||
Fair Value | $ 0 | [3],[6] | $ 0 | [7],[8] | ||
Percent of Members' Capital | 0% | [3],[6] | 0% | [7],[8] | ||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.75% | [3],[5] | 5.75% | [8],[9] | ||
Interest Rate | 11.20% | [3],[5] | 11.18% | [8],[9] | ||
Principal Amount or Par Value | $ 3,118 | [3] | $ 3,134 | [8] | ||
Cost | 3,111 | [3] | 3,126 | [8] | ||
Fair Value | $ 3,118 | [3] | $ 3,134 | [8] | ||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [7],[8],[9] | 5.75% | ||||
Interest Rate | [7],[8],[9] | 11.18% | ||||
Principal Amount or Par Value | [7],[8] | $ 302 | ||||
Cost | [7],[8] | 298 | ||||
Fair Value | [7],[8] | 302 | ||||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Drwan | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.75% | ||||
Interest Rate | [3],[5],[6] | 11.20% | ||||
Principal Amount or Par Value | [3],[6] | $ 495 | ||||
Cost | [3],[6] | 487 | ||||
Fair Value | [3],[6] | 495 | ||||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn - 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 860 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | 0 | ||||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn - 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 200 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 667 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: USRP Holdings, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 200 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [5] | 7.13% | ||||
Interest Rate | [5] | 7.13% | ||||
Principal Amount or Par Value | $ 3,164 | |||||
Cost | 2,702 | |||||
Fair Value | $ 2,915 | |||||
Percent of Members' Capital | 1.19% | |||||
Investment, Identifier [Axis]: Virtusa Corporation, Subordinated | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [9] | 7.13% | ||||
Interest Rate | [9] | 7.13% | ||||
Principal Amount or Par Value | $ 2,364 | |||||
Cost | 1,954 | |||||
Fair Value | $ 2,031 | |||||
Percent of Members' Capital | 1.92% | |||||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5.50% | ||||
Interest Rate | [3],[5],[6] | 10.82% | ||||
Principal Amount or Par Value | [3],[6] | $ 459 | ||||
Cost | [3],[6] | 456 | ||||
Fair Value | [3],[6] | 459 | ||||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 2,436 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 165 | ||||
Cost | [3],[6] | (1) | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.75% | [8],[9] | ||
Interest Rate | 10.83% | [3],[5] | 11.23% | [8],[9] | ||
Principal Amount or Par Value | $ 963 | [3] | $ 968 | [8] | ||
Cost | 963 | [3] | 969 | [8] | ||
Fair Value | $ 963 | [3] | $ 968 | [8] | ||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.75% | [8],[9] | ||
Interest Rate | 10.83% | [3],[5] | 11.23% | [8],[9] | ||
Principal Amount or Par Value | $ 598 | [3] | $ 601 | [8] | ||
Cost | 598 | [3] | 601 | [8] | ||
Fair Value | $ 598 | [3] | $ 601 | [8] | ||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9] | 5.75% | ||||
Interest Rate | [8],[9] | 11.23% | ||||
Principal Amount or Par Value | [8] | $ 260 | ||||
Cost | [8] | 260 | ||||
Fair Value | [8] | $ 260 | ||||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 4 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.75% | [8],[9] | ||
Interest Rate | 10.85% | [3],[5] | 11.23% | [8],[9] | ||
Principal Amount or Par Value | $ 149 | [3] | $ 150 | [8] | ||
Cost | 149 | [3] | 150 | [8] | ||
Fair Value | $ 149 | [3] | $ 150 | [8] | ||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC, First Lien 5 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 5.50% | [3],[5] | 5.75% | [8],[9] | ||
Interest Rate | 10.83% | [3],[5] | 11.11% | [8],[9] | ||
Principal Amount or Par Value | $ 21 | [3] | $ 21 | [8] | ||
Cost | 21 | [3] | 21 | [8] | ||
Fair Value | $ 21 | [3] | $ 21 | [8] | ||
Investment, Identifier [Axis]: Wealth Enhancement Group, LLC., First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5.50% | ||||
Interest Rate | [3],[5] | 10.83% | ||||
Principal Amount or Par Value | [3] | $ 259 | ||||
Cost | [3] | 259 | ||||
Fair Value | [3] | $ 259 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien - Drawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 5% | ||||
Interest Rate | [3],[5],[6] | 10.43% | ||||
Principal Amount or Par Value | [3],[6] | $ 663 | ||||
Cost | [3],[6] | 663 | ||||
Fair Value | [3],[6] | $ 663 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien - Drawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 4% | ||||
Interest Rate | [3],[5],[6] | 12.50% | ||||
Principal Amount or Par Value | [3],[6] | $ 28 | ||||
Cost | [3],[6] | 28 | ||||
Fair Value | [3],[6] | 28 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 139 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 436 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ 0 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.43% | ||||
Principal Amount or Par Value | [3] | $ 2,656 | ||||
Cost | [3] | 2,656 | ||||
Fair Value | [3] | $ 2,656 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.99% | ||||
Principal Amount or Par Value | [3] | $ 1,112 | ||||
Cost | [3] | 1,112 | ||||
Fair Value | [3] | $ 1,112 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.43% | ||||
Principal Amount or Par Value | [3] | $ 418 | ||||
Cost | [3] | 418 | ||||
Fair Value | [3] | $ 418 | ||||
Investment, Identifier [Axis]: YLG Holdings, Inc., First Lien 4 | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 5% | ||||
Interest Rate | [3],[5] | 10.43% | ||||
Principal Amount or Par Value | [3] | $ 268 | ||||
Cost | [3] | 268 | ||||
Fair Value | [3] | $ 268 | ||||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | 4.50% | [3],[5],[6] | 4.50% | [7],[8],[9] | ||
Interest Rate | 13% | [3],[5],[6] | 13% | [7],[8],[9] | ||
Principal Amount or Par Value | $ 22 | [3],[6] | $ 19 | [7],[8] | ||
Cost | 22 | [3],[6] | 19 | [7],[8] | ||
Fair Value | $ 22 | [3],[6] | $ 19 | [7],[8] | ||
Percent of Members' Capital | 0.01% | [3],[6] | 0.02% | [7],[8] | ||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | $ 200 | ||||
Cost | [3],[6] | (2) | ||||
Fair Value | [3],[6] | (2) | ||||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 1,111 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | $ (6) | ||||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Line - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 333 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | 0 | ||||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Line - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 1,112 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | 0 | ||||
Investment, Identifier [Axis]: Zone Climate Services, Inc., First Line - Undrawn 3 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | 203 | ||||
Cost | [7],[8] | (2) | ||||
Fair Value | [7],[8] | $ 0 | ||||
Investment, Identifier [Axis]: iCIMS, Inc. First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5] | 3.38% | ||||
PIK | [3],[5] | 3.88% | ||||
Interest Rate | [3],[5] | 12.58% | ||||
Principal Amount or Par Value | [3] | $ 6,883 | ||||
Cost | [3] | 6,853 | ||||
Fair Value | [3] | $ 6,883 | ||||
Investment, Identifier [Axis]: iCIMS, Inc., First Lien | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [8],[9],[10] | 3.38% | ||||
PIK | [8],[9],[10] | 3.88% | ||||
Interest Rate | [8],[9] | 12.62% | ||||
Principal Amount or Par Value | [8] | $ 2,895 | ||||
Cost | [8] | 2,867 | ||||
Fair Value | [8] | $ 2,916 | ||||
Percent of Members' Capital | [8] | 2.76% | ||||
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Drawn | ||||||
Schedule of Investments [Line Items] | ||||||
Spread | [3],[5],[6] | 6.75% | ||||
Interest Rate | [3],[5],[6] | 12.08% | ||||
Principal Amount or Par Value | [3],[6] | $ 36 | ||||
Cost | [3],[6] | 38 | ||||
Fair Value | [3],[6] | 36 | ||||
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Undrawn | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [7],[8] | $ 592 | ||||
Cost | [7],[8] | 0 | ||||
Fair Value | [7],[8] | $ 0 | ||||
Percent of Members' Capital | [7],[8] | 0% | ||||
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Undrawn 1 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 1,247 | ||||
Cost | [3],[6] | 0 | ||||
Fair Value | [3],[6] | 0 | ||||
Investment, Identifier [Axis]: iCIMS, Inc., First Lien - Undrawn 2 | ||||||
Schedule of Investments [Line Items] | ||||||
Principal Amount or Par Value | [3],[6] | 320 | ||||
Cost | [3],[6] | (3) | ||||
Fair Value | [3],[6] | $ 0 | ||||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value , for details. All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of June 30, 2024. Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws. Par value amounts represent the drawn or undrawn (as indicated in type of investment) portion of revolving credit facilities or delayed draws. Cost amounts represent the cash received at settlement date net of the impact of paydowns and cash paid for drawn revolvers or delayed draws. The fair value of the Company's investment is determined using unobservable inputs that are significant to the overall fair value measurement. See Note 4. Fair Value , for details. All interest is payable in cash unless otherwise indicated. A majority of the variable rate debt investments bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (SOFR), the Prime Rate (P) and the alternative base rate (Base) and which resets monthly (M), quarterly (Q), semi-annually (S) or annually (A). For each investment the current interest rate provided reflects the rate in effect as of December 31, 2023. |
Formation and Business Purpose
Formation and Business Purpose | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Formation and Business Purpose | Formation and Business Purpose New Mountain Guardian IV Income Fund, L.L.C. (the "Company"), formerly known as New Mountain Guardian IV Unlevered BDC, L.L.C., is a Delaware limited liability company formed on November 4, 2022. The Company is a closed-end, non-diversified 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 Company intends to elect to be treated for U.S. federal income tax purposes, and intends to comply with requirements to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). New Mountain Finance Advisers BDC, L.L.C. (the "Investment Adviser") is a wholly-owned subsidiary of New Mountain Capital Group, L.P. (together with New Mountain Capital, L.L.C. and its affiliates, "New Mountain Capital"), whose ultimate owners include Steven B. Klinsky, other current and former New Mountain Capital professionals and related vehicles and a minority investor. New Mountain Capital is a global investment firm with approximately $55.0 billion of assets under management and a track record of investing in the middle market. New Mountain Capital focuses on investing in defensive growth companies across its private equity, credit and net lease investment strategies. The Investment Adviser manages the Company's day-to-day operations and provides it with investment advisory and management services. The Investment Adviser also manages other funds that may have investment mandates that are similar, in whole or in part, to the Company's. New Mountain Finance Administration, L.L.C. (the "Administrator"), a wholly-owned subsidiary of New Mountain Capital, provides the administrative services necessary to conduct the Company's day-to-day operations. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company conducted a private offering (the "Private Offering") of units of the Company's limited liability company interests (the "Units") to investors in reliance on exemptions from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). Units will be offered for subscription continuously throughout the Closing Period (as defined below). Each investor in the Private Offering made a capital commitment (each, a "Capital Commitment") to purchase Units pursuant to a subscription agreement entered into with the Company (each, a "Subscription Agreement"). The Company expects closings of the Private Offering will occur, from time to time, in the Investment Adviser's sole discretion, during the 18-month period (the "Closing Period") following the initial closing of Capital Commitments, which occurred on May 23, 2023. The Company may accept and draw down on Capital Commitments from investors throughout the Closing Period and may draw down on Capital Commitments after the Closing Period. The Company commenced loan origination and investment activities on May 24, 2023. The "Investment Period" began on May 23, 2023 and will continue until November 23, 2028, the four-year anniversary of the end of the Closing Period. The term of the Company is until November 23, 2030, six years from the end of the Closing Period, subject to (i) a one The Company focuses on providing direct lending solutions to U.S. upper middle market companies backed by top private equity sponsors. The Company's investment objective is to generate current income and capital appreciation through the sourcing and origination of senior secured loans and select junior capital positions, to growing businesses in defensive industries that offer attractive risk-adjusted returns. The Company's differentiated investment approach leverages the deep sector knowledge and operating resources of New Mountain Capital. The Company primarily invests in senior secured debt of U.S. sponsor-backed, middle market companies. The Company defines middle market companies as those with annual earnings before interest, taxes, depreciation, and amortization ("EBITDA") between $10,000 and $200,000. The Company focuses on defensive growth businesses that generally exhibit the following characteristics: (i) acyclicality, (ii) sustainable secular growth drivers, (iii) niche market dominance and high barriers to competitive entry, (iv) recurring revenue and strong free cash flow, (v) flexible cost structures and (vi) seasoned management teams. Senior secured loans may include traditional first lien loans or unitranche loans. The Company invests a significant portion of its portfolio in unitranche loans, which are loans that combine both senior and subordinated debt, generally in a first-lien position. Because unitranche loans combine characteristics of senior and subordinated debt, they have risks similar to the risks associated with secured debt and subordinated debt. Certain unitranche loan investments may include “last-out” positions, which generally heighten the risk of loss. In some cases, the Company’s investments may also include equity interests. As of June 30, 2024, the Company's top five industry concentrations were software, business services, healthcare, education and food & beverage. