Document and Entity Information
Document and Entity Information - shares | 12 Months Ended | |
Dec. 31, 2023 | Mar. 22, 2024 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 814-01375 | |
Entity Registrant Name | Stone Point Credit Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 20 Horseneck Lane | |
Entity Address, City or Town | Greenwich | |
Entity Address State Or Province | CT | |
Entity Address, Postal Zip Code | 06830 | |
Entity Tax Identification Number | 85-3149929 | |
City Area Code | 203 | |
Local Phone Number | 862-2900 | |
Title of 12(g) Security | Common Stock, par value $0.001 per share | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
ICFR Auditor Attestation Flag | false | |
Entity Shell Company | false | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Common Stock, Shares Outstanding | 50,308,175 | |
Entity Central Index Key | 0001825384 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Auditor Firm ID | 185 | |
Auditor Name | KMPG LLP | |
Auditor Location | New York, New York |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Non-controlled/non-affiliated investments (amortized cost $2,012,624,733 and $1,717,895,936, respectively) | $ 1,999,625,235 | $ 1,688,521,222 |
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Cash and cash equivalents | $ 41,629,071 | $ 33,791,187 |
Interest receivable | 21,421,366 | 19,132,554 |
Dividend receivable | 366,431 | |
Unsettled trades receivable | 3,551,064 | 470,520 |
Paydown receivable | 1,203,615 | 1,713,709 |
Deferred offering expenses | 33,582 | 52,286 |
Prepaid expenses and other assets | 66,314 | 442,973 |
Total assets | 2,067,896,678 | 1,744,124,451 |
Liabilities: | ||
Revolving credit facilities payable (net of deferred financing costs of $6,404,300 and $6,269,042, respectively) (Note 6) | 837,595,700 | 682,730,958 |
2025 Notes payable (net of debt issuance costs of $1,343,257 and $2,279,883, respectively) | 223,656,743 | 222,720,117 |
Unsettled trades payable | 1,000,000 | 1,543,754 |
Base management fees payable (Note 3) | 6,531,640 | 5,548,862 |
Accounts payable and accrued expenses | 2,547,933 | 2,381,877 |
Interest and financing fees payable | 5,142,570 | 12,013,294 |
Total liabilities | 1,076,474,586 | 926,938,862 |
Commitments and contingencies (Note 5) | ||
Net assets: | ||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2023 and December 31, 2022 | ||
Common stock, $0.001 par value, 250,000,000 shares authorized, 50,308,175 and 42,294,773 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 50,308 | 42,295 |
Paid in capital in excess of par | 999,354,216 | 844,066,477 |
Distributable earnings (accumulated losses) | (7,982,432) | (26,923,183) |
Total net assets | 991,422,092 | 817,185,589 |
Total liabilities and net assets | $ 2,067,896,678 | $ 1,744,124,451 |
Net asset value per common share (in dollar per share) | $ 19.71 | $ 19.32 |
Consolidated Statements of As_2
Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Consolidated Statements of Assets and Liabilities | ||
Cost | $ 2,012,624,733 | $ 1,717,895,936 |
Net of deferred financing costs | 6,404,300 | 6,269,042 |
Net of debt issuance costs | $ 1,343,257 | $ 2,279,883 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 50,308,175 | 42,294,773 |
Common stock, shares outstanding (in shares) | 50,308,175 | 42,294,773 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Investment income: | |||||
Interest income from non-controlled/non-affiliated investments | $ 223,951,956 | $ 128,975,333 | $ 30,630,063 | ||
Dividend income from non-controlled/non-affiliated investments | 1,421,800 | 599,561 | 0 | ||
Interest income from cash and cash equivalents | 1,667 | 1,352 | 1,465 | ||
Total interest and dividend income | 225,375,423 | 129,576,246 | 30,631,528 | ||
Fee income | 687,500 | 373,750 | 1,474,524 | ||
Total fee income | 687,500 | 373,750 | 1,474,524 | ||
Total investment income | $ 226,062,923 | $ 129,949,996 | 32,106,052 | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments | |||
Operating expenses: | |||||
Base management fees (Note 3) | $ 24,304,038 | $ 18,937,555 | 5,326,836 | ||
Interest and financing fees (Note 6) | 77,361,192 | 40,043,673 | 6,635,588 | ||
Offering costs (Note 4) | 97,249 | 115,986 | 364,789 | ||
Professional fees | 6,642,334 | 5,499,655 | 2,617,828 | ||
Directors fees | 367,500 | 367,500 | 362,500 | ||
Insurance expense | 62,102 | 69,589 | 41,904 | ||
Total expenses | 108,834,415 | 65,033,958 | 15,349,445 | ||
Net investment income (loss) | 117,228,508 | 64,916,038 | 16,756,607 | ||
Net realized gains (losses): | |||||
Non-controlled/non-affiliated investments | (132,921) | 1,072,458 | [1] | 232,805 | [1] |
Total net realized gains (losses) | (132,921) | 1,072,458 | 232,805 | ||
Net change in unrealized appreciation (depreciation): | |||||
Non-controlled/non-affiliated investments | 16,375,216 | (34,138,126) | 4,765,621 | ||
Total net change in unrealized appreciation (depreciation) | 16,375,216 | (34,138,126) | 4,765,621 | ||
Net increase (decrease) in net assets resulting from operations | $ 133,470,803 | $ 31,850,370 | $ 21,755,033 | ||
Per share information-basic and diluted: | |||||
Net investment income (loss) basic (in dollar per share) | $ 2.62 | $ 1.94 | $ 1.51 | ||
Net investment income (loss) diluted (in dollar per share) | 2.62 | 1.94 | 1.51 | ||
