Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2023 | May 12, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 814-01259 | |
Entity Registrant Name | AG Twin Brook BDC, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-4184014 | |
Entity Address, Address Line One | 245 Park Avenue | |
Entity Address, Address Line Two | 26th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10167 | |
City Area Code | 212 | |
Local Phone Number | 692-2000 | |
Title of 12(g) Security | Common Stock, par value $0.001 per share | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,672,358 | |
Entity Central Index Key | 0001666384 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Investments at fair value | $ 184,115 | [1],[2] | $ 190,139 | [3],[4] |
Unrealized gain on foreign currency forward contracts | 8 | 0 | ||
Cash | 16,593 | 12,028 | ||
Interest receivable | 644 | 775 | ||
Prepaid expenses | 81 | 127 | ||
Total assets | 201,441 | 203,069 | ||
Liabilities | ||||
Unrealized loss on foreign currency forward contracts | 0 | 15 | ||
Dividend payable | 2,418 | 5,030 | ||
Incentive fees payable | 1,159 | 1,295 | ||
Accrued expenses and other liabilities payable to affiliate | 843 | 677 | ||
Deferred tax liability | 536 | 0 | ||
Management fees payable | 281 | 281 | ||
Deferred income | 170 | 184 | ||
Total liabilities | 5,407 | 7,482 | ||
Commitments and contingencies (Note 8) | ||||
Net assets | ||||
Common shares $0.001 par value, 100,000,000 shares authorized; 9,672,358 and 9,672,358 shares issued and outstanding, respectively | 10 | 10 | ||
Additional paid-in-capital | 193,726 | 193,704 | ||
Total distributable earnings (loss) | 2,298 | 1,873 | ||
Total net assets | 196,034 | 195,587 | ||
Total liabilities and net assets | $ 201,441 | $ 203,069 | ||
Net asset value per share (in usd per share) | $ 20.27 | $ 20.22 | ||
Non-controlled/non-affiliated | ||||
Assets | ||||
Investments at fair value | $ 174,505 | $ 179,785 | ||
Non-controlled/affiliated | ||||
Assets | ||||
Investments at fair value | $ 9,610 | $ 10,354 | ||
[1]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[2]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[3]Unless otherwise indicated, all investments are considered Level 3 investments.[4]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Investments, amortized cost | $ 182,923 | [1],[2],[3] | $ 187,663 | [4],[5],[6] |
Common shares, par value (in usd per share) | $ 0.001 | $ 0.001 | ||
Common shares, authorized (in shares) | 100,000,000 | 100,000,000 | ||
Common shares, issued (in shares) | 9,672,358 | 9,672,358 | ||
Common shares, outstanding (in shares) | 9,672,358 | 9,672,358 | ||
Non-controlled/non-affiliated | ||||
Investments, amortized cost | $ 175,879 | $ 180,526 | ||
Non-controlled/affiliated | ||||
Investments, amortized cost | $ 7,044 | $ 7,137 | ||
[1]The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.[2]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[3]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[4]The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.[5]Unless otherwise indicated, all investments are considered Level 3 investments.[6]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Investment income | |||
Total investment income | $ 5,349 | $ 3,072 | |
Expenses | |||
Incentive fees | 576 | 381 | |
Deferred tax expense | 536 | 0 | |
Management fees | 281 | 241 | |
Current tax expense | 206 | 0 | |
Administrative fees | [1] | 15 | 54 |
Accounting fees | 113 | 104 | |
Other | 44 | 86 | |
Insurance fees | 68 | 90 | |
Directors' fees | 45 | 45 | |
Professional fees | 92 | 119 | |
Interest | 0 | 55 | |
Total net expenses | 1,976 | 1,175 | |
Net investment income (loss) | 3,373 | 1,897 | |
Net realized gain (loss) on investment transactions: | |||
Net realized (gain) loss on investments | 775 | 35 | |
Foreign currency forward transactions | (22) | (2) | |
Net change in unrealized gain (loss) on investment transactions: | |||
Net change in unrealized (appreciation) depreciation on investments | (1,284) | 437 | |
Foreign currency forward contracts | 23 | (18) | |
Foreign currency translation | 0 | (2) | |
Total net realized and unrealized gain (loss) on investment transactions | (508) | 450 | |
Net increase (decrease) in net assets resulting from operations | $ 2,865 | $ 2,347 | |
Net investment income (loss) per share - basic (in usd per share) | $ 0.35 | $ 0.21 | |
Net investment income (loss) per share - diluted (in usd per share) | 0.35 | 0.21 | |
Earnings (loss) per share - basic (in usd per share) | 0.30 | 0.26 | |
Earnings (loss) per share - diluted (in usd per share) | $ 0.30 | $ 0.26 | |
Weighted average shares outstanding - basic (in shares) | 9,672,358 | 9,141,176 | |
Weighted average shares outstanding - diluted (in shares) | 9,672,358 | 9,141,176 | |
Non-controlled/non-affiliated | |||
Investment income | |||
Interest | $ 5,250 | $ 2,923 | |
Other | 99 | 149 | |
Total investment income | 5,349 | 3,072 | |
Net realized gain (loss) on investment transactions: | |||
Net realized (gain) loss on investments | (1) | 35 | |
Net change in unrealized gain (loss) on investment transactions: | |||
Net change in unrealized (appreciation) depreciation on investments | (633) | 188 | |
Non-controlled/affiliated | |||
Net realized gain (loss) on investment transactions: | |||
Net realized (gain) loss on investments | 776 | 0 | |
Net change in unrealized gain (loss) on investment transactions: | |||
Net change in unrealized (appreciation) depreciation on investments | $ (651) | $ 249 | |
[1] Refer to Note 6 - Agreements and Related Party Transactions |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Increase (decrease) in net assets resulting from operations | ||
Net investment income (loss) | $ 3,373 | $ 1,897 |
Net realized gain (loss) | 753 | 33 |
Net change in unrealized gain (loss) | (1,261) | 417 |
Net increase (decrease) in net assets resulting from operations | 2,865 | 2,347 |
Dividends | ||
Dividends declared from earnings | (2,418) | 0 |
Net decrease in net assets resulting from dividends | (2,418) | 0 |
Total increase in net assets | 447 | 2,347 |
Net assets, at beginning of period | 195,587 | 184,098 |
Net assets, at end of period | $ 196,034 | $ 186,445 |
Dividends declared per share (in usd per share) | $ 0.25 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net increase (decrease) in net assets resulting from operations | $ 2,865 | $ 2,347 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | ||
Net realized (gain) loss on investments | (775) | (35) |
Net change in unrealized (appreciation) depreciation on investments | 1,284 | (437) |
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts | (23) | 18 |
Net accretion on debt instruments | (233) | (184) |
Net paydown gain on debt instruments | (100) | (31) |
Interest received in-kind | (43) | (14) |
Purchases and drawdowns of investments | (4,827) | (13,281) |
Proceeds from sales and paydowns of investments | 10,718 | 10,896 |
Amortization of deferred financing costs | 0 | 47 |
Change in operating assets and liabilities: | ||
(Increase) decrease in interest receivable | 131 | (19) |
(Increase) decrease in prepaid expenses | 46 | 102 |
Increase (decrease) in accrued expenses and other liabilities payable to affiliate | 166 | (38) |
Increase (decrease) in deferred tax liability | 536 | 0 |
Increase (decrease) in management fees payable | 0 | 45 |
Increase (decrease) in incentive fees payable | (136) | 36 |
Increase (decrease) in deferred income | (14) | (9) |
Increase (decrease) in interest payable | 0 | 1 |
Net cash provided by (used in) operating activities | 9,595 | (556) |
Cash flows from financing activities | ||
Dividends paid | (5,030) | (1,814) |
Net cash provided by (used in) financing activities | (5,030) | (1,814) |
Net change in cash | 4,565 | (2,370) |
Cash | ||
Cash, beginning of period | 12,028 | 27,711 |
Cash, end of period | 16,593 | 25,341 |
Supplemental and non-cash information | ||
Cash paid during the period for interest | 0 | 7 |
Dividend payable | $ 2,418 | $ 0 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments $ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | ||||
Amortized Cost | $ 182,923 | [1],[2],[3] | $ 187,663 | [4],[5],[6] | |||
Fair Value | $ 184,115 | [2],[3] | $ 190,139 | [5],[6] | |||
Percentage of Net Assets | 93.91% | [2],[3] | 93.91% | [2],[3] | 97.21% | [5],[6] | |
Aerospace and defense | |||||||
Amortized Cost | $ 2,135 | $ 2,137 | |||||
Fair Value | $ 2,120 | $ 2,108 | |||||
Percentage of Net Assets | 1.08% | 1.08% | 1.07% | ||||
Air freight and logistics | |||||||
Amortized Cost | $ 798 | $ 798 | |||||
Fair Value | $ 799 | $ 801 | |||||
Percentage of Net Assets | 0.41% | 0.41% | 0.41% | ||||
Auto components | |||||||
Amortized Cost | $ 3,259 | $ 3,228 | |||||
Fair Value | $ 3,267 | $ 3,235 | |||||
Percentage of Net Assets | 1.67% | 1.67% | 1.65% | ||||
Chemicals | |||||||
Amortized Cost | $ 7,684 | $ 7,626 | |||||
Fair Value | $ 7,708 | $ 7,654 | |||||
Percentage of Net Assets | 3.93% | 3.93% | 3.92% | ||||
Commercial services and supplies | |||||||
Amortized Cost | $ 10,354 | $ 10,341 | |||||
Fair Value | $ 10,370 | $ 10,359 | |||||
Percentage of Net Assets | 5.29% | 5.29% | 5.30% | ||||
Construction and engineering | |||||||
Amortized Cost | $ 3,411 | $ 3,460 | |||||
Fair Value | $ 3,417 | $ 3,465 | |||||
Percentage of Net Assets | 1.74% | 1.74% | 1.77% | ||||
Containers and packaging | |||||||
Amortized Cost | $ 5,784 | $ 5,613 | |||||
Fair Value | $ 4,734 | $ 4,897 | |||||
Percentage of Net Assets | 2.41% | 2.41% | 2.50% | ||||
Distributors | |||||||
Amortized Cost | $ 902 | $ 905 | |||||
Fair Value | $ 902 | $ 908 | |||||
Percentage of Net Assets | 0.46% | 0.46% | 0.46% | ||||
Diversified consumer services | |||||||
Amortized Cost | $ 10,373 | $ 14,244 | |||||
Fair Value | $ 10,389 | $ 14,294 | |||||
Percentage of Net Assets | 5.30% | 5.30% | 7.32% | ||||
Electrical equipment | |||||||
Amortized Cost | $ 1,340 | $ 1,335 | |||||
Fair Value | $ 1,326 | $ 1,337 | |||||
Percentage of Net Assets | 0.68% | 0.68% | 0.68% | ||||
Electronic equipment, instruments and components | |||||||
Amortized Cost | $ 2,705 | $ 2,659 | |||||
Fair Value | $ 2,719 | $ 2,674 | |||||
Percentage of Net Assets | 1.39% | 1.39% | 1.37% | ||||
Food and staples retailing | |||||||
Amortized Cost | $ 4,990 | $ 5,519 | |||||
Fair Value | $ 5,002 | $ 5,530 | |||||
Percentage of Net Assets | 2.55% | 2.55% | 2.85% | ||||
Food products | |||||||
Amortized Cost | $ 3,722 | $ 3,717 | |||||
Fair Value | $ 3,693 | $ 3,703 | |||||
Percentage of Net Assets | 1.88% | 1.88% | 1.90% | ||||
Gas utilities | |||||||
Amortized Cost | $ 1,480 | $ 1,482 | |||||
Fair Value | $ 1,430 | $ 1,437 | |||||
Percentage of Net Assets | 0.73% | 0.73% | 0.73% | ||||
Health care equipment and supplies | |||||||
Amortized Cost | $ 4,805 | $ 4,771 | |||||
Fair Value | $ 4,742 | $ 4,727 | |||||
Percentage of Net Assets | 2.42% | 2.42% | 2.41% | ||||
Health care providers and services | |||||||
Amortized Cost | $ 47,518 | $ 47,801 | |||||
Fair Value | $ 47,405 | $ 47,767 | |||||
Percentage of Net Assets | 24.18% | 24.18% | 24.40% | ||||
Health care technology | |||||||
Amortized Cost | $ 2,450 | $ 2,457 | |||||
Fair Value | $ 2,455 | $ 2,463 | |||||
Percentage of Net Assets | 1.25% | 1.25% | 1.27% | ||||
Household durables | |||||||
Amortized Cost | $ 2,828 | $ 2,888 | |||||
Fair Value | $ 2,742 | $ 2,815 | |||||
Percentage of Net Assets | 1.40% | 1.40% | 1.44% | ||||
Industrial Conglomerates | |||||||
Amortized Cost | $ 844 | ||||||
Fair Value | $ 844 | ||||||
Percentage of Net Assets | 0.43% | 0.43% | |||||
Internet and direct marketing retail | |||||||
Amortized Cost | $ 4,236 | $ 4,163 | |||||
Fair Value | $ 4,215 | $ 4,178 | |||||
Percentage of Net Assets | 2.15% | 2.15% | 2.13% | ||||
IT services | |||||||
Amortized Cost | $ 5,503 | $ 5,495 | |||||
Fair Value | $ 5,511 | $ 5,505 | |||||
Percentage of Net Assets | 2.81% | 2.81% | 2.82% | ||||
Leisure equipment and products | |||||||
Amortized Cost | $ 3,028 | $ 3,071 | |||||
Fair Value | $ 3,031 | $ 3,078 | |||||
Percentage of Net Assets | 1.55% | 1.55% | 1.57% | ||||
Leisure products | |||||||
Amortized Cost | $ 1,093 | $ 1,101 | |||||
Fair Value | $ 1,095 | $ 1,104 | |||||
Percentage of Net Assets | 0.56% | 0.56% | 0.56% | ||||
Life sciences tools and services | |||||||
Amortized Cost | $ 1,083 | $ 1,083 | |||||
Fair Value | $ 1,084 | $ 1,086 | |||||
Percentage of Net Assets | 0.55% | 0.55% | 0.56% | ||||
Machinery | |||||||
Amortized Cost | $ 3,640 | $ 3,654 | |||||
Fair Value | $ 3,646 | $ 3,663 | |||||
Percentage of Net Assets | 1.86% | 1.86% | 1.87% | ||||
Media | |||||||
Amortized Cost | $ 6,661 | $ 6,666 | |||||
Fair Value | $ 6,688 | $ 6,683 | |||||
Percentage of Net Assets | 3.41% | 3.41% | 3.43% | ||||
Metals and mining | |||||||
Amortized Cost | $ 2,349 | $ 2,286 | |||||
Fair Value | $ 2,383 | $ 2,326 | |||||
Percentage of Net Assets | 1.22% | 1.22% | 1.19% | ||||
Personal products | |||||||
Amortized Cost | $ 3,095 | $ 3,098 | |||||
Fair Value | $ 3,007 | $ 3,077 | |||||
Percentage of Net Assets | 1.53% | 1.53% | 1.57% | ||||
Pharmaceuticals | |||||||
Amortized Cost | $ 1,637 | $ 3,376 | |||||
Fair Value | $ 1,570 | $ 3,299 | |||||
Percentage of Net Assets | 0.80% | 0.80% | 1.69% | ||||
Professional services | |||||||
Amortized Cost | $ 805 | $ 806 | |||||
Fair Value | $ 806 | $ 808 | |||||
Percentage of Net Assets | 0.41% | 0.41% | 0.41% | ||||
Real estate management and development | |||||||
Amortized Cost | $ 3,021 | $ 2,798 | |||||
Fair Value | $ 2,985 | $ 2,812 | |||||
Percentage of Net Assets | 1.52% | 1.52% | 1.44% | ||||
Semiconductors and semiconductor equipment | |||||||
Amortized Cost | $ 707 | $ 709 | |||||
Fair Value | $ 709 | $ 710 | |||||
Percentage of Net Assets | 0.36% | 0.36% | 0.36% | ||||
Software | |||||||
Amortized Cost | $ 5,980 | $ 5,945 | |||||
Fair Value | $ 6,009 | $ 5,959 | |||||
Percentage of Net Assets | 3.07% | 3.07% | 3.03% | ||||
Specialty retail | |||||||
Amortized Cost | $ 5,605 | $ 5,727 | |||||
Fair Value | $ 5,627 | $ 5,749 | |||||
Percentage of Net Assets | 2.87% | 2.87% | 2.93% | ||||
Trading companies and distributors | |||||||
Amortized Cost | $ 8,820 | $ 8,373 | |||||
Fair Value | $ 8,832 | $ 8,372 | |||||
Percentage of Net Assets | 4.51% | 4.51% | 4.29% | ||||
Water utilities | |||||||
Amortized Cost | $ 1,218 | $ 1,178 | |||||
Fair Value | $ 1,225 | $ 1,185 | |||||
Percentage of Net Assets | 0.62% | 0.62% | 0.61% | ||||
Non-controlled/non-affiliated | |||||||
Amortized Cost | $ 175,879 | $ 180,526 | |||||
Fair Value | $ 174,505 | $ 179,785 | |||||
Percentage of Net Assets | 89.01% | 89.01% | 91.92% | ||||
Non-controlled/affiliated | |||||||
Amortized Cost | $ 7,044 | $ 7,137 | |||||
Fair Value | $ 9,610 | $ 10,354 | |||||
Percentage of Net Assets | 4.90% | 4.90% | 5.29% | ||||
First lien senior secured debt | |||||||
Amortized Cost | $ 175,863 | $ 180,510 | |||||
Fair Value | $ 174,487 | $ 179,768 | |||||
Percentage of Net Assets | 89% | 89% | 91.91% | ||||
First lien senior secured debt | Non-controlled/non-affiliated | |||||||
Amortized Cost | $ 180,510 | ||||||
Fair Value | 179,768 | ||||||
Sponsor subordinated note | |||||||
Amortized Cost | $ 16 | 16 | |||||
Fair Value | $ 18 | $ 17 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Sponsor subordinated note | Non-controlled/non-affiliated | |||||||
Amortized Cost | $ 16 | ||||||
Fair Value | $ 17 | ||||||
Investment, Identifier [Axis]: 50Floor, LLC, First lien senior secured revolving loan | |||||||
Spread | 7.25% | [7] | 7.25% | [7] | 6.25% | [8],[9] | |
Interest Rate | 12.03% | 12.03% | 10.98% | [9] | |||
Principal/ Par Amount | $ 199 | [10] | $ 199 | [9],[11] | |||
Amortized Cost | 106 | (2) | [9] | ||||
Fair Value | $ 106 | $ (2) | [9] | ||||
Percentage of Net Assets | 0.05% | 0.05% | 0% | [9] | |||
Investment, Identifier [Axis]: 50Floor, LLC, First lien senior secured term loan | |||||||
Spread | 7.25% | [7] | 7.25% | [7] | 6.25% | [8] | |
Interest Rate | 12.41% | 12.41% | 10.98% | ||||
Principal/ Par Amount | $ 953 | [10] | $ 953 | [11] | |||
Amortized Cost | 938 | 939 | |||||
Fair Value | $ 939 | $ 941 | |||||
Percentage of Net Assets | 0.48% | 0.48% | 0.48% | ||||
Investment, Identifier [Axis]: 626 Holdings Equity, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5.50% | [8] | |
Interest Rate | 11.15% | 11.15% | 10.17% | ||||
Principal/ Par Amount | $ 314 | [10] | $ 315 | [11] | |||
Amortized Cost | 147 | 105 | |||||
Fair Value | $ 147 | $ 105 | |||||
Percentage of Net Assets | 0.07% | 0.07% | 0.05% | ||||
Investment, Identifier [Axis]: 626 Holdings Equity, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 4.50% | [8] | |
Interest Rate | 11.18% | 11.18% | 12% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 51 | 49 | |||||
Fair Value | $ 51 | $ 49 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.03% | ||||
Investment, Identifier [Axis]: 626 Holdings Equity, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5.50% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.72% | ||||
Principal/ Par Amount | $ 882 | [10] | $ 884 | [11] | |||
Amortized Cost | 866 | 868 | |||||
Fair Value | $ 868 | $ 870 | |||||
Percentage of Net Assets | 0.45% | 0.45% | 0.44% | ||||
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 10.38% | [12] | 10.38% | [12] | 10.63% | [9] | |
Principal/ Par Amount | $ 150 | [10],[12] | $ 150 | [9],[11] | |||
Amortized Cost | (3) | [12] | (3) | [9] | |||
Fair Value | $ (2) | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.75% | [8] | |
Interest Rate | 10.38% | 10.38% | 10.63% | ||||
Principal/ Par Amount | $ 1,882 | [10] | $ 1,887 | [11] | |||
Amortized Cost | 1,849 | 1,851 | |||||
Fair Value | $ 1,852 | $ 1,856 | |||||
Percentage of Net Assets | 0.96% | 0.96% | 0.95% | ||||
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc., First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 5.50% | [8] | |
Interest Rate | 11.54% | 11.54% | 9.88% | ||||
Principal/ Par Amount | $ 71 | [10] | $ 71 | [11] | |||
Amortized Cost | 70 | 42 | |||||
Fair Value | $ 70 | $ 42 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.02% | ||||
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 5.50% | [8] | |
Interest Rate | 11.41% | 11.41% | 9.88% | ||||
Principal/ Par Amount | $ 48 | [10] | $ 48 | [11] | |||
Amortized Cost | 10 | 28 | |||||
Fair Value | $ 10 | $ 28 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc., First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 5.50% | [8] | |
Interest Rate | 11.54% | 11.54% | 9.91% | ||||
Principal/ Par Amount | $ 1,278 | [10] | $ 1,281 | [11] | |||
Amortized Cost | 1,260 | 1,265 | |||||
Fair Value | $ 1,246 | $ 1,267 | |||||
Percentage of Net Assets | 0.63% | 0.63% | 0.65% | ||||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.30% | 11.30% | 10.80% | ||||
Principal/ Par Amount | $ 351 | [10] | $ 352 | [11] | |||
Amortized Cost | 347 | 348 | |||||
Fair Value | $ 342 | $ 343 | |||||
Percentage of Net Assets | 0.17% | 0.17% | 0.18% | ||||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.24% | 11.24% | 10.80% | ||||
Principal/ Par Amount | $ 128 | [10] | $ 234 | [11] | |||
Amortized Cost | 127 | 189 | |||||
Fair Value | $ 125 | $ 188 | |||||
Percentage of Net Assets | 0.06% | 0.06% | 0.10% | ||||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured delayed draw term loan 3 | |||||||
Spread | [7] | 6.25% | 6.25% | ||||
Interest Rate | 11.21% | 11.21% | |||||
Principal/ Par Amount | [10] | $ 106 | |||||
Amortized Cost | 103 | ||||||
Fair Value | $ 103 | ||||||
Percentage of Net Assets | 0.05% | 0.05% | |||||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[13] | 6.25% | [7],[13] | 6.25% | [8],[14] | |
Interest Rate | 11.30% | [13] | 11.30% | [13] | 10.79% | [14] | |
Principal/ Par Amount | $ 156 | [10],[13] | $ 156 | [11],[14] | |||
Amortized Cost | 65 | [13] | 64 | [14] | |||
Fair Value | $ 63 | [13] | $ 62 | [14] | |||
Percentage of Net Assets | 0.03% | [13] | 0.03% | [13] | 0.03% | [14] | |
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.07% | 11.07% | 10.68% | ||||
Principal/ Par Amount | $ 765 | [10] | $ 767 | [11] | |||
Amortized Cost | 757 | 758 | |||||
Fair Value | $ 746 | $ 748 | |||||
Percentage of Net Assets | 0.38% | 0.38% | 0.38% | ||||
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured delayed draw term loan | |||||||
Spread | 5.25% | [7],[12] | 5.25% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 10.40% | [12] | 10.40% | [12] | 10.19% | [9] | |
Principal/ Par Amount | $ 117 | [10],[12] | $ 117 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.75% | [8] | |
Interest Rate | 10.40% | 10.40% | 10.19% | ||||
Principal/ Par Amount | $ 150 | [10] | $ 150 | [11] | |||
Amortized Cost | 12 | 12 | |||||
Fair Value | $ 14 | $ 14 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.75% | [8] | |
Interest Rate | 10.40% | 10.40% | 10.19% | ||||
Principal/ Par Amount | $ 1,454 | [10] | $ 1,458 | [11] | |||
Amortized Cost | 1,439 | 1,441 | |||||
Fair Value | $ 1,441 | $ 1,443 | |||||
Percentage of Net Assets | 0.74% | 0.74% | 0.74% | ||||
Investment, Identifier [Axis]: ALM Media, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12],[15] | 6% | [7],[12],[15] | 6.50% | [8],[9],[16] | |
Interest Rate | 11.16% | [12],[15] | 11.16% | [12],[15] | 10.91% | [9],[16] | |
Principal/ Par Amount | $ 971 | [10],[12],[15] | $ 971 | [9],[11],[16] | |||
Amortized Cost | (8) | [12],[15] | (9) | [9],[16] | |||
Fair Value | $ (4) | [12],[15] | $ (9) | [9],[16] | |||
Percentage of Net Assets | 0% | [12],[15] | 0% | [12],[15] | 0% | [9],[16] | |
Investment, Identifier [Axis]: ALM Media, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6.50% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.91% | ||||
Principal/ Par Amount | $ 2,435 | [10] | $ 2,471 | [11] | |||
Amortized Cost | 2,412 | 2,443 | |||||
Fair Value | $ 2,422 | $ 2,447 | |||||
Percentage of Net Assets | 1.24% | 1.24% | 1.25% | ||||
Investment, Identifier [Axis]: AM Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8],[9] | |
Interest Rate | 11.52% | 11.52% | 11.59% | [9] | |||
Principal/ Par Amount | $ 111 | [10] | $ 111 | [9],[11] | |||
Amortized Cost | 47 | (1) | [9] | ||||
Fair Value | $ 47 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.02% | 0.02% | 0% | [9] | |||
Investment, Identifier [Axis]: AM Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.91% | 11.91% | 11.59% | ||||
Principal/ Par Amount | $ 472 | [10] | $ 474 | [11] | |||
Amortized Cost | 467 | 467 | |||||
Fair Value | $ 469 | $ 469 | |||||
Percentage of Net Assets | 0.24% | 0.24% | 0.24% | ||||
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.54% | 10.54% | 10.09% | ||||
Principal/ Par Amount | $ 187 | [10] | $ 188 | [11] | |||
Amortized Cost | 17 | 17 | |||||
Fair Value | $ 17 | $ 17 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7],[12] | 5.25% | [7],[12] | 5.25% | [8],[9] | |
Interest Rate | 10.54% | [12] | 10.54% | [12] | 10.09% | [9] | |
Principal/ Par Amount | $ 75 | [10],[12] | $ 75 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.54% | 10.54% | 10.09% | ||||
Principal/ Par Amount | $ 1,407 | [10] | $ 1,410 | [11] | |||
Amortized Cost | 1,393 | 1,395 | |||||
Fair Value | $ 1,395 | $ 1,398 | |||||
Percentage of Net Assets | 0.71% | 0.71% | 0.71% | ||||
Investment, Identifier [Axis]: ASC Ortho Management, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.73% | ||||
Principal/ Par Amount | $ 359 | [10] | $ 359 | [11] | |||
Amortized Cost | 321 | 322 | |||||
Fair Value | $ 321 | $ 322 | |||||
Percentage of Net Assets | 0.16% | 0.16% | 0.16% | ||||
Investment, Identifier [Axis]: ASC Ortho Management, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8],[9] | |
Interest Rate | 11.16% | 11.16% | 10.73% | [9] | |||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [9],[11] | |||
Amortized Cost | 12 | (1) | [9] | ||||
Fair Value | $ 12 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: ASC Ortho Management, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.73% | ||||
Principal/ Par Amount | $ 517 | [10] | $ 519 | [11] | |||
Amortized Cost | 509 | 510 | |||||
Fair Value | $ 510 | $ 511 | |||||
Percentage of Net Assets | 0.26% | 0.26% | 0.26% | ||||
Investment, Identifier [Axis]: ASP Global Acquisition, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 561 | [10] | $ 562 | [11] | |||
Amortized Cost | 554 | 555 | |||||
Fair Value | $ 551 | $ 552 | |||||
Percentage of Net Assets | 0.28% | 0.28% | 0.28% | ||||
Investment, Identifier [Axis]: ASP Global Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 6.50% | [8],[9] | |
Interest Rate | 13.50% | 13.50% | 11.34% | [9] | |||
Principal/ Par Amount | $ 647 | [10] | $ 647 | [9],[11] | |||
Amortized Cost | 88 | (10) | [9] | ||||
Fair Value | $ 86 | $ (12) | [9] | ||||
Percentage of Net Assets | 0.04% | 0.04% | (0.01%) | [9] | |||
Investment, Identifier [Axis]: ASP Global Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 2,300 | [10] | $ 2,306 | [11] | |||
Amortized Cost | 2,269 | 2,270 | |||||
Fair Value | $ 2,260 | $ 2,263 | |||||
Percentage of Net Assets | 1.16% | 1.16% | 1.16% | ||||
Investment, Identifier [Axis]: Abrasive Technology Intermediate, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.24% | 11.24% | 10.88% | ||||
Principal/ Par Amount | $ 173 | [10] | $ 173 | [11] | |||
Amortized Cost | 32 | 50 | |||||
Fair Value | $ 33 | $ 50 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.03% | ||||
Investment, Identifier [Axis]: Abrasive Technology Intermediate, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.29% | 11.29% | 10.40% | ||||
Principal/ Par Amount | $ 933 | [10] | $ 935 | [11] | |||
Amortized Cost | 921 | 922 | |||||
Fair Value | $ 922 | $ 923 | |||||
Percentage of Net Assets | 0.47% | 0.47% | 0.47% | ||||
Investment, Identifier [Axis]: Advanced Lighting Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5% | [7],[12] | 5% | [7],[12] | 5% | [8],[9] | |
Interest Rate | 9.92% | [12] | 9.92% | [12] | 9.44% | [9] | |
Principal/ Par Amount | $ 324 | [10],[12] | $ 324 | [9],[11] | |||
Amortized Cost | (3) | [12] | (3) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Advanced Lighting Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5% | [7] | 5% | [7] | 5% | [8] | |
Interest Rate | 9.92% | 9.92% | 9.44% | ||||
Principal/ Par Amount | $ 1,099 | [10] | $ 1,133 | [11] | |||
Amortized Cost | 1,087 | 1,120 | |||||
Fair Value | $ 1,097 | $ 1,131 | |||||
Percentage of Net Assets | 0.57% | 0.57% | 0.58% | ||||
Investment, Identifier [Axis]: Affinitiv, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.66% | [12] | 11.66% | [12] | 10.41% | [9] | |
Principal/ Par Amount | $ 248 | [10],[12] | $ 248 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Affinitiv, Inc., First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.66% | 11.66% | 10.41% | ||||
Principal/ Par Amount | $ 2,260 | [10] | $ 2,265 | [11] | |||
Amortized Cost | 2,241 | 2,243 | |||||
Fair Value | $ 2,248 | $ 2,255 | |||||
Percentage of Net Assets | 1.15% | 1.15% | 1.15% | ||||
Investment, Identifier [Axis]: Agility Intermediate, Inc., First lien senior secured delayed draw term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.50% | [8] | |
Interest Rate | 11.70% | 11.70% | 10.77% | ||||
Principal/ Par Amount | $ 400 | [10] | $ 401 | [11] | |||
Amortized Cost | 104 | 104 | |||||
Fair Value | $ 97 | $ 105 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.05% | ||||
Investment, Identifier [Axis]: Agility Intermediate, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.50% | [8] | |
Interest Rate | 11.84% | 11.84% | 11.34% | ||||
Principal/ Par Amount | $ 134 | [10] | $ 134 | [11] | |||
Amortized Cost | 78 | 38 | |||||
Fair Value | $ 76 | $ 38 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.02% | ||||
Investment, Identifier [Axis]: Agility Intermediate, Inc., First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.50% | [8] | |
Interest Rate | 11.91% | 11.91% | 11.34% | ||||
Principal/ Par Amount | $ 241 | [10] | $ 242 | [11] | |||
Amortized Cost | 238 | 238 | |||||
Fair Value | $ 233 | $ 238 | |||||
Percentage of Net Assets | 0.12% | 0.12% | 0.12% | ||||
Investment, Identifier [Axis]: Alliance Environmental Group, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.15% | 11.15% | 11.15% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 53 | 53 | |||||
Fair Value | $ 53 | $ 53 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.03% | ||||
Investment, Identifier [Axis]: Alliance Environmental Group, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.99% | 10.99% | 10.47% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 33 | 35 | |||||
Fair Value | $ 33 | $ 35 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Alliance Environmental Group, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.15% | 11.15% | 11.15% | ||||
Principal/ Par Amount | $ 1,447 | [10] | $ 1,451 | [11] | |||
Amortized Cost | 1,423 | 1,426 | |||||
Fair Value | $ 1,425 | $ 1,428 | |||||
Percentage of Net Assets | 0.72% | 0.72% | 0.73% | ||||
Investment, Identifier [Axis]: Altamira Material Solutions, LP, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.70% | [12] | 10.70% | [12] | 9.84% | [9] | |
Principal/ Par Amount | $ 45 | [10],[12] | $ 45 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Altamira Material Solutions, LP, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.70% | 10.70% | 9.84% | ||||
Principal/ Par Amount | $ 720 | [10] | $ 722 | [11] | |||
Amortized Cost | 708 | 710 | |||||
Fair Value | $ 710 | $ 711 | |||||
Percentage of Net Assets | 0.36% | 0.36% | 0.36% | ||||
Investment, Identifier [Axis]: Answer Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.91% | [12] | 10.91% | [12] | 10.23% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Answer Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.50% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.23% | ||||
Principal/ Par Amount | $ 1,695 | [10] | $ 1,699 | [11] | |||
Amortized Cost | 1,668 | 1,671 | |||||
Fair Value | $ 1,670 | $ 1,673 | |||||
Percentage of Net Assets | 0.85% | 0.85% | 0.86% | ||||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 11.16% | ||||
Principal/ Par Amount | $ 112 | [10] | $ 112 | [11] | |||
Amortized Cost | 15 | 15 | |||||
Fair Value | $ 15 | $ 15 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.38% | 11.38% | 11.16% | ||||
Principal/ Par Amount | $ 444 | [10] | $ 445 | [11] | |||
Amortized Cost | 438 | 438 | |||||
Fair Value | $ 439 | $ 440 | |||||
Percentage of Net Assets | 0.22% | 0.22% | 0.22% | ||||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 11.04% | ||||
Principal/ Par Amount | $ 150 | [10] | $ 150 | [11] | |||
Amortized Cost | 92 | 65 | |||||
Fair Value | $ 93 | $ 66 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.03% | ||||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.38% | 11.38% | 11.38% | ||||
Principal/ Par Amount | $ 620 | [10] | $ 622 | [11] | |||
Amortized Cost | 611 | 612 | |||||
Fair Value | $ 614 | $ 614 | |||||
Percentage of Net Assets | 0.31% | 0.31% | 0.31% | ||||
Investment, Identifier [Axis]: Aptitude Health Holdings, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7],[12] | 5.25% | [7],[12] | 5.25% | [8],[9] | |
Interest Rate | 10.41% | [12] | 10.41% | [12] | 9.98% | [9] | |
Principal/ Par Amount | $ 267 | [10],[12] | $ 267 | [9],[11] | |||
Amortized Cost | (3) | [12] | (4) | [9] | |||
Fair Value | $ (3) | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Aptitude Health Holdings, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.41% | 10.41% | 9.98% | ||||
Principal/ Par Amount | $ 1,100 | [10] | $ 1,103 | [11] | |||
Amortized Cost | 1,086 | 1,087 | |||||
Fair Value | $ 1,087 | $ 1,089 | |||||
Percentage of Net Assets | 0.55% | 0.55% | 0.56% | ||||
Investment, Identifier [Axis]: Aquatic Sales Solutions, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.47% | 11.47% | 11.01% | ||||
Principal/ Par Amount | $ 188 | [10] | $ 188 | [11] | |||
Amortized Cost | 180 | 105 | |||||
Fair Value | $ 178 | $ 105 | |||||
Percentage of Net Assets | 0.09% | 0.09% | 0.05% | ||||
Investment, Identifier [Axis]: Aquatic Sales Solutions, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.40% | 11.40% | 11.16% | ||||
Principal/ Par Amount | $ 2,509 | [10] | $ 2,515 | [11] | |||
Amortized Cost | 2,472 | 2,475 | |||||
Fair Value | $ 2,447 | $ 2,481 | |||||
Percentage of Net Assets | 1.25% | 1.25% | 1.27% | ||||
Investment, Identifier [Axis]: AvCarb, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.29% | 11.29% | 10.57% | ||||
Principal/ Par Amount | $ 664 | [10] | $ 665 | [11] | |||
Amortized Cost | 222 | 222 | |||||
Fair Value | $ 222 | $ 222 | |||||
Percentage of Net Assets | 0.11% | 0.11% | 0.11% | ||||
Investment, Identifier [Axis]: AvCarb, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.31% | 11.31% | 10.17% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 14 | 3 | |||||
Fair Value | $ 15 | $ 3 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | ||||
Investment, Identifier [Axis]: AvCarb, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.29% | 11.29% | 10.17% | ||||
Principal/ Par Amount | $ 493 | [10] | $ 495 | [11] | |||
Amortized Cost | 486 | 486 | |||||
Fair Value | $ 487 | $ 487 | |||||
Percentage of Net Assets | 0.25% | 0.25% | 0.25% | ||||
Investment, Identifier [Axis]: BBG Intermediate Holdings, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[17] | 6.50% | [7],[17] | 6% | [8],[18] | |
Interest Rate | 11.53% | [17] | 11.53% | [17] | 10.84% | [18] | |
Principal/ Par Amount | $ 233 | [10],[17] | $ 233 | [11],[18] | |||
Amortized Cost | 226 | [17] | 0 | [18] | |||
Fair Value | $ 222 | [17] | $ 1 | [18] | |||
Percentage of Net Assets | 0.11% | [17] | 0.11% | [17] | 0% | [18] | |
Investment, Identifier [Axis]: BBG Intermediate Holdings, Inc., First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.45% | 11.45% | 10.27% | ||||
Principal/ Par Amount | $ 1,879 | [10] | $ 1,884 | [11] | |||
Amortized Cost | 1,855 | 1,857 | |||||
Fair Value | $ 1,820 | $ 1,867 | |||||
Percentage of Net Assets | 0.93% | 0.93% | 0.95% | ||||
Investment, Identifier [Axis]: BCI Burke Holding Corp., First lien senior secured delayed draw term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 9.70% | ||||
Principal/ Par Amount | $ 131 | [10] | $ 131 | [11] | |||
Amortized Cost | 24 | 24 | |||||
Fair Value | $ 24 | $ 24 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: BCI Burke Holding Corp., First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.66% | [12] | 10.66% | [12] | 10.23% | [9] | |
Principal/ Par Amount | $ 79 | [10],[12] | $ 79 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: BCI Burke Holding Corp., First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.23% | ||||
Principal/ Par Amount | $ 872 | [10] | $ 874 | [11] | |||
Amortized Cost | 861 | 863 | |||||
Fair Value | $ 863 | $ 865 | |||||
Percentage of Net Assets | 0.44% | 0.44% | 0.44% | ||||
Investment, Identifier [Axis]: Banner Buyer, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.13% | ||||
Principal/ Par Amount | $ 568 | [10] | $ 569 | [11] | |||
Amortized Cost | 564 | 565 | |||||
Fair Value | $ 567 | $ 568 | |||||
Percentage of Net Assets | 0.29% | 0.29% | 0.29% | ||||
Investment, Identifier [Axis]: Banner Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.13% | ||||
Principal/ Par Amount | $ 370 | [10] | $ 370 | [11] | |||
Amortized Cost | 71 | 71 | |||||
Fair Value | $ 72 | $ 72 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.04% | ||||
Investment, Identifier [Axis]: Banner Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.13% | ||||
Principal/ Par Amount | $ 1,368 | [10] | $ 1,371 | [11] | |||
Amortized Cost | 1,356 | 1,358 | |||||
Fair Value | $ 1,360 | $ 1,363 | |||||
Percentage of Net Assets | 0.70% | 0.70% | 0.70% | ||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured delayed draw term loan | |||||||
Spread | [8] | 6.50% | |||||
Interest Rate | 11.34% | ||||||
Principal/ Par Amount | [11] | $ 838 | |||||
Amortized Cost | 790 | ||||||
Fair Value | $ 791 | ||||||
Percentage of Net Assets | 0.40% | ||||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | [7] | 6.50% | 6.50% | ||||
Interest Rate | 11.66% | 11.66% | |||||
Principal/ Par Amount | [10] | $ 686 | |||||
Amortized Cost | 677 | ||||||
Fair Value | $ 679 | ||||||
Percentage of Net Assets | 0.34% | 0.34% | |||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | [7] | 6.50% | 6.50% | ||||
Interest Rate | 11.79% | 11.79% | |||||
Principal/ Par Amount | [10] | $ 149 | |||||
Amortized Cost | 147 | ||||||
Fair Value | $ 148 | ||||||
Percentage of Net Assets | 0.07% | 0.07% | |||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 6.50% | [8] | |
Interest Rate | 11.66% | [12] | 11.66% | [12] | 11.34% | ||
Principal/ Par Amount | $ 188 | [10],[12] | $ 188 | [11] | |||
Amortized Cost | (2) | [12] | 69 | ||||
Fair Value | $ (2) | [12] | $ 69 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.04% | ||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 936 | [10] | $ 940 | [11] | |||
Amortized Cost | 923 | 926 | |||||
Fair Value | $ 926 | $ 928 | |||||
Percentage of Net Assets | 0.47% | 0.47% | 0.47% | ||||
Investment, Identifier [Axis]: Behavior Frontiers, LLC, First lien senior secured revolving loan | |||||||
Spread | 7.50% | [7],[12],[19] | 7.50% | [7],[12],[19] | 7.50% | [8],[20] | |
Interest Rate | 12.66% | [12],[19] | 12.66% | [12],[19] | 12.34% | [20] | |
Principal/ Par Amount | $ 38 | [10],[12],[19] | $ 38 | [11],[20] | |||
Amortized Cost | (1) | [12],[19] | 18 | [20] | |||
Fair Value | $ (3) | [12],[19] | $ 15 | [20] | |||
Percentage of Net Assets | 0% | [12],[19] | 0% | [12],[19] | 0.01% | [20] | |
