Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 814-01094 | |
Entity Registrant Name | GUGGENHEIM CREDIT INCOME FUND 2016 T | |
Entity Central Index Key | 0001618694 | |
Entity Tax Identification Number | 47-2016837 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 330 Madison Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10017 | |
City Area Code | (212) | |
Local Phone Number | 739-0700 | |
Entity Current Reporting Status | Yes | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,297,188 |
STATEMENTS OF ASSETS AND LIABIL
STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Investment in Guggenheim Credit Income Fund (GCIF) (17,061,497 shares purchased at a cost of $31,779 and 17,061,497 shares purchased at a cost of $49,545, respectively) | $ 22,696 | $ 40,846 |
Cash | 193 | 430 |
Total assets | 22,889 | 41,276 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 37 | 51 |
Accrued professional services fees | 50 | 99 |
Payable to related parties | 11 | 11 |
Total liabilities | 98 | 161 |
Total net assets | 22,791 | 41,115 |
Components of Net Assets: | ||
Common Shares, $0.001 par value, 1,000,000,000 Common Shares authorized, 16,297,188 and 16,297,188 Common Shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 16 | 16 |
Paid-in-capital in excess of par value | 35,639 | 53,582 |
Accumulated loss, net of distributions | $ (12,864) | $ (12,483) |
Net asset value per Common Share (NAV) | $ 1.40 | $ 2.52 |
STATEMENTS OF ASSETS AND LIAB_2
STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Investments [Abstract] | ||
Investment, purchase shares | 17,061,497 | 17,061,497 |
Purchase cost | $ 31,779 | $ 49,545 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 16,297,188 | 16,297,188 |
Common stock, shares outstanding | 16,297,188 | 16,297,188 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Investment Income | ||||
Dividends from investment in GCIF | $ 205 | $ 863 | $ 490 | $ 2,320 |
Total investment income | 205 | 863 | 490 | 2,320 |
Operating Expenses (1) | ||||
Administrative services | 3 | 3 | 7 | 7 |
Related party reimbursements | 11 | 33 | 21 | 61 |
Professional services fees | 24 | 32 | 63 | |
Transfer agent expense | 80 | 79 | 160 | 157 |
Other expenses | 5 | 10 | (14) | 20 |
Net expenses | 123 | 157 | 174 | 308 |
Net investment income | 82 | 706 | 316 | 2,012 |
Realized and unrealized losses: | ||||
Net change in unrealized depreciation from investment in GCIF | (367) | (2,138) | (385) | (1,933) |
Net realized and unrealized losses | (367) | (2,138) | (385) | (1,933) |
Net increase (decrease) in net assets resulting from operations | $ (285) | $ (1,432) | $ (69) | $ 79 |
Per Common Share information: | ||||
Net investment income per Common Share outstanding - basic and diluted | $ 0.04 | $ 0.01 | $ 0.12 | |
Loss per Common Share outstanding - basic | (0.02) | (0.09) | (0.01) | |
Loss per Common Share outstanding - diluted | $ (0.02) | $ (0.09) | $ (0.01) | |
Weighted average Common Shares outstanding - basic | 16,297,188 | 16,297,188 | 16,297,188 | 16,297,188 |
Weighted average Common Shares outstanding - diluted | 16,297,188 | 16,297,188 | 16,297,188 | 16,297,188 |
Distributions per Common Share outstanding | $ 0.41 | $ 0.82 | $ 0.71 | $ 1.70 |
STATEMENTS OF CHANGES IN NET AS
STATEMENTS OF CHANGES IN NET ASSETS EQUITY (UNAUDITED) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 16 | $ 114,301 | $ (7,431) | $ 106,886 |
Beginning balance, shares at Dec. 31, 2021 | 16,297,188 | |||
Net investment income | 1,306 | 1,306 | ||
Net change in unrealized depreciation from investment in GCIF | 205 | 205 | ||
Net decrease in net assets resulting from operations | 1,511 | 1,511 | ||
Distributions from earnings | (1,535) | (1,535) | ||
Distributions representing a return of capital | (12,807) | (12,807) | ||
Net decrease in net assets resulting from shareholder distributions | (12,807) | (1,535) | (14,342) | |
Net decrease for the period | (12,807) | (24) | (12,831) | |
Ending balance, value at Mar. 31, 2022 | $ 16 | 101,494 | (7,455) | 94,055 |
Ending balance, shares at Mar. 31, 2022 | 16,297,188 | |||
Net investment income | 706 | 706 | ||
Net change in unrealized depreciation from investment in GCIF | (2,138) | (2,138) | ||
Net decrease in net assets resulting from operations | (1,432) | (1,432) | ||
Distributions from earnings | (1,206) | (1,206) | ||
Distributions representing a return of capital | (12,158) | (12,158) | ||
Net decrease in net assets resulting from shareholder distributions | (12,158) | (1,206) | (13,364) | |
Net decrease for the period | (12,158) | (2,638) | (14,796) | |
Ending balance, value at Jun. 30, 2022 | $ 16 | 89,336 | (10,093) | 79,259 |
Ending balance, shares at Jun. 30, 2022 | 16,297,188 | |||
Beginning balance, value at Dec. 31, 2022 | $ 16 | 53,582 | (12,483) | 41,115 |
Beginning balance, shares at Dec. 31, 2022 | 16,297,188 | |||
Net investment income | 233 | 233 | ||
Net change in unrealized depreciation from investment in GCIF | (18) | (18) | ||
Net decrease in net assets resulting from operations | 215 | 215 | ||
Distributions from earnings | (232) | (232) | ||
Distributions representing a return of capital | (11,338) | (11,338) | ||
Net decrease in net assets resulting from shareholder distributions | (11,338) | (232) | (11,570) | |
Net decrease for the period | (11,338) | (17) | (11,355) | |
Ending balance, value at Mar. 31, 2023 | $ 16 | 42,244 | (12,500) | 29,760 |
Ending balance, shares at Mar. 31, 2023 | 16,297,188 | |||
Net investment income | 82 | 82 | ||