Net increase (decrease) in net assets resulting from operations basic (in dollar per share) | 2.99 | 0.95 | 1.96 | ||
Net increase (decrease) in net assets resulting from operations diluted (in dollar per share) | $ 2.99 | $ 0.95 | $ 1.96 | ||
Weighted average shares outstanding basic (in shares) | 44,712,958 | 33,466,524 | 11,072,368 | ||
Weighted average shares outstanding diluted (in shares) | 44,712,958 | 33,466,524 | 11,072,368 | ||
[1] Prior period presentation was updated to conform with current period presentation by showing the breakout of amortization of deferred financing and debt issuance costs from new deferred financing and debt issuance costs. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Net Assets - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (decrease) in net assets resulting from operations: | |||
Net investment income (loss) | $ 117,228,508 | $ 64,916,038 | $ 16,756,607 |
Total net realized gains (losses) | (132,921) | 1,072,458 | 232,805 |
Total net change in unrealized appreciation (depreciation) | 16,375,216 | (34,138,126) | 4,765,621 |
Net increase (decrease) in net assets resulting from operations | 133,470,803 | 31,850,370 | 21,755,033 |
Decrease in net assets resulting from stockholder distributions: | |||
Shares distributed pursuant to dividend reinvestment plan | (18,706,354) | (10,198,762) | (1,523,396) |
Distributions to stockholders | (95,970,947) | (53,634,140) | (15,417,584) |
Net decrease in net assets resulting from stockholder distributions | (114,677,301) | (63,832,902) | (16,940,980) |
Increase in net assets resulting from capital share transactions: | |||
Issuance of shares of Common Stock pursuant to dividend reinvestment plan | 18,706,354 | 10,198,762 | 1,523,396 |
Issuance of shares of Common Stock | 136,736,647 | 293,400,000 | 514,999,000 |
Net increase in net assets resulting from capital share transactions | 155,443,001 | 303,598,762 | 516,522,396 |
Total increase in net assets | 174,236,503 | 271,616,230 | 521,336,449 |
Net assets, beginning of period | 817,185,589 | 545,569,359 | 24,232,910 |
Net assets, end of period | $ 991,422,092 | $ 817,185,589 | $ 545,569,359 |
Net asset value per share (in dollar per share) | $ 19.71 | $ 19.32 | $ 20.14 |
Common stock outstanding at the end of the period (in shares) | 50,308,175 | 42,294,773 | 27,093,753 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Cash flows from operating activities: | ||||||
Net increase (decrease) in net assets resulting from operations | $ 133,470,803 | $ 31,850,370 | [1] | $ 21,755,033 | [1] | |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities: | ||||||
Total net change in unrealized (appreciation) depreciation | (16,375,216) | 34,138,126 | [1] | (4,765,621) | [1] | |
Total net realized (gains) losses | 132,921 | (1,072,458) | [1] | (232,805) | [1] | |
Net amortization and accretion of premiums and discounts | (9,574,282) | (6,832,344) | [1] | (1,833,967) | [1] | |
Purchases of investments, net | (507,020,396) | (779,689,768) | [1] | (1,181,418,948) | [1] | |
Sales and repayments of investments, net | 221,830,210 | 223,921,208 | [1] | 43,590,342 | [1] | |
Amortization of deferred financing costs | 2,400,623 | 2,177,581 | [1] | 1,177,751 | [1] | |
Amortization of debt issuance costs | 1,036,626 | 591,355 | [1] | |||
Changes in operating assets and liabilities: | ||||||
Interest receivable | (2,288,812) | (10,627,593) | [1] | (8,478,004) | [1] | |
Dividend receivable | (366,431) | |||||
Unsettled trades receivable | (3,080,544) | (470,520) | [1] | |||
Paydown receivable | 510,094 | (1,294,452) | [1] | (419,257) | [1] | |
Deferred offering expenses | (78,546) | (10,873) | [1] | 294,857 | [1] | |
Prepaid expenses and other assets | 376,659 | (415,674) | [1] | 10,009 | [1] | |
Base management fees payable | 982,778 | 2,729,593 | [1] | 2,816,392 | [1] | |
Organizational and offering expenses payable | [1] | (41,057) | (518,921) | |||
Accounts payable and accrued expenses | 166,056 | 92,070 | [1] | 1,702,311 | [1] | |
Interest and financing fees payable | (6,870,724) | 9,197,773 | [1] | 2,809,538 | [1] | |
Unsettled trades payable | (543,754) | 1,543,754 | [1] | |||
Net cash used in operating activities | (185,291,935) | (494,212,909) | [1] | (1,123,511,290) | [1] | |
Cash flows from financing activities: | ||||||
Borrowings under revolving credit facilities | 633,200,000 | 912,000,000 | [1] | 978,000,000 | [1] | |
Payments on revolving credit facilities | (478,200,000) | (858,000,000) | [1] | (360,000,000) | [1] | |
Deferred financing costs | (2,535,881) | (2,987,000) | [1] | (6,101,390) | [1] | |
Borrowings under 2025 Notes | [1] | 225,000,000 | ||||
Debt issuance costs | (100,000) | (2,871,238) | [1] | |||
Distributions paid in cash | (95,970,947) | (53,634,140) | [1] | (15,417,584) | [1] | |
Proceeds from issuance of Common Stock | 136,736,647 | 293,400,000 | [1] | 514,999,000 | [1] | |
Net cash provided by financing activities | 193,129,819 | 512,907,622 | [1] | 1,113,835,528 | [1] | |
Net increase (decrease) in cash and cash equivalents | 7,837,884 | 18,694,713 | [1] | (12,031,264) | [1] | |
Cash and cash equivalents, beginning of period | [1] | 33,791,187 | 15,096,474 | 27,127,738 | ||
Cash and cash equivalents, end of period | 41,629,071 | 33,791,187 | [1] | 15,096,474 | [1] | |