Investment, Identifier [Axis]: Behavior Frontiers, LLC, First lien senior secured term loan | |||||||
Spread | 7.50% | [7] | 7.50% | [7] | 7.50% | [8] | |
Interest Rate | 12.66% | 12.66% | 12.34% | ||||
Principal/ Par Amount | $ 657 | [10] | $ 656 | [11] | |||
Amortized Cost | 646 | 645 | |||||
Fair Value | $ 605 | $ 597 | |||||
Percentage of Net Assets | 0.31% | 0.31% | 0.31% | ||||
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.79% | [12] | 10.79% | [12] | 9.19% | [9] | |
Principal/ Par Amount | $ 188 | [10],[12] | $ 188 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.79% | [12] | 10.79% | [12] | 9.19% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | 0 | [12] | (1) | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.79% | 10.79% | 9.19% | ||||
Principal/ Par Amount | $ 822 | [10] | $ 824 | [11] | |||
Amortized Cost | 811 | 812 | |||||
Fair Value | $ 812 | $ 814 | |||||
Percentage of Net Assets | 0.41% | 0.41% | 0.42% | ||||
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc., First lien senior secured revolving loan 1 | |||||||
Spread | 5.75% | [7],[12],[21] | 5.75% | [7],[12],[21] | 5.75% | [8],[9],[22] | |
Interest Rate | 10.78% | [12],[21] | 10.78% | [12],[21] | 10.63% | [9],[22] | |
Principal/ Par Amount | $ 30 | [10],[12],[21] | $ 30 | [9],[11],[22] | |||
Amortized Cost | 0 | [12],[21] | 0 | [9],[22] | |||
Fair Value | $ 0 | [12],[21] | $ 0 | [9],[22] | |||
Percentage of Net Assets | 0% | [12],[21] | 0% | [12],[21] | 0% | [9],[22] | |
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc., First lien senior secured revolving loan 2 | |||||||
Spread | 5.75% | [7],[12],[21] | 5.75% | [7],[12],[21] | 5.75% | [8],[9],[22] | |
Interest Rate | 10.78% | [12],[21] | 10.78% | [12],[21] | 10.63% | [9],[22] | |
Principal/ Par Amount | $ 75 | [10],[12],[21] | $ 75 | [9],[11],[22] | |||
Amortized Cost | $ (1) | [12],[21] | (1) | [9],[22] | |||
Fair Value | $ (1) | [12],[21] | $ (1) | [9],[22] | |||
Percentage of Net Assets | 0% | [12],[21] | 0% | [12],[21] | 0% | [9],[22] | |
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc., First lien senior secured term loan | |||||||
Spread | 5.75% | [7],[21] | 5.75% | [7],[21] | 5.75% | [8],[22] | |
Interest Rate | 10.78% | [21] | 10.78% | [21] | 10.63% | [22] | |
Principal/ Par Amount | $ 1,241 | [10],[21] | $ 1,244 | [11],[22] | |||
Amortized Cost | $ 973 | [21] | 973 | [22] | |||
Fair Value | $ 906 | [21] | $ 906 | [22] | |||
Percentage of Net Assets | 0.46% | [21] | 0.46% | [21] | 0.46% | [22] | |
Investment, Identifier [Axis]: Brightview, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.59% | 10.59% | 10.13% | ||||
Principal/ Par Amount | $ 107 | [10] | $ 107 | [11] | |||
Amortized Cost | 47 | 47 | |||||
Fair Value | $ 47 | $ 47 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Brightview, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8],[9] | |
Interest Rate | 10.59% | 10.59% | 10.13% | [9] | |||
Principal/ Par Amount | $ 52 | [10] | $ 52 | [9],[11] | |||
Amortized Cost | 15 | (1) | [9] | ||||
Fair Value | $ 15 | $ 0 | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: Brightview, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.59% | 10.59% | 10.13% | ||||
Principal/ Par Amount | $ 691 | [10] | $ 692 | [11] | |||
Amortized Cost | 680 | 685 | |||||
Fair Value | $ 685 | $ 686 | |||||
Percentage of Net Assets | 0.35% | 0.35% | 0.35% | ||||
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7],[12] | 6.75% | [7],[12] | 6.75% | [8],[9],[22] | |
Interest Rate | 11.91% | [12] | 11.91% | [12] | 11.28% | [9],[22] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11],[22] | |||
Amortized Cost | (1) | [12] | (1) | [9],[22] | |||
Fair Value | $ (1) | [12] | $ (1) | [9],[22] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9],[22] | |
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8],[22] | |
Interest Rate | 11.91% | 11.91% | 11.28% | [22] | |||
Principal/ Par Amount | $ 258 | [10] | $ 258 | [11],[22] | |||
Amortized Cost | 252 | 252 | [22] | ||||
Fair Value | $ 252 | $ 252 | [22] | ||||
Percentage of Net Assets | 0.13% | 0.13% | 0.13% | [22] | |||
Investment, Identifier [Axis]: CCG Acquisition, Inc., First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.84% | [9] | |
Principal/ Par Amount | $ 19 | [10],[12] | $ 19 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: CCG Acquisition, Inc., First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 424 | [10] | $ 425 | [11] | |||
Amortized Cost | 419 | 419 | |||||
Fair Value | $ 420 | $ 420 | |||||
Percentage of Net Assets | 0.21% | 0.21% | 0.21% | ||||
Investment, Identifier [Axis]: CPS HVAC Group, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.82% | 11.82% | 11.37% | ||||
Principal/ Par Amount | $ 150 | [10] | $ 150 | [11] | |||
Amortized Cost | 32 | 32 | |||||
Fair Value | $ 32 | $ 32 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: CPS HVAC Group, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7],[23] | 6.75% | [7],[23] | 6.75% | [8],[24] | |
Interest Rate | 11.87% | [23] | 11.87% | [23] | 11.90% | [24] | |
Principal/ Par Amount | $ 38 | [10],[23] | $ 38 | [11],[24] | |||
Amortized Cost | 17 | [23] | 8 | [24] | |||
Fair Value | $ 17 | [23] | $ 8 | [24] | |||
Percentage of Net Assets | 0.01% | [23] | 0.01% | [23] | 0% | [24] | |
Investment, Identifier [Axis]: CPS HVAC Group, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.90% | 11.90% | 11.90% | ||||
Principal/ Par Amount | $ 271 | [10] | $ 272 | [11] | |||
Amortized Cost | 267 | 268 | |||||
Fair Value | $ 267 | $ 268 | |||||
Percentage of Net Assets | 0.14% | 0.14% | 0.14% | ||||
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured delayed draw term loan 1 | |||||||
Spread | 7% | [7],[12],[21] | 7% | [7],[12],[21] | 7% | [8],[9],[22] | |
Interest Rate | 12.03% | [12],[21] | 12.03% | [12],[21] | 11.88% | [9],[22] | |
Principal/ Par Amount | $ 28 | [10],[12],[21] | $ 140 | [9],[11],[22] | |||
Amortized Cost | $ 0 | [12],[21] | (1) | [9],[22] | |||
Fair Value | $ (1) | [12],[21] | $ (3) | [9],[22] | |||
Percentage of Net Assets | 0% | [12],[21] | 0% | [12],[21] | 0% | [9],[22] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured delayed draw term loan 2 | |||||||
Spread | 7% | [7],[21] | 7% | [7],[21] | 7% | [8],[22] | |
Interest Rate | 12.03% | [21] | 12.03% | [21] | 11.88% | [22] | |
Principal/ Par Amount | $ 278 | [10],[21] | $ 358 | [11],[22] | |||
Amortized Cost | $ 217 | [21] | 212 | [22] | |||
Fair Value | $ 199 | [21] | $ 195 | [22] | |||
Percentage of Net Assets | 0.10% | [21] | 0.10% | [21] | 0.10% | [22] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured revolving loan 1 | |||||||
Spread | 7% | [7],[21] | 7% | [7],[21] | 7% | [8],[22] | |
Interest Rate | 12.16% | [21] | 12.16% | [21] | 11.84% | [22] | |
Principal/ Par Amount | $ 109 | [10],[21] | $ 107 | [11],[22] | |||
Amortized Cost | 108 | [21] | 105 | [22] | |||
Fair Value | $ 106 | [21] | $ 104 | [22] | |||
Percentage of Net Assets | 0.05% | [21] | 0.05% | [21] | 0.05% | [22] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured revolving loan 2 | |||||||
Spread | 7% | [7],[21] | 7% | [7],[21] | 7% | [8],[22] | |
Interest Rate | 12.03% | [21] | 12.03% | [21] | 11.88% | [22] | |
Principal/ Par Amount | $ 273 | [10],[21] | $ 268 | [11],[22] | |||
Amortized Cost | $ 209 | [21] | 204 | [22] | |||
Fair Value | $ 194 | [21] | $ 190 | [22] | |||
Percentage of Net Assets | 0.10% | [21] | 0.10% | [21] | 0.10% | [22] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured term loan | |||||||
Spread | 7% | [7],[21] | 7% | [7],[21] | 7% | [8],[22] | |
Interest Rate | 12.03% | [21] | 12.03% | [21] | 11.88% | [22] | |
Principal/ Par Amount | $ 229 | [10],[21] | $ 225 | [11],[22] | |||
Amortized Cost | $ 180 | [21] | 176 | [22] | |||
Fair Value | $ 164 | [21] | $ 162 | [22] | |||
Percentage of Net Assets | 0.08% | [21] | 0.08% | [21] | 0.08% | [22] | |
Investment, Identifier [Axis]: Champion Motorsports Group, LLC, First lien senior secured revolving loan | |||||||
Spread | [7],[12] | 6.25% | 6.25% | ||||
Interest Rate | [12] | 11.41% | 11.41% | ||||
Principal/ Par Amount | [10],[12] | $ 56 | |||||
Amortized Cost | [12] | (1) | |||||
Fair Value | [12] | $ (1) | |||||
Percentage of Net Assets | [12] | 0% | 0% | ||||
Investment, Identifier [Axis]: Champion Motorsports Group, LLC, First lien senior secured term loan | |||||||
Spread | [7] | 6.25% | 6.25% | ||||
Interest Rate | 11.41% | 11.41% | |||||
Principal/ Par Amount | [10] | $ 1,684 | |||||
Amortized Cost | 1,657 | ||||||
Fair Value | $ 1,656 | ||||||
Percentage of Net Assets | 0.85% | 0.85% | |||||
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8],[9] | |
Interest Rate | 10.30% | 10.30% | 9.98% | [9] | |||
Principal/ Par Amount | $ 113 | [10] | $ 113 | [9],[11] | |||
Amortized Cost | 17 | (2) | [9] | ||||
Fair Value | $ 17 | $ (2) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.30% | 10.30% | 9.98% | ||||
Principal/ Par Amount | $ 1,773 | [10] | $ 1,773 | [11] | |||
Amortized Cost | 1,742 | 1,740 | |||||
Fair Value | $ 1,745 | $ 1,743 | |||||
Percentage of Net Assets | 0.88% | 0.88% | 0.89% | ||||
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.44% | ||||
Principal/ Par Amount | $ 223 | [10] | $ 223 | [11] | |||
Amortized Cost | 163 | 163 | |||||
Fair Value | $ 165 | $ 165 | |||||
Percentage of Net Assets | 0.08% | 0.08% | 0.08% | ||||
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.92% | [12] | 10.92% | [12] | 10.44% | [9] | |
Principal/ Par Amount | $ 19 | [10],[12] | $ 19 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.44% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 37 | 14 | |||||
Fair Value | $ 37 | $ 14 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.01% | ||||
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.44% | ||||
Principal/ Par Amount | $ 951 | [10] | $ 953 | [11] | |||
Amortized Cost | 941 | 942 | |||||
Fair Value | $ 944 | $ 946 | |||||
Percentage of Net Assets | 0.48% | 0.48% | 0.48% | ||||
Investment, Identifier [Axis]: Copperweld Group, Inc., First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5% | [8] | |
Interest Rate | 11.05% | 11.05% | 12.50% | ||||
Principal/ Par Amount | $ 462 | [10] | $ 462 | [11] | |||
Amortized Cost | 115 | 52 | |||||
Fair Value | $ 120 | $ 58 | |||||
Percentage of Net Assets | 0.06% | 0.06% | 0.03% | ||||
Investment, Identifier [Axis]: Copperweld Group, Inc., First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 2,279 | [10] | $ 2,285 | [11] | |||
Amortized Cost | 2,234 | 2,234 | |||||
Fair Value | $ 2,263 | $ 2,268 | |||||
Percentage of Net Assets | 1.16% | 1.16% | 1.16% | ||||
Investment, Identifier [Axis]: Cosmetic Solutions, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 5.75% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.48% | ||||
Principal/ Par Amount | $ 363 | [10] | $ 364 | [11] | |||
Amortized Cost | 359 | 360 | |||||
Fair Value | $ 349 | $ 357 | |||||
Percentage of Net Assets | 0.18% | 0.18% | 0.18% | ||||
Investment, Identifier [Axis]: Cosmetic Solutions, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 11.42% | [12] | 11.42% | [12] | 10.48% | [9] | |
Principal/ Par Amount | $ 344 | [10],[12] | $ 344 | [9],[11] | |||
Amortized Cost | (4) | [12] | (4) | [9] | |||
Fair Value | $ (13) | [12] | $ (6) | [9] | |||
Percentage of Net Assets | (0.01%) | [12] | (0.01%) | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Cosmetic Solutions, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 5.75% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.48% | ||||
Principal/ Par Amount | $ 2,776 | [10] | $ 2,775 | [11] | |||
Amortized Cost | 2,740 | 2,742 | |||||
Fair Value | $ 2,671 | $ 2,726 | |||||
Percentage of Net Assets | 1.36% | 1.36% | 1.39% | ||||
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8],[9] | |
Interest Rate | 11.49% | 11.49% | 11.34% | [9] | |||
Principal/ Par Amount | $ 45 | [10] | $ 45 | [9],[11] | |||
Amortized Cost | 22 | (1) | [9] | ||||
Fair Value | $ 22 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 235 | [10] | $ 236 | [11] | |||
Amortized Cost | 231 | 231 | |||||
Fair Value | $ 231 | $ 232 | |||||
Percentage of Net Assets | 0.12% | 0.12% | 0.12% | ||||
Investment, Identifier [Axis]: DNS IMI Acquisition Corp, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 10.91% | [12] | 10.91% | [12] | 10.48% | [9] | |
Principal/ Par Amount | $ 75 | [10],[12] | $ 75 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: DNS IMI Acquisition Corp, First lien senior secured revolving loan | |||||||
Spread | 4.75% | [7] | 4.75% | [7] | 4.75% | [8] | |
Interest Rate | 12.75% | 12.75% | 12.25% | ||||
Principal/ Par Amount | $ 56 | [10] | $ 56 | [11] | |||
Amortized Cost | 8 | 8 | |||||
Fair Value | $ 8 | $ 9 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: DNS IMI Acquisition Corp, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.48% | ||||
Principal/ Par Amount | $ 1,644 | [10] | $ 1,648 | [11] | |||
Amortized Cost | 1,620 | 1,621 | |||||
Fair Value | $ 1,622 | $ 1,624 | |||||
Percentage of Net Assets | 0.83% | 0.83% | 0.83% | ||||
Investment, Identifier [Axis]: DealerOn Inc., First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.42% | [12] | 10.42% | [12] | 9.94% | [9] | |
Principal/ Par Amount | $ 314 | [10],[12] | $ 314 | [9],[11] | |||
Amortized Cost | (2) | [12] | (3) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: DealerOn Inc., First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.42% | 10.42% | 9.94% | ||||
Principal/ Par Amount | $ 1,600 | [10] | $ 1,603 | [11] | |||
Amortized Cost | 1,586 | 1,586 | |||||
Fair Value | $ 1,592 | $ 1,594 | |||||
Percentage of Net Assets | 0.81% | 0.81% | 0.81% | ||||
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.63% | 11.63% | 11.21% | ||||
Principal/ Par Amount | $ 97 | [10] | $ 97 | [11] | |||
Amortized Cost | 48 | 39 | |||||
Fair Value | $ 48 | $ 39 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.58% | 11.58% | 11.08% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 22 | 16 | |||||
Fair Value | $ 22 | $ 16 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 320 | [10] | $ 321 | [11] | |||
Amortized Cost | 313 | 314 | |||||
Fair Value | $ 314 | $ 314 | |||||
Percentage of Net Assets | 0.16% | 0.16% | 0.16% | ||||
Investment, Identifier [Axis]: Diamondback Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8],[9] | |
Interest Rate | 10.45% | 10.45% | 10.38% | [9] | |||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [9],[11] | |||
Amortized Cost | 40 | (1) | [9] | ||||
Fair Value | $ 40 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.02% | 0.02% | 0% | [9] | |||
Investment, Identifier [Axis]: Diamondback Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.60% | 10.60% | 10.17% | ||||
Principal/ Par Amount | $ 1,198 | [10] | $ 1,201 | [11] | |||
Amortized Cost | 1,178 | 1,179 | |||||
Fair Value | $ 1,185 | $ 1,186 | |||||
Percentage of Net Assets | 0.60% | 0.60% | 0.61% | ||||
Investment, Identifier [Axis]: Domino Equipment Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.13% | [12] | 11.13% | [12] | 11.13% | [9] | |
Principal/ Par Amount | $ 79 | [10],[12] | $ 79 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Domino Equipment Company, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.13% | 11.13% | 11.13% | ||||
Principal/ Par Amount | $ 573 | [10] | $ 575 | [11] | |||
Amortized Cost | 564 | 565 | |||||
Fair Value | $ 565 | $ 566 | |||||
Percentage of Net Assets | 0.29% | 0.29% | 0.29% | ||||
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.05% | [12] | 11.05% | [12] | 10.55% | [9] | |
Principal/ Par Amount | $ 49 | [10],[12] | $ 49 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5% | [8] | |
Interest Rate | 11.04% | 11.04% | 12.50% | ||||
Principal/ Par Amount | $ 66 | [10] | $ 66 | [11] | |||
Amortized Cost | 22 | 14 | |||||
Fair Value | $ 22 | $ 15 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.05% | 11.05% | 10.55% | ||||
Principal/ Par Amount | $ 1,047 | [10] | $ 1,050 | [11] | |||
Amortized Cost | 1,038 | 1,040 | |||||
Fair Value | $ 1,040 | $ 1,043 | |||||
Percentage of Net Assets | 0.53% | 0.53% | 0.53% | ||||
Investment, Identifier [Axis]: Dykstra's Auto, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.83% | 10.83% | 10.39% | ||||
Principal/ Par Amount | $ 186 | [10] | $ 186 | [11] | |||
Amortized Cost | 183 | 183 | |||||
Fair Value | $ 183 | $ 183 | |||||
Percentage of Net Assets | 0.09% | 0.09% | 0.09% | ||||
Investment, Identifier [Axis]: Dykstra's Auto, LLC, First lien senior secured revolving loan | |||||||
Spread | 4.75% | [7],[12] | 4.75% | [7],[12] | 4.50% | [8] | |
Interest Rate | 12.25% | [12] | 12.25% | [12] | 10.75% | ||
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [11] | |||
Amortized Cost | (1) | [12] | 15 | ||||
Fair Value | $ (1) | [12] | $ 15 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.01% | ||
Investment, Identifier [Axis]: Dykstra's Auto, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.59% | ||||
Principal/ Par Amount | $ 490 | [10] | $ 492 | [11] | |||
Amortized Cost | 482 | 482 | |||||
Fair Value | $ 483 | $ 483 | |||||
Percentage of Net Assets | 0.24% | 0.24% | 0.25% | ||||
Investment, Identifier [Axis]: E-Phoenix Acquisition Co. Inc., First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.50% | [8],[9] | |
Interest Rate | 10.67% | 10.67% | 10.23% | [9] | |||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [9],[11] | |||
Amortized Cost | 14 | (1) | [9] | ||||
Fair Value | $ 14 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: E-Phoenix Acquisition Co. Inc., First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.50% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.23% | ||||
Principal/ Par Amount | $ 1,427 | [10] | $ 1,430 | [11] | |||
Amortized Cost | 1,413 | 1,416 | |||||
Fair Value | $ 1,416 | $ 1,419 | |||||
Percentage of Net Assets | 0.72% | 0.72% | 0.73% | ||||
Investment, Identifier [Axis]: EH Management Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.34% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 22 | 22 | |||||
Fair Value | $ 22 | $ 22 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: EH Management Company, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.34% | ||||
Principal/ Par Amount | $ 968 | [10] | $ 970 | [11] | |||
Amortized Cost | 954 | 954 | |||||
Fair Value | $ 955 | $ 957 | |||||
Percentage of Net Assets | 0.48% | 0.48% | 0.49% | ||||
Investment, Identifier [Axis]: EMSAR Acquisition LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 215 | [10] | $ 216 | [11] | |||
Amortized Cost | 212 | 212 | |||||
Fair Value | $ 212 | $ 213 | |||||
Percentage of Net Assets | 0.11% | 0.11% | 0.11% | ||||
Investment, Identifier [Axis]: EMSAR Acquisition LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 134 | [10] | $ 134 | [11] | |||
Amortized Cost | 118 | 118 | |||||
Fair Value | $ 118 | $ 118 | |||||
Percentage of Net Assets | 0.06% | 0.06% | 0.06% | ||||
Investment, Identifier [Axis]: EMSAR Acquisition LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 637 | [10] | $ 638 | [11] | |||
Amortized Cost | 627 | 628 | |||||
Fair Value | $ 628 | $ 629 | |||||
Percentage of Net Assets | 0.32% | 0.32% | 0.32% | ||||
Investment, Identifier [Axis]: Edko Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[25] | 5.75% | [7],[25] | 6% | [8],[26] | |
Interest Rate | 10.91% | [25] | 10.91% | [25] | 10.84% | [26] | |
Principal/ Par Amount | $ 38 | [10],[25] | $ 38 | [11],[26] | |||
Amortized Cost | 3 | [25] | 3 | [26] | |||
Fair Value | $ 3 | [25] | $ 3 | [26] | |||
Percentage of Net Assets | 0% | [25] | 0% | [25] | 0% | [26] | |
Investment, Identifier [Axis]: Edko Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.59% | ||||
Principal/ Par Amount | $ 1,136 | [10] | $ 1,139 | [11] | |||
Amortized Cost | 1,120 | 1,122 | |||||
Fair Value | $ 1,122 | $ 1,124 | |||||
Percentage of Net Assets | 0.57% | 0.57% | 0.57% | ||||
Investment, Identifier [Axis]: Empire Equipment Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.42% | 10.42% | 9.80% | ||||
Principal/ Par Amount | $ 439 | [10] | $ 439 | [11] | |||
Amortized Cost | 153 | 215 | |||||
Fair Value | $ 153 | $ 215 | |||||
Percentage of Net Assets | 0.08% | 0.08% | 0.11% | ||||
Investment, Identifier [Axis]: Empire Equipment Company, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.43% | 10.43% | 9.94% | ||||
Principal/ Par Amount | $ 1,545 | [10] | $ 1,547 | [11] | |||
Amortized Cost | 1,530 | 1,530 | |||||
Fair Value | $ 1,532 | $ 1,533 | |||||
Percentage of Net Assets | 0.79% | 0.79% | 0.78% | ||||
Investment, Identifier [Axis]: Empire Equipment Company, LLC, Sponsor subordinated note | |||||||
Interest Rate | 19.50% | 19.50% | |||||
Amortized Cost | $ 11 | $ 11 | |||||
Fair Value | $ 12 | $ 12 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.90% | ||||
Principal/ Par Amount | $ 374 | [10] | $ 375 | [11] | |||
Amortized Cost | 288 | 261 | |||||
Fair Value | $ 288 | $ 261 | |||||
Percentage of Net Assets | 0.15% | 0.15% | 0.13% | ||||
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 10.89% | [12] | 10.89% | [12] | 10.64% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.89% | 10.89% | 10.64% | ||||
Principal/ Par Amount | $ 660 | [10] | $ 662 | [11] | |||
Amortized Cost | 648 | 649 | |||||
Fair Value | $ 649 | $ 649 | |||||
Percentage of Net Assets | 0.33% | 0.33% | 0.33% | ||||
Investment, Identifier [Axis]: Engelman Baking Co., LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.34% | 10.34% | 9.88% | ||||
Principal/ Par Amount | $ 207 | [10] | $ 207 | [11] | |||
Amortized Cost | 29 | 31 | |||||
Fair Value | $ 29 | $ 30 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.02% | ||||
Investment, Identifier [Axis]: Engelman Baking Co., LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.34% | 10.34% | 9.88% | ||||
Principal/ Par Amount | $ 711 | [10] | $ 713 | [11] | |||
Amortized Cost | 700 | 701 | |||||
Fair Value | $ 702 | $ 703 | |||||
Percentage of Net Assets | 0.36% | 0.36% | 0.36% | ||||
Investment, Identifier [Axis]: Exclusive Concepts, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.97% | 10.97% | 10.97% | ||||
Principal/ Par Amount | $ 224 | [10] | $ 225 | [11] | |||
Amortized Cost | 169 | 169 | |||||
Fair Value | $ 169 | $ 170 | |||||
Percentage of Net Assets | 0.09% | 0.09% | 0.09% | ||||
Investment, Identifier [Axis]: Exclusive Concepts, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.15% | [12] | 11.15% | [12] | 11.15% | [9] | |
Principal/ Par Amount | $ 23 | [10],[12] | $ 23 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Exclusive Concepts, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.15% | 11.15% | 11.15% | ||||
Principal/ Par Amount | $ 625 | [10] | $ 626 | [11] | |||
Amortized Cost | 615 | 616 | |||||
Fair Value | $ 616 | $ 617 | |||||
Percentage of Net Assets | 0.31% | 0.31% | 0.32% | ||||
Investment, Identifier [Axis]: Formulated Buyer, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.38% | 10.38% | 10.40% | ||||
Principal/ Par Amount | $ 299 | [10] | $ 299 | [11] | |||
Amortized Cost | 121 | 111 | |||||
Fair Value | $ 121 | $ 111 | |||||
Percentage of Net Assets | 0.06% | 0.06% | 0.06% | ||||
Investment, Identifier [Axis]: Formulated Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.33% | 10.33% | 10.46% | ||||
Principal/ Par Amount | $ 188 | [10] | $ 188 | [11] | |||
Amortized Cost | 91 | 72 | |||||
Fair Value | $ 91 | $ 72 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.04% | ||||
Investment, Identifier [Axis]: Formulated Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.40% | 10.40% | 10.40% | ||||
Principal/ Par Amount | $ 460 | [10] | $ 461 | [11] | |||
Amortized Cost | 453 | 454 | |||||
Fair Value | $ 453 | $ 454 | |||||
Percentage of Net Assets | 0.23% | 0.23% | 0.23% | ||||
Investment, Identifier [Axis]: Franchise Fastlane, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.38% | [12] | 10.38% | [12] | 10.38% | [9] | |
Principal/ Par Amount | $ 15 | [10],[12] | $ 15 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Franchise Fastlane, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.38% | 10.38% | 10.38% | ||||
Principal/ Par Amount | $ 1,167 | [10] | $ 1,170 | [11] | |||
Amortized Cost | 1,148 | 1,149 | |||||
Fair Value | $ 1,150 | $ 1,151 | |||||
Percentage of Net Assets | 0.60% | 0.60% | 0.59% | ||||
Investment, Identifier [Axis]: FreshAddress, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.25% | [8],[9] | |
Interest Rate | 10.66% | [12] | 10.66% | [12] | 9.98% | [9] | |
Principal/ Par Amount | $ 30 | [10],[12] | $ 30 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: FreshAddress, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.25% | [8] | |
Interest Rate | 10.66% | 10.66% | 9.98% | ||||
Principal/ Par Amount | $ 1,685 | [10] | $ 1,689 | [11] | |||
Amortized Cost | 1,668 | 1,670 | |||||
Fair Value | $ 1,670 | $ 1,673 | |||||
Percentage of Net Assets | 0.86% | 0.86% | 0.86% | ||||
Investment, Identifier [Axis]: Geriatric Medical and Surgical Supply, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.84% | [9] | |
Principal/ Par Amount | $ 300 | [10],[12] | $ 300 | [9],[11] | |||
Amortized Cost | (4) | [12] | (4) | [9] | |||
Fair Value | $ (4) | [12] | $ (4) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Geriatric Medical and Surgical Supply, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 941 | [10] | $ 943 | [11] | |||
Amortized Cost | 928 | 929 | |||||
Fair Value | $ 929 | $ 930 | |||||
Percentage of Net Assets | 0.47% | 0.47% | 0.48% | ||||
Investment, Identifier [Axis]: Gold Medal Holdings, Inc., First lien senior secured revolving loan | |||||||
Spread | 7% | [7],[27] | 7% | [7],[27] | 7% | [8],[28] | |
Interest Rate | 12.09% | [27] | 12.09% | [27] | 11.74% | [28] | |
Principal/ Par Amount | $ 50 | [10],[27] | $ 50 | [11],[28] | |||
Amortized Cost | 31 | [27] | 23 | [28] | |||
Fair Value | $ 31 | [27] | $ 23 | [28] | |||
Percentage of Net Assets | 0.02% | [27] | 0.02% | [27] | 0.01% | [28] | |
Investment, Identifier [Axis]: Gold Medal Holdings, Inc., First lien senior secured term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.16% | 12.16% | 11.84% | ||||
Principal/ Par Amount | $ 722 | [10] | $ 722 | [11] | |||
Amortized Cost | 713 | 713 | |||||
Fair Value | $ 716 | $ 716 | |||||
Percentage of Net Assets | 0.36% | 0.36% | 0.37% | ||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 7.75% | [7] | 7.75% | [7] | 7.75% | [8] | |
Interest Rate | 12.91% | 12.91% | 12.59% | ||||
Principal/ Par Amount | $ 174 | [10] | $ 333 | [11] | |||
Amortized Cost | 170 | 167 | |||||
Fair Value | $ 168 | $ 162 | |||||
Percentage of Net Assets | 0.09% | 0.09% | 0.08% | ||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 7.75% | [7] | 7.75% | [7] | 7.75% | [8] | |
Interest Rate | 12.83% | 12.83% | 12.59% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 11 | 7 | |||||
Fair Value | $ 10 | $ 6 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | ||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured term loan | |||||||
Spread | [8] | 7.75% | |||||
Interest Rate | 12.59% | ||||||
Principal/ Par Amount | [11] | $ 1,544 | |||||
Amortized Cost | 1,510 | ||||||
Fair Value | $ 1,488 | ||||||
Percentage of Net Assets | 0.76% | ||||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured term loan 1 | |||||||
Spread | [7] | 7.75% | 7.75% | ||||
Interest Rate | 12.91% | 12.91% | |||||
Principal/ Par Amount | [10] | $ 1,495 | |||||
Amortized Cost | 1,457 | ||||||
Fair Value | $ 1,443 | ||||||
Percentage of Net Assets | 0.74% | 0.74% | |||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured term loan 2 | |||||||
Spread | [7] | 12% | 12% | ||||
Interest Rate | 17.16% | 17.16% | |||||
Principal/ Par Amount | [10] | $ 49 | |||||
Amortized Cost | 48 | ||||||
Fair Value | $ 48 | ||||||
Percentage of Net Assets | 0.02% | 0.02% | |||||
Investment, Identifier [Axis]: Green Monster Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.66% | [12] | 10.66% | [12] | 10.23% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Green Monster Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.23% | ||||
Principal/ Par Amount | $ 1,173 | [10] | $ 1,176 | [11] | |||
Amortized Cost | 1,155 | 1,157 | |||||
Fair Value | $ 1,156 | $ 1,158 | |||||
Percentage of Net Assets | 0.59% | 0.59% | 0.59% | ||||
Investment, Identifier [Axis]: Groundworks Operations, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | [8] | 4.75% | |||||
Interest Rate | 9.48% | ||||||
Principal/ Par Amount | [11] | $ 1,866 | |||||
Amortized Cost | 1,814 | ||||||
Fair Value | $ 1,821 | ||||||
Percentage of Net Assets | 0.93% | ||||||
Investment, Identifier [Axis]: Groundworks Operations, LLC, First lien senior secured revolving loan | |||||||
Spread | [8],[9] | 4.75% | |||||
Interest Rate | [9] | 9.48% | |||||
Principal/ Par Amount | [9],[11] | $ 387 | |||||
Amortized Cost | [9] | (4) | |||||
Fair Value | [9] | $ (2) | |||||
Percentage of Net Assets | [9] | 0% | |||||
Investment, Identifier [Axis]: Groundworks Operations, LLC, First lien senior secured term loan | |||||||
Spread | [8] | 4.75% | |||||
Interest Rate | 9.48% | ||||||
Principal/ Par Amount | [11] | $ 2,479 | |||||
Amortized Cost | 2,449 | ||||||
Fair Value | $ 2,463 | ||||||
Percentage of Net Assets | 1.26% | ||||||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.94% | ||||
Principal/ Par Amount | $ 318 | [10] | $ 67 | [11] | |||
Amortized Cost | 313 | 66 | |||||
Fair Value | $ 315 | $ 67 | |||||
Percentage of Net Assets | 0.16% | 0.16% | 0.03% | ||||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.94% | ||||
Principal/ Par Amount | $ 179 | [10] | $ 112 | [11] | |||
Amortized Cost | 177 | 111 | |||||
Fair Value | $ 177 | $ 111 | |||||
Percentage of Net Assets | 0.09% | 0.09% | 0.06% | ||||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured delayed draw term loan 3 | |||||||
Spread | [8] | 6.50% | |||||
Interest Rate | 10.94% | ||||||
Principal/ Par Amount | [11] | $ 319 | |||||
Amortized Cost | 314 | ||||||
Fair Value | $ 316 | ||||||
Percentage of Net Assets | 0.16% | ||||||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 6.50% | [8],[9] | |
Interest Rate | 11.42% | [12] | 11.42% | [12] | 10.94% | [9] | |
Principal/ Par Amount | $ 23 | [10],[12] | $ 23 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.94% | ||||
Principal/ Par Amount | $ 519 | [10] | $ 521 | [11] | |||
Amortized Cost | 510 | 511 | |||||
Fair Value | $ 514 | $ 515 | |||||
Percentage of Net Assets | 0.26% | 0.26% | 0.26% | ||||
Investment, Identifier [Axis]: HLSG Intermediate, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 11.03% | ||||
Principal/ Par Amount | $ 95 | [10] | $ 96 | [11] | |||
Amortized Cost | 94 | 94 | |||||
Fair Value | $ 94 | $ 95 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.05% | ||||
Investment, Identifier [Axis]: HLSG Intermediate, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8],[9] | |
Interest Rate | 11.42% | 11.42% | 10.94% | [9] | |||
Principal/ Par Amount | $ 60 | [10] | $ 60 | [9],[11] | |||
Amortized Cost | 15 | (1) | [9] | ||||
Fair Value | $ 15 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: HLSG Intermediate, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.94% | ||||
Principal/ Par Amount | $ 1,002 | [10] | $ 1,004 | [11] | |||
Amortized Cost | 991 | 993 | |||||
Fair Value | $ 992 | $ 995 | |||||
Percentage of Net Assets | 0.50% | 0.50% | 0.51% | ||||
Investment, Identifier [Axis]: Highland Acquisition, Inc., First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7],[12] | 5.25% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.41% | [12] | 10.41% | [12] | 10.34% | [9] | |
Principal/ Par Amount | $ 30 | [10],[12] | $ 30 | [9],[11] | |||
Amortized Cost | 0 | [12] | (1) | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Highland Acquisition, Inc., First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.50% | [8] | |
Interest Rate | 10.41% | 10.41% | 10.34% | ||||
Principal/ Par Amount | $ 935 | [10] | $ 937 | [11] | |||
Amortized Cost | 919 | 921 | |||||
Fair Value | $ 920 | $ 922 | |||||
Percentage of Net Assets | 0.46% | 0.46% | 0.47% | ||||
Investment, Identifier [Axis]: Home Brands Group Holdings, Inc., First lien senior secured revolving loan | |||||||
Spread | 4.75% | [7],[12] | 4.75% | [7],[12] | 4.75% | [8],[9] | |
Interest Rate | 9.58% | [12] | 9.58% | [12] | 9.16% | [9] | |
Principal/ Par Amount | $ 48 | [10],[12] | $ 48 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Home Brands Group Holdings, Inc., First lien senior secured term loan | |||||||
Spread | 4.75% | [7] | 4.75% | [7] | 4.75% | [8] | |
Interest Rate | 9.58% | 9.58% | 9.16% | ||||
Principal/ Par Amount | $ 1,858 | [10] | $ 1,900 | [11] | |||
Amortized Cost | 1,830 | 1,867 | |||||
Fair Value | $ 1,834 | $ 1,873 | |||||
Percentage of Net Assets | 0.95% | 0.95% | 0.96% | ||||
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | [7] | 6.25% | 6.25% | ||||
Interest Rate | 11.16% | 11.16% | |||||
Principal/ Par Amount | [10] | $ 140 | |||||
Amortized Cost | 15 | ||||||
Fair Value | $ 15 | ||||||
Percentage of Net Assets | 0.01% | 0.01% | |||||
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured term loan | |||||||
Spread | [7] | 6.25% | 6.25% | ||||
Interest Rate | 11.23% | 11.23% | |||||
Principal/ Par Amount | [10] | $ 855 | |||||
Amortized Cost | 829 | ||||||
Fair Value | $ 829 | ||||||
Percentage of Net Assets | 0.42% | 0.42% | |||||
Investment, Identifier [Axis]: Hydromax USA, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.48% | ||||
Principal/ Par Amount | $ 112 | [10] | $ 112 | [11] | |||
Amortized Cost | 110 | 110 | |||||
Fair Value | $ 106 | $ 107 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.05% | ||||
Investment, Identifier [Axis]: Hydromax USA, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.48% | ||||
Principal/ Par Amount | $ 228 | [10] | $ 228 | [11] | |||
Amortized Cost | 156 | 156 | |||||
Fair Value | $ 149 | $ 149 | |||||
Percentage of Net Assets | 0.08% | 0.08% | 0.08% | ||||
Investment, Identifier [Axis]: Hydromax USA, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.48% | ||||
Principal/ Par Amount | $ 1,232 | [10] | $ 1,235 | [11] | |||
Amortized Cost | 1,214 | 1,216 | |||||
Fair Value | $ 1,175 | $ 1,181 | |||||
Percentage of Net Assets | 0.60% | 0.60% | 0.60% | ||||
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.92% | [12] | 10.92% | [12] | 10.44% | [9] | |
Principal/ Par Amount | $ 278 | [10],[12] | $ 278 | [9],[11] | |||
Amortized Cost | (2) | [12] | (3) | [9] | |||
Fair Value | $ (2) | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.92% | [12] | 10.92% | [12] | 10.44% | [9] | |
Principal/ Par Amount | $ 25 | [10],[12] | $ 25 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.44% | ||||
Principal/ Par Amount | $ 177 | [10] | $ 177 | [11] | |||
Amortized Cost | 174 | 174 | |||||
Fair Value | $ 175 | $ 175 | |||||
Percentage of Net Assets | 0.09% | 0.09% | 0.09% | ||||
Investment, Identifier [Axis]: ISSA, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.41% | [12] | 11.41% | [12] | 11.09% | [9] | |
Principal/ Par Amount | $ 131 | [10],[12] | $ 131 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: ISSA, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 11.09% | ||||
Principal/ Par Amount | $ 920 | [10] | $ 922 | [11] | |||
Amortized Cost | 905 | 906 | |||||
Fair Value | $ 906 | $ 908 | |||||
Percentage of Net Assets | 0.46% | 0.46% | 0.46% | ||||
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8],[9] | |
Interest Rate | 10.32% | 10.32% | 8.76% | [9] | |||
Principal/ Par Amount | $ 68 | [10] | $ 75 | [9],[11] | |||
Amortized Cost | 61 | (1) | [9] | ||||
Fair Value | $ 61 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.03% | 0.03% | 0% | [9] | |||
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7],[12] | 5.25% | [7],[12] | 5.25% | [8],[9] | |
Interest Rate | 10.29% | [12] | 10.29% | [12] | 9.68% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.29% | 10.29% | 8.76% | ||||
Principal/ Par Amount | $ 674 | [10] | $ 676 | [11] | |||
Amortized Cost | 669 | 670 | |||||
Fair Value | $ 670 | $ 671 | |||||
Percentage of Net Assets | 0.34% | 0.34% | 0.34% | ||||
Investment, Identifier [Axis]: Icelandirect, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.09% | 11.09% | 10.73% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 36 | 35 | |||||
Fair Value | $ 36 | $ 36 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Icelandirect, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.95% | 10.95% | 10.73% | ||||
Principal/ Par Amount | $ 683 | [10] | $ 684 | [11] | |||
Amortized Cost | 673 | 674 | |||||
Fair Value | $ 674 | $ 675 | |||||
Percentage of Net Assets | 0.34% | 0.34% | 0.35% | ||||
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 6.50% | [8],[9] | |
Interest Rate | 11.66% | [12] | 11.66% | [12] | 10.94% | [9] | |
Principal/ Par Amount | $ 23 | [10],[12] | $ 23 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ 0 | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 10.94% | ||||
Principal/ Par Amount | $ 366 | [10] | $ 367 | [11] | |||
Amortized Cost | 358 | 358 | |||||
Fair Value | $ 358 | $ 358 | |||||
Percentage of Net Assets | 0.18% | 0.18% | 0.18% | ||||
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.66% | [12] | 10.66% | [12] | 10.23% | [9] | |
Principal/ Par Amount | $ 39 | [10],[12] | $ 39 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.66% | [12] | 10.66% | [12] | 10.23% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ 0 | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.23% | ||||
Principal/ Par Amount | $ 1,149 | [10] | $ 1,152 | [11] | |||
Amortized Cost | 1,132 | 1,134 | |||||
Fair Value | $ 1,134 | $ 1,135 | |||||
Percentage of Net Assets | 0.57% | 0.57% | 0.58% | ||||
