Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 29, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Registrant Name | Steele Creek Capital Corp | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 5,710,410 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001817825 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | false | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Securities Act File Number | 814-01351 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 85-1327288 | ||
Entity Address, Address Line One | 210 S. College Street | ||
Entity Address, Address Line Two | Suite 1690 | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28244 | ||
City Area Code | (704) | ||
Local Phone Number | 343-6011 | ||
Title of 12(g) Security | Common Stock, par value $0.001 per share | ||
Entity Interactive Data Current | Yes | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | New York |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Non-controlled/non-affiliate company investments, at fair value (amortized cost of $137,084 and $106,443, respectively) | $ 127,619 | $ 106,997 |
Cash | 4,693 | 8,449 |
Receivable for investments sold | 18,277 | 62,363 |
Prepaid expenses and other assets | 218 | 151 |
Interest receivable | 363 | 310 |
Total assets | 151,170 | 178,270 |
Liabilities | ||
Credit facility | 83,150 | 70,380 |
Payable for investments purchased | 15,253 | 58,872 |
Management fees payable | 319 | 269 |
Interest payable | 28 | 11 |
Incentive fees payable | 24 | 309 |
Accounts payable and accrued expenses | 664 | 312 |
Directors’ fees payable | 17 | |
Distributions payable | 1,357 | 1,107 |
Total liabilities | 100,795 | 131,277 |
Commitments and contingencies (Note 9) | ||
Net Assets: | ||
Common shares, $0.001 par value, 5,643,073 shares authorized, 5,643,073 and 4,311,321 shares issued and outstanding, respectively | 6 | 4 |
Paid-in-capital in excess of par value | 60,372 | 46,633 |
Total distributable (deficit) earnings | (10,003) | 356 |
Total net assets | 50,375 | 46,993 |
Total liabilities and net assets | $ 151,170 | $ 178,270 |
Net asset value per share (in Dollars per share) | $ 8.93 | $ 10.9 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Amortized cost of investments (in Dollars) | $ 137,084 | $ 106,443 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 5,643,073 | 5,643,073 |
Common stock, shares issued | 5,643,073 | 4,311,321 |
Common stock, shares outstanding | 5,643,073 | 4,311,321 |
Consolidated Statement of Opera
Consolidated Statement of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Non-controlled/non-affiliate company investments: | ||
Interest income | $ 8,350 | $ 4,417 |
Other income | 14 | |
Total investment income | 8,350 | 4,431 |
Expenses: | ||
Management fees | 1,601 | 1,766 |
Interest and debt financing expenses | 2,794 | 1,134 |
Professional fees | 363 | 482 |
Incentive fees | (86) | 308 |
Offering costs - paid by Moelis Asset | 116 | |
Administration expenses | 202 | 175 |
Directors’ fees | 80 | 80 |
Custody fees | 42 | 30 |
Legal fees - paid by Moelis Asset | 55 | |
Organizational costs - paid by Moelis Asset | 23 | |
Other general and administrative expenses | 818 | 466 |
Total expenses | 5,869 | 4,580 |
Less: management fees waived | (595) | (814) |
Net expenses | 5,274 | 3,766 |
Net investment income | 3,076 | 665 |
Realized and unrealized (loss) gain on investments: | ||
Net realized gain on non-controlled/non-affiliate company investments | 328 | 2,365 |
Net change in unrealized (depreciation) on non-controlled/non-affiliate company investments | (10,019) | (301) |
Total net realized and unrealized (loss) gain on investments | (9,691) | 2,064 |
Net (decrease) increase in net assets resulting from operations | $ (6,615) | $ 2,729 |
Per share data: | ||
Net investment income per share - basic and diluted (in Dollars per share) | $ 0.59 | $ 0.19 |
Net (decrease) increase in net assets resulting from operations per share - basic and diluted (in Dollars per share) | $ (1.26) | $ 0.79 |
Weighted average shares outstanding - basic and diluted (in Shares) | 5,242 | 3,472 |
Consolidated Statement of Ope_2
Consolidated Statement of Operations (Parentheticals) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net investment income per share - basic and diluted (in Dollars per share) | $ 0.59 | $ 0.19 |
Net (decrease) increase in net assets resulting from operations per share - basic and diluted (in Dollars per share) | $ (1.26) | $ 0.79 |
Weighted average shares outstanding - basic and diluted (in Shares) (in Shares) | 5,242 | 3,472 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operations | ||
Net investment income | $ 3,076 | $ 665 |
Net realized gain on investments | 328 | 2,365 |
Net change in unrealized (depreciation) on investments | (10,019) | (301) |
Net (decrease) increase in net assets resulting from operations | (6,615) | 2,729 |
Distributions to Stockholders | ||
Distributions of realized income | (3,744) | (2,662) |
Capital Share Transactions | ||
Issuance of common shares | 13,686 | 18,448 |
Contributions for organizational and offering costs | 36 | |
Contributions for legal fees | 55 | |
Deferred offering costs | 102 | |
Net Assets | ||
Net increase in net assets during the year | 3,382 | 18,653 |
Net assets at beginning of year | 46,993 | 28,340 |
Net assets at end of year | $ 50,375 | $ 46,993 |
Capital Share Activity | ||
Issuance of common shares (in Shares) | 1,332 | 1,678 |
Shares issued and outstanding at beginning of year (in Shares) | 4,311 | 2,633 |
Shares issued and outstanding at end of year (in Shares) | 5,643 | 4,311 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net (decrease) increase in net assets resulting from operations | $ (6,615) | $ 2,729 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities | ||
Purchase of investments | (163,582) | (606,314) |
Proceeds from sales of investments and paydowns | 133,480 | 569,373 |
Payment in-kind interest income | (11) | (6) |
Amortization of premium/accretion of discount, net | (200) | (175) |
Net realized (gain) on investments | (328) | (2,365) |
Net change in unrealized depreciation on investments | 10,019 | 301 |
Amortization of offering costs | 115 | |
Changes in operating assets and liabilities: | ||
Receivable for investments sold | 44,086 | (34,271) |
Prepaid expenses and other assets | (67) | 41 |
Interest receivable | (53) | (214) |
Payable for investments purchased | (43,619) | 16,446 |
Management fees payable | 50 | 269 |
Interest payable | 17 | (27) |
Incentive fees payable | (285) | 309 |
Accounts payable and accrued expenses | 352 | (37) |
Directors’ fees payable | (17) | (2) |
Net cash used in operating activities | (26,773) | (53,828) |
Cash flows from financing activities: | ||
Proceeds from issuance of common shares | 13,686 | 18,448 |
Proceeds from issuance of debt | 19,800 | 42,580 |
Repayments on debt | (7,030) | |
Contribution from Moelis Asset for organizational and offering costs | 36 | |
Contribution from Moelis Asset for legal fees | 55 | |
Payments of offering costs | (13) | |
Stockholder distributions paid | (3,494) | (1,980) |
Net cash provided by financing activities | 23,017 | 59,071 |
Net (decrease) increase in Cash | (3,756) | 5,243 |
Cash, beginning of year | 8,449 | 3,206 |
Cash, end of year | 4,693 | 8,449 |
Operating Activities: | ||
Interest paid | $ 2,777 | $ 1,161 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortized Cost (in Dollars) | $ 137,084 | $ 106,443 | |
Aerospace & Defense [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 5,693 | |
% of Net Assets | [1],[2] | 10.90% | |
Fair Value (in Dollars) | [1] | $ 5,534 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 137,084 | |
% of Net Assets | [1],[2] | 253.30% | |
Fair Value (in Dollars) | [1] | $ 127,619 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 130,209 | |
% of Net Assets | [1],[2] | 240.10% | |
Fair Value (in Dollars) | [1] | $ 120,959 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Investments made in Ireland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,975 | |
% of Net Assets | [1],[2] | 3.80% | |
Fair Value (in Dollars) | [1] | $ 1,886 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 2,461 | |
% of Net Assets | [1],[2] | 4.60% | |
Fair Value (in Dollars) | [1] | $ 2,359 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Investments made in United Kingdom Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,474 | |
% of Net Assets | [1],[2] | 2.90% | |
Fair Value (in Dollars) | [1] | $ 1,438 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | Investments made in Ireland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 998 | |
% of Net Assets | [1],[2] | 2% | |
Fair Value (in Dollars) | [1] | $ 997 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Amentum Government Services Holdings LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 858 | |
Par Amount (in Dollars) | [1] | $ 862 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 842 | |
Interest Rate | [1],[3] | 8.76% | |
Maturity | [1] | Feb. 15, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.76% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | HDT Holdco, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 514 | |
Par Amount (in Dollars) | [1] | $ 527 | |
% of Net Assets | [1],[2] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 450 | |
Interest Rate | [1],[3] | 10.48% | |
Maturity | [1] | Jul. 08, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 5.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | MAG DS Corp.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 892 | |
Par Amount (in Dollars) | [1] | $ 926 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 852 | |
Interest Rate | [1],[3] | 10.23% | |
Maturity | [1] | Apr. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 5.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Peraton Corp [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 961 | |
Par Amount (in Dollars) | [1] | $ 965 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 944 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Feb. 01, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Propulsion (BC) Midco SARL [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 996 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 975 | |
Interest Rate | [1],[3] | 8.58% | |
Maturity | [1] | Sep. 14, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Spirit Aerosystems, Inc. (fka Mid-Western Aircraft Systems, Inc and Onex Wind Finance LP.) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 484 | |
Par Amount (in Dollars) | [1] | $ 499 | |
% of Net Assets | [1],[2] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 494 | |
Interest Rate | [1],[3] | 8.82% | |
Maturity | [1] | Jan. 15, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Vertex Aerospace Services Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 977 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Dec. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Setanta Aircraft Leasing DAC [Member] | Investments made in Ireland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 998 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[2] | 2% | |
Fair Value (in Dollars) | [1] | $ 997 | |
Interest Rate | [1],[3] | 6.73% | |
Maturity | [1] | Nov. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 2% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Automotive [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 3,874 | |
% of Net Assets | [1],[2] | 7.30% | |
Fair Value (in Dollars) | [1] | $ 3,686 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Automotive [Member] | First Lien - Term Loan [Member] | Autokiniton US Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,472 | |
Par Amount (in Dollars) | [1] | $ 1,480 | |
% of Net Assets | [1],[2] | 2.80% | |
Fair Value (in Dollars) | [1] | $ 1,437 | |
Interest Rate | [1],[3] | 8.79% | |
Maturity | [1] | Apr. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.29% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Automotive [Member] | First Lien - Term Loan [Member] | First Brands Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 987 | |
Par Amount (in Dollars) | [1] | $ 987 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 940 | |
Interest Rate | [1],[3] | 8.37% | |
Maturity | [1] | Mar. 30, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 3.37% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Automotive [Member] | First Lien - Term Loan [Member] | Gates Global LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 484 | |
Par Amount (in Dollars) | [1] | $ 499 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 496 | |
Interest Rate | [1],[3] | 7.82% | |
Maturity | [1] | Nov. 16, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Automotive [Member] | First Lien - Term Loan [Member] | Holley Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 931 | |
Par Amount (in Dollars) | [1] | $ 930 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 813 | |
Interest Rate | [1],[3] | 8.42% | |
Maturity | [1] | Nov. 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.67% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 14,909 | |
% of Net Assets | [1],[2] | 28.70% | |
Fair Value (in Dollars) | [1] | $ 14,410 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | Investments made in United Kingdom Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,474 | |
% of Net Assets | [1],[2] | 2.90% | |
Fair Value (in Dollars) | [1] | $ 1,438 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | AssuredPartners, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 990 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 966 | |
Interest Rate | [1],[3] | 7.82% | |
Maturity | [1] | Feb. 12, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Asurion, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 642 | |
Par Amount (in Dollars) | [1] | $ 649 | |
% of Net Assets | [1],[2] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 581 | |
Interest Rate | [1],[3] | 8.68% | |
Maturity | [1] | Aug. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 4.10% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Baldwin Risk Partners, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,085 | |
Par Amount (in Dollars) | [1] | $ 1,096 | |
% of Net Assets | [1],[2] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,073 | |
Interest Rate | [1],[3] | 7.79% | |
Maturity | [1] | Oct. 14, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.29% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Blackstone Mortgage Trust, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 837 | |
Par Amount (in Dollars) | [1] | $ 849 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 834 | |
Interest Rate | [1],[3] | 7.82% | |
Maturity | [1] | May 09, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Citadel Securities LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,201 | |
Par Amount (in Dollars) | [1] | $ 1,241 | |
% of Net Assets | [1],[2] | 2.40% | |
Fair Value (in Dollars) | [1] | $ 1,220 | |
Interest Rate | [1],[3] | 6.93% | |
Maturity | [1] | Feb. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 2.61% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Deerfield Dakota Holding, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 992 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 929 | |
Interest Rate | [1],[3] | 8.07% | |
Maturity | [1] | Apr. 09, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | DRW Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 535 | |
Par Amount (in Dollars) | [1] | $ 537 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 524 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Feb. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | FinCo I LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 369 | |
Par Amount (in Dollars) | [1] | $ 368 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 368 | |
Interest Rate | [1],[3] | 6.88% | |
Maturity | [1] | Jun. 27, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 2.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Guggenheim Partners Investment Management Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 112 | |
Par Amount (in Dollars) | [1] | $ 114 | |
% of Net Assets | [1],[2] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 113 | |
Interest Rate | [1],[3] | 7.83% | |
Maturity | [1] | Dec. 12, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | IMA Financial Group, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 489 | |
Par Amount (in Dollars) | [1] | $ 495 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 480 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Nov. 01, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Jane Street Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 977 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 958 | |
Interest Rate | [1],[3] | 7.13% | |
Maturity | [1] | Jan. 26, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 2.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | KREF Holdings X LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 495 | |
Par Amount (in Dollars) | [1] | $ 495 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 484 | |
Interest Rate | [1],[3] | 7.81% | |
Maturity | [1] | Sep. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.31% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | LendingTree, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,480 | |
Par Amount (in Dollars) | [1] | $ 1,493 | |
% of Net Assets | [1],[2] | 2.70% | |
Fair Value (in Dollars) | [1] | $ 1,338 | |
Interest Rate | [1],[3] | 8.14% | |
Maturity | [1] | Sep. 15, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Minotaur Acquisition, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 189 | |
Par Amount (in Dollars) | [1] | $ 197 | |
% of Net Assets | [1],[2] | 0.50% | |
Fair Value (in Dollars) | [1] | $ 189 | |
Interest Rate | [1],[3] | 9.17% | |
Maturity | [1] | Mar. 27, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.42% | |
Basis Point Spread Above Index | [1] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Newport Parent, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 801 | |
Par Amount (in Dollars) | [1] | $ 827 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 820 | |
Interest Rate | [1],[3] | 11.23% | |
Maturity | [1] | Dec. 10, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 6.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Paysafe Group Holdings II Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 960 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 947 | |
Interest Rate | [1],[3] | 7.13% | |
Maturity | [1] | Jun. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 2.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Resolute Investment Managers, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 698 | |
Par Amount (in Dollars) | [1] | $ 701 | |
% of Net Assets | [1],[2] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 571 | |
Interest Rate | [1],[3] | 8.98% | |
Maturity | [1] | Apr. 30, 2024 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Russell Investments US Institutional Holdco, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,568 | |
Par Amount (in Dollars) | [1] | $ 1,583 | |
% of Net Assets | [1],[2] | 3% | |
Fair Value (in Dollars) | [1] | $ 1,526 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | May 30, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Ryan Specialty Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 493 | |
Par Amount (in Dollars) | [1] | $ 491 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 489 | |
Interest Rate | [1],[3] | 7.42% | |
Maturity | [1] | Sep. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.42% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | HIG Finance 2 Limited [Member] | Investments made in United Kingdom Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,474 | |
Par Amount (in Dollars) | [1] | $ 1,474 | |
% of Net Assets | [1],[2] | 2.90% | |
Fair Value (in Dollars) | [1] | $ 1,438 | |
Interest Rate | [1],[3] | 7.69% | |
Maturity | [1] | Nov. 12, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Capital Equipment [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 5,360 | |
% of Net Assets | [1],[2] | 9.80% | |
Fair Value (in Dollars) | [1] | $ 4,830 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | American Trailer World Corp.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 673 | |
Par Amount (in Dollars) | [1] | $ 679 | |
% of Net Assets | [1],[2] | 1.20% | |
Fair Value (in Dollars) | [1] | $ 590 | |
Interest Rate | [1],[3] | 8.17% | |
Maturity | [1] | Mar. 03, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.85% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | DMT Solutions Global Corporation [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 685 | |
Par Amount (in Dollars) | [1] | $ 684 | |
% of Net Assets | [1],[2] | 1.40% | |
Fair Value (in Dollars) | [1] | $ 648 | |
Interest Rate | [1],[3] | 11.24% | |
Maturity | [1] | Jul. 02, 2024 | |
Interest Rate Floor / Base Rate | [1],[3] | 3.74% | |
Basis Point Spread Above Index | [1],[3] | 7.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | DS Parent, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 924 | |
Par Amount (in Dollars) | [1] | $ 950 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 908 | |
Interest Rate | [1],[3] | 9.92% | |
Maturity | [1] | Dec. 10, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.17% | |
Basis Point Spread Above Index | [1],[3] | 5.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | Energy Acquisition LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,147 | |
Par Amount (in Dollars) | [1] | $ 1,159 | |
% of Net Assets | [1],[2] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,044 | |
Interest Rate | [1],[3] | 8.63% | |
Maturity | [1] | Jun. 26, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | Novae LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,931 | |
Par Amount (in Dollars) | [1] | $ 1,987 | |
% of Net Assets | [1],[2] | 3.30% | |
Fair Value (in Dollars) | [1] | $ 1,640 | |
Interest Rate | [1],[3] | 9.95% | |
Maturity | [1] | Dec. 22, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.70% | |
Basis Point Spread Above Index | [1],[3] | 5.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 2,918 | |
% of Net Assets | [1],[2] | 5.50% | |
Fair Value (in Dollars) | [1] | $ 2,780 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | Albaugh, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 205 | |
Par Amount (in Dollars) | [1] | $ 207 | |
% of Net Assets | [1],[2] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 205 | |
Interest Rate | [1],[3] | 7.59% | |
Maturity | [1] | Apr. 06, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.09% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | Bakelite UK Intermediate Ltd. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 931 | |
Interest Rate | [1],[3] | 8.73% | |
Maturity | [1] | May 29, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 4.15% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | DCG Acquisition Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 1,230 | ||
Par Amount (in Dollars) | $ 1,228 | ||
% of Net Assets | [2] | 2.30% | |
Fair Value (in Dollars) | $ 1,161 | ||
Interest Rate | [3] | 8.92% | |
Maturity | Sep. 30, 2026 | ||
Interest Rate Floor / Base Rate | [3] | 4.32% | |
Basis Point Spread Above Index | [3] | 4.60% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | Sparta U.S. Holdco LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 493 | |
Par Amount (in Dollars) | [1] | $ 495 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 483 | |
Interest Rate | [1],[3] | 7.39% | |
Maturity | [1] | Aug. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.14% | |
Basis Point Spread Above Index | [1],[3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Construction & Building [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 3,077 | |
% of Net Assets | [1],[2] | 6% | |
Fair Value (in Dollars) | [1] | $ 3,042 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Construction & Building [Member] | First Lien - Term Loan [Member] | Janus International Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 887 | |
Par Amount (in Dollars) | [1] | $ 885 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 860 | |
Interest Rate | [1],[3] | 7.98% | |
Maturity | [1] | Feb. 12, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Construction & Building [Member] | First Lien - Term Loan [Member] | Michael Baker International, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 981 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 960 | |
Interest Rate | [1],[3] | 9.38% | |
Maturity | [1] | Dec. 01, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Construction & Building [Member] | First Lien - Term Loan [Member] | Smyrna Ready Mix Concrete, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 1,209 | ||
Par Amount (in Dollars) | $ 1,244 | ||
% of Net Assets | [2] | 2.40% | |
Fair Value (in Dollars) | $ 1,222 | ||
Interest Rate | [3] | 8.67% | |
Maturity | Apr. 02, 2029 | ||
Interest Rate Floor / Base Rate | [3] | 4.32% | |
Basis Point Spread Above Index | [3] | 4.35% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 3,063 | |
% of Net Assets | [1],[2] | 5.30% | |
Fair Value (in Dollars) | [1] | $ 2,669 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | First Lien - Term Loan [Member] | LHS Borrower, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 654 | |
Par Amount (in Dollars) | [1] | $ 660 | |
% of Net Assets | [1],[2] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 542 | |
Interest Rate | [1],[3] | 9.17% | |
Maturity | [1] | Feb. 16, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4.85% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | First Lien - Term Loan [Member] | Hunter Douglas Holding B.V. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 991 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 880 | |
Interest Rate | [1],[3] | 7.86% | |
Maturity | [1] | Feb. 26, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.36% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | First Lien - Term Loan [Member] | Mannington Mills, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 431 | |
Par Amount (in Dollars) | [1] | $ 431 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 351 | |
Interest Rate | [1],[3] | 8.48% | |
Maturity | [1] | Aug. 06, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | First Lien - Term Loan [Member] | Pelican Products, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 987 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 896 | |
Interest Rate | [1],[3] | 8.42% | |
Maturity | [1] | Dec. 29, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.17% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Non-Durable [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,922 | |
% of Net Assets | [1],[2] | 3.50% | |
Fair Value (in Dollars) | [1] | $ 1,756 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Non-Durable [Member] | First Lien - Term Loan [Member] | Conair Holdings LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,133 | |
Par Amount (in Dollars) | [1] | $ 1,138 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 963 | |
Interest Rate | [1],[3] | 8.48% | |
Maturity | [1] | May 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Consumer Goods: Non-Durable [Member] | First Lien - Term Loan [Member] | Men’s Wearhouse, LLC, The [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 789 | |
Par Amount (in Dollars) | [1] | $ 793 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 793 | |
Interest Rate | [1],[3] | 12.40% | |
Maturity | [1] | Dec. 01, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.40% | |
Basis Point Spread Above Index | [1],[3] | 8% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 4,600 | |
% of Net Assets | [1],[2] | 8.90% | |
Fair Value (in Dollars) | [1] | $ 4,515 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 14 | |
% of Net Assets | [1],[2] | 0% | |
Fair Value (in Dollars) | [1] | $ 13 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Canister International Group Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 487 | |
Par Amount (in Dollars) | [1] | $ 489 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 486 | |
Interest Rate | [1],[3] | 9.13% | |
Maturity | [1] | Dec. 21, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Clydesdale Acquisition Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,458 | |
Par Amount (in Dollars) | [1] | $ 1,493 | |
% of Net Assets | [1],[2] | 2.80% | |
Fair Value (in Dollars) | [1] | $ 1,425 | |
Interest Rate | [1],[3] | 8.60% | |
Maturity | [1] | Apr. 13, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.42% | |
Basis Point Spread Above Index | [1],[3] | 4.18% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Pactiv Evergreen Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 964 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 978 | |
Interest Rate | [1],[3] | 7.63% | |
Maturity | [1] | Sep. 22, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Plaze, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 654 | |
Par Amount (in Dollars) | [1] | $ 661 | |
% of Net Assets | [1],[2] | 1.20% | |
Fair Value (in Dollars) | [1] | $ 593 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Aug. 03, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Sabert Corporation [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,037 | |
Par Amount (in Dollars) | [1] | $ 1,038 | |
% of Net Assets | [1],[2] | 2% | |
Fair Value (in Dollars) | [1] | $ 1,033 | |
Interest Rate | [1],[3] | 8.94% | |
Maturity | [1] | Dec. 10, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Mar Bidco S.a r.l. [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 14 | |
Par Amount (in Dollars) | [1] | $ 14 | |
% of Net Assets | [1],[2] | 0% | |
Fair Value (in Dollars) | [1] | $ 13 | |
Interest Rate | [1],[3] | 9.03% | |
Maturity | [1] | Jul. 07, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.30% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Electricity [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,815 | |
% of Net Assets | [1],[2] | 3.50% | |
Fair Value (in Dollars) | [1] | $ 1,814 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Electricity [Member] | First Lien - Term Loan [Member] | Astoria Energy LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 956 | |
Par Amount (in Dollars) | [1] | $ 960 | |
% of Net Assets | [1],[4] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 949 | |
Interest Rate | [1],[3] | 7.89% | |
Maturity | [1] | Dec. 10, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Electricity [Member] | First Lien - Term Loan [Member] | Hamilton Projects Acquiror, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 859 | |
Par Amount (in Dollars) | [1] | $ 877 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 865 | |
Interest Rate | [1],[3] | 9.23% | |
Maturity | [1] | Jun. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 3,285 | |
% of Net Assets | [1],[2] | 6.50% | |
Fair Value (in Dollars) | [1] | $ 3,273 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | AL NGPL Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 687 | |
Par Amount (in Dollars) | [1] | $ 683 | |
% of Net Assets | [1],[2] | 1.30% | |
Fair Value (in Dollars) | [1] | $ 676 | |
Interest Rate | [1],[3] | 7.53% | |
Maturity | [1] | Apr. 14, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 3.78% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | CQP Holdco LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,227 | |
Par Amount (in Dollars) | [1] | $ 1,231 | |
% of Net Assets | [1],[2] | 2.40% | |
Fair Value (in Dollars) | [1] | $ 1,227 | |
Interest Rate | [1],[3] | 8.48% | |
Maturity | [1] | Jun. 05, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | Delek US Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 879 | |
Par Amount (in Dollars) | [1] | $ 915 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 883 | |
Interest Rate | [1],[3] | 7.92% | |
Maturity | [1] | Nov. 19, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.42% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | Prairie ECI Acquiror LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 492 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 487 | |
Interest Rate | [1],[3] | 9.13% | |
Maturity | [1] | Mar. 11, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Forest Products & Paper [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 977 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 931 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Forest Products & Paper [Member] | First Lien - Term Loan [Member] | Schweitzer-Mauduit International, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 977 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 931 | |
Interest Rate | [1],[3] | 8.19% | |
Maturity | [1] | Apr. 20, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 19,503 | |
% of Net Assets | [1],[2] | 36.10% | |
Fair Value (in Dollars) | [1] | $ 18,248 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Alvogen Pharma US, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 925 | |
Par Amount (in Dollars) | [1] | $ 925 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 811 | |
Interest Rate | [1],[3] | 9.98% | |
Maturity | [1] | Dec. 31, 2023 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 5.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Amneal Pharmaceuticals [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 916 | |
Par Amount (in Dollars) | [1] | $ 997 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 897 | |
Interest Rate | [1],[3] | 7.94% | |
Maturity | [1] | May 04, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | ANI Pharmaceuticals, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 979 | ||
Par Amount (in Dollars) | $ 990 | ||
% of Net Assets | [2] | 1.90% | |
Fair Value (in Dollars) | $ 941 | ||
Interest Rate | [3] | 10.38% | |
Maturity | Nov. 19, 2027 | ||
Interest Rate Floor / Base Rate | [3] | 4.38% | |
Basis Point Spread Above Index | [3] | 6% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | ASP Navigate Acquisition Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 987 | |
Par Amount (in Dollars) | [1] | $ 987 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 964 | |
Interest Rate | [1],[3] | 9.09% | |
Maturity | [1] | Oct. 06, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.59% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Athletico Management, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 241 | |
Par Amount (in Dollars) | [1] | $ 249 | |
% of Net Assets | [1],[2] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 204 | |
Interest Rate | [1],[3] | 8.98% | |
Maturity | [1] | Feb. 15, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 4.40% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Aveanna Healthcare LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 428 | |
Par Amount (in Dollars) | [1] | $ 429 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 332 | |
Interest Rate | [1],[3] | 8.14% | |
Maturity | [1] | Jul. 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Bayou Intermediate II, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 955 | |
Interest Rate | [1],[3] | 8.96% | |
Maturity | [1] | Aug. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.46% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Carestream Dental Technology Parent Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 875 | |
Par Amount (in Dollars) | [1] | $ 888 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 831 | |
Interest Rate | [1],[3] | 8.88% | |
Maturity | [1] | Sep. 02, 2024 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | CCRR Parent, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 978 | |
Par Amount (in Dollars) | [1] | $ 983 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 937 | |
Interest Rate | [1],[3] | 8.14% | |
Maturity | [1] | Mar. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Confluent Health, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 780 | |
Par Amount (in Dollars) | [1] | $ 783 | |
% of Net Assets | [1],[2] | 1.30% | |
Fair Value (in Dollars) | [1] | $ 670 | |
Interest Rate | [1],[3] | 8.38% | |
Maturity | [1] | Nov. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | FC Compassus, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,226 | |
Par Amount (in Dollars) | [1] | $ 1,227 | |
% of Net Assets | [1],[2] | 2.30% | |
Fair Value (in Dollars) | [1] | $ 1,136 | |
Interest Rate | [1],[3] | 8.98% | |
Maturity | [1] | Dec. 31, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Global Medical Response, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 484 | |
Par Amount (in Dollars) | [1] | $ 490 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 346 | |
Interest Rate | [1],[3] | 8.42% | |
Maturity | [1] | Oct. 02, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.17% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Golden State Buyer, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 942 | |