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of accounting —The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024. Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statements of Operations as "Net realized gains (losses) on investments". The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management; c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and d. When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded. The values assigned to investments are based upon available information and do not necessarily represent amounts which might ultimately be realized, since such amounts depend on future circumstances and cannot be reasonably determined until the individual positions are liquidated. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company's investments may fluctuate from period to period and the fluctuations could be material. See Note 3. Investments , for further discussion relating to investments. Cash and cash equivalents —Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of June 30, 2024 and December 31, 2023. Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2024, the Company recognized PIK interest from investments of $252 and $396, respectively. For the period from May 24, 2023 (commencement of operations) to June 30, 2023, the Company recognized PIK interest from investments of $3. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of June 30, 2024 and December 31, 2023, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. Interest and other financing expenses —Interest and other financing fees are recorded on an accrual basis by the Company. See Note 6. Borrowings , for details. Organizational expenses —Organizational expenses include costs and expenses incurred in connection with the formation and organization of the Company and are expensed as incurred in the Statements of Operations. Any organizational and offering expenses paid by the Company in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), will be applied as a reduction to the base management fee paid to the Investment Adviser and cannot be recouped by the Investment Adviser. Deferred offering costs —The Company's deferred offering costs consist of fees and expenses incurred in connection with the offering of the Company's Units. Upon the issuance of Units, deferred offering costs are then amortized into Organizational and Offering Expenses on the Statements of Operations on a straight line basis over a period of 12 months beginning on the date of commencement of operations. Deferred offering costs are included on the Company’s Statements of Assets, Liabilities and Members' Capital until amortized. Deferred financing costs —The deferred financing costs of the Company consist of capitalized expenses related to the origination and amending of the Company's borrowings. The Company amortizes these costs into expense over the stated life of the related borrowing. See Note 6. Borrowings , for details. Income taxes —The Company was treated as a disregarded entity wholly owned by the Investment Adviser for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders. To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2023 tax year and forward remain subject to examination by the U.S. federal, state, and local tax authorities. Distributions —Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment. Earnings per Unit —The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. Foreign securities —The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation (depreciation) of investments" and "Net realized gains (losses) on investments" in the Company's Statements of Operations. Investments denominated in foreign currencies may be negatively affected by movements in the rate of exchange between the U.S. dollar and foreign currencies. This movement is beyond the control of the Company and cannot be predicted. Use of estimates —The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Abstract] | |
Investments | Investments At June 30, 2024, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 225,057 $ 226,625 Second lien 8,925 8,926 Subordinated 4,317 4,530 Total investments $ 238,299 $ 240,081 Investment Cost and Fair Value by Industry Cost Fair Value Software $ 104,379 $ 105,021 Business Services 66,918 67,448 Healthcare 23,562 23,706 Education 14,677 14,550 Food & Beverage 8,803 9,411 Consumer Services 9,054 9,103 Financial Services 5,925 5,937 Packaging 4,981 4,905 Total investments $ 238,299 $ 240,081 At December 31, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 82,696 $ 83,830 Second lien 717 752 Subordinated 1,954 2,031 Total investments $ 85,367 $ 86,613 Investment Cost and Fair Value by Industry Cost Fair Value Business Services $ 34,107 $ 34,304 Software 29,533 29,969 Healthcare 9,342 9,387 Food & Beverage 3,937 4,335 Education 3,215 3,351 Consumer Services 2,941 2,975 Financial Services 2,292 2,292 Total investments $ 85,367 $ 86,613 For discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies. Investment Risk Factors —First and second lien debt that the Company invests in is almost entirely rated below investment grade or may be unrated. Debt investments rated below investment grade are often referred to as "leveraged loans", "high yield" or "junk" debt investments, and may be considered "high risk" compared to debt investments that are rated investment grade. These debt investments are considered speculative because of the credit risk of the issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal, and such risk of default could reduce the members' capital and income distributions of the Company. In addition, some of the Company's debt investments will not fully amortize during their lifetime, which could result in a loss or a substantial amount of unpaid principal and interest due upon maturity. First and second lien debt may also lose significant market value before a default occurs. Furthermore, an active trading market may not exist for these first and second lien debt investments. This illiquidity may make it more difficult to value the debt. Subordinated debt is generally subject to similar risks as those associated with first and second lien debt, except that such debt is subordinated in payment and/or lower in lien priority. Subordinated debt is subject to the additional risk that the cash flow of the borrower and the property securing the debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured and unsecured obligations of the borrower. The Company may directly invest in the equity of private companies or, in some cases, equity investments could be made in connection with a debt investment. Equity investments may or may not fluctuate in value, resulting in recognized realized gains or losses upon disposition. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Pursuant to Rule 2a-5 under the 1940 Act, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of June 30, 2024: Total Level I Level II Level III First lien $ 226,625 $ — $ 17,998 $ 208,627 Second lien 8,926 — 3,121 5,805 Subordinated 4,530 — 2,915 1,615 Total investments $ 240,081 $ — $ 24,034 $ 216,047 The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2023: Total Level I Level II Level III First lien $ 83,830 $ — $ 8,465 $ 75,365 Second lien 752 — — 752 Subordinated 2,031 — 2,031 — Total investments $ 86,613 $ — $ 10,496 $ 76,117 The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2024: Total First Lien Second Lien Subordinated Fair value, March 31, 2024 $ 116,952 $ 113,006 $ 3,946 $ — Total gains or losses included in earnings: Net realized gains (losses) on investments 4 4 — — Net change in unrealized appreciation (depreciation) of investments 572 509 63 — Purchases, including capitalized PIK and revolver fundings 115,515 108,152 5,748 1,615 Proceeds from sales and paydowns of investments (13,828) (13,053) (775) — Transfers into Level III(1) 1,989 1,989 — — Transfers out of Level III(1) (5,157) (1,980) (3,177) — Fair Value, June 30, 2024 $ 216,047 $ 208,627 $ 5,805 $ 1,615 Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 539 $ 482 $ 57 $ — (1) As of June 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2024: Total First Lien Second Lien Subordinated Fair value, December 31, 2023 $ 76,117 $ 75,365 $ 752 $ — Total gains or losses included in earnings: Net realized gains (losses) on investments 4 4 — — Net change in unrealized appreciation (depreciation) of investments 1,074 994 80 — Purchases, including capitalized PIK and revolver fundings 152,223 144,860 5,748 1,615 Proceeds from sales and paydowns of investments (14,355) (13,580) (775) — Transfers into Level III(1) 2,974 2,974 — — Transfers out of Level III(1) (1,990) (1,990) — — Fair Value, June 30, 2024 $ 216,047 $ 208,627 $ 5,805 $ 1,615 Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 1,024 $ 967 $ 57 $ — (1) As of June 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the period from May 24, 2023 (commencement of operations) to June 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2023: Total First Lien Fair Value, May 24, 2023 (commencement of operations) $ — $ — Total gains or losses included in earnings: Net change in unrealized appreciation of investments 54 54 Purchases 5,238 5,238 Proceeds from paydowns of investments (4) (4) Fair Value, June 30, 2023 $ 5,288 $ 5,288 Net change in unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 54 $ 54 Except as noted in the tables above, there were no other transfers in or out of Levels I, II, or III during the three and six months ended June 30, 2024 or for the period from May 24, 2023 (commencement of operations) to June 30, 2023. Transfers into Level III occur as quotations obtained through pricing services are deemed not representative of fair value as of the balance sheet date, and such assets are internally valued. As quotations obtained through pricing services are substantiated through additional market sources, investments are transferred out of Level III. In addition, transfers out of Level III and transfers into Level III occur based on the increase or decrease in the availability of certain observable inputs. Investments will be transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The Company invests in revolving credit facilities. These investments are categorized as Level III investments as these assets are not actively traded and their fair values are often implied by the term loans of the respective portfolio companies. The Company generally uses the following framework when determining the fair value of investments where there are little, if any, market activity or observable pricing inputs. The Company typically determines the fair value of its performing debt investments utilizing an income approach. Additional consideration is given using a market based approach, as well as reviewing the overall underlying portfolio company's performance and associated financial risks. The following outlines additional details on the approaches considered: Company Performance, Financial Review, and Analysis: Prior to investment, as part of its due diligence process, the Company evaluates the overall performance and financial stability of the portfolio company. Post investment, the Company analyzes each portfolio company's current operating performance and relevant financial trends versus prior year and budgeted results, including, but not limited to, factors affecting its revenue and EBITDA growth, margin trends, liquidity position, covenant compliance and changes to its capital structure. The Company also attempts to identify and subsequently track any developments at the portfolio company within its customer or vendor base, or within the industry or the macroeconomic environment, generally, that may alter any material element of its original investment thesis. This analysis is specific to each portfolio company. The Company leverages the knowledge gained from its original due diligence process, augmented by this subsequent monitoring, to continually refine its outlook for each of its portfolio companies and ultimately form the valuation of its investment in each portfolio company. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Company will consider the pricing indicated by the external event to corroborate the private valuation. For debt investments, the Company may employ the Market Based Approach (as described below) to assess the total enterprise value of the portfolio company, in order to evaluate the enterprise value coverage of the Company's debt investment. For equity investments or in cases where the Market Based Approach implies a lack of enterprise value coverage for the debt investment, the Company may additionally employ a discounted cash flow analysis based on the free cash flows of the portfolio company to assess the total enterprise value. After enterprise value coverage is demonstrated for the Company's debt investments through the method(s) above, the Income Based Approach (as described below) may be employed to estimate the fair value of the investment. Market Based Approach: The Company may estimate the total enterprise value of each portfolio company by utilizing EBITDA or revenue multiples of publicly traded comparable companies and comparable transactions. The Company considers numerous factors when selecting the appropriate companies whose trading multiples are used to value its portfolio companies. These factors include, but are not limited to, the type of organization, similarity to the business being valued, and relevant risk factors, as well as size, profitability and growth expectations. The Company may apply an average of various relevant comparable company EBITDA or revenue multiples to the portfolio company's latest twelve month ("LTM") EBITDA or revenue or projected EBITDA or revenue to calculate the enterprise value of the portfolio company. Significant increases or decreases in the EBITDA or revenue multiples will result in an increase or decrease in enterprise value, which may result in an increase or decrease in the fair value estimate of the investment. In applying the market based approach as of June 30, 2024 and December 31, 2023, the Company used the relevant EBITDA or revenue multiple ranges set forth in the table below to determine the enterprise value of its portfolio companies. The Company believes these were reasonable ranges in light of current comparable company trading levels and the specific portfolio companies involved. Income Based Approach: The Company also may use a discounted cash flow analysis to estimate the fair value of the investment. Projected cash flows represent the relevant security's contractual interest, fee and principal payments plus the assumption of full principal recovery at the investment's expected maturity date. These cash flows are discounted at a rate established utilizing a combination of a yield calibration approach and a comparable investment approach. The yield calibration approach incorporates changes in the credit quality (as measured by relevant statistics) of the portfolio company, as compared to changes in the yield associated with comparable credit quality market indices, between the date of origination and the valuation date. The comparable investment approach utilizes an average yield-to-maturity of a selected set of high-quality, liquid investments to determine a comparable investment discount rate. Significant increases or decreases in the discount rate would result in a decrease or increase in the fair value measurement. In applying the income based approach as of June 30, 2024 and December 31, 2023, the Company used the discount ranges set forth in the table below to value investments in its portfolio companies. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2024 were as follows: Range Type Fair Value as of June 30, 2024 Approach Unobservable Input Low High Weighted First lien $ 175,581 Market & income approach EBITDA multiple 7.0x 23.0x 14.8x Revenue multiple 4.5x 13.0x 9.0x Discount rate 7.8 % 13.8 % 10.2 % 33,046 Other N/A (2) N/A N/A N/A Second lien 1,201 Market & income approach Discount rate 11.0 % 11.0 % 11.0 % 4,604 Other N/A (2) N/A N/A N/A Subordinated 1,615 Market & income approach EBITDA multiple 14.5x 15.5x 15.0x Discount rate 15.2 % 15.2 % 15.2 % $ 216,047 (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows: Range Type Fair Value as of December 31, 2023 Approach Unobservable Input Low High Weighted First lien $ 59,470 Market & income approach EBITDA multiple 8.5x 27.0x 18.4x Revenue multiple 8.0x 10.0x 9.0x Discount rate 7.2 % 11.2 % 9.5 % 15,895 Other N/A (2) N/A N/A N/A Second lien 752 Market & income approach Discount rate 12.9% 12.9% 12.9% $ 76,117 (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. The BMO Subscription Line (as defined below) and the Unsecured Management Company Revolver (as defined below) are considered Level III investments. See Note 6. Borrowings for details. Fair value risk factors |
Agreements and Related Parties
Agreements and Related Parties | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Agreements and Related Parties | Agreements and Related Parties The Company entered into an investment advisory and management agreement (the "Investment Management Agreement") with the Investment Adviser on December 14, 2022. The Investment Management Agreement initially had a term of two years which began on December 14, 2022, and thereafter will continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Company's board of directors, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company's directors who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act. Under the Investment Management Agreement, the Investment Adviser manages the day-to-day operations of, and provides investment advisory services to, the Company. For providing these services, the Investment Adviser receives an annual base management fee and incentive fee from the Company. Although the initial two Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since inception (calculated net of any subsequently reversed realized losses and net of any realized gains) as of the last day of the applicable quarter. For the period from the effective date of the Investment Management Agreement through the one year anniversary of the Initial Drawdown Date (as defined in the Investment Management Agreement), the base management fee was reduced by 50% (for the avoidance of doubt, this resulted in an annual management fee rate of 0.375% through May 31, 2024, the one year anniversary of the Initial Drawdown Date). Because the one year anniversary of the Initial Drawdown Date occurred on a date other than the last day of a calendar quarter, the management fee was prorated for such calendar quarter and calculated based on the number of days in such period up to, and including, the one year anniversary of the Initial Drawdown Date. The base management fee could be reduced by any voluntary fee waivers made by the Investment Adviser. The management fee will be reduced, but not below zero, by any amounts paid by the Company or its subsidiaries to a placement agent, any organizational and offering expenses in excess of the lesser of $2,000 or 0.25% of the aggregate Capital Commitments pursuant to the Expense Limitation and Reimbursement Agreement (as defined below), and any fund expenses in excess of the Specified Expenses Cap (as defined below). The Investment Adviser has entered into agreements with placement agents that provide for ongoing payments from the Investment Adviser based upon the amount of a unitholder's Capital Commitment or capital contributions. Neither the Company nor any unitholders will bear any of the fees paid to placement agents of the Company as any such fees paid by the Company will offset the management fees. 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. A portion of the incentive fee is based on a percentage of the Company's income and a portion is based on a percentage of the Company's capital gains, each as described below. Incentive Fee on Pre-Incentive Fee Net Investment Income The portion based on the Company's income (the "Income Incentive Fee") is based on pre-incentive fee net investment income ("Pre-Incentive Fee Net Investment Income"). Pre-Incentive Fee Net Investment Income means interest income, dividend income and any fee income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, upfront, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense and distributions paid on any issued and outstanding preferred units, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's members' capital at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized). The Company will pay the Investment Adviser an incentive fee quarterly in arrears with respect to the Company's Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized); • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized). The Company refers to this portion of the Company's Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.389%) as the "catch-up." The "catch-up" is meant to provide the Investment Adviser with approximately 10.0% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.389% in any calendar quarter; and • 10.0% of the dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds a rate of return of 1.389% (5.556% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 10.0% of all Pre-Incentive Fee Net Investment Income thereafter is allocated to the Investment Adviser. For both the three and six months ended June 30, 2024, incentive fees waived were under $1 thousand. For the period from May 24, 2023 (commencement of operations) to June 30, 2023, there were no incentive fees earned or waived. The fees that are payable under the Investment Management Agreement for any partial period will be appropriately prorated. Incentive Fee on Capital Gains The second component of the incentive fee is the capital gains incentive fee. The Company will pay the Investment Adviser an incentive fee with respect to the Company's cumulative realized capital gains computed net of all realized capital losses and unrealized capital depreciation since inception ("Cumulative Net Realized Gains") based on the waterfall below: a. First, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until total return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders is equal to total capital contributions; b. Second, no incentive fee is payable to the Investment Adviser on Cumulative Net Realized Gains until the Company has paid cumulative distributions equal to an annualized, cumulative internal rate of return of 5.0% on the total contributed capital to the Company calculated from the date that each such amount was due to be contributed to the Company until the date each such distribution is paid; c. Third, upon a distribution that results in cumulative distributions exceeding the amounts in clause (a) and (b) above, an incentive fee on capital gains payable to the Investment Adviser equal to 100.0% of the amount of Cumulative Net Realized Gains until the Investment Adviser has received (together with amounts the Investment Adviser has received under Income Incentive Fees) an amount equal to 10.0% of the sum of (i) the cumulative distributions to unitholders made pursuant to clause (b) above, (ii) Income Incentive Fee paid to the Investment Adviser and (iii) amounts paid to the Investment Adviser pursuant to this clause (c); and d. Thereafter, an incentive fee on capital gains equal to 10.0% of additional undistributed Cumulative Net Realized Gains. Upon termination of the Company, the Investment Adviser will be required to return incentive fees to the Company to the extent that: (i) the Investment Adviser has received cumulative incentive fees in excess of 10.0% of the sum of (A) the Company's cumulative distributions other than return of capital contributions and (B) the cumulative incentive fees paid to the Investment Adviser; or (ii) the unitholders have not received a 5.0% cumulative internal rate of return; provided that in no event will such restoration be more than the incentive fees received by the Investment Adviser. In accordance with GAAP, the Company accrues a hypothetical capital gains incentive fee based upon the cumulative net realized capital gains and realized capital losses and the cumulative net unrealized capital appreciation and unrealized capital depreciation on investments held at the end of each period. The accrual for any capital gains incentive fee under GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than the amount in the prior period. If such cumulative amount is negative, then there is no accrual. Actual amounts paid to the Investment Adviser are consistent with the Investment Management Agreement and are based only on realized capital gains computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of each calendar year. Incentive Fee Waiver On December 18, 2023, the Company and the Investment Adviser entered into a voluntary letter waiver agreement (the “Waiver Agreement”) effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by the Company to the Investment Adviser pursuant to the Investment Management Agreement. The Waiver Agreement increases the hurdle rate, as described above, to 6.0% and waives any income based incentive fees that would have been earned at the current hurdle rate of 5.0%, so long as the average three-month Secured Overnight Financing Rate ("SOFR") over the trailing three-month period (the “Three Month SOFR”) is equal to or greater than 3.0% on the last day of the applicable quarter. If the Three Month SOFR falls below 3.0% on the last day of the applicable quarter, the hurdle rate will reset to 5.0%. Additionally, through the Waiver Agreement and with respect to the incentive fee on capital gains, the annualized, cumulative internal rate of return will be calculated using a Weighted Average Hurdle Rate (as defined in the Waiver Agreement) that takes into account any hurdle rate increases during the year. Expense Limitation Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the "Specified Expenses Cap") each year such that the Company will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap applies) equal to: (1) during the Closing Period, 0.40% of the greater of (A) $500,000 or (B) actual aggregate Capital Commitments as of the end of such calendar year, (2) at the end of the Closing Period until the end of the Investment Period, 0.40% of aggregate Capital Commitments and (3) after the end of the Investment Period, 0.40% of the Company's average Members' Capital for the calendar year. Further, if the actual aggregate committed capital of the Company at the end of the Closing Period is less than $500,000, the prong of the Specified Expenses Cap in clause (1) above will be retroactively adjusted to equal 0.40% of aggregate Capital Commitments at the end of the Closing Period, and the Investment Adviser has agreed to further reduce and/or waive its management fee for the year in which the Closing Period ends in an amount equal to the difference between (A) the amount that would have been required to be waived/reimbursed pursuant to clause (1) above as adjusted and (B) the amount previously waived/reimbursed pursuant to clause (1) above. "Specified Expenses" of the Company means all Company Expenses (as defined under "Fund Expenses" in the limited liability company agreement, as amended and restated on May 23, 2023, and as amended from time to time, the "A&R LLC Agreement") incurred in the operation of the Company with the exception of: (i) the management fee, (ii) any incentive fees, (iii) Organizational and Offering Expenses (as defined in the A&R LLC Agreement) (which are subject to the Organizational and Offering Expense Cap as defined in the A&R LLC Agreement), (iv) Placement Fees (as defined in the A&R LLC Agreement), (v) interest on and fees and expenses arising out of all Company indebtedness and other financing, (vi) costs of any litigation and damages (including the costs of any indemnity or contribution right granted to any placement agent or third-party finder engaged by the Company or its affiliates) and (vii) for the avoidance of doubt, if applicable, any investor level withholding or other taxes. If, while the Investment Adviser is the investment adviser to the Company, the annualized Specified Expenses for a given calendar year are less than the Specified Expenses Cap, the Investment Adviser shall be entitled to reimbursement by the Company of the compensation waived and other expenses borne by the Investment Adviser (the "Reimbursement Amount") on behalf of the Company pursuant to the expense limitation and reimbursement agreement between the Company and the Investment Adviser (the "Expense Limitation and Reimbursement Agreement") during any of the previous thirty-six months, and provided that such amount paid to the Investment Adviser will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Reimbursement Amount plus the annualized Specified Expenses for a given calendar year shall not exceed the Specified Expenses Cap. The Investment Adviser may recapture a Specified Expense in any year within the thirty-six month period after the Investment Adviser bears the expense. For the three and six months ended June 30, 2024, and for the period