Investment, Identifier [Axis]: Innovative FlexPak, LLC, First lien senior secured revolving loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 11.92% | 11.92% | 11.36% | ||||
Principal/ Par Amount | $ 627 | [10] | $ 627 | [11] | |||
Amortized Cost | 431 | 464 | |||||
Fair Value | $ 247 | $ 325 | |||||
Percentage of Net Assets | 0.12% | 0.12% | 0.17% | ||||
Investment, Identifier [Axis]: Innovative FlexPak, LLC, First lien senior secured term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 11.92% | 11.92% | 11.44% | ||||
Principal/ Par Amount | $ 2,938 | [10] | $ 2,616 | [11] | |||
Amortized Cost | 2,902 | 2,574 | |||||
Fair Value | $ 2,037 | $ 1,998 | |||||
Percentage of Net Assets | 1.04% | 1.04% | 1% | ||||
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.14% | 11.14% | 11.14% | ||||
Principal/ Par Amount | $ 88 | [10] | $ 88 | [11] | |||
Amortized Cost | 69 | 69 | |||||
Fair Value | $ 69 | $ 69 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.04% | ||||
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[29] | 6% | [7],[29] | 6% | [8],[30] | |
Interest Rate | 11.21% | [29] | 11.21% | [29] | 10.54% | [30] | |
Principal/ Par Amount | $ 44 | [10],[29] | $ 44 | [11],[30] | |||
Amortized Cost | 7 | [29] | 10 | [30] | |||
Fair Value | $ 7 | [29] | $ 11 | [30] | |||
Percentage of Net Assets | 0% | [29] | 0% | [29] | 0.01% | [30] | |
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.15% | 11.15% | 11.15% | ||||
Principal/ Par Amount | $ 1,310 | [10] | $ 1,314 | [11] | |||
Amortized Cost | 1,293 | 1,295 | |||||
Fair Value | $ 1,295 | $ 1,297 | |||||
Percentage of Net Assets | 0.66% | 0.66% | 0.66% | ||||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.69% | 11.69% | 10.84% | ||||
Principal/ Par Amount | $ 223 | [10] | $ 225 | [11] | |||
Amortized Cost | 219 | 162 | |||||
Fair Value | $ 220 | $ 163 | |||||
Percentage of Net Assets | 0.11% | 0.11% | 0.08% | ||||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.66% | 11.66% | 10.84% | ||||
Principal/ Par Amount | $ 224 | [10] | $ 223 | [11] | |||
Amortized Cost | 220 | 220 | |||||
Fair Value | $ 221 | $ 220 | |||||
Percentage of Net Assets | 0.11% | 0.11% | 0.11% | ||||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured revolving loan | |||||||
Spread | 5% | [7] | 5% | [7] | 6% | [8] | |
Interest Rate | 13% | 13% | 10.84% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 29 | 29 | |||||
Fair Value | $ 29 | $ 29 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.66% | 11.66% | 10.84% | ||||
Principal/ Par Amount | $ 857 | [10] | $ 842 | [11] | |||
Amortized Cost | 841 | 828 | |||||
Fair Value | $ 845 | $ 830 | |||||
Percentage of Net Assets | 0.44% | 0.44% | 0.42% | ||||
Investment, Identifier [Axis]: Kalkomey Enterprises, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8],[9] | |
Interest Rate | 11.66% | 11.66% | 11.48% | [9] | |||
Principal/ Par Amount | $ 77 | [10] | $ 77 | [9],[11] | |||
Amortized Cost | 38 | (1) | [9] | ||||
Fair Value | $ 38 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.02% | 0.02% | 0% | [9] | |||
Investment, Identifier [Axis]: Kalkomey Enterprises, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.91% | 11.91% | 11.48% | ||||
Principal/ Par Amount | $ 1,047 | [10] | $ 1,050 | [11] | |||
Amortized Cost | 1,031 | 1,033 | |||||
Fair Value | $ 1,036 | $ 1,037 | |||||
Percentage of Net Assets | 0.52% | 0.52% | 0.53% | ||||
Investment, Identifier [Axis]: Leonard Group, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 6% | [8] | |
Interest Rate | 11.66% | [12] | 11.66% | [12] | 10.79% | ||
Principal/ Par Amount | $ 234 | [10],[12] | $ 234 | [11] | |||
Amortized Cost | (5) | [12] | 25 | ||||
Fair Value | $ (1) | [12] | $ 30 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.02% | ||
Investment, Identifier [Axis]: Leonard Group, Inc., First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.66% | 11.66% | 10.84% | ||||
Principal/ Par Amount | $ 1,559 | [10] | $ 1,718 | [11] | |||
Amortized Cost | 1,542 | 1,696 | |||||
Fair Value | $ 1,550 | $ 1,706 | |||||
Percentage of Net Assets | 0.79% | 0.79% | 0.87% | ||||
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.84% | [9] | |
Principal/ Par Amount | $ 150 | [10],[12] | $ 150 | [9],[11] | |||
Amortized Cost | (2) | [12] | (3) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 6 | 6 | |||||
Fair Value | $ 6 | $ 6 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 808 | [10] | $ 810 | [11] | |||
Amortized Cost | 794 | 795 | |||||
Fair Value | $ 795 | $ 797 | |||||
Percentage of Net Assets | 0.41% | 0.41% | 0.41% | ||||
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.48% | ||||
Principal/ Par Amount | $ 73 | [10] | $ 75 | [11] | |||
Amortized Cost | 72 | 74 | |||||
Fair Value | $ 72 | $ 74 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.04% | ||||
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.75% | [8] | |
Interest Rate | 10.91% | [12] | 10.91% | [12] | 10.07% | ||
Principal/ Par Amount | $ 150 | [10],[12] | $ 150 | [11] | |||
Amortized Cost | (2) | [12] | 73 | ||||
Fair Value | $ (1) | [12] | $ 73 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.04% | ||
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.48% | ||||
Principal/ Par Amount | $ 904 | [10] | $ 952 | [11] | |||
Amortized Cost | 894 | 940 | |||||
Fair Value | $ 895 | $ 941 | |||||
Percentage of Net Assets | 0.45% | 0.45% | 0.48% | ||||
Investment, Identifier [Axis]: MacNeill Pride Group Corp., First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.25% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.09% | ||||
Principal/ Par Amount | $ 499 | [10] | $ 501 | [11] | |||
Amortized Cost | 451 | 452 | |||||
Fair Value | $ 452 | $ 453 | |||||
Percentage of Net Assets | 0.23% | 0.23% | 0.23% | ||||
Investment, Identifier [Axis]: MacNeill Pride Group Corp., First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.25% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.09% | ||||
Principal/ Par Amount | $ 287 | [10] | $ 287 | [11] | |||
Amortized Cost | 63 | 106 | |||||
Fair Value | $ 63 | $ 106 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.05% | ||||
Investment, Identifier [Axis]: MacNeill Pride Group Corp., First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.25% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.09% | ||||
Principal/ Par Amount | $ 865 | [10] | $ 867 | [11] | |||
Amortized Cost | 858 | 860 | |||||
Fair Value | $ 861 | $ 863 | |||||
Percentage of Net Assets | 0.44% | 0.44% | 0.44% | ||||
Investment, Identifier [Axis]: Mad Rose Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[31] | 6.25% | [7],[31] | 6.25% | [8],[32] | |
Interest Rate | 11.17% | [31] | 11.17% | [31] | 10.69% | [32] | |
Principal/ Par Amount | $ 119 | [10],[31] | $ 119 | [11],[32] | |||
Amortized Cost | 65 | [31] | 58 | [32] | |||
Fair Value | $ 65 | [31] | $ 59 | [32] | |||
Percentage of Net Assets | 0.03% | [31] | 0.03% | [31] | 0.03% | [32] | |
Investment, Identifier [Axis]: Mad Rose Company, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.17% | 11.17% | 10.69% | ||||
Principal/ Par Amount | $ 928 | [10] | $ 931 | [11] | |||
Amortized Cost | 915 | 916 | |||||
Fair Value | $ 918 | $ 919 | |||||
Percentage of Net Assets | 0.46% | 0.46% | 0.47% | ||||
Investment, Identifier [Axis]: Main Street Gourmet, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.50% | [8] | |
Interest Rate | 10.41% | 10.41% | 9.89% | ||||
Principal/ Par Amount | $ 666 | [10] | $ 666 | [11] | |||
Amortized Cost | 35 | 34 | |||||
Fair Value | $ 36 | $ 35 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Main Street Gourmet, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.50% | [8] | |
Interest Rate | 10.41% | 10.41% | 10.23% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 18 | 18 | |||||
Fair Value | $ 18 | $ 18 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Main Street Gourmet, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.50% | [8] | |
Interest Rate | 10.41% | 10.41% | 10.23% | ||||
Principal/ Par Amount | $ 1,118 | [10] | $ 1,121 | [11] | |||
Amortized Cost | 1,107 | 1,108 | |||||
Fair Value | $ 1,108 | $ 1,110 | |||||
Percentage of Net Assets | 0.58% | 0.58% | 0.57% | ||||
Investment, Identifier [Axis]: Mattco Forge, Inc., First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 10.91% | [12] | 10.91% | [12] | 10.42% | [9] | |
Principal/ Par Amount | $ 506 | [10],[12] | $ 506 | [9],[11] | |||
Amortized Cost | (4) | [12] | (5) | [9] | |||
Fair Value | $ (8) | [12] | $ (11) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | (0.01%) | [9] | |
Investment, Identifier [Axis]: Mattco Forge, Inc., First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 6.25% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.42% | ||||
Principal/ Par Amount | $ 2,162 | [10] | $ 2,168 | [11] | |||
Amortized Cost | 2,139 | 2,142 | |||||
Fair Value | $ 2,128 | $ 2,119 | |||||
Percentage of Net Assets | 1.08% | 1.08% | 1.08% | ||||
Investment, Identifier [Axis]: Maxor National Pharmacy Services, LLC, First lien senior secured revolving loan | |||||||
Spread | [8],[9] | 5.25% | |||||
Interest Rate | [9] | 9.98% | |||||
Principal/ Par Amount | [9],[11] | $ 84 | |||||
Amortized Cost | [9] | (1) | |||||
Fair Value | [9] | $ (1) | |||||
Percentage of Net Assets | [9] | 0% | |||||
Investment, Identifier [Axis]: Maxor National Pharmacy Services, LLC, First lien senior secured term loan | |||||||
Spread | [8] | 5.25% | |||||
Interest Rate | 9.98% | ||||||
Principal/ Par Amount | [11] | $ 1,785 | |||||
Amortized Cost | 1,768 | ||||||
Fair Value | $ 1,758 | ||||||
Percentage of Net Assets | 0.90% | ||||||
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.41% | [12] | 11.41% | [12] | 10.84% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6% | [8] | |
Interest Rate | 11.41% | 11.41% | 10.84% | ||||
Principal/ Par Amount | $ 399 | [10] | $ 403 | [11] | |||
Amortized Cost | 391 | 395 | |||||
Fair Value | $ 391 | $ 396 | |||||
Percentage of Net Assets | 0.20% | 0.20% | 0.20% | ||||
Investment, Identifier [Axis]: MetaSource, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.17% | [12] | 11.17% | [12] | 10.69% | [9] | |
Principal/ Par Amount | $ 49 | [10],[12] | $ 49 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: MetaSource, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.17% | 11.17% | 10.69% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 14 | 14 | |||||
Fair Value | $ 15 | $ 14 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: MetaSource, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.17% | 11.17% | 10.69% | ||||
Principal/ Par Amount | $ 934 | [10] | $ 936 | [11] | |||
Amortized Cost | 926 | 927 | |||||
Fair Value | $ 928 | $ 930 | |||||
Percentage of Net Assets | 0.47% | 0.47% | 0.48% | ||||
Investment, Identifier [Axis]: Millennia Patient Services, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | [8],[9] | 6% | |||||
Interest Rate | [9] | 10.38% | |||||
Principal/ Par Amount | [9],[11] | $ 267 | |||||
Amortized Cost | [9] | (3) | |||||
Fair Value | [9] | $ (3) | |||||
Percentage of Net Assets | [9] | 0% | |||||
Investment, Identifier [Axis]: Millennia Patient Services, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.38% | ||||
Principal/ Par Amount | $ 134 | [10] | $ 134 | [11] | |||
Amortized Cost | 25 | 32 | |||||
Fair Value | $ 25 | $ 32 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.02% | ||||
Investment, Identifier [Axis]: Millennia Patient Services, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.38% | ||||
Principal/ Par Amount | $ 988 | [10] | $ 990 | [11] | |||
Amortized Cost | 975 | 976 | |||||
Fair Value | $ 976 | $ 978 | |||||
Percentage of Net Assets | 0.49% | 0.49% | 0.50% | ||||
Investment, Identifier [Axis]: Montway LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.54% | 11.54% | 11.06% | ||||
Principal/ Par Amount | $ 673 | [10] | $ 675 | [11] | |||
Amortized Cost | 664 | 665 | |||||
Fair Value | $ 664 | $ 665 | |||||
Percentage of Net Assets | 0.34% | 0.34% | 0.34% | ||||
Investment, Identifier [Axis]: Montway LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.47% | [12] | 11.47% | [12] | 11.47% | [9] | |
Principal/ Par Amount | $ 150 | [10],[12] | $ 150 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Montway LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.47% | 11.47% | 11.47% | ||||
Principal/ Par Amount | $ 714 | [10] | $ 716 | [11] | |||
Amortized Cost | 703 | 704 | |||||
Fair Value | $ 704 | $ 705 | |||||
Percentage of Net Assets | 0.36% | 0.36% | 0.36% | ||||
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 10% | [8],[9] | |
Interest Rate | 11.30% | [12] | 11.30% | [12] | 14.24% | [9] | |
Principal/ Par Amount | $ 263 | [10],[12] | $ 263 | [9],[11] | |||
Amortized Cost | (7) | [12] | (8) | [9] | |||
Fair Value | $ (6) | [12] | $ (8) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.30% | 11.30% | 10.49% | ||||
Principal/ Par Amount | $ 1,835 | [10] | $ 2,229 | [11] | |||
Amortized Cost | 1,783 | 2,163 | |||||
Fair Value | $ 1,789 | $ 2,173 | |||||
Percentage of Net Assets | 0.92% | 0.92% | 1.11% | ||||
Investment, Identifier [Axis]: Nelson Name Plate Company, First lien senior secured delayed draw term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.23% | ||||
Principal/ Par Amount | $ 119 | [10] | $ 119 | [11] | |||
Amortized Cost | 102 | 102 | |||||
Fair Value | $ 102 | $ 102 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.05% | ||||
Investment, Identifier [Axis]: Nelson Name Plate Company, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.45% | 10.45% | 10.23% | ||||
Principal/ Par Amount | $ 90 | [10] | $ 90 | [11] | |||
Amortized Cost | 34 | 15 | |||||
Fair Value | $ 34 | $ 15 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.01% | ||||
Investment, Identifier [Axis]: Nelson Name Plate Company, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.23% | ||||
Principal/ Par Amount | $ 766 | [10] | $ 768 | [11] | |||
Amortized Cost | 755 | 756 | |||||
Fair Value | $ 756 | $ 757 | |||||
Percentage of Net Assets | 0.38% | 0.38% | 0.39% | ||||
Investment, Identifier [Axis]: Network Partners Acquisition, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.99% | [12] | 10.99% | [12] | 10.73% | [9] | |
Principal/ Par Amount | $ 113 | [10],[12] | $ 113 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Network Partners Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.99% | [12] | 10.99% | [12] | 10.73% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Network Partners Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.99% | 10.99% | 10.73% | ||||
Principal/ Par Amount | $ 391 | [10] | $ 392 | [11] | |||
Amortized Cost | 385 | 386 | |||||
Fair Value | $ 385 | $ 386 | |||||
Percentage of Net Assets | 0.19% | 0.19% | 0.20% | ||||
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12],[33] | 5.50% | [7],[12],[33] | 5.50% | [8],[9],[34] | |
Interest Rate | 10.65% | [12],[33] | 10.65% | [12],[33] | 10.16% | [9],[34] | |
Principal/ Par Amount | $ 320 | [10],[12],[33] | $ 320 | [9],[11],[34] | |||
Amortized Cost | (3) | [12],[33] | (3) | [9],[34] | |||
Fair Value | $ (4) | [12],[33] | $ (4) | [9],[34] | |||
Percentage of Net Assets | 0% | [12],[33] | 0% | [12],[33] | 0% | [9],[34] | |
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured term loan | |||||||
Spread | [8] | 5.50% | |||||
Interest Rate | 10.16% | ||||||
Principal/ Par Amount | [11] | $ 2,678 | |||||
Amortized Cost | 2,641 | ||||||
Fair Value | $ 2,645 | ||||||
Percentage of Net Assets | 1.35% | ||||||
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured term loan 1 | |||||||
Spread | [7] | 5.50% | 5.50% | ||||
Interest Rate | 10.65% | 10.65% | |||||
Principal/ Par Amount | [10] | $ 1,915 | |||||
Amortized Cost | 1,893 | ||||||
Fair Value | $ 1,893 | ||||||
Percentage of Net Assets | 0.96% | 0.96% | |||||
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured term loan 2 | |||||||
Spread | [7] | 5.50% | 5.50% | ||||
Interest Rate | 10.65% | 10.65% | |||||
Principal/ Par Amount | [10] | $ 757 | |||||
Amortized Cost | 745 | ||||||
Fair Value | $ 748 | ||||||
Percentage of Net Assets | 0.38% | 0.38% | |||||
Investment, Identifier [Axis]: NutriScience Innovations, LLC, First lien senior secured revolving loan | |||||||
Spread | 7% | [7],[12],[35] | 7% | [7],[12],[35] | 7% | [8],[9],[36] | |
Interest Rate | 12.16% | [12],[35] | 12.16% | [12],[35] | 11.73% | [9],[36] | |
Principal/ Par Amount | $ 131 | [10],[12],[35] | $ 131 | [9],[11],[36] | |||
Amortized Cost | (2) | [12],[35] | (2) | [9],[36] | |||
Fair Value | $ (1) | [12],[35] | $ (2) | [9],[36] | |||
Percentage of Net Assets | 0% | [12],[35] | 0% | [12],[35] | 0% | [9],[36] | |
Investment, Identifier [Axis]: NutriScience Innovations, LLC, First lien senior secured term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.16% | 12.16% | 11.73% | ||||
Principal/ Par Amount | $ 434 | [10] | $ 434 | [11] | |||
Amortized Cost | 428 | 428 | |||||
Fair Value | $ 429 | $ 428 | |||||
Percentage of Net Assets | 0.22% | 0.22% | 0.22% | ||||
Investment, Identifier [Axis]: P and R Dental Strategies, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6.50% | [8],[9] | |
Interest Rate | 10.92% | [12] | 10.92% | [12] | 10.88% | [9] | |
Principal/ Par Amount | $ 23 | [10],[12] | $ 23 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: P and R Dental Strategies, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6.50% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.88% | ||||
Principal/ Par Amount | $ 652 | [10] | $ 653 | [11] | |||
Amortized Cost | 642 | 642 | |||||
Fair Value | $ 642 | $ 643 | |||||
Percentage of Net Assets | 0.32% | 0.32% | 0.33% | ||||
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc., First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.84% | [9] | |
Principal/ Par Amount | $ 113 | [10],[12] | $ 113 | [9],[11] | |||
Amortized Cost | (1) | [12] | (2) | [9] | |||
Fair Value | $ (1) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc., First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 12 | 20 | |||||
Fair Value | $ 12 | $ 21 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc., First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 1,100 | [10] | $ 1,103 | [11] | |||
Amortized Cost | 1,082 | 1,083 | |||||
Fair Value | $ 1,084 | $ 1,085 | |||||
Percentage of Net Assets | 0.55% | 0.55% | 0.55% | ||||
Investment, Identifier [Axis]: PPW Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.91% | 11.91% | 10.85% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 9 | 37 | |||||
Fair Value | $ 8 | $ 37 | |||||
Percentage of Net Assets | 0% | 0% | 0.02% | ||||
Investment, Identifier [Axis]: PPW Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.25% | [8] | |
Interest Rate | 11.84% | 11.84% | 10.98% | ||||
Principal/ Par Amount | $ 603 | [10] | $ 605 | [11] | |||
Amortized Cost | 593 | 595 | |||||
Fair Value | $ 588 | $ 596 | |||||
Percentage of Net Assets | 0.30% | 0.30% | 0.30% | ||||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.72% | 11.72% | 11.18% | ||||
Principal/ Par Amount | $ 96 | [10] | $ 603 | [11] | |||
Amortized Cost | 57 | 13 | |||||
Fair Value | $ 57 | $ 8 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0% | ||||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.85% | 11.85% | 11.18% | ||||
Principal/ Par Amount | $ 523 | [10] | $ 885 | [11] | |||
Amortized Cost | 516 | 572 | |||||
Fair Value | $ 516 | $ 571 | |||||
Percentage of Net Assets | 0.26% | 0.26% | 0.29% | ||||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.86% | 11.86% | 11.48% | ||||
Principal/ Par Amount | $ 133 | [10] | $ 133 | [11] | |||
Amortized Cost | 131 | 131 | |||||
Fair Value | $ 131 | $ 131 | |||||
Percentage of Net Assets | 0.07% | 0.07% | 0.07% | ||||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.89% | 11.89% | 11.56% | ||||
Principal/ Par Amount | $ 584 | [10] | $ 585 | [11] | |||
Amortized Cost | 575 | 576 | |||||
Fair Value | $ 577 | $ 578 | |||||
Percentage of Net Assets | 0.29% | 0.29% | 0.30% | ||||
Investment, Identifier [Axis]: Peak Investment Holdings, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.16% | 12.16% | 11.73% | ||||
Principal/ Par Amount | $ 603 | [10] | $ 603 | [11] | |||
Amortized Cost | 14 | 13 | |||||
Fair Value | $ 9 | $ 8 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: Peak Investment Holdings, LLC, First lien senior secured revolving loan | |||||||
Spread | 7% | [7],[12] | 7% | [7],[12] | 7% | [8],[9] | |
Interest Rate | 12.16% | [12] | 12.16% | [12] | 11.73% | [9] | |
Principal/ Par Amount | $ 324 | [10],[12] | $ 324 | [9],[11] | |||
Amortized Cost | (2) | [12] | (3) | [9] | |||
Fair Value | $ (5) | [12] | $ (6) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Peak Investment Holdings, LLC, First lien senior secured term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.16% | 12.16% | 11.73% | ||||
Principal/ Par Amount | $ 1,284 | [10] | $ 1,288 | [11] | |||
Amortized Cost | 1,273 | 1,275 | |||||
Fair Value | $ 1,264 | $ 1,265 | |||||
Percentage of Net Assets | 0.65% | 0.65% | 0.65% | ||||
Investment, Identifier [Axis]: Pentec Acquisition Corp., First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.09% | [12] | 11.09% | [12] | 10.38% | [9] | |
Principal/ Par Amount | $ 75 | [10],[12] | $ 75 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Pentec Acquisition Corp., First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.09% | 11.09% | 10.38% | ||||
Principal/ Par Amount | $ 993 | [10] | $ 996 | [11] | |||
Amortized Cost | 978 | 980 | |||||
Fair Value | $ 985 | $ 988 | |||||
Percentage of Net Assets | 0.51% | 0.51% | 0.51% | ||||
Investment, Identifier [Axis]: Performance PowerSports Group Purchaser, Inc., First lien senior secured revolving loan | |||||||
Spread | [8],[9] | 4.75% | |||||
Interest Rate | [9] | 11.75% | |||||
Principal/ Par Amount | [9],[11] | $ 56 | |||||
Amortized Cost | [9] | (1) | |||||
Fair Value | [9] | $ (1) | |||||
Percentage of Net Assets | [9] | 0% | |||||
Investment, Identifier [Axis]: Performance PowerSports Group Purchaser, Inc., First lien senior secured term loan | |||||||
Spread | [8] | 5.75% | |||||
Interest Rate | 10.59% | ||||||
Principal/ Par Amount | [11] | $ 1,684 | |||||
Amortized Cost | 1,654 | ||||||
Fair Value | $ 1,657 | ||||||
Percentage of Net Assets | 0.85% | ||||||
Investment, Identifier [Axis]: Pink Lily Holdings, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7],[12] | 6.50% | [7],[12] | 6.50% | [8],[9] | |
Interest Rate | 11.34% | [12] | 11.34% | [12] | 10.88% | [9] | |
Principal/ Par Amount | $ 63 | [10],[12] | $ 63 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Pink Lily Holdings, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.34% | 11.34% | 10.88% | ||||
Principal/ Par Amount | $ 1,354 | [10] | $ 1,357 | [11] | |||
Amortized Cost | 1,335 | 1,337 | |||||
Fair Value | $ 1,337 | $ 1,339 | |||||
Percentage of Net Assets | 0.69% | 0.69% | 0.68% | ||||
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.55% | 10.55% | 10.46% | ||||
Principal/ Par Amount | $ 75 | [10] | $ 75 | [11] | |||
Amortized Cost | 20 | 55 | |||||
Fair Value | $ 20 | $ 55 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.03% | ||||
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.38% | 10.38% | 10.38% | ||||
Principal/ Par Amount | $ 1,190 | [10] | $ 1,193 | [11] | |||
Amortized Cost | 1,169 | 1,171 | |||||
Fair Value | $ 1,171 | $ 1,173 | |||||
Percentage of Net Assets | 0.60% | 0.60% | 0.60% | ||||
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.19% | [12] | 11.19% | [12] | 11.19% | [9] | |
Principal/ Par Amount | $ 150 | [10],[12] | $ 150 | [9],[11] | |||
Amortized Cost | (3) | [12] | (3) | [9] | |||
Fair Value | $ (3) | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.19% | [12] | 11.19% | [12] | 11.19% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.19% | 11.19% | 11.19% | ||||
Principal/ Par Amount | $ 352 | [10] | $ 353 | [11] | |||
Amortized Cost | 345 | 345 | |||||
Fair Value | $ 345 | $ 345 | |||||
Percentage of Net Assets | 0.17% | 0.17% | 0.18% | ||||
Investment, Identifier [Axis]: Qin's Buffalo, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 10.91% | [12] | 10.91% | [12] | 10.59% | [9] | |
Principal/ Par Amount | $ 75 | [10],[12] | $ 75 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Qin's Buffalo, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 10.91% | [12] | 10.91% | [12] | 10.59% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Qin's Buffalo, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.59% | ||||
Principal/ Par Amount | $ 535 | [10] | $ 536 | [11] | |||
Amortized Cost | 526 | 526 | |||||
Fair Value | $ 527 | $ 528 | |||||
Percentage of Net Assets | 0.27% | 0.27% | 0.27% | ||||
Investment, Identifier [Axis]: RQM Buyer, Inc., First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.97% | 10.97% | 10.59% | ||||
Principal/ Par Amount | $ 84 | [10] | $ 84 | [11] | |||
Amortized Cost | 83 | 83 | |||||
Fair Value | $ 83 | $ 84 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.04% | ||||
Investment, Identifier [Axis]: RQM Buyer, Inc., First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.67% | 10.67% | 10.52% | ||||
Principal/ Par Amount | $ 206 | [10] | $ 206 | [11] | |||
Amortized Cost | 16 | 12 | |||||
Fair Value | $ 17 | $ 14 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: RQM Buyer, Inc., First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.97% | 10.97% | 10.59% | ||||
Principal/ Par Amount | $ 1,689 | [10] | $ 1,694 | [11] | |||
Amortized Cost | 1,665 | 1,668 | |||||
Fair Value | $ 1,679 | $ 1,682 | |||||
Percentage of Net Assets | 0.86% | 0.86% | 0.86% | ||||
Investment, Identifier [Axis]: RTP Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.25% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.69% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 3 | 3 | |||||
Fair Value | $ 3 | $ 3 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: RTP Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.25% | [8] | |
Interest Rate | 11.42% | 11.42% | 10.69% | ||||
Principal/ Par Amount | $ 915 | [10] | $ 918 | [11] | |||
Amortized Cost | 899 | 902 | |||||
Fair Value | $ 899 | $ 905 | |||||
Percentage of Net Assets | 0.46% | 0.46% | 0.46% | ||||
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 5.75% | [8],[9] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.59% | [9] | |
Principal/ Par Amount | $ 38 | [10],[12] | $ 38 | [9],[11] | |||
Amortized Cost | (1) | [12] | (1) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5.75% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.59% | ||||
Principal/ Par Amount | $ 452 | [10] | $ 453 | [11] | |||
Amortized Cost | 442 | 444 | |||||
Fair Value | $ 443 | $ 445 | |||||
Percentage of Net Assets | 0.22% | 0.22% | 0.23% | ||||
Investment, Identifier [Axis]: Reliable Medical Supply LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.15% | 12.15% | 11.44% | ||||
Principal/ Par Amount | $ 67 | [10] | $ 67 | [11] | |||
Amortized Cost | 66 | 66 | |||||
Fair Value | $ 66 | $ 66 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.03% | ||||
Investment, Identifier [Axis]: Reliable Medical Supply LLC, First lien senior secured revolving loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.15% | 12.15% | 11.44% | ||||
Principal/ Par Amount | $ 138 | [10] | $ 138 | [11] | |||
Amortized Cost | 40 | 39 | |||||
Fair Value | $ 40 | $ 40 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Reliable Medical Supply LLC, First lien senior secured term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.15% | 12.15% | 11.44% | ||||
Principal/ Par Amount | $ 749 | [10] | $ 751 | [11] | |||
Amortized Cost | 736 | 737 | |||||
Fair Value | $ 741 | $ 743 | |||||
Percentage of Net Assets | 0.37% | 0.37% | 0.38% | ||||
Investment, Identifier [Axis]: Revival Animal Health, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.23% | ||||
Principal/ Par Amount | $ 131 | [10] | $ 131 | [11] | |||
Amortized Cost | 43 | 43 | |||||
Fair Value | $ 43 | $ 43 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Revival Animal Health, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.66% | 11.66% | 11.34% | ||||
Principal/ Par Amount | $ 1,019 | [10] | $ 1,021 | [11] | |||
Amortized Cost | 1,005 | 1,006 | |||||
Fair Value | $ 1,007 | $ 1,009 | |||||
Percentage of Net Assets | 0.52% | 0.52% | 0.52% | ||||
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7],[12] | 5.75% | [7],[12] | 5.75% | [8] | |
Interest Rate | 10.55% | [12] | 10.55% | [12] | 10.57% | ||
Principal/ Par Amount | $ 94 | [10],[12] | $ 94 | [11] | |||
Amortized Cost | (2) | [12] | 50 | ||||
Fair Value | $ (2) | [12] | $ 50 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.03% | ||
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.55% | 10.55% | 10.55% | ||||
Principal/ Par Amount | $ 749 | [10] | $ 751 | [11] | |||
Amortized Cost | 731 | 732 | |||||
Fair Value | $ 733 | $ 732 | |||||
Percentage of Net Assets | 0.37% | 0.37% | 0.37% | ||||
Investment, Identifier [Axis]: SAMGI Buyer, Inc., First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7],[12] | 5.50% | [7],[12] | 5.50% | [8],[9] | |
Interest Rate | 10.62% | [12] | 10.62% | [12] | 10.23% | [9] | |
Principal/ Par Amount | $ 138 | [10],[12] | $ 138 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (1) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: SAMGI Buyer, Inc., First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.62% | 10.62% | 10.23% | ||||
Principal/ Par Amount | $ 718 | [10] | $ 720 | [11] | |||
Amortized Cost | 709 | 709 | |||||
Fair Value | $ 711 | $ 712 | |||||
Percentage of Net Assets | 0.36% | 0.36% | 0.36% | ||||
Investment, Identifier [Axis]: SASE Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 5% | [7] | 5% | [7] | 5.75% | [8],[9] | |
Interest Rate | 13% | 13% | 10.19% | [9] | |||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [9],[11] | |||
Amortized Cost | 7 | (1) | [9] | ||||
Fair Value | $ 7 | $ (1) | [9] | ||||
Percentage of Net Assets | 0% | 0% | 0% | [9] | |||
Investment, Identifier [Axis]: SASE Company, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5.75% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.19% | ||||
Principal/ Par Amount | $ 1,611 | [10] | $ 1,615 | [11] | |||
Amortized Cost | 1,587 | 1,588 | |||||
Fair Value | $ 1,590 | $ 1,592 | |||||
Percentage of Net Assets | 0.80% | 0.80% | 0.81% | ||||
Investment, Identifier [Axis]: SCA Buyer, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.38% | 11.38% | 11.38% | ||||
Principal/ Par Amount | $ 395 | [10] | $ 396 | [11] | |||
Amortized Cost | 273 | 273 | |||||
Fair Value | $ 271 | $ 271 | |||||
Percentage of Net Assets | 0.14% | 0.14% | 0.14% | ||||
Investment, Identifier [Axis]: SCA Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.38% | 11.38% | 11.38% | ||||
Principal/ Par Amount | $ 133 | [10] | $ 133 | [11] | |||
Amortized Cost | 77 | 77 | |||||
Fair Value | $ 76 | $ 76 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.04% | ||||
Investment, Identifier [Axis]: SCA Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 6.50% | [7] | 6.50% | [7] | 6.50% | [8] | |
Interest Rate | 11.38% | 11.38% | 11.38% | ||||
Principal/ Par Amount | $ 755 | [10] | $ 757 | [11] | |||
Amortized Cost | 739 | 740 | |||||
Fair Value | $ 737 | $ 737 | |||||
Percentage of Net Assets | 0.37% | 0.37% | 0.38% | ||||
Investment, Identifier [Axis]: SCP Beverage Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.75% | [8] | |
Interest Rate | 10.19% | 10.19% | 10.11% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 14 | 14 | |||||
Fair Value | $ 14 | $ 14 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: SCP Beverage Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.75% | [8] | |
Interest Rate | 10.19% | 10.19% | 10.11% | ||||
Principal/ Par Amount | $ 411 | [10] | $ 412 | [11] | |||
Amortized Cost | 404 | 404 | |||||
Fair Value | $ 405 | $ 405 | |||||
Percentage of Net Assets | 0.20% | 0.20% | 0.21% | ||||
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 6% | [8],[9] | |
Interest Rate | 11% | 11% | 10.84% | [9] | |||
Principal/ Par Amount | $ 158 | [10] | $ 158 | [9],[11] | |||
Amortized Cost | 11 | (4) | [9] | ||||
Fair Value | $ 13 | $ (2) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 6% | [8],[9] | |
Interest Rate | 10.82% | 10.82% | 10.84% | [9] | |||
Principal/ Par Amount | $ 256 | [10] | $ 256 | [9],[11] | |||
Amortized Cost | 47 | (5) | [9] | ||||
Fair Value | $ 48 | $ (3) | [9] | ||||
Percentage of Net Assets | 0.02% | 0.02% | 0% | [9] | |||
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 6% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.84% | ||||
Principal/ Par Amount | $ 2,775 | [10] | $ 2,782 | [11] | |||
Amortized Cost | 2,726 | 2,728 | |||||
Fair Value | $ 2,739 | $ 2,744 | |||||
Percentage of Net Assets | 1.41% | 1.41% | 1.40% | ||||
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.16% | 12.16% | 11.84% | ||||
Principal/ Par Amount | $ 187 | [10] | $ 187 | [11] | |||
Amortized Cost | 63 | 63 | |||||
Fair Value | $ 63 | $ 63 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.03% | ||||
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC, First lien senior secured revolving loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 11.94% | 11.94% | 11.36% | ||||
Principal/ Par Amount | $ 56 | [10] | $ 56 | [11] | |||
Amortized Cost | 5 | 5 | |||||
Fair Value | $ 5 | $ 6 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC, First lien senior secured term loan | |||||||
Spread | 7% | [7] | 7% | [7] | 7% | [8] | |
Interest Rate | 12.16% | 12.16% | 11.84% | ||||
Principal/ Par Amount | $ 653 | [10] | $ 654 | [11] | |||
Amortized Cost | 640 | 641 | |||||
Fair Value | $ 641 | $ 643 | |||||
Percentage of Net Assets | 0.32% | 0.32% | 0.33% | ||||
Investment, Identifier [Axis]: Sage Dental Management, LLC, First lien senior secured revolving loan | |||||||
Spread | 4.75% | [7],[12] | 4.75% | [7],[12] | 4.25% | [8],[9] | |
Interest Rate | 12.50% | [12] | 12.50% | [12] | 11.25% | [9] | |
Principal/ Par Amount | $ 75 | [10],[12] | $ 75 | [9],[11] | |||
Amortized Cost | 0 | [12] | 0 | [9] | |||
Fair Value | $ 0 | [12] | $ 0 | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Sage Dental Management, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 11.04% | 11.04% | 10.59% | ||||
Principal/ Par Amount | $ 944 | [10] | $ 947 | [11] | |||
Amortized Cost | 939 | 940 | |||||
Fair Value | $ 940 | $ 941 | |||||
Percentage of Net Assets | 0.49% | 0.49% | 0.48% | ||||
Investment, Identifier [Axis]: Shearer Supply, LLC, First lien senior secured revolving loan | |||||||
Spread | 4.25% | [7] | 4.25% | [7] | 4.25% | [8] | |
Interest Rate | 12% | 12% | 11.75% | ||||
Principal/ Par Amount | $ 113 | [10] | $ 113 | [11] | |||
Amortized Cost | 88 | 81 | |||||
Fair Value | $ 90 | $ 81 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.04% | ||||
Investment, Identifier [Axis]: Shearer Supply, LLC, First lien senior secured term loan | |||||||
Spread | 4.25% | [7] | 4.25% | [7] | 5.25% | [8] | |
Interest Rate | 12.25% | 12.25% | 10.09% | ||||
Principal/ Par Amount | $ 922 | [10] | $ 924 | [11] | |||
Amortized Cost | 907 | 909 | |||||
Fair Value | $ 922 | $ 911 | |||||
Percentage of Net Assets | 0.47% | 0.47% | 0.47% | ||||
Investment, Identifier [Axis]: Shearer Supply, LLC, Sponsor subordinated note | |||||||
Interest Rate | 19.50% | 19.50% | |||||
Amortized Cost | $ 5 | $ 5 | |||||
Fair Value | $ 6 | $ 5 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: ShiftKey, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8],[9] | |
Interest Rate | 10.62% | 10.62% | 10.59% | [9] | |||
Principal/ Par Amount | $ 110 | [10] | $ 110 | [9],[11] | |||
Amortized Cost | 43 | (1) | [9] | ||||
Fair Value | $ 43 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.02% | 0.02% | 0% | [9] | |||
Investment, Identifier [Axis]: ShiftKey, LLC, First lien senior secured term loan | |||||||
Spread | 5.75% | [7] | 5.75% | [7] | 5.75% | [8] | |
Interest Rate | 10.91% | 10.91% | 10.59% | ||||
Principal/ Par Amount | $ 3,731 | [10] | $ 3,740 | [11] | |||
Amortized Cost | 3,698 | 3,705 | |||||
Fair Value | $ 3,719 | $ 3,706 | |||||
Percentage of Net Assets | 1.90% | 1.90% | 1.88% | ||||
Investment, Identifier [Axis]: Signature Dental Partners LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.17% | 11.17% | 10.69% | ||||
Principal/ Par Amount | $ 179 | [10] | $ 179 | [11] | |||
Amortized Cost | 148 | 148 | |||||
Fair Value | $ 149 | $ 149 | |||||
Percentage of Net Assets | 0.08% | 0.08% | 0.08% | ||||
Investment, Identifier [Axis]: Signature Dental Partners LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 6.25% | [8],[9] | |
Interest Rate | 13.25% | 13.25% | 10.69% | [9] | |||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [9],[11] | |||
Amortized Cost | 12 | (1) | [9] | ||||
Fair Value | $ 12 | $ (1) | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: Signature Dental Partners LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.17% | 11.17% | 10.69% | ||||
Principal/ Par Amount | $ 859 | [10] | $ 861 | [11] | |||
Amortized Cost | 842 | 843 | |||||
Fair Value | $ 844 | $ 845 | |||||
Percentage of Net Assets | 0.43% | 0.43% | 0.43% | ||||
Investment, Identifier [Axis]: Silver Falls MSO, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.91% | 11.91% | 11.59% | ||||
Principal/ Par Amount | $ 235 | [10] | $ 235 | [11] | |||
Amortized Cost | 136 | 231 | |||||
Fair Value | $ 125 | $ 226 | |||||
Percentage of Net Assets | 0.06% | 0.06% | 0.12% | ||||
Investment, Identifier [Axis]: Silver Falls MSO, LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.91% | 11.91% | 11.59% | ||||
Principal/ Par Amount | $ 1,289 | [10] | $ 1,290 | [11] | |||