Supplemental and Non-Cash Information | ||||||
Cash paid during the year for interest | 80,415,946 | 22,365,581 | [1] | 2,648,298 | [1] | |
Reinvestment of distributions during the year | 18,706,354 | $ 10,198,762 | [1] | $ 1,523,396 | [1] | |
Non-Cash purchases of Investments | (4,913,749) | |||||
Non-Cash proceeds from investments | $ 4,913,749 | |||||
[1] Prior period presentation was updated to conform with current period presentation by showing the breakout of amortization of deferred financing and debt issuance costs from new deferred financing and debt issuance costs. |
Consolidated Schedule of Invest
Consolidated Schedule of Investments - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Cost | $ 2,012,624,733 | $ 1,717,895,936 |
Fair Value | $ 1,999,625,235 | $ 1,688,521,222 |
Investment, Identifier [Axis]: ALKU Intermediate Holdings, LLC, First Lien term Loan, Due 5/23/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AlkuIntermediateHoldingsLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 0.75% | |
Interest Rate | 11.61% | |
Maturity | May 23, 2029 | |
Par Amount /Units | $ 3,686,413 | |
Cost | 3,599,809 | |
Fair Value | $ 3,601,257 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: ARMStrong Receivable Management First Lien Term Loan, Due 10/5/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | ARMStrong Receivable Management | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 11.70% | |
Maturity | Oct. 05, 2029 | |
Par Amount /Units | $ 14,746,234 | |
Cost | 14,529,642 | |
Fair Value | $ 14,525,041 | |
Percentage of Net Assets | 1.50% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: ARMStrong Receivable Management, First Lien Delayed Draw Term Loan, Due 10/6/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | ARMStrong Receivable Management | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 11.70% | |
Maturity | Oct. 06, 2025 | |
Cost | $ (35,926) | |
Fair Value | $ (74,329) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: ARMStrong Receivable Management, First Lien Revolving Loan, Due 10/5/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | ARMStrong Receivable Management | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 11.70% | |
Maturity | Oct. 05, 2029 | |
Cost | $ (4,312) | |
Fair Value | $ (4,478) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordian Partners LLC, First Lien Term Loan, Due 8/29/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.35% | |
Maturity | Aug. 29, 2029 | |
Par Amount /Units | $ 23,056,561 | |
Cost | 22,606,134 | |
Fair Value | $ 22,454,785 | |
Percentage of Net Assets | 2.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordion Partners LLC First Lien Delayed Draw Term Loan Due 8/29/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Interest Rate | 10.83% | |
Maturity | Aug. 29, 2029 | |
Cost | $ (64,426) | |
Fair Value | $ (100,226) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordion Partners LLC First Lien Revolving Loan Due 8/31/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | none:AccordionPartnersLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.25% | 6.25% |
Floor | 0.75% | |
Interest Rate | 11.63% | 10.83% |
Maturity | Aug. 31, 2028 | Aug. 31, 2028 |
Cost | $ (35,577) | $ (43,197) |
Fair Value | $ (8,339) | $ (44,545) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Accordion Partners LLC First Lien Term Loan Due 8/29/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 10.83% | |
Maturity | Aug. 29, 2029 | |
Par Amount /Units | $ 23,289,456 | |
Cost | 22,780,454 | |
Fair Value | $ 22,779,417 | |
Percentage of Net Assets | 2.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordion Partners LLC, First Lien Delayed Draw Term Loan, Due 8/31/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.38% | |
Maturity | Aug. 29, 2029 | |
Par Amount /Units | $ 2,536,161 | |
Cost | 2,484,494 | |
Fair Value | $ 2,469,967 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordion Partners LLC, First Lien Delayed Draw Term Loan, One Due, 8/29/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 0.75% | |
Interest Rate | 11.60% | |
Maturity | Aug. 29, 2029 | |
Par Amount /Units | $ 2,023,844 | |
Cost | 1,969,783 | |
Fair Value | $ 2,015,546 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordion Partners LLC, First Lien Delayed Draw Term Loan, One, Due 8/31/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 0.75% | |
Interest Rate | 11.63% | |
Maturity | Aug. 29, 2029 | |
Par Amount /Units | $ 976,327 | |
Cost | 895,542 | |
Fair Value | $ 963,817 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accordion Partners LLC, First Lien Term Loan, Two, Due 8/29/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccordionPartnersLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 0.75% | |
Interest Rate | 11.63% | |
Maturity | Aug. 29, 2029 | |
Par Amount /Units | $ 2,023,844 | |
Cost | 1,966,992 | |
Fair Value | $ 2,015,546 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accuserve, First Lien Delayed Draw Term Loan, Due 8/13/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccuserveMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 7.38% | |
Interest Rate | 12.80% | |
Maturity | Aug. 13, 2024 | |
Cost | $ (31,584) | |