from May 24, 2023 (commencement of operations) to June 30, 2023, there were no reimbursements to the Investment Adviser pursuant to this provision. The Expense Limitation and Reimbursement Agreement may be amended by mutual agreement of the parties, provided that any amendment that could result in an increase in expenses borne by the Company also must be approved by vote of a majority of the Company's outstanding Units. The following table summarizes the management fees and incentive fees incurred by the Company for the three and six months ended June 30, 2024, and for the period from May 24, 2023 (commencement of operations) to June 30, 2023: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023(1) June 30, 2024 June 30, 2023(1) Management fee $ 460 $ 6 $ 676 $ 6 Less: management fee waiver (164) (3) (272) (3) Net management fee 296 3 404 3 Incentive fee, excluding accrued incentive fees on capital gains $ 434 $ — $ 725 $ — (1) For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the three and six months ended June 30, 2024, and for the period from May 24, 2023 (commencement of operations) to June 30, 2023, no incentive fee on capital gains was accrued or owed under the Investment Management Agreement by the Company, as return of capital distributions, distributions of net investment income and distributions of net realized capital gains to unitholders did not exceed capital contributions. The Company has entered into an administration agreement with the Administrator (the "Administration Agreement") under which the Administrator provides administrative services. The Administration Agreement was most recently re-approved by the Company's board of directors on January 30, 2024 for a period of 12 months commencing on March 1, 2024. The Administrator maintains, or oversees the maintenance of, the Company's financial records, prepares reports filed with the U.S. Securities and Exchange Commission (the "SEC"), generally monitors the payment of the Company's expenses and oversees the performance of administrative and professional services rendered by others. The Administrator has hired a third-party sub-administrator to assist with the provision of administrative services. The Company reimburses the Administrator for the Company's allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to the Company under the Administration Agreement, including compensation of the Company's chief financial officer and chief compliance officer, and their respective staffs. Pursuant to the Administration Agreement and further restricted by the Company, the Administrator may, in its own discretion, submit to the Company for reimbursement some or all of the expenses that the Administrator has incurred on behalf of the Company during any quarterly period. As a result, the amount of expenses for which the Company will have to reimburse the Administrator may fluctuate in future quarterly periods and there can be no assurance given as to when, or if, the Administrator may determine to limit the expenses that the Administrator submits to the Company for reimbursement in the future. The Administrator cannot recoup any expenses that the Administrator has previously waived. For the three and six months ended June 30, 2024, approximately $139 and $287, respectively, of indirect administrative expenses were included in administrative expenses, of which $139 and $213, respectively, were waived by the Administrator. For the period from May 24, 2023 (commencement of operations) to June 30, 2023, approximately $59 of indirect administrative expenses were included in administrative expenses, of which $29 were waived by the Administrator. As of June 30, 2024 and December 31, 2023, no indirect administrative expenses were included in payable to affiliates. The Company, the Investment Adviser and the Administrator have also entered into a Trademark License Agreement, (as amended, the "Trademark License Agreement"), with New Mountain Capital, pursuant to which New Mountain Capital has agreed to grant the Company, the Investment Adviser and the Administrator a non-exclusive, royalty-free license to use the "New Mountain Capital" name. Under the Trademark License Agreement, subject to certain conditions, the Company, the Investment Adviser and the Administrator will have a right to use the "New Mountain Capital" name, for so long as the Investment Adviser or one of its affiliates remains the investment adviser of the Company. Other than with respect to this limited license, the Company, the Investment Adviser and the Administrator will have no legal right to the "New Mountain Capital" name. The Investment Adviser and its affiliates may also manage other funds in the future that may have investment mandates that are similar, in whole or in part, to the Company's investment mandate. The Investment Adviser and its affiliates may determine that an investment is appropriate for the Company or for one or more of those other funds. In such event, depending on the availability of such investment and other appropriate factors, the Investment Adviser or its affiliates may determine that the Company should invest side-by-side with one or more other funds. Any such investments will be made only to the extent permitted by applicable law and interpretive positions of the SEC and its staff and consistent with the Investment Adviser's allocation procedures. On October 8, 2019, the SEC issued an exemptive order (the "Exemptive Order") to the Investment Adviser and certain of its affiliates, which superseded a prior order issued on December 18, 2017, which permits the Company to co-invest in portfolio companies with certain funds or entities managed by the Investment Adviser or its affiliates in certain negotiated transactions where co-investing would otherwise be prohibited under the 1940 Act, subject to the conditions of the Exemptive Order. Pursuant to the Exemptive Order, the Company is permitted to co-invest with its affiliates if a "required majority" (as defined in Section 57(o) of the 1940 Act) of the Company's directors who are not "interested persons," as that term is defined in Section 2(a)(19) of the 1940 Act (the "Independent Directors"), make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and its unitholders and do not involve overreaching in respect of the Company or its unitholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of the Company's unitholders and is consistent with its then-current investment objective and strategies. In addition, pursuant to an exemptive order issued by the SEC on April 8, 2020 and applicable to all BDCs through December 31, 2020 (the "Temporary Relief"), affiliates of the Company were permitted, subject to the satisfaction of certain conditions, to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds did not previously hold an investment in such existing portfolio company. Without the Temporary Relief, such private funds would not be able to participate in such follow-on investments unless the private funds had previously acquired securities of the portfolio company in a co-investment transaction with certain affiliates of the Company. Although the Temporary Relief expired on December 31, 2020, the SEC’s Division of Investment Management had indicated that until March 31, 2022, it would not recommend enforcement action, to the extent that any BDC with an existing co-investment order continued to engage in certain transactions described in the Temporary Relief, pursuant to the same terms and conditions described therein. The Temporary Relief is no longer effective; however, on August 30, 2022, New Mountain Finance Corporation, an affiliate of the Company and the Investment Adviser, and certain other affiliated applicants, received an Order from the SEC that amended its existing Exemptive Order to permit the applicants, including Future Regulated Funds (as defined in the Exemptive Order) such as the Company, to continue to complete follow-on investments in its existing portfolio companies with certain affiliates that are private funds if such private funds do not hold an investment in such existing portfolio company, subject to certain conditions. On June 23, 2023, the Company entered into an uncommitted revolving loan agreement with NMF Investments III, L.L.C., an affiliate of the Investment Adviser (the "Uncommitted Revolving Loan Agreement"), with a $10,000 maximum amount of revolver borrowings available and a maturity date of December 31, 2025. Refer to Note 6. Borrowings for discussion of the Unsecured Management Company Revolver (as defined below). |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Unsecured Management Company Revolver —The Uncommitted Revolving Loan Agreement, dated June 23, 2023, among the Company, as the borrower, and NMF Investments III, L.L.C., an affiliate of the Investment Adviser, as the lender (the "Uncommitted Revolving Loan Agreement"), is structured as a discretionary unsecured revolving credit facility (the "Unsecured Management Company Revolver"). The proceeds from the Unsecured Management Company Revolver may be used for general corporate purposes, including the funding of portfolio investments. The maturity date of the Unsecured Management Company Revolver is December 31, 2025 and the maximum facility amount is $10,000. The Unsecured Management Company Revolver generally bears interest at a rate of 7.00% per annum (as described in the Uncommitted Revolving Loan Agreement). For the three months ended June 30, 2024, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $0 and $2, respectively. For the six months ended June 30, 2024, interest expense and amortization of financing costs incurred on the Unsecured Management Company Revolver were $0 and $4, respectively. For the period from May 24, 2023 (commencement of operations) to June 30, 2023, interest expense was $3. The weighted average interest rate and effective interest rate on the Unsecured Management Company Revolver for the period from May 24, 2023 (commencement of operations) to June 30, 2023 were 7.0% and 7.0%, respectively. As of June 30, 2024 and December 31, 2023, there was no outstanding balance under the Unsecured Management Company Revolver. BMO Subscription Line —On June 29, 2023, the Company entered into a Loan Authorization Agreement with BMO Bank N.A. (formerly known as BMO Harris Bank N.A., "BMO") (as amended, from time to time, and most recently amended on April 12, 2024, the "Loan Authorization Agreement"), which allows the Company to borrow on a revolving credit basis an aggregate principal amount which cannot exceed $125,000 (the "BMO Subscription Line"). All outstanding borrowings under the BMO Subscription Line are due on BMO's demand within 15 business days or the earliest to occur on the date (x) six months after each advance date and (y) 30 days prior to the termination of the Investment Period, which varies throughout the period. The BMO Subscription Line is collateralized by the unfunded Capital Commitments of each of the Company's unitholders. All fees associated with the origination and amendment of the BMO Subscription Line are capitalized on the Statements of Assets, Liabilities and Members' Capital and amortized and charged against income as other financing costs over the life of the BMO Subscription Line. The BMO Subscription Line bears interest at the greater of the prime commercial rate minus 0.25% per annum or the SOFR Quoted Rate (as defined below) for such day plus 2.50% per annum. SOFR Quoted Rate means as of any day of determination, 3-month Term SOFR on the date that is two U.S. Government Securities Business Days prior to such day of determination as such rate is published by the Term SOFR Administrator plus a credit spread adjustment of 0.15%. The BMO Subscription Line also charges an annual administrative fee, based on the Amount of Maximum Credit then in effect (as defined in the Loan Authorization Agreement). The following table summarizes the interest expense, administrative fees and amortization of financing costs incurred on the BMO Subscription Line for the three and six months ended June 30, 2024. There were no borrowings on the BMO Subscription Line for the period from May 24, 2023 (commencement of operations) to June 30, 2023. Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Interest expense $ 430 $ 510 Administrative fees 208 226 Amortization of financing costs 110 148 Weighted average interest rate 8.3 % 8.3 % Effective interest rate 14.4 % 14.3 % Average debt outstanding $ 20,977 $ 12,440 As of both June 30, 2024 and December 31, 2023, there was no outstanding balance on the BMO Subscription Line, and the Company was in compliance with the applicable covenants of the Loan Authorization Agreement on such dates. Leverage risk factors |
Regulation
Regulation | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company [Abstract] | |
Regulation | Regulation The Company intends to elect to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code with the filing of its tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to continue to qualify and maintain its status as a RIC annually. In order to continue to qualify and be subject to tax treatment as a RIC for U.S. federal income tax purposes, among other things, the Company is generally required to timely distribute to its unitholders at least 90.0% of its investment company taxable income, as defined by the Code, for each year. The Company, among other things, intends to make and will continue to make the requisite timely distributions to its unitholders, and as such, the Company will generally be relieved from U.S. federal, state, and local income taxes (excluding excise taxes which may be imposed under the Code). Additionally, as a BDC, the Company must not acquire any assets other than "qualifying assets" as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70.0% of its total assets are qualifying assets (with |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, the Company may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Company may also enter into future funding commitments such as revolving credit facilities, bridge financing commitments or delayed draw commitments. As of June 30, 2024, the Company had unfunded commitments on revolving credit facilities of $13,034, no outstanding bridge financing commitments and other future funding commitments of $47,291. As of December 31, 2023, the Company had unfunded commitments on revolving credit facilities of $3,979, no outstanding bridge financing commitments, and other future funding commitments of $23,198. The unfunded commitments on revolving credit facilities and delayed draws are disclosed on the Company's Schedules of Investments. The Company also had revolving borrowings available under the Unsecured Management Company Revolver and BMO Subscription Line as of June 30, 2024 and December 31, 2023. See Note 6. Borrowings , for details. The Company may from time to time enter into financing commitment letters. As of June 30, 2024 and December 31, 2023, the Company had commitment letters to purchase investments in the aggregate par amount of $4,615 and $5,003, respectively, which could require funding in the future. |