Par Amount (in Dollars) | [1] | $ 948 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 906 | |
Interest Rate | [1],[3] | 8.92% | |
Maturity | [1] | Jun. 21, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.17% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Help at Home, LLC Two [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 1,006 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 962 | |
Interest Rate | [1],[3] | 9.43% | |
Maturity | [1] | Oct. 29, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.43% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Onex TSG Intermediate Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 970 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 882 | |
Interest Rate | [1],[3] | 9.16% | |
Maturity | [1] | Feb. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.41% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | PDS Holdco Inc. Two [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,342 | |
Par Amount (in Dollars) | [1] | $ 1,347 | |
% of Net Assets | [1],[2] | 2.50% | |
Fair Value (in Dollars) | [1] | $ 1,239 | |
Interest Rate | [1],[3] | 9.23% | |
Maturity | [1] | Aug. 18, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Revspring, Inc. (fka Dantom Systems, Inc.) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,000 | |
Par Amount (in Dollars) | [1] | $ 1,006 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 974 | |
Interest Rate | [1],[3] | 8.73% | |
Maturity | [1] | Oct. 11, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | TTF Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 631 | |
Par Amount (in Dollars) | [1] | $ 635 | |
% of Net Assets | [1],[2] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 628 | |
Interest Rate | [1],[3] | 8.44% | |
Maturity | [1] | Mar. 31, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | U.S. Anesthesia Partners, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,095 | |
Par Amount (in Dollars) | [1] | $ 1,100 | |
% of Net Assets | [1],[2] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,049 | |
Interest Rate | [1],[3] | 8.37% | |
Maturity | [1] | Oct. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.12% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 984 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 896 | |
Interest Rate | [1],[3] | 9.63% | |
Maturity | [1] | Dec. 15, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 5.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Zelis Cost Management Buyer, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 417 | |
Par Amount (in Dollars) | [1] | $ 420 | |
% of Net Assets | [1],[2] | 0.80% | |
Fair Value (in Dollars) | [1] | $ 416 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Sep. 30, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Zotec Partners, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 968 | |
Par Amount (in Dollars) | [1] | $ 1,001 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 951 | |
Interest Rate | [1],[3] | 8.48% | |
Maturity | [1] | Feb. 14, 2024 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | Confluent Health, LLC Two [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1],[4] | $ 96 | |
Par Amount (in Dollars) | [1],[4] | $ 170 | |
% of Net Assets | [1],[2],[4] | 0.10% | |
Fair Value (in Dollars) | [1],[4] | $ 72 | |
Interest Rate | [1],[3],[4] | 8.38% | |
Maturity | [1],[4] | Nov. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[3],[4] | 4.38% | |
Basis Point Spread Above Index | [1],[3],[4] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | Help at Home, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 125 | |
Par Amount (in Dollars) | [1] | $ 127 | |
% of Net Assets | [1],[2] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 122 | |
Interest Rate | [1],[3] | 9.43% | |
Maturity | [1] | Oct. 29, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.43% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | PDS Holdco Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 138 | |
Par Amount (in Dollars) | [1] | $ 138 | |
% of Net Assets | [1],[2] | 0.30% | |
Fair Value (in Dollars) | [1] | $ 127 | |
Interest Rate | [1],[3] | 9.23% | |
Maturity | [1] | Aug. 18, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 12,126 | |
% of Net Assets | [1],[2] | 21.80% | |
Fair Value (in Dollars) | [1] | $ 10,948 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Boxer Parent Company Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 157 | |
Par Amount (in Dollars) | [1] | $ 165 | |
% of Net Assets | [1],[2] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 158 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Oct. 02, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Casa Systems, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,479 | |
Par Amount (in Dollars) | [1] | $ 1,479 | |
% of Net Assets | [1],[2] | 2.60% | |
Fair Value (in Dollars) | [1] | $ 1,318 | |
Interest Rate | [1],[3] | 8.38% | |
Maturity | [1] | Dec. 20, 2023 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | CE Intermediate I, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 984 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 948 | |
Interest Rate | [1],[3] | 8.59% | |
Maturity | [1] | Nov. 10, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.59% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | ConnectWise, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 943 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Sep. 29, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Ingram Micro Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 977 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 973 | |
Interest Rate | [1],[3] | 8.23% | |
Maturity | [1] | Jun. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | LogMeIn, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 963 | |
Par Amount (in Dollars) | [1] | $ 980 | |
% of Net Assets | [1],[2] | 1.30% | |
Fair Value (in Dollars) | [1] | $ 635 | |
Interest Rate | [1],[3] | 9.14% | |
Maturity | [1] | Aug. 31, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Monotype Imaging Holdings Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 721 | |
Par Amount (in Dollars) | [1] | $ 724 | |
% of Net Assets | [1],[2] | 1.40% | |
Fair Value (in Dollars) | [1] | $ 713 | |
Interest Rate | [1],[3] | 9.68% | |
Maturity | [1] | Oct. 09, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.68% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Quest Software US Holdings Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,483 | |
Par Amount (in Dollars) | [1] | $ 1,496 | |
% of Net Assets | [1],[2] | 2.30% | |
Fair Value (in Dollars) | [1] | $ 1,158 | |
Interest Rate | [1],[3] | 8.49% | |
Maturity | [1] | Feb. 01, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.09% | |
Basis Point Spread Above Index | [1],[3] | 4.40% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Rocket Software, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 106 | |
Par Amount (in Dollars) | [1] | $ 108 | |
% of Net Assets | [1],[2] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 104 | |
Interest Rate | [1],[3] | 8.63% | |
Maturity | [1] | Nov. 28, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Rocket Software, Inc. One [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 378 | |
Par Amount (in Dollars) | [1] | $ 381 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 367 | |
Interest Rate | [1],[3] | 8.63% | |
Maturity | [1] | Nov. 28, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Seattle SpinCo, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,193 | |
Par Amount (in Dollars) | [1] | $ 1,203 | |
% of Net Assets | [1],[2] | 2.40% | |
Fair Value (in Dollars) | [1] | $ 1,203 | |
Interest Rate | [1],[3] | 8.42% | |
Maturity | [1] | Feb. 26, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4.10% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | VeriFone Systems, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,372 | |
Par Amount (in Dollars) | [1] | $ 1,384 | |
% of Net Assets | [1],[2] | 2.50% | |
Fair Value (in Dollars) | [1] | $ 1,276 | |
Interest Rate | [1],[3] | 8.36% | |
Maturity | [1] | Aug. 20, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.36% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Vision Solutions, Inc. (Precisely Software Incorporated) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 984 | |
Par Amount (in Dollars) | [1] | $ 986 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 820 | |
Interest Rate | [1],[3] | 8.36% | |
Maturity | [1] | Apr. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.36% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Watlow Electric Manufacturing Company [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 343 | |
Par Amount (in Dollars) | [1] | $ 344 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 332 | |
Interest Rate | [1],[3] | 8.15% | |
Maturity | [1] | Mar. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.40% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 4,694 | |
% of Net Assets | [1],[2] | 9% | |
Fair Value (in Dollars) | [1] | $ 4,531 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | Investments made in Netherland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 965 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 977 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Arcis Golf LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 984 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 973 | |
Interest Rate | [1],[3] | 8.63% | |
Maturity | [1] | Nov. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | ClubCorp Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 484 | |
Par Amount (in Dollars) | [1] | $ 497 | |
% of Net Assets | [1],[2] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 450 | |
Interest Rate | [1],[3] | 7.48% | |
Maturity | [1] | Sep. 18, 2024 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 2.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Fertitta Entertainment, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 945 | |
Interest Rate | [1],[3] | 8.32% | |
Maturity | [1] | Jan. 29, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Herschend Entertainment Company, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 197 | |
Par Amount (in Dollars) | [1] | $ 199 | |
% of Net Assets | [1],[2] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 197 | |
Interest Rate | [1],[3] | 8.19% | |
Maturity | [1] | Aug. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Sabre GLBL Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 274 | |
Par Amount (in Dollars) | [1] | $ 274 | |
% of Net Assets | [1],[2] | 0.50% | |
Fair Value (in Dollars) | [1] | $ 251 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Dec. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Sabre GLBL Inc one [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 340 | |
Par Amount (in Dollars) | [1] | $ 357 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 331 | |
Interest Rate | [1],[3] | 9.42% | |
Maturity | [1] | Jun. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 5.10% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Sabre GLBL Inc. Two [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 437 | |
Par Amount (in Dollars) | [1] | $ 438 | |
% of Net Assets | [1],[2] | 0.80% | |
Fair Value (in Dollars) | [1] | $ 400 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Dec. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Scientific Games International, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[2] | 2% | |
Fair Value (in Dollars) | [1] | $ 984 | |
Interest Rate | [1],[3] | 7.42% | |
Maturity | [1] | Apr. 16, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.42% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Playa Resorts Holding B.V. [Member] | Investments made in Netherland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 965 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 977 | |
Interest Rate | [1],[3] | 8.58% | |
Maturity | [1] | Jan. 05, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.33% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Media: Advertising, Printing & Publishing [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 2,031 | |
% of Net Assets | [1],[2] | 3.90% | |
Fair Value (in Dollars) | [1] | $ 1,949 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Media: Advertising, Printing & Publishing [Member] | First Lien - Term Loan [Member] | Oceankey (U.S.) II Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 984 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 911 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Dec. 15, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Media: Advertising, Printing & Publishing [Member] | First Lien - Term Loan [Member] | Thryv, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,047 | |
Par Amount (in Dollars) | [1] | $ 1,051 | |
% of Net Assets | [1],[2] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,038 | |
Interest Rate | [1],[3] | 12.88% | |
Maturity | [1] | Mar. 01, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 8.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Media: Broadcasting & Subscription [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,227 | |
% of Net Assets | [1],[2] | 2.30% | |
Fair Value (in Dollars) | [1] | $ 1,208 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Media: Broadcasting & Subscription [Member] | First Lien - Term Loan [Member] | LCPR Loan Financing LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 501 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 497 | |
Interest Rate | [1],[3] | 8.07% | |
Maturity | [1] | Oct. 16, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Media: Broadcasting & Subscription [Member] | First Lien - Term Loan [Member] | Sinclair Television Group, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 726 | |
Par Amount (in Dollars) | [1] | $ 746 | |
% of Net Assets | [1],[2] | 1.30% | |
Fair Value (in Dollars) | [1] | $ 711 | |
Interest Rate | [1],[3] | 8.17% | |
Maturity | [1] | Apr. 21, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.85% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Retail [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 3,858 | ||
% of Net Assets | [2] | 7.40% | |
Fair Value (in Dollars) | $ 3,726 | ||
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Term Loan [Member] | Apro, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,319 | |
Par Amount (in Dollars) | [1] | $ 1,326 | |
% of Net Assets | [1],[2] | 2.60% | |
Fair Value (in Dollars) | [1] | $ 1,292 | |
Interest Rate | [1],[3] | 7.92% | |
Maturity | [1] | Nov. 14, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.17% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Term Loan [Member] | Great Outdoors Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 976 | |
Par Amount (in Dollars) | [1] | $ 980 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 944 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Mar. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Term Loan [Member] | Rent-A-Center, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 581 | ||
Par Amount (in Dollars) | $ 581 | ||
% of Net Assets | [2] | 1.10% | |
Fair Value (in Dollars) | $ 562 | ||
Interest Rate | [3] | 7.69% | |
Maturity | Feb. 17, 2028 | ||
Interest Rate Floor / Base Rate | [3] | 4.44% | |
Basis Point Spread Above Index | [3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Delayed Draw Loan [Member] | EG Group Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 982 | |
Par Amount (in Dollars) | [1] | $ 988 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 928 | |
Interest Rate | [1],[3] | 8.98% | |
Maturity | [1] | Mar. 31, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 16,848 | |
% of Net Assets | [1],[2] | 29.90% | |
Fair Value (in Dollars) | [1] | $ 15,039 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Access CIG, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,345 | |
Par Amount (in Dollars) | [1] | $ 1,352 | |
% of Net Assets | [1],[2] | 2.60% | |
Fair Value (in Dollars) | [1] | $ 1,327 | |
Interest Rate | [1],[3] | 7.82% | |
Maturity | [1] | Feb. 27, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.07% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Ahead DB Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 985 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 954 | |
Interest Rate | [1],[3] | 8.48% | |
Maturity | [1] | Oct. 18, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Artera Services, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 980 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 810 | |
Interest Rate | [1],[3] | 8.23% | |
Maturity | [1] | Mar. 06, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Congruex Group LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 972 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 970 | |
Interest Rate | [1],[3] | 9.99% | |
Maturity | [1] | May 03, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.24% | |
Basis Point Spread Above Index | [1],[3] | 5.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | DTI Holdco, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,224 | |
Par Amount (in Dollars) | [1] | $ 1,247 | |
% of Net Assets | [1],[2] | 2.30% | |
Fair Value (in Dollars) | [1] | $ 1,152 | |
Interest Rate | [1],[3] | 8.84% | |
Maturity | [1] | Apr. 26, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.09% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Energize Holdco LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 867 | |
Par Amount (in Dollars) | [1] | $ 871 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 835 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Dec. 08, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Indy US Bidco, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 489 | |
Par Amount (in Dollars) | [1] | $ 491 | |
% of Net Assets | [1],[2] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 429 | |
Interest Rate | [1],[3] | 8.13% | |
Maturity | [1] | Mar. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Mermaid Bidco Inc. (Datasite) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 983 | |
Par Amount (in Dollars) | [1] | $ 986 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 939 | |
Interest Rate | [1],[3] | 7.96% | |
Maturity | [1] | Dec. 22, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.46% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Misys Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 989 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 877 | |
Interest Rate | [1],[3] | 6.87% | |
Maturity | [1] | Jun. 13, 2024 | |
Interest Rate Floor / Base Rate | [1],[3] | 3.37% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Phoenix Services International LLC Two [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,242 | |
Par Amount (in Dollars) | [1] | $ 1,246 | |
% of Net Assets | [1],[2] | 0.30% | |
Fair Value (in Dollars) | [1] | $ 135 | |
Interest Rate | [1],[3] | ||
Maturity | [1] | Mar. 01, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | ||
Basis Point Spread Above Index | [1],[3] | ||
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Pitney Bowes Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 975 | |
Par Amount (in Dollars) | [1] | $ 983 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 908 | |
Interest Rate | [1],[3] | 8.43% | |
Maturity | [1] | Mar. 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4.11% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Presidio Holdings Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 981 | |
Interest Rate | [1],[3] | 7.89% | |
Maturity | [1] | Jan. 22, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Sitel Group [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,475 | |
Par Amount (in Dollars) | [1] | $ 1,481 | |
% of Net Assets | [1],[2] | 2.90% | |
Fair Value (in Dollars) | [1] | $ 1,466 | |
Interest Rate | [1],[3] | 8.14% | |
Maturity | [1] | Aug. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Skopima Consilio Parent LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 982 | |
Par Amount (in Dollars) | [1] | $ 988 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 937 | |
Interest Rate | [1],[3] | 8.38% | |
Maturity | [1] | May 12, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Tempo Acquisition, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 985 | |
Par Amount (in Dollars) | [1] | $ 988 | |
% of Net Assets | [1],[2] | 2% | |
Fair Value (in Dollars) | [1] | $ 986 | |
Interest Rate | [1],[3] | 7.32% | |
Maturity | [1] | Aug. 31, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | UST Global Inc [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 973 | |
Interest Rate | [1],[3] | 8.14% | |
Maturity | [1] | Nov. 20, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | VM Consolidated, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 2 | |
Par Amount (in Dollars) | [1] | $ 2 | |
% of Net Assets | [1],[2] | 0% | |
Fair Value (in Dollars) | [1] | $ 2 | |
Interest Rate | [1],[3] | 7.63% | |
Maturity | [1] | Mar. 26, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan DIP [Member] | Phoenix Services International LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 149 | |
Par Amount (in Dollars) | [1] | $ 149 | |
% of Net Assets | [1],[2] | 0.30% | |
Fair Value (in Dollars) | [1] | $ 144 | |
Interest Rate | [1],[3] | 16.32% | |
Maturity | [1] | Mar. 28, 2023 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 12% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan DIP [Member] | Phoenix Services International LLC One [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 222 | |
Par Amount (in Dollars) | [1] | $ 222 | |
% of Net Assets | [1],[2] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 214 | |
Interest Rate | [1],[3] | 16.32% | |
Maturity | [1] | Mar. 28, 2023 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 12% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Consumer [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 941 | |
% of Net Assets | [1],[2] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 546 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Consumer [Member] | Investments made in Ireland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 977 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 889 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Consumer [Member] | First Lien - Term Loan [Member] | WW International, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 941 | |
Par Amount (in Dollars) | [1] | $ 945 | |
% of Net Assets | [1],[2] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 546 | |
Interest Rate | [1],[3] | 7.89% | |
Maturity | [1] | Apr. 13, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Services: Consumer [Member] | First Lien - Term Loan [Member] | Cimpress plc [Member] | Investments made in Ireland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 977 | |
Par Amount (in Dollars) | [1] | $ 985 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 889 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | May 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 8,643 | |
% of Net Assets | [1],[2] | 13.90% | |
Fair Value (in Dollars) | [1] | $ 7,014 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 2,447 | |
% of Net Assets | [1],[2] | 4.60% | |
Fair Value (in Dollars) | [1] | $ 2,346 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Avaya Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 841 | |
Par Amount (in Dollars) | [1] | $ 850 | |
% of Net Assets | [1],[2] | 0.60% | |
Fair Value (in Dollars) | [1] | $ 295 | |
Interest Rate | [1],[3] | 8.57% | |
Maturity | [1] | Dec. 15, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | CCI Buyer, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 975 | |
Par Amount (in Dollars) | [1] | $ 983 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 941 | |
Interest Rate | [1],[3] | 8.58% | |
Maturity | [1] | Dec. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | ConvergeOne Holdings, Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,454 | |
Par Amount (in Dollars) | [1] | $ 1,473 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 863 | |
Interest Rate | [1],[3] | 9.38% | |
Maturity | [1] | Jan. 04, 2026 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Digi International Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 753 | |
Par Amount (in Dollars) | [1] | $ 766 | |
% of Net Assets | [1],[2] | 1.50% | |
Fair Value (in Dollars) | [1] | $ 760 | |
Interest Rate | [1],[3] | 9.38% | |
Maturity | [1] | Nov. 01, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 5% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Mavenir Systems, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,299 | |
Par Amount (in Dollars) | [1] | $ 1,310 | |
% of Net Assets | [1],[2] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,069 | |
Interest Rate | [1],[3] | 9.42% | |
Maturity | [1] | Aug. 18, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.67% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Maxar Technologies Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 953 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[2] | 2% | |
Fair Value (in Dollars) | [1] | $ 995 | |
Interest Rate | [1],[3] | 8.67% | |
Maturity | [1] | Jun. 14, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 4.35% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Patagonia Holdco LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 410 | |
Par Amount (in Dollars) | [1] | $ 499 | |
% of Net Assets | [1],[2] | 0.80% | |
Fair Value (in Dollars) | [1] | $ 401 | |
Interest Rate | [1],[3] | 9.96% | |
Maturity | [1] | Aug. 01, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.21% | |
Basis Point Spread Above Index | [1],[3] | 5.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Syniverse Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 962 | |
Par Amount (in Dollars) | [1] | $ 998 | |
% of Net Assets | [1],[2] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 875 | |
Interest Rate | [1],[3] | 11.58% | |
Maturity | [1] | May 13, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 7% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Zayo Group Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 996 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[2] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 815 | |
Interest Rate | [1],[3] | 7.38% | |
Maturity | [1] | Mar. 09, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Venga Finance S.a r.l. [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 970 | |
Par Amount (in Dollars) | [1] | $ 998 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 919 | |
Interest Rate | [1],[3] | 9.48% | |
Maturity | [1] | Jun. 28, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 4.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Zacapa S.a r.l. [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,477 | |
Par Amount (in Dollars) | [1] | $ 1,481 | |
% of Net Assets | [1],[2] | 2.80% | |
Fair Value (in Dollars) | [1] | $ 1,427 | |
Interest Rate | [1],[3] | 8.83% | |
Maturity | [1] | Mar. 22, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.58% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 4,922 | |
% of Net Assets | [1],[2] | 9.40% | |
Fair Value (in Dollars) | [1] | $ 4,671 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Carriage Purchaser, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 983 | |
Par Amount (in Dollars) | [1] | $ 988 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 920 | |
Interest Rate | [1],[3] | 8.63% | |
Maturity | [1] | Sep. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 4.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Daseke Companies, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 979 | |
Par Amount (in Dollars) | [1] | $ 983 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 953 | |
Interest Rate | [1],[3] | 8.39% | |
Maturity | [1] | Mar. 09, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.39% | |
Basis Point Spread Above Index | [1],[3] | 4% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Echo Global Logistics, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 935 | |
Interest Rate | [1],[3] | 7.88% | |
Maturity | [1] | Nov. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 3.50% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Kenan Advantage Group, Inc.,The [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 984 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[2] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 928 | |
Interest Rate | [1],[3] | 11.63% | |
Maturity | [1] | Sep. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.38% | |
Basis Point Spread Above Index | [1],[3] | 7.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Stonepeak Taurus Lower Holdings LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 935 | |
Interest Rate | [1],[3] | 11.68% | |
Maturity | [1] | Jan. 28, 2030 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.68% | |
Basis Point Spread Above Index | [1],[3] | 7% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 3,347 | |
% of Net Assets | [1],[2] | 6.40% | |
Fair Value (in Dollars) | [1] | $ 3,266 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | Avolon TLB Borrower 1 (US) LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 595 | |
Par Amount (in Dollars) | [1] | $ 613 | |
% of Net Assets | [1],[2] | 1.20% | |
Fair Value (in Dollars) | [1] | $ 612 | |
Interest Rate | [1],[3] | 6.60% | |
Maturity | [1] | Dec. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.35% | |
Basis Point Spread Above Index | [1],[3] | 2.25% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | First Student Bidco Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 361 | |
Par Amount (in Dollars) | [1] | $ 362 | |
% of Net Assets | [1],[2] | 0.70% | |
Fair Value (in Dollars) | [1] | $ 329 | |
Interest Rate | [1],[3] | 7.73% | |
Maturity | [1] | Jul. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | First Student Bidco Inc. One [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 134 | |
Par Amount (in Dollars) | [1] | $ 135 | |
% of Net Assets | [1],[2] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 122 | |
Interest Rate | [1],[3] | 7.73% | |
Maturity | [1] | Jul. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.73% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | Safe Fleet Holdings LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 635 | |
Par Amount (in Dollars) | [1] | $ 638 | |
% of Net Assets | [1],[2] | 1.20% | |
Fair Value (in Dollars) | [1] | $ 618 | |
Interest Rate | [1],[3] | 8.17% | |
Maturity | [1] | Feb. 16, 2029 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.32% | |
Basis Point Spread Above Index | [1],[3] | 3.85% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | United AirLines, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 978 | |
Par Amount (in Dollars) | [1] | $ 983 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 973 | |
Interest Rate | [1],[3] | 8.11% | |
Maturity | [1] | Apr. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.36% | |
Basis Point Spread Above Index | [1],[3] | 3.75% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | Second Lien - Term Loan [Member] | Lakeland Tours, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 644 | |
Par Amount (in Dollars) | [1] | $ 748 | |
% of Net Assets | [1],[2] | 1.20% | |
Fair Value (in Dollars) | [1] | $ 612 | |
Interest Rate | [1],[3] | 10.41% | |
Maturity | [1] | Sep. 25, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.41% | |
Basis Point Spread Above Index | [1],[3] | 6% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Utilities: Electric [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 486 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 484 | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Utilities: Electric [Member] | First Lien - Term Loan [Member] | PG&E Corporation [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 486 | |
Par Amount (in Dollars) | [1] | $ 488 | |
% of Net Assets | [1],[2] | 1% | |
Fair Value (in Dollars) | [1] | $ 484 | |
Interest Rate | [1],[3] | 7.44% | |
Maturity | [1] | Jun. 23, 2025 | |
Interest Rate Floor / Base Rate | [1],[3] | 4.44% | |
Basis Point Spread Above Index | [1],[3] | 3% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Utilities: Oil & Gas [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 90 | ||
% of Net Assets | [2] | 0.20% | |
Fair Value (in Dollars) | $ 89 | ||
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Utilities: Oil & Gas [Member] | First Lien - Term Loan [Member] | AL GCX Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | 90 | ||
Par Amount (in Dollars) | $ 90 | ||
% of Net Assets | [2] | 0.20% | |
Fair Value (in Dollars) | $ 89 | ||
Interest Rate | [3] | 7.57% | |
Maturity | May 17, 2029 | ||
Interest Rate Floor / Base Rate | [3] | 3.67% | |
Basis Point Spread Above Index | [3] | 3.90% | |
Non-controlled/Non-Affiliate Investments -253.30% of Shareholder’s Equity [Member] | Investments made in Netherland Companies [Member] | Investments made in Netherland Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 965 | |
% of Net Assets | [1],[2] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 977 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 106,443 | |
% of Net Assets | [1],[5] | 227.70% | |
Fair Value (in Dollars) | [1] | $ 106,997 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 105,348 | |
% of Net Assets | [1],[5] | 225.40% | |
Fair Value (in Dollars) | [1] | $ 105,896 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,095 | |
% of Net Assets | [1],[5] | 2.30% | |
Fair Value (in Dollars) | [1] | $ 1,101 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 8,111 | |
% of Net Assets | [1],[5] | 17.40% | |
Fair Value (in Dollars) | [1] | $ 8,172 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Baldwin Risk Partners, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,094 | |
Par Amount (in Dollars) | [1] | $ 1,108 | |
% of Net Assets | [1],[5] | 2.40% | |
Fair Value (in Dollars) | [1] | $ 1,103 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Oct. 14, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | DRW Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 898 | |
Par Amount (in Dollars) | [1] | $ 902 | |
% of Net Assets | [1],[5] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 900 | |
Interest Rate | [1],[6] | 3.85% | |
Maturity | [1] | Feb. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | FinCo I LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 493 | |
Par Amount (in Dollars) | [1] | $ 494 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 493 | |
Interest Rate | [1],[6] | 2.60% | |
Maturity | [1] | Jun. 27, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 2.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Jane Street Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 989 | |
Interest Rate | [1],[6] | 2.85% | |
Maturity | [1] | Jan. 26, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 2.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | KREF Holdings X LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 500 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 501 | |
Interest Rate | [1],[6] | 3.69% | |
Maturity | [1] | Sep. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.19% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | LendingTree, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ (14) | |
Par Amount (in Dollars) | [1] | $ 1,500 | |
% of Net Assets | [1],[5] | 0% | |
Fair Value (in Dollars) | [1] | $ 1 | |
Interest Rate | [1],[6] | 4.15% | |
Maturity | [1] | Aug. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.15% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Newport Parent, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 470 | |
Par Amount (in Dollars) | [1] | $ 488 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 490 | |
Interest Rate | [1],[6] | 7.50% | |
Maturity | [1] | Dec. 10, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 6.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Resolute Investment Managers, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 706 | |
Par Amount (in Dollars) | [1] | $ 711 | |
% of Net Assets | [1],[5] | 1.50% | |
Fair Value (in Dollars) | [1] | $ 713 | |
Interest Rate | [1],[6] | 5.25% | |
Maturity | [1] | Apr. 30, 2024 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Russell Investments US Institutional Holdco, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 991 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,001 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | May 30, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | Ryan Specialty Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 498 | |
Par Amount (in Dollars) | [1] | $ 496 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 497 | |
Interest Rate | [1],[6] | 3.75% | |