Fair Value | $ (29,990) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Accuserve, First Lien Term Loan, Due 8/13/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AccuserveMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 7.38% | |
Interest Rate | 12.80% | |
Maturity | Aug. 13, 2029 | |
Par Amount /Units | $ 27,310,345 | |
Cost | 26,707,605 | |
Fair Value | $ 27,005,834 | |
Percentage of Net Assets | 2.70% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Advisor Group Holdings, Inc, First Lien Term Loan, Due 7/31/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AdvisorGroupHoldingsIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 4.50% | |
Interest Rate | 8.88% | |
Maturity | Jul. 31, 2026 | |
Par Amount /Units | $ 7,328,745 | |
Cost | 7,046,120 | |
Fair Value | $ 7,183,819 | |
Percentage of Net Assets | 0.90% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Advisor Group Holdings, Inc, Unsecured Note, Due 8/1/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:AdvisorGroupHoldingsIncMember | none:AdvisorGroupHoldingsIncMember |
Investment, Type [Extensible Enumeration] | Unsecured Note | Unsecured Note |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Interest Rate | 10.75% | 10.75% |
Maturity | Aug. 01, 2027 | Aug. 01, 2027 |
Par Amount /Units | $ 825,629 | $ 7,359,830 |
Cost | 803,131 | 7,378,265 |
Fair Value | $ 835,826 | $ 7,476,624 |
Percentage of Net Assets | 0.10% | 0.90% |
Investment, Significant Unobservable Input [true false] | false | false |
Investment, Identifier [Axis]: AmeriLife Group LLC, First Lien Delayed Draw Term Loan, Due 8/30/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | AmeriLife Group LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 9.01% | |
Maturity | Aug. 30, 2024 | |
Par Amount /Units | $ 7,030,303 | |
Cost | 6,860,575 | |
Fair Value | $ 6,821,503 | |
Percentage of Net Assets | 0.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: AmeriLife Group LLC, First Lien Delayed Draw Term Loan, Due 8/31/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | AmeriLife Group LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.14% | |
Maturity | Aug. 31, 2029 | |
Par Amount /Units | $ 8,702,663 | |
Cost | 8,534,130 | |
Fair Value | $ 8,521,518 | |
Percentage of Net Assets | 0.90% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: AmeriLife Group LLC, First Lien Revolving Loan, Due 8/31/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | AmeriLife Group LLC | AmeriLife Group LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.14% | 9.01% |
Maturity | Aug. 31, 2028 | Aug. 31, 2028 |
Cost | $ (81,977) | $ (99,537) |
Fair Value | $ (91,218) | $ (104,400) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: AmeriLife Group LLC, First Lien Term Loan, Due 8/31/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | AmeriLife Group LLC | AmeriLife Group LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.14% | 9.01% |
Maturity | Aug. 31, 2029 | Aug. 31, 2029 |
Par Amount /Units | $ 41,760,000 | $ 42,181,818 |
Cost | 41,053,296 | 41,382,650 |
Fair Value | $ 41,037,552 | $ 41,346,618 |
Percentage of Net Assets | 4.10% | 5.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Anaplan, Inc, First Lien Revolving Loan, Due 6/21/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Anaplan, Inc | Anaplan, Inc |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.50% | 6.50% |
Floor | 0.75% | 1% |
Interest Rate | 11.85% | 10.82% |
Maturity | Jun. 21, 2028 | Jun. 21, 2028 |
Cost | $ (23,035) | $ (28,184) |
Fair Value | $ (12,523) | $ (30,611) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Anaplan, Inc, First Lien Term Loan, Due 6/21/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Anaplan, Inc | Anaplan, Inc |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.50% | 6.50% |
Floor | 0.75% | 1% |
Interest Rate | 11.85% | 10.82% |
Maturity | Jun. 21, 2029 | Jun. 21, 2029 |
Par Amount /Units | $ 20,672,334 | $ 20,672,334 |
Cost | 20,317,906 | 20,276,632 |
Fair Value | $ 20,504,888 | $ 20,263,022 |
Percentage of Net Assets | 2.10% | 2.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Assured Partners, Inc, First Lien Term Loan, Due 2/12/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AssuredPartnersIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 3.50% | |
Floor | 0.50% | |
Interest Rate | 7.82% | |
Maturity | Feb. 12, 2027 | |
Par Amount /Units | $ 4,000 | |
Cost | 3,778 | |
Fair Value | $ 3,894 | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Assured Partners, Inc, Unsecured Note, Due 1/15/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:AssuredPartnersIncMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 5.63% | |
Maturity | Jan. 15, 2029 | |
Par Amount /Units | $ 5,123,753 | |
Cost | 4,133,391 | |
Fair Value | $ 4,230,939 | |
Percentage of Net Assets | 0.50% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Auctane Holdings, LLC, First Lien Term Loan, One, Due 10/5/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:AuctaneHoldingsLlcMember | none:AuctaneHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.23% | 10.13% |
Maturity | Oct. 05, 2028 | Oct. 05, 2028 |
Par Amount /Units | $ 39,300,000 | $ 39,700,000 |
Cost | 38,698,124 | 39,010,786 |
Fair Value | $ 38,701,659 | $ 38,531,467 |