Members' Capital
Members' Capital | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Members' Capital | Members' Capital The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2024. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price May 2, 2024 May 21, 2024 13,965,250 $ 139,653 The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from November 4, 2022 (inception) to June 30, 2023. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price May 16, 2023 May 16, 2023 100 $ 1 May 31, 2023 June 14, 2023 1,049,900 10,499 1,050,000 $ 10,500 The following table reflects the distributions declared on the Units for the six months ended June 30, 2024: Date Declared Record Date Payment Date Per Unit Amount March 20, 2024 March 27, 2024 April 19, 2024 $ 0.273 May 16, 2024 May 20, 2024 July 19, 2024 0.153 June 25, 2024 June 27, 2024 July 19, 2024 0.087 $ 0.513 As of June 30, 2023, no distributions had been declared or paid by the Company. |
Earnings (Loss) Per Unit
Earnings (Loss) Per Unit | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Unit | Earnings (Loss) Per Unit The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per Unit resulting from operations for the three and six months ended June 30, 2024, and for the period from May 24, 2023 (commencement of operations) to June 30, 2023: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023(1) June 30, 2024 June 30, 2023(1) Earnings (Loss) per unit—basic & diluted Numerator for basic & diluted earnings (loss) per unit: $ 3,906 $ (559) $ 7,066 $ (559) Denominator for basic & diluted weighted average unit: 16,852,036 469,792 13,706,018 469,792 Basic & diluted earnings (loss) per unit: $ 0.23 $ (1.19) $ 0.52 $ (1.19) (1) For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following information sets forth the Company's financial highlights for the six months ended June 30, 2024 and for the period from May 24, 2023 (commencement of operations) to June 30, 2023: Six Months Ended June 30, 2024 June 30, 2023(1) Per unit data(2): Members' capital, December 31, 2023 and May 24, 2023 (commencement of operations), respectively $ 10.02 $ 10.00 Net investment income (loss) 0.48 (1.29) Net realized and unrealized gains (losses)(3) 0.04 0.76 Total net increase (decrease) 0.52 (0.53) Distributions declared to unitholders from net investment income (0.51) — Members' capital, June 30, 2024 and June 30,2023, respectively $ 10.03 $ 9.47 Total return based on members' capital(4) 5.26 % (5.32) % Units outstanding at end of period 24,525,250 1,050,000 Average weighted units outstanding for the period 13,706,018 469,792 Average members' capital for the period $ 137,431 $ 4,683 Ratio to average members' capital: Net investment income (loss)(5) 9.65 % (30.72) % Total expenses, before waivers(5) 4.95 % 47.27 % Total expenses, net of waivers(5) 4.24 % 40.45 % Average debt outstanding—Unsecured Management Company Revolver $ — $ 1,875 Average debt outstanding—BMO Subscription Line $ 12,440 $ — Asset coverage ratio N/A 298.83 % Portfolio turnover 12.15 % 2.87 % Capital Commitments $ 490,505 $ 52,500 Funded Capital Commitments $ 245,253 $ 10,500 % of Capital Commitments funded 50.00 % 20.00 % (1) For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. (2) Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit). (3) The total amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions which for the six months ended June 30, 2024 and for the period from May 24, 2023 (commencement of operations) to June 30, 2023 was $0.00 and $0.66, respectively. (4) Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized. (5) Annualized, except organizational and offering costs. |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards Updates | Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the six months ended June 30, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2020, the SEC adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), also provides the recordkeeping requirements associated with fair value determinations. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated the need for disclosures and/or adjustments resulting from recent developments through the date the financial statements were issued. There have been no recent developments that require recognition or disclosure in these consolidated financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |||
Pay vs Performance Disclosure | ||||||
Net increase (decrease) in members' capital resulting from operations | $ 3,906 | $ (559) | [1] | $ 7,066 | $ (559) | [1],[2] |
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting —The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification Topic 946, Financial Services — Investment Companies ("ASC 946"). The Company's financial statements reflect all adjustments and reclassifications which, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition for the period(s) presented. Revenues are recognized when earned and expenses when incurred. The financial results of the Company's portfolio investments are not consolidated in the financial statements. The Company's interim financial statements are prepared in accordance with GAAP and pursuant to the requirements for reporting on Form 10-Q and Articles 6 and 10 of Regulation S-X. Accordingly, the Company’s interim financial statements do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period, have been included. The current period's results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December 31, 2024. |
Investments | Investments —The Company applies fair value accounting in accordance with GAAP. Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Investments are reflected on the Company's Statements of Assets, Liabilities and Members' Capital at fair value, with changes in unrealized gains and losses resulting from changes in fair value reflected in the Company's Statements of Operations as "Net change in unrealized appreciation (depreciation) of investments" and realizations on portfolio investments reflected in the Company's Statements of Operations as "Net realized gains (losses) on investments". The Company values its assets on a quarterly basis, or more frequently if required under the 1940 Act. In all cases, the Company's board of directors is ultimately and solely responsible for determining the fair value of the Company's portfolio investments on a quarterly basis in good faith, including investments that are not publicly traded, those whose market prices are not readily available and any other situation where its portfolio investments require a fair value determination. Security transactions are accounted for on a trade date basis. The Company's quarterly valuation procedures are set forth in more detail below: (1) Investments for which market quotations are readily available on an exchange are valued at such market quotations based on the closing price indicated from independent pricing services. (2) Investments for which indicative prices are obtained from various pricing services and/or brokers or dealers are valued through a multi-step valuation process, as described below, to determine whether the quote(s) obtained is representative of fair value in accordance with GAAP. a. Bond quotes are obtained through independent pricing services. Internal reviews are performed by the investment professionals of the Investment Adviser to ensure that the quote obtained is representative of fair value in accordance with GAAP and, if so, the quote is used. If the Investment Adviser is unable to sufficiently validate the quote(s) internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below); and b. For investments other than bonds, the Company looks at the number of quotes readily available and performs the following procedures: i. Investments for which two or more quotes are received from a pricing service are valued using the mean of the mean of the bid and ask of the quotes obtained. The Company will evaluate the reasonableness of the quote, and if the quote is determined to not be representative of fair value, the Company will use one or more of the methodologies outlined below to determine fair value; and ii. Investments for which one quote is received from a pricing service are validated internally. The investment professionals of the Investment Adviser analyze the market quotes obtained using an array of valuation methods (further described below) to validate the fair value. If the Investment Adviser is unable to sufficiently validate the quote internally and if the investment's par value or its fair value exceeds the materiality threshold, the investment is valued similarly to those assets with no readily available quotes (see (3) below). (3) Investments for which quotations are not readily available through exchanges, pricing services, brokers, or dealers are valued through a multi-step valuation process: a. Each portfolio company or investment is initially valued by the investment professionals of the Investment Adviser responsible for the credit monitoring; b. Preliminary valuation conclusions will then be documented and discussed with the Company's senior management; c. If an investment falls into (3) above for four consecutive quarters and if the investment's par value or its fair value exceeds the materiality threshold, then at least once each fiscal year, the valuation for each portfolio investment for which the Company does not have a readily available market quotation will be reviewed by an independent valuation firm engaged by the Company's board of directors; and d. When deemed appropriate by the Company's management, an independent valuation firm may be engaged to review and value investment(s) of a portfolio company, without any preliminary valuation being performed by the Investment Adviser. The investment professionals of the Investment Adviser will review and validate the value provided. For investments in revolving credit facilities and delayed draw commitments, the cost basis of the funded investments purchased is offset by any costs/netbacks received for any unfunded portion on the total balance committed. The fair value is also adjusted for the price appreciation or depreciation on the unfunded portion. As a result, the purchase of a commitment not completely funded may result in a negative fair value until it is called and funded. |
Cash and cash equivalents | Cash and cash equivalents —Cash and cash equivalents include cash and short-term, highly liquid investments. The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and so near maturity that there is insignificant risk of changes in value. These securities have original maturities of three months or less. The Company did not hold any cash equivalents as of June 30, 2024 and December 31, 2023. |
Revenue recognition | Revenue recognition Sales and paydowns of investments: Realized gains and losses on investments are determined on the specific identification method. Interest income: Interest income, including amortization of premium and discount using the effective interest method, is recorded on the accrual basis and periodically assessed for collectability. Interest income also includes interest earned from cash on hand. Upon the prepayment of a loan or debt security, any prepayment penalties are recorded as part of interest income. The Company has loans in its portfolio that contain a payment-in-kind ("PIK") interest. PIK interest is accrued and recorded as income at the contractual rates, if deemed collectible. The PIK interest is added to the principal or share balances on the capitalization dates and are generally due at maturity or when redeemed by the issuer. For the three and six months ended June 30, 2024, the Company recognized PIK interest from investments of $252 and $396, respectively. For the period from May 24, 2023 (commencement of operations) to June 30, 2023, the Company recognized PIK interest from investments of $3. Non-accrual income: Investments are placed on non-accrual status when principal or interest payments are past due for 30 days or more and when there is reasonable doubt that principal or interest will be collected. Accrued cash and un-capitalized PIK interest are reversed when an investment is placed on non-accrual status. Previously capitalized PIK interest is not reversed when an investment is placed on non-accrual status. Interest payments received on non-accrual investments may be recognized as income or applied to principal depending upon management's judgment of the ultimate collectability. Non-accrual investments are restored to accrual status when past due principal and interest is paid and, in management's judgment, are likely to remain current. As of June 30, 2024 and December 31, 2023, no investments were on non-accrual status. Fee income: Fee income represents delayed compensation, revolver fees, upfront fees, amendment fees and other miscellaneous fees received and are typically non-recurring in nature. Delayed compensation is income earned from counterparties on trades that do not settle within a set number of business days after the trade date. Fee income may also include fees from bridge loans. The Company may from time to time enter into bridge financing commitments, an obligation to provide interim financing to a counterparty until permanent credit can be obtained. These commitments are short-term in nature and may expire unfunded. A fee is received by the Company for providing such commitments. Structuring fees and upfront fees are recognized as income when earned, usually when paid at the closing of the investment, and are non-refundable. |
Interest and other financing expenses | Interest and other financing expenses |
Organizational expenses | Organizational expenses |
Deferred offering costs | Deferred offering costs |
Deferred financing costs | Deferred financing costs |