Amortized Cost | 1,267 | 1,277 | |||||
Fair Value | $ 1,209 | $ 1,253 | |||||
Percentage of Net Assets | 0.62% | 0.62% | 0.64% | ||||
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.67% | 11.67% | 11.59% | ||||
Principal/ Par Amount | $ 13 | [10] | $ 13 | [11] | |||
Amortized Cost | 4 | 4 | |||||
Fair Value | $ 4 | $ 4 | |||||
Percentage of Net Assets | 0% | 0% | 0% | ||||
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.69% | 11.69% | 11.59% | ||||
Principal/ Par Amount | $ 876 | [10] | $ 878 | [11] | |||
Amortized Cost | 862 | 863 | |||||
Fair Value | $ 867 | $ 870 | |||||
Percentage of Net Assets | 0.44% | 0.44% | 0.44% | ||||
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured revolving loan | |||||||
Spread | 6.75% | [7],[12] | 6.75% | [7],[12] | 6.75% | [8],[9] | |
Interest Rate | 11.69% | [12] | 11.69% | [12] | 11.11% | [9] | |
Principal/ Par Amount | $ 178 | [10],[12] | $ 178 | [9],[11] | |||
Amortized Cost | (3) | [12] | (3) | [9] | |||
Fair Value | $ (2) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured term loan | |||||||
Spread | 6.75% | [7] | 6.75% | [7] | 6.75% | [8] | |
Interest Rate | 11.69% | 11.69% | 11.11% | ||||
Principal/ Par Amount | $ 1,224 | [10] | $ 1,227 | [11] | |||
Amortized Cost | 1,207 | 1,208 | |||||
Fair Value | $ 1,212 | $ 1,216 | |||||
Percentage of Net Assets | 0.62% | 0.62% | 0.62% | ||||
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.75% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.91% | ||||
Principal/ Par Amount | $ 37 | [10] | $ 38 | [11] | |||
Amortized Cost | 35 | 35 | |||||
Fair Value | $ 35 | $ 35 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.75% | [8] | |
Interest Rate | 10.60% | 10.60% | 10.59% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 33 | 22 | |||||
Fair Value | $ 33 | $ 22 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.01% | ||||
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.75% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.59% | ||||
Principal/ Par Amount | $ 703 | [10] | $ 705 | [11] | |||
Amortized Cost | 693 | 694 | |||||
Fair Value | $ 694 | $ 695 | |||||
Percentage of Net Assets | 0.35% | 0.35% | 0.36% | ||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | [8] | 6.25% | |||||
Interest Rate | 10.81% | ||||||
Principal/ Par Amount | [11] | $ 523 | |||||
Amortized Cost | 464 | ||||||
Fair Value | $ 465 | ||||||
Percentage of Net Assets | 0.24% | ||||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | [7] | 6.25% | 6.25% | ||||
Interest Rate | 11.41% | 11.41% | |||||
Principal/ Par Amount | [10] | $ 297 | |||||
Amortized Cost | 292 | ||||||
Fair Value | $ 292 | ||||||
Percentage of Net Assets | 0.15% | 0.15% | |||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | [7] | 6.25% | 6.25% | ||||
Interest Rate | 11.38% | 11.38% | |||||
Principal/ Par Amount | [10] | $ 224 | |||||
Amortized Cost | 198 | ||||||
Fair Value | $ 198 | ||||||
Percentage of Net Assets | 0.10% | 0.10% | |||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 11.09% | ||||
Principal/ Par Amount | $ 225 | [10] | $ 225 | [11] | |||
Amortized Cost | 119 | 94 | |||||
Fair Value | $ 119 | $ 94 | |||||
Percentage of Net Assets | 0.06% | 0.06% | 0.05% | ||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 11.09% | ||||
Principal/ Par Amount | $ 860 | [10] | $ 862 | [11] | |||
Amortized Cost | 845 | 847 | |||||
Fair Value | $ 847 | $ 849 | |||||
Percentage of Net Assets | 0.43% | 0.43% | 0.43% | ||||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 78 | [10] | $ 78 | [11] | |||
Amortized Cost | 78 | 78 | |||||
Fair Value | $ 78 | $ 78 | |||||
Percentage of Net Assets | 0.04% | 0.04% | 0.04% | ||||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 112 | [10] | $ 112 | [11] | |||
Amortized Cost | 58 | 47 | |||||
Fair Value | $ 58 | $ 47 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.02% | ||||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 171 | [10] | $ 171 | [11] | |||
Amortized Cost | 97 | 97 | |||||
Fair Value | $ 99 | $ 99 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.05% | ||||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 1,351 | [10] | $ 1,355 | [11] | |||
Amortized Cost | 1,331 | 1,333 | |||||
Fair Value | $ 1,343 | $ 1,345 | |||||
Percentage of Net Assets | 0.69% | 0.69% | 0.69% | ||||
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 171 | [10] | $ 171 | [11] | |||
Amortized Cost | 29 | 29 | |||||
Fair Value | $ 24 | $ 29 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.04% | 11.04% | 10.55% | ||||
Principal/ Par Amount | $ 60 | [10] | $ 60 | [11] | |||
Amortized Cost | 24 | 24 | |||||
Fair Value | $ 23 | $ 24 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.84% | ||||
Principal/ Par Amount | $ 636 | [10] | $ 638 | [11] | |||
Amortized Cost | 629 | 629 | |||||
Fair Value | $ 611 | $ 630 | |||||
Percentage of Net Assets | 0.31% | 0.31% | 0.32% | ||||
Investment, Identifier [Axis]: Spectrum Solutions, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.92% | [12] | 10.92% | [12] | 10.38% | [9] | |
Principal/ Par Amount | $ 267 | [10],[12] | $ 267 | [9],[11] | |||
Amortized Cost | (5) | [12] | (5) | [9] | |||
Fair Value | $ (29) | [12] | $ (23) | [9] | |||
Percentage of Net Assets | (0.01%) | [12] | (0.01%) | [12] | (0.01%) | [9] | |
Investment, Identifier [Axis]: Spectrum Solutions, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.38% | ||||
Principal/ Par Amount | $ 477 | [10] | $ 478 | [11] | |||
Amortized Cost | 468 | 470 | |||||
Fair Value | $ 426 | $ 438 | |||||
Percentage of Net Assets | 0.22% | 0.22% | 0.22% | ||||
Investment, Identifier [Axis]: Starwest Botanicals Acquisition, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.09% | 10.09% | 9.83% | ||||
Principal/ Par Amount | $ 174 | [10] | $ 174 | [11] | |||
Amortized Cost | 172 | 172 | |||||
Fair Value | $ 166 | $ 168 | |||||
Percentage of Net Assets | 0.08% | 0.08% | 0.09% | ||||
Investment, Identifier [Axis]: Starwest Botanicals Acquisition, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.09% | 10.09% | 9.63% | ||||
Principal/ Par Amount | $ 805 | [10] | $ 807 | [11] | |||
Amortized Cost | 795 | 796 | |||||
Fair Value | $ 768 | $ 779 | |||||
Percentage of Net Assets | 0.39% | 0.39% | 0.40% | ||||
Investment, Identifier [Axis]: Stax Holding Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 5% | [7],[12],[37] | 5% | [7],[12],[37] | 5% | [8],[9],[38] | |
Interest Rate | 10.16% | [12],[37] | 10.16% | [12],[37] | 9.73% | [9],[38] | |
Principal/ Par Amount | $ 60 | [10],[12],[37] | $ 60 | [9],[11],[38] | |||
Amortized Cost | (1) | [12],[37] | (1) | [9],[38] | |||
Fair Value | $ (1) | [12],[37] | $ (1) | [9],[38] | |||
Percentage of Net Assets | 0% | [12],[37] | 0% | [12],[37] | 0% | [9],[38] | |
Investment, Identifier [Axis]: Stax Holding Company, LLC, First lien senior secured term loan | |||||||
Spread | 5% | [7] | 5% | [7] | 5% | [8] | |
Interest Rate | 10.16% | 10.16% | 9.73% | ||||
Principal/ Par Amount | $ 815 | [10] | $ 817 | [11] | |||
Amortized Cost | 806 | 807 | |||||
Fair Value | $ 807 | $ 809 | |||||
Percentage of Net Assets | 0.41% | 0.41% | 0.41% | ||||
Investment, Identifier [Axis]: Steel City Wash, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 11.09% | ||||
Principal/ Par Amount | $ 143 | [10] | $ 143 | [11] | |||
Amortized Cost | 140 | 141 | |||||
Fair Value | $ 141 | $ 141 | |||||
Percentage of Net Assets | 0.07% | 0.07% | 0.07% | ||||
Investment, Identifier [Axis]: Steel City Wash, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.43% | 11.43% | 10.90% | ||||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [11] | |||
Amortized Cost | 21 | 15 | |||||
Fair Value | $ 21 | $ 15 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: Steel City Wash, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 11.09% | ||||
Principal/ Par Amount | $ 792 | [10] | $ 794 | [11] | |||
Amortized Cost | 780 | 781 | |||||
Fair Value | $ 782 | $ 783 | |||||
Percentage of Net Assets | 0.40% | 0.40% | 0.40% | ||||
Investment, Identifier [Axis]: Storm Smart Buyer LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.73% | ||
Principal/ Par Amount | $ 131 | [10],[12] | $ 131 | [11] | |||
Amortized Cost | (2) | [12] | 77 | ||||
Fair Value | $ (2) | [12] | $ 77 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.04% | ||
Investment, Identifier [Axis]: Storm Smart Buyer LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.73% | ||||
Principal/ Par Amount | $ 906 | [10] | $ 908 | [11] | |||
Amortized Cost | 893 | 895 | |||||
Fair Value | $ 895 | $ 896 | |||||
Percentage of Net Assets | 0.45% | 0.45% | 0.46% | ||||
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.17% | 10.17% | 9.69% | ||||
Principal/ Par Amount | $ 113 | [10] | $ 113 | [11] | |||
Amortized Cost | 13 | 5 | |||||
Fair Value | $ 13 | $ 6 | |||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | ||||
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.17% | 10.17% | 10.09% | ||||
Principal/ Par Amount | $ 2,069 | [10] | $ 2,074 | [11] | |||
Amortized Cost | 2,033 | 2,035 | |||||
Fair Value | $ 2,036 | $ 2,039 | |||||
Percentage of Net Assets | 1.04% | 1.04% | 1.04% | ||||
Investment, Identifier [Axis]: Teel Plastics, LLC, First lien senior secured revolving loan | |||||||
Spread | 5% | [7],[12] | 5% | [7],[12] | 5% | [8],[9] | |
Interest Rate | 9.92% | [12] | 9.92% | [12] | 9.44% | [9] | |
Principal/ Par Amount | $ 324 | [10],[12] | $ 324 | [9],[11] | |||
Amortized Cost | (3) | [12] | (3) | [9] | |||
Fair Value | $ (1) | [12] | $ (1) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Teel Plastics, LLC, First lien senior secured term loan | |||||||
Spread | 5% | [7] | 5% | [7] | 5% | [8] | |
Interest Rate | 9.92% | 9.92% | 9.44% | ||||
Principal/ Par Amount | $ 1,783 | [10] | $ 1,787 | [11] | |||
Amortized Cost | 1,766 | 1,767 | |||||
Fair Value | $ 1,776 | $ 1,779 | |||||
Percentage of Net Assets | 0.90% | 0.90% | 0.91% | ||||
Investment, Identifier [Axis]: The Channel Company, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.62% | 10.62% | 9.94% | ||||
Principal/ Par Amount | $ 62 | [10] | $ 62 | [11] | |||
Amortized Cost | 34 | 3 | |||||
Fair Value | $ 34 | $ 3 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0% | ||||
Investment, Identifier [Axis]: The Channel Company, LLC, First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.34% | ||||
Principal/ Par Amount | $ 2,341 | [10] | $ 2,347 | [11] | |||
Amortized Cost | 2,308 | 2,311 | |||||
Fair Value | $ 2,317 | $ 2,321 | |||||
Percentage of Net Assets | 1.18% | 1.18% | 1.19% | ||||
Investment, Identifier [Axis]: Trademark Global, LLC, First lien senior secured revolving loan | |||||||
Spread | 7.50% | [7] | 7.50% | [7] | 7.50% | [8] | |
Interest Rate | 12.34% | 12.34% | 11.88% | ||||
Principal/ Par Amount | $ 115 | [10] | $ 114 | [11] | |||
Amortized Cost | 105 | 103 | |||||
Fair Value | $ 99 | $ 99 | |||||
Percentage of Net Assets | 0.05% | 0.05% | 0.05% | ||||
Investment, Identifier [Axis]: Trademark Global, LLC, First lien senior secured term loan | |||||||
Spread | 7.50% | [7] | 7.50% | [7] | 7.50% | [8] | |
Interest Rate | 12.34% | 12.34% | 11.88% | ||||
Principal/ Par Amount | $ 1,851 | [10] | $ 1,835 | [11] | |||
Amortized Cost | 1,832 | 1,813 | |||||
Fair Value | $ 1,750 | $ 1,743 | |||||
Percentage of Net Assets | 0.90% | 0.90% | 0.89% | ||||
Investment, Identifier [Axis]: Triad Technologies, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 4.75% | [8],[9] | |
Interest Rate | 11.05% | 11.05% | 9.48% | [9] | |||
Principal/ Par Amount | $ 332 | [10] | $ 314 | [9],[11] | |||
Amortized Cost | 61 | (3) | [9] | ||||
Fair Value | $ 61 | $ (3) | [9] | ||||
Percentage of Net Assets | 0.03% | 0.03% | 0% | [9] | |||
Investment, Identifier [Axis]: Triad Technologies, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 5.50% | [8] | |
Interest Rate | 11.15% | 11.15% | 10.23% | ||||
Principal/ Par Amount | $ 1,352 | [10] | $ 931 | [11] | |||
Amortized Cost | 1,326 | 921 | |||||
Fair Value | $ 1,330 | $ 923 | |||||
Percentage of Net Assets | 0.67% | 0.67% | 0.47% | ||||
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC (21), Equity | |||||||
Amortized Cost | [39],[40],[41] | $ 7,123 | |||||
Fair Value | [39],[40],[41] | $ 10,333 | |||||
Percentage of Net Assets | [39],[40],[41] | 5.28% | |||||
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC, Equity - 1.73% membership interest | |||||||
Amortized Cost | [42],[43],[44] | $ 7,030 | |||||
Fair Value | [42],[43],[44] | $ 9,592 | |||||
Percentage of Net Assets | [42],[43],[44] | 4.89% | 4.89% | ||||
Investment, Identifier [Axis]: Twin Brook Segregated Equity Holdings, LLC (21), Equity | |||||||
Amortized Cost | [39],[40],[41] | $ 14 | |||||
Fair Value | [39],[40],[41] | $ 21 | |||||
Percentage of Net Assets | [39],[40],[41] | 0.01% | |||||
Investment, Identifier [Axis]: Twin Brook Segregated Equity Holdings, LLC, Equity - 2.11% membership interest | |||||||
Amortized Cost | [42],[43],[44] | $ 14 | |||||
Fair Value | [42],[43],[44] | $ 18 | |||||
Percentage of Net Assets | [42],[43],[44] | 0.01% | 0.01% | ||||
Investment, Identifier [Axis]: USALCO, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.84% | 10.84% | 10.38% | ||||
Principal/ Par Amount | $ 100 | [10] | $ 100 | [11] | |||
Amortized Cost | 29 | 42 | |||||
Fair Value | $ 30 | $ 42 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: USALCO, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.73% | ||||
Principal/ Par Amount | $ 1,879 | [10] | $ 1,884 | [11] | |||
Amortized Cost | 1,864 | 1,867 | |||||
Fair Value | $ 1,868 | $ 1,872 | |||||
Percentage of Net Assets | 0.97% | 0.97% | 0.96% | ||||
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured delayed draw term loan 1 | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.94% | 10.94% | 10.84% | ||||
Principal/ Par Amount | $ 1,068 | [10] | $ 1,069 | [11] | |||
Amortized Cost | 983 | 658 | |||||
Fair Value | $ 984 | $ 659 | |||||
Percentage of Net Assets | 0.50% | 0.50% | 0.34% | ||||
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured delayed draw term loan 2 | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 10.92% | [12] | 10.92% | [12] | 10.84% | [9] | |
Principal/ Par Amount | $ 188 | [10],[12] | $ 188 | [9],[11] | |||
Amortized Cost | (4) | [12] | (4) | [9] | |||
Fair Value | $ (3) | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.44% | ||||
Principal/ Par Amount | $ 150 | [10] | $ 150 | [11] | |||
Amortized Cost | 38 | 37 | |||||
Fair Value | $ 38 | $ 38 | |||||
Percentage of Net Assets | 0.02% | 0.02% | 0.02% | ||||
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 10.92% | 10.92% | 10.84% | ||||
Principal/ Par Amount | $ 302 | [10] | $ 303 | [11] | |||
Amortized Cost | 297 | 298 | |||||
Fair Value | $ 298 | $ 298 | |||||
Percentage of Net Assets | 0.15% | 0.15% | 0.15% | ||||
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.16% | [12] | 11.16% | [12] | 10.24% | [9] | |
Principal/ Par Amount | $ 9 | [10],[12] | $ 128 | [9],[11] | |||
Amortized Cost | 0 | [12] | (3) | [9] | |||
Fair Value | $ 0 | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[45] | 6% | [7],[45] | 6% | [8],[9],[46] | |
Interest Rate | 11.08% | [45] | 11.08% | [45] | 10.24% | [9],[46] | |
Principal/ Par Amount | $ 150 | [10],[45] | $ 150 | [9],[11],[46] | |||
Amortized Cost | 15 | [45] | (4) | [9],[46] | |||
Fair Value | $ 15 | [45] | $ (4) | [9],[46] | |||
Percentage of Net Assets | 0.01% | [45] | 0.01% | [45] | 0% | [9],[46] | |
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.16% | 11.16% | 10.24% | ||||
Principal/ Par Amount | $ 758 | [10] | $ 1,328 | [11] | |||
Amortized Cost | 738 | 1,292 | |||||
Fair Value | $ 739 | $ 1,292 | |||||
Percentage of Net Assets | 0.37% | 0.37% | 0.66% | ||||
Investment, Identifier [Axis]: Vanguard Packaging, LLC, First lien senior secured revolving loan | |||||||
Spread | 5% | [7] | 5% | [7] | 5% | [8] | |
Interest Rate | 9.97% | 9.97% | 9.66% | ||||
Principal/ Par Amount | $ 535 | [10] | $ 535 | [11] | |||
Amortized Cost | 51 | 51 | |||||
Fair Value | $ 50 | $ 50 | |||||
Percentage of Net Assets | 0.03% | 0.03% | 0.03% | ||||
Investment, Identifier [Axis]: Vanguard Packaging, LLC, First lien senior secured term loan | |||||||
Spread | 5% | [7] | 5% | [7] | 5% | [8] | |
Interest Rate | 9.84% | 9.84% | 9.73% | ||||
Principal/ Par Amount | $ 1,190 | [10] | $ 1,193 | [11] | |||
Amortized Cost | 1,185 | 1,186 | |||||
Fair Value | $ 1,183 | $ 1,185 | |||||
Percentage of Net Assets | 0.60% | 0.60% | 0.61% | ||||
Investment, Identifier [Axis]: Varsity DuvaSawko Operating Corp., First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 6.25% | [8],[9] | |
Interest Rate | 11.41% | [12] | 11.41% | [12] | 10.98% | [9] | |
Principal/ Par Amount | $ 474 | [10],[12] | $ 474 | [9],[11] | |||
Amortized Cost | (3) | [12] | (4) | [9] | |||
Fair Value | $ (3) | [12] | $ (3) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Varsity DuvaSawko Operating Corp., First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 6.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 10.98% | ||||
Principal/ Par Amount | $ 2,547 | [10] | $ 2,553 | [11] | |||
Amortized Cost | 2,529 | 2,532 | |||||
Fair Value | $ 2,533 | $ 2,536 | |||||
Percentage of Net Assets | 1.30% | 1.30% | 1.30% | ||||
Investment, Identifier [Axis]: Vehicle Accessories, Inc., First lien senior secured revolving loan | |||||||
Spread | 4.50% | [7] | 4.50% | [7] | 4.50% | [8],[9] | |
Interest Rate | 12.50% | 12.50% | 12% | [9] | |||
Principal/ Par Amount | $ 38 | [10] | $ 38 | [9],[11] | |||
Amortized Cost | 26 | 0 | [9] | ||||
Fair Value | $ 26 | $ 0 | [9] | ||||
Percentage of Net Assets | 0.01% | 0.01% | 0% | [9] | |||
Investment, Identifier [Axis]: Vehicle Accessories, Inc., First lien senior secured term loan | |||||||
Spread | 5.50% | [7] | 5.50% | [7] | 5.50% | [8] | |
Interest Rate | 10.66% | 10.66% | 10.34% | ||||
Principal/ Par Amount | $ 1,662 | [10] | $ 1,666 | [11] | |||
Amortized Cost | 1,651 | 1,655 | |||||
Fair Value | $ 1,655 | $ 1,659 | |||||
Percentage of Net Assets | 0.86% | 0.86% | 0.85% | ||||
Investment, Identifier [Axis]: Vital Care Buyer, LLC, First lien senior secured revolving loan | |||||||
Spread | 5.25% | [7],[12] | 5.25% | [7],[12] | 4.25% | [8] | |
Interest Rate | 10.17% | [12] | 10.17% | [12] | 11.75% | ||
Principal/ Par Amount | $ 580 | [10],[12] | $ 580 | [11] | |||
Amortized Cost | (5) | [12] | 91 | ||||
Fair Value | $ (5) | [12] | $ 92 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0.05% | ||
Investment, Identifier [Axis]: Vital Care Buyer, LLC, First lien senior secured term loan | |||||||
Spread | 5.25% | [7] | 5.25% | [7] | 5.25% | [8] | |
Interest Rate | 10.17% | 10.17% | 9.98% | ||||
Principal/ Par Amount | $ 905 | [10] | $ 907 | [11] | |||
Amortized Cost | 896 | 897 | |||||
Fair Value | $ 897 | $ 898 | |||||
Percentage of Net Assets | 0.45% | 0.45% | 0.46% | ||||
Investment, Identifier [Axis]: Western Veterinary Partners, LLC, First lien senior secured delayed draw term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 7.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 12.09% | ||||
Principal/ Par Amount | $ 506 | [10] | $ 508 | [11] | |||
Amortized Cost | 498 | 499 | |||||
Fair Value | $ 500 | $ 501 | |||||
Percentage of Net Assets | 0.25% | 0.25% | 0.26% | ||||
Investment, Identifier [Axis]: Western Veterinary Partners, LLC, First lien senior secured revolving loan | |||||||
Spread | 6.25% | [7],[12] | 6.25% | [7],[12] | 7.25% | [8] | |
Interest Rate | 11.41% | [12] | 11.41% | [12] | 12.09% | ||
Principal/ Par Amount | $ 24 | [10],[12] | $ 24 | [11] | |||
Amortized Cost | 0 | [12] | 1 | ||||
Fair Value | $ 0 | [12] | $ 1 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | ||
Investment, Identifier [Axis]: Western Veterinary Partners, LLC, First lien senior secured term loan | |||||||
Spread | 6.25% | [7] | 6.25% | [7] | 7.25% | [8] | |
Interest Rate | 11.41% | 11.41% | 12.09% | ||||
Principal/ Par Amount | $ 1,312 | [10] | $ 1,315 | [11] | |||
Amortized Cost | 1,289 | 1,292 | |||||
Fair Value | $ 1,296 | $ 1,299 | |||||
Percentage of Net Assets | 0.67% | 0.67% | 0.66% | ||||
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured delayed draw term loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 6% | [8],[9] | |
Interest Rate | 11.05% | [12] | 11.05% | [12] | 9.71% | [9] | |
Principal/ Par Amount | $ 150 | [10],[12] | $ 150 | [9],[11] | |||
Amortized Cost | (2) | [12] | (2) | [9] | |||
Fair Value | $ (1) | [12] | $ (2) | [9] | |||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | [9] | |
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured revolving loan | |||||||
Spread | 6% | [7],[12] | 6% | [7],[12] | 5% | [8] | |
Interest Rate | 11.05% | [12] | 11.05% | [12] | 8.71% | ||
Principal/ Par Amount | $ 19 | [10],[12] | $ 19 | [11] | |||
Amortized Cost | 0 | [12] | 5 | ||||
Fair Value | $ 0 | [12] | $ 5 | ||||
Percentage of Net Assets | 0% | [12] | 0% | [12] | 0% | ||
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured term loan | |||||||
Spread | 6% | [7] | 6% | [7] | 6% | [8] | |
Interest Rate | 11.05% | 11.05% | 9.71% | ||||
Principal/ Par Amount | $ 404 | [10] | $ 405 | [11] | |||
Amortized Cost | 399 | 400 | |||||
Fair Value | $ 400 | $ 401 | |||||
Percentage of Net Assets | 0.20% | 0.20% | 0.21% | ||||
[1]The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.[2]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[3]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[4]The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.[5]Unless otherwise indicated, all investments are considered Level 3 investments.[6]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[7]Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR” or “L”), the Term Secured Overnight Financing Rate (“Term SOFR” or S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of March 31, 2023, the reference rates for the floating rate loans were the 3 Month L of 5.19%, 3 Month CDOR of 5.03%, Term SOFR of 4.87% and the Prime Rate of 8.00%.[8] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the Term SOFR of 4.30% and the Prime Rate of 7.50% . |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | |||
Qualifying assets percentage | 2.95% | 5.55% | |||
Fair Value | $ 184,115,000 | [1],[2] | $ 190,139,000 | [3],[4] | |
Percentage of Net Assets | 93.91% | [1],[2] | 97.21% | [3],[4] | |
Non-controlled/affiliated | |||||
Fair Value | $ 9,610,000 | $ 10,354,000 | |||
Percentage of Net Assets | 4.90% | 5.29% | |||
Investment, Identifier [Axis]: 50Floor, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 106,000 | $ (2,000) | [5] | ||
Percentage of Net Assets | 0.05% | 0% | [5] | ||
Investment, Identifier [Axis]: 50Floor, LLC, First lien senior secured term loan | |||||
Fair Value | $ 939,000 | $ 941,000 | |||
Percentage of Net Assets | 0.48% | 0.48% | |||
Investment, Identifier [Axis]: 626 Holdings Equity, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 147,000 | $ 105,000 | |||
Percentage of Net Assets | 0.07% | 0.05% | |||
Investment, Identifier [Axis]: 626 Holdings Equity, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 51,000 | $ 49,000 | |||
Percentage of Net Assets | 0.03% | 0.03% | |||
Investment, Identifier [Axis]: 626 Holdings Equity, LLC, First lien senior secured term loan | |||||
Fair Value | $ 868,000 | $ 870,000 | |||
Percentage of Net Assets | 0.45% | 0.44% | |||
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: ACES Intermediate, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,852,000 | $ 1,856,000 | |||
Percentage of Net Assets | 0.96% | 0.95% | |||
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc., First lien senior secured delayed draw term loan | |||||
Fair Value | $ 70,000 | $ 42,000 | |||
Percentage of Net Assets | 0.04% | 0.02% | |||
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 10,000 | $ 28,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,246,000 | $ 1,267,000 | |||
Percentage of Net Assets | 0.63% | 0.65% | |||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 342,000 | $ 343,000 | |||
Percentage of Net Assets | 0.17% | 0.18% | |||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 125,000 | $ 188,000 | |||
Percentage of Net Assets | 0.06% | 0.10% | |||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured delayed draw term loan 3 | |||||
Fair Value | $ 103,000 | ||||
Percentage of Net Assets | 0.05% | ||||
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured revolving loan | |||||
Letter of credit | $ 6,240 | $ 6,240 | |||
Interest rate | 6.25% | 6.25% | |||
Fair Value | $ 63,000 | [7] | $ 62,000 | [8] | |
Percentage of Net Assets | 0.03% | [7] | 0.03% | [8] | |
Investment, Identifier [Axis]: AFC Industries, Inc., First lien senior secured term loan | |||||
Fair Value | $ 746,000 | $ 748,000 | |||
Percentage of Net Assets | 0.38% | 0.38% | |||
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured revolving loan | |||||
Fair Value | $ 14,000 | $ 14,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: AHR Intermediate, Inc, First lien senior secured term loan | |||||
Fair Value | $ 1,441,000 | $ 1,443,000 | |||
Percentage of Net Assets | 0.74% | 0.74% | |||
Investment, Identifier [Axis]: ALM Media, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 141,677 | $ 141,677 | |||
Interest rate | 0% | 0% | |||
Fair Value | $ (4,000) | [6],[9] | $ (9,000) | [5],[10] | |
Percentage of Net Assets | 0% | [6],[9] | 0% | [5],[10] | |
Investment, Identifier [Axis]: ALM Media, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,422,000 | $ 2,447,000 | |||
Percentage of Net Assets | 1.24% | 1.25% | |||
Investment, Identifier [Axis]: AM Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 47,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.02% | 0% | [5] | ||
Investment, Identifier [Axis]: AM Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 469,000 | $ 469,000 | |||
Percentage of Net Assets | 0.24% | 0.24% | |||
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 17,000 | $ 17,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,395,000 | $ 1,398,000 | |||
Percentage of Net Assets | 0.71% | 0.71% | |||
Investment, Identifier [Axis]: ASC Ortho Management, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 321,000 | $ 322,000 | |||
Percentage of Net Assets | 0.16% | 0.16% | |||
Investment, Identifier [Axis]: ASC Ortho Management, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 12,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: ASC Ortho Management, LLC, First lien senior secured term loan | |||||
Fair Value | $ 510,000 | $ 511,000 | |||
Percentage of Net Assets | 0.26% | 0.26% | |||
Investment, Identifier [Axis]: ASP Global Acquisition, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 551,000 | $ 552,000 | |||
Percentage of Net Assets | 0.28% | 0.28% | |||
Investment, Identifier [Axis]: ASP Global Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 86,000 | $ (12,000) | [5] | ||
Percentage of Net Assets | 0.04% | (0.01%) | [5] | ||
Investment, Identifier [Axis]: ASP Global Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,260,000 | $ 2,263,000 | |||
Percentage of Net Assets | 1.16% | 1.16% | |||
Investment, Identifier [Axis]: Abrasive Technology Intermediate, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 33,000 | $ 50,000 | |||
Percentage of Net Assets | 0.02% | 0.03% | |||
Investment, Identifier [Axis]: Abrasive Technology Intermediate, LLC, First lien senior secured term loan | |||||
Fair Value | $ 922,000 | $ 923,000 | |||
Percentage of Net Assets | 0.47% | 0.47% | |||
Investment, Identifier [Axis]: Advanced Lighting Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Advanced Lighting Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,097,000 | $ 1,131,000 | |||
Percentage of Net Assets | 0.57% | 0.58% | |||
Investment, Identifier [Axis]: Affinitiv, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Affinitiv, Inc., First lien senior secured term loan | |||||
Fair Value | $ 2,248,000 | $ 2,255,000 | |||
Percentage of Net Assets | 1.15% | 1.15% | |||
Investment, Identifier [Axis]: Agility Intermediate, Inc., First lien senior secured delayed draw term loan | |||||
Fair Value | $ 97,000 | $ 105,000 | |||
Percentage of Net Assets | 0.05% | 0.05% | |||
Investment, Identifier [Axis]: Agility Intermediate, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 76,000 | $ 38,000 | |||
Percentage of Net Assets | 0.04% | 0.02% | |||
Investment, Identifier [Axis]: Agility Intermediate, Inc., First lien senior secured term loan | |||||
Fair Value | $ 233,000 | $ 238,000 | |||
Percentage of Net Assets | 0.12% | 0.12% | |||
Investment, Identifier [Axis]: Alliance Environmental Group, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 53,000 | $ 53,000 | |||
Percentage of Net Assets | 0.03% | 0.03% | |||
Investment, Identifier [Axis]: Alliance Environmental Group, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 33,000 | $ 35,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Alliance Environmental Group, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,425,000 | $ 1,428,000 | |||
Percentage of Net Assets | 0.72% | 0.73% | |||
Investment, Identifier [Axis]: Altamira Material Solutions, LP, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Altamira Material Solutions, LP, First lien senior secured term loan | |||||
Fair Value | $ 710,000 | $ 711,000 | |||
Percentage of Net Assets | 0.36% | 0.36% | |||
Investment, Identifier [Axis]: Answer Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Answer Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,670,000 | $ 1,673,000 | |||
Percentage of Net Assets | 0.85% | 0.86% | |||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 15,000 | $ 15,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 439,000 | $ 440,000 | |||
Percentage of Net Assets | 0.22% | 0.22% | |||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 93,000 | $ 66,000 | |||
Percentage of Net Assets | 0.05% | 0.03% | |||
Investment, Identifier [Axis]: Apex Dental Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 614,000 | $ 614,000 | |||
Percentage of Net Assets | 0.31% | 0.31% | |||
Investment, Identifier [Axis]: Aptitude Health Holdings, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (3,000) | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Aptitude Health Holdings, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,087,000 | $ 1,089,000 | |||
Percentage of Net Assets | 0.55% | 0.56% | |||
Investment, Identifier [Axis]: Aquatic Sales Solutions, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 178,000 | $ 105,000 | |||
Percentage of Net Assets | 0.09% | 0.05% | |||
Investment, Identifier [Axis]: Aquatic Sales Solutions, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,447,000 | $ 2,481,000 | |||
Percentage of Net Assets | 1.25% | 1.27% | |||
Investment, Identifier [Axis]: AvCarb, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 222,000 | $ 222,000 | |||
Percentage of Net Assets | 0.11% | 0.11% | |||
Investment, Identifier [Axis]: AvCarb, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 15,000 | $ 3,000 | |||
Percentage of Net Assets | 0.01% | 0% | |||
Investment, Identifier [Axis]: AvCarb, LLC, First lien senior secured term loan | |||||
Fair Value | $ 487,000 | $ 487,000 | |||
Percentage of Net Assets | 0.25% | 0.25% | |||
Investment, Identifier [Axis]: BBG Intermediate Holdings, Inc., First lien senior secured revolving loan | |||||
Letter of credit | $ 3,517 | $ 3,517 | |||
Interest rate | 6.50% | 6% | |||
Fair Value | $ 222,000 | [11] | $ 1,000 | [12] | |
Percentage of Net Assets | 0.11% | [11] | 0% | [12] | |
Investment, Identifier [Axis]: BBG Intermediate Holdings, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,820,000 | $ 1,867,000 | |||
Percentage of Net Assets | 0.93% | 0.95% | |||
Investment, Identifier [Axis]: BCI Burke Holding Corp., First lien senior secured delayed draw term loan | |||||
Fair Value | $ 24,000 | $ 24,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: BCI Burke Holding Corp., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: BCI Burke Holding Corp., First lien senior secured term loan | |||||
Fair Value | $ 863,000 | $ 865,000 | |||
Percentage of Net Assets | 0.44% | 0.44% | |||
Investment, Identifier [Axis]: Banner Buyer, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 567,000 | $ 568,000 | |||
Percentage of Net Assets | 0.29% | 0.29% | |||
Investment, Identifier [Axis]: Banner Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 72,000 | $ 72,000 | |||
Percentage of Net Assets | 0.04% | 0.04% | |||
Investment, Identifier [Axis]: Banner Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,360,000 | $ 1,363,000 | |||
Percentage of Net Assets | 0.70% | 0.70% | |||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 791,000 | ||||
Percentage of Net Assets | 0.40% | ||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 679,000 | ||||
Percentage of Net Assets | 0.34% | ||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 148,000 | ||||
Percentage of Net Assets | 0.07% | ||||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ 69,000 | ||
Percentage of Net Assets | 0% | [6] | 0.04% | ||
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC, First lien senior secured term loan | |||||
Fair Value | $ 926,000 | $ 928,000 | |||
Percentage of Net Assets | 0.47% | 0.47% | |||
Investment, Identifier [Axis]: Behavior Frontiers, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 5,410 | $ 5,410 | |||
Interest rate | 7.50% | 7.50% | |||
Fair Value | $ (3,000) | [6],[13] | $ 15,000 | [14] | |
Percentage of Net Assets | 0% | [6],[13] | 0.01% | [14] | |
Investment, Identifier [Axis]: Behavior Frontiers, LLC, First lien senior secured term loan | |||||
Fair Value | $ 605,000 | $ 597,000 | |||
Percentage of Net Assets | 0.31% | 0.31% | |||
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC, First lien senior secured term loan | |||||
Fair Value | $ 812,000 | $ 814,000 | |||
Percentage of Net Assets | 0.41% | 0.42% | |||
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc., First lien senior secured revolving loan 1 | |||||
Fair Value | $ 0 | [6],[15] | $ 0 | [5],[16] | |
Percentage of Net Assets | 0% | [6],[15] | 0% | [5],[16] | |
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc., First lien senior secured revolving loan 2 | |||||
Fair Value | $ (1,000) | [6],[15] | $ (1,000) | [5],[16] | |
Percentage of Net Assets | 0% | [6],[15] | 0% | [5],[16] | |
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc., First lien senior secured term loan | |||||
Fair Value | $ 906,000 | [15] | $ 906,000 | [16] | |
Percentage of Net Assets | 0.46% | [15] | 0.46% | [16] | |
Investment, Identifier [Axis]: Brightview, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 47,000 | $ 47,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Brightview, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 15,000 | $ 0 | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: Brightview, LLC, First lien senior secured term loan | |||||
Fair Value | $ 685,000 | $ 686,000 | |||
Percentage of Net Assets | 0.35% | 0.35% | |||
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5],[16] | |
Percentage of Net Assets | 0% | [6] | 0% | [5],[16] | |
Investment, Identifier [Axis]: Bulk Lift International, LLC, First lien senior secured term loan | |||||
Fair Value | $ 252,000 | $ 252,000 | [16] | ||
Percentage of Net Assets | 0.13% | 0.13% | [16] | ||
Investment, Identifier [Axis]: CCG Acquisition, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: CCG Acquisition, Inc., First lien senior secured term loan | |||||
Fair Value | $ 420,000 | $ 420,000 | |||
Percentage of Net Assets | 0.21% | 0.21% | |||
Investment, Identifier [Axis]: CPS HVAC Group, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 32,000 | $ 32,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: CPS HVAC Group, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 2,145 | $ 2,145 | |||
Interest rate | 6.75% | 6.75% | |||
Fair Value | $ 17,000 | [17] | $ 8,000 | [18] | |
Percentage of Net Assets | 0.01% | [17] | 0% | [18] | |
Investment, Identifier [Axis]: CPS HVAC Group, LLC, First lien senior secured term loan | |||||
Fair Value | $ 267,000 | $ 268,000 | |||
Percentage of Net Assets | 0.14% | 0.14% | |||
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ (1,000) | [6],[15] | $ (3,000) | [5],[16] | |
Percentage of Net Assets | 0% | [6],[15] | 0% | [5],[16] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 199,000 | [15] | $ 195,000 | [16] | |
Percentage of Net Assets | 0.10% | [15] | 0.10% | [16] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured revolving loan 1 | |||||
Fair Value | $ 106,000 | [15] | $ 104,000 | [16] | |
Percentage of Net Assets | 0.05% | [15] | 0.05% | [16] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured revolving loan 2 | |||||
Fair Value | $ 194,000 | [15] | $ 190,000 | [16] | |
Percentage of Net Assets | 0.10% | [15] | 0.10% | [16] | |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp., First lien senior secured term loan | |||||
Fair Value | $ 164,000 | [15] | $ 162,000 | [16] | |
Percentage of Net Assets | 0.08% | [15] | 0.08% | [16] | |
Investment, Identifier [Axis]: Champion Motorsports Group, LLC, First lien senior secured revolving loan | |||||
Fair Value | [6] | $ (1,000) | |||
Percentage of Net Assets | [6] | 0% | |||
Investment, Identifier [Axis]: Champion Motorsports Group, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,656,000 | ||||
Percentage of Net Assets | 0.85% | ||||
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 17,000 | $ (2,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,745,000 | $ 1,743,000 | |||