Percentage of Net Assets | 3.90% | 4.70% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Auctane Holdings, LLC, First Lien Term Loan, Two, Due 10/5/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:AuctaneHoldingsLlcMember | none:AuctaneHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.23% | 10.13% |
Maturity | Oct. 05, 2028 | Oct. 05, 2028 |
Par Amount /Units | $ 12,895,313 | $ 13,026,563 |
Cost | 12,696,980 | 12,799,437 |
Fair Value | $ 12,698,982 | $ 12,643,138 |
Percentage of Net Assets | 1.30% | 1.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: AxiomSL Group, Inc, First Lien Delayed Draw Term Loan, Due 12/3/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | AxiomSL Group, Inc | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 6% | |
Floor | 1% | |
Interest Rate | 10.13% | |
Maturity | Dec. 03, 2027 | |
Cost | $ (17,712) | |
Fair Value | $ (60,512) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: AxiomSL Group, Inc, First Lien Revolving Loan, Due 12/3/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | AxiomSL Group, Inc | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 6% | |
Floor | 1% | |
Interest Rate | 10.13% | |
Maturity | Dec. 03, 2025 | |
Cost | $ (33,174) | |
Fair Value | $ (66,027) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: AxiomSL Group, Inc, First Lien Term Loan, Due 12/3/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | AxiomSL Group, Inc | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 6% | |
Floor | 1% | |
Interest Rate | 10.13% | |
Maturity | Dec. 03, 2027 | |
Par Amount /Units | $ 34,716,362 | |
Cost | 34,141,218 | |
Fair Value | $ 33,792,492 | |
Percentage of Net Assets | 4.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Due 12/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Beacon Pointe Harmony, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 9.38% | |
Maturity | Dec. 29, 2028 | |
Par Amount /Units | $ 6,961,700 | |
Cost | 6,765,121 | |
Fair Value | $ 6,274,605 | |
Percentage of Net Assets | 0.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, One, Due 12/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Beacon Pointe Harmony, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 10.86% | |
Maturity | Dec. 29, 2028 | |
Par Amount /Units | $ 11,174,575 | |
Cost | 10,893,615 | |
Fair Value | $ 11,174,575 | |
Percentage of Net Assets | 1.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First Lien Delayed Draw Term Loan, Two, Due 12/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Beacon Pointe Harmony, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 10.86% | |
Maturity | Dec. 29, 2028 | |
Par Amount /Units | $ 3,206,948 | |
Cost | 3,176,553 | |
Fair Value | $ 3,206,948 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First Lien Revolving Loan, Due 12/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Beacon Pointe Harmony, LLC | Beacon Pointe Harmony, LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.50% | 5.25% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.86% | 9.38% |
Maturity | Dec. 29, 2027 | Dec. 29, 2027 |
Cost | $ (39,927) | $ (49,922) |
Fair Value | $ (137,679) | |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Beacon Pointe Harmony, LLC, First Lien Term Loan, Due 12/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Beacon Pointe Harmony, LLC | Beacon Pointe Harmony, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.50% | 5.25% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.86% | 9.38% |
Maturity | Dec. 29, 2028 | Dec. 29, 2028 |
Par Amount /Units | $ 28,492,500 | $ 28,782,500 |
Cost | 28,046,856 | 28,268,743 |
Fair Value | $ 28,492,500 | $ 27,461,588 |
Percentage of Net Assets | 2.90% | 3.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Belmont Buyer, Inc., First Lien Delayed Draw Term Loan, Due 6/21/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:BelmontBuyerIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.97% | |
Maturity | Jun. 21, 2029 | |
Par Amount /Units | $ 1,735,465 | |
Cost | 1,649,516 | |
Fair Value | $ 1,701,086 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Belmont Buyer, Inc., First Lien Revolving Loan, Due 6/21/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:BelmontBuyerIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.97% | |
Maturity | Jun. 21, 2029 | |
Cost | $ (59,618) | |
Fair Value | $ (17,224) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Belmont Buyer, Inc., First Lien Term Loan, Due 6/21/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:BelmontBuyerIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.97% | |
Maturity | Jun. 21, 2029 | |
Par Amount /Units | $ 18,367,006 | |
Cost | 17,847,935 | |
Fair Value | $ 18,221,906 | |
Percentage of Net Assets | 1.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Bottomline Technologies, Inc, First Lien Revolving Loan, Due 5/15/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:BottomlineTechnologiesIncMember | none:BottomlineTechnologiesIncMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.25% | 5.50% |
Floor | 0.75% | 1% |
Interest Rate | 10.61% | 9.82% |
Maturity | May 15, 2028 | May 15, 2028 |
Cost | $ (107,121) | $ (131,650) |