Maturity | [1] | Sep. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Banking, Finance, Insurance & Real Estate [Member] | First Lien - Term Loan [Member] | HIG Finance 2 Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,489 | |
Par Amount (in Dollars) | [1] | $ 1,489 | |
% of Net Assets | [1],[5] | 3.20% | |
Fair Value (in Dollars) | [1] | $ 1,484 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Nov. 12, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Capital Equipment [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 4,819 | |
% of Net Assets | [1],[5] | 10.30% | |
Fair Value (in Dollars) | [1] | $ 4,823 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | American Trailer World Corp.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 996 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 993 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Mar. 03, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | DMT Solutions Global Corporation [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 730 | |
Par Amount (in Dollars) | [1] | $ 728 | |
% of Net Assets | [1],[5] | 1.50% | |
Fair Value (in Dollars) | [1] | $ 713 | |
Interest Rate | [1],[6] | 8.50% | |
Maturity | [1] | Jul. 02, 2024 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 7.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | DS Parent, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,940 | |
Par Amount (in Dollars) | [1] | $ 2,000 | |
% of Net Assets | [1],[5] | 4.20% | |
Fair Value (in Dollars) | [1] | $ 1,955 | |
Interest Rate | [1],[6] | 6.50% | |
Maturity | [1] | Dec. 10, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 5.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Capital Equipment [Member] | First Lien - Term Loan [Member] | Energy Acquisition LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,153 | |
Par Amount (in Dollars) | [1] | $ 1,169 | |
% of Net Assets | [1],[5] | 2.50% | |
Fair Value (in Dollars) | [1] | $ 1,162 | |
Interest Rate | [1],[6] | 4.35% | |
Maturity | [1] | Jun. 26, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,239 | |
% of Net Assets | [1],[5] | 2.60% | |
Fair Value (in Dollars) | [1] | $ 1,242 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | DCG Acquisition Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 241 | |
Par Amount (in Dollars) | [1] | $ 241 | |
% of Net Assets | [1],[5] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 241 | |
Interest Rate | [1],[6] | 4.60% | |
Maturity | [1] | Sep. 30, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | Sparta U.S. Holdco LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 498 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 501 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Apr. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Chemicals, Plastics, & Rubber [Member] | First Lien - Term Loan [Member] | LSF11 A5 Holdco LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 500 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 500 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Oct. 15, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Construction & Building [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,887 | |
% of Net Assets | [1],[5] | 4.10% | |
Fair Value (in Dollars) | [1] | $ 1,905 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Construction & Building [Member] | First Lien - Term Loan [Member] | Janus International Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 897 | |
Par Amount (in Dollars) | [1] | $ 895 | |
% of Net Assets | [1],[5] | 2% | |
Fair Value (in Dollars) | [1] | $ 895 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Feb. 12, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 3.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Construction & Building [Member] | First Lien - Term Loan [Member] | Michael Baker International, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,010 | |
Interest Rate | [1],[6] | 5.75% | |
Maturity | [1] | Dec. 01, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,432 | |
% of Net Assets | [1],[5] | 3% | |
Fair Value (in Dollars) | [1] | $ 1,433 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | First Lien - Term Loan [Member] | Mannington Mills, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 436 | |
Par Amount (in Dollars) | [1] | $ 436 | |
% of Net Assets | [1],[5] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 436 | |
Interest Rate | [1],[6] | 3.97% | |
Maturity | [1] | Aug. 06, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.22% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Consumer Goods: Durable [Member] | First Lien - Term Loan [Member] | Pelican Products, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 996 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 997 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Dec. 29, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Consumer Goods: Non-Durable [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 745 | |
% of Net Assets | [1],[5] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 749 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Consumer Goods: Non-Durable [Member] | First Lien - Term Loan [Member] | Conair Holdings LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 745 | |
Par Amount (in Dollars) | [1] | $ 748 | |
% of Net Assets | [1],[5] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 749 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | May 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 1,853 | ||
% of Net Assets | [5] | 4% | |
Fair Value (in Dollars) | $ 1,866 | ||
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 105 | |
% of Net Assets | [1],[5] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 106 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Canister International Group Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 492 | |
Par Amount (in Dollars) | [1] | $ 494 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 496 | |
Interest Rate | [1],[6] | 4.85% | |
Maturity | [1] | Dec. 21, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Plaze, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 659 | |
Par Amount (in Dollars) | [1] | $ 668 | |
% of Net Assets | [1],[5] | 1.40% | |
Fair Value (in Dollars) | [1] | $ 663 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Aug. 03, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Sabert Corporation [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 702 | ||
Par Amount (in Dollars) | $ 706 | ||
% of Net Assets | [5] | 1.50% | |
Fair Value (in Dollars) | $ 707 | ||
Interest Rate | [6] | 5.50% | |
Maturity | Nov. 26, 2026 | ||
Interest Rate Floor / Base Rate | [6] | 1% | |
Basis Point Spread Above Index | [6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Containers, Packaging & Glass [Member] | First Lien - Term Loan [Member] | Mar Bidco S.a r.l. [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 105 | |
Par Amount (in Dollars) | [1] | $ 106 | |
% of Net Assets | [1],[5] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 106 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Jun. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Electricity [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 1,944 | ||
% of Net Assets | [5] | 4.20% | |
Fair Value (in Dollars) | $ 1,968 | ||
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Electricity [Member] | First Lien - Term Loan [Member] | Astoria Energy LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | 979 | ||
Par Amount (in Dollars) | $ 983 | ||
% of Net Assets | [5] | 2.10% | |
Fair Value (in Dollars) | $ 982 | ||
Interest Rate | [6] | 4.50% | |
Maturity | Dec. 10, 2027 | ||
Interest Rate Floor / Base Rate | [6] | 1% | |
Basis Point Spread Above Index | [6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Electricity [Member] | First Lien - Term Loan [Member] | Hamilton Projects Acquiror, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 965 | ||
Par Amount (in Dollars) | $ 985 | ||
% of Net Assets | [5] | 2.10% | |
Fair Value (in Dollars) | $ 986 | ||
Interest Rate | [6] | 5.50% | |
Maturity | Jun. 17, 2027 | ||
Interest Rate Floor / Base Rate | [6] | 1% | |
Basis Point Spread Above Index | [6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 5,142 | |
% of Net Assets | [1],[5] | 11% | |
Fair Value (in Dollars) | [1] | $ 5,165 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | AL NGPL Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 753 | |
Par Amount (in Dollars) | [1] | $ 748 | |
% of Net Assets | [1],[5] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 754 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Apr. 14, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | CQP Holdco LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,238 | |
Par Amount (in Dollars) | [1] | $ 1,244 | |
% of Net Assets | [1],[5] | 2.60% | |
Fair Value (in Dollars) | [1] | $ 1,243 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Jun. 05, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | Prairie ECI Acquiror LP [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 490 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 485 | |
Interest Rate | [1],[6] | 4.85% | |
Maturity | [1] | Mar. 11, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | ChampionX Holding Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 918 | |
Par Amount (in Dollars) | [1] | $ 925 | |
% of Net Assets | [1],[5] | 2% | |
Fair Value (in Dollars) | [1] | $ 938 | |
Interest Rate | [1],[6] | 6% | |
Maturity | [1] | Jun. 03, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | Lucid Energy Group II Borrower, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.20% | |
Fair Value (in Dollars) | [1] | $ 990 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Nov. 22, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Energy: Oil & Gas [Member] | First Lien - Term Loan [Member] | Navitas Midstream Midland Basin, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 753 | |
Par Amount (in Dollars) | [1] | $ 755 | |
% of Net Assets | [1],[5] | 1.60% | |
Fair Value (in Dollars) | [1] | $ 755 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Dec. 13, 2024 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Forest Products & Paper [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 994 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Forest Products & Paper [Member] | First Lien - Term Loan [Member] | Schweitzer-Mauduit International, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 986 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 994 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Feb. 09, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 17,458 | |
% of Net Assets | [1],[5] | 37.40% | |
Fair Value (in Dollars) | [1] | $ 17,584 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Alvogen Pharma US, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 944 | |
Par Amount (in Dollars) | [1] | $ 975 | |
% of Net Assets | [1],[5] | 2% | |
Fair Value (in Dollars) | [1] | $ 935 | |
Interest Rate | [1],[6] | 6.25% | |
Maturity | [1] | Dec. 29, 2023 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | ANI Pharmaceuticals, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 987 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,005 | |
Interest Rate | [1],[6] | 6.75% | |
Maturity | [1] | May 24, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 6% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | ASP Navigate Acquisition Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 997 | |
Par Amount (in Dollars) | [1] | $ 997 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,002 | |
Interest Rate | [1],[6] | 5.50% | |
Maturity | [1] | Oct. 06, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Aveanna Healthcare LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 403 | |
Par Amount (in Dollars) | [1] | $ 405 | |
% of Net Assets | [1],[5] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 403 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Jun. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Bayou Intermediate II, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,005 | |
Interest Rate | [1],[6] | 5.25% | |
Maturity | [1] | May 15, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Carestream Dental Technology Parent Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,000 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Sep. 02, 2024 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | CCRR Parent, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 992 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 993 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Mar. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Confluent Health, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 785 | |
Par Amount (in Dollars) | [1] | $ 789 | |
% of Net Assets | [1],[5] | 1.70% | |
Fair Value (in Dollars) | [1] | $ 790 | |
Interest Rate | [1],[6] | 4.10% | |
Maturity | [1] | Nov. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | FC Compassus, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 991 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Dec. 31, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Global Medical Response, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 487 | |
Par Amount (in Dollars) | [1] | $ 495 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 494 | |
Interest Rate | [1],[6] | 5.25% | |
Maturity | [1] | Sep. 24, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Golden State Buyer, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 987 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 992 | |
Interest Rate | [1],[6] | 5.50% | |
Maturity | [1] | Jun. 22, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Help at Home, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 870 | |
Par Amount (in Dollars) | [1] | $ 881 | |
% of Net Assets | [1],[5] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 882 | |
Interest Rate | [1],[6] | 6% | |
Maturity | [1] | Oct. 20, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Onex TSG Intermediate Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 977 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 996 | |
Interest Rate | [1],[6] | 5.50% | |
Maturity | [1] | Feb. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | PDS Holdco Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,354 | |
Par Amount (in Dollars) | [1] | $ 1,361 | |
% of Net Assets | [1],[5] | 3% | |
Fair Value (in Dollars) | [1] | $ 1,363 | |
Interest Rate | [1],[6] | 5.25% | |
Maturity | [1] | Aug. 18, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Revspring, Inc. (fka Dantom Systems, Inc.) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 513 | |
Par Amount (in Dollars) | [1] | $ 515 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 517 | |
Interest Rate | [1],[6] | 4.47% | |
Maturity | [1] | Oct. 03, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.22% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | TTF Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 695 | |
Par Amount (in Dollars) | [1] | $ 699 | |
% of Net Assets | [1],[5] | 1.50% | |
Fair Value (in Dollars) | [1] | $ 701 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Mar. 31, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | U.S. Anesthesia Partners, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 993 | |
Par Amount (in Dollars) | [1] | $ 998 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 996 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Oct. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 993 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,001 | |
Interest Rate | [1],[6] | 5.75% | |
Maturity | [1] | Dec. 15, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 5.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | Zotec Partners, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 498 | |
Par Amount (in Dollars) | [1] | $ 496 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 496 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Feb. 14, 2024 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Term Loan [Member] | SCP Eye Care Services LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 846 | |
Par Amount (in Dollars) | [1] | $ 848 | |
% of Net Assets | [1],[5] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 851 | |
Interest Rate | [1],[6] | 5.25% | |
Maturity | [1] | Mar. 16, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | Aveanna Healthcare LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1],[7] | ||
Par Amount (in Dollars) | [1],[7] | $ 94 | |
% of Net Assets | [1],[5],[7] | 0% | |
Fair Value (in Dollars) | [1],[7] | ||
Interest Rate | [1],[6],[7] | 4.25% | |
Maturity | [1],[7] | Jun. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[6],[7] | 0.50% | |
Basis Point Spread Above Index | [1],[6],[7] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | Confluent Health, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1],[7] | ||
Par Amount (in Dollars) | [1],[7] | $ 170 | |
% of Net Assets | [1],[5],[7] | 0% | |
Fair Value (in Dollars) | [1],[7] | ||
Interest Rate | [1],[6],[7] | 4.10% | |
Maturity | [1],[7] | Nov. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[6],[7] | 0.10% | |
Basis Point Spread Above Index | [1],[6],[7] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | Help at Home, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 110 | |
Par Amount (in Dollars) | [1] | $ 112 | |
% of Net Assets | [1],[5] | 0.20% | |
Fair Value (in Dollars) | [1] | $ 112 | |
Interest Rate | [1],[6] | 6% | |
Maturity | [1] | Oct. 22, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | PDS Holdco Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1],[8] | $ 58 | |
Par Amount (in Dollars) | [1],[8] | $ 139 | |
% of Net Assets | [1],[5],[8] | 0.10% | |
Fair Value (in Dollars) | [1],[8] | $ 59 | |
Interest Rate | [1],[6],[8] | 5.25% | |
Maturity | [1],[8] | Aug. 18, 2028 | |
Interest Rate Floor / Base Rate | [1],[6],[8] | 0.75% | |
Basis Point Spread Above Index | [1],[6],[8] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Healthcare & Pharmaceuticals [Member] | First Lien - Delayed Draw Loan [Member] | SCP Eye Care Services LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | ||
Par Amount (in Dollars) | [1] | $ 148 | |
% of Net Assets | [1],[5] | 0% | |
Fair Value (in Dollars) | [1] | ||
Interest Rate | [1],[6] | 4.65% | |
Maturity | [1] | Mar. 16, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.15% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 11,272 | ||
% of Net Assets | [5] | 24% | |
Fair Value (in Dollars) | $ 11,294 | ||
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Casa Systems, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,496 | |
Par Amount (in Dollars) | [1] | $ 1,496 | |
% of Net Assets | [1],[5] | 3.10% | |
Fair Value (in Dollars) | [1] | $ 1,465 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Dec. 20, 2023 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | CE Intermediate I, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 994 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Nov. 10, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | ConnectWise, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 999 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Sep. 29, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Ingram Micro Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 985 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 997 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Jun. 30, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | LogMeIn, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 970 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 986 | |
Interest Rate | [1],[6] | 4.86% | |
Maturity | [1] | Aug. 31, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.11% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Monotype Imaging Holdings Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 993 | |
Par Amount (in Dollars) | [1] | $ 998 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,000 | |
Interest Rate | [1],[6] | 5.75% | |
Maturity | [1] | Oct. 09, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Rocket Software, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 107 | |
Par Amount (in Dollars) | [1] | $ 109 | |
% of Net Assets | [1],[5] | 0.30% | |
Fair Value (in Dollars) | [1] | $ 109 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Nov. 28, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Rocket Software, Inc. One [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 381 | |
Par Amount (in Dollars) | [1] | $ 385 | |
% of Net Assets | [1],[5] | 0.80% | |
Fair Value (in Dollars) | [1] | $ 383 | |
Interest Rate | [1],[6] | 4.35% | |
Maturity | [1] | Nov. 28, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | VeriFone Systems, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,469 | |
Par Amount (in Dollars) | [1] | $ 1,487 | |
% of Net Assets | [1],[5] | 3.10% | |
Fair Value (in Dollars) | [1] | $ 1,464 | |
Interest Rate | [1],[6] | 4.18% | |
Maturity | [1] | Aug. 20, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.18% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Vision Solutions, Inc. (Precisely Software Incorporated) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,489 | |
Par Amount (in Dollars) | [1] | $ 1,496 | |
% of Net Assets | [1],[5] | 3.20% | |
Fair Value (in Dollars) | [1] | $ 1,496 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Apr. 24, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Watlow Electric Manufacturing Company [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | $ 346 | ||
Par Amount (in Dollars) | $ 347 | ||
% of Net Assets | [5] | 0.70% | |
Fair Value (in Dollars) | $ 347 | ||
Interest Rate | [6] | 4.25% | |
Maturity | Mar. 02, 2028 | ||
Interest Rate Floor / Base Rate | [6] | 0.50% | |
Basis Point Spread Above Index | [6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | First Lien - Term Loan [Member] | Ultra Clean Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 440 | |
Par Amount (in Dollars) | [1] | $ 442 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 443 | |
Interest Rate | [1],[6] | 3.85% | |
Maturity | [1] | Aug. 27, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | High Tech Industries [Member] | Second Lien - Term Loan [Member] | Quest Software US Holdings Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 611 | |
Par Amount (in Dollars) | [1] | $ 610 | |
% of Net Assets | [1],[5] | 1.30% | |
Fair Value (in Dollars) | [1] | $ 611 | |
Interest Rate | [1],[6] | 8.38% | |
Maturity | [1] | May 18, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.13% | |
Basis Point Spread Above Index | [1],[6] | 8.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Arcis Golf LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.20% | |
Fair Value (in Dollars) | [1] | $ 1,005 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Nov. 20, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Herschend Entertainment Company, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 199 | |
Par Amount (in Dollars) | [1] | $ 201 | |
% of Net Assets | [1],[5] | 0.40% | |
Fair Value (in Dollars) | [1] | $ 201 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Aug. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Sabre GLBL Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 277 | |
Par Amount (in Dollars) | [1] | $ 277 | |
% of Net Assets | [1],[5] | 0.60% | |
Fair Value (in Dollars) | [1] | $ 274 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Dec. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | Sabre GLBL Inc. Two [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 441 | |
Par Amount (in Dollars) | [1] | $ 442 | |
% of Net Assets | [1],[5] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 437 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Dec. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Hotel, Gaming & Leisure [Member] | First Lien - Term Loan [Member] | United AirLines, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 998 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Apr. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Media: Advertising, Printing & Publishing [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,367 | |
% of Net Assets | [1],[5] | 3% | |
Fair Value (in Dollars) | [1] | $ 1,392 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Media: Advertising, Printing & Publishing [Member] | First Lien - Term Loan [Member] | Oceankey (U.S.) II Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 990 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 998 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Dec. 15, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Media: Advertising, Printing & Publishing [Member] | First Lien - Term Loan [Member] | Thryv, Inc.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 377 | |
Par Amount (in Dollars) | [1] | $ 387 | |
% of Net Assets | [1],[5] | 0.90% | |
Fair Value (in Dollars) | [1] | $ 394 | |
Interest Rate | [1],[6] | 9.50% | |
Maturity | [1] | Mar. 02, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 8.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Media: Broadcasting & Subscription [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 502 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 503 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Media: Broadcasting & Subscription [Member] | First Lien - Term Loan [Member] | LCPR Loan Financing LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 502 | |
Par Amount (in Dollars) | [1] | $ 500 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 503 | |
Interest Rate | [1],[6] | 3.86% | |
Maturity | [1] | Oct. 16, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.09% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Retail [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 3,890 | |
% of Net Assets | [1],[5] | 8.40% | |
Fair Value (in Dollars) | [1] | $ 3,924 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Term Loan [Member] | Apro, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 1,331 | |
Par Amount (in Dollars) | [1] | $ 1,340 | |
% of Net Assets | [1],[5] | 2.90% | |
Fair Value (in Dollars) | [1] | $ 1,342 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Nov. 14, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Term Loan [Member] | Great Outdoors Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 985 | |
Par Amount (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 992 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Mar. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Term Loan [Member] | Rent-A-Center, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 587 | |
Par Amount (in Dollars) | [1] | $ 587 | |
% of Net Assets | [1],[5] | 1.30% | |
Fair Value (in Dollars) | [1] | $ 587 | |
Interest Rate | [1],[6] | 3.75% | |
Maturity | [1] | Feb. 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Retail [Member] | First Lien - Delayed Draw Loan [Member] | EG Group Limited [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 987 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,003 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Mar. 31, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 12,153 | |
% of Net Assets | [1],[5] | 25.90% | |
Fair Value (in Dollars) | [1] | $ 12,176 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Access CIG, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [3] | 362 | |
Par Amount (in Dollars) | [3] | $ 363 | |
% of Net Assets | [3],[5] | 0.80% | |
Fair Value (in Dollars) | [3] | $ 362 | |
Interest Rate | [3],[6] | 3.84% | |
Maturity | [3] | Feb. 27, 2025 | |
Interest Rate Floor / Base Rate | [3],[6] | 0.09% | |
Basis Point Spread Above Index | [3],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Ahead DB Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 998 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Oct. 18, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Artera Services, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 966 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Mar. 06, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Energize Holdco LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 873 | |
Par Amount (in Dollars) | [1] | $ 877 | |
% of Net Assets | [1],[5] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 874 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Dec. 08, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Indy US Bidco, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 494 | |
Par Amount (in Dollars) | [1] | $ 496 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 496 | |
Interest Rate | [1],[6] | 3.85% | |
Maturity | [1] | Mar. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Mermaid Bidco Inc. (Datasite) [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 993 | |
Par Amount (in Dollars) | [1] | $ 996 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,000 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Dec. 22, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Phoenix Services International LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 989 | |
Par Amount (in Dollars) | [1] | $ 992 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 987 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Mar. 03, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Pitney Bowes Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 983 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 994 | |
Interest Rate | [1],[6] | 4.11% | |
Maturity | [1] | Mar. 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.11% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Presidio Holdings Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,006 | |
Par Amount (in Dollars) | [1] | $ 1,005 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,006 | |
Interest Rate | [1],[6] | 3.63% | |
Maturity | [1] | Jan. 22, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.13% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Sitel Group [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,489 | |
Par Amount (in Dollars) | [1] | $ 1,496 | |
% of Net Assets | [1],[5] | 3.20% | |
Fair Value (in Dollars) | [1] | $ 1,498 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Aug. 28, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Skopima Consilio Parent LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 991 | |
Par Amount (in Dollars) | [1] | $ 997 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 993 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | May 12, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | Tempo Acquisition, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 998 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,002 | |
Interest Rate | [1],[6] | 3.50% | |
Maturity | [1] | Aug. 31, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Business [Member] | First Lien - Term Loan [Member] | UST Global Inc [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,000 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Nov. 20, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Consumer [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,927 | |
% of Net Assets | [1],[5] | 4.10% | |
Fair Value (in Dollars) | [1] | $ 1,933 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Consumer [Member] | First Lien - Term Loan [Member] | WW International, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 941 | |
Par Amount (in Dollars) | [1] | $ 945 | |
% of Net Assets | [1],[5] | 2% | |
Fair Value (in Dollars) | [1] | $ 937 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | Apr. 13, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Services: Consumer [Member] | First Lien - Term Loan [Member] | Cimpress plc [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 986 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 996 | |
Interest Rate | [1],[6] | 4% | |
Maturity | [1] | May 17, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 10,306 | |
% of Net Assets | [1],[5] | 22% | |
Fair Value (in Dollars) | [1] | $ 10,351 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 995 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Avaya Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 839 | |
Par Amount (in Dollars) | [1] | $ 850 | |
% of Net Assets | [1],[5] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 854 | |
Interest Rate | [1],[6] | 4.36% | |
Maturity | [1] | Dec. 15, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.11% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | CCI Buyer, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 984 | |
Par Amount (in Dollars) | [1] | $ 992 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 995 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Dec. 17, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | ConvergeOne Holdings, Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,464 | |
Par Amount (in Dollars) | [1] | $ 1,489 | |
% of Net Assets | [1],[5] | 3.10% | |
Fair Value (in Dollars) | [1] | $ 1,461 | |
Interest Rate | [1],[6] | 5.10% | |
Maturity | [1] | Jan. 04, 2026 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Digi International Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 840 | |
Par Amount (in Dollars) | [1] | $ 857 | |
% of Net Assets | [1],[5] | 1.80% | |
Fair Value (in Dollars) | [1] | $ 851 | |
Interest Rate | [1],[6] | 5.50% | |
Maturity | [1] | Dec. 22, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Mavenir Systems, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,485 | |
Par Amount (in Dollars) | [1] | $ 1,500 | |
% of Net Assets | [1],[5] | 3.20% | |
Fair Value (in Dollars) | [1] | $ 1,502 | |
Interest Rate | [1],[6] | 5.25% | |
Maturity | [1] | Aug. 18, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Zayo Group Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 988 | |
Interest Rate | [1],[6] | 3.10% | |
Maturity | [1] | Mar. 09, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 3% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Venga Finance S.a r.l. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 970 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 983 | |
Interest Rate | [1],[6] | 5.50% | |
Maturity | [1] | Dec. 04, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Zacapa S.a r.l. [Member] | Investments made in Luxembourg Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 990 | |
Par Amount (in Dollars) | [1] | $ 992 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 995 | |
Interest Rate | [1],[6] | 4.72% | |
Maturity | [1] | Jul. 02, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.22% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Plantronics, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 981 | |
Interest Rate | [1],[6] | 2.60% | |
Maturity | [1] | Jul. 02, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.10% | |
Basis Point Spread Above Index | [1],[6] | 2.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | First Lien - Term Loan [Member] | Syniverse Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 489 | |
Par Amount (in Dollars) | [1] | $ 495 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 493 | |
Interest Rate | [1],[6] | 6% | |
Maturity | [1] | Mar. 09, 2023 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Telecommunications [Member] | Second Lien - Term Loan [Member] | Syniverse Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,252 | |
Par Amount (in Dollars) | [1] | $ 1,250 | |
% of Net Assets | [1],[5] | 2.70% | |
Fair Value (in Dollars) | [1] | $ 1,243 | |
Interest Rate | [1],[6] | 10% | |
Maturity | [1] | Mar. 09, 2023 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 9% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 5,158 | |
% of Net Assets | [1],[5] | 11.10% | |
Fair Value (in Dollars) | [1] | $ 5,204 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Carriage Purchaser, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 993 | |
Par Amount (in Dollars) | [1] | $ 997 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 999 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Oct. 31, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Daseke Companies, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 992 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 994 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Mar. 09, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Echo Global Logistics, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 998 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 998 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Nov. 23, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | Kenan Advantage Group, Inc.,The [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 981 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 999 | |
Interest Rate | [1],[6] | 8% | |
Maturity | [1] | Sep. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 7.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Cargo [Member] | First Lien - Term Loan [Member] | WWEX UNI TopCo Holdings, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,198 | |