Net change in unrealized depreciation from investment in GCIF | (367) | (367) | ||
Net decrease in net assets resulting from operations | (285) | (285) | ||
Distributions from earnings | (79) | (79) | ||
Distributions representing a return of capital | (6,605) | (6,605) | ||
Net decrease in net assets resulting from shareholder distributions | (6,605) | (79) | (6,684) | |
Net decrease for the period | (6,605) | (364) | (6,969) | |
Ending balance, value at Jun. 30, 2023 | $ 16 | $ 35,639 | $ (12,864) | $ 22,791 |
Ending balance, shares at Jun. 30, 2023 | 16,297,188 |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities | ||
Net increase (decrease) in net assets resulting from operations | $ (69) | $ 79 |
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities: | ||
Proceeds from liquidation distribution | 17,764 | 24,297 |
Net change in unrealized depreciation from investment in GCIF | 385 | 1,933 |
Increase (decrease) in operating liabilities: | ||
Accounts payable, accrued expenses and other liabilities | (14) | (19) |
Accrued professional services fees | (49) | 1 |
Payable to related parties | 2 | |
Net cash provided by operating activities | 18,017 | 26,293 |
Financing activities | ||
Distributions paid | (18,254) | (27,706) |
Net cash used in financing activities | (18,254) | (27,706) |
Net decrease in cash | (237) | (1,413) |
Cash, beginning of period | 430 | 2,207 |
Cash, end of period | $ 193 | $ 794 |
Principal Business and Organiza
Principal Business and Organization | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Business and Organization | Note 1. Principal Business and Organization Guggenheim Credit Income Fund 2016 T (the Company) was formed as a Delaware statutory trust on September 5, 2014. The Companys investment objectives are to provide its shareholders with current income, capital preservation and, to a lesser extent, long-term capital appreciation by investing substantially all of its equity capital in Guggenheim Credit Income Fund (the Master Fund or GCIF). The Company is a non-diversified, closed-end management investment company that elected to be treated as a business development company (a BDC) under the Investment Company Act of 1940, as amended (the 1940 Act). The Master Fund elected to be treated as a BDC under the 1940 Act and it has the same investment objectives as the Company. The Master Fund commenced investment operations on April 2, 2015. The Master Funds consolidated financial statements are an integral part of the Companys financial statements and should be read in their entirety. The Master Fund is externally managed by Guggenheim Partners Investment Management, LLC (Guggenheim or the Advisor), which is responsible for sourcing potential investments, analyzing and conducting due diligence on prospective investment opportunities, structuring investments and ongoing monitoring of the Master Funds investment portfolio. Between July 24, 2015 and April 28, 2017, the Company offered and sold its common shares (Shares or Common Shares) pursuant to a registration statement on Form N-2 (the Registration Statement) covering its continuous public offering of up to $ 1.0 164.0 In accordance with the offering documents and the intention of the Company and Guggenheim Credit Income Fund 2019 (GCIF 2019) (together, the Feeder Funds) to provide substantial shareholder liquidity, the Boards of Trustees of the Master Fund and the Feeder Funds approved respective Plans of Liquidation for each company on March 30, 2021 (each, a Liquidation Plan). In accordance with the Liquidation Plans, the Board has declared multiple liquidating distributions. These distributions have been substantially composed of return of capital and have decreased the net asset value of the Master Fund and Feeder Funds. As such, the value on shareholders investment statements has decreased as liquidating distributions have been paid. For the Master Fund and the Feeder Funds, as of December 31, 2022, over 70% of the December 31, 2020 NAV has been paid to shareholders in the form of liquidating distributions In accordance with the Liquidation Plan, the Master Fund and the Feeder Funds will remain registered as a BDC and intend to maintain their qualifications, as regulated investment company (RIC) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code). As of June 30, 2023, the Company owned 66.7% |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — Financial Services — Investment Companies (ASC Topic 946). The Companys interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. (GAAP). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Companys unaudited financial statements should be read in conjunction with the Master Funds unaudited consolidated financial statements; the Master Funds quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. Cash Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal. Valuation of Investments The Company invests substantially all of its equity capital in the purchase of the Master Funds common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Funds common shares as the Master Funds net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update (ASU) 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. Transactions with the Master Fund Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or return of capital in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income and return of capital. The Companys transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Companys