Percentage of Net Assets | 0.88% | 0.89% | |||
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 165,000 | $ 165,000 | |||
Percentage of Net Assets | 0.08% | 0.08% | |||
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 37,000 | $ 14,000 | |||
Percentage of Net Assets | 0.02% | 0.01% | |||
Investment, Identifier [Axis]: Community Care Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 944,000 | $ 946,000 | |||
Percentage of Net Assets | 0.48% | 0.48% | |||
Investment, Identifier [Axis]: Copperweld Group, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 120,000 | $ 58,000 | |||
Percentage of Net Assets | 0.06% | 0.03% | |||
Investment, Identifier [Axis]: Copperweld Group, Inc., First lien senior secured term loan | |||||
Fair Value | $ 2,263,000 | $ 2,268,000 | |||
Percentage of Net Assets | 1.16% | 1.16% | |||
Investment, Identifier [Axis]: Cosmetic Solutions, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 349,000 | $ 357,000 | |||
Percentage of Net Assets | 0.18% | 0.18% | |||
Investment, Identifier [Axis]: Cosmetic Solutions, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (13,000) | [6] | $ (6,000) | [5] | |
Percentage of Net Assets | (0.01%) | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Cosmetic Solutions, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,671,000 | $ 2,726,000 | |||
Percentage of Net Assets | 1.36% | 1.39% | |||
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 22,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC, First lien senior secured term loan | |||||
Fair Value | $ 231,000 | $ 232,000 | |||
Percentage of Net Assets | 0.12% | 0.12% | |||
Investment, Identifier [Axis]: DNS IMI Acquisition Corp, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: DNS IMI Acquisition Corp, First lien senior secured revolving loan | |||||
Fair Value | $ 8,000 | $ 9,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: DNS IMI Acquisition Corp, First lien senior secured term loan | |||||
Fair Value | $ 1,622,000 | $ 1,624,000 | |||
Percentage of Net Assets | 0.83% | 0.83% | |||
Investment, Identifier [Axis]: DealerOn Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: DealerOn Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,592,000 | $ 1,594,000 | |||
Percentage of Net Assets | 0.81% | 0.81% | |||
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 48,000 | $ 39,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 22,000 | $ 16,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC, First lien senior secured term loan | |||||
Fair Value | $ 314,000 | $ 314,000 | |||
Percentage of Net Assets | 0.16% | 0.16% | |||
Investment, Identifier [Axis]: Diamondback Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 40,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.02% | 0% | [5] | ||
Investment, Identifier [Axis]: Diamondback Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,185,000 | $ 1,186,000 | |||
Percentage of Net Assets | 0.60% | 0.61% | |||
Investment, Identifier [Axis]: Domino Equipment Company, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Domino Equipment Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 565,000 | $ 566,000 | |||
Percentage of Net Assets | 0.29% | 0.29% | |||
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 22,000 | $ 15,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Double E Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,040,000 | $ 1,043,000 | |||
Percentage of Net Assets | 0.53% | 0.53% | |||
Investment, Identifier [Axis]: Dykstra's Auto, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 183,000 | $ 183,000 | |||
Percentage of Net Assets | 0.09% | 0.09% | |||
Investment, Identifier [Axis]: Dykstra's Auto, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ 15,000 | ||
Percentage of Net Assets | 0% | [6] | 0.01% | ||
Investment, Identifier [Axis]: Dykstra's Auto, LLC, First lien senior secured term loan | |||||
Fair Value | $ 483,000 | $ 483,000 | |||
Percentage of Net Assets | 0.24% | 0.25% | |||
Investment, Identifier [Axis]: E-Phoenix Acquisition Co. Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 14,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: E-Phoenix Acquisition Co. Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,416,000 | $ 1,419,000 | |||
Percentage of Net Assets | 0.72% | 0.73% | |||
Investment, Identifier [Axis]: EH Management Company, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 22,000 | $ 22,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: EH Management Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 955,000 | $ 957,000 | |||
Percentage of Net Assets | 0.48% | 0.49% | |||
Investment, Identifier [Axis]: EMSAR Acquisition LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 212,000 | $ 213,000 | |||
Percentage of Net Assets | 0.11% | 0.11% | |||
Investment, Identifier [Axis]: EMSAR Acquisition LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 118,000 | $ 118,000 | |||
Percentage of Net Assets | 0.06% | 0.06% | |||
Investment, Identifier [Axis]: EMSAR Acquisition LLC, First lien senior secured term loan | |||||
Fair Value | $ 628,000 | $ 629,000 | |||
Percentage of Net Assets | 0.32% | 0.32% | |||
Investment, Identifier [Axis]: Edko Acquisition, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 1,875 | $ 1,875 | |||
Interest rate | 5.75% | 6% | |||
Fair Value | $ 3,000 | [19] | $ 3,000 | [20] | |
Percentage of Net Assets | 0% | [19] | 0% | [20] | |
Investment, Identifier [Axis]: Edko Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,122,000 | $ 1,124,000 | |||
Percentage of Net Assets | 0.57% | 0.57% | |||
Investment, Identifier [Axis]: Empire Equipment Company, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 153,000 | $ 215,000 | |||
Percentage of Net Assets | 0.08% | 0.11% | |||
Investment, Identifier [Axis]: Empire Equipment Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,532,000 | $ 1,533,000 | |||
Percentage of Net Assets | 0.79% | 0.78% | |||
Investment, Identifier [Axis]: Empire Equipment Company, LLC, Sponsor subordinated note | |||||
Interest rate, cash | 12.50% | [21] | 12.50% | [22] | |
Interest rate, PIK | 7% | [21] | 7% | [22] | |
Fair Value | $ 12,000 | $ 12,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 288,000 | $ 261,000 | |||
Percentage of Net Assets | 0.15% | 0.13% | |||
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 649,000 | $ 649,000 | |||
Percentage of Net Assets | 0.33% | 0.33% | |||
Investment, Identifier [Axis]: Engelman Baking Co., LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 29,000 | $ 30,000 | |||
Percentage of Net Assets | 0.01% | 0.02% | |||
Investment, Identifier [Axis]: Engelman Baking Co., LLC, First lien senior secured term loan | |||||
Fair Value | $ 702,000 | $ 703,000 | |||
Percentage of Net Assets | 0.36% | 0.36% | |||
Investment, Identifier [Axis]: Exclusive Concepts, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 169,000 | $ 170,000 | |||
Percentage of Net Assets | 0.09% | 0.09% | |||
Investment, Identifier [Axis]: Exclusive Concepts, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Exclusive Concepts, LLC, First lien senior secured term loan | |||||
Fair Value | $ 616,000 | $ 617,000 | |||
Percentage of Net Assets | 0.31% | 0.32% | |||
Investment, Identifier [Axis]: Formulated Buyer, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 121,000 | $ 111,000 | |||
Percentage of Net Assets | 0.06% | 0.06% | |||
Investment, Identifier [Axis]: Formulated Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 91,000 | $ 72,000 | |||
Percentage of Net Assets | 0.05% | 0.04% | |||
Investment, Identifier [Axis]: Formulated Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 453,000 | $ 454,000 | |||
Percentage of Net Assets | 0.23% | 0.23% | |||
Investment, Identifier [Axis]: Franchise Fastlane, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Franchise Fastlane, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,150,000 | $ 1,151,000 | |||
Percentage of Net Assets | 0.60% | 0.59% | |||
Investment, Identifier [Axis]: FreshAddress, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: FreshAddress, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,670,000 | $ 1,673,000 | |||
Percentage of Net Assets | 0.86% | 0.86% | |||
Investment, Identifier [Axis]: Geriatric Medical and Surgical Supply, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (4,000) | [6] | $ (4,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Geriatric Medical and Surgical Supply, LLC, First lien senior secured term loan | |||||
Fair Value | $ 929,000 | $ 930,000 | |||
Percentage of Net Assets | 0.47% | 0.48% | |||
Investment, Identifier [Axis]: Gold Medal Holdings, Inc., First lien senior secured revolving loan | |||||
Letter of credit | $ 15,654 | $ 15,654 | |||
Interest rate | 7% | 7% | |||
Fair Value | $ 31,000 | [23] | $ 23,000 | [24] | |
Percentage of Net Assets | 0.02% | [23] | 0.01% | [24] | |
Investment, Identifier [Axis]: Gold Medal Holdings, Inc., First lien senior secured term loan | |||||
Fair Value | $ 716,000 | $ 716,000 | |||
Percentage of Net Assets | 0.36% | 0.37% | |||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 168,000 | $ 162,000 | |||
Percentage of Net Assets | 0.09% | 0.08% | |||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 10,000 | $ 6,000 | |||
Percentage of Net Assets | 0.01% | 0% | |||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,488,000 | ||||
Percentage of Net Assets | 0.76% | ||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured term loan 1 | |||||
Fair Value | $ 1,443,000 | ||||
Percentage of Net Assets | 0.74% | ||||
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC, First lien senior secured term loan 2 | |||||
Fair Value | $ 48,000 | ||||
Percentage of Net Assets | 0.02% | ||||
Investment, Identifier [Axis]: Green Monster Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Green Monster Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,156,000 | $ 1,158,000 | |||
Percentage of Net Assets | 0.59% | 0.59% | |||
Investment, Identifier [Axis]: Groundworks Operations, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 1,821,000 | ||||
Percentage of Net Assets | 0.93% | ||||
Investment, Identifier [Axis]: Groundworks Operations, LLC, First lien senior secured revolving loan | |||||
Fair Value | [5] | $ (2,000) | |||
Percentage of Net Assets | [5] | 0% | |||
Investment, Identifier [Axis]: Groundworks Operations, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,463,000 | ||||
Percentage of Net Assets | 1.26% | ||||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 315,000 | $ 67,000 | |||
Percentage of Net Assets | 0.16% | 0.03% | |||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 177,000 | $ 111,000 | |||
Percentage of Net Assets | 0.09% | 0.06% | |||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured delayed draw term loan 3 | |||||
Fair Value | $ 316,000 | ||||
Percentage of Net Assets | 0.16% | ||||
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC, First lien senior secured term loan | |||||
Fair Value | $ 514,000 | $ 515,000 | |||
Percentage of Net Assets | 0.26% | 0.26% | |||
Investment, Identifier [Axis]: HLSG Intermediate, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 94,000 | $ 95,000 | |||
Percentage of Net Assets | 0.05% | 0.05% | |||
Investment, Identifier [Axis]: HLSG Intermediate, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 15,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: HLSG Intermediate, LLC, First lien senior secured term loan | |||||
Fair Value | $ 992,000 | $ 995,000 | |||
Percentage of Net Assets | 0.50% | 0.51% | |||
Investment, Identifier [Axis]: Highland Acquisition, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Highland Acquisition, Inc., First lien senior secured term loan | |||||
Fair Value | $ 920,000 | $ 922,000 | |||
Percentage of Net Assets | 0.46% | 0.47% | |||
Investment, Identifier [Axis]: Home Brands Group Holdings, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Home Brands Group Holdings, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,834,000 | $ 1,873,000 | |||
Percentage of Net Assets | 0.95% | 0.96% | |||
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 15,000 | ||||
Percentage of Net Assets | 0.01% | ||||
Investment, Identifier [Axis]: Hultec Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 829,000 | ||||
Percentage of Net Assets | 0.42% | ||||
Investment, Identifier [Axis]: Hydromax USA, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 106,000 | $ 107,000 | |||
Percentage of Net Assets | 0.05% | 0.05% | |||
Investment, Identifier [Axis]: Hydromax USA, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 149,000 | $ 149,000 | |||
Percentage of Net Assets | 0.08% | 0.08% | |||
Investment, Identifier [Axis]: Hydromax USA, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,175,000 | $ 1,181,000 | |||
Percentage of Net Assets | 0.60% | 0.60% | |||
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (2,000) | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC, First lien senior secured term loan | |||||
Fair Value | $ 175,000 | $ 175,000 | |||
Percentage of Net Assets | 0.09% | 0.09% | |||
Investment, Identifier [Axis]: ISSA, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: ISSA, LLC, First lien senior secured term loan | |||||
Fair Value | $ 906,000 | $ 908,000 | |||
Percentage of Net Assets | 0.46% | 0.46% | |||
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 61,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.03% | 0% | [5] | ||
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: ITSavvy LLC, First lien senior secured term loan | |||||
Fair Value | $ 670,000 | $ 671,000 | |||
Percentage of Net Assets | 0.34% | 0.34% | |||
Investment, Identifier [Axis]: Icelandirect, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 36,000 | $ 36,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Icelandirect, LLC, First lien senior secured term loan | |||||
Fair Value | $ 674,000 | $ 675,000 | |||
Percentage of Net Assets | 0.34% | 0.35% | |||
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Icreon Holdings, LLC, First lien senior secured term loan | |||||
Fair Value | $ 358,000 | $ 358,000 | |||
Percentage of Net Assets | 0.18% | 0.18% | |||
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,134,000 | $ 1,135,000 | |||
Percentage of Net Assets | 0.57% | 0.58% | |||
Investment, Identifier [Axis]: Innovative FlexPak, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 247,000 | $ 325,000 | |||
Percentage of Net Assets | 0.12% | 0.17% | |||
Investment, Identifier [Axis]: Innovative FlexPak, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,037,000 | $ 1,998,000 | |||
Percentage of Net Assets | 1.04% | 1% | |||
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 69,000 | $ 69,000 | |||
Percentage of Net Assets | 0.03% | 0.04% | |||
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 9,735 | $ 9,735 | |||
Interest rate | 6% | 6% | |||
Fair Value | $ 7,000 | [25] | $ 11,000 | [26] | |
Percentage of Net Assets | 0% | [25] | 0.01% | [26] | |
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,295,000 | $ 1,297,000 | |||
Percentage of Net Assets | 0.66% | 0.66% | |||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 220,000 | $ 163,000 | |||
Percentage of Net Assets | 0.11% | 0.08% | |||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 221,000 | $ 220,000 | |||
Percentage of Net Assets | 0.11% | 0.11% | |||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 29,000 | $ 29,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Kaizen Auto Care, LLC, First lien senior secured term loan | |||||
Fair Value | $ 845,000 | $ 830,000 | |||
Percentage of Net Assets | 0.44% | 0.42% | |||
Investment, Identifier [Axis]: Kalkomey Enterprises, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 38,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.02% | 0% | [5] | ||
Investment, Identifier [Axis]: Kalkomey Enterprises, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,036,000 | $ 1,037,000 | |||
Percentage of Net Assets | 0.52% | 0.53% | |||
Investment, Identifier [Axis]: Leonard Group, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ 30,000 | ||
Percentage of Net Assets | 0% | [6] | 0.02% | ||
Investment, Identifier [Axis]: Leonard Group, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,550,000 | $ 1,706,000 | |||
Percentage of Net Assets | 0.79% | 0.87% | |||
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured revolving loan | |||||
Fair Value | $ 6,000 | $ 6,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: Load One Purchaser Corporation, First lien senior secured term loan | |||||
Fair Value | $ 795,000 | $ 797,000 | |||
Percentage of Net Assets | 0.41% | 0.41% | |||
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 72,000 | $ 74,000 | |||
Percentage of Net Assets | 0.04% | 0.04% | |||
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ 73,000 | ||
Percentage of Net Assets | 0% | [6] | 0.04% | ||
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 895,000 | $ 941,000 | |||
Percentage of Net Assets | 0.45% | 0.48% | |||
Investment, Identifier [Axis]: MacNeill Pride Group Corp., First lien senior secured delayed draw term loan | |||||
Fair Value | $ 452,000 | $ 453,000 | |||
Percentage of Net Assets | 0.23% | 0.23% | |||
Investment, Identifier [Axis]: MacNeill Pride Group Corp., First lien senior secured revolving loan | |||||
Fair Value | $ 63,000 | $ 106,000 | |||
Percentage of Net Assets | 0.03% | 0.05% | |||
Investment, Identifier [Axis]: MacNeill Pride Group Corp., First lien senior secured term loan | |||||
Fair Value | $ 861,000 | $ 863,000 | |||
Percentage of Net Assets | 0.44% | 0.44% | |||
Investment, Identifier [Axis]: Mad Rose Company, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 2,851 | $ 2,851 | |||
Interest rate | 6.25% | 6.25% | |||
Fair Value | $ 65,000 | [27] | $ 59,000 | [28] | |
Percentage of Net Assets | 0.03% | [27] | 0.03% | [28] | |
Investment, Identifier [Axis]: Mad Rose Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 918,000 | $ 919,000 | |||
Percentage of Net Assets | 0.46% | 0.47% | |||
Investment, Identifier [Axis]: Main Street Gourmet, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 36,000 | $ 35,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Main Street Gourmet, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 18,000 | $ 18,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Main Street Gourmet, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,108,000 | $ 1,110,000 | |||
Percentage of Net Assets | 0.58% | 0.57% | |||
Investment, Identifier [Axis]: Mattco Forge, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (8,000) | [6] | $ (11,000) | [5] | |
Percentage of Net Assets | 0% | [6] | (0.01%) | [5] | |
Investment, Identifier [Axis]: Mattco Forge, Inc., First lien senior secured term loan | |||||
Fair Value | $ 2,128,000 | $ 2,119,000 | |||
Percentage of Net Assets | 1.08% | 1.08% | |||
Investment, Identifier [Axis]: Maxor National Pharmacy Services, LLC, First lien senior secured revolving loan | |||||
Fair Value | [5] | $ (1,000) | |||
Percentage of Net Assets | [5] | 0% | |||
Investment, Identifier [Axis]: Maxor National Pharmacy Services, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,758,000 | ||||
Percentage of Net Assets | 0.90% | ||||
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Medical Technology Associates, Inc., First lien senior secured term loan | |||||
Fair Value | $ 391,000 | $ 396,000 | |||
Percentage of Net Assets | 0.20% | 0.20% | |||
Investment, Identifier [Axis]: MetaSource, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: MetaSource, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 15,000 | $ 14,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: MetaSource, LLC, First lien senior secured term loan | |||||
Fair Value | $ 928,000 | $ 930,000 | |||
Percentage of Net Assets | 0.47% | 0.48% | |||
Investment, Identifier [Axis]: Millennia Patient Services, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | [5] | $ (3,000) | |||
Percentage of Net Assets | [5] | 0% | |||
Investment, Identifier [Axis]: Millennia Patient Services, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 25,000 | $ 32,000 | |||
Percentage of Net Assets | 0.01% | 0.02% | |||
Investment, Identifier [Axis]: Millennia Patient Services, LLC, First lien senior secured term loan | |||||
Fair Value | $ 976,000 | $ 978,000 | |||
Percentage of Net Assets | 0.49% | 0.50% | |||
Investment, Identifier [Axis]: Montway LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 664,000 | $ 665,000 | |||
Percentage of Net Assets | 0.34% | 0.34% | |||
Investment, Identifier [Axis]: Montway LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Montway LLC, First lien senior secured term loan | |||||
Fair Value | $ 704,000 | $ 705,000 | |||
Percentage of Net Assets | 0.36% | 0.36% | |||
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (6,000) | [6] | $ (8,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: NH Kronos Buyer, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,789,000 | $ 2,173,000 | |||
Percentage of Net Assets | 0.92% | 1.11% | |||
Investment, Identifier [Axis]: Nelson Name Plate Company, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 102,000 | $ 102,000 | |||
Percentage of Net Assets | 0.05% | 0.05% | |||
Investment, Identifier [Axis]: Nelson Name Plate Company, First lien senior secured revolving loan | |||||
Fair Value | $ 34,000 | $ 15,000 | |||
Percentage of Net Assets | 0.02% | 0.01% | |||
Investment, Identifier [Axis]: Nelson Name Plate Company, First lien senior secured term loan | |||||
Fair Value | $ 756,000 | $ 757,000 | |||
Percentage of Net Assets | 0.38% | 0.39% | |||
Investment, Identifier [Axis]: Network Partners Acquisition, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Network Partners Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Network Partners Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 385,000 | $ 386,000 | |||
Percentage of Net Assets | 0.19% | 0.20% | |||
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 10,663 | $ 10,663 | |||
Interest rate | 5.50% | 5.50% | |||
Fair Value | $ (4,000) | [6],[29] | $ (4,000) | [5],[30] | |
Percentage of Net Assets | 0% | [6],[29] | 0% | [5],[30] | |
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,645,000 | ||||
Percentage of Net Assets | 1.35% | ||||
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured term loan 1 | |||||
Fair Value | $ 1,893,000 | ||||
Percentage of Net Assets | 0.96% | ||||
Investment, Identifier [Axis]: Nimlok Company, LLC, First lien senior secured term loan 2 | |||||
Fair Value | $ 748,000 | ||||
Percentage of Net Assets | 0.38% | ||||
Investment, Identifier [Axis]: NutriScience Innovations, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 3,930 | $ 2,620 | |||
Interest rate | 7% | 7% | |||
Fair Value | $ (1,000) | [6],[31] | $ (2,000) | [5],[32] | |
Percentage of Net Assets | 0% | [6],[31] | 0% | [5],[32] | |
Investment, Identifier [Axis]: NutriScience Innovations, LLC, First lien senior secured term loan | |||||
Fair Value | $ 429,000 | $ 428,000 | |||
Percentage of Net Assets | 0.22% | 0.22% | |||
Investment, Identifier [Axis]: P and R Dental Strategies, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: P and R Dental Strategies, LLC, First lien senior secured term loan | |||||
Fair Value | $ 642,000 | $ 643,000 | |||
Percentage of Net Assets | 0.32% | 0.33% | |||
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc., First lien senior secured delayed draw term loan | |||||
Fair Value | $ (1,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 12,000 | $ 21,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,084,000 | $ 1,085,000 | |||
Percentage of Net Assets | 0.55% | 0.55% | |||
Investment, Identifier [Axis]: PPW Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 8,000 | $ 37,000 | |||
Percentage of Net Assets | 0% | 0.02% | |||
Investment, Identifier [Axis]: PPW Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 588,000 | $ 596,000 | |||
Percentage of Net Assets | 0.30% | 0.30% | |||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 57,000 | $ 8,000 | |||
Percentage of Net Assets | 0.03% | 0% | |||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 516,000 | $ 571,000 | |||
Percentage of Net Assets | 0.26% | 0.29% | |||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 131,000 | $ 131,000 | |||
Percentage of Net Assets | 0.07% | 0.07% | |||
Investment, Identifier [Axis]: Peak Dental Services, LLC, First lien senior secured term loan | |||||
Fair Value | $ 577,000 | $ 578,000 | |||
Percentage of Net Assets | 0.29% | 0.30% | |||
Investment, Identifier [Axis]: Peak Investment Holdings, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 9,000 | $ 8,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: Peak Investment Holdings, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (5,000) | [6] | $ (6,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Peak Investment Holdings, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,264,000 | $ 1,265,000 | |||
Percentage of Net Assets | 0.65% | 0.65% | |||
Investment, Identifier [Axis]: Pentec Acquisition Corp., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Pentec Acquisition Corp., First lien senior secured term loan | |||||
Fair Value | $ 985,000 | $ 988,000 | |||
Percentage of Net Assets | 0.51% | 0.51% | |||
Investment, Identifier [Axis]: Performance PowerSports Group Purchaser, Inc., First lien senior secured revolving loan | |||||
Fair Value | [5] | $ (1,000) | |||
Percentage of Net Assets | [5] | 0% | |||
Investment, Identifier [Axis]: Performance PowerSports Group Purchaser, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,657,000 | ||||
Percentage of Net Assets | 0.85% | ||||
Investment, Identifier [Axis]: Pink Lily Holdings, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Pink Lily Holdings, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,337,000 | $ 1,339,000 | |||
Percentage of Net Assets | 0.69% | 0.68% | |||
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 20,000 | $ 55,000 | |||
Percentage of Net Assets | 0.01% | 0.03% | |||
Investment, Identifier [Axis]: Propio LS, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,171,000 | $ 1,173,000 | |||
Percentage of Net Assets | 0.60% | 0.60% | |||
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (3,000) | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 345,000 | $ 345,000 | |||
Percentage of Net Assets | 0.17% | 0.18% | |||
Investment, Identifier [Axis]: Qin's Buffalo, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Qin's Buffalo, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Qin's Buffalo, LLC, First lien senior secured term loan | |||||
Fair Value | $ 527,000 | $ 528,000 | |||
Percentage of Net Assets | 0.27% | 0.27% | |||
Investment, Identifier [Axis]: RQM Buyer, Inc., First lien senior secured delayed draw term loan | |||||
Fair Value | $ 83,000 | $ 84,000 | |||
Percentage of Net Assets | 0.04% | 0.04% | |||
Investment, Identifier [Axis]: RQM Buyer, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 17,000 | $ 14,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: RQM Buyer, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,679,000 | $ 1,682,000 | |||
Percentage of Net Assets | 0.86% | 0.86% | |||
Investment, Identifier [Axis]: RTP Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 3,000 | $ 3,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: RTP Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 899,000 | $ 905,000 | |||
Percentage of Net Assets | 0.46% | 0.46% | |||
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Raneys, LLC, First lien senior secured term loan | |||||
Fair Value | $ 443,000 | $ 445,000 | |||
Percentage of Net Assets | 0.22% | 0.23% | |||
Investment, Identifier [Axis]: Reliable Medical Supply LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 66,000 | $ 66,000 | |||
Percentage of Net Assets | 0.03% | 0.03% | |||
Investment, Identifier [Axis]: Reliable Medical Supply LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 40,000 | $ 40,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Reliable Medical Supply LLC, First lien senior secured term loan | |||||
Fair Value | $ 741,000 | $ 743,000 | |||
Percentage of Net Assets | 0.37% | 0.38% | |||
Investment, Identifier [Axis]: Revival Animal Health, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 43,000 | $ 43,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Revival Animal Health, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,007,000 | $ 1,009,000 | |||
Percentage of Net Assets | 0.52% | 0.52% | |||
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ 50,000 | ||
Percentage of Net Assets | 0% | [6] | 0.03% | ||
Investment, Identifier [Axis]: Rose Paving, LLC, First lien senior secured term loan | |||||
Fair Value | $ 733,000 | $ 732,000 | |||
Percentage of Net Assets | 0.37% | 0.37% | |||
Investment, Identifier [Axis]: SAMGI Buyer, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: SAMGI Buyer, Inc., First lien senior secured term loan | |||||
Fair Value | $ 711,000 | $ 712,000 | |||
Percentage of Net Assets | 0.36% | 0.36% | |||
Investment, Identifier [Axis]: SASE Company, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 7,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0% | 0% | [5] | ||
Investment, Identifier [Axis]: SASE Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,590,000 | $ 1,592,000 | |||
Percentage of Net Assets | 0.80% | 0.81% | |||
Investment, Identifier [Axis]: SCA Buyer, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 271,000 | $ 271,000 | |||
Percentage of Net Assets | 0.14% | 0.14% | |||
Investment, Identifier [Axis]: SCA Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 76,000 | $ 76,000 | |||
Percentage of Net Assets | 0.04% | 0.04% | |||
Investment, Identifier [Axis]: SCA Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 737,000 | $ 737,000 | |||
Percentage of Net Assets | 0.37% | 0.38% | |||
Investment, Identifier [Axis]: SCP Beverage Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 14,000 | $ 14,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: SCP Beverage Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 405,000 | $ 405,000 | |||
Percentage of Net Assets | 0.20% | 0.21% | |||
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 13,000 | $ (2,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 48,000 | $ (3,000) | [5] | ||
Percentage of Net Assets | 0.02% | 0% | [5] | ||
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,739,000 | $ 2,744,000 | |||
Percentage of Net Assets | 1.41% | 1.40% | |||
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 63,000 | $ 63,000 | |||
Percentage of Net Assets | 0.03% | 0.03% | |||
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 5,000 | $ 6,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC, First lien senior secured term loan | |||||
Fair Value | $ 641,000 | $ 643,000 | |||
Percentage of Net Assets | 0.32% | 0.33% | |||
Investment, Identifier [Axis]: Sage Dental Management, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 0 | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Sage Dental Management, LLC, First lien senior secured term loan | |||||
Fair Value | $ 940,000 | $ 941,000 | |||
Percentage of Net Assets | 0.49% | 0.48% | |||
Investment, Identifier [Axis]: Shearer Supply, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 90,000 | $ 81,000 | |||
Percentage of Net Assets | 0.05% | 0.04% | |||
Investment, Identifier [Axis]: Shearer Supply, LLC, First lien senior secured term loan | |||||
Fair Value | $ 922,000 | $ 911,000 | |||
Percentage of Net Assets | 0.47% | 0.47% | |||
Investment, Identifier [Axis]: Shearer Supply, LLC, Sponsor subordinated note | |||||
Interest rate, cash | 12.50% | [21] | 12.50% | [22] | |
Interest rate, PIK | 7% | [21] | 7% | [22] | |
Fair Value | $ 6,000 | $ 5,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: ShiftKey, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 43,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.02% | 0% | [5] | ||
Investment, Identifier [Axis]: ShiftKey, LLC, First lien senior secured term loan | |||||
Fair Value | $ 3,719,000 | $ 3,706,000 | |||
Percentage of Net Assets | 1.90% | 1.88% | |||
Investment, Identifier [Axis]: Signature Dental Partners LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 149,000 | $ 149,000 | |||
Percentage of Net Assets | 0.08% | 0.08% | |||
Investment, Identifier [Axis]: Signature Dental Partners LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 12,000 | $ (1,000) | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: Signature Dental Partners LLC, First lien senior secured term loan | |||||
Fair Value | $ 844,000 | $ 845,000 | |||
Percentage of Net Assets | 0.43% | 0.43% | |||
Investment, Identifier [Axis]: Silver Falls MSO, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 125,000 | $ 226,000 | |||
Percentage of Net Assets | 0.06% | 0.12% | |||
Investment, Identifier [Axis]: Silver Falls MSO, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,209,000 | $ 1,253,000 | |||
Percentage of Net Assets | 0.62% | 0.64% | |||
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 4,000 | $ 4,000 | |||
Percentage of Net Assets | 0% | 0% | |||
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 867,000 | $ 870,000 | |||
Percentage of Net Assets | 0.44% | 0.44% | |||
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: SimiTree Acquisition LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,212,000 | $ 1,216,000 | |||
Percentage of Net Assets | 0.62% | 0.62% | |||
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 35,000 | $ 35,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 33,000 | $ 22,000 | |||
Percentage of Net Assets | 0.02% | 0.01% | |||
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 694,000 | $ 695,000 | |||
Percentage of Net Assets | 0.35% | 0.36% | |||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 465,000 | ||||
Percentage of Net Assets | 0.24% | ||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 292,000 | ||||
Percentage of Net Assets | 0.15% | ||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 198,000 | ||||
Percentage of Net Assets | 0.10% | ||||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 119,000 | $ 94,000 | |||
Percentage of Net Assets | 0.06% | 0.05% | |||
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 847,000 | $ 849,000 | |||
Percentage of Net Assets | 0.43% | 0.43% | |||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 78,000 | $ 78,000 | |||
Percentage of Net Assets | 0.04% | 0.04% | |||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ 58,000 | $ 47,000 | |||
Percentage of Net Assets | 0.03% | 0.02% | |||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 99,000 | $ 99,000 | |||
Percentage of Net Assets | 0.05% | 0.05% | |||
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,343,000 | $ 1,345,000 | |||
Percentage of Net Assets | 0.69% | 0.69% | |||
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 24,000 | $ 29,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 23,000 | $ 24,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 611,000 | $ 630,000 | |||
Percentage of Net Assets | 0.31% | 0.32% | |||
Investment, Identifier [Axis]: Spectrum Solutions, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (29,000) | [6] | $ (23,000) | [5] | |
Percentage of Net Assets | (0.01%) | [6] | (0.01%) | [5] | |
Investment, Identifier [Axis]: Spectrum Solutions, LLC, First lien senior secured term loan | |||||
Fair Value | $ 426,000 | $ 438,000 | |||
Percentage of Net Assets | 0.22% | 0.22% | |||
Investment, Identifier [Axis]: Starwest Botanicals Acquisition, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 166,000 | $ 168,000 | |||
Percentage of Net Assets | 0.08% | 0.09% | |||
Investment, Identifier [Axis]: Starwest Botanicals Acquisition, LLC, First lien senior secured term loan | |||||
Fair Value | $ 768,000 | $ 779,000 | |||
Percentage of Net Assets | 0.39% | 0.40% | |||
Investment, Identifier [Axis]: Stax Holding Company, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 2,248 | $ 1,013 | |||
Interest rate | 5% | 5% | |||
Fair Value | $ (1,000) | [6],[33] | $ (1,000) | [5],[34] | |
Percentage of Net Assets | 0% | [6],[33] | 0% | [5],[34] | |
Investment, Identifier [Axis]: Stax Holding Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 807,000 | $ 809,000 | |||
Percentage of Net Assets | 0.41% | 0.41% | |||
Investment, Identifier [Axis]: Steel City Wash, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 141,000 | $ 141,000 | |||
Percentage of Net Assets | 0.07% | 0.07% | |||
Investment, Identifier [Axis]: Steel City Wash, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 21,000 | $ 15,000 | |||
Percentage of Net Assets | 0.01% | 0.01% | |||
Investment, Identifier [Axis]: Steel City Wash, LLC, First lien senior secured term loan | |||||
Fair Value | $ 782,000 | $ 783,000 | |||
Percentage of Net Assets | 0.40% | 0.40% | |||
Investment, Identifier [Axis]: Storm Smart Buyer LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (2,000) | [6] | $ 77,000 | ||
Percentage of Net Assets | 0% | [6] | 0.04% | ||
Investment, Identifier [Axis]: Storm Smart Buyer LLC, First lien senior secured term loan | |||||
Fair Value | $ 895,000 | $ 896,000 | |||
Percentage of Net Assets | 0.45% | 0.46% | |||
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 13,000 | $ 6,000 | |||
Percentage of Net Assets | 0.01% | 0% | |||
Investment, Identifier [Axis]: Sun Orchard, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,036,000 | $ 2,039,000 | |||
Percentage of Net Assets | 1.04% | 1.04% | |||