Par Amount (in Dollars) | [1] | $ 1,210 | |
% of Net Assets | [1],[5] | 2.70% | |
Fair Value (in Dollars) | [1] | $ 1,214 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Jul. 26, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.25% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 497 | |
% of Net Assets | [1],[5] | 1.10% | |
Fair Value (in Dollars) | [1] | $ 498 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | First Student Bidco Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 363 | |
Par Amount (in Dollars) | [1] | $ 365 | |
% of Net Assets | [1],[5] | 0.80% | |
Fair Value (in Dollars) | [1] | $ 364 | |
Interest Rate | [1],[6] | 3.50% | |
Maturity | [1] | Jul. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Transportation: Consumer [Member] | First Lien - Term Loan [Member] | First Student Bidco Inc. One [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 134 | |
Par Amount (in Dollars) | [1] | $ 135 | |
% of Net Assets | [1],[5] | 0.30% | |
Fair Value (in Dollars) | [1] | $ 134 | |
Interest Rate | [1],[6] | 3.50% | |
Maturity | [1] | Jul. 21, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Utilities: Electric [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 490 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 488 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Utilities: Electric [Member] | First Lien - Term Loan [Member] | PG&E Corporation [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 490 | |
Par Amount (in Dollars) | [1] | $ 493 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 488 | |
Interest Rate | [1],[6] | 3.50% | |
Maturity | [1] | Jun. 23, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 6,808 | |
% of Net Assets | [1],[5] | 14.50% | |
Fair Value (in Dollars) | [1] | $ 6,829 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Amentum Government Services Holdings LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 976 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 994 | |
Interest Rate | [1],[6] | 5.50% | |
Maturity | [1] | Feb. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | HDT Holdco, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 947 | |
Par Amount (in Dollars) | [1] | $ 975 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 966 | |
Interest Rate | [1],[6] | 6.50% | |
Maturity | [1] | Jun. 30, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 5.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | MAG DS Corp.[Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 913 | |
Par Amount (in Dollars) | [1] | $ 953 | |
% of Net Assets | [1],[5] | 1.90% | |
Fair Value (in Dollars) | [1] | $ 877 | |
Interest Rate | [1],[6] | 6.50% | |
Maturity | [1] | Apr. 01, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Peraton Corp [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 988 | |
Par Amount (in Dollars) | [1] | $ 993 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 995 | |
Interest Rate | [1],[6] | 4.50% | |
Maturity | [1] | Feb. 01, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Spirit Aerosystems, Inc. (fka Mid-Western Aircraft Systems, Inc and Onex Wind Finance LP.) [Member] | Investments made in United Kingdom Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 991 | |
Par Amount (in Dollars) | [1] | $ 994 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 996 | |
Interest Rate | [1],[6] | 4.25% | |
Maturity | [1] | Jan. 15, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 3.75% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Vertex Aerospace Services Corp. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 995 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,000 | |
Interest Rate | [1],[6] | 4.75% | |
Maturity | [1] | Dec. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.75% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Aerospace & Defense [Member] | First Lien - Term Loan [Member] | Setanta Aircraft Leasing DAC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 998 | |
Par Amount (in Dollars) | [1] | $ 1,000 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 1,001 | |
Interest Rate | [1],[6] | 2.14% | |
Maturity | [1] | Nov. 02, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.14% | |
Basis Point Spread Above Index | [1],[6] | 2% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Automotive [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 1,990 | |
% of Net Assets | [1],[5] | 4.30% | |
Fair Value (in Dollars) | [1] | $ 2,002 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Automotive [Member] | First Lien - Term Loan [Member] | Autokiniton US Holdings, Inc. [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 993 | |
Par Amount (in Dollars) | [1] | $ 995 | |
% of Net Assets | [1],[5] | 2.10% | |
Fair Value (in Dollars) | [1] | $ 998 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | Apr. 06, 2028 | |
Interest Rate Floor / Base Rate | [1],[6] | 0.50% | |
Basis Point Spread Above Index | [1],[6] | 4.50% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Total Automotive [Member] | First Lien - Term Loan [Member] | First Brands Group, LLC [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 997 | |
Par Amount (in Dollars) | [1] | $ 997 | |
% of Net Assets | [1],[5] | 2.20% | |
Fair Value (in Dollars) | [1] | $ 1,004 | |
Interest Rate | [1],[6] | 6% | |
Maturity | [1] | Mar. 30, 2027 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 5% | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Metals & Mining [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 477 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 486 | |
Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | Metals & Mining [Member] | First Lien - Term Loan [Member] | U.S. Silica Company [Member] | Investments made in United States Companies [Member] | |||
Amortized Cost (in Dollars) | [1] | 477 | |
Par Amount (in Dollars) | [1] | $ 496 | |
% of Net Assets | [1],[5] | 1% | |
Fair Value (in Dollars) | [1] | $ 486 | |
Interest Rate | [1],[6] | 5% | |
Maturity | [1] | May 01, 2025 | |
Interest Rate Floor / Base Rate | [1],[6] | 1% | |
Basis Point Spread Above Index | [1],[6] | 4% | |
First Lien - Term Loan [Member] | Investments made in United States Companies [Member] | Non-controlled/Non-Affiliate Investments - 227.70% of Shareholder’s Equity [Member] | |||
Amortized Cost (in Dollars) | [1] | $ 2,895 | |
% of Net Assets | [1],[5] | 6.20% | |
Fair Value (in Dollars) | [1] | $ 2,915 | |
[1]All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when the Company owns 25% or less of the portfolio company’s voting securities and “controlled” when the Company owns more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that the Company maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when the Company owns less than 5% of a portfolio company’s voting securities and “affiliated” when the Company owns 5% or more of a portfolio company’s voting securities.[2]Percentages are based on net assets of $50,375 thousand as of December 31, 2022.[3]The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) which reset monthly or quarterly. For each such investment, the Fund has provided the spread over LIBOR and the current contractual interest rate in effect at December 31, 2022. As of December 31, 2022, rates for 1M L, 3M L, 6M L, and 12M L are 4.39%, 4.77%, 5.14%, and 5.48% respectively. Due to uncertainties with LIBOR, investments are starting to transition from LIBOR to Secured Overnight Financing Rate (“SOFR” or “S”). As of December 31, 2022, rates for 1M S, 3M S, 6M S, and 12M S are 4.36%, 4.59%, 4.78, and 4.87% respectively.[4]Of the entire $170 thousand commitment to Confluent Health, LLC, $74 thousand was unfunded as of December 31, 2022.[5]Percentages are based on net assets of $46,933 thousand as of December 31, 2021.[6]The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (“LIBOR” or “L”) which reset monthly or quarterly. For each such investment, the Fund has provided the spread over LIBOR and the current contractual interest rate in effect at December 31, 2021. As of December 31, 2021, rates for 1M L, 2M L, 3M L and 6M L are 0.10%, 0.15%, 0.21%, and 0.34% respectively.[7]Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion. The investment may be subject to an unused/letter of credit facility fee.[8]Of the entire $139 thousand commitment to PDS Holdco Inc., $81 thousand was unfunded as of December 31, 2021. |
N-2
N-2 | 12 Months Ended |
Dec. 31, 2022 shares | |
Cover [Abstract] | |
Entity Central Index Key | 0001817825 |
Amendment Flag | false |
Securities Act File Number | 814-01351 |
Document Type | 10-K |
Entity Registrant Name | Steele Creek Capital Corp |
Entity Address, Address Line One | 210 S. College Street |
Entity Address, Address Line Two | Suite 1690 |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28244 |
City Area Code | (704) |
Local Phone Number | 343-6011 |
Entity Well-known Seasoned Issuer | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Financial Highlights [Abstract] | |
Senior Securities, Note [Text Block] | Senior Securities We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. |
General Description of Registrant [Abstract] | |
Investment Objectives and Practices [Text Block] | Our investment objective is to generate high current income by investing primarily in fixed income instruments including broadly syndicated bank loans, structured products, mezzanine financings and senior secured bonds. We are a non-diversified company within the meaning of the 1940 Act. No assurance can be given that the Company’s investment objective will be achieved, and investment results may vary substantially on a monthly, quarterly and annual basis. |
Risk [Text Block] | Item 1A. Risk Factors Investing in our common stock involves a number of significant risks. Before you invest in our common stock, you should be aware of various risks, including those described below. You should carefully consider these risk factors, together with all of the other information included in this Annual Report. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the net asset value of our common stock could decline, and you may lose all or part of your investment. Summary Risk Factors The following is a summary of the principal risk factors associated with an investment in us: ● We have a limited operating history. As a result, the Company is subject to all of the business risks and uncertainties associated with any new business, including the risk that it may not achieve its investment objectives and that the value of your investment could decline substantially or that the investor will suffer a complete loss of its investment in the Company. ● The Company is intended for long-term investors who can accept the risks associated with investing in potentially illiquid, privately negotiated (i) senior first lien, stretch senior, senior second lien, and unitranche loans, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. ● The success of the Company is highly dependent on the financial and managerial expertise of the Investment Advisor and certain individuals at Moelis Asset, as well as their ability to maintain their relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions to provide us with potential investment opportunities. ● There can be no guarantee that we will replicate the historical results achieved by members of the Investment Advisor’s Investment Committee or by the Investment Advisor’s affiliates, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. ● The Investment Advisor and the Investment Advisor’s Investment Committee have interests that differ from those of our stockholders that give rise to potential conflicts of interest situations, including with respect to the allocation of investment opportunities to us and other investment vehicles managed by them. In addition, the Investment Advisor’s relationships with Moelis Asset, Moelis & Company, and their affiliates may give rise to potential conflicts of interest between these entities, on the one hand, and the Company and its investors on the other. As a subsidiary of Moelis Asset, the Investment Advisor will be subject to certain restrictions and requirements, including with respect to Moelis Asset. ● The business of investing in assets meeting our investment objective is highly competitive. ● We are subject to certain risks associated with valuing our portfolio, changing interest rates, accessing additional capital, fluctuating financial results and operating in a regulated environment. ● In order to qualify and be subject to tax as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. If we fail to qualify to be subject to tax as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our stockholders and the amount of funds available for new investments. ● Unless and until we are treated as a “publicly offered regulated investment company” (within the meaning of Section 67 of the Code), each U.S. stockholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. stockholder’s allocable share of the management fees paid to our Investment Advisor and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. stockholder. ● We may borrow from, and may in the future issue debt securities to, banks, insurance companies and other lenders. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. ● Many of our portfolio investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by our Board, including to reflect significant events affecting the value of our investments. ● The investments we make in accordance with our investment objective may result in a higher amount of risk, and higher volatility or loss of principal, than alternative investment options. Our investments in portfolio companies may be speculative and, therefore, an investment in our common stock may not be suitable for potential investors with lower risk tolerance. ● We may invest a portion of our investable capital in small and/or less well-established companies. These companies often involve higher risks because they lack the management experience, financial resources, product diversification and competitive strength of larger corporations, all of which may contribute to illiquidity, which may, in turn adversely affect the price and timing of liquidation of our investments. ● Many of the portfolio companies in which we expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. These conditions could lead to financial losses in our portfolio and a decrease in our revenues, net income and assets. Numerous other factors may affect a borrower’s ability to repay its loan, including the failure to meet its business plan, a downturn in its industry or negative economic conditions. ● We will make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. ● Our shares of common stock constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our shares on a national securities exchange. Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Company. ● Our business is highly dependent on the communications and information systems of our Investment Advisor and its affiliates. In addition, certain of these systems are provided to our Investment Advisor or its affiliates by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. ● The continuing COVID-19 pandemic, and the political, social, and economic disruptions resulting therefrom could cause a negative effect on the operations of the Company and its portfolio companies and service providers, including the Investment Advisor. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition and/or operating results. For a more detailed discussion of the risks that you should consider prior to investing in our securities, see the section below entitled “ Item 1A. Risk Factors Risks Relating to our Business and Structure Limited Operating History We have a limited operating history. There can be no assurance that the results achieved by the past investments of the Investment Advisor will be achieved for the Company. Past performance should not be relied upon as an indication of future results. Moreover, the Company is subject to all of the business risks and uncertainties associated with any young business, including the risk that it will not achieve its investment objectives and that the value of your investment could decline substantially or that the investor will suffer a complete loss of its investment in the Company. In addition, the Investment Advisor has never previously managed a BDC. The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that generally do not apply to other investment vehicles managed by the Investment Advisor. BDCs are required, for example, to invest at least 70% of their total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment. Moreover, qualification for taxation as a RIC requires satisfaction of source-of-income, asset diversification and distribution requirements. The Company and the Investment Advisor have limited experience operating or advising under these constraints, which may hinder the Company’s ability to take advantage of attractive investment opportunities and to achieve its investment objective. Inability to Meet Investment Objective or Investment Strategy The Company is intended for long-term investors who can accept the risks associated with investing in potentially illiquid, privately negotiated (i) senior first lien, stretch senior, senior second lien, and unitranche loans, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. Our success depends on the Investment Advisor’s ability to identify and select appropriate investment opportunities, as well as the Company’s ability to acquire those investments. There can be no assurance that the Company will achieve its investment or performance objectives or that the Investment Advisor will be successful in identifying a sufficient number of suitable investment opportunities to fully deploy the Company’s committed capital. The possibility of partial or total loss of the Company’s capital exists. Dependence Upon Key Personnel of the Investment Advisor and Moelis Asset The success of the Company is highly dependent on the financial and managerial expertise of the Investment Advisor and certain individuals at Moelis Asset. Although the Investment Advisor has attempted to foster a team approach to investing, the loss of key individuals employed by the Investment Advisor could have a material adverse effect on the performance of the Company. The individuals may not necessarily continue to remain employed by the Investment Advisor during the entire life of the Company. If these individuals do not maintain their existing relationships with the Investment Advisor and Investment Advisor does not develop new relationships with other sources of investment opportunities available to us, we may not be able to grow our investment portfolio. In addition, individuals with whom the senior professionals of the Investment Advisor have relationships are not obligated to provide us with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us. In addition, a number of members of the professional staff of the Investment Advisor are actively involved in managing the investment decisions of other funds advised by the Investment Advisor and a few key personnel may invest in these funds. Accordingly, the members of the professional staff of the Investment Advisor will have demands on their time for the investment, monitoring and other functions of other funds advised by the Investment Advisor and will in certain cases have conflicts of interests due to their investments in other funds advised by the Investment Advisor. The employees of the Investment Advisor, Moelis Asset, and other Investment Advisor investment professionals expect to devote such time and attention to the conduct of the Company’s business as such business shall reasonably require. However, there can be no assurance, for example, that the members of the Investment Advisor or such investment professionals will devote any minimum number of hours each week to the affairs of the Company or that they will continue to be employed by the Investment Advisor. In addition, Moelis Asset personnel shall be expected to devote their time to other Moelis Asset businesses. Subject to certain remedies, in the event that certain employees of the Investment Advisor cease to be actively involved with the Company, we will be required to rely on the ability of Investment Advisor to identify and retain other investment professionals to conduct the Company’s business. The Board intends to evaluate the commitment and performance of the Investment Advisor in conjunction with the required reapproval of the Company’s Investment Advisory Agreement and Administration Agreement. Under the Resource Sharing Agreement entered into between Moelis Asset and the Investment Advisor, Moelis Asset has agreed to provide the Investment Advisor with the resources necessary to fulfill certain obligations under the Investment Advisory Agreement and Administration Agreement. The Resource Sharing Agreement provides that Moelis Asset will make available to the Investment Advisor certain resources of Moelis Asset including legal, accounting and compliance resources. Although we are a third-party beneficiary of the Resource Sharing Agreement, we cannot assure you that Moelis Asset will fulfill its obligations under the agreement. We cannot assure you that the Investment Advisor will enforce the Resource Sharing Agreement if Moelis Asset fails to perform, that Moelis Asset will continue to have access to certain resources provided to it by other parties, that such agreement will not be terminated by either party or that we will continue to have access to the professionals of Moelis Asset and its affiliates. Dependence on Strong Referral Relationships We depend upon the Investment Advisor to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Investment Advisor fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the Investment Advisor has relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future. No Guarantee to Replicate Historical Results Achieved by Investment Advisor Our primary focus in making investments may differ from those of existing investment funds, accounts or other investment vehicles that are or have been managed by members of the Investment Advisor’s Investment Committee. We may consider co-investing in portfolio investments with other investment funds, accounts or investment vehicles managed by members of the Investment Advisor’s Investment Committee or by the Investment Advisor’s affiliates. Any such investments will be subject to regulatory limitations and approvals by directors who are not “interested persons,” as defined in the 1940 Act. We can offer no assurance, however, that we will be able to obtain such approvals or develop opportunities that comply with such limitations. There can be no guarantee that we will replicate the historical results achieved by members of the Investment Advisor’s Investment Committee or by the Investment Advisor’s affiliates, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance. Expedited Investment Decisions Investment analyses and decisions by the Investment Advisor may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In these cases, the information available to the Investment Advisor at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Investment Advisor will have knowledge of all circumstances that may adversely affect an investment. In addition, the Investment Advisor expects to rely upon independent consultants and other sources in connection with its evaluation of proposed investments, and no assurance can be given as to the accuracy or completeness of the information provided by such independent consultants or other sources, or as to the Company’s right of recourse against them in the event errors or omissions do occur. Potential Limited Ability to Execute Investment Decisions When making investment and allocation decisions, the Investment Advisor relies on its available resources, which in some cases could be limited, delayed, or disrupted particularly in challenging or uncertain markets, or in the case of social, political, or governmental actions. See “ General Risk Factors—Political, Social and Economic Uncertainty Creates and Exacerbates Investment Risks” Ability to Manage Our Business Effectively Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the Investment Advisor’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon the Investment Advisor’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. The Investment Advisor’s investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. The personnel of the Investment Advisor may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from servicing new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows. Potential Difficulty Sourcing Investment Opportunities We may be unable to locate a sufficient number of suitable investment opportunities to allow us to deploy the proceeds of subscriptions successfully. In addition, privately negotiated investments in loans and securities of private middle-market companies require substantial due diligence and structuring, and we cannot assure you that we will achieve our anticipated investment pace. As a result, you will be unable to evaluate any future portfolio company investments prior to purchasing our shares of common stock. Additionally, our Investment Advisor will select our investments, and our stockholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our common stock. To the extent we are unable to deploy the proceeds of subscriptions, our investment income and, in turn, our results of operations, will likely be materially adversely affected. Until such time as we invest the proceeds of subscriptions to invest in portfolio companies, we will invest these amounts in cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less from the date of investment. We expect these temporary investments to earn yields substantially lower than the income that we expect to receive in respect of investments in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured and subordinated debt), as well as related equity securities. Potential Conflicts of Interest As a result of our relationships or arrangements with Moelis Asset, the Investment Advisor and the Investment Advisor’s Investment Committee, there may be times when the Investment Advisor or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest. Conflicts Related to Obligations of Investment Advisor or the Members of the Investment Committee Investment Advisor employees serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts, or investment vehicles managed by the Investment Advisor and/or its affiliates. Similarly, the Investment Advisor and its affiliates may have other clients with similar, different or competing investment objectives (collectively, “Other Accounts”). In serving in these multiple capacities, they may have obligations to Other Accounts or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders. For example, the Investment Advisor has, and will continue to have management responsibilities for other investment funds, accounts and investment vehicles. There is a potential that we will compete with these funds, and other entities managed by the Investment Advisor and its affiliates, for capital and investment opportunities. As a result, the Investment Advisor and, as applicable, the members of the Investment Committee, may face conflicts in the allocation of investment opportunities among us and the investment funds, accounts and investment vehicles managed by the Investment Advisor and its affiliates. The Investment Advisor intends to allocate investment opportunities among eligible investment funds, accounts and investment vehicles in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time. Subject to the 1940 Act, the Company may also co-invest with Other Accounts, and the relationship with such Other Accounts could influence the decisions made by the Investment Advisor with respect to such investments. The Company may invest in securities of the same issuers as Other Accounts. To the extent that the Company holds interests that are different (or more senior or junior) than those held by such Other Accounts, the Investment Advisor may be presented with decisions involving circumstances where the interests of such Other Accounts are in conflict with those of the Company. For example, conflicts could arise where the Company invests in a rights offering of a portfolio company while an Other Account loans money to such portfolio company. In this circumstance, for example, if such portfolio company were to go into bankruptcy, become insolvent or otherwise be unable to meet its payment obligations or comply with its debt covenants, conflicts of interest could arise between the holders of different types of securities or loans as to what actions the portfolio company should take. Further conflicts could arise after the Company and Other Accounts have made their respective initial investments. For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in the best interests of the Company to provide such additional financing. If the Other Accounts were to lose their respective investments as a result of such difficulties, the ability of the Investment Advisor to recommend actions in the best interests of the Company might be impaired. The Investment Advisor may in its discretion take steps to reduce the potential for adversity between the Company and the Other Accounts, including causing the Company and/or such Other Accounts to take certain actions that, in the absence of such conflict, it would not take. Such conflicts will be more difficult if the Company and Other Accounts hold significant or controlling interests in competing or different tranches of a portfolio company’s capital structure. Furthermore, it is possible the Company’s interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts involvement and actions relating to its investment. There can be no assurance that any conflict will be resolved in favor of the Company, and each shareholder acknowledges and agrees that in some cases, subject to applicable law, a decision by the Investment Advisor to take any particular action could have the effect of benefiting an Other Account (and, incidentally, may also have the effect of benefiting the Investment Advisor). Possession of Material Non-Public Information by Principals and Associated Persons of Investment Advisor Principals and other employees or associated persons of the Investment Advisor, including members of the Investment Advisor’s Investment Committee, may receive material nonpublic information on potential investments as a result of their duties to the Company, the Investment Advisor, Moelis Asset, or other Moelis Asset affiliates. In the event that material nonpublic information is obtained, or we become subject to trading restrictions under internal trading policies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. Third Party Involvement We may invest alongside third parties through partnerships, joint ventures or other entities. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that such third party may at any time have economic or business interests or goals which are inconsistent with those of the Company, or may be in a position to take action contrary to the investment objective of the Company. In addition, the Company may in certain circumstances be liable for actions of such third party. Incentive Fee Structure Relating to the Investment Advisor In the course of our investing activities, we will pay management and incentive fees to the Investment Advisor. We have entered into an Investment Advisory Agreement with the Investment Advisor. Under the incentive fee structure which will be in place, our net investment income for purposes thereof will be computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may give rise to a conflict of interest for the Investment Advisor to the extent that it encourages the Investment Advisor to favor debt financings that provide for deferred interest, rather than current cash payments of interest. The Investment Advisor may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because, under our Investment Advisory Agreement, the Investment Advisor is not obligated to reimburse us for incentive fees it receives even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. The Small Business Credit Availability Act allows us to incur additional leverage, which may increase the risk of investing with us. On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On October 5, 2020, the Board and the Member of MSC Capital LLC voted to approve the adoption of the reduced asset coverage ratio. Increased leverage could increase the risks associated with investing in the Company. For example, if the value of the Company’s assets decreases, although the asset base and expected revenues would be larger because increased leverage would permit the Company to acquire additional assets, leverage will cause the Company’s net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Company’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Company had not borrowed or had borrowed less (although, as noted above, the Company’s asset base and expected revenues would likely be larger). However, since the Company already uses leverage in optimizing its investment portfolio, there are no material new risks associated with increased leverage other than the amount of the leverage. If the Company’s asset coverage ratio falls below the required limit, the Company will not be able to incur additional debt until it is able to comply with the asset coverage ratio. This could have a material adverse effect on the Company’s operations, and the Company may not be able to make distributions to stockholders. The actual amount of leverage that the Company employs will depend on the Board’s and the Adviser’s assessment of market and other factors at the time of any proposed borrowing. The Fund currently anticipates being able to obtain sufficient credit on acceptable terms, although the Company can make no assurance that this will be the case or that it will remain such in the future. Increased leverage may magnify our exposure to risks associated with changes in interest rates. If we incur additional leverage, general interest rate fluctuations may have a more significant negative impact on our investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on our investment objectives and rate of return on investment capital. Because we may borrow money to make investments in the form of debt securities, preferred stock or other securities, our net investment income is dependent upon the difference between the rate at which income from investments exceeds the rate at which we pay interest or dividends on such liabilities. We principally invest in floating-rate assets and incur our indebtedness on a floating-rate basis as well. We plan to incur indebtedness, when possible, on the same floating base rate applicable to the assets in which we invest. Because the base rate of our assets and indebtedness are expected to generally be the same and will therefore fluctuate on largely the same basis, the primary risk that we face from interest rate fluctuations is a situation where the difference in the rate on investment income versus the base rate, which we refer to as the “spread,” falls and there is not a similar reduction in the spread on our indebtedness or losses exceed anticipated levels. In that situation, the investment income, net of losses, less the cost of our indebtedness would be reduced. This reduction could create a material adverse effect on our investment objectives if the spread compression was significant and persistent over long periods. We expect that a majority of our investments in debt will continue to be at floating rates. However, as we make investments in debt at floating rates, a significant increase in market interest rates could als |