share repurchase transactions with the Master Fund are calculated on the specific share identification basis. Offering Expenses Continuous offering expenses are capitalized monthly on the Companys statements of assets and liabilities as deferred offering costs and thereafter expensed to the Companys statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began. Distribution and Shareholder Servicing Fees The purpose of the distribution and shareholder servicing fee (DSS Fee) is to reimburse Guggenheim Funds Distributors, LLC, a Delaware limited liability company (the Dealer Manager or GFD), an affiliate of Guggenheim, for costs incurred by selected dealers and investment representatives for (i) distribution of the Companys Common Shares (the Distribution Services Component) and (ii) providing ongoing shareholder services (the Shareholder Services Component). Beginning in the third quarter of 2017 (the first calendar quarter after the close of the Companys Public Offering), the Company commenced recognition of the Shareholder Services Component as an expense on the Companys statements of operations as the services are provided. The Company allocated 0.25% 0.65% 5 Distributions to the Companys Shareholders Declared distributions to the Companys shareholders are recorded as a liability as of the record date. Federal Income Taxes The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a RIC under the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% 98.2% i.e. st 4% The Company follows ASC 740, Income Taxes (ASC 740). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Companys financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended September 30, 2019 through September 30, 2022. The Company has no examinations in progress. Managements determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Investments | Note 3. Investments Below is a summary of the Companys investment in the Master Fund, a related party : Schedule of investment End of Period Weighted Average Shares Owned Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value % of Net Assets June 30, 2023 17,061,497 17,061,497 17,061,497 $ 31,779 $ 22,696 99.6 % December 31, 2022 17,061,497 17,061,497 17,061,497 $ 49,545 $ 40,846 99.3 % Restricted Securities The Master Fund does not currently intend to list its common shares on any securities exchange, and it does not expect a secondary market to develop for its issued and outstanding common shares. As a result, the Companys ability to sell its Master Fund common shares is limited. Because the Master Fund common shares are being acquired in one or more transactions not involving a public offering, they are restricted securities and may be required to be held indefinitely. Master Fund common shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Master Funds consent is granted, and (ii) the Master Fund common shares are registered under applicable securities laws or specifically exempted from registration (in which case the Master Funds shareholder may, at the Master Funds option, be required to provide the Master Fund with a legal opinion, in form and substance satisfactory to the Master Fund, that registration is not required). Accordingly, a shareholder in the Master Fund, including the Company, must be willing to bear the economic risk of investing in the Master Fund common shares. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Master Funds common shares may be made except by registration of the transfer on the Master Funds books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Master Fund common shares and to execute such other instruments or certifications as are reasonably required by the Master Fund. From October 15, 2015 through August 11, 2020, the Company acquired its investment in the Master Fund at prices ranging from $ 7.06 8.59 Share Repurchase Program The Master Fund has implemented a share repurchase program, whereby it conducts tender offers each calendar quarter. In accordance with the Liquidation Plan, the Master Funds share repurchase program has been suspended effective March 30, 2021. |
Related Party Agreements and Tr
Related Party Agreements and Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Agreements and Transactions | Related Party Agreements and Transactions The Company has entered into agreements with Guggenheim whereby the Company agrees to (i) receive expense support payments, (ii) reimburse certain expenses of, and to pay for, administrative, expense support, organization and offerings costs incurred by Guggenheim on the Companys behalf and (iii) pay DSS Fees payments to GFD, an affiliate of Guggenheim. The memberships of the Companys Board of Trustees (the Companys Board or the Board of Trustees) and the Master Funds Board are identical and consequently the Company and the Master Fund are related parties. All of the Companys executive officers also serve as executive officers of the Master Fund. One of the Companys executive officers, Brian Binder, Senior Vice President, serves as an executive officer of Guggenheim. Administrative Services Agreement The Company is party to an administrative services agreement with Guggenheim (the Administrative Services Agreement) whereby Guggenheim, serving as the administrator (the Administrator), has agreed to provide administrative services, including office facilities and equipment and clerical, bookkeeping and record-keeping services. More specifically, the Administrator performs and oversees the