Investment, Identifier [Axis]: Teel Plastics, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (1,000) | [6] | $ (1,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Teel Plastics, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,776,000 | $ 1,779,000 | |||
Percentage of Net Assets | 0.90% | 0.91% | |||
Investment, Identifier [Axis]: The Channel Company, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 34,000 | $ 3,000 | |||
Percentage of Net Assets | 0.02% | 0% | |||
Investment, Identifier [Axis]: The Channel Company, LLC, First lien senior secured term loan | |||||
Fair Value | $ 2,317,000 | $ 2,321,000 | |||
Percentage of Net Assets | 1.18% | 1.19% | |||
Investment, Identifier [Axis]: Trademark Global, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 99,000 | $ 99,000 | |||
Percentage of Net Assets | 0.05% | 0.05% | |||
Investment, Identifier [Axis]: Trademark Global, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,750,000 | $ 1,743,000 | |||
Percentage of Net Assets | 0.90% | 0.89% | |||
Investment, Identifier [Axis]: Triad Technologies, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 61,000 | $ (3,000) | [5] | ||
Percentage of Net Assets | 0.03% | 0% | [5] | ||
Investment, Identifier [Axis]: Triad Technologies, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,330,000 | $ 923,000 | |||
Percentage of Net Assets | 0.67% | 0.47% | |||
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC (21), Equity | |||||
Membership interest | [35],[36],[37] | 1.90% | |||
Fair Value | [35],[36],[37] | $ 10,333,000 | |||
Percentage of Net Assets | [35],[36],[37] | 5.28% | |||
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC, Equity - 1.73% membership interest | |||||
Membership interest | [38],[39],[40] | 1.73% | |||
Fair Value | [38],[39],[40] | $ 9,592,000 | |||
Percentage of Net Assets | [38],[39],[40] | 4.89% | |||
Investment, Identifier [Axis]: Twin Brook Segregated Equity Holdings, LLC (21), Equity | |||||
Membership interest | [35],[36],[37] | 2.11% | |||
Fair Value | [35],[36],[37] | $ 21,000 | |||
Percentage of Net Assets | [35],[36],[37] | 0.01% | |||
Investment, Identifier [Axis]: Twin Brook Segregated Equity Holdings, LLC, Equity - 2.11% membership interest | |||||
Membership interest | [38],[39],[40] | 2.11% | |||
Fair Value | [38],[39],[40] | $ 18,000 | |||
Percentage of Net Assets | [38],[39],[40] | 0.01% | |||
Investment, Identifier [Axis]: USALCO, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 30,000 | $ 42,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: USALCO, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,868,000 | $ 1,872,000 | |||
Percentage of Net Assets | 0.97% | 0.96% | |||
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured delayed draw term loan 1 | |||||
Fair Value | $ 984,000 | $ 659,000 | |||
Percentage of Net Assets | 0.50% | 0.34% | |||
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured delayed draw term loan 2 | |||||
Fair Value | $ (3,000) | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 38,000 | $ 38,000 | |||
Percentage of Net Assets | 0.02% | 0.02% | |||
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC, First lien senior secured term loan | |||||
Fair Value | $ 298,000 | $ 298,000 | |||
Percentage of Net Assets | 0.15% | 0.15% | |||
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 0 | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured revolving loan | |||||
Letter of credit | $ 3,337 | $ 3,337 | |||
Interest rate | 6% | 6% | |||
Fair Value | $ 15,000 | [41] | $ (4,000) | [5],[42] | |
Percentage of Net Assets | 0.01% | [41] | 0% | [5],[42] | |
Investment, Identifier [Axis]: Universal Pure, LLC, First lien senior secured term loan | |||||
Fair Value | $ 739,000 | $ 1,292,000 | |||
Percentage of Net Assets | 0.37% | 0.66% | |||
Investment, Identifier [Axis]: Vanguard Packaging, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 50,000 | $ 50,000 | |||
Percentage of Net Assets | 0.03% | 0.03% | |||
Investment, Identifier [Axis]: Vanguard Packaging, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,183,000 | $ 1,185,000 | |||
Percentage of Net Assets | 0.60% | 0.61% | |||
Investment, Identifier [Axis]: Varsity DuvaSawko Operating Corp., First lien senior secured revolving loan | |||||
Fair Value | $ (3,000) | [6] | $ (3,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Varsity DuvaSawko Operating Corp., First lien senior secured term loan | |||||
Fair Value | $ 2,533,000 | $ 2,536,000 | |||
Percentage of Net Assets | 1.30% | 1.30% | |||
Investment, Identifier [Axis]: Vehicle Accessories, Inc., First lien senior secured revolving loan | |||||
Fair Value | $ 26,000 | $ 0 | [5] | ||
Percentage of Net Assets | 0.01% | 0% | [5] | ||
Investment, Identifier [Axis]: Vehicle Accessories, Inc., First lien senior secured term loan | |||||
Fair Value | $ 1,655,000 | $ 1,659,000 | |||
Percentage of Net Assets | 0.86% | 0.85% | |||
Investment, Identifier [Axis]: Vital Care Buyer, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ (5,000) | [6] | $ 92,000 | ||
Percentage of Net Assets | 0% | [6] | 0.05% | ||
Investment, Identifier [Axis]: Vital Care Buyer, LLC, First lien senior secured term loan | |||||
Fair Value | $ 897,000 | $ 898,000 | |||
Percentage of Net Assets | 0.45% | 0.46% | |||
Investment, Identifier [Axis]: Western Veterinary Partners, LLC, First lien senior secured delayed draw term loan | |||||
Fair Value | $ 500,000 | $ 501,000 | |||
Percentage of Net Assets | 0.25% | 0.26% | |||
Investment, Identifier [Axis]: Western Veterinary Partners, LLC, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 1,000 | ||
Percentage of Net Assets | 0% | [6] | 0% | ||
Investment, Identifier [Axis]: Western Veterinary Partners, LLC, First lien senior secured term loan | |||||
Fair Value | $ 1,296,000 | $ 1,299,000 | |||
Percentage of Net Assets | 0.67% | 0.66% | |||
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured delayed draw term loan | |||||
Fair Value | $ (1,000) | [6] | $ (2,000) | [5] | |
Percentage of Net Assets | 0% | [6] | 0% | [5] | |
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured revolving loan | |||||
Fair Value | $ 0 | [6] | $ 5,000 | ||
Percentage of Net Assets | 0% | [6] | 0% | ||
Investment, Identifier [Axis]: Yard-Nique, Inc, First lien senior secured term loan | |||||
Fair Value | $ 400,000 | $ 401,000 | |||
Percentage of Net Assets | 0.20% | 0.21% | |||
[1]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[2]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[3]Unless otherwise indicated, all investments are considered Level 3 investments.[4]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[5]Represents revolvers and delayed draw term loans where the entire balance is unfunded as of December 31, 2022. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.[6]Represents revolvers and delayed draw term loans where the entire balance is unfunded as of March 31, 2023. The negative fair value is a result of the commitment being valued below par. Refer to Note 8 for further information.[7]Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 6.25%.[8]Principal balance includes reserve for letter of credit of $6,240 on which the borrower pays 6.25%[9]Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.[10]Principal balance includes reserve for letter of credit of $141,677 on which the borrower pays 0.00%.[11]Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.50%.[12]Principal balance includes reserve for letter of credit of $3,517 on which the borrower pays 6.00%.[13]Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.[14]Principal balance includes reserve for letter of credit of $5,410 on which the borrower pays 7.50%.[15]Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of March 31, 2023, non-qualifying assets (foreign investments and derivative contracts) represented approximately 2.95% of the total assets of the Company.[16]Represents investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, non-qualifying assets (foreign investments and derivative contracts) represented approximately 5.55% of the total assets of the Company.[17]Principal balance includes reserve for letter of credit of $2,145 on which the borrower pays 6.75%.[18]Principal balance includes reserve for letter of credit of $2,145 on which the borrower pays 6.75%.[19]Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 5.75%.[20]Principal balance includes reserve for letter of credit of $1,875 on which the borrower pays 6.00%.[21]Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the London Interbank Offered Rate (“LIBOR” or “L”), the Term Secured Overnight Financing Rate (“Term SOFR” or S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of March 31, 2023, the reference rates for the floating rate loans were the 3 Month L of 5.19%, 3 Month CDOR of 5.03%, Term SOFR of 4.87% and the Prime Rate of 8.00%.[22] Unless otherwise indicated, the interest rate on the principal balance outstanding for all floating rate loans is indexed to the Term Secured Overnight Financing Rate (“Term SOFR” or “S”) and/or an alternate base rate (e.g. prime rate (“P”)), which typically resets semiannually, quarterly, or monthly at the borrower’s option. The applicable base rate may be subject to a floor. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, the applicable margin has been provided over Term SOFR based on each respective credit agreement. As of December 31, 2022, the reference rates for the floating rate loans were the Term SOFR of 4.30% and the Prime Rate of 7.50% . |
Consolidated Schedule of Inve_3
Consolidated Schedule of Investments (Foreign Currency Forwards) $ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) |
Unrealized gain on foreign currency forward contracts | $ 8 | $ 0 | ||
Unrealized loss on foreign currency forward contracts | 0 | (15) | ||
Open Forward Foreign Currency Contract, Identifier [Axis]: Wells Fargo Bank, National Association, Settlement Date 1/23/2023 - 1 | ||||
Currency purchased | $ 48 | |||
Currency sold | 35 | |||
Unrealized appreciation | 0 | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Wells Fargo Bank, National Association, Settlement Date 1/23/2023 - 2 | ||||
Currency purchased | 640 | |||
Currency sold | 872 | |||
Unrealized depreciation | (4) | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Wells Fargo Bank, National Association, Settlement Date 1/23/2023 - 3 | ||||
Currency purchased | 921 | |||
Currency sold | $ 1,262 | |||
Unrealized depreciation | $ (11) | |||
Open Forward Foreign Currency Contract, Identifier [Axis]: Wells Fargo Bank, National Association, Settlement Date 4/24/2023 | ||||
Currency purchased | 1,491 | |||
Currency sold | $ 2,002 | |||
Unrealized appreciation | $ 8 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization AG Twin Brook BDC, Inc. (the “Company”), formerly known as 1889 BDC, Inc., is a Delaware corporation which was formed on February 4, 2016. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company seeks to provide risk-adjusted returns and current income to investors by investing primarily in senior secured debt of middle market companies. The Company may also invest opportunistically in other parts of the capital structure, including senior secured stretch and unitranche facilities, second lien loans, mezzanine and mezzanine-related loans, and equity investments, as well as select other subordinated instruments either directly or through acquisitions in the secondary market. AG Twin Brook Manager, LLC (the “Advisor”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company. The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. Twin Brook Capital Partners, LLC (“TBCP”) is an affiliate of Angelo Gordon and provides collateral agent, administrative and other services with respect to certain investments held by the Company. Twin Brook Capital Servicer, LLC (“TBCS”) is an affiliate of Angelo Gordon and provides loan servicing with respect to certain investments held by the Company. The Company conducts private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”), and additional closings of the Private Offering are expected to occur from time to time as determined by the Company. Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of the Company’s common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering. The Company commenced its loan origination and investment activities with the initial drawdown from investors in the Private Offering on July 29, 2019 (the commencement of operations). The Company made its first portfolio company investment in August 2019. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Accounting The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31 . The interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with U.S. GAAP are omitted. 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 presented, 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, 2023. Principles of Consolidation The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Investment Related Transactions, Revenue Recognition and Expenses Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations. Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations. Investments at Fair Value The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows: Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Advisor in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy. The Board has designated the Advisor as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Advisor is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Advisor as “valuation designee” the Board ultimately responsible for fair value determinations under the 1940 Act. Under the valuation policies and procedures that have been approved by the Board, the Advisor conducts a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Advisor’s management reviews the preliminary valuations with the investment professionals. • The Advisor determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties. Valuation determinations are presented to the Board. When determining the fair value of Level 3 investments, the Advisor may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Advisor uses a market interest rate yield analysis to determine fair value. The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Advisor may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Advisor generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Advisor’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Advisor. As part of the risk management process, the Advisor reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Advisor believes does not reflect fair value. In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date. Foreign Currency Translation Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates. The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statement of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. Foreign Currency Forward Contracts The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations. Offering Costs Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. Deferred Financing Costs Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility. Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method. For the three months ended March 31, 2022, the Company amortized approximately $47,000 of financing costs which have been included in “Interest” expense on the consolidated statements of operations. As of March 31, 2023, there were no such facilities outstanding. Deferred Income Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three months ended March 31, 2023, the Company received approximately $69,000 of agent fees. During the three months ended March 31, 2023, approximately $83,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended March 31, 2022, the Company received approximately $59,000 of agent fees, respectively. During the three months ended March 31, 2022, approximately $68,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three months ended March 31, 2023 and 2022, the Company did not accrue U.S. federal excise tax. The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three months ended March 31, 2023, the Company accrued a current federal tax provision of $206,000 and a deferred federal tax provision of $536,000 related to Twin Brook Equity XVIII Corp. The Company did not accrue any U.S. federal tax expense for the three months ended March 31, 2022, related to Twin Brook Equity XVIII Corp. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes was incurred through March 31, 2023. Loan Syndications and Participations The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three months ended March 31, 2023, the Company earned approximately $16,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. For the three months ended March 31, 2022, the Company earned approximately $81,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statement of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period. Dividends Dividends to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such dividends. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed dividends to stockholders. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investments | Investments Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments. Investments at fair value and amortized cost consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value First lien senior secured debt $ 175,863 $ 174,487 $ 180,510 $ 179,768 Sponsor subordinated note 16 18 16 17 Investment in affiliated funds 7,044 9,610 7,137 10,354 Total investments $ 182,923 $ 184,115 $ 187,663 $ 190,139 The industry composition of investments based on fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Aerospace and defense 1.2 % 1.1 % Air freight and logistics 0.4 % 0.4 % Auto components 1.8 % 1.7 % Chemicals 4.2 % 4.0 % Commercial services and supplies 5.6 % 5.4 % Construction and engineering 1.9 % 1.8 % Containers and packaging 2.6 % 2.6 % Distributors 0.5 % 0.5 % Diversified consumer services 5.6 % 7.5 % Electrical equipment 0.7 % 0.7 % Electronic equipment, instruments and components 1.5 % 1.4 % Food and staples retailing 2.7 % 2.9 % Food products 2.0 % 1.9 % Gas utilities 0.8 % 0.8 % Health care equipment and supplies 2.6 % 2.5 % Health care providers and services 25.7 % 25.2 % Health care technology 1.3 % 1.3 % Household durables 1.5 % 1.5 % Industrial Conglomerates 0.5 % — % Internet and direct marketing retail 2.3 % 2.2 % IT services 3.0 % 2.9 % Leisure equipment and products 1.6 % 1.6 % Leisure products 0.6 % 0.6 % Life sciences tools and services 0.6 % 0.6 % Machinery 2.0 % 1.9 % Media 3.6 % 3.6 % Metals and mining 1.3 % 1.2 % Multisector holdings 5.2 % 5.5 % Personal products 1.6 % 1.6 % Pharmaceuticals 0.9 % 1.7 % Professional services 0.4 % 0.4 % Real estate management and development 1.6 % 1.5 % Semiconductors and semiconductor equipment 0.4 % 0.4 % Software 3.3 % 3.1 % Specialty retail 3.1 % 3.0 % Trading companies and distributors 4.8 % 4.4 % Water utilities 0.7 % 0.6 % Total 100.0 % 100.0 % |
Fair Value of Investments
Fair Value of Investments | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Investments | Fair Value of Investments Fair Value Disclosures The following tables present the fair value hierarchy of financial instruments as of March 31, 2023: Assets at Fair Value as of March 31, 2023 (Amounts in thousands) Level 1 Level 2 Level 3 Total First lien senior secured debt $ — $ — $ 174,487 $ 174,487 Sponsor subordinated note — — 18 18 Foreign currency forward contracts — 8 — 8 Total $ — $ 8 $ 174,505 $ 174,513 Investments measured at net asset value (1) 9,610 Total financial instruments, at fair value $ 184,123 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following tables present the fair value hierarchy of financial instruments as of December 31, 2022: Assets at Fair Value as of December 31, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total First lien senior secured debt $ — $ — $ 179,768 $ 179,768 Sponsor subordinated note — — 17 17 Total $ — $ — $ 179,785 $ 179,785 Investments measured at net asset value (1) 10,354 Total financial instruments, at fair value $ 190,139 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. Liabilities at Fair Value as of December 31, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total Foreign currency forward contracts $ — $ 15 $ — $ 15 The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023 and 2022: Level 3 Assets at Fair Value for the Three Months Ended March 31, 2023* (Amounts in thousands) Balance Purchases and Drawdowns Sales and Paydowns Other** Realized Gains/ (Losses) Change in Unrealized Appreciation/(Depreciation) Balance 3/31/2023 Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2023 First lien senior secured debt $ 179,768 $ 4,718 $ (9,740) $ 376 $ (1) $ (634) $ 174,487 $ (633) Sponsor subordinated notes 17 — — — — 1 18 — Total $ 179,785 $ 4,718 $ (9,740) $ 376 $ (1) $ (633) $ 174,505 $ (633) * Gains and losses are included in their respective captions in the consolidated statement of operations. ** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. Level 3 Assets at Fair Value for the Three Months Ended March 31, 2022* (Amounts in thousands) Balance Purchases and Drawdowns Sales and Paydowns Other** Realized Gains/ (Losses) Change in Unrealized Appreciation/(Depreciation) Balance 3/31/2022 Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2022 First lien senior secured debt $ 151,105 $ 13,043 $ (10,888) $ 229 $ 35 $ 188 $ 153,712 $ 176 Sponsor subordinated note 16 — — — — — 16 — Total $ 151,121 $ 13,043 $ (10,888) $ 229 $ 35 $ 188 $ 153,728 $ 176 * Gains and losses are included in their respective captions in the consolidated statement of operations. ** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. Significant Unobservable Inputs In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. Asset Class Fair Value as of 3/31/23 Valuation Significant Input Ranges Weighted Average (1) Impact to Valuation (Amounts in thousands) First lien senior secured debt $ 171,360 Discounted cash flow Yield 9.2% - 17.7% 11.0 % Decrease 2,283 Market comparable Forward EBITDA multiple 41.9x 41.9x Increase Sponsor subordinated notes 18 Market comparable LTM EBITDA multiple 7.0x - 7.6x 7.4 x Increase $ 173,661 Asset Class Fair Value as of 12/31/22 Valuation Significant Input Ranges Weighted Average (1) Impact to Valuation (Amounts in thousands) First lien senior secured debt $ 171,353 Discounted cash flow Yield 9.6% - 16.9% 11.1 % Decrease 2,323 Market comparable Forward EBITDA multiple 8.8x 8.8x Increase Sponsor subordinated notes 17 Market comparable LTM EBITDA multiple 7.1x 7.1x Increase $ 173,693 (1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. The Company’s other Level 3 investments have been valued primarily using recent transactions. The significant unobservable input used in the discounted cash flow is the yield. The yield is used to discount the estimated future cash flows expected to be received from the underlying investment. The Company considers the portfolio company performance since close, the leverage used by the portfolio company relative to its total enterprise value and other risks associated with an investment in determining the yield. The significant unobservable input used in the market comparable is the latest twelve month “LTM” EBITDA multiple. |
Subscription Facility
Subscription Facility | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Subscription Facility | Subscription Facility In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations. There were no outstanding borrowings as of March 31, 2023 and December 31, 2022. On August 14, 2019, the Company entered into a revolving credit facility (the “Subscription Facility”) with Wells Fargo Bank, National Association (the “Lender”). The Subscription Facility enabled the Company to request loans from the Lender up to a maximum commitment of $15 million. The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of investors in the Company. The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of investors in the Company as well as other provisions of the Subscription Facility. On May 4, 2022, the Company terminated the Subscription Facility's revolving credit agreement. Borrowings under the Subscription Facility bore interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing was a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing was a Reference Rate Loan. In addition, the Company paid an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender. The maturity date of the Subscription Facility was August 12, 2022. The Subscription Facility contained representations, warranties, covenants, including financial covenants, events of default and indemnities that are customary for agreements of this type. There were no debt obligations as of March 31, 2023 and December 31, 2022. For the three months ended March 31, 2023 and 2022, the components of interest expense were as follows: (Amounts in thousands) Three Months Ended Three Months Ended Interest expense $ — $ 8 Amortization of deferred financing costs — 47 Total interest expense $ — $ 55 Average interest rate N/A N/A Average daily borrowings N/A N/A |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Agreements and Related Party Transactions | Agreements and Related Party Transactions Administration Agreement On June 26, 2019, the Company entered into an Administration Agreement (the “Administration Agreement”) with Angelo Gordon (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party. Unless earlier terminated as described below, the Administration Agreement will remain in effect until June 26, 2023 and from year to year thereafter if approved annually by the vote of the Board of Directors of the Company and the vote of a majority of the Company’s Independent Directors. The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. No person who is an officer, director, or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings. For the three months ended March 31, 2023, the Administrator charged approximately $15,000 for certain costs and expenses allocable to the Company under the terms of the Administration agreement. For the three months ended March 31, 2022, the Administrator charged approximately $54,000 for certain costs and expenses allocable to the Company under the terms of the Administration agreement. Investment Management Agreement On June 26, 2019, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Advisor. Under the terms of the Investment Management Agreement, the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis. Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until June 26, 2023 and from year to year thereafter if approved annually by (a) the vote of the Board of Directors of the Company 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 Independent Directors. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated without penalty upon not less than 60 days’ written notice by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor. From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Advisor for such amounts paid on its behalf. Amounts payable to the Advisor are settled in the normal course of business without formal payment terms. The Investment Management Agreement also provides that the Company reimburses the Advisor for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company has agreed to repay the Advisor for initial organizational costs and offering costs up to a maximum of $1.25 million, with the Advisor bearing any organizational and offering costs in excess of such amount. As of March 31, 2023, the Company had approximately $843,000 payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statements of assets and liabilities. As of December 31, 2022, the Company had approximately $677,000 payable to Angelo Gordon for operating costs which is included in “Accrued expenses and other liabilities payable to affiliate” on the consolidated statements of assets and liabilities. Under the terms of the Investment Management Agreement, the Company will pay the Advisor a base management fee and may also pay to it certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders. The base management fee is calculated at an annual rate of 0.60% of the Company’s gross assets, excluding cash and cash equivalents. For services rendered under the Investment Management Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets (excluding cash and cash equivalents) at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be appropriately pro-rated. For purposes of the Investment Management Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase. Upon the occurrence of a Qualified IPO, the base management fee will be calculated at an annual rate of 1.25% of the Company’s gross assets, excluding cash and cash equivalents. For the three months ended March 31, 2023, the Company accrued approximately $281,000 of base management fees payable to the Advisor. For the three months ended March 31, 2022, the Company accrued approximately $241,000 of base management fees payable to the Advisor. As of March 31, 2023 and December 31, 2022, base management fees payable by the Company to the Advisor were approximately $281,000 and $281,000, respectively. Pursuant to the Investment Management Agreement, the Advisor is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains. The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals (a) 100% of the excess of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.00% per quarter (4% annualized) (the “Hurdle”), until the Advisor has received a “catch-up” equal to 16.75% of the pre-incentive fee net investment income for the current quarter; and (b) 16.75% of all remaining pre-incentive fee net investment income above the “catch-up.” The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Management Agreement), and equals 16.75% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. For the three months ended March 31, 2023, the Company accrued approximately $662,000 of income incentive fees payable to the Advisor. For the three months ended March 31, 2022, the Company accrued approximately $381,000 of income incentive fees payable to the Advisor. As of March 31, 2023 and December 31, 2022, the Company had approximately $662,000 and $1,295,000, respectively, of income incentive fees payable to the Advisor. As of March 31, 2023, the Company had $497,000 of capital gains incentive fees, of which none were paid or payable to the Advisor, representing a decrease in accrued capital gains incentive fees of $86,000 for the three months ended March 31, 2023. As of December 31, 2022, the Company accrued approximately $583,000, of which $583,000 were unpaid and none of which were payable to the Advisor. Affiliated Transactions The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Directors, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Advisor, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Advisor or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Board make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment. Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. Investment in Affiliated Funds The Company holds equity investments through its interest in the affiliated fund, Twin Brook Equity Holdings, LLC. Twin Brook Equity Holdings, was created to hold equity interest that are purchased alongside the underlying portfolio companies' debt. Fair value as of March 31, 2023 and 2022 and transactions during the three months ended March 31, 2023 and 2022 of the Company’s investments in affiliates were as follows: Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2023 (Amounts in thousands) Fair Value as of January 1, 2023 Gross Additions Gross Reductions Net Realized Gain (Loss) Net Change in Unrealized Fair Value as of March 31, Dividend, Interest, PIK and Non-controlled/affiliated investments Twin Brook Equity Holdings, LLC $ 10,333 $ 109 $ (978) $ 776 $ (648) $ 9,592 $ — Twin Brook Segregated Equity Holdings, LLC 21 — — — (3) 18 — Total non-controlled/affiliated investments $ 10,354 $ 109 $ (978) $ 776 $ (651) $ 9,610 $ — Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2022 (Amounts in thousands) Fair Value as of January 1, 2022 Gross Additions Gross Reductions Net Realized Gain (Loss) Net Change in Unrealized Fair Value as of March 31, Dividend, Interest, PIK and Non-controlled/affiliated investments Twin Brook Equity Holdings, LLC $ 7,972 $ 238 $ (8) $ — $ 245 $ 8,447 $ — Twin Brook Segregated Equity Holdings, LLC 14 — — — 4 18 — Total non-controlled/affiliated investments $ 7,986 $ 238 $ (8) $ — $ 249 $ 8,465 $ — |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | DerivativesThe Company may enter into foreign currency forward contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. In order to better define its contractual rights and to secure rights that will help the Company mitigate its counterparty risk, the Company may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or a similar agreement with its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Company and a counterparty that governs OTC derivatives, including foreign currency forward contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty. The Company minimizes counterparty credit risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties. For the three months ended March 31, 2023 and March 31, 2022, the Company’s average USD notional exposure to foreign currency forward contracts was approximately $1,491,000 and $1,882,000. The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of March 31, 2023: Counterparty Gross Amount of Assets Gross Amount of Liabilities Net Amount of Assets/(Liabilities) Collateral Received/Pledged (1) Net Amounts (2) Wells Fargo Bank, National Association 8 $ — $ 8 $ — $ 8 (1) Amount excludes excess cash collateral paid. (2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2022: Counterparty Gross Amount of Assets Gross Amount of Liabilities Net Amount of Assets/(Liabilities) Collateral Received/Pledged (1) Net Amounts (2) Wells Fargo Bank, National Association — $ 15 $ (15) $ — $ (15) (1) Amount excludes excess cash collateral paid. (2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. The effect of transactions in derivative instruments on the consolidated statements of operations during the three months ended March 31, 2023 was as follows: Three Months Ended Net change in unrealized gain (loss) on foreign currency forward contracts $ 23 Realized (loss) on foreign currency forward contracts (22) The effect of transactions in derivative instruments on the consolidated statements of operations during the three months ended March 31, 2022 was as follows: Three Months Ended Net change in unrealized gain (loss) on foreign currency forward contracts $ (18) Realized (loss) on foreign currency forward contracts (2) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. Unfunded portfolio company commitments and funded debt investments are presented on the consolidated schedule of investments and are fair valued. Unrealized appreciation or depreciation, if any, is included in the consolidated statement of assets and liabilities and consolidated statement of operations. As of March 31, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies: Portfolio Company March 31, 2023 December 31, 2022 First lien senior secured debt (1) (Amounts in thousands) (Amounts in thousands) 50Floor, LLC $ 90 $ 199 626 Holdings Equity, LLC 185 229 Abrasive Technology Intermediate, LLC 138 121 ACES Intermediate, LLC 150 150 Advanced Lighting Acquisition, LLC 324 324 AEP Passion Intermediate Holdings, Inc. 37 48 AFC Industries, Inc. 89 131 Affinitiv, Inc. 248 248 Agility Intermediate, Inc. 343 383 AHR Intermediate, Inc 252 252 Alliance Environmental Group, LLC 24 23 ALM Media, LLC 971 971 Altamira Material Solutions, LP 45 45 AM Buyer, LLC 64 111 Answer Acquisition, LLC 38 38 Apex Dental Partners, LLC 152 179 Aptitude Health Holdings, LLC 267 267 Aquatic Sales Solutions, LLC 5 80 ARC Healthcare Technologies, LLC 244 244 ASC Ortho Management, LLC 57 69 Portfolio Company March 31, 2023 December 31, 2022 ASP Global Acquisition, LLC 550 647 AvCarb, LLC 455 467 Banner Buyer, LLC 296 296 BBG Intermediate Holdings, Inc. 4 229 BCI Burke Holding Corp. 185 185 Beacon Oral Specialists Management LLC 188 152 Behavior Frontiers, LLC 38 19 Benefit Plan Administrators of Eau Claire, LLC 225 225 Bio Agri Mix Holdings Inc. 85 85 Brightview, LLC 96 111 Bulk Lift International, LLC 38 38 Canadian Orthodontic Partners Corp. 23 168 CCG Acquisition, Inc. 19 19 Champion Motorsports Group, LLC 56 — Change Academy at Lake of the Ozarks, LLC 94 113 Community Care Partners, LLC 113 136 Copperweld Group, Inc. 339 401 Cosmetic Solutions, LLC 344 344 CPS HVAC Group, LLC 135 144 Custom Agronomics Holdings, LLC 23 45 DealerOn Inc. 314 314 Dermatology Medical Partners OpCo, LLC 62 78 Diamondback Buyer, LLC 34 75 DNS IMI Acquisition Corp 122 122 Domino Equipment Company, LLC 79 79 Double E Company, LLC 92 99 Dykstra's Auto, LLC 38 22 Edko Acquisition, LLC 34 34 EH Management Company, LLC 15 15 Empire Equipment Company, LLC 282 219 EMSAR Acquisition LLC 13 13 Endodontic Practice Partners, LLC 118 145 Engelman Baking Co., LLC 175 174 E-Phoenix Acquisition Co. Inc. 60 75 Exclusive Concepts, LLC 74 74 Formulated Buyer, LLC 268 297 Franchise Fastlane, LLC 15 15 FreshAddress, LLC 30 30 Geriatric Medical and Surgical Supply, LLC 300 300 Gold Medal Holdings, Inc. 19 26 Golden Bear PT Partners, LLC 26 188 Portfolio Company March 31, 2023 December 31, 2022 Green Monster Acquisition, LLC 38 38 Groundworks Operations, LLC — 420 Guardian Dentistry Practice Management, LLC 23 23 Highland Acquisition, Inc. 30 30 HLSG Intermediate, LLC 44 60 Home Brands Group Holdings, Inc. 48 48 Hultec Buyer, LLC 121 — Hydromax USA, LLC 68 68 Icelandirect, LLC 2 2 Icreon Holdings, LLC 23 23 Infolinks Media Buyco, LLC 77 77 Innovative FlexPak, LLC 188 154 IPC Pain Acquistion, LLC 303 303 ISSA, LLC 131 131 ITSavvy LLC 43 113 Juniper Landscaping Holdings LLC 54 51 Kaizen Auto Care, LLC 8 66 Kalkomey Enterprises, LLC 39 77 Leonard Group, Inc. 234 203 Load One Purchaser Corporation 218 218 MacNeill Pride Group Corp. 268 225 Mad Rose Company, LLC 52 58 Main Street Gourmet, LLC 643 643 Mattco Forge, Inc. 506 506 Maxor National Pharmacy Services, LLC — 84 Medical Technology Associates, Inc. 38 38 MetaSource, LLC 109 109 Millennia Patient Services, LLC 107 367 Montway LLC 150 150 MRC Keeler Acquisition, LLC 150 75 Nelson Name Plate Company 70 89 Network Partners Acquisition, LLC 150 150 NH Kronos Buyer, Inc. 263 263 Nimlok Company, LLC 320 320 NutriScience Innovations, LLC 131 131 P and R Dental Strategies, LLC 23 23 Peak Dental Services, LLC 38 303 Peak Investment Holdings, LLC 908 908 Pentec Acquisition Corp. 75 75 Performance PowerSports Group Purchaser, Inc. — 56 PHGP MB Purchaser, Inc. 174 166 Portfolio Company March 31, 2023 December 31, 2022 Pink Lily Holdings, LLC 63 63 PPW Acquisition, LLC 28 — Propio LS, LLC 54 19 Purpose Home Health Acquisition, LLC 188 188 Qin's Buffalo, LLC 113 113 Raneys, LLC 38 38 Reliable Medical Supply LLC 97 97 Revival Animal Health, LLC 86 86 Rose Paving, LLC 94 41 RQM Buyer, Inc. 188 191 RTP Acquisition, LLC 34 34 Sage Dental Management, LLC 75 75 SAMGI Buyer, Inc. 138 138 SASE Company, LLC 30 38 SCA Buyer, LLC 167 167 SCP Beverage Buyer, LLC 23 23 SCP ENT and Allergy Services, LLC 347 413 Shearer Supply, LLC 23 30 ShiftKey, LLC 66 110 Signature Dental Partners LLC 52 65 Silver Falls MSO, LLC 95 2 SimiTree Acquisition LLC 186 186 SIMKO Merger Sub, LLC 171 170 Soccer Post Acquisition, LLC 6 17 Southeast Primary Care Partners, LLC 125 177 Southern Orthodontic Partners Management, LLC 125 136 Southern Sports Medicine Partners, LLC 175 175 Spectrum Solutions, LLC 267 267 Stax Holding Company, LLC 60 60 Steel City Wash, LLC 16 22 Storm Smart Buyer LLC 131 52 Sun Orchard, LLC 98 105 Teel Plastics, LLC 324 324 The Channel Company, LLC 27 58 Trademark Global, LLC 9 9 Triad Technologies, LLC 266 314 United Land Services Opco Parent, LLC 366 693 Universal Pure, LLC 140 278 USALCO, LLC 70 58 Vanguard Packaging, LLC 481 481 Varsity DuvaSawko Operating Corp. 474 474 Portfolio Company March 31, 2023 December 31, 2022 Vehicle Accessories, Inc. 11 38 Vital Care Buyer, LLC 580 483 Western Veterinary Partners, LLC 24 22 Yard-Nique, Inc 169 163 Total unfunded portfolio company commitments $ 21,366 $ 23,867 (1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. As of March 31, 2023 and December 31, 2022, approximately $209,000 and $207,000, respectively, of the Company's unfunded revolver commitments are reserved for letters of credit issued to third party beneficiaries on behalf of the Company's investments. Investor Commitments As of March 31, 2023 and December 31, 2022, the Company had $216.0 million in total capital commitments from investors ($21.6 million undrawn). These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO. Four investors in the Company have aggregate capital commitments representing 100% of the Company’s total capital commitments. Such concentration of investor commitments could have a material effect on the Company. Other Commitments and Contingencies From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of March 31, 2023, and December 31, 2022, management was not aware of any material pending or threatened litigation. |