Summary Risk Factors [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Summary Risk Factors The following is a summary of the principal risk factors associated with an investment in us: ● We have a limited operating history. As a result, the Company is subject to all of the business risks and uncertainties associated with any new business, including the risk that it may not achieve its investment objectives and that the value of your investment could decline substantially or that the investor will suffer a complete loss of its investment in the Company. ● The Company is intended for long-term investors who can accept the risks associated with investing in potentially illiquid, privately negotiated (i) senior first lien, stretch senior, senior second lien, and unitranche loans, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. ● The success of the Company is highly dependent on the financial and managerial expertise of the Investment Advisor and certain individuals at Moelis Asset, as well as their ability to maintain their relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions to provide us with potential investment opportunities. ● There can be no guarantee that we will replicate the historical results achieved by members of the Investment Advisor’s Investment Committee or by the Investment Advisor’s affiliates, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. ● The Investment Advisor and the Investment Advisor’s Investment Committee have interests that differ from those of our stockholders that give rise to potential conflicts of interest situations, including with respect to the allocation of investment opportunities to us and other investment vehicles managed by them. In addition, the Investment Advisor’s relationships with Moelis Asset, Moelis & Company, and their affiliates may give rise to potential conflicts of interest between these entities, on the one hand, and the Company and its investors on the other. As a subsidiary of Moelis Asset, the Investment Advisor will be subject to certain restrictions and requirements, including with respect to Moelis Asset. ● The business of investing in assets meeting our investment objective is highly competitive. ● We are subject to certain risks associated with valuing our portfolio, changing interest rates, accessing additional capital, fluctuating financial results and operating in a regulated environment. ● In order to qualify and be subject to tax as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. If we fail to qualify to be subject to tax as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our stockholders and the amount of funds available for new investments. ● Unless and until we are treated as a “publicly offered regulated investment company” (within the meaning of Section 67 of the Code), each U.S. stockholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. stockholder’s allocable share of the management fees paid to our Investment Advisor and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. stockholder. ● We may borrow from, and may in the future issue debt securities to, banks, insurance companies and other lenders. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. ● Many of our portfolio investments will take the form of securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by our Board, including to reflect significant events affecting the value of our investments. ● The investments we make in accordance with our investment objective may result in a higher amount of risk, and higher volatility or loss of principal, than alternative investment options. Our investments in portfolio companies may be speculative and, therefore, an investment in our common stock may not be suitable for potential investors with lower risk tolerance. ● We may invest a portion of our investable capital in small and/or less well-established companies. These companies often involve higher risks because they lack the management experience, financial resources, product diversification and competitive strength of larger corporations, all of which may contribute to illiquidity, which may, in turn adversely affect the price and timing of liquidation of our investments. ● Many of the portfolio companies in which we expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. These conditions could lead to financial losses in our portfolio and a decrease in our revenues, net income and assets. Numerous other factors may affect a borrower’s ability to repay its loan, including the failure to meet its business plan, a downturn in its industry or negative economic conditions. ● We will make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. ● Our shares of common stock constitute illiquid investments for which there is not, and will likely not be, a secondary market at any time prior to a public offering and listing of our shares on a national securities exchange. Investment in the Company is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Company. ● Our business is highly dependent on the communications and information systems of our Investment Advisor and its affiliates. In addition, certain of these systems are provided to our Investment Advisor or its affiliates by third-party service providers. Any failure or interruption of such systems, including as a result of the termination of an agreement with any such third-party service provider, could cause delays or other problems in our activities. This, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. ● The continuing COVID-19 pandemic, and the political, social, and economic disruptions resulting therefrom could cause a negative effect on the operations of the Company and its portfolio companies and service providers, including the Investment Advisor. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition and/or operating results. For a more detailed discussion of the risks that you should consider prior to investing in our securities, see the section below entitled “ Item 1A. Risk Factors |
Risks Relating to our Business and Structure [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Risks Relating to our Business and Structure Limited Operating History We have a limited operating history. There can be no assurance that the results achieved by the past investments of the Investment Advisor will be achieved for the Company. Past performance should not be relied upon as an indication of future results. Moreover, the Company is subject to all of the business risks and uncertainties associated with any young business, including the risk that it will not achieve its investment objectives and that the value of your investment could decline substantially or that the investor will suffer a complete loss of its investment in the Company. In addition, the Investment Advisor has never previously managed a BDC. The 1940 Act and the Code impose numerous constraints on the operations of BDCs and RICs that generally do not apply to other investment vehicles managed by the Investment Advisor. BDCs are required, for example, to invest at least 70% of their total assets primarily in securities of U.S. private or thinly traded public companies, cash, cash equivalents, U.S. government securities and other high-quality debt instruments that mature in one year or less from the date of investment. Moreover, qualification for taxation as a RIC requires satisfaction of source-of-income, asset diversification and distribution requirements. The Company and the Investment Advisor have limited experience operating or advising under these constraints, which may hinder the Company’s ability to take advantage of attractive investment opportunities and to achieve its investment objective. Inability to Meet Investment Objective or Investment Strategy The Company is intended for long-term investors who can accept the risks associated with investing in potentially illiquid, privately negotiated (i) senior first lien, stretch senior, senior second lien, and unitranche loans, (ii) mezzanine debt and other junior investments and (iii) secondary purchases of assets or portfolios that primarily consist of middle-market corporate debt. Our success depends on the Investment Advisor’s ability to identify and select appropriate investment opportunities, as well as the Company’s ability to acquire those investments. There can be no assurance that the Company will achieve its investment or performance objectives or that the Investment Advisor will be successful in identifying a sufficient number of suitable investment opportunities to fully deploy the Company’s committed capital. The possibility of partial or total loss of the Company’s capital exists. Dependence Upon Key Personnel of the Investment Advisor and Moelis Asset The success of the Company is highly dependent on the financial and managerial expertise of the Investment Advisor and certain individuals at Moelis Asset. Although the Investment Advisor has attempted to foster a team approach to investing, the loss of key individuals employed by the Investment Advisor could have a material adverse effect on the performance of the Company. The individuals may not necessarily continue to remain employed by the Investment Advisor during the entire life of the Company. If these individuals do not maintain their existing relationships with the Investment Advisor and Investment Advisor does not develop new relationships with other sources of investment opportunities available to us, we may not be able to grow our investment portfolio. In addition, individuals with whom the senior professionals of the Investment Advisor have relationships are not obligated to provide us with investment opportunities. Therefore, we can offer no assurance that such relationships will generate investment opportunities for us. In addition, a number of members of the professional staff of the Investment Advisor are actively involved in managing the investment decisions of other funds advised by the Investment Advisor and a few key personnel may invest in these funds. Accordingly, the members of the professional staff of the Investment Advisor will have demands on their time for the investment, monitoring and other functions of other funds advised by the Investment Advisor and will in certain cases have conflicts of interests due to their investments in other funds advised by the Investment Advisor. The employees of the Investment Advisor, Moelis Asset, and other Investment Advisor investment professionals expect to devote such time and attention to the conduct of the Company’s business as such business shall reasonably require. However, there can be no assurance, for example, that the members of the Investment Advisor or such investment professionals will devote any minimum number of hours each week to the affairs of the Company or that they will continue to be employed by the Investment Advisor. In addition, Moelis Asset personnel shall be expected to devote their time to other Moelis Asset businesses. Subject to certain remedies, in the event that certain employees of the Investment Advisor cease to be actively involved with the Company, we will be required to rely on the ability of Investment Advisor to identify and retain other investment professionals to conduct the Company’s business. The Board intends to evaluate the commitment and performance of the Investment Advisor in conjunction with the required reapproval of the Company’s Investment Advisory Agreement and Administration Agreement. Under the Resource Sharing Agreement entered into between Moelis Asset and the Investment Advisor, Moelis Asset has agreed to provide the Investment Advisor with the resources necessary to fulfill certain obligations under the Investment Advisory Agreement and Administration Agreement. The Resource Sharing Agreement provides that Moelis Asset will make available to the Investment Advisor certain resources of Moelis Asset including legal, accounting and compliance resources. Although we are a third-party beneficiary of the Resource Sharing Agreement, we cannot assure you that Moelis Asset will fulfill its obligations under the agreement. We cannot assure you that the Investment Advisor will enforce the Resource Sharing Agreement if Moelis Asset fails to perform, that Moelis Asset will continue to have access to certain resources provided to it by other parties, that such agreement will not be terminated by either party or that we will continue to have access to the professionals of Moelis Asset and its affiliates. Dependence on Strong Referral Relationships We depend upon the Investment Advisor to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions, and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Investment Advisor fails to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we will not be able to grow our investment portfolio. In addition, individuals with whom the Investment Advisor has relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future. No Guarantee to Replicate Historical Results Achieved by Investment Advisor Our primary focus in making investments may differ from those of existing investment funds, accounts or other investment vehicles that are or have been managed by members of the Investment Advisor’s Investment Committee. We may consider co-investing in portfolio investments with other investment funds, accounts or investment vehicles managed by members of the Investment Advisor’s Investment Committee or by the Investment Advisor’s affiliates. Any such investments will be subject to regulatory limitations and approvals by directors who are not “interested persons,” as defined in the 1940 Act. We can offer no assurance, however, that we will be able to obtain such approvals or develop opportunities that comply with such limitations. There can be no guarantee that we will replicate the historical results achieved by members of the Investment Advisor’s Investment Committee or by the Investment Advisor’s affiliates, and we caution you that our investment returns could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility and regulatory uncertainty may have an adverse impact on our future performance. Expedited Investment Decisions Investment analyses and decisions by the Investment Advisor may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In these cases, the information available to the Investment Advisor at the time of making an investment decision may be limited. Therefore, no assurance can be given that the Investment Advisor will have knowledge of all circumstances that may adversely affect an investment. In addition, the Investment Advisor expects to rely upon independent consultants and other sources in connection with its evaluation of proposed investments, and no assurance can be given as to the accuracy or completeness of the information provided by such independent consultants or other sources, or as to the Company’s right of recourse against them in the event errors or omissions do occur. Potential Limited Ability to Execute Investment Decisions When making investment and allocation decisions, the Investment Advisor relies on its available resources, which in some cases could be limited, delayed, or disrupted particularly in challenging or uncertain markets, or in the case of social, political, or governmental actions. See “ General Risk Factors—Political, Social and Economic Uncertainty Creates and Exacerbates Investment Risks” Ability to Manage Our Business Effectively Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the Investment Advisor’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective basis will depend upon the Investment Advisor’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. The Investment Advisor’s investment professionals will have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. The personnel of the Investment Advisor may be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from servicing new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows. Potential Difficulty Sourcing Investment Opportunities We may be unable to locate a sufficient number of suitable investment opportunities to allow us to deploy the proceeds of subscriptions successfully. In addition, privately negotiated investments in loans and securities of private middle-market companies require substantial due diligence and structuring, and we cannot assure you that we will achieve our anticipated investment pace. As a result, you will be unable to evaluate any future portfolio company investments prior to purchasing our shares of common stock. Additionally, our Investment Advisor will select our investments, and our stockholders will have no input with respect to such investment decisions. These factors increase the uncertainty, and thus the risk, of investing in our common stock. To the extent we are unable to deploy the proceeds of subscriptions, our investment income and, in turn, our results of operations, will likely be materially adversely affected. Until such time as we invest the proceeds of subscriptions to invest in portfolio companies, we will invest these amounts in cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less from the date of investment. We expect these temporary investments to earn yields substantially lower than the income that we expect to receive in respect of investments in secured debt (including senior secured, unitranche and second lien debt) and unsecured debt (including senior unsecured and subordinated debt), as well as related equity securities. Potential Conflicts of Interest As a result of our relationships or arrangements with Moelis Asset, the Investment Advisor and the Investment Advisor’s Investment Committee, there may be times when the Investment Advisor or such persons have interests that differ from those of our stockholders, giving rise to a conflict of interest. Conflicts Related to Obligations of Investment Advisor or the Members of the Investment Committee Investment Advisor employees serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do, or of investment funds, accounts, or investment vehicles managed by the Investment Advisor and/or its affiliates. Similarly, the Investment Advisor and its affiliates may have other clients with similar, different or competing investment objectives (collectively, “Other Accounts”). In serving in these multiple capacities, they may have obligations to Other Accounts or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders. For example, the Investment Advisor has, and will continue to have management responsibilities for other investment funds, accounts and investment vehicles. There is a potential that we will compete with these funds, and other entities managed by the Investment Advisor and its affiliates, for capital and investment opportunities. As a result, the Investment Advisor and, as applicable, the members of the Investment Committee, may face conflicts in the allocation of investment opportunities among us and the investment funds, accounts and investment vehicles managed by the Investment Advisor and its affiliates. The Investment Advisor intends to allocate investment opportunities among eligible investment funds, accounts and investment vehicles in a manner that is fair and equitable over time and consistent with its allocation policy. However, we can offer no assurance that such opportunities will be allocated to us fairly or equitably in the short-term or over time. Subject to the 1940 Act, the Company may also co-invest with Other Accounts, and the relationship with such Other Accounts could influence the decisions made by the Investment Advisor with respect to such investments. The Company may invest in securities of the same issuers as Other Accounts. To the extent that the Company holds interests that are different (or more senior or junior) than those held by such Other Accounts, the Investment Advisor may be presented with decisions involving circumstances where the interests of such Other Accounts are in conflict with those of the Company. For example, conflicts could arise where the Company invests in a rights offering of a portfolio company while an Other Account loans money to such portfolio company. In this circumstance, for example, if such portfolio company were to go into bankruptcy, become insolvent or otherwise be unable to meet its payment obligations or comply with its debt covenants, conflicts of interest could arise between the holders of different types of securities or loans as to what actions the portfolio company should take. Further conflicts could arise after the Company and Other Accounts have made their respective initial investments. For example, if additional financing is necessary as a result of financial or other difficulties, it may not be in the best interests of the Company to provide such additional financing. If the Other Accounts were to lose their respective investments as a result of such difficulties, the ability of the Investment Advisor to recommend actions in the best interests of the Company might be impaired. The Investment Advisor may in its discretion take steps to reduce the potential for adversity between the Company and the Other Accounts, including causing the Company and/or such Other Accounts to take certain actions that, in the absence of such conflict, it would not take. Such conflicts will be more difficult if the Company and Other Accounts hold significant or controlling interests in competing or different tranches of a portfolio company’s capital structure. Furthermore, it is possible the Company’s interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts involvement and actions relating to its investment. There can be no assurance that any conflict will be resolved in favor of the Company, and each shareholder acknowledges and agrees that in some cases, subject to applicable law, a decision by the Investment Advisor to take any particular action could have the effect of benefiting an Other Account (and, incidentally, may also have the effect of benefiting the Investment Advisor). Possession of Material Non-Public Information by Principals and Associated Persons of Investment Advisor Principals and other employees or associated persons of the Investment Advisor, including members of the Investment Advisor’s Investment Committee, may receive material nonpublic information on potential investments as a result of their duties to the Company, the Investment Advisor, Moelis Asset, or other Moelis Asset affiliates. In the event that material nonpublic information is obtained, or we become subject to trading restrictions under internal trading policies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. Third Party Involvement We may invest alongside third parties through partnerships, joint ventures or other entities. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that such third party may at any time have economic or business interests or goals which are inconsistent with those of the Company, or may be in a position to take action contrary to the investment objective of the Company. In addition, the Company may in certain circumstances be liable for actions of such third party. Incentive Fee Structure Relating to the Investment Advisor In the course of our investing activities, we will pay management and incentive fees to the Investment Advisor. We have entered into an Investment Advisory Agreement with the Investment Advisor. Under the incentive fee structure which will be in place, our net investment income for purposes thereof will be computed and paid on income that may include interest income that has been accrued but not yet received in cash. This fee structure may give rise to a conflict of interest for the Investment Advisor to the extent that it encourages the Investment Advisor to favor debt financings that provide for deferred interest, rather than current cash payments of interest. The Investment Advisor may have an incentive to invest in deferred interest securities in circumstances where it would not have done so but for the opportunity to continue to earn the incentive fee even when the issuers of the deferred interest securities would not be able to make actual cash payments to us on such securities. This risk could be increased because, under our Investment Advisory Agreement, the Investment Advisor is not obligated to reimburse us for incentive fees it receives even if we subsequently incur losses or never receive in cash the deferred income that was previously accrued. The Small Business Credit Availability Act allows us to incur additional leverage, which may increase the risk of investing with us. On March 23, 2018, the SBCAA was signed into law. The SBCAA, among other things, modifies the applicable provisions of the 1940 Act to reduce the required asset coverage ratio applicable to BDCs from 200% to 150% subject to certain approval, time and disclosure requirements (including either stockholder approval or approval of a majority of the directors who are not interested persons of the BDC and who have no financial interest in the proposal). On October 5, 2020, the Board and the Member of MSC Capital LLC voted to approve the adoption of the reduced asset coverage ratio. Increased leverage could increase the risks associated with investing in the Company. For example, if the value of the Company’s assets decreases, although the asset base and expected revenues would be larger because increased leverage would permit the Company to acquire additional assets, leverage will cause the Company’s net asset value to decline more sharply than it otherwise would have without leverage or with lower leverage. Similarly, any decrease in the Company’s revenue would cause its net income to decline more sharply, on a relative basis, than it would have if the Company had not borrowed or had borrowed less (although, as noted above, the Company’s asset base and expected revenues would likely be larger). However, since the Company already uses leverage in optimizing its investment portfolio, there are no material new risks associated with increased leverage other than the amount of the leverage. If the Company’s asset coverage ratio falls below the required limit, the Company will not be able to incur additional debt until it is able to comply with the asset coverage ratio. This could have a material adverse effect on the Company’s operations, and the Company may not be able to make distributions to stockholders. The actual amount of leverage that the Company employs will depend on the Board’s and the Adviser’s assessment of market and other factors at the time of any proposed borrowing. The Fund currently anticipates being able to obtain sufficient credit on acceptable terms, although the Company can make no assurance that this will be the case or that it will remain such in the future. Increased leverage may magnify our exposure to risks associated with changes in interest rates. If we incur additional leverage, general interest rate fluctuations may have a more significant negative impact on our investments and investment opportunities than they would have absent such additional incurrence, and, accordingly, may have a material adverse effect on our investment objectives and rate of return on investment capital. Because we may borrow money to make investments in the form of debt securities, preferred stock or other securities, our net investment income is dependent upon the difference between the rate at which income from investments exceeds the rate at which we pay interest or dividends on such liabilities. We principally invest in floating-rate assets and incur our indebtedness on a floating-rate basis as well. We plan to incur indebtedness, when possible, on the same floating base rate applicable to the assets in which we invest. Because the base rate of our assets and indebtedness are expected to generally be the same and will therefore fluctuate on largely the same basis, the primary risk that we face from interest rate fluctuations is a situation where the difference in the rate on investment income versus the base rate, which we refer to as the “spread,” falls and there is not a similar reduction in the spread on our indebtedness or losses exceed anticipated levels. In that situation, the investment income, net of losses, less the cost of our indebtedness would be reduced. This reduction could create a material adverse effect on our investment objectives if the spread compression was significant and persistent over long periods. We expect that a majority of our investments in debt will continue to be at floating rates. However, as we make investments in debt at floating rates, a significant increase in market interest rates could also result in an increase in our non-performing assets and a decrease in the value of our portfolio because the portfolio companies paying interest at such increasing floating rates may be unable to meet higher payment obligations. In periods of rising interest rates, our cost of funds would increase, which, if not matched with the rising interest rates of our performing floating-rate assets, could result in a decrease in our net investment income. Incurring additional leverage will magnify the impact of an increase to our cost of funds. In addition, a decrease in interest rates may reduce net income, because new investments may be made at lower rates despite the increased demand for our capital that the decrease in interest rates may produce. To the extent our additional borrowings are in fixed-rate instruments, we may be required to invest in higher-yield securities in order to cover our interest expense and maintain our current level of return to stockholders, which may increase the risk of an investment in our shares. Conflict of Interest Created by Valuation Process for Certain Portfolio Holdings We may make some portfolio investments in the form of loans and securities that are not publicly traded and for which no market based price quotation is available. As a result, our Investment Advisor, as delegated by the Board, will determine the fair value of these loans and securities in good faith as described elsewhere in this Annual Report . Conflicts Related to Relationship with Moelis Asset and Moelis Advisory The Investment Advisor’s relationship with Moelis Asset and Moelis & Company, a global investment bank (together with its financial advisory affiliates, “Moelis Advisory”), which is under common control with Moelis Asset and provides financial advisory services to a broad client base, involves a number of relationships that give rise to potential conflicts of interest between Moelis Advisory, on the one hand, and the Company and its investors on the other. As a subsidiary of Moelis Asset, the Investment Advisor will be subject to certain restrictions and requirements, including with respect to Moelis Asset. Although the Investment Advisor currently does not expect it to occur to a degree that it would be material to the Company, Moelis Advisory may from time to time receive a financial advisory assignment in respect of assets owned by the Company, being considered for acquisition by the Company, or the assets in which the Company invests. In such cases, the Company may become restricted from making a purchase or sale of assets or from participating on a creditors’ committee, or may be required to sell certain assets, as a result of such an advisory assignment undertaken by Moelis Advisory. The Investment Advisor may propose that the Company engage an independent third-party to assess the merits of transactions with respect to such assets and make investment and voting recommendations on behalf of the Company with respect to such asset, subject to oversight by our Board. Moelis Advisory may engage in additional business activities, which may result in additional conflicts with the Investment Advisor and which could result in additional restrictions on the Investment Advisor. Further, additional regulation, policies and procedures of Moelis Asset could adversely impact the Investment Manager or the Company. Certain affiliates of Moelis Asset (including funds managed by such affiliates) may invest in securities or loans that are pari passu with, senior or junior to, or have interests different from or adverse to, the Company. In such instances, such affiliates may in their discretion make investment recommendations and decisions that may be the same as or different from, and in conflict with, those made by the Investment Advisor with respect to the Company’s investments. It is possible that the Company’s investment may be subordinated or otherwise adversely affected by virtue of such affiliates’ involvement and actions relating to their investments. For example, conflicts could arise where the Company acquires a loan to a company in which an affiliate of the Investment Advisor (or a fund managed by such affiliate) owns equity securities. In this circumstance, if such company goes into bankruptcy, becomes insolvent or is otherwise unable to meet its payment obligations or comply with its debt covenants, conflicts may exist between the holders of such company’s loans and its equity securities as to what actions such company should take, and any affiliate of the Investment Advisor owning such equity securities will be free to pursue its own interests without taking into consideration the interests of the Company. Third party service providers and counterparties that provide services to, or engage in transactions with, Moelis Asset, Moelis Advisory and/or its affiliates and subsidiaries and funds advised by any of the foregoing may also provide services to, or engage in transactions with, the Company. In such cases, the Investment Advisor may favor service providers and counterparties that provide such services to affiliates or to its principals or subsidiaries for attractive fees or other terms of service. Additionally, Moelis Asset, Moelis Advisory or certain affiliates of Moelis Asset may possess information relating to issuers which is not known to the Investment Advisor, and Moelis Asset, Moelis Advisory or certain affiliates of Moelis Asset will be under no obligation to make such information available to the Investment Advisor or the Company. Moelis Asset and its affiliates’ or subsidiaries’ employees, including without limitation employees of the Investment Advisor, may also carry on investment activities for their own accounts and for family members and friends who do not invest in the Company, and may give advice and recommend securities to other managed accounts or investment funds which may differ from advice given to, or securities recommended for, the Company, even though their investment objective may be the same or similar. Conflicts Related to Other Arrangements with Investment Advisor and the Investment Advisor’s Other Affiliates We have entered into an Administration Agreement with the Administrator pursuant to which we are required to pay to the Administrator our allocable portion of overhead and other expenses, including rental expenses, incurred by the Administrator in performing its obligations under such Administration Agreement, such as rent and our allocable portion of the cost of our chief financial officer, chief compliance officer and their respective staffs. This will create conflicts of interest that our Board will monitor. For example, we will be unable to preclude the Investment Advisor from marketing other funds or activities, some of whom may compete against us. We also will be unable to prevent any damage to goodwill that may occur as a result of the activities of the Investment Advisor or others. Furthermore, in the event the Investment Advisory Agreement is terminated, we will be required to cease using the Investment Advisor’s materials. Any of these events could disrupt our recognition in the market place, damage any goodwill we may have generated and otherwise harm our business. Negotiation of the Investment Advisory Agreement with the Investment Advisor and the Administration Agreement with the Administrator The Investment Advisory Agreement and the Administration Agreement were negotiated between related parties. Consequently, their terms, including fees payable to the Investment Advisor, may not be as favorable to us as if they had been negotiated with an unaffiliated third party. In addition, we may choose not to enforce, or to enforce less vigorously, our rights and remedies under these agreements because of our desire to maintain our ongoing relationship with the Investment Advisor and its affiliates. Our Board will consider the approval of the Investment Advisory Agreement and the Administration Agreement at a meeting called for the purpose, where the Board may consider a number of factors relating to, among other things, the nature, quality and extent of the advisory and other services to be provided and the terms of the agreements including the fees paid to the Investment Advisor. Limited Liability and Indemnification of the Inve |