Incomes taxes | Income taxes —The Company was treated as a disregarded entity wholly owned by the Investment Adviser for the period beginning with the date of its inception on November 4, 2022 through May 23, 2023. The Company intends to elect to be treated as a RIC for U.S. federal income tax purposes under Subchapter M of the Code with the filing of its first tax return for the year ended December 31, 2023, and thereafter intends to comply with the requirements to qualify and maintain its status as a RIC annually. As a RIC, the Company will not be subject to U.S. federal income tax on the portion of taxable income and gains timely distributed to its unitholders. To qualify and be subject to tax treatment as a RIC, the Company is required to meet certain income and asset diversification tests in addition to timely distributing at least 90.0% of its investment company taxable income, as defined by the Code. Since U.S. federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. For U.S. federal income tax purposes, distributions paid to unitholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The Company will be subject to a 4.0% nondeductible federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its respective net ordinary income earned for the calendar year and (2) 98.2% of its respective capital gain net income for the one-year period ending October 31 in the calendar year. Based on its analysis, the Company has determined that there were no uncertain tax positions that do not meet the more likely than not threshold as defined by Accounting Standards Codification Topic 740, Income Taxes ("ASC 740") through December 31, 2023. The 2023 tax year and forward remain subject to examination by the U.S. federal, state, and local tax authorities. |
Distributions | Distributions —Distributions to the Company's unitholders are recorded on the record date as set by the Company's board of directors. The Company intends to make timely distributions to its unitholders that will be sufficient to enable the Company to qualify and maintain its status as a RIC. The Company intends to distribute approximately all of its net investment income on a quarterly basis and substantially all of its taxable income on an annual basis, except that the Company may retain certain net capital gains for reinvestment. |
Earnings per Unit | Earnings per Unit —The Company's earnings per unit ("EPU") amounts have been computed based on the weighted-average number of Units outstanding for the period. Basic EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units outstanding during the period of computation. Diluted EPU is computed by dividing net increase (decrease) in members' capital resulting from operations by the weighted average number of Units assuming all potential Units had been issued, and its related net impact to members' capital accounted for, and the additional Units were dilutive. Diluted EPU reflects the potential dilution, using the as-if-converted method for convertible debt, which could occur if all potentially dilutive securities were exercised. |
Foreign securities | Foreign securities |
Use of estimates | Use of estimates —The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Company's financial statements and the reported amounts of revenues and expenses during the reporting periods. Changes in the economic environment, financial markets, and other metrics used in determining these estimates could cause actual results to differ from the estimates used, and the differences could be material. |
Fair value | Fair Value Pursuant to Rule 2a-5 under the 1940 Act, a market quotation is readily available for purposes of Section 2(a)(41) of the 1940 Act with respect to a security only when that “quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.” Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("ASC 820") establishes a fair value hierarchy that prioritizes and ranks the inputs to valuation techniques used in measuring investments at fair value. The hierarchy classifies the inputs used in measuring fair value into three levels as follows: Level I —Quoted prices (unadjusted) are available in active markets for identical investments and the Company has the ability to access such quotes as of the reporting date. The type of investments which would generally be included in Level I include active exchange-traded equity securities and exchange-traded derivatives. As required by ASC 820, the Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level II —Pricing inputs are observable for the investments, either directly or indirectly, as of the reporting date, but are not the same as those used in Level I. Level II inputs include the following: • Quoted prices for similar assets or liabilities in active markets; • Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently); • Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including foreign exchange forward contracts); and • Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the asset or liability. Level III —Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs used to measure fair value may fall into different levels. In all instances when the inputs fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level of input that is significant to the fair value measurement in its entirety. As such, a Level III fair value measurement may include inputs that are both observable and unobservable. Gains and losses for such assets categorized within the Level III table below may include changes in fair value that are attributable to both observable inputs and unobservable inputs. The inputs into the determination of fair value require significant judgment or estimation by management and consideration of factors specific to each investment. A review of the fair value hierarchy classifications is conducted on a quarterly basis. Changes in the observability of valuation inputs may result in the transfer of certain investments within the fair value hierarchy from period to period. |
Recent accounting standards updates | Recent Accounting Standards Updates In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Reference Rate Reform (Topic 848) : Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The standard was effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the optional guidance on the Company's financial statements and disclosures. The Company did not utilize the optional expedients and exceptions provided by ASU 2020-04 during the six months ended June 30, 2024. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset day of this guidance to December 31, 2024. The Company is currently evaluating the impact of this guidance on its financial statements. In December 2020, the SEC adopted a rule providing a framework for fund valuation practices. Rule 2a-5 under the 1940 Act (“Rule 2a-5”) establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must determine the fair value of a security. Rule 31a-4 under the 1940 Act (“Rule 31a-4”), also provides the recordkeeping requirements associated with fair value determinations. While the Company's board of directors has not elected to designate the Investment Adviser as the valuation designee, the Company has adopted certain revisions to its valuation policies and procedures in order comply with the applicable requirements of Rule 2a-5 and Rule 31a-4. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Schedule of Investments [Abstract] | |
Schedule of Investments | At June 30, 2024, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 225,057 $ 226,625 Second lien 8,925 8,926 Subordinated 4,317 4,530 Total investments $ 238,299 $ 240,081 Investment Cost and Fair Value by Industry Cost Fair Value Software $ 104,379 $ 105,021 Business Services 66,918 67,448 Healthcare 23,562 23,706 Education 14,677 14,550 Food & Beverage 8,803 9,411 Consumer Services 9,054 9,103 Financial Services 5,925 5,937 Packaging 4,981 4,905 Total investments $ 238,299 $ 240,081 At December 31, 2023, the Company's investments consisted of the following: Investment Cost and Fair Value by Type Cost Fair Value First lien $ 82,696 $ 83,830 Second lien 717 752 Subordinated 1,954 2,031 Total investments $ 85,367 $ 86,613 Investment Cost and Fair Value by Industry Cost Fair Value Business Services $ 34,107 $ 34,304 Software 29,533 29,969 Healthcare 9,342 9,387 Food & Beverage 3,937 4,335 Education 3,215 3,351 Consumer Services 2,941 2,975 Financial Services 2,292 2,292 Total investments $ 85,367 $ 86,613 For discussion of the Company's unfunded commitments, see Note 8. Commitments and Contingencies. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Summary of Portfolio Investments by Level in the Fair Value Hierarchy | The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of June 30, 2024: Total Level I Level II Level III First lien $ 226,625 $ — $ 17,998 $ 208,627 Second lien 8,926 — 3,121 5,805 Subordinated 4,530 — 2,915 1,615 Total investments $ 240,081 $ — $ 24,034 $ 216,047 The following table summarizes the levels in the fair value hierarchy that the Company's portfolio investments fell into as of December 31, 2023: Total Level I Level II Level III First lien $ 83,830 $ — $ 8,465 $ 75,365 Second lien 752 — — 752 Subordinated 2,031 — 2,031 — Total investments $ 86,613 $ — $ 10,496 $ 76,117 |
Summary of Changes in Level III Portfolio Investments | The following table summarizes the changes in fair value of Level III portfolio investments for the three months ended June 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2024: Total First Lien Second Lien Subordinated Fair value, March 31, 2024 $ 116,952 $ 113,006 $ 3,946 $ — Total gains or losses included in earnings: Net realized gains (losses) on investments 4 4 — — Net change in unrealized appreciation (depreciation) of investments 572 509 63 — Purchases, including capitalized PIK and revolver fundings 115,515 108,152 5,748 1,615 Proceeds from sales and paydowns of investments (13,828) (13,053) (775) — Transfers into Level III(1) 1,989 1,989 — — Transfers out of Level III(1) (5,157) (1,980) (3,177) — Fair Value, June 30, 2024 $ 216,047 $ 208,627 $ 5,805 $ 1,615 Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 539 $ 482 $ 57 $ — (1) As of June 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the six months ended June 30, 2024, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2024: Total First Lien Second Lien Subordinated Fair value, December 31, 2023 $ 76,117 $ 75,365 $ 752 $ — Total gains or losses included in earnings: Net realized gains (losses) on investments 4 4 — — Net change in unrealized appreciation (depreciation) of investments 1,074 994 80 — Purchases, including capitalized PIK and revolver fundings 152,223 144,860 5,748 1,615 Proceeds from sales and paydowns of investments (14,355) (13,580) (775) — Transfers into Level III(1) 2,974 2,974 — — Transfers out of Level III(1) (1,990) (1,990) — — Fair Value, June 30, 2024 $ 216,047 $ 208,627 $ 5,805 $ 1,615 Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 1,024 $ 967 $ 57 $ — (1) As of June 30, 2024, portfolio investments were transferred into Level III from Level II and out of Level III into Level II at fair value as of the beginning of the period in which the reclassification occurred. The following table summarizes the changes in fair value of Level III portfolio investments for the period from May 24, 2023 (commencement of operations) to June 30, 2023, as well as the portion of appreciation (depreciation) included in income attributable to the net change in unrealized appreciation (depreciation) related to those assets and liabilities still held by the Company at June 30, 2023: Total First Lien Fair Value, May 24, 2023 (commencement of operations) $ — $ — Total gains or losses included in earnings: Net change in unrealized appreciation of investments 54 54 Purchases 5,238 5,238 Proceeds from paydowns of investments (4) (4) Fair Value, June 30, 2023 $ 5,288 $ 5,288 Net change in unrealized appreciation for the period relating to those Level III assets that were still held by the Company at the end of the period: $ 54 $ 54 |
Summary of Unobservable Inputs | The unobservable inputs used in the fair value measurement of the Company's Level III investments as of June 30, 2024 were as follows: Range Type Fair Value as of June 30, 2024 Approach Unobservable Input Low High Weighted First lien $ 175,581 Market & income approach EBITDA multiple 7.0x 23.0x 14.8x Revenue multiple 4.5x 13.0x 9.0x Discount rate 7.8 % 13.8 % 10.2 % 33,046 Other N/A (2) N/A N/A N/A Second lien 1,201 Market & income approach Discount rate 11.0 % 11.0 % 11.0 % 4,604 Other N/A (2) N/A N/A N/A Subordinated 1,615 Market & income approach EBITDA multiple 14.5x 15.5x 15.0x Discount rate 15.2 % 15.2 % 15.2 % $ 216,047 (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. The unobservable inputs used in the fair value measurement of the Company's Level III investments as of December 31, 2023 were as follows: Range Type Fair Value as of December 31, 2023 Approach Unobservable Input Low High Weighted First lien $ 59,470 Market & income approach EBITDA multiple 8.5x 27.0x 18.4x Revenue multiple 8.0x 10.0x 9.0x Discount rate 7.2 % 11.2 % 9.5 % 15,895 Other N/A (2) N/A N/A N/A Second lien 752 Market & income approach Discount rate 12.9% 12.9% 12.9% $ 76,117 (1) Unobservable inputs were weighted by the relative fair value of the investments. (2) Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio company since the transaction date. |
Agreements and Related Parties
Agreements and Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Management Fees and Incentive Fees | The following table summarizes the management fees and incentive fees incurred by the Company for the three and six months ended June 30, 2024, and for the period from May 24, 2023 (commencement of operations) to June 30, 2023: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023(1) June 30, 2024 June 30, 2023(1) Management fee $ 460 $ 6 $ 676 $ 6 Less: management fee waiver (164) (3) (272) (3) Net management fee 296 3 404 3 Incentive fee, excluding accrued incentive fees on capital gains $ 434 $ — $ 725 $ — (1) For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Interest Expense and Amortization of Financing Costs | The following table summarizes the interest expense, administrative fees and amortization of financing costs incurred on the BMO Subscription Line for the three and six months ended June 30, 2024. There were no borrowings on the BMO Subscription Line for the period from May 24, 2023 (commencement of operations) to June 30, 2023. Three Months Ended Six Months Ended June 30, 2024 June 30, 2024 Interest expense $ 430 $ 510 Administrative fees 208 226 Amortization of financing costs 110 148 Weighted average interest rate 8.3 % 8.3 % Effective interest rate 14.4 % 14.3 % Average debt outstanding $ 20,977 $ 12,440 |
Members' Capital (Tables)