Net Assets
Net Assets | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Net Assets | Net Assets Subscriptions and Drawdowns As of March 31, 2023, the Company had 9,672,358 shares issued and outstanding with a par value of $0.001 per share. The Company has entered into subscription agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Advisor delivers a drawdown notice to such investors. During the three months ended March 31, 2023 and 2022, there were no capital call notices delivered to investors. Dividends The following table reflects dividends declared on shares of the Company's common stock during the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Date Declared Record Date Payment Date Dividend per Share March 14, 2023 March 31, 2023 April 28, 2023 $ 0.25 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023 and 2022: (Amounts in thousands, except share and per share amounts) Three Months Ended Three Months Ended Net increase (decrease) in net assets resulting from operations $ 2,865 $ 2,347 Weighted average shares of common stock outstanding - basic and diluted 9,672,358 9,141,176 Earnings (loss) per common share - basic and diluted $ 0.30 $ 0.26 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities, and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital or total distributable earnings (losses), as appropriate. For the three months ended March 31, 2023, permanent differences were approximately $21,000, primarily related to net income from wholly-owned subsidiary. There were no permanent differences for the three months ended March 31, 2022. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following are financial highlights for a common share outstanding during the three months ended March 31, 2023 and 2022: (Amounts in thousands, except share and per share amounts) Three Months Ended Three Months Ended Per share data: Net asset value, beginning of period $ 20.22 $ 20.14 Net investment income (loss) (1) 0.35 0.21 Net realized and unrealized gain (loss) on investment transactions (1) (0.05) 0.05 Total from operations 0.30 0.26 Dividends declared (0.25) — Total increase (decrease) in net assets 0.05 0.26 Net asset value, end of period $ 20.27 $ 20.40 Shares outstanding, end of period 9,672,358 9,141,176 Total return (2)(3) 1.5 % 1.3 % Ratios / supplemental data Ratio of gross expenses to average net assets (3)(4)(5) 1.0 % 0.6 % Ratio of net expenses to average net assets (3)(4)(6) 1.0 % 0.6 % Ratio of net investment income (loss) to average net assets (3)(4) 1.7 % 1.0 % Net assets, end of period $ 196,034 $ 186,445 Weighted average shares outstanding 9,672,358 9,141,176 Total capital commitments, end of period $ 216,000 $ 216,000 Ratio of total contributed capital to total committed capital, end of period 90.0 % 85.0 % Portfolio turnover rate (7) 2.6 % 6.8 % Asset coverage ratio (8) N/A N/A (1) The per share data was derived using the weighted average shares outstanding during the period. (2) Total return is calculated as the change in net asset value ("NAV") per share during the period, plus dividends per share, if any, divided by the NAV per share at the beginning of the period. (3) Not annualized. (4) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period. (5) Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator, if applicable. (6) Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable. (7) Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported. (8) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of March 31, 2023 or March 31, 2022 as there was no debt outstanding during the period. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. There have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements, except as discussed below: Dividend Declaration On May 10, 2023, the Company's Board declared dividends of $0.25 per share, payable on July 31, 2023 to shareholders of record as of June 30, 2023. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein. The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31 . |
Principles of Consolidation | Principles of Consolidation The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp. The Company consolidates wholly-owned subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash | Cash Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure. |
Investment Related Transactions, Revenue Recognition and Expenses | Investment Related Transactions, Revenue Recognition and Expenses Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations. Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned as a component of "Other" income on the consolidated statement of operations. |
Investments at Fair Value | Investments at Fair Value The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). ASC 820 establishes three levels of the fair value hierarchy as follows: Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Board, and the Advisor in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. Investments in investment funds include vehicles structured for the purpose of investing in privately held common and preferred equity interests. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Withdrawals and distributions from investments in investment funds are at the discretion of the Advisor and may depend on the liquidation of underlying assets. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy. The Board has designated the Advisor as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act (“Rule 2a-5”), and in that role, the Advisor is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Even though the Board designated the Advisor as “valuation designee” the Board ultimately responsible for fair value determinations under the 1940 Act. Under the valuation policies and procedures that have been approved by the Board, the Advisor conducts a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by using certain inputs provided by, among other inputs, the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Advisor’s management reviews the preliminary valuations with the investment professionals. • The Advisor determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties. Valuation determinations are presented to the Board. When determining the fair value of Level 3 investments, the Advisor may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Advisor will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Advisor uses a market interest rate yield analysis to determine fair value. The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Advisor may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Advisor generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Advisor’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Advisor. As part of the risk management process, the Advisor reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Advisor believes does not reflect fair value. In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date. |
Foreign Currency Transaction | Foreign Currency Translation Amounts denominated in foreign currencies are translated into USD on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into USD based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, borrowings and repayments of such borrowings, income, and expenses denominated in foreign currencies are translated into USD based upon currency exchange rates prevailing on the transaction dates. The Company does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within net realized and unrealized gain (loss) on investments on the consolidated statement of operations. Unrealized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to the changes in foreign currency exchange rates are included in the net change in unrealized gain (loss) on foreign currency translation on the consolidated statements of operations. Net realized gains and losses on foreign currency holdings and non-investment assets and liabilities attributable to changes in foreign currency exchange rates are included in net realized gain (loss) on foreign currency transactions on the consolidated statements of operations. Foreign security and currency translations may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. |
Foreign Currency Forward Contracts | Foreign Currency Forward Contracts The Company may enter into foreign currency forward contracts to reduce the Company’s exposure to foreign currency exchange rate fluctuations in the value of foreign currencies. In a foreign currency forward contract, the Company agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. Forward foreign currency contracts are marked-to-market at the applicable forward rate. Unrealized gain (loss) on foreign currency forward contracts are recorded on the consolidated statements of assets and liabilities on a gross basis, not taking into account collateral posted which is recorded separately, if applicable. Notional amounts of foreign currency forward contract assets and liabilities are presented separately on the consolidated schedules of investments. Purchases and settlements of foreign currency forward contracts having the same settlement date and counterparty are generally settled net and any realized gains or losses are recognized on the settlement date. The Company does not utilize hedge accounting and as such, the Company recognizes its derivatives at fair value with changes in the net unrealized gain (loss) on foreign currency forward contracts recorded on the consolidated statements of operations. |
Offering Costs | Offering Costs Offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. |
Deferred Financing Costs | Deferred Financing CostsDeferred financing costs consist of financing costs incurred in connection with obtaining the Company’s subscription facility. Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method. |
Deferred Income | Deferred Income Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three months ended March 31, 2023, the Company received approximately $69,000 of agent fees. During the three months ended March 31, 2023, approximately $83,000 of agent fees, respectively, have been recognized as earned and included in “Other” income on the consolidated statements of operations. For the three months ended March 31, 2022, the Company received approximately $59,000 of agent fees, respectively. During the three months ended March 31, 2022, approximately $68,000 of agent fees have been recognized as earned and included in “Other” income on the consolidated statements of operations. |
Income Taxes | Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company also has elected to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the Company continues to qualify as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To continue to qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to continue to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to a 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. For the three months ended March 31, 2023 and 2022, the Company did not accrue U.S. federal excise tax. The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. For the three months ended March 31, 2023, the Company accrued a current federal tax provision of $206,000 and a deferred federal tax provision of $536,000 related to Twin Brook Equity XVIII Corp. The Company did not accrue any U.S. federal tax expense for the three months ended March 31, 2022, related to Twin Brook Equity XVIII Corp. |
Loan Syndications and Participations | Loan Syndications and Participations The Company may originate certain loans and then syndicate all or a portion of those loans to a third party. For the three months ended March 31, 2023, the Company earned approximately $16,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. For the three months ended March 31, 2022, the Company earned approximately $81,000 of syndication and other origination fee income, which is included in “Other” income on the consolidated statement of operations. The Company follows the guidance in Accounting Standards Codification (“ASC”) Topic 860 Transfers and Servicing when accounting for loan participations and other partial loan sales. Such guidance requires a participation or other partial loan sale to meet the definition of a “participating interest,” as defined in the guidance, in order for sale treatment to be allowed. Participations or other partial loan sales that do not meet the definition of a participating interest remain on the consolidated statement of assets and liabilities and the proceeds are recorded as a secured borrowing until the definition is met. Secured borrowings are carried at fair value to correspond with the related investments, which are carried at fair value. There were no participations that were accounted for as secured borrowings during the period. |
Dividends | Dividends Dividends to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such dividends. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed dividends to stockholders. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Investments | Investments at fair value and amortized cost consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (Amounts in thousands) Amortized Cost Fair Value Amortized Cost Fair Value First lien senior secured debt $ 175,863 $ 174,487 $ 180,510 $ 179,768 Sponsor subordinated note 16 18 16 17 Investment in affiliated funds 7,044 9,610 7,137 10,354 Total investments $ 182,923 $ 184,115 $ 187,663 $ 190,139 The industry composition of investments based on fair value as of March 31, 2023 and December 31, 2022 was as follows: March 31, 2023 December 31, 2022 Aerospace and defense 1.2 % 1.1 % Air freight and logistics 0.4 % 0.4 % Auto components 1.8 % 1.7 % Chemicals 4.2 % 4.0 % Commercial services and supplies 5.6 % 5.4 % Construction and engineering 1.9 % 1.8 % Containers and packaging 2.6 % 2.6 % Distributors 0.5 % 0.5 % Diversified consumer services 5.6 % 7.5 % Electrical equipment 0.7 % 0.7 % Electronic equipment, instruments and components 1.5 % 1.4 % Food and staples retailing 2.7 % 2.9 % Food products 2.0 % 1.9 % Gas utilities 0.8 % 0.8 % Health care equipment and supplies 2.6 % 2.5 % Health care providers and services 25.7 % 25.2 % Health care technology 1.3 % 1.3 % Household durables 1.5 % 1.5 % Industrial Conglomerates 0.5 % — % Internet and direct marketing retail 2.3 % 2.2 % IT services 3.0 % 2.9 % Leisure equipment and products 1.6 % 1.6 % Leisure products 0.6 % 0.6 % Life sciences tools and services 0.6 % 0.6 % Machinery 2.0 % 1.9 % Media 3.6 % 3.6 % Metals and mining 1.3 % 1.2 % Multisector holdings 5.2 % 5.5 % Personal products 1.6 % 1.6 % Pharmaceuticals 0.9 % 1.7 % Professional services 0.4 % 0.4 % Real estate management and development 1.6 % 1.5 % Semiconductors and semiconductor equipment 0.4 % 0.4 % Software 3.3 % 3.1 % Specialty retail 3.1 % 3.0 % Trading companies and distributors 4.8 % 4.4 % Water utilities 0.7 % 0.6 % Total 100.0 % 100.0 % |
Fair Value of Investments (Tabl
Fair Value of Investments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy of Financial Instruments | The following tables present the fair value hierarchy of financial instruments as of March 31, 2023: Assets at Fair Value as of March 31, 2023 (Amounts in thousands) Level 1 Level 2 Level 3 Total First lien senior secured debt $ — $ — $ 174,487 $ 174,487 Sponsor subordinated note — — 18 18 Foreign currency forward contracts — 8 — 8 Total $ — $ 8 $ 174,505 $ 174,513 Investments measured at net asset value (1) 9,610 Total financial instruments, at fair value $ 184,123 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. The following tables present the fair value hierarchy of financial instruments as of December 31, 2022: Assets at Fair Value as of December 31, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total First lien senior secured debt $ — $ — $ 179,768 $ 179,768 Sponsor subordinated note — — 17 17 Total $ — $ — $ 179,785 $ 179,785 Investments measured at net asset value (1) 10,354 Total financial instruments, at fair value $ 190,139 (1) Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities. Liabilities at Fair Value as of December 31, 2022 (Amounts in thousands) Level 1 Level 2 Level 3 Total Foreign currency forward contracts $ — $ 15 $ — $ 15 |
Changes in Fair Value of Level 3 Investments | The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023 and 2022: Level 3 Assets at Fair Value for the Three Months Ended March 31, 2023* (Amounts in thousands) Balance Purchases and Drawdowns Sales and Paydowns Other** Realized Gains/ (Losses) Change in Unrealized Appreciation/(Depreciation) Balance 3/31/2023 Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2023 First lien senior secured debt $ 179,768 $ 4,718 $ (9,740) $ 376 $ (1) $ (634) $ 174,487 $ (633) Sponsor subordinated notes 17 — — — — 1 18 — Total $ 179,785 $ 4,718 $ (9,740) $ 376 $ (1) $ (633) $ 174,505 $ (633) * Gains and losses are included in their respective captions in the consolidated statement of operations. ** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. Level 3 Assets at Fair Value for the Three Months Ended March 31, 2022* (Amounts in thousands) Balance Purchases and Drawdowns Sales and Paydowns Other** Realized Gains/ (Losses) Change in Unrealized Appreciation/(Depreciation) Balance 3/31/2022 Change in Unrealized Appreciation/ (Depreciation) for Level 3 Assets Still Held as of 3/31/2022 First lien senior secured debt $ 151,105 $ 13,043 $ (10,888) $ 229 $ 35 $ 188 $ 153,712 $ 176 Sponsor subordinated note 16 — — — — — 16 — Total $ 151,121 $ 13,043 $ (10,888) $ 229 $ 35 $ 188 $ 153,728 $ 176 * Gains and losses are included in their respective captions in the consolidated statement of operations. ** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. |
Significant Unobservable Inputs | In accordance with ASC 820, the following tables provide quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of March 31, 2023 and December 31, 2022. The table is not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value. Asset Class Fair Value as of 3/31/23 Valuation Significant Input Ranges Weighted Average (1) Impact to Valuation (Amounts in thousands) First lien senior secured debt $ 171,360 Discounted cash flow Yield 9.2% - 17.7% 11.0 % Decrease 2,283 Market comparable Forward EBITDA multiple 41.9x 41.9x Increase Sponsor subordinated notes 18 Market comparable LTM EBITDA multiple 7.0x - 7.6x 7.4 x Increase $ 173,661 Asset Class Fair Value as of 12/31/22 Valuation Significant Input Ranges Weighted Average (1) Impact to Valuation (Amounts in thousands) First lien senior secured debt $ 171,353 Discounted cash flow Yield 9.6% - 16.9% 11.1 % Decrease 2,323 Market comparable Forward EBITDA multiple 8.8x 8.8x Increase Sponsor subordinated notes 17 Market comparable LTM EBITDA multiple 7.1x 7.1x Increase $ 173,693 (1) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category. |
Subscription Facility (Tables)
Subscription Facility (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Interest Expense | For the three months ended March 31, 2023 and 2022, the components of interest expense were as follows: (Amounts in thousands) Three Months Ended Three Months Ended Interest expense $ — $ 8 Amortization of deferred financing costs — 47 Total interest expense $ — $ 55 Average interest rate N/A N/A Average daily borrowings N/A N/A |
Agreements and Related Party _2
Agreements and Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Investments in Affiliated Funds | Fair value as of March 31, 2023 and 2022 and transactions during the three months ended March 31, 2023 and 2022 of the Company’s investments in affiliates were as follows: Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2023 (Amounts in thousands) Fair Value as of January 1, 2023 Gross Additions Gross Reductions Net Realized Gain (Loss) Net Change in Unrealized Fair Value as of March 31, Dividend, Interest, PIK and Non-controlled/affiliated investments Twin Brook Equity Holdings, LLC $ 10,333 $ 109 $ (978) $ 776 $ (648) $ 9,592 $ — Twin Brook Segregated Equity Holdings, LLC 21 — — — (3) 18 — Total non-controlled/affiliated investments $ 10,354 $ 109 $ (978) $ 776 $ (651) $ 9,610 $ — Investment in Affiliated Funds at Fair Value for the Three Months Ended March 31, 2022 (Amounts in thousands) Fair Value as of January 1, 2022 Gross Additions Gross Reductions Net Realized Gain (Loss) Net Change in Unrealized Fair Value as of March 31, Dividend, Interest, PIK and Non-controlled/affiliated investments Twin Brook Equity Holdings, LLC $ 7,972 $ 238 $ (8) $ — $ 245 $ 8,447 $ — Twin Brook Segregated Equity Holdings, LLC 14 — — — 4 18 — Total non-controlled/affiliated investments $ 7,986 $ 238 $ (8) $ — $ 249 $ 8,465 $ — |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets | The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of March 31, 2023: Counterparty Gross Amount of Assets Gross Amount of Liabilities Net Amount of Assets/(Liabilities) Collateral Received/Pledged (1) Net Amounts (2) Wells Fargo Bank, National Association 8 $ — $ 8 $ — $ 8 (1) Amount excludes excess cash collateral paid. (2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2022: Counterparty Gross Amount of Assets Gross Amount of Liabilities Net Amount of Assets/(Liabilities) Collateral Received/Pledged (1) Net Amounts (2) Wells Fargo Bank, National Association — $ 15 $ (15) $ — $ (15) (1) Amount excludes excess cash collateral paid. (2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. |
Offsetting Liabilities | The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of March 31, 2023: Counterparty Gross Amount of Assets Gross Amount of Liabilities Net Amount of Assets/(Liabilities) Collateral Received/Pledged (1) Net Amounts (2) Wells Fargo Bank, National Association 8 $ — $ 8 $ — $ 8 (1) Amount excludes excess cash collateral paid. (2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. The following table presents both gross and net information about derivative instruments eligible for offset in the consolidated statements of assets and liabilities as of December 31, 2022: Counterparty Gross Amount of Assets Gross Amount of Liabilities Net Amount of Assets/(Liabilities) Collateral Received/Pledged (1) Net Amounts (2) Wells Fargo Bank, National Association — $ 15 $ (15) $ — $ (15) (1) Amount excludes excess cash collateral paid. (2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual setoff rights under the agreement. Net amount excludes any over-collateralized amounts, if applicable. |
Effect of Transactions | The effect of transactions in derivative instruments on the consolidated statements of operations during the three months ended March 31, 2023 was as follows: Three Months Ended Net change in unrealized gain (loss) on foreign currency forward contracts $ 23 Realized (loss) on foreign currency forward contracts (22) The effect of transactions in derivative instruments on the consolidated statements of operations during the three months ended March 31, 2022 was as follows: Three Months Ended Net change in unrealized gain (loss) on foreign currency forward contracts $ (18) Realized (loss) on foreign currency forward contracts (2) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Commitments to Fund Investments | As of March 31, 2023 and December 31, 2022, the Company had the following outstanding commitments to fund investments in current portfolio companies: Portfolio Company March 31, 2023 December 31, 2022 First lien senior secured debt (1) (Amounts in thousands) (Amounts in thousands) 50Floor, LLC $ 90 $ 199 626 Holdings Equity, LLC 185 229 Abrasive Technology Intermediate, LLC 138 121 ACES Intermediate, LLC 150 150 Advanced Lighting Acquisition, LLC 324 324 AEP Passion Intermediate Holdings, Inc. 37 48 AFC Industries, Inc. 89 131 Affinitiv, Inc. 248 248 Agility Intermediate, Inc. 343 383 AHR Intermediate, Inc 252 252 Alliance Environmental Group, LLC 24 23 ALM Media, LLC 971 971 Altamira Material Solutions, LP 45 45 AM Buyer, LLC 64 111 Answer Acquisition, LLC 38 38 Apex Dental Partners, LLC 152 179 Aptitude Health Holdings, LLC 267 267 Aquatic Sales Solutions, LLC 5 80 ARC Healthcare Technologies, LLC 244 244 ASC Ortho Management, LLC 57 69 Portfolio Company March 31, 2023 December 31, 2022 ASP Global Acquisition, LLC 550 647 AvCarb, LLC 455 467 Banner Buyer, LLC 296 296 BBG Intermediate Holdings, Inc. 4 229 BCI Burke Holding Corp. 185 185 Beacon Oral Specialists Management LLC 188 152 Behavior Frontiers, LLC 38 19 Benefit Plan Administrators of Eau Claire, LLC 225 225 Bio Agri Mix Holdings Inc. 85 85 Brightview, LLC 96 111 Bulk Lift International, LLC 38 38 Canadian Orthodontic Partners Corp. 23 168 CCG Acquisition, Inc. 19 19 Champion Motorsports Group, LLC 56 — Change Academy at Lake of the Ozarks, LLC 94 113 Community Care Partners, LLC 113 136 Copperweld Group, Inc. 339 401 Cosmetic Solutions, LLC 344 344 CPS HVAC Group, LLC 135 144 Custom Agronomics Holdings, LLC 23 45 DealerOn Inc. 314 314 Dermatology Medical Partners OpCo, LLC 62 78 Diamondback Buyer, LLC 34 75 DNS IMI Acquisition Corp 122 122 Domino Equipment Company, LLC 79 79 Double E Company, LLC 92 99 Dykstra's Auto, LLC 38 22 Edko Acquisition, LLC 34 34 EH Management Company, LLC 15 15 Empire Equipment Company, LLC 282 219 EMSAR Acquisition LLC 13 13 Endodontic Practice Partners, LLC 118 145 Engelman Baking Co., LLC 175 174 E-Phoenix Acquisition Co. Inc. 60 75 Exclusive Concepts, LLC 74 74 Formulated Buyer, LLC 268 297 Franchise Fastlane, LLC 15 15 FreshAddress, LLC 30 30 Geriatric Medical and Surgical Supply, LLC 300 300 Gold Medal Holdings, Inc. 19 26 Golden Bear PT Partners, LLC 26 188 Portfolio Company March 31, 2023 December 31, 2022 Green Monster Acquisition, LLC 38 38 Groundworks Operations, LLC — 420 Guardian Dentistry Practice Management, LLC 23 23 Highland Acquisition, Inc. 30 30 HLSG Intermediate, LLC 44 60 Home Brands Group Holdings, Inc. 48 48 Hultec Buyer, LLC 121 — Hydromax USA, LLC 68 68 Icelandirect, LLC 2 2 Icreon Holdings, LLC 23 23 Infolinks Media Buyco, LLC 77 77 Innovative FlexPak, LLC 188 154 IPC Pain Acquistion, LLC 303 303 ISSA, LLC 131 131 ITSavvy LLC 43 113 Juniper Landscaping Holdings LLC 54 51 Kaizen Auto Care, LLC 8 66 Kalkomey Enterprises, LLC 39 77 Leonard Group, Inc. 234 203 Load One Purchaser Corporation 218 218 MacNeill Pride Group Corp. 268 225 Mad Rose Company, LLC 52 58 Main Street Gourmet, LLC 643 643 Mattco Forge, Inc. 506 506 Maxor National Pharmacy Services, LLC — 84 Medical Technology Associates, Inc. 38 38 MetaSource, LLC 109 109 Millennia Patient Services, LLC 107 367 Montway LLC 150 150 MRC Keeler Acquisition, LLC 150 75 Nelson Name Plate Company 70 89 Network Partners Acquisition, LLC 150 150 NH Kronos Buyer, Inc. 263 263 Nimlok Company, LLC 320 320 NutriScience Innovations, LLC 131 131 P and R Dental Strategies, LLC 23 23 Peak Dental Services, LLC 38 303 Peak Investment Holdings, LLC 908 908 Pentec Acquisition Corp. 75 75 Performance PowerSports Group Purchaser, Inc. — 56 PHGP MB Purchaser, Inc. 174 166 Portfolio Company March 31, 2023 December 31, 2022 Pink Lily Holdings, LLC 63 63 PPW Acquisition, LLC 28 — Propio LS, LLC 54 19 Purpose Home Health Acquisition, LLC 188 188 Qin's Buffalo, LLC 113 113 Raneys, LLC 38 38 Reliable Medical Supply LLC 97 97 Revival Animal Health, LLC 86 86 Rose Paving, LLC 94 41 RQM Buyer, Inc. 188 191 RTP Acquisition, LLC 34 34 Sage Dental Management, LLC 75 75 SAMGI Buyer, Inc. 138 138 SASE Company, LLC 30 38 SCA Buyer, LLC 167 167 SCP Beverage Buyer, LLC 23 23 SCP ENT and Allergy Services, LLC 347 413 Shearer Supply, LLC 23 30 ShiftKey, LLC 66 110 Signature Dental Partners LLC 52 65 Silver Falls MSO, LLC 95 2 SimiTree Acquisition LLC 186 186 SIMKO Merger Sub, LLC 171 170 Soccer Post Acquisition, LLC 6 17 Southeast Primary Care Partners, LLC 125 177 Southern Orthodontic Partners Management, LLC 125 136 Southern Sports Medicine Partners, LLC 175 175 Spectrum Solutions, LLC 267 267 Stax Holding Company, LLC 60 60 Steel City Wash, LLC 16 22 Storm Smart Buyer LLC 131 52 Sun Orchard, LLC 98 105 Teel Plastics, LLC 324 324 The Channel Company, LLC 27 58 Trademark Global, LLC 9 9 Triad Technologies, LLC 266 314 United Land Services Opco Parent, LLC 366 693 Universal Pure, LLC 140 278 USALCO, LLC 70 58 Vanguard Packaging, LLC 481 481 Varsity DuvaSawko Operating Corp. 474 474 Portfolio Company March 31, 2023 December 31, 2022 Vehicle Accessories, Inc. 11 38 Vital Care Buyer, LLC 580 483 Western Veterinary Partners, LLC 24 22 Yard-Nique, Inc 169 163 Total unfunded portfolio company commitments $ 21,366 $ 23,867 (1) Unfunded commitments denominated in currencies other than USD have been converted to USD using the exchange rate as of the applicable reporting date. |
Net Assets (Tables)
Net Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Dividend Distributions | The following table reflects dividends declared on shares of the Company's common stock during the three months ended March 31, 2023: For the Three Months Ended March 31, 2023 Date Declared Record Date Payment Date Dividend per Share March 14, 2023 March 31, 2023 April 28, 2023 $ 0.25 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2023 and 2022: (Amounts in thousands, except share and per share amounts) Three Months Ended Three Months Ended Net increase (decrease) in net assets resulting from operations $ 2,865 $ 2,347 Weighted average shares of common stock outstanding - basic and diluted 9,672,358 9,141,176 Earnings (loss) per common share - basic and diluted $ 0.30 $ 0.26 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following are financial highlights for a common share outstanding during the three months ended March 31, 2023 and 2022: (Amounts in thousands, except share and per share amounts) Three Months Ended Three Months Ended Per share data: Net asset value, beginning of period $ 20.22 $ 20.14 Net investment income (loss) (1) 0.35 0.21 Net realized and unrealized gain (loss) on investment transactions (1) (0.05) 0.05 Total from operations 0.30 0.26 Dividends declared (0.25) — Total increase (decrease) in net assets 0.05 0.26 Net asset value, end of period $ 20.27 $ 20.40 Shares outstanding, end of period 9,672,358 9,141,176 Total return (2)(3) 1.5 % 1.3 % Ratios / supplemental data Ratio of gross expenses to average net assets (3)(4)(5) 1.0 % 0.6 % Ratio of net expenses to average net assets (3)(4)(6) 1.0 % 0.6 % Ratio of net investment income (loss) to average net assets (3)(4) 1.7 % 1.0 % Net assets, end of period $ 196,034 $ 186,445 Weighted average shares outstanding 9,672,358 9,141,176 Total capital commitments, end of period $ 216,000 $ 216,000 Ratio of total contributed capital to total committed capital, end of period 90.0 % 85.0 % Portfolio turnover rate (7) 2.6 % 6.8 % Asset coverage ratio (8) N/A N/A (1) The per share data was derived using the weighted average shares outstanding during the period. (2) Total return is calculated as the change in net asset value ("NAV") per share during the period, plus dividends per share, if any, divided by the NAV per share at the beginning of the period. (3) Not annualized. (4) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period. (5) Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator, if applicable. (6) Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator, if applicable. (7) Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported. (8) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period. The ratio is not applicable as of March 31, 2023 or March 31, 2022 as there was no debt outstanding during the period. |
Organization (Details)
Organization (Details) $ in Millions | Jul. 19, 2019 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Anniversary of Initial Closing (in years) | 5 years |
Unaffiliated public float threshold | $ 60 |
Percentage of aggregate capital commitments received prior to initial public offering | 0.175 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||
Offering costs, amortization period | 12 months | |
Amortization of deferred financing costs | $ 0 | $ 47,000 |
Proceeds from fee income | 69,000 | 59,000 |
Agent fees | 83,000 | 68,000 |
Accrued U.S. federal excise tax | 0 | 0 |
Current federal tax provision | 206,000 | 0 |
Deferred federal tax provision | 536,000 | 0 |
Income tax penalties | 0 | |
Income tax interest | 0 | |
Syndication and other origination fee income | $ 16,000 | $ 81,000 |
Investments - Fair Value and Am
Investments - Fair Value and Amortized Cost (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 182,923 | [1],[2],[3] | $ 187,663 | [4],[5],[6] |
Fair Value | 184,115 | [2],[3] | 190,139 | [5],[6] |
Non-controlled/non-affiliated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 175,879 | 180,526 | ||
Fair Value | 174,505 | 179,785 | ||
Non-controlled/affiliated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 7,044 | 7,137 | ||
Fair Value | 9,610 | 10,354 | ||
First lien senior secured debt | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 175,863 | 180,510 | ||
Fair Value | 174,487 | 179,768 | ||
First lien senior secured debt | Non-controlled/non-affiliated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 180,510 | |||
Fair Value | 179,768 | |||
Sponsor subordinated note | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 16 | 16 | ||
Fair Value | $ 18 | 17 | ||
Sponsor subordinated note | Non-controlled/non-affiliated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 16 | |||
Fair Value | $ 17 | |||
[1]The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.[2]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[3]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[4]The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.[5]Unless otherwise indicated, all investments are considered Level 3 investments.[6]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. |
Investments - Industry Composit