Companys required administrative services, which include financial and corporate record-keeping, preparing and disseminating the Companys reports to its shareholders and filing reports with the SEC. In addition, the Administrator assists in determining net asset value, overseeing the preparation and filing of tax returns, overseeing the payment of expenses and distributions and overseeing the performance of administrative and professional services rendered by others. For providing these services, facilities and personnel, the Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administrative Services Agreement. The Administrative Services Agreement may be terminated at any time, without the payment of any penalty: (i) by the Company upon 60 days written notice to Guggenheim upon the vote of the Companys independent trustees or (ii) by Guggenheim upon not less than 120 days written notice to the Company. Unless earlier terminated, the Administrative Services Agreement will remain in effect for two years, and thereafter shall continue automatically for successive one-year periods if approved annually by a majority of the Board of Trustees and the Master Funds independent trustees. Dealer Manager Agreement The Company is party to a dealer manager agreement with GFD (the Dealer Manager Agreement). Under the terms of the Dealer Manager Agreement, GFD is to act on a best efforts basis as the exclusive dealer manager for (i) the administration of the Companys DSS Fee payments to selected dealers and (ii) the public offering of common shares for future feeder funds affiliated with the Master Fund. The Company, not the Master Fund, is responsible for the compensation of GFD pursuant to the terms of the Dealer Manager Agreement. GFD does not receive any compensation to manage the Companys DSS Fees program and it is not entitled to retain any of the DSS Fees payments. The Dealer Manager Agreement may be terminated by the Company or GFD upon 60 calendar days written notice to the other party. In the event that the Company or GFD terminates the Dealer Manager Agreement with respect to the Company, the Dealer Manager Agreement will continue with respect to any other feeder fund. Beginning in the fourth quarter of 2017 (the second calendar quarter after the close of the Companys Public Offering), the Company commenced quarterly payments of the DSS Fee at an annual rate of 0.90% 0.002466% 0.90% 9.12 10% Organization and Offering Expense Reimbursement Agreement Under the terms of the organization and offering expense reimbursement agreement, the Company is not obligated to reimburse Guggenheim for any unreimbursed offering expenses after the close of the Companys Public Offering on April 28, 2017. Expense Support and Conditional Reimbursement Agreement The Expense Support Agreement will automatically terminate if (i) the Master Fund terminates the Investment Advisory Agreement with Guggenheim or (ii) the Companys Board of Trustees makes a determination to dissolve or liquidate the Company. The Board of Trustees approval of a Liquidation Plan on March 30, 2021 is deemed a liquidity event and therefore, the Expense Support Agreement is deemed terminated. Upon termination of the Expense Support Agreement, Guggenheim is required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse Guggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of the Expense Support Agreement. Pursuant to the Expense Support Agreement, the Company has a conditional obligation to reimburse Guggenheim for any amounts funded by Guggenheim under this arrangement during any month occurring within three years of the date on which Guggenheim funded such amount, the sum of the Companys estimated investment company taxable income and net capital gains exceeds the ordinary cash distributions paid by the Company to its shareholders; provided, however, that (i) the Company will only reimburse Guggenheim for expense payments made by Guggenheim to the extent that the payment of such reimbursement (together with any other reimbursement paid during such fiscal year) does not cause other operating expenses (as defined below) (on an annualized basis and net of any expense support reimbursement payments received by the Company during such fiscal year) to exceed the lesser of (A) 1.75% As of the Board of Trustees approval of the Liquidation Plan, the total amount of expense support received from Guggenheim that is still eligible for reimbursement is $ 1.5 Summary of Related Party Transactions The following table presents the related party fees, expenses and transactions for the three and six months ended June 30, 2023 and June 30, 2022; related party transactions between the Company and the Master Fund in connection with Common Shares purchases, sales and distributions are disclosed elsewhere in the financial statements ($ in thousands): Schedule of related party transactions Three Months Ended June 30, Six Months Ended June 30, Related Party (1) Source Agreement & Description 2023 2022 2023 2022 Related Party Expenses: Guggenheim Administrative Services Agreement - expense reimbursement $ 11 $ 33 $ 21 $ 61 (1) Not included in the table above is the Companys change in Due to Dealer Manager which represents the payable balances associated with the DSS Fee. For a breakdown of the Companys Due to Dealer Manager balance see Managements Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies. Indemnification The Administrative Services Agreement provides certain indemnification to