Risks Related to our Investments [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Risks Related to our Investments Potential Impact of Economic Recessions or Downturns Many of the portfolio companies in which we have invested or expect to make investments are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. Therefore, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. A tax adverse economic conditions may decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. In addition, in March 2023, the Federal Deposit Insurance Corporation took control of Silicon Valley Bank and Signature Bank due to liquidity concerns. The situation is still developing with respect to Silicon Valley Bank and Signature Bank, and concerns have arisen regarding the stability of other banks and financial institutions. To the extent that the Company or the portfolio companies are impacted, their ability to access existing cash, cash equivalents and investments, or to access existing or enter into new banking arrangements or facilities to service our portfolio companies, may be threatened. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects We may invest in floating-rate assets and incur indebtedness on a floating-rate basis as well, and intend to incur indebtedness, when possible, on the same floating base rate applicable to the assets in which we invest, which is currently the LIBOR. Regulators in the U.K. have set a 2023 deadline for a transition away from LIBOR. The discontinuation of LIBOR creates uncertainty around the indebtedness we will incur on a floating-rate basis in the future. Because the base rate of our assets and indebtedness are expected to be the same and will therefore fluctuate on largely the same basis, the increased cost of our indebtedness (resulting from rising interest rates in the event of a recession or downturn) would be expected to be accompanied by increased revenues resulting from the same rising interest rates on our floating rate assets. Nonetheless, economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, lenders in certain cases can be subject to lender liability claims for actions taken by them when they become too involved in the borrower’s business or exercise control over a borrower. It is possible that we could become subject to a lender liability claim, including as a result of actions taken if we render significant managerial assistance to the borrower. Furthermore, if one of our portfolio companies were to file for bankruptcy protection, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to claims of other creditors, even though we may have structured our investment as senior secured debt. The likelihood of such a re-characterization would depend on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company. In addition, a significant portion of the loans in which we may invest may be Covenant-Lite Loans. Generally, Covenant-Lite Loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in Covenant-Lite Loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants. Uncertainty Relating to LIBOR On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that it intends to phase out LIBOR by the end of 2021. However, subsequent announcements by LIBOR’s administrator and supportive statements from the FCA and other regulators indicate that it is possible that certain of the most widely used USD LIBOR tenors may continue until mid-2023. The cessation of LIBOR for various currencies at the end of 2021 (and in 2023 for certain tenors of USD LIBOR) has resulted in fallbacks to replacement rates being used more widely, including in the instruments documenting certain of our financial obligations. For example, in the U.S., a group convened by the Federal Reserve Board and the Federal Reserve Bank of New York, called the Alternative Reference Rate Committee (“ARRC”) and comprised of a diverse set of private sector entities, has identified the Secured Overnight Financing Rate (or “SOFR”) as its preferred alternative rate for the U.S. LIBOR and the Federal Reserve Bank of New York has begun publishing SOFR daily. Many banks in the U.S. and lenders for loans in which we invest have begun entering into transactions where interest is determined based on SOFR or plan to do so during the first half of 2023, as recommended by ARRC and certain regulators. Additionally, many financial contracts, including some which govern our financial obligations and the loans in which we invest, include replacement alternatives for LIBOR upon the cessation of LIBOR. The potential consequences of these changes cannot be fully predicted and could have an adverse impact on the market value for LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us, and could adversely affect the Company. Changes in market interest rates may influence our financing costs and returns on investments and could reduce our earnings and cash flows. In addition, any transaction process could involve, among other things, increased volatility or illiquidity in markets for instruments that rely on LIBOR, reductions in the value of certain instruments, and mismatches between rates in loans in which we invest and our Credit Facility. Investments in Leveraged Portfolio Companies Portfolio companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities, or a larger number of qualified managerial and technical personnel. As a result, portfolio companies which the Investment Advisor expects to be stable may operate at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or to maintain their competitive position or may otherwise have a weak financial condition or be experiencing financial distress. Portfolio companies may issue certain types of debt, such as senior loans, mezzanine or high yield in connection with leveraged acquisitions or recapitalizations in which the portfolio company incurs a substantially higher amount of indebtedness than the level at which it had previously operated. Leverage may have important consequences to these portfolio companies and the Company as an investor. For example, the substantial indebtedness of a portfolio company could (i) limit its ability to borrow money for its working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; (ii) require it to dedicate a substantial portion of its cash flow from operations to the repayment of its indebtedness, thereby reducing funds available to it for other purposes; (iii) make it more highly leveraged than some of its competitors, which may place it at a competitive disadvantage; or (iv) subject it to restrictive financial and operating covenants, which may preclude it from favorable business activities or the financing of future operations or other capital needs. A leveraged portfolio company’s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used. In addition, a portfolio company with a leveraged capital structure will be subject to increased exposure to adverse economic factors, such as a significant rise in interest rates, a severe downturn in the economy or deterioration in the condition of that portfolio company or its industry. If a portfolio company is unable to generate sufficient cash flow to meet all of its obligations, it may take alternative measures (e.g., reduce or delay capital expenditures, sell assets, seek additional capital, or seek to restructure, extend or refinance indebtedness). These actions may negatively affect our investment in such a portfolio company. Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position. Volatility of Loans and Debt Securities of Leveraged Companies Leveraged companies may experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversary proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect the company. If the proceeding is converted to a liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be limited or lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial. Investments in Middle-Market Portfolio Companies We may invest a portion of our investable capital in small and/or less well-established companies. While smaller companies may have potential for rapid growth, they often involve higher risks because they lack the management experience, financial resources, product diversification and competitive strength of larger corporations, all of which may contribute to illiquidity, which may, in turn adversely affect the price and timing of liquidation of our investments. Generally, little public information exists about these companies, and we will rely on the ability of our Investment Advisor’s investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and the Investment Advisor may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies. Lack of Liquidity in Investments The lack of an established, liquid secondary market for a substantial portion of our investments may have an adverse effect on the market value of our investments and on our ability to dispose of them. Additionally, our investments may be subject to certain transfer restrictions that may also contribute to illiquidity. Further, our assets that are typically traded in a liquid market may become illiquid if the applicable trading market tightens. Therefore, no assurance can be given that, if the Company is determined to dispose of a particular investment held by the Company, it could dispose of such investment at the prevailing market price. In addition, we may, from time to time, possess material, non-public information, including information received due to participation on creditors’ committees, about a borrower or issuer. Such information or affiliation may limit the ability of the Company to buy and sell investments. We may also invest in debt securities which will not be rated by any rating agency and, if they were rated, would be rated as below investment grade quality. Below investment grade securities, which are often referred to as “junk,” have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value. Some of our debt investments may contain interest rate reset provisions that may make it more difficult for the borrowers to make periodic interest payments to us. In addition, some of our debt investments may not pay down principal until the end of their lifetimes, which could result in a substantial loss to us if the portfolio companies are unable to refinance or repay their debts at maturity. Potential Adverse Effects of Price Declines and Illiquidity in the Corporate Debt Markets As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our Board. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. Risks of Secured Loans While we may invest in secured loans that may be over-collateralized at the time of the investment, we may nonetheless be exposed to losses resulting from default and foreclosure. Therefore, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. We cannot guarantee the adequacy of the protection of the Company’s interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, the Company cannot assure that claims may not be asserted that might interfere with enforcement of the Company’s rights. In addition, in the event of any default under a secured loan held directly by the Company, the Company will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the secured loan, which could have a material adverse effect on the Company’s cash flow from operations. In the event of a foreclosure, we may assume direct ownership of the underlying asset. The liquidation proceeds upon sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to us. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying property will further reduce the proceeds and thus increase the loss. These risks are magnified for stretch senior loans. Stretch senior loans are senior loans that have a greater loan-to-value ratio than traditional senior loans and typically carry a higher interest rate to compensate for the additional risk. Because stretch senior loans have a greater loan-to-value ratio, there is potentially less over-collateralization available to cover the entire principal of the stretch senior loan. Mezzanine Debt and Other Junior Securities The mezzanine debt and other junior investments in which we may invest are typically contractually or structurally subordinate to senior indebtedness of the applicable company, or effectively subordinated as a result of being unsecured debt and therefore subject to the prior repayment of secured indebtedness to the extent of the value of the assets pledged as security. In some cases, the subordinated debt held by the Company may be subject to the prior repayment of different classes of senior debt that may be in priority ahead of the debt held by the Company. In the event of financial difficulty on the part of a portfolio company, such class or classes of senior indebtedness ranking prior to the debt held by us, and interest thereon and related expenses, are subject to repayment in full before any recovery may be had on the Company’s mezzanine debt or other subordinated investments. Subordinated investments are characterized by greater credit risks than those associated with the senior or senior secured obligations of the same issuer. In addition, under certain circumstances the holders of the senior indebtedness will have the right to block the payment of interest and principal on the Company’s mezzanine debt or other junior investment and to prevent us from pursuing its remedies on account of such non-payment against the issuer. Further, in the event of any debt restructuring or workout of the indebtedness of any issuer, the holders of the senior indebtedness will likely control the creditor side of such negotiations. Many issuers of mezzanine debt or other junior securities are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of mezzanine debt or other junior securities may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. Adverse changes in the financial condition of an issuer, general economic conditions, or both, may impair the ability of such issuer to make payments on its subordinated securities and result in defaults on such securities more quickly than in the case of the senior obligations of such issuer. Mezzanine debt and other junior securities may not be publicly traded, and therefore it may be difficult to obtain information as to the true condition of the issuers. Finally, the market values of certain mezzanine debt and other junior securities may reflect individual corporate developments. Investments in mezzanine debt and other junior securities may also be in the form of zero-coupon or deferred interest bonds, which are bonds that are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero-coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. These investments typically experience greater volatility in market value due to changes in the interest rates than bonds that provide for regular payments of interest. Covenant-Lite Loans A significant number of high yield loans in the market, in particular the broadly syndicated loan market, may consist of Covenant-Lite Loans and a significant portion of the loans in which the Company may invest or get exposure to through its investments in CDOs or other types of structured securities may be deemed to be Covenant Lite Loans and it is possible that such loans may comprise a majority of the Company’s portfolio. Such loans do not require the borrower to maintain debt service or other financial ratios and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. Ownership of Covenant-Lite Loans may expose the Company to different risks, including with respect to liquidity, price volatility, ability to restructure loans, credit risks and less protective loan documentation, than is the case with loans that contain financial maintenance covenants. Potential Early Redemption of Some Investments The terms of loans acquired or originated by the Company may be subject to early prepayment options or similar provisions which, in each case, could result in the Company realizing repayments of such loans earlier than expected, sometimes with no or a nominal prepayment premium. This may happen when there is a decline in interest rates, when the portfolio company’s improved credit or operating or financial performance allows the refinancing of certain classes of debt with lower cost debt or when the general credit market conditions improve. Additionally, prepayments could negatively impact our ability to pay, or the amount of, dividends on our common stock, which could result in a decline in the market price of our shares. The Company’s inability to reinvest such proceeds at attractive rates could materially and adversely affect our operating results and cash flows. Limited Amortization Requirements We may invest in debt that has limited mandatory amortization and interim repayment requirements. A low level of amortization of any debt, over the life of the investment, may increase the risk that a portfolio company will not be able to repay or refinance the debt held by the Company when it comes due at its final stated maturity. High Yield Debt We may invest in high yield debt, a substantial portion of which may be rated below investment-grade by one or more nationally recognized statistical rating organizations or is unrated but of comparable credit quality to obligations rated below investment-grade, and has greater credit and liquidity risk than more highly rated debt obligations. High yield debt is generally unsecured and may be subordinate to other obligations of the obligor. The lower rating of high yield debt reflects a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including, for example, a substantial period of rising interest rates or declining earnings) or both may impair the ability of the obligor to make payment of principal and interest. Many issuers of high yield debt are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. In addition, many issuers of high yield debt may be in poor financial condition, experiencing poor operating results, having substantial capital needs or negative net worth or be facing special competitive or product obsolescence problems, and may include companies involved in bankruptcy or other reorganizations or liquidation proceedings. Certain of these securities may not be publicly traded, and therefore it may be difficult to obtain information as to the true condition of the issuers. Overall declines in the below investment-grade bond and other markets may adversely affect such issuers by inhibiting their ability to refinance their debt at maturity. High yield debt is often less liquid than higher rated securities, and the market for high yield debt has recently experienced periods of volatility. The market values of this high yield debt may reflect individual corporate developments. High yield debt generally experiences greater default rates than is the case for investment-grade securities. We may also invest in equity securities issued by entities with unrated or below investment-grade debt. High yield debt may also be in the form of zero-coupon or deferred interest bonds, which are issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero-coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. These investments typically experience greater volatility in market value due to changes in the interest rates than bonds that provide for regular payments of interest. Bank Loans We may invest a portion of our investments in loans originated by banks and other financial institutions. The loans invested in by us may include term loans, delayed draw loans and revolving loans, may pay interest at a fixed or floating rate and may be senior or subordinated. Purchasers of bank loans are predominantly commercial banks, investment funds and investment banks. As secondary market trading volumes for bank loans increase, new bank loans are frequently adopting standardized documentation to facilitate loan trading, which may improve market liquidity. There can be no assurance that future levels of supply and demand in bank loan trading will provide an adequate degree of liquidity. The Company may make investments in both (i) performing bank loans and (ii) stressed or distressed bank loans, which are often less liquid than performing bank loans. The illiquidity of bank loans may make it difficult for us to sell such investments to access capital if required. As a result, we could realize significantly less than the value at which we have recorded our investments if we were required to sell them for liquidity purposes. In addition, the global capital markets are currently in a period of market illiquidity that may reduce the volume of loans and debt securities available and adversely affect the value of our portfolio investments, which could have a material and adverse effect on our results of operations and cash flows. There can be no assurance that the current period of illiquidity will not persist or worsen and that the market will not experience periods of significant illiquidity in the future. Compared to securities and to certain other types of financial assets, purchases and sales of loans take relatively longer to settle. This extended settlement process can (i) increase the counterparty credit risk borne by the Company; (ii) leave the Company unable to timely vote, or otherwise act with respect to, loans it has agreed to purchase; (iii) delay the Company from realizing the proceeds of a sale of a loan; (iv) inhibit the Company’s ability to re-sell a loan that it has agreed to purchase if conditions change (leaving us more exposed to price fluctuations); (v) prevent the Company from timely collecting principal and interest payments; and (vi) expose the Company to adverse tax or regulatory consequences. To the extent the extended loan settlement process gives rise to short-term liquidity needs, we may hold cash, sell investments or temporarily borrow from banks or other lenders. In typical circumstances, loans are not deemed to be securities, and in the event of fraud or misrepresentation by a borrower or an arranger, lenders will not have the protection of the anti-fraud provisions of the federal securities laws, as would be the case for bonds or stocks. Instead, in such cases, lenders generally rely on the contractual provisions in the loan agreement itself, and common-law fraud protections under applicable state law. We may acquire interests in bank loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser by way of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution. Participation interests in a portion of a debt obligation typically comprise a contractual relationship only with the institution participating out the interest, and not with the borrower. In purchasing participations, we generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set-off against the borrower, and we may not directly benefit from the collateral supporting the debt obligation in which we have purchased the participation. As a result, we will assume the credit risk of both the borrower and the institution selling the participation. The bank loans acquired by us are likely to be below investment-grade. CLO Investments We may invest in CLO Securities. Generally, there may be less information available to us regarding the underlying debt investments held by such CLOs than if we had invested directly in the debt of the underlying companies. As a result, we and our stockholders may not know the details of the underlying holdings of the CLOs in which we may invest. As a BDC, we may not acquire CLO Securities unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are “qualifying assets.” CLOs that we expect to invest in are typically very highly leveraged, and therefore, the junior debt and equity tranches that we expect to invest in a |
Federal Income Tax and Other Tax Risks [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | Federal Income Tax and Other Tax Risks Possibility of Corporate-Level Income Tax In order to qualify and be subject to tax as a RIC under the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The distribution requirement for a RIC is satisfied if we distribute dividends in respect of each taxable year of an amount generally at least equal to 90% of our investment company taxable income, determined without regard to any deduction for dividends paid, to our stockholders. We will be subject, to the extent we use debt financing, to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to enable us to be subject to tax as a RIC. If we are unable to obtain cash from other sources, we may fail to be subject to tax as a RIC and, thus, may be subject to corporate-level income tax. To qualify to be subject to tax as a RIC, we must also meet certain asset diversification requirements at the end of each quarter of our taxable year. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualifications as a RIC. Because most of our investments will be in private or thinly traded public companies, any such dispositions could be made at disadvantageous prices and may result in substantial losses. If we fail to qualify to be subject to tax as a RIC for any reason and become subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distributions to our stockholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our stockholders. Required Distributions and the Recognition of Income For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as the accretion of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contracted PIK arrangements, will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash. Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement in a given taxable year to distribute at least 90% of our investment company taxable income, determined without regard to any deduction for dividends paid, as dividends to our stockholders in order to maintain our ability to be subject to tax as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to be subject to tax as a RIC and thus be subject to corporate-level income tax. Potential Adverse Tax Consequences as a Result of Not Being Treated as a “Publicly Offered Regulated Investment Company” We do not expect to be immediately treated as a publicly offered regulated investment company. Unless and until we are treated as a “publicly offered regulated investment company” (within the meaning of Section 67 of the Code) by reason of either (i) shares of our common stock and our preferred stock (if any) collectively are held by at least 500 persons at all times during a taxable year, (ii) shares of our common stock are treated as regularly traded on an established securities market or (iii) shares of our common stock are continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act). For a calendar year, each U.S. stockholder that is an individual, trust or estate will be treated as having received a dividend from us in the amount of such U.S. stockholder’s allocable share of the management fees paid to our Investment Advisor and certain of our other expenses for the calendar year, and these fees and expenses will be treated as miscellaneous itemized deductions of such U.S. stockholder. Under current law, for taxable years beginning before 2026, miscellaneous itemized deductions generally are not deductible by a U.S. stockholder that is an individual, trust or estate. For taxable years beginning in 2026 or later, miscellaneous itemized deductions generally are deductible by a U.S. stockholder that is an individual, trust or estate only to the extent that the aggregate of such U.S. stockholder’s miscellaneous itemized deductions exceeds 2% of such U.S. stockholder’s adjusted gross income for U.S. federal income tax purposes, are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code. Withholding of U.S. Federal Income Tax on Dividends for Non-U.S. Stockholders Distributions by a BDC generally are treated as dividends for U.S. tax purposes, and will be subject to U.S. income or withholding tax unless the stockholder receiving the dividend qualifies for an exemption from U.S. tax, or the distribution is subject to one of the special look-through rules described below. Distributions paid out of net capital gains can qualify for a reduced rate of taxation in the hands of an individual U.S. stockholder, and an exemption from U.S. tax in the hands of a non-U.S. stockholder. However, if reported by a RIC, dividend distributions by the RIC derived from certain interest income (such distributions, “interest-related dividends”) and certain net short-term capital gains (such distributions, “short-term capital gain dividends”) generally are exempt from U.S. withholding tax otherwise imposed on non-U.S. stockholders. Interest-related dividends are dividends that are attributable to “qualified net interest income” (i.e., “qualified interest income,” which generally consists of certain interest and OID on obligations “in registered form” as well as interest on bank deposits earned by a RIC, less allocable deductions) from sources within the United States. Short-term capital gain dividends are dividends that are attributable to net short-term capital gains, other than short-term capital gains recognized on the disposition of U.S. real property interests, earned by a RIC. However, no assurance can be given as to whether any of our distributions will be eligible for this exemption from U.S. withholding tax or, if eligible, will be reported as such by us. Furthermore, in the case of shares of our stock held through an intermediary, the intermediary may have withheld U.S. federal income tax even if we reported the payment as an interest-related dividend or short-term capital gain dividend. Since our common stock will be subject to significant transfer restrictions, and an investment in our common stock will generally be illiquid, non-U.S. stockholders whose distributions on our common stock are subject to U.S. withholding tax may not be able to transfer their shares of our common stock easily or quickly or at all. A failure of any portion of our distributions to qualify for the exemption for interest-related dividends or short-term capital gain dividends would not affect the treatment of non-U.S. stockholders that qualify for an exemption from U.S. withholding tax on dividends by reason of their special status (for example, foreign government-related entities and certain pension funds resident in favorable treaty jurisdictions). Maintaining our Qualification as a RIC and Investments Made through Taxable Subsidiaries To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source and asset diversification requirements. See “ Item 1. Business Certain U.S. Federal Income Tax Considerations The income source requirement will be satisfied if we obtain at least 90% of our gross income each taxable year from dividends, interest, gains from the sale of stock or securities, or other income derived from the business of investing in stock or securities. The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year. To satisfy this requirement, at least 50% of the value of our assets at the close of each quarter of each taxable year must consist of cash, cash equivalents (including receivables), U.S. Government securities, securities of other RICs, and other acceptable securities; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under applicable Code rules, by us and that are engaged in the same or similar or related trades or businesses or of certain “qualified publicly traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because a significant portion of our investments will be in private companies, and therefore may be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses. We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. We also may invest in certain foreign debt and equity investments which could be subject to foreign taxes (such as income tax, withholding, and value added taxes). If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to corporate income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution, and the amount of our distributions. Realizing Income or Gains Prior to the Receipt of Cash Representing such Income or Gains For federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, since we will likely hold debt obligations that are treated under applicable tax rules as having OID (such as debt instruments with PIK, secondary market purchases of debt securities at discount to par, interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each taxable year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in income other amounts that we have not yet received in cash, such as unrealized appreciation for foreign currency forward contracts and deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as “passive foreign investment companies” and/or “controlled foreign corporations.” The rules relating to investment in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, taxed currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances this could require us to recognize income which we would need to consider in connection with satisfying our annual distribution requirements where we do not receive a corresponding payment in cash. Unrealized appreciation on derivative financial instruments, such as foreign currency forward contracts, may be included in taxable income while the receipt of cash may occur in a subsequent period when the related contract expires. Any unrealized depreciation on investments that the foreign currency forward contracts are designed to hedge are not currently deductible for tax purposes. This can result in increased taxable income whereby we may not have sufficient cash to pay distributions or we may opt to retain such taxable income and pay a 4% excise tax. In such case we could still rely upon the “spillback provisions” and distribute such taxable income as dividends to our stockholders in the following taxable year in order to maintain our ability to be subject to tax as a RIC. Further, we may elect to recognize market discount with respect to debt obligations acquired in the secondary market and include such amounts currently in our investment company taxable income, instead of upon disposition of such debt obligations, as an election not to do so may limit our ability to deduct interest expense for tax purposes. Because such market discount or other amounts accrued will be included in our investment company taxable income for the taxable year of the accrual, we may be required to make a distribution to our stockholders in order to satisfy the annual distribution requirement associated with maintaining RIC tax treatment under the Code, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to be subject to RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution, or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax. Risks Regarding Distributions We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this Annual Report. Due to the asset coverage test applicable to us under the 1940 Act as a BDC and certain limitations under Maryland law, we may be limited in our ability to make distributions. In addition, if we enter into a Credit Facility or any other borrowing facility, for so long as such facility is outstanding, we anticipate that we may be required by its terms to use all payments of interest and principal that we receive from our current investments as well as any proceeds received from the sale of our current investments to repay amounts outstanding thereunder, which could adversely affect our ability to make distributions. Furthermore, the tax treatment and characterization of our distributions may vary significantly from time to time due to the nature of our investments. The ultimate tax characterization of our distributions made during a taxable year may not finally be determined until after the end of that taxable year. We may make distributions during a taxable year that exceed our investment company taxable income and net capital gains for that taxable year. In such a situation, the amount by which our total distributions exceed investment company taxable income and net capital gains generally would be treated as a return of capital up to the amount of a stockholder’s tax basis in the shares, with any amounts exceeding such tax basis treated as a gain from the sale or exchange of such shares. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from our investment activities. Moreover, we may pay all or a substantial portion of our distributions from the proceeds of the sale of shares of our common stock or from borrowings in anticipation of future cash flow, which could constitute a return of stockholders’ capital and will lower such stockholders’ tax basis in our shares, which may result in increased tax liability to stockholders when they sell such shares. |
General Risk Factors [Member] | |
General Description of Registrant [Abstract] | |