Fair Value | $ (258,525) | $ (131,840) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Bottomline Technologies, Inc, First Lien Term Loan, Due 5/14/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:BottomlineTechnologiesIncMember | none:BottomlineTechnologiesIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.25% | 5.50% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.61% | 9.82% |
Maturity | May 14, 2029 | May 14, 2029 |
Par Amount /Units | $ 87,279,807 | $ 88,163,653 |
Cost | 85,823,048 | 86,500,958 |
Fair Value | $ 84,216,285 | $ 86,585,525 |
Percentage of Net Assets | 8.50% | 10.60% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: CNSI Holdings, LLC, First Lien Revolving Loan, Due 12/17/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | CNSI Holdings, LLC | CNSI Holdings, LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.50% | 6.50% |
Floor | 0.50% | 0.50% |
Interest Rate | 11.85% | 10.62% |
Maturity | Dec. 17, 2027 | Dec. 17, 2027 |
Par Amount /Units | $ 528,254 | |
Cost | 488,692 | $ (49,549) |
Fair Value | $ 500,449 | $ (50,424) |
Percentage of Net Assets | 0.10% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: CNSI Holdings, LLC, First Lien Term Loan, Due 12/15/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | CNSI Holdings, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 0.50% | |
Interest Rate | 11.85% | |
Maturity | Dec. 15, 2028 | |
Par Amount /Units | $ 15,007,713 | |
Cost | 14,595,283 | |
Fair Value | $ 14,718,064 | |
Percentage of Net Assets | 1.50% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: CNSI Holdings, LLC, First Lien Term Loan, Due 12/3/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | CNSI Holdings, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 0.50% | |
Interest Rate | 10.62% | |
Maturity | Dec. 03, 2029 | |
Par Amount /Units | $ 15,159,698 | |
Cost | 14,632,698 | |
Fair Value | $ 14,628,730 | |
Percentage of Net Assets | 1.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: CORA Health Holdings Corp, First Lien Delayed Draw Term Loan, Due 6/15/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:CoraHealthHoldingsCorpMember | none:CoraHealthHoldingsCorpMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.39% | 10.48% |
Maturity | Jun. 15, 2027 | Jun. 15, 2027 |
Par Amount /Units | $ 238,133 | $ 240,099 |
Cost | 236,992 | 207,804 |
Fair Value | $ 205,293 | $ (342,847) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: CORA Health Holdings Corp, First Lien Term Loan, Due 6/15/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:CoraHealthHoldingsCorpMember | none:CoraHealthHoldingsCorpMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.39% | 10.48% |
Maturity | Jun. 15, 2027 | Jun. 15, 2027 |
Par Amount /Units | $ 14,219,079 | $ 14,166,270 |
Cost | 14,084,091 | 13,997,725 |
Fair Value | $ 12,258,166 | $ 12,695,934 |
Percentage of Net Assets | 1.20% | 1.60% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Captive Resources Midco, LLC, First Lien Revolving Loan, Due 7/1/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Captive Resources Midco, LLC | Captive Resources Midco, LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.25% | 2.63% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.11% | 10.07% |
Maturity | Jul. 01, 2028 | Jul. 01, 2028 |
Cost | $ (33,031) | $ (40,361) |
Fair Value | $ (22,028) | $ (58,373) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Captive Resources Midco, LLC, First Lien Term Loan, Due 6/29/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Captive Resources Midco, LLC | Captive Resources Midco, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.25% | 2.63% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.11% | 10.07% |
Maturity | Jun. 29, 2029 | Jun. 29, 2029 |
Par Amount /Units | $ 31,029,857 | $ 29,625,750 |
Cost | 30,539,043 | 29,057,309 |
Fair Value | $ 30,719,559 | $ 28,840,668 |
Percentage of Net Assets | 3.10% | 3.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Cherry Bekaert Advisory LLC, First Lien Delayed Draw Term Loan, Due 6/30/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Cherry Bekaert Advisory LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.11% | |
Maturity | Jun. 30, 2024 | |
Cost | $ (53,607) | |
Fair Value | $ (112,500) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Cherry Bekaert Advisory LLC, First Lien Term Loan, Due 6/30/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Cherry Bekaert Advisory LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.11% | |
Maturity | Jun. 30, 2028 | |
Par Amount /Units | $ 4,364,063 | |
Cost | 4,279,255 | |
Fair Value | $ 4,276,781 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Cliffwater, LLC, First Lien Revolving Loan, Due 10/7/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Cliffwater, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.36% | |
Maturity | Oct. 07, 2030 | |
Cost | $ (55,197) | |
Fair Value | $ (57,143) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Cliffwater, LLC, First Lien Term Loan, Due 10/7/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Cliffwater, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.36% | |
Maturity | Oct. 07, 2030 | |
Par Amount /Units | $ 17,142,857 | |
Cost | 16,807,738 | |
Fair Value | $ 16,800,000 | |
Percentage of Net Assets | 1.70% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Dcert Buyer, Inc, Second Lien Term Loan, Due 2/19/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:DcertBuyerIncMember | none:DcertBuyerIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 7% | 7% |