Guggenheim, its directors, officers, persons associated with Guggenheim and its affiliates. In addition, the Companys Declaration of Trust, as amended, provides certain indemnifications to its officers, trustees, agents and certain other persons. The Dealer Manager Agreement provides for certain indemnifications from the Company (with respect to the primary offering of its Common Shares) to GFD, any selected dealers and their respective officers, directors, employees, members, affiliates, agents, representatives and, if any, each person who controls such person or entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. Such indemnifications are subject to certain limitations as provided for in the Companys Declaration of Trust and the North American Securities Administrators Association Guidelines and are considered customary by management. As of June 30, 2023, management believes that the risk of incurring any losses for such indemnification is remote. |
Common Shares
Common Shares | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Common Shares | Note 5. Common Shares Issuance of Common Shares The Companys Registration Statement pertaining to its Public Offering of 104,712,041 9.55 The following table summarizes (i) the total Common Shares issued and proceeds received in connection with the Companys Public Offering and (ii) reinvestment of distributions for (a) the six months ended June 30, 2023 and (b) the period commencing on July 24, 2015 (inception) through June 30, 2023: Schedule of common shares Six Months Ended Inception through June 30, 2023 June 30, 2023 Shares Amount Shares Amount Gross proceeds from Public Offering — $ — 16,970,408 $ 164,194 Commission paid outside escrow — — — (1,924 ) Dealer Manager fees and commissions — — — (7,462 ) Net proceeds to the Company from Public Offering — — 16,970,408 154,808 Reinvestment of shareholders distributions — — 2,550,474 22,011 Net proceeds from all issuance of Common Shares — $ — 19,520,882 $ 176,819 Average net proceeds per Common Share $ — $ 9.06 Repurchase of Common Shares The following table is a summary of the quarterly tender offers, completed pursuant to the share repurchase program, during the two years ended June 30, 2023: Schedule of tender offers, completed pursuant to the share repurchase program Tender Offer Termination Date Total Number of Shares Offered to Repurchase Total Number of Shares Repurchased Total Consideration Price Paid per Share No. of Shares Repurchased / Total Shares Offered No. of Shares Repurchased / Weighted Average Shares (1) 2021: March 8, 2021 420,901 311,151 $ 2,555 $ 8.21 73.9 % 1.91 % Total 420,901 311,151 $ 2,555 73.9 % (1) Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. In accordance with the Liquidation Plan, the Companys share repurchase program and distribution reinvestment plan have been suspended effective March 30, 2021. |
Distributions
Distributions | 6 Months Ended |
Jun. 30, 2023 | |
Distributions | |
Distributions | Note 6. Distributions The following table summarizes the distributions that the Company declared on its Common Shares during the six months ended June 30, 2023 and June 30, 2022: Schedule of distributions Record Date Payment Date Distribution Per Common Share at Record Date Distribution Per Common Share at Payment Date Distribution Amount For Fiscal Year 2023 March 22 March 23 $ 0.71000 $ 0.71000 $ 11,570 June 23 June 26 0.41000 0.41000 6,684 $ 1.12000 $ 18,254 Record Date Payment Date Distribution Per Common Share at Record Date Distribution Per Common Share at Payment Date Distribution Amount For Fiscal Year 2022 February 3 February 7 $ 0.88000 $ 0.88000 $ 14,342 May 23 May 25 0.82000 0.82000 13,364 $ 1.70000 $ 27,706 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Note 7. Financial Highlights The following per Common Share data and financial ratios have been derived from information provided in the financial statements. The following is a schedule of financial highlights during the six months ended June 30, 2023 and June 30, 2022: Schedule of financial highlights Six Months Ended June 30, 2023 2022 PER COMMON SHARE OPERATING PERFORMANCE Net asset value, beginning of period $ 2.52 $ 6.56 Net investment income (1) 0.01 0.12 Net unrealized depreciation from investment in GCIF (2) (0.42 ) (0.12 ) Net decrease resulting from operations (0.41 ) — Distributions to common shareholders Distributions from net investment income (3) (0.01 ) (0.17 ) Distributions representing return of capital (3) (0.70 ) (1.53 ) Net decrease resulting from distributions (0.71 ) (1.70 ) Net asset value, end of period $ 1.40 $ 4.86 INVESTMENT RETURNS Total investment return-net asset value (4) (0.44 )% (0.30 )% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $ 22,791 $ 79,259 Average net assets (5) $ 38,584 $ 93,817 Common Shares outstanding, end of period 16,297,188 16,297,188 Weighted average Common Shares outstanding 16,297,188 16,297,188 Ratios-to-average net assets: (5) (6) Total expenses 0.53 % 0.32 % Net expenses 0.53 % 0.32 % Net investment income 0.93 % 2.07 % (1) The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented. (2) The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Companys Common Shares in relation to fluctuating market values for the portfolio. (3) The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof. The tax character of distribution is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of June 30, 2023, the Company estimated distributions to be composed mostly of