Members' Capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Summary of Total Units Issued and Proceeds Received Related to Capital Drawdowns Delivered Pursuant to the Subscription Agreements | The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the six months ended June 30, 2024. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price May 2, 2024 May 21, 2024 13,965,250 $ 139,653 The following table summarizes the total Units issued and proceeds received related to capital drawdowns delivered pursuant to the Subscription Agreements for the period from November 4, 2022 (inception) to June 30, 2023. Drawdown Date Unit Issue Date Units Issued Aggregate Offering Price May 16, 2023 May 16, 2023 100 $ 1 May 31, 2023 June 14, 2023 1,049,900 10,499 1,050,000 $ 10,500 |
Summary of Distributions Declared | The following table reflects the distributions declared on the Units for the six months ended June 30, 2024: Date Declared Record Date Payment Date Per Unit Amount March 20, 2024 March 27, 2024 April 19, 2024 $ 0.273 May 16, 2024 May 20, 2024 July 19, 2024 0.153 June 25, 2024 June 27, 2024 July 19, 2024 0.087 $ 0.513 |
Earnings (Loss) Per Unit (Table
Earnings (Loss) Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic Net Increase (decrease) | The following information sets forth the computation of basic net increase (decrease) in the Company's members' capital per Unit resulting from operations for the three and six months ended June 30, 2024, and for the period from May 24, 2023 (commencement of operations) to June 30, 2023: Three Months Ended Six Months Ended June 30, 2024 June 30, 2023(1) June 30, 2024 June 30, 2023(1) Earnings (Loss) per unit—basic & diluted Numerator for basic & diluted earnings (loss) per unit: $ 3,906 $ (559) $ 7,066 $ (559) Denominator for basic & diluted weighted average unit: 16,852,036 469,792 13,706,018 469,792 Basic & diluted earnings (loss) per unit: $ 0.23 $ (1.19) $ 0.52 $ (1.19) (1) For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following information sets forth the Company's financial highlights for the six months ended June 30, 2024 and for the period from May 24, 2023 (commencement of operations) to June 30, 2023: Six Months Ended June 30, 2024 June 30, 2023(1) Per unit data(2): Members' capital, December 31, 2023 and May 24, 2023 (commencement of operations), respectively $ 10.02 $ 10.00 Net investment income (loss) 0.48 (1.29) Net realized and unrealized gains (losses)(3) 0.04 0.76 Total net increase (decrease) 0.52 (0.53) Distributions declared to unitholders from net investment income (0.51) — Members' capital, June 30, 2024 and June 30,2023, respectively $ 10.03 $ 9.47 Total return based on members' capital(4) 5.26 % (5.32) % Units outstanding at end of period 24,525,250 1,050,000 Average weighted units outstanding for the period 13,706,018 469,792 Average members' capital for the period $ 137,431 $ 4,683 Ratio to average members' capital: Net investment income (loss)(5) 9.65 % (30.72) % Total expenses, before waivers(5) 4.95 % 47.27 % Total expenses, net of waivers(5) 4.24 % 40.45 % Average debt outstanding—Unsecured Management Company Revolver $ — $ 1,875 Average debt outstanding—BMO Subscription Line $ 12,440 $ — Asset coverage ratio N/A 298.83 % Portfolio turnover 12.15 % 2.87 % Capital Commitments $ 490,505 $ 52,500 Funded Capital Commitments $ 245,253 $ 10,500 % of Capital Commitments funded 50.00 % 20.00 % (1) For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. (2) Per unit data is based on weighted average units outstanding for the respective period (except for distributions declared to unitholders, which are based on actual rate per unit). (3) The total amount shown may not correspond with the aggregate amount for the period as it includes the effect of the timing of capital transactions which for the six months ended June 30, 2024 and for the period from May 24, 2023 (commencement of operations) to June 30, 2023 was $0.00 and $0.66, respectively. (4) Total return is calculated assuming a purchase price at members' capital per Unit on the first day of the year and a sale at members' capital per Unit on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at members' capital per Unit on the last day of the respective quarter. Total return calculation is not annualized. (5) Annualized, except organizational and offering costs. |
Formation and Business Purpose
Formation and Business Purpose (Details) $ in Thousands | 6 Months Ended | |
May 23, 2023 | Jun. 30, 2024 USD ($) industry | |
Summary of Investment Holdings [Line Items] | ||
Investment period | 4 years | |
Term of company | 6 years | |
Term of company, extension period | 1 year | |
Term of company, additional extension period | 1 year | |
Number Of Top Industry Concentrations | industry | 5 | |
Minimum | ||
Summary of Investment Holdings [Line Items] | ||
EBITDA as defined for middle market business | $ 10,000 | |
Maximum | ||
Summary of Investment Holdings [Line Items] | ||
EBITDA as defined for middle market business | 200,000 | |
Private Placement | ||
Summary of Investment Holdings [Line Items] | ||
Offering period | 18 months | |
New Mountain Capital | ||
Summary of Investment Holdings [Line Items] | ||
Assets under management | $ 55,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Dec. 14, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) investment | Jun. 30, 2023 USD ($) | [1] | Jun. 30, 2024 USD ($) investment | Jun. 30, 2023 USD ($) | [1] | Dec. 31, 2023 investment | |
Related Party Transaction [Line Items] | |||||||||
PIK interest | $ 3 | $ 252 | $ 3 | $ 396 | $ 3 | ||||
Investments threshold period past due for nonaccrual status | 30 days | 30 days | |||||||
Number of investments on non-accrual status | investment | 0 | 0 | 0 | ||||||
Amortization period for deferred offering costs | 12 months | ||||||||
Investment Management Agreement | Payable to affiliate | |||||||||
Related Party Transaction [Line Items] | |||||||||
Organizational and offering expenses, reduction to base management fee, threshold | $ 2,000 | $ 2,000 | |||||||
Organizational and offering expenses, reduction to base management fee, multiplier | 0.25% | 0.25% | |||||||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Schedule of Investments [Line Items] | ||||
Cost | $ 238,299 | [1] | $ 85,367 | [2] |
Fair Value | 240,081 | [1] | 86,613 | [2] |
Software | ||||
Schedule of Investments [Line Items] | ||||
Cost | 104,379 | 29,533 | ||
Fair Value | 105,021 | 29,969 | ||
Business Services | ||||
Schedule of Investments [Line Items] | ||||
Cost | 66,918 | 34,107 | ||
Fair Value | 67,448 | 34,304 | ||
Healthcare | ||||
Schedule of Investments [Line Items] | ||||
Cost | 23,562 | 9,342 | ||
Fair Value | 23,706 | 9,387 | ||
Education | ||||
Schedule of Investments [Line Items] | ||||
Cost | 14,677 | 3,215 | ||
Fair Value | 14,550 | 3,351 | ||
Food & Beverage | ||||
Schedule of Investments [Line Items] | ||||
Cost | 8,803 | 3,937 | ||
Fair Value | 9,411 | 4,335 | ||
Consumer Services | ||||
Schedule of Investments [Line Items] | ||||
Cost | 9,054 | 2,941 | ||
Fair Value | 9,103 | 2,975 | ||
Financial Services | ||||
Schedule of Investments [Line Items] | ||||
Cost | 5,925 | 2,292 | ||
Fair Value | 5,937 | 2,292 | ||
Packaging | ||||
Schedule of Investments [Line Items] | ||||
Cost | 4,981 | |||
Fair Value | 4,905 | |||
First lien | ||||
Schedule of Investments [Line Items] | ||||
Cost | 225,057 | 82,696 | ||
Fair Value | 226,625 | 83,830 | ||
Second lien | ||||
Schedule of Investments [Line Items] | ||||
Cost | 8,925 | 717 | ||
Fair Value | 8,926 | 752 | ||
Subordinated | ||||
Schedule of Investments [Line Items] | ||||
Cost | 4,317 | 1,954 | ||
Fair Value | $ 4,530 | $ 2,031 | ||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Fair Value - Summary of Portfol
Fair Value - Summary of Portfolio Investments by Level in the Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | $ 240,081 | [1] | $ 86,613 | [2] |
First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 226,625 | 83,830 | ||
Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 8,926 | 752 | ||
Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 4,530 | 2,031 | ||
Level I | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level I | Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 0 | 0 | ||
Level II | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 24,034 | 10,496 | ||
Level II | First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 17,998 | 8,465 | ||
Level II | Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 3,121 | 0 | ||
Level II | Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 2,915 | 2,031 | ||
Level III | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 216,047 | 76,117 | ||
Level III | First lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 208,627 | 75,365 | ||
Level III | Second lien | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | 5,805 | 752 | ||
Level III | Subordinated | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investments at fair value | $ 1,615 | $ 0 | ||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Fair Value - Summary of Changes
Fair Value - Summary of Changes in Level III Portfolio Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | |
Total | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 116,952 | $ 76,117 | |
Total gains or losses included in earnings | $ 54 | ||
Purchases, including capitalized PIK and revolver fundings | 5,238 | 115,515 | 152,223 |
Proceeds from sales and paydowns of investments | (4) | (13,828) | (14,355) |
Transfers into Level III | 1,989 | 2,974 | |
Transfers out of Level III | (5,157) | (1,990) | |
Ending balance | 5,288 | 216,047 | 216,047 |
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | 54 | 539 | 1,024 |
Total | Debt and Equity Securities, Realized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 4 | 4 | |
Total | Debt and Equity Securities, Appreciation (Depreciation) On Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 572 | 1,074 | |
First Lien | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 113,006 | 75,365 | |
Total gains or losses included in earnings | 54 | ||
Purchases, including capitalized PIK and revolver fundings | 5,238 | 108,152 | 144,860 |
Proceeds from sales and paydowns of investments | (4) | (13,053) | (13,580) |
Transfers into Level III | 1,989 | 2,974 | |
Transfers out of Level III | (1,980) | (1,990) | |
Ending balance | 5,288 | 208,627 | 208,627 |
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | $ 54 | 482 | 967 |
First Lien | Debt and Equity Securities, Realized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 4 | 4 | |
First Lien | Debt and Equity Securities, Appreciation (Depreciation) On Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 509 | 994 | |
Second Lien | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 3,946 | 752 | |
Purchases, including capitalized PIK and revolver fundings | 5,748 | 5,748 | |
Proceeds from sales and paydowns of investments | (775) | (775) | |
Transfers into Level III | 0 | 0 | |
Transfers out of Level III | (3,177) | 0 | |
Ending balance | 5,805 | 5,805 | |
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | 57 | 57 | |
Second Lien | Debt and Equity Securities, Realized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 0 | 0 | |
Second Lien | Debt and Equity Securities, Appreciation (Depreciation) On Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 63 | 80 | |
Subordinated | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | 0 | 0 | |
Purchases, including capitalized PIK and revolver fundings | 1,615 | 1,615 | |
Proceeds from sales and paydowns of investments | 0 | 0 | |
Transfers into Level III | 0 | 0 | |
Transfers out of Level III | 0 | 0 | |
Ending balance | 1,615 | 1,615 | |
Net change in unrealized appreciation (depreciation) for the period relating to those Level III assets that were still held by the Company at the end of the period: | 0 | 0 | |
Subordinated | Debt and Equity Securities, Realized Gain (Loss) | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | 0 | 0 | |
Subordinated | Debt and Equity Securities, Appreciation (Depreciation) On Investments | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Total gains or losses included in earnings | $ 0 | $ 0 |
Fair Value - Summary of Unobser
Fair Value - Summary of Unobservable Inputs (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 240,081 | [1] | $ 86,613 | [2] |
First lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 226,625 | 83,830 | ||
Second lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 8,926 | 752 | ||
Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 4,530 | 2,031 | ||
Level III | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 216,047 | 76,117 | ||
Level III | First lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 208,627 | 75,365 | ||
Level III | First lien | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 175,581 | $ 59,470 | ||
Level III | First lien | Market & income approach | Minimum | EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 7 | 8.5 | ||
Level III | First lien | Market & income approach | Minimum | Revenue multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 4.5 | 8 | ||
Level III | First lien | Market & income approach | Minimum | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.078 | 0.072 | ||
Level III | First lien | Market & income approach | Maximum | EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 23 | 27 | ||
Level III | First lien | Market & income approach | Maximum | Revenue multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 13 | 10 | ||
Level III | First lien | Market & income approach | Maximum | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.138 | 0.112 | ||
Level III | First lien | Market & income approach | Weighted Average | EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 14.8 | 18.4 | ||
Level III | First lien | Market & income approach | Weighted Average | Revenue multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 9 | 9 | ||
Level III | First lien | Market & income approach | Weighted Average | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.102 | 0.095 | ||
Level III | First lien | Other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 33,046 | $ 15,895 | ||
Level III | Second lien | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 5,805 | 752 | ||
Level III | Second lien | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 1,201 | $ 752 | ||
Level III | Second lien | Market & income approach | Minimum | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.110 | 12.9 | ||