Interest Rate | 12.36% | 11.70% |
Maturity | Feb. 19, 2029 | Feb. 19, 2029 |
Par Amount /Units | $ 10,202,500 | $ 11,660,000 |
Cost | 10,077,136 | 11,513,443 |
Fair Value | $ 9,335,288 | $ 10,692,220 |
Percentage of Net Assets | 0.90% | 1.30% |
Investment, Significant Unobservable Input [true false] | true | false |
Investment, Identifier [Axis]: Diligent Corporation, First Lien Revolving Loan, Due 8/4/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Diligent Corporation | Diligent Corporation |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.25% | 6.25% |
Floor | 1% | 1% |
Interest Rate | 11.71% | 10.13% |
Maturity | Aug. 04, 2025 | Aug. 04, 2025 |
Par Amount /Units | $ 2,700,000 | $ 1,500,000 |
Cost | 2,681,602 | 1,470,044 |
Fair Value | $ 2,625,000 | $ 1,306,250 |
Percentage of Net Assets | 0.30% | 0.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Diligent Corporation, First Lien Term Loan, One, Due 8/4/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Diligent Corporation | Diligent Corporation |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.28% | 10.13% |
Maturity | Aug. 04, 2025 | Aug. 04, 2025 |
Par Amount /Units | $ 29,175,000 | $ 29,475,000 |
Cost | 29,048,364 | 29,283,815 |
Fair Value | $ 28,527,315 | $ 28,138,072 |
Percentage of Net Assets | 2.90% | 3.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Diligent Corporation, First Lien Term Loan, Two, Due 8/4/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Diligent Corporation | Diligent Corporation |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.28% | 10.13% |
Maturity | Aug. 04, 2025 | Aug. 04, 2025 |
Par Amount /Units | $ 9,725,000 | $ 9,825,000 |
Cost | 9,683,346 | 9,759,571 |
Fair Value | $ 9,509,105 | $ 9,379,357 |
Percentage of Net Assets | 1% | 1.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Edelman Financial Center, Second Lien Term Loan, Due 7/20/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:EdelmanFinancialCenterMember | none:EdelmanFinancialCenterMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.75% | 6.75% |
Interest Rate | 12.22% | 11.13% |
Maturity | Jul. 20, 2026 | Jul. 20, 2026 |
Par Amount /Units | $ 5,121,067 | $ 14,042,404 |
Cost | 4,819,688 | 12,955,636 |
Fair Value | $ 5,130,669 | $ 12,697,072 |
Percentage of Net Assets | 0.50% | 1.60% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Ellkay, LLC, First Lien Revolving Loan, Due 9/14/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:EllkayLlcMember | none:EllkayLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.25% | 6.25% |
Floor | 1% | 1% |
Interest Rate | 11.78% | 11% |
Maturity | Sep. 14, 2027 | Sep. 14, 2027 |
Cost | $ (44,566) | $ (56,598) |
Fair Value | $ (606,447) | $ (103,501) |
Percentage of Net Assets | (0.10%) | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Ellkay, LLC, First Lien Term Loan, Due 9/14/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:EllkayLlcMember | none:EllkayLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.25% | 6.25% |
Floor | 1% | 1% |
Interest Rate | 11.78% | 11% |
Maturity | Sep. 14, 2027 | Sep. 14, 2027 |
Par Amount /Units | $ 28,238,889 | $ 28,527,778 |
Cost | 27,864,692 | 28,066,130 |
Fair Value | $ 23,496,470 | $ 27,710,123 |
Percentage of Net Assets | 2.40% | 3.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Ensono, Inc, Second Lien Term Loan, Due 5/28/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:EnsonoIncMember | none:EnsonoIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 8% | 8% |
Interest Rate | 13.47% | 13.15% |
Maturity | May 28, 2029 | May 28, 2029 |
Par Amount /Units | $ 11,250,000 | $ 11,250,000 |
Cost | 11,163,608 | 11,149,649 |
Fair Value | $ 10,703,250 | $ 10,461,794 |
Percentage of Net Assets | 1.10% | 1.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Euclid Transactional, LLC, First Lien Term Loan, Due 10/2/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:EuclidTransactionalLlcMember | none:EuclidTransactionalLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.80% | 6.80% |
Floor | 0.75% | |
Interest Rate | 12.27% | 11.23% |
Maturity | Oct. 02, 2028 | Oct. 02, 2028 |
Par Amount /Units | $ 71,740,741 | $ 80,000,000 |
Cost | 70,556,436 | 78,492,342 |
Fair Value | $ 71,747,915 | $ 80,800,001 |
Percentage of Net Assets | 7.20% | 9.90% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Explorer Investor, Inc, First Lien Delayed Draw Term Loan, Due 6/28/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ExplorerInvestorIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.50% | |
Interest Rate | 10.15% | |
Maturity | Jun. 28, 2024 | |
Cost | $ (288,544) | |
Fair Value | $ (279,209) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Explorer Investor, Inc, First Lien Term Loan, Due 6/28/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:ExplorerInvestorIncMember | none:ExplorerInvestorIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6% | 6% |
Floor | 0.50% | 0.50% |
Interest Rate | 11.36% | 10.15% |
Maturity | Jun. 28, 2029 | Jun. 28, 2029 |
Par Amount /Units | $ 28,625,687 | $ 23,822,151 |
Cost | 27,258,924 | 22,453,966 |
Fair Value | $ 27,211,578 | $ 22,507,168 |