return of capital. The final determination of the tax character of distributions will not be made until we file our tax return. (4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Companys Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Companys distribution reinvestment plan. Because there is no public market for the Companys shares, the terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Companys Common Shares. The Companys performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. (5) The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period. (6) The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Funds total expenses-to-average net assets for the six months ended June 30, 2023 and June 30, 2022, were 2.23% and 1.61%, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8. Subsequent Events Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 — Financial Services — Investment Companies (ASC Topic 946). The Companys interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. (GAAP). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Companys unaudited financial statements should be read in conjunction with the Master Funds unaudited consolidated financial statements; the Master Funds quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions. |
Cash | Cash Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal. |
Valuation of Investments | Valuation of Investments The Company invests substantially all of its equity capital in the purchase of the Master Funds common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Funds common shares as the Master Funds net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update (ASU) 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. |
Transactions with the Master Fund | Transactions with the Master Fund Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or return of capital in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income and return of capital. The Companys transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Companys share repurchase transactions with the Master Fund are calculated on the specific share identification basis. |
Offering Expenses | Offering Expenses Continuous offering expenses are capitalized monthly on the Companys statements of assets and liabilities as deferred offering costs and thereafter expensed to the Companys statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began. |
Distribution and Shareholder Servicing Fees | Distribution and Shareholder Servicing Fees The purpose of the distribution and shareholder servicing fee (DSS Fee) is to reimburse Guggenheim Funds Distributors, LLC, a Delaware limited liability company (the Dealer Manager or GFD), an affiliate of Guggenheim, for costs incurred by selected dealers and investment representatives for (i) distribution of the Companys Common Shares (the Distribution Services Component) and (ii) providing ongoing shareholder services (the Shareholder Services Component). Beginning in the third quarter of 2017 (the first calendar quarter after the close of the Companys Public Offering), the Company commenced recognition of the Shareholder Services Component as an expense on the Companys statements of operations as the services are provided. The Company allocated 0.25% 0.65% 5 |
Distributions to the Company’s Shareholders | Distributions to the Companys Shareholders Declared distributions to the Companys shareholders are recorded as a liability as of the record date. |
Federal Income Taxes | Federal Income Taxes The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a RIC under the Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% 98.2% i.e. st 4% The Company follows ASC 740, Income Taxes (ASC 740). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are more-likely-than-not of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Companys financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended September 30, 2019 through September 30, 2022. The Company has no examinations in progress. Managements determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of investment | Schedule of investment End of Period Weighted Average Shares Owned Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value % of Net Assets June 30, 2023 17,061,497 17,061,497 17,061,497 $ 31,779 $ 22,696 99.6 % December 31, 2022 17,061,497 17,061,497 17,061,497 $ 49,545 $ 40,846 99.3 % |
Related Party Agreements and _2
Related Party Agreements and Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Schedule of related party transactions Three Months Ended June 30, Six Months Ended June 30, Related Party (1) Source Agreement & Description 2023 2022 2023 2022 Related Party Expenses: Guggenheim Administrative Services Agreement - expense reimbursement $ 11 $ 33 $ 21 $ 61 (1) Not included in the table above is the Companys change in Due to Dealer Manager which represents the payable balances associated with the DSS Fee. For a breakdown of the Companys Due to Dealer Manager balance see Managements Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies. |
Common Shares (Tables)
Common Shares (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of common shares | Schedule of common shares Six Months Ended Inception through June 30, 2023 June 30, 2023 Shares Amount Shares Amount Gross proceeds from Public Offering — $ — 16,970,408 $ 164,194 Commission paid outside escrow — — — (1,924 ) Dealer Manager fees and commissions — — — (7,462 ) Net proceeds to the Company from Public Offering — — 16,970,408 154,808 Reinvestment of shareholders distributions — — 2,550,474 22,011 Net proceeds from all issuance of Common Shares — $ — 19,520,882 $ 176,819 Average net proceeds per Common Share $ — $ 9.06 |