Risk [Text Block] | General Risk Factors Potential Fluctuations in Quarterly Operating Results We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods. Potential Adverse Effects of New or Modified Laws or Regulations We and our portfolio companies will be subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business. Additionally, changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth in this Annual Report and may shift our investment focus from the areas of expertise of our Investment Advisor to other types of investments in which our Investment Advisor may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. Political, Social and Economic Uncertainty Creates and Exacerbates Investment Risks Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which the Company and its investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including Company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. Risks Related to Outbreak of COVID-19 In late 2019 and early 2020, a novel coronavirus (SARS-CoV-2) and related respiratory disease (COVID-19) emerged in China and during 2020 spread rapidly across the world, including to the United States. This outbreak has led, is currently leading, for an unknown period of time will continue to lead to disruptions in local, regional, national and global markets and economies affected thereby. The disruptions caused by COVID-19 have included, and may continue to include, political, social, and economic disruptions and uncertainties. See “ Political, Social, and Economic Uncertainty Creates and Exacerbates Investments Risks Potential Material and Adverse Effects of Market Conditions on Debt and Equity Capital Markets. The continuation of the COVID-19 pandemic, and the political, social, and economic disruptions resulting therefrom could cause a negative effect on the operations of the Company and its service providers, including the Investment Advisor (or any of the key personnel of the Investment Advisor or its service providers). The Investment Advisor’s personnel have been and may continue or in the future become subject to stay-at home orders or employer work-from home programs, which could cause disruptions to the services provided to the Company. The Investment Advisor relies on its available resources, including Moelis Asset and other Moelis-affiliated entities, in connection with the services provided to the Company which in some cases may be limited or such resources may be disrupted. There can be no assurance that the Investment Advisor’s available resources or its personnel responsible for providing services to the Company will ultimately result in the same services that would have been provided if disruptions caused by COVID-19 had not occurred. The Investment Advisor has adjusted, and expects that there will be cases in the future where the Investment Advisor will need to adjust, its operations, including the operations of personnel responsible for providing advisory services to the Company, as appropriate to meet evolving business needs of the Investment Advisor and the needs of clients. The Investment Advisor expects to make adjustments as needed to operations in response to disruptions, including but not limited to political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which the Company is exposed. This outbreak has had, and any future outbreaks could have, an adverse impact on the markets and the economy in general, which could have a material adverse impact on, among other things, the ability of lenders to originate loans, the volume and type of loans originated, and the volume and type of amendments and waivers granted to borrowers and remedial actions taken in the event of a borrower default, each of which could negatively impact the amount and quality of loans available for investment by the Company and returns to investors, among other things. As of the date of this Annual report, this outbreak has been ongoing and it is impossible to determine how this, or any future outbreaks, and its effect or the full potential impact on the Company, the Investment Advisor or its affiliates, and portfolio companies or investments. With respect to the U.S. credit markets (in particular for broadly syndicated loans), this outbreak has resulted in the following among other things: (i) government imposition of various forms of “stay at home” orders and the closing of “non-essential” businesses, resulting in significant disruption to the businesses of many middle-market loan borrowers including supply chains, demand and practical aspects of their operations, as well as in lay-offs of employees, and, while these effects may be temporary, some effects could be persistent or even permanent; (ii) increased draws by borrowers on revolving lines of credit; (iii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iv) volatility and disruption of these markets including greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues; and (v) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general which will not necessarily adequately address the problems facing the loan market and middle market businesses. In the event of another mutation of COVID-19, the above may continue. Although it is impossible to predict the precise nature and consequences of these events, or of any political or policy decisions and regulatory changes occasioned by emerging events or uncertainty on applicable laws or regulations that impact the Company and its investments, these types of events may impact and, in some cases, will impact the Company and borrowers and in certain instances the impact may be adverse. For example, smaller and middle market companies in which the Company may invest can be significantly impacted by emerging events and the uncertainty caused by these events. With respect to loans to such companies, the Company will be impacted if, among other things, (i) amendments and waivers are granted (or are required to be granted) to borrowers permitting deferral of loan payments, (ii) borrowers default on their loans, are unable to refinance their loans at maturity, or go out of business permanently, and/or (iii) the value of loans held by the Company decreases as a result of such events and the uncertainty they cause. There can be no assurance that such emerging events will not cause the Company to suffer a loss of any or all of its investments or interest thereon. The Company will also be negatively affected if the operations and effectiveness of the Investment Advisor or its affiliates, the Administrator, the Company’s custodian, or an issuer, obligor, or borrower (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. Potential Material and Adverse Effects of Market Conditions on Debt and Equity Capital Markets The U.S. capital markets have experienced extreme volatility and disruption following the global outbreak of COVID-19 that began in late 2019 and early 2020. Some economists and major investment banks have expressed concern that the continued spread of the virus globally has led, and could lead to a world-wide economic downturn. Disruptions in the capital markets have increased the spread between the yields of certain securities and have caused illiquidity in parts of the capital markets. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on our business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could continue to limit our investments, limit our ability to grow and have a material negative impact on our operating results and the fair values of our investments. General Market and Credit Risks of Debt Securities Debt portfolios are subject to credit and interest rate risk. “Credit risk” refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument. Financial strength and solvency of an issuer are the primary factors influencing credit risk. In addition, subordination, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and securities which are rated by rating agencies are often reviewed and may be subject to downgrade. “Interest rate risk” refers to the risks associated with market changes in interest rates. Factors that may affect market interest rates include, without limitation, inflation, slow or stagnant economic growth or recession, unemployment, money supply and the monetary policies of the Federal Reserve Board and central banks throughout the world, international disorders and instability in domestic and foreign financial markets. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a positive effect on price. Adjustable rate instruments may also react to interest rate changes in a similar manner although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including, among other factors, the index chosen, frequency of reset and reset caps or floors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules. The Company expects that it will periodically experience imbalances in the interest rate sensitivities of its assets and liabilities and the relationships of various interest rates to each other. In a changing interest rate environment, the Company may not be able to manage this risk effectively, which in turn could adversely affect the Company’s performance. Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies Certain of our investments are in industries that may be impacted by inflation. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our investments’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. |
Common Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Authorized [Shares] | 450,000,000 |
Outstanding Security, Held [Shares] | 5,643,073 |
Preferred Stock [Member] | |
Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |
Outstanding Security, Authorized [Shares] | 50,000,000 |
Outstanding Security, Held [Shares] |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization [Abstract] | |
ORGANIZATION | 1. ORGANIZATION Steele Creek Capital Corporation (which is referred to as the “Company”, “we”, “us” and “our”) was originally organized as MSC Capital LLC as a Delaware limited liability company on June 3, 2020. The Company commenced operations as MSC Capital LLC on July 1, 2020. On October 7, 2020, MSC Capital LLC converted to a Maryland corporation. We are a closed-end externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”) The Company has elected for federal income tax purposes to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). In September 2020, we formed a wholly-owned special purpose financing vehicle, Steele Creek Funding I, LLC (“Funding I”), a Delaware limited liability company. Steele Creek Investment Management LLC (the “Investment Advisor” or “Administrator”) is our investment adviser and an affiliate of Moelis Asset Management LP (“Moelis Asset”). We entered into an Investment Advisory Agreement with the Investment Advisor who, subject to the supervision of our board of directors (the “Board”), manages the day-to-day operations and provides investment advisory services to the Company. The Company has no paid employees and the Investment Advisor has entered into an agreement (the “Custody Agreement”) to delegate certain administrative and custody functions to US Bank (the “Custodian”). The Company is a financial services company that primarily invests in syndicated corporate bank loans, bonds, other debt securities, and structured products. The investment objective is to generate high current income by investing primarily in fixed income instruments, including broadly syndicated bank loans, structured products, mezzanine financings and senior secured bonds. The term “shares” herein refers to membership interest in the Company prior to conversion. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting - Financial Services-Investment Companies Use of Estimates Securities Transactions Investment Income - Expenses - Organizational and offering costs - Realized Gain or Loss and Unrealized Gain or Loss - Cash - Earnings per share - Paid-in-capital in Excess of Par Value - Fair Value of Financial Instruments - Investment Classification - Valuation of Investments - Fair Value Measurement and Disclosures In March 2021, the UK Financial Conduct Authority (“FCA”), which oversees the global benchmarks, confirmed that most LIBOR tenors will end on December 31, 2021. This announcement includes the LIBOR benchmarks in pound sterling, euro, Japanese yen, Swiss franc and certain US dollar benchmarks. Several US dollar benchmarks will be extended to June 20, 2023 including the overnight, one-, three-, six-, and twelve-month US LIBOR rates. Due to the uncertainty relating to London Interbank Offered Rate (“LIBOR”), we are monitoring potential changes that may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities. We value our investments in accordance with the Investment Advisor’s valuation policy. Valuations are prepared and approved by the valuation committee on a monthly basis. Transfers of investments between different levels of the fair value hierarchy are recorded at the end of the period. For the years ended December 31, 2022 and December 31, 2021, there were no transfers between levels. Income Taxes - Income Taxes We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC Topic 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the period presented herein. The Company’s determinations regarding ASC Topic 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal. Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The 2020 to 2022 tax years for the Company are not yet closed and remains subject to examination by U.S. Federal, state and local tax authorities. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables -Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statements. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
AGREEMENTS AND RELATED PARTY TRANSACTIONS | 3. AGREEMENTS AND RELATED PARTY TRANSACTIONS Investment Advisory Agreement Pursuant to the investment advisory agreement between the Company and the Investment Advisor (the “Investment Advisory Agreement”), we have agreed to pay a fee for investment advisory and management services consisting of two components, a base management fee and an incentive fee. The cost of both the base management fee and the incentive fee will ultimately be borne by our stockholders. Our Investment Advisor has agreed to waive its fees (base management and incentive fee), without recourse against or reimbursement by us, for any quarter where net investment income plus net realized capital gains is not sufficient to maintain a targeted annual distribution payment on shares of common stock outstanding on the relevant payment dates of 6.0% based on our net asset value per share. On August 15, 2022 the Board approved the renewal of the Investment Advisory Agreement which automatically renews for successive one-year periods each September 17th; provided that such continuance is specifically approved at least annually by the vote of the Board or by the vote of a majority of the outstanding voting securities of the Company and the vote of a majority of the Independent Directors, in accordance with the requirements of the 1940 Act. Base Management Fee The base management fee is calculated at a maximum annual rate of 1.0% of the average of the weighted average (based on the number of shares outstanding each day in the quarter) of our gross assets (including uninvested cash and cash equivalents) at the end of each of the two most recently completed calendar quarters. The base management fee for any partial quarter is pro-rated based on the number of days actually elapsed in that quarter relative to the total number of days in such quarter. Gross management fees for the year ended December 31, 2022 were $1,601 thousand. Net management fees for the year ended December 31, 2022 were $1,006 thousand. The Investment Advisor elected to waive a portion of the management fee and charged management fees on investments rather than gross assets. Gross management fees for the year ended December 31, 2021 were $1,766 thousand. Net management fees for the year ended December 31, 2021 were $952 thousand. The Investment Advisor elected to waive a portion of the management fee and charged management fees on investments rather than gross assets. Incentive Fee The Incentive Fee will consist of an income-based component and a capital gains component. The portion of the incentive fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the Company’s election to be regulated as a BDC, and equals 15% of the pre-incentive fee net investment income in excess of a 1.5% quarterly (or 6% annually) “hurdle rate.” There are no catch-up provisions applicable to income based incentive fees under the Investment Advisory Agreement. Pre-incentive fee net investment income means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial and consulting fees or other fees the Company receives from portfolio companies) that the Company accrues, minus the Company’s operating expenses for the quarter (including the base management fee, expenses payable under the administration agreement (the “Administration Agreement”) we have entered into with the Administrator, and any interest expense and dividends paid on any issued and outstanding indebtedness or preferred stock, respectively, but excluding, for avoidance of doubt, the income-based incentive fee accrued under GAAP). Pre-incentive fee net investment income also includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Investment Advisor is not under any obligation to reimburse the Company for any part of the income-based incentive fees it received that was based on accrued interest that the Company never actually received. Because of the structure of the incentive fee, it is possible that we may pay an incentive fee in a quarter where we incur a loss. For example, if we receive pre-incentive fee net investment income in excess of the Hurdle rate for a quarter, we will pay the applicable incentive fee even if we have incurred a loss in that quarter due to realized and unrealized capital losses. The portion of the incentive fee based on capital-gains is payable at the end of each calendar year in arrears, equals 15% of cumulative realized capital gains from the date of the Company’s election to be regulated as a BDC to the end of each calendar year, less cumulative net realized capital losses and unrealized capital depreciation. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation. In determining the capital gains incentive fee payable to the Investment Advisor, we calculate the cumulative aggregate realized capital gains and cumulative aggregate realized capital losses since our inception, and the aggregate unrealized capital depreciation as of the date of the calculation, as applicable, with respect to each of the investments in our portfolio. For this purpose, cumulative aggregate realized capital gains, if any, equals the sum of the differences between the net sales price of each investment, when sold, and the original cost of such investment since our inception. Cumulative aggregate realized capital losses equals the sum of the amounts by which the net sales price of each investment, when sold, is less than the original cost of such investment since our inception. Aggregate unrealized capital depreciation equals the sum of the difference, if negative, between the valuation of each investment as of the applicable calculation date and the original cost of such investment. At the end of the applicable year, the amount of capital gains that serves as the basis for our calculation of the capital gains incentive fee equals the cumulative aggregate realized capital gains less cumulative aggregate realized capital losses, less aggregate unrealized capital depreciation, with respect to our portfolio of investments. For the year ended December 31, 2022 the Investment Advisor did not earn a capital incentive fee and reversed $86 thousand of accrued income incentive fees. This reversal was necessary due to the Company’s performance in the first quarter of 2022. For the year ended December 31, 2021 capital incentive fees were $308 thousand and the Company did not earn an income incentive fee. Fee Waivers On February 18, 2021, the Company and the Advisor executed a Waiver Letter (the “Waiver”), whereby the Advisor agrees to waive all or such portion of the Base Management Fee, the Income Incentive Fee and the Capital Incentive Fee (collectively the “Fees”) that they would otherwise be entitled to receive under the Investment Advisory Agreement, dated as of September 16, 2020 (the ‘Agreement”) for any quarter prior to a Liquidity Event to the extent required in order for the Company to earn a quarterly net investment income plus net realized capital gains to maintain an annual distribution payment of shares of common stock outstanding of 6.0%. The Company’s performance will impact the amount and timing of the fee waivers. For the years ended December 31, 2022 and December 31, 2021, the Board agreed upon a fee waiver to reduce the basis for the quarterly management fee from gross assets to investments. For the years ended December 31, 2022 and December 31, 2021 the Company waived $337 thousand and $814 thousand of management fees, respectively. This fee waiver will be re-evaluated annually. Additionally, the Company’s performance for the year ended December 31, 2022, did not produced realized income sufficient to charge a full management fee. Therefore, the Investment Advisor waived an additional $258 thousand of management fees for the year ended December 31, 2022. For the year ended December 31, 2021, the Company’s performance produced realized income sufficient to charge a full management fee and this fee waiver was not utilized. Administration Agreement The Administration Agreement provides that the Administrator will furnish us with office facilities and equipment and will provide us with clerical, bookkeeping, recordkeeping and other administrative services at such facilities. Under the Administration Agreement, the Administrator will perform, or oversee the performance of, our required administrative services, which will include being responsible for the financial and other records that we are required to maintain and preparing reports to our stockholders and reports and other materials filed with the SEC. In addition, the Administrator will assist us in determining and publishing our net asset value, oversee the preparation and filing of our tax returns and the printing and dissemination of reports and other materials to our stockholders, and generally oversee the payment of our expenses and the performance of administrative and professional services rendered to us by others. Under the Administration Agreement, the Administrator will also provide managerial assistance on our behalf to those portfolio companies that have accepted our offer to provide such assistance. Under the Administration Agreement, we will reimburse the Administrator based upon our allocable portion (subject to the review and approval of our Board) of the Administrator’s overhead (including rent) in performing its obligations under the Administration Agreement, including rent, the fees and expenses associated with performing compliance functions and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer, and any of their respective staff who provide services to us, operations staff who provide services to us, and internal audit staff, if any, to the extent internal audit performs a role in our Sarbanes-Oxley internal control assessment. In addition, if requested to provide significant managerial assistance to our portfolio companies, the Administrator will be paid an additional amount based on the services provided, which shall not exceed the amount we receive from such portfolio companies for providing this assistance. The Administration Agreement will have an initial term of two years and may be renewed with the approval of our Board. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. To the extent that the Administrator outsources any of its functions, we will pay the fees associated with such functions on a direct basis without any incremental profit to the Administrator. On August 15, 2022 the Board approved the renewal of the Administration Agreement which automatically renews for successive one-year periods each September 17th; provided that such continuance is specifically approved at least annually by the vote of the Board or by the vote of a majority of the outstanding voting securities of the Company and the vote of a majority of the members of the Company’s Board who are not parties to this Agreement or “interested persons” (as such term defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the Investment Company Act . Related Party Transactions During the year ended December 31, 2022 an affiliate of the Company contributed $250 thousand of cash in exchange for equity in the Company. As of December 31, 2022, affiliates owned approximately 43% of the Company representing approximately $21,458 thousand of the Company’s net assets. As of December 31, 2021, affiliates owned approximately 55% of the Company representing approximately $25,901 thousand of the Company’s net assets. For the year ended December 31, 2022, Moelis Asset, parent of the Investment Advisor, contributed $55 thousand to pay legal fees on behalf of the Company. For the year ended December 31, 2021, Moelis Asset contributed $36 thousand to pay organizational and offering costs incurred by the Company related to the formation of the entity. Moelis Asset will incur these expenses and they will not be charged back to the Company. Separate from the contributions made above, the Company may, from time to time, purchase investments from, or sell investments to affiliates of our Investment Advisor at fair value on the trade date. For the years ended December 31, 2022 and December 31, 2021, there were no purchases of investments from or sales of investments to affiliates of our Investment Advisor. For the years ended December 31, 2022 and December 31, 2021, the Company incurred $80 thousand and $80 thousand in directors’ fees expense, respectively. The directors’ fees were paid as of December 31, 2022 and $17 thousand were payable and included in Directors’ fees payable on the Consolidated Statement of Assets and Liabilities as of December 31, 2021. On August 13, 2021, the Board agreed to make fair value of investments rather than gross assets the basis for their fee to be more in line with the waivers implemented for management fees. The Company carries employment practices liability, directors and officers and errors and omission insurance. For the best interests of the Company, these policies are joint liability policies with Moelis Asset and its affiliates. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
INVESTMENTS | 4. INVESTMENTS Fair Value Measurements We value our investments on a monthly basis at fair value in accordance with the 1940 Act and ASC Topic 820, which defines fair value as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. Due to the uncertainty inherent in the valuation process, estimates of fair value may differ significantly from the values that would have been used had a ready market for our investments existed, and the differences could be material. Additionally, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on the investments to be different than the valuations currently assigned. Investments for which observable market prices in active markets do not exist are reported at fair value, as determined by the Investment Advisor using the best information available. The amount determined to be fair value may incorporate the Investment Advisor’s own assumptions (including assumptions that the Investment Advisor believes market participants would use in valuing the investment, and assumptions relating to appropriate risk adjustments for nonperformance and lack of marketability). The fair values assigned to our investments are based upon available information and do not necessarily represent amounts which might ultimately be realized. Due to the absence of readily determinable fair values and the inherent uncertainty of valuations, the estimated fair values may differ significantly from values that would have been used had a ready market for the securities existed, and the differences could be material. The guidance establishes a framework for measuring fair value, and requires enhanced disclosures about fair value measurements. The fair value hierarchy prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily-available actively quoted prices or for which fair value can be measured from actively-quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments measured and reported at fair value are classified and disclosed in one of the following categories (from highest to lowest) based on inputs: Level 1 – Quoted prices (unadjusted) are available in active markets for identical investments that the Company has the ability to access as of the reporting date. The type of investments which would generally be included in Level 1 include listed equity securities and listed derivatives. The Company, to the extent that it holds such investments, does not adjust the quoted price for these investments, even in situations where the Company holds a large position and a sale could reasonably impact the quoted price. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. This may include valuations based on executed trades, broker quotations that constitute an executable price, and alternative pricing sources supported by observable inputs which, in each case, are either directly or indirectly observable for the asset in connection with market data at the measurement date. Level 3 – Pricing inputs are unobservable for the investments and include situations where there is little, if any, market activity for the investments. The inputs into the determination of fair value require significant judgment or estimation by the Investment Advisor. In certain cases, investments classified within Level 3 may include securities for which we have obtained indicative quotes from broker-dealers that do not necessarily represent prices the broker may be willing to trade on . The valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. Our loans are predominately valued based on evaluated prices from a nationally recognized independent pricing service or from third-party brokers who make markets in such debt investments. When possible, we make inquiries of third-party pricing sources to understand their use of significant inputs and assumptions. We review the third-party fair value estimates and perform procedures to validate their reasonableness, including an analysis of the range and dispersion of third-party estimates, frequency of pricing updates, comparison of recent trade activity for similar securities, and review for consistency with market conditions observed as of the measurement date. There may be instances when independent or third-party pricing sources are not available, or cases where we believe that the third-party pricing sources do not provide sufficient evidence to support a market participant’s view of the fair value of the debt investment being valued. These instances may result from an investment in a less liquid loan such as a middle market loan, a mezzanine loan or unitranche loan, or a loan to a company that has become financially distressed. In these instances, we may estimate the fair value based on a combination of a market yield valuation methodology and evaluated pricing discussed above, or solely based on a market yield valuation methodology. Under the market yield valuation methodology, we estimate the fair value based on a discounted cash flow technique. For these loans, the unobservable inputs used in the market yield valuation methodology to measure fair value reflect management’s best estimate of assumptions that would be used by market participants when pricing the investment in a hypothetical transaction, including estimated remaining life, current market yield and interest rate spreads of similar loans and securities as of the measurement date. We will estimate the remaining life based on market data for the average life of similar loans. However, if we have information that the loan is expected to be repaid in the near term, we would use an estimated remaining life based on the expected repayment date. The average life to be used to estimate the fair value of our loans may be shorter than the legal maturity of the loans since many loans are prepaid prior to the maturity date. The interest rate spreads used to estimate the fair value of our loans is based on current interest rate spreads of similar loans. If there is a significant deterioration of the credit quality of a loan, we may consider other factors that a hypothetical market participant would use to estimate fair value, including the proceeds that would be received in a liquidation analysis. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement and considers factors specific to the investment. The following fair value hierarchy table sets forth our investments by level as of December 31, 2022: December 31, 2022 Total Level 1 Level 2 Level 3 Term Loans $ 127,619 $ - $ 127,619 $ - Total Investments $ 127,619 $ - $ 127,619 $ - The following fair value hierarchy table sets forth our investments by level as of December 31, 2021: December 31, 2021 Total Level 1 Level 2 Level 3 Term Loans $ 106,997 $ - $ 106,997 $ - Total Investments $ 106,997 $ - $ 106,997 $ - |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 5. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: For the For the Numerator - net (loss) earnings $ (6,615 ) $ 2,729 Denominator - weighted average shares 5,242 3,472 Net (loss) earnings per share $ (1.26 ) $ 0.79 |
Net Assets
Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Net Assets [Abstract] | |
NET ASSETS | 6. NET ASSETS The Company has been actively fundraising since its inception. The table below summarizes the capital that the Company has raised, and the shares issued to investors during the year ended December 31, 2022. Date Closed Capital Shares Balance at December 31, 2021 $ 45,555 4,311,321 January 7, 2022 4,395 401,369 January 21, 2022 675 61,059 February 4, 2022 725 65,809 February 18, 2022 100 9,299 March 4, 2022 374 34,875 March 18, 2022 839 80,506 Balance at March 31, 2022 $ 52,663 4,964,238 April 1, 2022 769 72,225 April 18, 2022 347 32,246 May 6, 2022 724 68,479 May 20, 2022 861 87,990 June 3, 2022 234 23,769 June 17, 2022 247 25,801 Balance at June 30, 2022 $ 55,845 5,274,748 July 1, 2022 563 61,107 July 15, 2022 672 73,722 August 5, 2022 54 5,651 August 19, 2022 347 36,028 September 2, 2022 30 3,137 September 16, 2022 360 37,871 Balance at September 30, 2022 $ 57,871 5,492,264 October 7, 2022 247 27,315 October 21, 2022 24 2,622 November 4, 2022 500 55,044 November 18, 2022 165 18,107 December 2, 2022 190 20,829 December 16, 2022 244 26,892 Balance at December 31, 2022 $ 59,241 5,643,073 The table below summarizes the capital the Company has raised and the shares issued to investors during the year ended December 31, 2021. Date Closed Capital Shares Balance at December 31, 2020 $ 27,107 2,633,228 March 4, 2021 600 54,898 March 19, 2021 200 18,268 Balance at March 31, 2021 27,907 2,706,394 April 5, 2021 525 48,062 April 16, 2021 500 45,400 June 4, 2021 10,699 974,744 June 18, 2021 84 7,616 Balance at June 30, 2021 39,715 3,782,216 July 1, 2021 365 33,155 July 16, 2021 649 58,735 August 6, 2021 730 66,097 August 19, 2021 500 45,818 September 3, 2021 124 11,263 September 17, 2021 50 4,547 Balance at September 30, 2021 42,133 4,001,831 October 1, 2021 25 2,269 October 15, 2021 1,550 140,153 November 5, 2021 1,072 96,454 November 19, 2021 300 27,189 December 3, 2021 200 18,325 December 17, 2021 275 25,100 Balance at December 31, 2021 $ 45,555 4,311,321 During the year ended December 31, 2022, the Company issued 1,331,752 shares, with an aggregate purchase price $13,686 thousand. During the year ended December 31, 2021, the Company issued 1,678,093 shares, with an aggregate purchase price of $18,448 thousand. As of December 31, 2022 and December 31, 2021, the Company had 5,643,073 and 4,311,321 shares of common stock, $0.001 par value per share, outstanding, respectively. |
Credit Facility
Credit Facility | 12 Months Ended |
Dec. 31, 2022 | |
Credit Facility [Abstract] | |