Level III | Second lien | Market & income approach | Maximum | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.110 | 12.9 | ||
Level III | Second lien | Market & income approach | Weighted Average | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.110 | 12.9 | ||
Level III | Second lien | Other | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 4,604 | |||
Level III | Subordinated | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | 1,615 | $ 0 | ||
Level III | Subordinated | Market & income approach | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Fair Value | $ 1,615 | |||
Level III | Subordinated | Market & income approach | Minimum | EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 14.5 | |||
Level III | Subordinated | Market & income approach | Minimum | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.152 | |||
Level III | Subordinated | Market & income approach | Maximum | EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 15.5 | |||
Level III | Subordinated | Market & income approach | Maximum | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.152 | |||
Level III | Subordinated | Market & income approach | Weighted Average | EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 15 | |||
Level III | Subordinated | Market & income approach | Weighted Average | Discount rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Measurement input | 0.152 | |||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. New Mountain Guardian IV Income Fund, L.L.C. (the "Company") generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These investments are generally subject to certain limitations on resale, and may be deemed to be "restricted securities" under the Securities Act. |
Agreements and Related Partie_2
Agreements and Related Parties - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 18 Months Ended | |||||||||
Jan. 30, 2024 | Dec. 18, 2023 | Dec. 14, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) component | Jun. 30, 2023 USD ($) | [1] | Jun. 30, 2024 USD ($) component | Jun. 30, 2023 USD ($) | [1] | May 31, 2024 | Dec. 31, 2023 USD ($) | Jun. 23, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee | $ 434,000 | $ 0 | $ 725,000 | ||||||||||
Fees waived by the administrator | 139,000 | $ 30,000 | 213,000 | $ 30,000 | |||||||||
Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payable to affiliates | $ 73,000 | 73,000 | $ 63,000 | ||||||||||
Payable to affiliate | Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Maximum borrowing capacity | $ 10,000,000 | ||||||||||||
Investment Management Agreement | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related party transaction, term | 12 months | 2 years | |||||||||||
Base management fee percentage | 0.75% | 0.375% | |||||||||||
Base management fee reduction percentage through 1 year anniversary of initial drawdown date | 50% | ||||||||||||
Minimum base management fee | $ 0 | ||||||||||||
Organizational and offering expenses, reduction to base management fee, threshold | $ 2,000,000 | $ 2,000,000 | |||||||||||
Organizational and offering expenses, reduction to base management fee, multiplier | 0.25% | 0.25% | |||||||||||
Number of incentive fee components | component | 2 | 2 | |||||||||||
Return of incentive fee upon termination of company, cumulative incentive fees threshold, percentage | 10% | ||||||||||||
Return of incentive fee upon termination of company, cumulative internal rate of return threshold, percentage | 5% | ||||||||||||
Quarterly hurdle rate | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 1.25% | ||||||||||||
Annualized hurdle rate | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 5% | ||||||||||||
Pre-Incentive Fee Net Investment Income below catch-up threshold | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 100% | ||||||||||||
Quarterly catch-up threshold | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 1.389% | ||||||||||||
Annualized catch-up threshold | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 5.556% | ||||||||||||
Pre-Incentive Fee Net Investment Income exceeds catch-up threshold | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 10% | ||||||||||||
Realized capital gains | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee | $ 0 | $ 0 | $ 0 | ||||||||||
Realized capital gains, annualized cumulative internal rate of return | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 5% | ||||||||||||
Realized capital gains, cumulative net realized gains | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 100% | ||||||||||||
Realized capital gains, cumulative net realized gains threshold | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 10% | ||||||||||||
Realized capital gains, additional undistributed cumulative net realized gains | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Incentive fee percentage | 10% | ||||||||||||
Expense Limitation snd Reimbursement Agreement | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Management fee waiver, percentage applied to calculate (specified expenses cap) | 0.40% | ||||||||||||
Management fee waiver, capital commitments threshold | $ 500,000,000 | ||||||||||||
Period for reimbursement of compensation waived and other expenses | 36 months | ||||||||||||
Period for recapture of specified expenses | 36 months | ||||||||||||
Administration Agreement | Payable to affiliate | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Less: incentive fees waived (See Note 5) | 59,000 | 139,000 | 287,000 | ||||||||||
Fees waived by the administrator | $ 29,000 | 139,000 | 213,000 | ||||||||||
Payable to affiliates | $ 0 | $ 0 | $ 0 | ||||||||||
Incentive Fee Waiver | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Increases the hurdle rate | 0.060 | ||||||||||||
Current hurdle rate | 0.050 | ||||||||||||
Investment company, incentive allocation to average net assets | 3% | ||||||||||||
Quarterly hurdle rate | 0.030 | ||||||||||||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Agreements and Related Partie_3
Agreements and Related Parties - Schedule of Management Fees and Incentive Fees (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Related Party Transaction [Line Items] | |||||
Management fee | $ 460 | $ 6 | $ 676 | $ 6 | |
Incentive fee, excluding accrued incentive fees on capital gains | 434 | 0 | [1] | 725 | |
Payable to affiliate | |||||
Related Party Transaction [Line Items] | |||||
Management fee | 460 | 676 | |||
Less: management fee waiver | (164) | (272) | |||
Net management fee | 296 | 3 | 404 | $ 3 | |
Payable to affiliate | Incentive fee, excluding accrued incentive fees on capital gains | |||||
Related Party Transaction [Line Items] | |||||
Incentive fee, excluding accrued incentive fees on capital gains | $ 434 | $ 0 | $ 725 | ||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 29, 2023 | Jun. 23, 2023 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | [1] | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | ||||||||
Amortization of deferred financing costs | $ 152,000 | $ 0 | ||||||
BMO Subscription Line | ||||||||
Line of Credit Facility [Line Items] | ||||||||
BMO Subscription Line | $ 0 | 0 | $ 0 | |||||
Revolving Credit Facility | Unsecured Management Company Revolver | ||||||||
Line of Credit Facility [Line Items] | ||||||||
BMO Subscription Line | 0 | 0 | 0 | |||||
Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest expense | $ 3,000 | 0 | 0 | |||||
Amortization of deferred financing costs | 2,000 | 4,000 | ||||||
Weighted average interest rate | 7% | |||||||
Effective interest rate | 7% | |||||||
Revolving Credit Facility | Unsecured Management Company Revolver | Line of Credit | Payable to affiliate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 10,000,000 | |||||||
Interest rate | 7% | |||||||
Revolving Credit Facility | BMO Subscription Line | ||||||||
Line of Credit Facility [Line Items] | ||||||||
BMO Subscription Line | 0 | 0 | $ 0 | |||||
Revolving Credit Facility | BMO Subscription Line | Line of Credit | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 125,000,000 | |||||||
Interest expense | 430,000 | 510,000 | ||||||
Amortization of deferred financing costs | $ 110,000 | $ 148,000 | ||||||
Weighted average interest rate | 8.30% | 8.30% | ||||||
Effective interest rate | 14.40% | 14.30% | ||||||
Period for outstanding balance due on demand | 15 days | |||||||
Period for outstanding balance after date of advance | 6 months | |||||||
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin plus (minus) | (0.25%) | |||||||
Revolving Credit Facility | BMO Subscription Line | Line of Credit | SOFR, Quoted Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin plus (minus) | 2.50% | |||||||
Revolving Credit Facility | BMO Subscription Line | Line of Credit | Three-month Term SOFR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate margin plus (minus) | 0.15% | |||||||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Borrowings - Schedule of Intere
Borrowings - Schedule of Interest Expense and Amortization of Financing Costs (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | [2] | Jun. 30, 2024 | Jun. 30, 2023 | ||
Line of Credit Facility [Line Items] | |||||||
Amortization of deferred financing costs | $ 152 | $ 0 | [1] | ||||
Administrative expenses | $ 233 | $ 76 | 462 | $ 76 | [2] | ||
BMO Subscription Line | |||||||
Line of Credit Facility [Line Items] | |||||||
Average debt outstanding—BMO Subscription Line | $ 0 | 12,440 | |||||
Revolving Credit Facility | BMO Subscription Line | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Interest expense | 430 | 510 | |||||
Amortization of deferred financing costs | $ 110 | $ 148 | |||||
Weighted average interest rate | 8.30% | 8.30% | |||||
Effective interest rate | 14.40% | 14.30% | |||||
Average debt outstanding—BMO Subscription Line | $ 20,977 | $ 12,440 | |||||
Administrative expenses | $ 208 | $ 226 | |||||
[1] For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Investment, Identifier [Axis]: Unfunded Commitments on Revolving Credit Facilities | ||
Other Commitments [Line Items] | ||
Unfunded commitments | $ 13,034,000 | $ 3,979,000 |
Investment, Identifier [Axis]: Unfunded Debt Securities, Bridge Facilities | ||
Other Commitments [Line Items] | ||
Unfunded commitments | 0 | 0 |
Investment, Identifier [Axis]: Unfunded Debt Securities, Delayed Draws Or Other Future Funding Commitments | ||
Other Commitments [Line Items] | ||
Unfunded commitments | 47,291,000 | 23,198,000 |
Financing commitment letter to purchase investments | ||
Other Commitments [Line Items] | ||
Other commitments | $ 4,615,000 | $ 5,003,000 |
Members' Capital (Details)
Members' Capital (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 8 Months Ended | |||||||||
Jun. 25, 2024 | May 31, 2024 | May 16, 2024 | May 02, 2024 | Mar. 20, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | [1] | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2023 | ||
Equity [Abstract] | ||||||||||||
Units issued (in shares) | 1,049,900 | 100 | 13,965,250 | 13,965,250 | 1,049,900 | 13,965,250 | 1,049,900 | [1] | 1,050,000 | |||
Aggregate Offering Price | $ 10,499 | $ 1 | $ 139,653 | $ 139,653 | $ 10,499 | [2] | $ 10,500 | |||||
Per Unit Amount (in dollars per unit) | $ 0.087 | $ 0.153 | $ 0.273 | $ 0.513 | ||||||||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Earnings (Loss) Per Unit (Detai
Earnings (Loss) Per Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | [1] | Jun. 30, 2024 | Jun. 30, 2023 | [1] | |
Earnings Per Share [Abstract] | |||||||
Numerator for basic & diluted earnings (loss) per unit | $ 3,906 | $ (559) | $ 7,066 | $ (559) | [2] | ||
Denominator for basic weighted average unit (in shares) | 469,792 | 16,852,036 | 469,792 | 13,706,018 | 469,792 | ||
Denominator for diluted weighted average unit (in shares) | 469,792 | 16,852,036 | 469,792 | 13,706,018 | 469,792 | ||
Basic, earnings (loss) per unit (in dollars per share) | $ 0.23 | $ (1.19) | $ 0.52 | $ (1.19) | |||
Diluted, earnings (loss) per unit (in dollars per share) | $ 0.23 | $ (1.19) | $ 0.52 | $ (1.19) | |||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. For the six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |||
Investment Company, Financial Highlights [Roll Forward] | ||||||||
Member's capital, beginning balance (in dollars per share) | $ 10.02 | |||||||
Net investment income (loss) (in dollars per share) | $ (1,290) | 0.48 | ||||||
Net realized and unrealized gains (losses) (in dollars per share) | 760 | 0.04 | ||||||
Total net increase (decrease) (in dollars per share) | (530) | 0.52 | ||||||
Distributions declared to unitholders from net investment income (in dollars per share) | 0 | (0.51) | ||||||
Member's capital, ending balance (in dollars per share) | $ 9,470 | $ 10.03 | $ 9,470 | $ 10.03 | $ 9,470 | |||
Total return based on members' capital | (5.32%) | 5.26% | ||||||
Units outstanding at end of period (in shares) | 1,050,000 | 24,525,250 | 1,050,000 | 24,525,250 | 1,050,000 | 10,560,000 | ||
Average weighted units outstanding for the period - basic (in shares) | 469,792 | 16,852,036 | 469,792 | [1] | 13,706,018 | 469,792 | [1] | |
Average weighted units outstanding for the period - diluted (in shares) | 469,792 | 16,852,036 | 469,792 | [1] | 13,706,018 | 469,792 | [1] | |
Average members' capital for the period | $ 4,683 | $ 137,431 | ||||||
Ratio to average members' capital: | ||||||||
Net investment income (loss) | (30.72%) | 9.65% | ||||||
Total expenses, before waivers | 47.27% | 4.95% | ||||||
Total expenses, net of waivers | 40.45% | 4.24% | ||||||
Asset coverage ratio | 298.83% | 298.83% | 298.83% | |||||
Portfolio turnover | 2.87% | 12.15% | ||||||
Capital Commitments | $ 52,500 | $ 490,505 | ||||||
Funded Capital Commitments | $ 10,500 | $ 245,253 | $ 10,500 | $ 245,253 | $ 10,500 | |||
Percentage of Capital Commitments funded | 20% | 50% | ||||||
Effect of the timing of capital transactions (in dollars per share) | $ 0.66 | $ 0 | ||||||
Unsecured Management Company Revolver | ||||||||
Ratio to average members' capital: | ||||||||
Average debt outstanding—BMO Subscription Line | $ 1,875 | $ 0 | ||||||
BMO Subscription Line | ||||||||
Ratio to average members' capital: | ||||||||
Average debt outstanding—BMO Subscription Line | $ 0 | $ 12,440 | ||||||
[1] For the three and six months ended June 30, 2023, amounts represent the period from May 24, 2023 (commencement of operations) to June 30, 2023. |
Uncategorized Items - nmg4if-20
Label | Element | Value |
Debt Securities, First Lien [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | $ 0 |
Investments [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue | $ 0 |