Schedule of tender offers, completed pursuant to the share repurchase program | Schedule of tender offers, completed pursuant to the share repurchase program Tender Offer Termination Date Total Number of Shares Offered to Repurchase Total Number of Shares Repurchased Total Consideration Price Paid per Share No. of Shares Repurchased / Total Shares Offered No. of Shares Repurchased / Weighted Average Shares (1) 2021: March 8, 2021 420,901 311,151 $ 2,555 $ 8.21 73.9 % 1.91 % Total 420,901 311,151 $ 2,555 73.9 % (1) Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. |
Distributions (Tables)
Distributions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Distributions | |
Schedule of distributions | Schedule of distributions Record Date Payment Date Distribution Per Common Share at Record Date Distribution Per Common Share at Payment Date Distribution Amount For Fiscal Year 2023 March 22 March 23 $ 0.71000 $ 0.71000 $ 11,570 June 23 June 26 0.41000 0.41000 6,684 $ 1.12000 $ 18,254 Record Date Payment Date Distribution Per Common Share at Record Date Distribution Per Common Share at Payment Date Distribution Amount For Fiscal Year 2022 February 3 February 7 $ 0.88000 $ 0.88000 $ 14,342 May 23 May 25 0.82000 0.82000 13,364 $ 1.70000 $ 27,706 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Schedule of financial highlights | Schedule of financial highlights Six Months Ended June 30, 2023 2022 PER COMMON SHARE OPERATING PERFORMANCE Net asset value, beginning of period $ 2.52 $ 6.56 Net investment income (1) 0.01 0.12 Net unrealized depreciation from investment in GCIF (2) (0.42 ) (0.12 ) Net decrease resulting from operations (0.41 ) — Distributions to common shareholders Distributions from net investment income (3) (0.01 ) (0.17 ) Distributions representing return of capital (3) (0.70 ) (1.53 ) Net decrease resulting from distributions (0.71 ) (1.70 ) Net asset value, end of period $ 1.40 $ 4.86 INVESTMENT RETURNS Total investment return-net asset value (4) (0.44 )% (0.30 )% RATIOS/SUPPLEMENTAL DATA Net assets, end of period $ 22,791 $ 79,259 Average net assets (5) $ 38,584 $ 93,817 Common Shares outstanding, end of period 16,297,188 16,297,188 Weighted average Common Shares outstanding 16,297,188 16,297,188 Ratios-to-average net assets: (5) (6) Total expenses 0.53 % 0.32 % Net expenses 0.53 % 0.32 % Net investment income 0.93 % 2.07 % |
Principal Business and Organi_2
Principal Business and Organization (Details Narrative) - USD ($) $ in Millions | 1 Months Ended | 21 Months Ended | |
Apr. 28, 2017 | Apr. 28, 2017 | Jun. 30, 2023 | |
Subsidiary, Sale of Stock [Line Items] | |||
Covering a continuous public offering | $ 1,000 | ||
Outstanding common shares percentage | 66.70% | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Gross capital raise amount | $ 164 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) | 1 Months Ended | 6 Months Ended |
Dec. 30, 2016 | Jun. 30, 2023 | |
Subsidiary, Sale of Stock [Line Items] | ||
Allocated per annum average net purchase price per share sold percentage | 0.25% | |
Effective yield | 5 years | |
Investment company taxable income percentage | 90% | |
Net ordinary income percentage | 98% | |
Capital gain net income percentage | 98.20% | |
Nondeductible federal excise tax percentage | 4% | |
IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Allocated per annum average net purchase price per share sold percentage | 0.65% |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | ||
Number of shares | 17,061,497 | 17,061,497 |
Weighted average shares owned quarter | 17,061,497 | 17,061,497 |
Investment weighted average shares owned year | 17,061,497 | 17,061,497 |
Cost | $ 31,779 | $ 49,545 |
Fair Value | $ 22,696 | $ 40,846 |
% of Net Assets | 99.60% | 99.30% |
Investments (Details Narrative)
Investments (Details Narrative) | 58 Months Ended |
Aug. 11, 2020 $ / shares | |
Minimum [Member] | |
Acquired investment prices range | $ 7.06 |
Maximum [Member] | |
Acquired investment prices range | $ 8.59 |
Related Party Agreements and _3
Related Party Agreements and Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Guggenheim [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative Services Agreement - expense reimbursement | [1] | $ 11 | $ 33 | $ 21 | $ 61 |
[1] Not included in the table above is the Companys change in Due to Dealer Manager which represents the payable balances associated with the DSS Fee. For a breakdown of the Companys Due to Dealer Manager balance see Managements Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies. |
Related Party Agreements and _4
Related Party Agreements and Transactions (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Average net purchase price per share sold percentage | 0.90% | |
Fee computed daily rate | 0.00247% | |
Annual rate | 0.90% | |
Common share per value | $ 9.12 | |
Affiliates equals of gross proceeds | 10% | |
Net assets attributable to common shares percentage | 1.75% | |
Total amount of expense support received for reimbursement | $ 1.5 |
Common Shares (Details)
Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 95 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Equity [Abstract] | ||
Gross proceeds from Public Offerings, Shares | 16,970,408 | |
Gross proceeds from Public Offerings | $ 164,194 | |