Investments - Industry Composition (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Total | 100% | 100% |
Aerospace and defense | ||
Schedule of Investments [Line Items] | ||
Total | 1.20% | 1.10% |
Air freight and logistics | ||
Schedule of Investments [Line Items] | ||
Total | 0.40% | 0.40% |
Auto components | ||
Schedule of Investments [Line Items] | ||
Total | 1.80% | 1.70% |
Chemicals | ||
Schedule of Investments [Line Items] | ||
Total | 4.20% | 4% |
Commercial services and supplies | ||
Schedule of Investments [Line Items] | ||
Total | 5.60% | 5.40% |
Construction and engineering | ||
Schedule of Investments [Line Items] | ||
Total | 1.90% | 1.80% |
Containers and packaging | ||
Schedule of Investments [Line Items] | ||
Total | 2.60% | 2.60% |
Distributors | ||
Schedule of Investments [Line Items] | ||
Total | 0.50% | 0.50% |
Diversified consumer services | ||
Schedule of Investments [Line Items] | ||
Total | 5.60% | 7.50% |
Electrical equipment | ||
Schedule of Investments [Line Items] | ||
Total | 0.70% | 0.70% |
Electronic equipment, instruments and components | ||
Schedule of Investments [Line Items] | ||
Total | 1.50% | 1.40% |
Food and staples retailing | ||
Schedule of Investments [Line Items] | ||
Total | 2.70% | 2.90% |
Food products | ||
Schedule of Investments [Line Items] | ||
Total | 2% | 1.90% |
Gas utilities | ||
Schedule of Investments [Line Items] | ||
Total | 0.80% | 0.80% |
Health care equipment and supplies | ||
Schedule of Investments [Line Items] | ||
Total | 2.60% | 2.50% |
Health care providers and services | ||
Schedule of Investments [Line Items] | ||
Total | 25.70% | 25.20% |
Health care technology | ||
Schedule of Investments [Line Items] | ||
Total | 1.30% | 1.30% |
Household durables | ||
Schedule of Investments [Line Items] | ||
Total | 1.50% | 1.50% |
Industrial Conglomerates | ||
Schedule of Investments [Line Items] | ||
Total | 0.50% | 0% |
Internet and direct marketing retail | ||
Schedule of Investments [Line Items] | ||
Total | 2.30% | 2.20% |
IT services | ||
Schedule of Investments [Line Items] | ||
Total | 3% | 2.90% |
Leisure equipment and products | ||
Schedule of Investments [Line Items] | ||
Total | 1.60% | 1.60% |
Leisure products | ||
Schedule of Investments [Line Items] | ||
Total | 0.60% | 0.60% |
Life sciences tools and services | ||
Schedule of Investments [Line Items] | ||
Total | 0.60% | 0.60% |
Machinery | ||
Schedule of Investments [Line Items] | ||
Total | 2% | 1.90% |
Media | ||
Schedule of Investments [Line Items] | ||
Total | 3.60% | 3.60% |
Metals and mining | ||
Schedule of Investments [Line Items] | ||
Total | 1.30% | 1.20% |
Multisector holdings | ||
Schedule of Investments [Line Items] | ||
Total | 5.20% | 5.50% |
Personal products | ||
Schedule of Investments [Line Items] | ||
Total | 1.60% | 1.60% |
Pharmaceuticals | ||
Schedule of Investments [Line Items] | ||
Total | 0.90% | 1.70% |
Professional services | ||
Schedule of Investments [Line Items] | ||
Total | 0.40% | 0.40% |
Real estate management and development | ||
Schedule of Investments [Line Items] | ||
Total | 1.60% | 1.50% |
Semiconductors and semiconductor equipment | ||
Schedule of Investments [Line Items] | ||
Total | 0.40% | 0.40% |
Software | ||
Schedule of Investments [Line Items] | ||
Total | 3.30% | 3.10% |
Specialty retail | ||
Schedule of Investments [Line Items] | ||
Total | 3.10% | 3% |
Trading companies and distributors | ||
Schedule of Investments [Line Items] | ||
Total | 4.80% | 4.40% |
Water utilities | ||
Schedule of Investments [Line Items] | ||
Total | 0.70% | 0.60% |
Investments - Narrative (Detail
Investments - Narrative (Details) - Geographic concentration risk - Investments held | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
United States | ||
Schedule of Investments [Line Items] | ||
Concentration risk percentage | 99.10% | 99.20% |
Canada | ||
Schedule of Investments [Line Items] | ||
Concentration risk percentage | 0.90% | 0.80% |
Fair Value of Investments - Fai
Fair Value of Investments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | ||
Assets at Fair Value | ||||
Investments at fair value | $ 184,115 | [1],[2] | $ 190,139 | [3],[4] |
Foreign currency forward contracts | 8 | 0 | ||
Total financial instruments, at fair value | 184,123 | 190,139 | ||
Liabilities at Fair Value | ||||
Foreign currency forward contracts | 0 | 15 | ||
Levels 1, 2 and 3 | ||||
Assets at Fair Value | ||||
Total financial instruments, at fair value | 174,513 | 179,785 | ||
Level 1 | ||||
Assets at Fair Value | ||||
Foreign currency forward contracts | 0 | |||
Total financial instruments, at fair value | 0 | 0 | ||
Liabilities at Fair Value | ||||
Foreign currency forward contracts | 0 | |||
Level 2 | ||||
Assets at Fair Value | ||||
Foreign currency forward contracts | 8 | |||
Total financial instruments, at fair value | 8 | 0 | ||
Liabilities at Fair Value | ||||
Foreign currency forward contracts | 15 | |||
Level 3 | ||||
Assets at Fair Value | ||||
Foreign currency forward contracts | 0 | |||
Total financial instruments, at fair value | 174,505 | 179,785 | ||
Liabilities at Fair Value | ||||
Foreign currency forward contracts | 0 | |||
Fair value measured at net asset value | ||||
Assets at Fair Value | ||||
Total financial instruments, at fair value | 9,610 | 10,354 | ||
First lien senior secured debt | ||||
Assets at Fair Value | ||||
Investments at fair value | 174,487 | 179,768 | ||
First lien senior secured debt | Level 1 | ||||
Assets at Fair Value | ||||
Investments at fair value | 0 | 0 | ||
First lien senior secured debt | Level 2 | ||||
Assets at Fair Value | ||||
Investments at fair value | 0 | 0 | ||
First lien senior secured debt | Level 3 | ||||
Assets at Fair Value | ||||
Investments at fair value | 174,487 | 179,768 | ||
Sponsor subordinated note | ||||
Assets at Fair Value | ||||
Investments at fair value | 18 | 17 | ||
Sponsor subordinated note | Level 1 | ||||
Assets at Fair Value | ||||
Investments at fair value | 0 | 0 | ||
Sponsor subordinated note | Level 2 | ||||
Assets at Fair Value | ||||
Investments at fair value | 0 | 0 | ||
Sponsor subordinated note | Level 3 | ||||
Assets at Fair Value | ||||
Investments at fair value | $ 18 | $ 17 | ||
[1]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[2]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[3]Unless otherwise indicated, all investments are considered Level 3 investments.[4]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. |
Fair Value of Investments - Cha
Fair Value of Investments - Changes in Fair Value of Level 3 Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 179,785 | $ 151,121 |
Purchases and Drawdowns | 4,718 | 13,043 |
Sales and Paydowns | (9,740) | (10,888) |
Other | 376 | 229 |
Ending balance | 174,505 | 153,728 |
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held | (633) | 176 |
Investments | Realized Gains/ (Losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gains (losses) included in earnings | (1) | 35 |
Investments | Change in Unrealized Appreciation/(Depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gains (losses) included in earnings | (633) | 188 |
First lien senior secured debt | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 179,768 | 151,105 |
Purchases and Drawdowns | 4,718 | 13,043 |
Sales and Paydowns | (9,740) | (10,888) |
Other | 376 | 229 |
Ending balance | 174,487 | 153,712 |
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held | (633) | 176 |
First lien senior secured debt | Realized Gains/ (Losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gains (losses) included in earnings | (1) | 35 |
First lien senior secured debt | Change in Unrealized Appreciation/(Depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gains (losses) included in earnings | (634) | 188 |
Sponsor subordinated note | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 17 | 16 |
Purchases and Drawdowns | 0 | 0 |
Sales and Paydowns | 0 | 0 |
Other | 0 | 0 |
Ending balance | 18 | 16 |
Change in Unrealized Appreciation/(Depreciation) for Level 3 Assets Still Held | 0 | 0 |
Sponsor subordinated note | Realized Gains/ (Losses) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gains (losses) included in earnings | 0 | 0 |
Sponsor subordinated note | Change in Unrealized Appreciation/(Depreciation) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gains (losses) included in earnings | $ 1 | $ 0 |
Fair Value of Investments - Sig
Fair Value of Investments - Significant Unobservable Inputs (Details) $ in Thousands | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 184,115 | [1],[2] | $ 190,139 | [3],[4] |
Discounted cash flow and market comparable | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 173,661 | 173,693 | ||
First lien senior secured debt | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 174,487 | 179,768 | ||
First lien senior secured debt | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 174,487 | 179,768 | ||
First lien senior secured debt | Discounted cash flow | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 171,360 | 171,353 | ||
First lien senior secured debt | Market comparable | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 2,283 | $ 2,323 | ||
First lien senior secured debt | Market comparable | Level 3 | Forward EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 41.9 | 8.8 | ||
First lien senior secured debt | Minimum | Discounted cash flow | Level 3 | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 0.092 | 0.096 | ||
First lien senior secured debt | Maximum | Discounted cash flow | Level 3 | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 0.177 | 0.169 | ||
First lien senior secured debt | Weighted Average | Discounted cash flow | Level 3 | Yield | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 0.110 | 0.111 | ||
First lien senior secured debt | Weighted Average | Market comparable | Level 3 | Forward EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 41.9 | 8.8 | ||
Sponsor subordinated note | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 18 | $ 17 | ||
Sponsor subordinated note | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | 18 | 17 | ||
Sponsor subordinated note | Market comparable | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value | $ 18 | $ 17 | ||
Sponsor subordinated note | Market comparable | Level 3 | LTM EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 7.1 | |||
Sponsor subordinated note | Minimum | Market comparable | Level 3 | LTM EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 7 | |||
Sponsor subordinated note | Maximum | Market comparable | Level 3 | LTM EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 7.6 | |||
Sponsor subordinated note | Weighted Average | Market comparable | Level 3 | LTM EBITDA multiple | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Investments at fair value, measurement input | 7.4 | 7.1 | ||
[1]Unless otherwise indicated, all investments are considered Level 3 investments. Amounts shown in thousands for principal/par amount, amortized cost and fair value.[2]Unless otherwise indicated, all investments represent co-investments made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.[3]Unless otherwise indicated, all investments are considered Level 3 investments.[4]Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information. |
Subscription Facility - Narrati
Subscription Facility - Narrative (Details) - USD ($) $ in Thousands | Aug. 14, 2019 | Mar. 31, 2023 | Dec. 31, 2022 |
Line of Credit Facility [Line Items] | |||
Outstanding borrowings | $ 0 | $ 0 | |
Subscription Facility | Line of credit | |||
Line of Credit Facility [Line Items] | |||
Maximum commitment | $ 15,000 | ||
Unused commitment fee | 0.20% | ||
Subscription Facility | Line of credit | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 1.50% | ||
Subscription Facility | Line of credit | Prime Rate | |||
Line of Credit Facility [Line Items] | |||
Applicable margin | 0.50% |
Subscription Facility - Compone
Subscription Facility - Components of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Interest expense | $ 0 | $ 8 |
Amortization of deferred financing costs | 0 | 47 |
Total interest expense | $ 0 | $ 55 |
Agreements and Related Party _3
Agreements and Related Party Transactions - Narrative (Details) $ in Thousands | 3 Months Ended | ||||
Jun. 26, 2019 USD ($) component | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | ||
Related Party Transaction [Line Items] | |||||
Administrative fees | [1] | $ 15 | $ 54 | ||
Accrued expenses and other liabilities payable to affiliate | 843 | $ 677 | |||
Management fees | 281 | 241 | |||
Management fees payable | 281 | 281 | |||
Incentive fees | 576 | 381 | |||
Incentive fees payable | 1,159 | 1,295 | |||
Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Management fees | 281 | 241 | |||
Management fees payable | 281 | 281 | |||
Incentive fees | 662 | 381 | |||
Incentive fees payable | 662 | 1,295 | |||
Accrued capital gains incentive fee | 497 | 583 | |||
Decrease in accrued capital gains incentive fees | 86 | ||||
Administration Agreement | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Written notice for termination | 60 days | ||||
Administrative fees | 15 | $ 54 | |||
Investment Management Agreement | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Written notice for termination | 60 days | ||||
Repayment of initial organizational and offering costs, maximum | $ 1,250 | ||||
Management fee rate | 0.60% | ||||
Number of components | component | 2 | ||||
Investment Management Agreement, reimbursement of operating costs | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Accrued expenses and other liabilities payable to affiliate | $ 843 | $ 677 | |||
Investment Management Agreement, qualified IPO | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Management fee rate | 1.25% | ||||
Investment Management Agreement - incentive rate, pre-incentive fee net investment income below catch-up threshold | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Incentive fee rate | 100% | ||||
Investment Management Agreement - incentive rate, quarterly hurdle rate | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Incentive fee rate | 1% | ||||
Investment Management Agreement - incentive rate, annualized hurdle rate | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Incentive fee rate | 4% | ||||
Investment Management Agreement - incentive rate, annualized catch-up threshold | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Incentive fee rate | 16.75% | ||||
Investment Management Agreement - incentive rate, capital gains | Affiliated Entity | |||||
Related Party Transaction [Line Items] | |||||
Incentive fee rate | 16.75% | ||||
[1] Refer to Note 6 - Agreements and Related Party Transactions |
Agreements and Related Party _4
Agreements and Related Party Transactions - Investment in Affiliated Funds (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Net realized (gain) loss on investments | $ 775 | $ 35 |
Net change in unrealized (appreciation) depreciation on investments | (1,284) | 437 |
Non-controlled/affiliated | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value, Beginning of Period | 10,354 | 7,986 |
Gross Additions | 109 | 238 |
Gross Reductions | (978) | (8) |
Net realized (gain) loss on investments | 776 | 0 |
Net change in unrealized (appreciation) depreciation on investments | (651) | 249 |
Fair Value, End of Period | 9,610 | 8,465 |
Dividend, Interest, PIK and Other Income | 0 | 0 |
Investment, Identifier [Axis]: Twin Brook Equity Holdings, LLC | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value, Beginning of Period | 10,333 | 7,972 |
Gross Additions | 109 | 238 |
Gross Reductions | (978) | (8) |
Net realized (gain) loss on investments | 776 | 0 |
Net change in unrealized (appreciation) depreciation on investments | (648) | 245 |
Fair Value, End of Period | 9,592 | 8,447 |
Dividend, Interest, PIK and Other Income | 0 | 0 |
Investment, Identifier [Axis]: Twin Brook Segregated Equity Holdings, LLC | ||
Investments in and Advances to Affiliates, at Fair Value [Roll Forward] | ||
Fair Value, Beginning of Period | 21 | 14 |
Gross Additions | 0 | 0 |
Gross Reductions | 0 | 0 |
Net realized (gain) loss on investments | 0 | 0 |
Net change in unrealized (appreciation) depreciation on investments | (3) | 4 |
Fair Value, End of Period | 18 | 18 |
Dividend, Interest, PIK and Other Income | $ 0 | $ 0 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Average notional exposure | $ 1,491 | $ 1,882 |
Derivatives - Offsetting (Detai
Derivatives - Offsetting (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Gross Amount of Assets | $ 8 | $ 0 |
Gross Amount of Liabilities | 0 | 15 |
Net Amount of Assets/(Liabilities) | 8 | (15) |
Collateral Received/Pledged | 0 | 0 |
Net Amounts | $ 8 | $ (15) |
Derivatives - Effect of Transac
Derivatives - Effect of Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Net change in unrealized gain (loss) on foreign currency forward contracts | $ 23 | $ (18) |
Realized (loss) on foreign currency forward contracts | $ (22) | $ (2) |
Commitments and Contingencies -
Commitments and Contingencies - Outstanding Commitments to Fund Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | $ 21,366 | $ 23,867 |
Investment, Identifier [Axis]: 50Floor, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 90 | 199 |
Investment, Identifier [Axis]: 626 Holdings Equity, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 185 | 229 |
Investment, Identifier [Axis]: ACES Intermediate, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 150 | 150 |
Investment, Identifier [Axis]: AEP Passion Intermediate Holdings, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 37 | 48 |
Investment, Identifier [Axis]: AFC Industries, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 89 | 131 |
Investment, Identifier [Axis]: AHR Intermediate, Inc | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 252 | 252 |
Investment, Identifier [Axis]: ALM Media, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 971 | 971 |
Investment, Identifier [Axis]: AM Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 64 | 111 |
Investment, Identifier [Axis]: ARC Healthcare Technologies, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 244 | 244 |
Investment, Identifier [Axis]: ASC Ortho Management, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 57 | 69 |
Investment, Identifier [Axis]: ASP Global Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 550 | 647 |
Investment, Identifier [Axis]: Abrasive Technology Intermediate, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 138 | 121 |
Investment, Identifier [Axis]: Advanced Lighting Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 324 | 324 |
Investment, Identifier [Axis]: Affinitiv, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 248 | 248 |
Investment, Identifier [Axis]: Agility Intermediate, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 343 | 383 |
Investment, Identifier [Axis]: Alliance Environmental Group, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 24 | 23 |
Investment, Identifier [Axis]: Altamira Material Solutions, LP | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 45 | 45 |
Investment, Identifier [Axis]: Answer Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 38 |
Investment, Identifier [Axis]: Apex Dental Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 152 | 179 |
Investment, Identifier [Axis]: Aptitude Health Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 267 | 267 |
Investment, Identifier [Axis]: Aquatic Sales Solutions, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 5 | 80 |
Investment, Identifier [Axis]: AvCarb, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 455 | 467 |
Investment, Identifier [Axis]: BBG Intermediate Holdings, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 4 | 229 |
Investment, Identifier [Axis]: BCI Burke Holding Corp. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 185 | 185 |
Investment, Identifier [Axis]: Banner Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 296 | 296 |
Investment, Identifier [Axis]: Beacon Oral Specialists Management LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 188 | 152 |
Investment, Identifier [Axis]: Behavior Frontiers, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 19 |
Investment, Identifier [Axis]: Benefit Plan Administrators of Eau Claire, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 225 | 225 |
Investment, Identifier [Axis]: Bio Agri Mix Holdings Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 85 | 85 |
Investment, Identifier [Axis]: Brightview, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 96 | 111 |
Investment, Identifier [Axis]: Bulk Lift International, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 38 |
Investment, Identifier [Axis]: CCG Acquisition, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 19 | 19 |
Investment, Identifier [Axis]: CPS HVAC Group, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 135 | 144 |
Investment, Identifier [Axis]: Canadian Orthodontic Partners Corp. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 168 |
Investment, Identifier [Axis]: Champion Motorsports Group, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 56 | 0 |
Investment, Identifier [Axis]: Change Academy at Lake of the Ozarks, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 94 | 113 |
Investment, Identifier [Axis]: Community Care Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 113 | 136 |
Investment, Identifier [Axis]: Copperweld Group, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 339 | 401 |
Investment, Identifier [Axis]: Cosmetic Solutions, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 344 | 344 |
Investment, Identifier [Axis]: Custom Agronomics Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 45 |
Investment, Identifier [Axis]: DNS IMI Acquisition Corp | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 122 | 122 |
Investment, Identifier [Axis]: DealerOn Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 314 | 314 |
Investment, Identifier [Axis]: Dermatology Medical Partners OpCo, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 62 | 78 |
Investment, Identifier [Axis]: Diamondback Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 34 | 75 |
Investment, Identifier [Axis]: Domino Equipment Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 79 | 79 |
Investment, Identifier [Axis]: Double E Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 92 | 99 |
Investment, Identifier [Axis]: Dykstra's Auto, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 22 |
Investment, Identifier [Axis]: E-Phoenix Acquisition Co. Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 60 | 75 |
Investment, Identifier [Axis]: EH Management Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 15 | 15 |
Investment, Identifier [Axis]: EMSAR Acquisition LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 13 | 13 |
Investment, Identifier [Axis]: Edko Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 34 | 34 |
Investment, Identifier [Axis]: Empire Equipment Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 282 | 219 |
Investment, Identifier [Axis]: Endodontic Practice Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 118 | 145 |
Investment, Identifier [Axis]: Engelman Baking Co., LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 175 | 174 |
Investment, Identifier [Axis]: Exclusive Concepts, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 74 | 74 |
Investment, Identifier [Axis]: Formulated Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 268 | 297 |
Investment, Identifier [Axis]: Franchise Fastlane, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 15 | 15 |
Investment, Identifier [Axis]: FreshAddress, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 30 | 30 |
Investment, Identifier [Axis]: Geriatric Medical and Surgical Supply, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 300 | 300 |
Investment, Identifier [Axis]: Gold Medal Holdings, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 19 | 26 |
Investment, Identifier [Axis]: Golden Bear PT Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 26 | 188 |
Investment, Identifier [Axis]: Green Monster Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 38 |
Investment, Identifier [Axis]: Groundworks Operations, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 0 | 420 |
Investment, Identifier [Axis]: Guardian Dentistry Practice Management, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 23 |
Investment, Identifier [Axis]: HLSG Intermediate, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 44 | 60 |
Investment, Identifier [Axis]: Highland Acquisition, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 30 | 30 |
Investment, Identifier [Axis]: Home Brands Group Holdings, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 48 | 48 |
Investment, Identifier [Axis]: Hultec Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 121 | 0 |
Investment, Identifier [Axis]: Hydromax USA, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 68 | 68 |
Investment, Identifier [Axis]: IPC Pain Acquistion, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 303 | 303 |
Investment, Identifier [Axis]: ISSA, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 131 | 131 |
Investment, Identifier [Axis]: ITSavvy LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 43 | 113 |
Investment, Identifier [Axis]: Icelandirect, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 2 | 2 |
Investment, Identifier [Axis]: Icreon Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 23 |
Investment, Identifier [Axis]: Infolinks Media Buyco, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 77 | 77 |
Investment, Identifier [Axis]: Innovative FlexPak, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 188 | 154 |
Investment, Identifier [Axis]: Juniper Landscaping Holdings LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 54 | 51 |
Investment, Identifier [Axis]: Kaizen Auto Care, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 8 | 66 |
Investment, Identifier [Axis]: Kalkomey Enterprises, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 39 | 77 |
Investment, Identifier [Axis]: Leonard Group, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 234 | 203 |
Investment, Identifier [Axis]: Load One Purchaser Corporation | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 218 | 218 |
Investment, Identifier [Axis]: MRC Keeler Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 150 | 75 |
Investment, Identifier [Axis]: MacNeill Pride Group Corp. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 268 | 225 |
Investment, Identifier [Axis]: Mad Rose Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 52 | 58 |
Investment, Identifier [Axis]: Main Street Gourmet, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 643 | 643 |
Investment, Identifier [Axis]: Mattco Forge, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 506 | 506 |
Investment, Identifier [Axis]: Maxor National Pharmacy Services, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 0 | 84 |
Investment, Identifier [Axis]: Medical Technology Associates, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 38 |
Investment, Identifier [Axis]: MetaSource, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 109 | 109 |
Investment, Identifier [Axis]: Millennia Patient Services, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 107 | 367 |
Investment, Identifier [Axis]: Montway LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 150 | 150 |
Investment, Identifier [Axis]: NH Kronos Buyer, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 263 | 263 |
Investment, Identifier [Axis]: Nelson Name Plate Company | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 70 | 89 |
Investment, Identifier [Axis]: Network Partners Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 150 | 150 |
Investment, Identifier [Axis]: Nimlok Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 320 | 320 |
Investment, Identifier [Axis]: NutriScience Innovations, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 131 | 131 |
Investment, Identifier [Axis]: P and R Dental Strategies, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 23 |
Investment, Identifier [Axis]: PHGP MB Purchaser, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 174 | 166 |
Investment, Identifier [Axis]: PPW Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 28 | 0 |
Investment, Identifier [Axis]: Peak Dental Services, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 303 |
Investment, Identifier [Axis]: Peak Investment Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 908 | 908 |
Investment, Identifier [Axis]: Pentec Acquisition Corp. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 75 | 75 |
Investment, Identifier [Axis]: Performance PowerSports Group Purchaser, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 0 | 56 |
Investment, Identifier [Axis]: Pink Lily Holdings, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 63 | 63 |
Investment, Identifier [Axis]: Propio LS, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 54 | 19 |
Investment, Identifier [Axis]: Purpose Home Health Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 188 | 188 |
Investment, Identifier [Axis]: Qin's Buffalo, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 113 | 113 |
Investment, Identifier [Axis]: RQM Buyer, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 188 | 191 |
Investment, Identifier [Axis]: RTP Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 34 | 34 |
Investment, Identifier [Axis]: Raneys, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 38 | 38 |
Investment, Identifier [Axis]: Reliable Medical Supply LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 97 | 97 |
Investment, Identifier [Axis]: Revival Animal Health, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 86 | 86 |
Investment, Identifier [Axis]: Rose Paving, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 94 | 41 |
Investment, Identifier [Axis]: SAMGI Buyer, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 138 | 138 |
Investment, Identifier [Axis]: SASE Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 30 | 38 |
Investment, Identifier [Axis]: SCA Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 167 | 167 |
Investment, Identifier [Axis]: SCP Beverage Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 23 |
Investment, Identifier [Axis]: SCP ENT and Allergy Services, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 347 | 413 |
Investment, Identifier [Axis]: SIMKO Merger Sub, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 171 | 170 |
Investment, Identifier [Axis]: Sage Dental Management, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 75 | 75 |
Investment, Identifier [Axis]: Shearer Supply, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 23 | 30 |
Investment, Identifier [Axis]: ShiftKey, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 66 | 110 |
Investment, Identifier [Axis]: Signature Dental Partners LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 52 | 65 |
Investment, Identifier [Axis]: Silver Falls MSO, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 95 | 2 |
Investment, Identifier [Axis]: SimiTree Acquisition LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 186 | 186 |
Investment, Identifier [Axis]: Soccer Post Acquisition, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 6 | 17 |
Investment, Identifier [Axis]: Southeast Primary Care Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 125 | 177 |
Investment, Identifier [Axis]: Southern Orthodontic Partners Management, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 125 | 136 |
Investment, Identifier [Axis]: Southern Sports Medicine Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 175 | 175 |
Investment, Identifier [Axis]: Spectrum Solutions, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 267 | 267 |
Investment, Identifier [Axis]: Stax Holding Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 60 | 60 |
Investment, Identifier [Axis]: Steel City Wash, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 16 | 22 |
Investment, Identifier [Axis]: Storm Smart Buyer LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 131 | 52 |
Investment, Identifier [Axis]: Sun Orchard, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 98 | 105 |
Investment, Identifier [Axis]: Teel Plastics, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 324 | 324 |
Investment, Identifier [Axis]: The Channel Company, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 27 | 58 |
Investment, Identifier [Axis]: Trademark Global, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 9 | 9 |
Investment, Identifier [Axis]: Triad Technologies, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 266 | 314 |
Investment, Identifier [Axis]: USALCO, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 70 | 58 |
Investment, Identifier [Axis]: United Land Services Opco Parent, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 366 | 693 |
Investment, Identifier [Axis]: Universal Pure, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 140 | 278 |
Investment, Identifier [Axis]: Vanguard Packaging, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 481 | 481 |
Investment, Identifier [Axis]: Varsity DuvaSawko Operating Corp. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 474 | 474 |
Investment, Identifier [Axis]: Vehicle Accessories, Inc. | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 11 | 38 |
Investment, Identifier [Axis]: Vital Care Buyer, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 580 | 483 |
Investment, Identifier [Axis]: Western Veterinary Partners, LLC | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | 24 | 22 |
Investment, Identifier [Axis]: Yard-Nique, Inc | ||
Financial Support for Nonconsolidated Legal Entity [Line Items] | ||
Outstanding commitments to fund investments | $ 169 | $ 163 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Aug. 14, 2019 | |
Other Commitments [Line Items] | ||||
Total capital commitments from investors | $ 216,000 | $ 216,000 | $ 216,000 | |
Total capital commitments from investors, undrawn | $ 21,600 | 21,600 | ||
Total Capital Commitments | Investor Concentration Risk | Four investors | ||||
Other Commitments [Line Items] | ||||
Concentration risk percentage | 100% | |||
Line of credit | Subscription Facility | ||||
Other Commitments [Line Items] | ||||
Maximum commitment | $ 15,000 | |||
Line of credit | Letters of credit | Subscription Facility | ||||
Other Commitments [Line Items] | ||||
Maximum commitment | $ 209 | $ 207 |
Net Assets - Subscriptions and
Net Assets - Subscriptions and Drawdowns (Details) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Equity [Abstract] | |||
Common shares, issued (in shares) | 9,672,358 | 9,672,358 | |
Common shares, outstanding (in shares) | 9,672,358 | 9,672,358 | 9,141,176 |
Common shares, par value (in usd per share) | $ 0.001 | $ 0.001 |
Net Assets - Dividends (Details
Net Assets - Dividends (Details) - $ / shares | 3 Months Ended | ||
Mar. 14, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | |||
Dividends declared per share (in usd per share) | $ 0.25 | $ 0.25 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net increase (decrease) in net assets resulting from operations | $ 2,865 | $ 2,347 |
Weighted average shares of common stock outstanding - basic (in shares) | 9,672,358 | 9,141,176 |
Weighted average shares of common stock outstanding - diluted (in shares) | 9,672,358 | 9,141,176 |
Earnings (loss) per share - basic (in usd per share) | $ 0.30 | $ 0.26 |
Earnings (loss) per share - diluted (in usd per share) | $ 0.30 | $ 0.26 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Permanent differences | $ 21 | $ 0 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Per share data: | ||||
Net asset value, beginning of period (in usd per share) | $ 20.22 | $ 20.14 | $ 20.14 | |
Net investment income (loss) (in usd per share) | 0.35 | 0.21 | ||
Net realized and unrealized gain (loss) on investment transactions (in usd per share) | (0.05) | 0.05 | ||
Total from operations (in usd per share) | 0.30 | 0.26 | ||
Dividends declared (in usd per share) | (0.25) | 0 | ||
Total increase (decrease) in net assets (in usd per share) | 0.05 | 0.26 | ||
Net asset value, end of period (in usd per share) | $ 20.27 | $ 20.40 | $ 20.22 | |
Shares outstanding, end of period (in shares) | 9,672,358 | 9,141,176 | 9,672,358 | |
Total return | 1.50% | 1.30% | ||
Ratios / supplemental data | ||||
Ratio of gross expenses to average net assets | 1% | 0.60% | ||
Ratio of net expenses to average net assets | 1% | 0.60% | ||
Ratio of net investment income (loss) to average net assets | 1.70% | 1% | ||
Net assets, end of period | $ 196,034 | $ 186,445 | $ 195,587 | $ 184,098 |
Weighted average shares outstanding - basic (in shares) | 9,672,358 | 9,141,176 | ||
Weighted average shares outstanding - diluted (in shares) | 9,672,358 | 9,141,176 | ||
Total capital commitments, end of period | $ 216,000 | $ 216,000 | $ 216,000 | |
Ratio of total contributed capital to total committed capital, end of period | 90% | 85% | ||
Portfolio turnover rate | 2.60% | 6.80% |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | ||
May 10, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||
Dividends declared (in usd per share) | $ 0.25 | $ 0 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividends declared (in usd per share) | $ 0.25 |