CREDIT FACILITY | 7. CREDIT FACILITY October 13, 2020, we entered into a two-year secured revolving Credit Agreement (the “Credit Agreement”) with BNP Paribas (“BNP”) as lender and administrative agent (the “BNP Credit Facility”) providing a maximum of $45,000 thousand (“Maximum Facility Amount”) to Steele Creek Capital Funding I, LLC (“Funding I”). The Company created a wholly owned subsidiary, Funding I, which it will use to hold the Company’s investments, and a first priority continuing security interest in, to and under each investment, all underlying investments and underlying assets has been granted to BNP to be used as collateral for the BNP Credit Facility. During the BNP Credit Facility’s revolving period (earlier of the termination by the borrower or twelve month anniversary of the closing date), it bears interest at LIBOR plus 175 basis points. The Company began transferring investments into Steele Creek Funding I, LLC in October 2020. Funding I is required to pay an administrative agent fee equal to $25 thousand per annum and a structuring fee equal to 0.25% of the Maximum Facility Amount paid on the twelve month anniversary of the closing date. Additionally, an unused fee is payable quarterly in arrears in an amount equal to 0.70% on the actual daily unused amount greater than 20% of the Maximum Facility Amount under the BNP Credit Facility from April 13, 2021 to the end of the revolving period. On April 29, 2021, Funding I executed an amendment to the BNP Credit Facility. The amendment solidified the LIBOR transition to Secured Overnight Financing Rate (“SOFR”) for the planned discontinuation of LIBOR. The amendment also increased the Individual Lender Maximum Facility Amount from $45,000 thousand to $80,000 thousand. On October 28, 2021, the Company executed an additional amendment to the Credit Agreement. Material amendments included the revolving period being extended 36 months, from 12 months to 48 months and the interest rate being reduced from LIBOR plus 175 basis points to LIBOR plus 140 basis points. The advance rate was increased from 67.5% to 70% and expanded to include a triple C bucket with a 60% advance rate. The structuring fee was increased from 0.25% of the Maximum Facility Amount to 0.50% of the Maximum Facility Amount and will be paid in three equal installments (December 2021, December 2022, and December 2023). Updates were made to allow for more flexibility to move capital out of the facility subject to certain covenants. Except as described above, all other terms and provisions of the Agreement remain in full force and effect. On March 22, 2022, the Company amended the Credit Agreement between Steele Creek Capital Funding I, LLC, BNP Paribas, and the Company as dated October 13, 2020 and as previously amended (the “Agreement”). Material amendments to the Agreement include the interest rate being converted from LIBOR plus 140 basis points to SOFR plus 140 basis points plus 15 basis points. In addition, the Individual Lender Maximum Facility Amount increased from $80,000 thousand to $95,000 thousand and the language and requirements related to the Agreed Upon Procedures provided by independent accountants were amended to be more appropriate for the underlying collateral. On August 23, 2022, the Company amended the Credit Agreement between Steele Creek Capital Funding I, LLC, BNP Paribas, and the Company as dated October 13, 2020 and as previously amended (the “Agreement”). This amendment contained certain conforming changes that are not material. The revolving period of the BNP Credit Facility ends on October 28, 2025, unless terminated earlier by the Company. The maturity date of the BNP Credit Facility is the earliest to occur of (a) October 28, 2026, and (b) the date on which the BNP gives notice to the Company, the Collateral Manager and the Equityholder following the occurrence of and during the continuation of an Event of Default that the entire Outstanding Principal Amount of Loans shall be due and payable. The stated maturity of October 28, 2026 may not be extended. As of December 31, 2022 and December 31, 2021, there was $83,150 thousand and $70,380 thousand outstanding, respectively, and $11,850 thousand and $9,620 thousand available, respectively, to be drawn under the BNP Credit Facility. As of December 31, 2022 and December 31, 2021, the BNP Credit Facility had a fair value of $83,150 thousand and $70,380 thousand, respectively and a weighted average interest rate of 3.17% and 1.84%, respectively. The fair value of the BNP Credit Facility is determined in accordance with ASC 820, which defines fair value in terms of the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions and is measured with Level 2 inputs. As of December 31, 2022 and December 31, 2021, Funding I was in compliance with all covenants of the BNP Credit Facility. For the years ended December 31, 2022 and December 31, 2021, we incurred interest and debt financing expenses of $2,794 thousand and $1,134 thousand, respectively, on the BNP Credit Facility. The average debt outstanding for the years ended December 31, 2022 and December 31, 2021 was $82,092 thousand and $53,173 thousand, respectively. |
Tax Matters
Tax Matters | 12 Months Ended |
Dec. 31, 2022 | |
Tax Matters [Abstract] | |
TAX MATTERS | 8. TAX MATTERS Return of Capital Statement of Position (ROCSOP) Adjustment: Taxable income may differ from U.S. GAAP income. These differences can be temporary or permanent in nature. To the extent they are permanent, they are charged or credited against paid in capital and distributable earnings in the period the differences arise. During the year ended December 31, 2022, the Company recorded reclassifications for permanent book to tax differences. The permanent differences increased ordinary income by $549 thousand and reduced capital gains by $549 thousand. This reclassification had no effect on net assets. The Company declared the following dividends (in thousands). Dividend Declaration Date Record Date Payment Date $ 436 February 16, 2021 February 18, 2021 April 13, 2021 464 May 17, 2021 May 19, 2021 July 13, 2021 653 August 16,2021 August 18, 2021 October 12, 2021 707 November 15, 2021 November 17, 2021 January 14, 2022 400 December 29, 2021 December 31, 2021 January 14, 2022 800 February 14, 2022 February 16, 2022 April 12, 2022 815 May 17, 2022 May 19, 2022 July 14, 2022 772 August 16, 2022 August 18, 2022 October 13, 2022 760 November 14, 2022 November 16, 2022 January 17, 2023 597 December 21, 2022 December 23, 2022 January 17, 2023 $ 6,404 The below table reflects the per share distribution including IRC Section 67 expenses deemed paid as of December 31, 2022 and 2021: For the year For the year Ordinary income $ 0.70 $ 0.78 Section 67 expenses 0.19 0.29 Total $ 0.89 $ 1.07 As of December 31, 2022 and 2021, the components of Accumulated Earnings (losses) on a tax basis were as follows: For the year For the year Distributable earnings / accumulated losses on a tax basis Undistributed ordinary income $ - $ 345 Undistributed long-term capital gains - 4 Unrealized appreciation (depreciation) (9,478 ) 554 Other temporary differences (525 ) (547 ) Total distributable earnings (accumulated losses) $ (10,003 ) $ 356 Excise Tax To the extent that the Company determines that its estimated current year annual taxable income will exceed its estimated current year dividends from such taxable income, the Company accrues excise tax on estimated excess taxable income. For the year ended December 31, 2022 and the year ended December 31, 2021, we did not accrue an expense for U.S. federal excise tax. Tax Basis of Investments As of December 31, 2022, the estimated cost basis of investments for U.S. Federal tax purposes was approximately $13 higher than book cost due to wash sales. As of December 31, 2021 the estimated cost basis of investments for U.S. federal tax purposes was approximately equal to book cost. Qualified Interest Related Dividends Percentage For the years ended December 31, 2022 and December 31, 2021, the Company designated 83.3% and 56.2%, respectively, of dividends declared and paid from net investment income as interest related dividends under IRC Section 871(k)(1)(c). Short-Term Capital Gain Dividends Percentage For the years ended December 31, 2022 and December 31, 2021, the Company designated 17.6% and 74.1%, respectively, of dividends declared and paid from ordinary income as short-term capital gain dividends under IRC Section 871(k)(2)(c). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. COMMITMENTS AND CONTINGENCIES Commitments to extend credit include loan proceeds we are obligated to advance, such as delayed draws. Commitments generally have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair value of the related security in the Consolidated Schedule of Investments. The par amount of the unfunded commitments is not recognized by the Company until the commitment becomes funded. As of December 31, 2022 and December 31, 2021, the Company had unfunded commitments of $74 thousand and $2,051 thousand, respectively. In the ordinary course of business, we may be a party to certain legal proceedings, including actions brought against us and others with respect to investment transactions. The outcomes of any such legal proceedings are uncertain and, as a result of these proceedings, the values of the investments to which they relate could decrease. We were not subject to any litigation against us as of December 31, 2022. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and neither the Members nor any other person or entity shall be obligated personally for any such debt, obligation or liability of the Company. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
FINANCIAL HIGHLIGHTS | 10. FINANCIAL HIGHLIGHTS The following financial highlights are calculated for the shareholders as a whole. Year Year Period July 1, 2020 (commencement of operations) to December 31, 2020 Per share data: Net asset value at beginning of period $ 10.90 $ 10.76 $ - Net investment income (1) 0.59 0.19 (0.21 ) Net realized gain (1) 0.06 0.69 0.36 Net change in unrealized (depreciation) (1) (1.91 ) (0.09 ) 0.44 Net (decrease) increase in net assets resulting from operations (1) (1.26 ) 0.79 0.59 Stockholder distributions from income (2) (0.71 ) (0.76 ) (0.16 ) Issuance of common shares - - 10.29 Other (3) - 0.11 0.04 Net asset value at end of period $ 8.93 $ 10.90 $ 10.76 Net assets at end of period $ 50,375 $ 46,993 $ 28,340 Shares outstanding at end of period 5,643,073 4,311,321 2,633,228 Total return (2) (11.94 )% 8.54 % 9.24 % Ratio/Supplemental data: Ratio of net expenses excluding waivers and reversals to average net assets (4) 11.85 % 12.01 % 11.66 % Ratio of net expenses including waivers and reversals to average net assets (4) 10.64 % 9.88 % 9.73 % Ratio of net investment income to average net assets (4) 6.21 % 1.74 % (2.30 )% Portfolio turnover (5) 107.3 % 612.5 % 359.5 % (1) The per share data was derived by 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 distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized. (3) Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (4) Ratios are annualized. (5) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 11. SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of issuance of these consolidated financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the consolidated financial statements other than those disclosed below. On January 3, 2023, the Company issued and sold 38,579 shares of its common stock to certain investors for an aggregate offering price of $344 thousand. The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. On February 1, 2023, the Company issued and sold 5,299 shares of its common stock to certain investors for an aggregate offering price of $50 thousand. The sale of its common stock was made pursuant to subscription agreements between the Company and the investors, and the issuance of the common stock was exempt from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. On March 1, 2023, the Company issued and sold 23,458 As of March 29, 2023, the Investment Advisor has received requests to tender approximately 114 thousand shares of the Company. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting - Financial Services-Investment Companies |
Use of Estimates | Use of Estimates |
Securities Transactions | Securities Transactions |
Investment Income | Investment Income - |
Expenses | Expenses - |
Organizational and offering costs | Organizational and offering costs - |
Realized Gain or Loss and Unrealized Gain or Loss | Realized Gain or Loss and Unrealized Gain or Loss - |
Cash | Cash - |
Earnings per share | Earnings per share - |
Paid-in-capital in Excess of Par Value | Paid-in-capital in Excess of Par Value - |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - |
Investment Classification | Investment Classification - |
Valuation of Investments | Valuation of Investments - Fair Value Measurement and Disclosures In March 2021, the UK Financial Conduct Authority (“FCA”), which oversees the global benchmarks, confirmed that most LIBOR tenors will end on December 31, 2021. This announcement includes the LIBOR benchmarks in pound sterling, euro, Japanese yen, Swiss franc and certain US dollar benchmarks. Several US dollar benchmarks will be extended to June 20, 2023 including the overnight, one-, three-, six-, and twelve-month US LIBOR rates. Due to the uncertainty relating to London Interbank Offered Rate (“LIBOR”), we are monitoring potential changes that may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities. We value our investments in accordance with the Investment Advisor’s valuation policy. Valuations are prepared and approved by the valuation committee on a monthly basis. Transfers of investments between different levels of the fair value hierarchy are recorded at the end of the period. For the years ended December 31, 2022 and December 31, 2021, there were no transfers between levels. |
Income Taxes | Income Taxes - Income Taxes We recognize the effect of a tax position in our Consolidated Financial Statements in accordance with ASC Topic 740 when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not considered to satisfy the “more-likely-than-not” threshold would be recorded as a tax expense or benefit. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other operating expenses in the financial statements. There were no tax accruals relating to uncertain tax positions and no amounts accrued for any related interest or penalties with respect to the period presented herein. The Company’s determinations regarding ASC Topic 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof. Although the Company files both federal and state income tax returns, the Company’s major tax jurisdiction is federal. Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and net realized gains recognized for financial reporting purposes. Differences between tax regulations and GAAP may be permanent or temporary. Permanent differences are reclassified among capital accounts in the Consolidated Financial Statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. The 2020 to 2022 tax years for the Company are not yet closed and remains subject to examination by U.S. Federal, state and local tax authorities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective for all entities through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of the adoption of ASU 2020-04 and 2021-01 on its consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)”, which is intended to address issues identified during the post-implementation review of ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendment, among other things, eliminates the accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40, “Receivables -Troubled Debt Restructurings by Creditors”, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The new guidance is effective for interim and annual periods beginning after December 15, 2022. The Company is currently evaluating the impact of the adoption of ASU 2022-02 on its consolidated financial statements. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Schedule of fair value hierarchy table sets forth our investments | December 31, 2022 Total Level 1 Level 2 Level 3 Term Loans $ 127,619 $ - $ 127,619 $ - Total Investments $ 127,619 $ - $ 127,619 $ - December 31, 2021 Total Level 1 Level 2 Level 3 Term Loans $ 106,997 $ - $ 106,997 $ - Total Investments $ 106,997 $ - $ 106,997 $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of Basic and Diluted Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | For the For the Numerator - net (loss) earnings $ (6,615 ) $ 2,729 Denominator - weighted average shares 5,242 3,472 Net (loss) earnings per share $ (1.26 ) $ 0.79 |
Net Assets (Tables)
Net Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net Assets (Tables) [Line Items] | |
Schedule of company has raised and the shares issued to investors | Date Closed Capital Shares Balance at December 31, 2021 $ 45,555 4,311,321 January 7, 2022 4,395 401,369 January 21, 2022 675 61,059 February 4, 2022 725 65,809 February 18, 2022 100 9,299 March 4, 2022 374 34,875 March 18, 2022 839 80,506 Balance at March 31, 2022 $ 52,663 4,964,238 April 1, 2022 769 72,225 April 18, 2022 347 32,246 May 6, 2022 724 68,479 May 20, 2022 861 87,990 June 3, 2022 234 23,769 June 17, 2022 247 25,801 Balance at June 30, 2022 $ 55,845 5,274,748 July 1, 2022 563 61,107 July 15, 2022 672 73,722 August 5, 2022 54 5,651 August 19, 2022 347 36,028 September 2, 2022 30 3,137 September 16, 2022 360 37,871 Balance at September 30, 2022 $ 57,871 5,492,264 October 7, 2022 247 27,315 October 21, 2022 24 2,622 November 4, 2022 500 55,044 November 18, 2022 165 18,107 December 2, 2022 190 20,829 December 16, 2022 244 26,892 Balance at December 31, 2022 $ 59,241 5,643,073 Date Closed Capital Shares Balance at December 31, 2020 $ 27,107 2,633,228 March 4, 2021 600 54,898 March 19, 2021 200 18,268 Balance at March 31, 2021 27,907 2,706,394 April 5, 2021 525 48,062 April 16, 2021 500 45,400 June 4, 2021 10,699 974,744 June 18, 2021 84 7,616 Balance at June 30, 2021 39,715 3,782,216 July 1, 2021 365 33,155 July 16, 2021 649 58,735 August 6, 2021 730 66,097 August 19, 2021 500 45,818 September 3, 2021 124 11,263 September 17, 2021 50 4,547 Balance at September 30, 2021 42,133 4,001,831 October 1, 2021 25 2,269 October 15, 2021 1,550 140,153 November 5, 2021 1,072 96,454 November 19, 2021 300 27,189 December 3, 2021 200 18,325 December 17, 2021 275 25,100 Balance at December 31, 2021 $ 45,555 4,311,321 |
Tax Matters (Tables)
Tax Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Tax Matters Table [Abstract] | |
Schedule of declared the following dividends | Dividend Declaration Date Record Date Payment Date $ 436 February 16, 2021 February 18, 2021 April 13, 2021 464 May 17, 2021 May 19, 2021 July 13, 2021 653 August 16,2021 August 18, 2021 October 12, 2021 707 November 15, 2021 November 17, 2021 January 14, 2022 400 December 29, 2021 December 31, 2021 January 14, 2022 800 February 14, 2022 February 16, 2022 April 12, 2022 815 May 17, 2022 May 19, 2022 July 14, 2022 772 August 16, 2022 August 18, 2022 October 13, 2022 760 November 14, 2022 November 16, 2022 January 17, 2023 597 December 21, 2022 December 23, 2022 January 17, 2023 $ 6,404 |
Schedule of per share distribution including expenses | For the year For the year Ordinary income $ 0.70 $ 0.78 Section 67 expenses 0.19 0.29 Total $ 0.89 $ 1.07 |
Schedule of accumulated earnings (losses) on a tax basis | For the year For the year Distributable earnings / accumulated losses on a tax basis Undistributed ordinary income $ - $ 345 Undistributed long-term capital gains - 4 Unrealized appreciation (depreciation) (9,478 ) 554 Other temporary differences (525 ) (547 ) Total distributable earnings (accumulated losses) $ (10,003 ) $ 356 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investment Company, Financial Highlights [Abstract] | |
Schedule of financial highlights | Year Year Period July 1, 2020 (commencement of operations) to December 31, 2020 Per share data: Net asset value at beginning of period $ 10.90 $ 10.76 $ - Net investment income (1) 0.59 0.19 (0.21 ) Net realized gain (1) 0.06 0.69 0.36 Net change in unrealized (depreciation) (1) (1.91 ) (0.09 ) 0.44 Net (decrease) increase in net assets resulting from operations (1) (1.26 ) 0.79 0.59 Stockholder distributions from income (2) (0.71 ) (0.76 ) (0.16 ) Issuance of common shares - - 10.29 Other (3) - 0.11 0.04 Net asset value at end of period $ 8.93 $ 10.90 $ 10.76 Net assets at end of period $ 50,375 $ 46,993 $ 28,340 Shares outstanding at end of period 5,643,073 4,311,321 2,633,228 Total return (2) (11.94 )% 8.54 % 9.24 % Ratio/Supplemental data: Ratio of net expenses excluding waivers and reversals to average net assets (4) 11.85 % 12.01 % 11.66 % Ratio of net expenses including waivers and reversals to average net assets (4) 10.64 % 9.88 % 9.73 % Ratio of net investment income to average net assets (4) 6.21 % 1.74 % (2.30 )% Portfolio turnover (5) 107.3 % 612.5 % 359.5 % (1) The per share data was derived by 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 distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized. (3) Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (4) Ratios are annualized. (5) Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | Dec. 31, 2022 |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Percentage of voting securities | 25% |
Affiliate [Member] | |
Summary of Significant Accounting Policies (Details) [Line Items] | |
Percentage of voting securities | 5% |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Feb. 18, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Agreements and Related Party Transactions (Details) [Line Items] | |||
Percentage of base management fee | 1% | ||
Gross management fees | $ 1,601 | $ 1,766 | |
Net management fees | 1,006 | $ 952 | |
Incentive fee, description | The portion of the incentive fee based on income is determined and paid quarterly in arrears commencing with the first calendar quarter following the Company’s election to be regulated as a BDC, and equals 15% of the pre-incentive fee net investment income in excess of a 1.5% quarterly (or 6% annually) “hurdle rate.” There are no catch-up provisions applicable to income based incentive fees under the Investment Advisory Agreement. | ||
Percentage of cumulative realized capital gains | 15% | ||
Gross capital incentive fees | 86 | $ 308 | |
Management fee waived | 337 | 814 | |
Additional management fees | $ 258 | ||
Cash exchange amount paid | $ 250 | ||
Related party ownership, percentage | 43% | 55% | |
Related party ownership | $ 21,458 | $ 25,901 | |
Pay legal fee | 55 | ||
Directors’ fees expense | $ 80 | 80 | |
Directors’ fees payable | 17 | ||
Investment Advisory Agreement [Member] | |||
Agreements and Related Party Transactions (Details) [Line Items] | |||
Targeted annual distribution percentage of net asset value per share | 6% | ||
Fee Waivers [Member] | |||
Agreements and Related Party Transactions (Details) [Line Items] | |||
Targeted annual distribution percentage of net asset value per share | 6% | ||
Moelis Asset [Member] | |||
Agreements and Related Party Transactions (Details) [Line Items] | |||
Offering costs | $ 36 |
Investments (Details) - Schedul
Investments (Details) - Schedule of fair value hierarchy table sets forth our investments - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments (Details) - Schedule of fair value hierarchy table sets forth our investments [Line Items] | ||
Term Loans | $ 127,619 | $ 106,997 |
Total Investments | 127,619 | 106,997 |
Level 1 [Member] | ||
Investments (Details) - Schedule of fair value hierarchy table sets forth our investments [Line Items] | ||
Term Loans | ||
Total Investments | ||
Level 2 [Member] | ||
Investments (Details) - Schedule of fair value hierarchy table sets forth our investments [Line Items] | ||
Term Loans | 127,619 | 106,997 |
Total Investments | 127,619 | 106,997 |
Level 3 [Member] | ||
Investments (Details) - Schedule of fair value hierarchy table sets forth our investments [Line Items] | ||
Term Loans | ||
Total Investments |
Earnings Per Share (Details) -
Earnings Per Share (Details) - Schedule of basic and diluted earnings per share - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Basic And Diluted Earnings Per Share Abstract | ||
Numerator - net earnings | $ (6,615) | $ 2,729 |
Denominator - weighted average shares | 5,242 | 3,472 |
Net earnings per share | $ (1.26) | $ 0.79 |
Net Assets (Details)
Net Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Assets [Abstract] | |||
Aggregate purchase price | $ 1,331,752 | $ 18,448,000 | |
Aggregate shares value | $ 13,686,000 | $ 18,448,000 | |
Shares issued | 1,678,093 | ||
Common stock, shares outstanding | 5,643,073 | 4,311,321 | 2,633,228 |
Common stock shares, par value | $ 0.001 | $ 0.001 |
Net Assets (Details) - Schedule
Net Assets (Details) - Schedule of company has raised and the shares issued to investors - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
December 31, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 45,555 | ||||||||
Shares Issued | 4,311,321 | ||||||||
January 7, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 4,395 | ||||||||
Shares Issued | 401,369 | ||||||||
January 21, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 675 | ||||||||
Shares Issued | 61,059 | ||||||||
February 4, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 725 | ||||||||
Shares Issued | 65,809 | ||||||||
February 18, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 100 | ||||||||
Shares Issued | 9,299 | ||||||||
March 4, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 374 | ||||||||
Shares Issued | 34,875 | ||||||||
March 18, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 839 | ||||||||
Shares Issued | 80,506 | ||||||||
March 31, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 52,663 | ||||||||
Shares Issued | 4,964,238 | ||||||||
April 1, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 769 | ||||||||
Shares Issued | 72,225 | ||||||||
April 18, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 347 | ||||||||
Shares Issued | 32,246 | ||||||||
May 6, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 724 | ||||||||
Shares Issued | 68,479 | ||||||||
May 20, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 861 | ||||||||
Shares Issued | 87,990 | ||||||||
June 3, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 234 | ||||||||
Shares Issued | 23,769 | ||||||||
June 17, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 247 | ||||||||
Shares Issued | 25,801 | ||||||||
June 30, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 55,845 | ||||||||
Shares Issued | 5,274,748 | ||||||||
July 1, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 563 | ||||||||
Shares Issued | 61,107 | ||||||||
July 15, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 672 | ||||||||
Shares Issued | 73,722 | ||||||||
August 5, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 54 | ||||||||
Shares Issued | 5,651 | ||||||||
August 19, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 347 | ||||||||
Shares Issued | 36,028 | ||||||||
September 2, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 30 | ||||||||
Shares Issued | 3,137 | ||||||||
September 16, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 360 | ||||||||
Shares Issued | 37,871 | ||||||||
September 30, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 57,871 | ||||||||
Shares Issued | 5,492,264 | ||||||||
October 7, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 247 | ||||||||
Shares Issued | 27,315 | ||||||||
October 21, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 24 | ||||||||
Shares Issued | 2,622 | ||||||||
November 4, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 500 | ||||||||
Shares Issued | 55,044 | ||||||||
November 18, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 165 | ||||||||
Shares Issued | 18,107 | ||||||||
December 2, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 190 | ||||||||
Shares Issued | 20,829 | ||||||||
December 16, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 244 | ||||||||
Shares Issued | 26,892 | ||||||||
December 31, 2022 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 59,241 | ||||||||
Shares Issued | 5,643,073 | ||||||||
December 31, 2020 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 27,107 | ||||||||
Shares Issued | 2,633,228 | ||||||||
March 4, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 600 | ||||||||
Shares Issued | 54,898 | ||||||||
March 19, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 200 | ||||||||
Shares Issued | 18,268 | ||||||||
March 31, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 27,907 | ||||||||
Shares Issued | 2,706,394 | ||||||||
April 5, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 525 | ||||||||
Shares Issued | 48,062 | ||||||||
April 16, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 500 | ||||||||
Shares Issued | 45,400 | ||||||||
June 4, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 10,699 | ||||||||
Shares Issued | 974,744 | ||||||||
June 18, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 84 | ||||||||
Shares Issued | 7,616 | ||||||||
June 30, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 39,715 | ||||||||
Shares Issued | 3,782,216 | ||||||||
July 1, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 365 | ||||||||
Shares Issued | 33,155 | ||||||||
July 16, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 649 | ||||||||
Shares Issued | 58,735 | ||||||||
August 6, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 730 | ||||||||
Shares Issued | 66,097 | ||||||||
August 19, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 500 | ||||||||
Shares Issued | 45,818 | ||||||||
September 3, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 124 | ||||||||
Shares Issued | 11,263 | ||||||||
September 17, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 50 | ||||||||
Shares Issued | 4,547 | ||||||||
September 30, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 42,133 | ||||||||
Shares Issued | 4,001,831 | ||||||||
October 1, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 25 | ||||||||
Shares Issued | 2,269 | ||||||||
October 15, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 1,550 | ||||||||
Shares Issued | 140,153 | ||||||||
November 5, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 1,072 | ||||||||
Shares Issued | 96,454 | ||||||||
November 19, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 300 | ||||||||
Shares Issued | 27,189 | ||||||||
December 3, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 200 | ||||||||
Shares Issued | 18,325 | ||||||||
December 17, 2021 [Member] | |||||||||
Net Assets (Details) - Schedule of company has raised and the shares issued to investors [Line Items] | |||||||||
Capital Raised | $ 275 | ||||||||
Shares Issued | 25,100 |
Credit Facility (Details)
Credit Facility (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Apr. 13, 2021 | Oct. 13, 2020 | Mar. 22, 2022 | Oct. 28, 2021 | Apr. 29, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Facility (Details) [Line Items] | |||||||
Lender maximum facility amount | $ 45,000 | ||||||
Pay administrative agent fee amount | $ 25 | ||||||
Structuring fee rate | 0.25% | ||||||
Unused fee payable percentage | 0.70% | ||||||
Maximum facility hurdle for unused fee percentage | 20% | ||||||
Additional amendment to credit agreement, description | the Company executed an additional amendment to the Credit Agreement. Material amendments included the revolving period being extended 36 months, from 12 months to 48 months and the interest rate being reduced from LIBOR plus 175 basis points to LIBOR plus 140 basis points. The advance rate was increased from 67.5% to 70% and expanded to include a triple C bucket with a 60% advance rate. The structuring fee was increased from 0.25% of the Maximum Facility Amount to 0.50% of the Maximum Facility Amount and will be paid in three equal installments (December 2021, December 2022, and December 2023). Updates were made to allow for more flexibility to move capital out of the facility subject to certain covenants. Except as described above, all other terms and provisions of the Agreement remain in full force and effect. | Funding I executed an amendment to the BNP Credit Facility. The amendment solidified the LIBOR transition to Secured Overnight Financing Rate (“SOFR”) for the planned discontinuation of LIBOR. The amendment also increased the Individual Lender Maximum Facility Amount from $45,000 thousand to $80,000 thousand. | |||||
Credit facility | $ 83,150 | $ 70,380 | |||||
Available credit facility | 11,850 | 9,620 | |||||
Credit facility fair value | $ 83,150 | $ 70,380 | |||||
Weighted average interest rate | 3.17% | 1.84% | |||||
Interest and debt financing expenses | $ 2,794 | $ 1,134 | |||||
Average debt outstanding amount | $ 82,092 | $ 53,173 | |||||
Minimum [Member] | |||||||
Credit Facility (Details) [Line Items] | |||||||
Lender maximum facility amount | $ 80,000 | $ 45,000 | |||||
Maximum [Member] | |||||||
Credit Facility (Details) [Line Items] | |||||||
Lender maximum facility amount | $ 95,000 | $ 80,000 |
Tax Matters (Details)
Tax Matters (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Tax Matters (Details) [Line Items] | ||
Increased ordinary income (in Dollars) | $ 549 | |
Reduced capital gains (in Dollars) | 549 | |
Tax Basis of Investments [Member] | ||
Tax Matters (Details) [Line Items] | ||
Tax amount (in Dollars) | $ 13 | |
Qualified Interest Related Dividends Percentage [Member] | ||
Tax Matters (Details) [Line Items] | ||
Percentage dividends declared and paid | 83.30% | 56.20% |
Short-Term Capital Gain Dividends Percentage [Member] | ||
Tax Matters (Details) [Line Items] | ||
Percentage dividends declared and paid | 17.60% | 74.10% |
Tax Matters (Details) - Schedul
Tax Matters (Details) - Schedule of declared the following dividends $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 6,404 |
December 14, 2020 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 436 |
Declaration Date | Feb. 16, 2021 |
Record Date | Feb. 18, 2021 |
Payment Date | Apr. 13, 2021 |
May 17, 2021 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 464 |
Declaration Date | May 17, 2021 |
Record Date | May 19, 2021 |
Payment Date | Jul. 13, 2021 |
August 16,2021 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 653 |
Declaration Date | Aug. 16, 2021 |
Record Date | Aug. 18, 2021 |
Payment Date | Oct. 12, 2021 |
November 15, 2021 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 707 |
Declaration Date | Nov. 15, 2021 |
Record Date | Nov. 17, 2021 |
Payment Date | Jan. 14, 2022 |
December 29, 2021 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 400 |
Declaration Date | Dec. 29, 2021 |
Record Date | Dec. 31, 2021 |
Payment Date | Jan. 14, 2022 |
February 14, 2022 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 800 |
Declaration Date | Feb. 14, 2022 |
Record Date | Feb. 16, 2022 |
Payment Date | Apr. 12, 2022 |
May 17, 2022 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 815 |
Declaration Date | May 17, 2022 |
Record Date | May 19, 2022 |
Payment Date | Jul. 14, 2022 |
August 16, 2022 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 772 |
Declaration Date | Aug. 16, 2022 |
Record Date | Aug. 18, 2022 |
Payment Date | Oct. 13, 2022 |
November 14, 2022 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 760 |
Declaration Date | Nov. 14, 2022 |
Record Date | Nov. 16, 2022 |
Payment Date | Jan. 17, 2023 |
December 21, 2022 [Member] | |
Tax Matters (Details) - Schedule of declared the following dividends [Line Items] | |
Dividend | $ 597 |
Declaration Date | Dec. 21, 2022 |
Record Date | Dec. 23, 2022 |
Payment Date | Jan. 17, 2023 |
Tax Matters (Details) - Sched_2
Tax Matters (Details) - Schedule of per share distribution including expenses - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Per Share Distribution Including Expenses Abstract | ||
Ordinary income | $ 0.7 | $ 0.78 |
Section 67 expenses | 0.19 | 0.29 |
Total | $ 0.89 | $ 1.07 |
Tax Matters (Details) - Sched_3
Tax Matters (Details) - Schedule of accumulated earnings (losses) on a tax basis - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Accumulated Earnings Losses On ATax Basis Abstract | ||
Undistributed ordinary income | $ 345 | |
Undistributed long-term capital gains | 4 | |
Unrealized appreciation (depreciation) | (9,478) | 554 |
Other temporary differences | (525) | (547) |
Total distributable earnings (accumulated losses) | $ (10,003) | $ 356 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Unfunded Commitments [Member] | ||
Commitments and Contingencies (Details) [Line Items] | ||
Commitment amount | $ 74 | $ 2,051 |
Financial Highlights (Details)
Financial Highlights (Details) - Schedule of financial highlights - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Per share data: | |||||
Net asset value at beginning of period | $ 10.9 | $ 10.76 | |||
Net investment income | $ (0.21) | 0.59 | [1] | 0.19 | [1] |
Net realized gain | 0.36 | 0.06 | [1] | 0.69 | [1] |
Net change in unrealized (depreciation) | 0.44 | (1.91) | [1] | (0.09) | [1] |
Net (decrease) increase in net assets resulting from operations | 0.59 | (1.26) | [1] | 0.79 | [1] |
Stockholder distributions from income | (0.16) | (0.71) | [2] | (0.76) | [2] |
Issuance of common shares | 10.29 | ||||
Other | 0.04 | [3] | 0.11 | [3] | |
Net asset value at end of period | $ 10.76 | $ 8.93 | $ 10.9 | ||
Net assets at end of period (in Dollars) | $ 28,340 | $ 50,375 | $ 46,993 | ||
Shares outstanding at end of period (in Shares) | 2,633,228 | 5,643,073 | 4,311,321 | ||
Total return | 9.24% | (11.94%) | [2] | 8.54% | [2] |
Ratio/Supplemental data: | |||||
Ratio of net expenses excluding waivers and reversals to average net assets | 11.66% | 11.85% | [4] | 12.01% | [4] |
Ratio of net expenses including waivers and reversals to average net assets | 9.73% | 10.64% | [4] | 9.88% | [4] |
Ratio of net investment income to average net assets | (2.30%) | 6.21% | [4] | 1.74% | [4] |
Portfolio turnover | 359.50% | 107.30% | [5] | 612.50% | [5] |
[1]The per share data was derived by 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 distributions per share, if any, divided by the beginning NAV per share. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at the quarter end NAV per share preceding the distribution. Return calculations are not annualized. Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. Ratios are annualized. Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized. |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Thousands | Mar. 01, 2023 | Feb. 01, 2023 | Jan. 03, 2023 | Mar. 29, 2023 |
Subsequent Events (Details) [Line Items] | ||||
Issued and sold shares | 23,458 | 5,299 | 38,579 | |
Investors for aggregate offering price (in Dollars) | $ 221 | $ 50 | $ 344 | |
Investement tender shares received | 114,000 |