Commission paid outside escrow, shares | ||
Commission paid outside escrow | $ (1,924) | |
Dealer Manager fees and commissions, shares | ||
Fees and commissions | $ (7,462) | |
Net proceeds to the Company from Public Offerings, Shares | 16,970,408 | |
Net proceeds to the Company from Public Offerings | $ 154,808 | |
Reinvestment of shareholders' distributions, shares | 2,550,474 | |
Reinvestment of shareholders' distributions | $ 22,011 | |
Net proceeds from all issuance of Common Shares, Shares | 19,520,882 | |
Net proceeds from all issuance of Common Shares | $ 176,819 | |
Average net proceeds per Common Share | $ 9.06 |
Common Shares (Details 1)
Common Shares (Details 1) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 USD ($) $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Tender Offer Termination Date | March 8, 2021 | |
Total Number of Shares Offered to Repurchase | 420,901 | |
Total Number of Shares Repurchased | 311,151 | |
Total Consideration | $ | $ 2,555 | |
Number of Shares Repurchased Total Offer | 73.90% | |
March 8, 2021 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total Number of Shares Offered to Repurchase | 420,901 | |
Total Number of Shares Repurchased | 311,151 | |
Total Consideration | $ | $ 2,555 | |
Repurchase of Common Shares Price Paid per Share | $ / shares | $ 8.21 | |
Number of Shares Repurchased Total Offer | 73.90% | |
Number of Shares Repurchased or Weighted Average Shares | 1.91% | [1] |
[1]Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters. |
Common Shares (Details Narrativ
Common Shares (Details Narrative) - IPO [Member] | 1 Months Ended |
Jul. 24, 2015 $ / shares shares | |
Subsidiary, Sale of Stock [Line Items] | |
Common Shares | shares | 104,712,041 |
Initial public offering price | $ / shares | $ 9.55 |
Distributions (Details)
Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Distribution per Share at Payment Date | $ 1.12000 | $ 1.70000 |
Distribution Amount | $ 18,254 | $ 27,706 |
March 22, 2023 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | March 22 | |
Payment Date | March 23 | |
Distribution per Share at Record Date | $ 0.71000 | |
Distribution per Share at Payment Date | $ 0.71000 | |
Distribution Amount | $ 11,570 | |
June 23, 2023 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | June 23 | |
Payment Date | June 26 | |
Distribution per Share at Record Date | $ 0.41000 | |
Distribution per Share at Payment Date | $ 0.41000 | |
Distribution Amount | $ 6,684 | |
February 3, 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | February 3 | |
Payment Date | February 7 | |
Distribution per Share at Record Date | $ 0.88000 | |
Distribution per Share at Payment Date | $ 0.88000 | |
Distribution Amount | $ 14,342 | |
May 23, 2022 [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Record Date | May 23 | |
Payment Date | May 25 | |
Distribution per Share at Record Date | $ 0.82000 | |
Distribution per Share at Payment Date | $ 0.82000 | |
Distribution Amount | $ 13,364 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Investment Company [Abstract] | ||||
Net asset value, beginning of period | $ 2.52 | $ 6.56 | ||
Net investment income | [1] | 0.01 | 0.12 | |
Net unrealized appreciation (depreciation) from investment in GCIF | [2] | (0.42) | (0.12) | |
Net decrease resulting from operations | (0.41) | |||
Distributions to common shareholders | ||||
Distributions from net investment income | [3] | (0.01) | (0.17) | |
Distributions representing return of capital | [3] | (0.70) | (1.53) | |
Net decrease resulting from distributions | (0.71) | (1.70) | ||
Net asset value, end of period | $ 1.40 | $ 4.86 | ||
INVESTMENT RETURNS | ||||
Total investment return-net asset value | [4] | (0.44%) | (0.30%) | |
RATIOS/SUPPLEMENTAL DATA | ||||
Net assets, end of period | $ 22,791 | $ 79,259 | $ 41,115 | |
Average net assets | [5] | $ 38,584 | $ 93,817 | |
Common Shares outstanding, end of period | 16,297,188 | 16,297,188 | 16,297,188 | |
Weighted average Common Shares outstanding | 16,297,188 | 16,297,188 | ||
Ratios-to-average net assets: (5) (6) | ||||
Total expenses | [5],[6] | 0.53% | 0.32% | |
Net expenses | [5],[6] | 0.53% | 0.32% | |
Net investment income | [5],[6] | 0.93% | 2.07% | |
[1]The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented.[2]The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Companys Common Shares in relation to fluctuating market values for the portfolio.[3]The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof. The tax character of distribution is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of June 30, 2023, the Company estimated distributions to be composed mostly of return of capital. The final determination of the tax character of distributions will not be made until we file our tax return.[4]Total investment return-net asset value is a measure of the change in total value for shareholders who held the Companys Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Companys distribution reinvestment plan. Because there is no public market for the Companys shares, the terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Companys Common Shares. The Companys performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results.[5]The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period.[6]The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Funds total expenses-to-average net assets for the six months ended June 30, 2023 and June 30, 2022, were 2.23% and 1.61%, respectively. |