Percentage of Net Assets | 2.70% | 2.80% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: FINThrive Software Intermediate Holdings, Inc, Second Lien Term Loan, Due, 12/17/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:FinthriveSoftwareIntermediateHoldingsIncMember | none:FinthriveSoftwareIntermediateHoldingsIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.75% | 6.75% |
Floor | 0.50% | 0.50% |
Interest Rate | 12.22% | 11.13% |
Maturity | Dec. 17, 2029 | Dec. 17, 2029 |
Par Amount /Units | $ 21,518,900 | $ 21,518,900 |
Cost | 21,118,162 | 21,075,642 |
Fair Value | $ 17,010,690 | $ 17,718,039 |
Percentage of Net Assets | 1.70% | 2.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Foundation Risk Partners, Corp, First Lien Delayed Draw Term Loan, Due 10/27/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:FoundationRiskPartnersCorpMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.75% | |
Floor | 0.75% | |
Interest Rate | 12.20% | |
Maturity | Oct. 27, 2028 | |
Par Amount /Units | $ 18,071,591 | |
Cost | 17,937,032 | |
Fair Value | $ 18,239,657 | |
Percentage of Net Assets | 1.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Foundation Risk Partners, Corp, First Lien Term Loan, Due 10/27/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:FoundationRiskPartnersCorpMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.75% | |
Floor | 0.75% | |
Interest Rate | 12.20% | |
Maturity | Oct. 27, 2028 | |
Par Amount /Units | $ 38,669,318 | |
Cost | 37,341,926 | |
Fair Value | $ 39,028,943 | |
Percentage of Net Assets | 3.90% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Freedom Mortgage Corp, Unsecured Note, Due 10/1/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:FreedomMortgageCorpMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Real Estate Management & Development | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 12.25% | |
Maturity | Oct. 01, 2030 | |
Par Amount /Units | $ 2,333,333 | |
Cost | 2,287,824 | |
Fair Value | $ 2,551,376 | |
Percentage of Net Assets | 0.30% | |
Investment, Identifier [Axis]: GC Two Intermediate Holdings, Inc, Unsecured Note, Due 4/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GcTwoIntermediateHoldingsIncMember | none:GcTwoIntermediateHoldingsIncMember |
Investment, Type [Extensible Enumeration] | Unsecured Note | Unsecured Note |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Interest Rate | 7.50% | 7.50% |
Maturity | Apr. 01, 2029 | Apr. 01, 2029 |
Par Amount /Units | $ 11,721,281 | $ 10,612,237 |
Cost | 10,041,672 | 9,186,822 |
Fair Value | $ 10,549,153 | $ 8,768,945 |
Percentage of Net Assets | 1.10% | 1.10% |
Investment, Significant Unobservable Input [true false] | false | false |
Investment, Identifier [Axis]: GS Acquisitionco, Inc, First Lien Term Loan, Due 5/22/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GsAcquisitioncoIncMember | none:GsAcquisitioncoIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11% | 9.92% |
Maturity | May 22, 2026 | May 22, 2026 |
Par Amount /Units | $ 36,749,553 | $ 37,131,476 |
Cost | 36,682,335 | 37,038,235 |
Fair Value | $ 36,411,685 | $ 35,714,830 |
Percentage of Net Assets | 3.70% | 4.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GT Polaris Holdings, Inc., Equity Investment | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GtPolarisHoldingsIncMember | none:GtPolarisHoldingsIncMember |
Investment, Type [Extensible Enumeration] | Equity | Equity |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Interest Rate | 12.50% | 12.50% |
Maturity | Jun. 06, 2022 | |
Par Amount /Units | $ 9,974,860 | $ 8,804,811 |
Cost | 9,826,061 | 8,645,543 |
Fair Value | $ 9,340,459 | $ 7,821,358 |
Percentage of Net Assets | 0.90% | 1% |
Investment, Significant Unobservable Input [true false] | false | true |
Investment, Identifier [Axis]: Galway Borrower, LLC, Equity Investment One | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | Equity | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 14% | |
Par Amount /Units | $ 10,614,878 | |
Cost | 10,334,077 | |
Fair Value | $ 10,454,593 | |
Percentage of Net Assets | 1.10% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 10/28/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.10% | |
Maturity | Apr. 26, 2024 | |
Cost | $ (186,106) | |
Fair Value | $ (69,300) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Delayed Draw Term Loan, Due 9/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 9.98% | |
Maturity | Sep. 29, 2028 | |
Cost | $ (11,665) | |
Fair Value | $ (11,740) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Revolving Loan, Due 10/2/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 10.70% | |
Maturity | Sep. 30, 2027 | |
Cost | $ (33,000) | |
Fair Value | $ (90,982) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Revolving Loan, Due 9/30/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 9.98% | |
Maturity | Sep. 30, 2027 | |
Cost | $ (41,805) | |
Fair Value | $ (80,966) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Term Loan, Due 9/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | Galway Borrower, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.25% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.10% | 9.98% |
Maturity | Sep. 29, 2028 | Sep. 29, 2028 |
Par Amount /Units | $ 13,930,000 | $ 64,427,499 |
Cost | 13,674,014 | 63,819,163 |
Fair Value | $ 13,884,031 | $ 63,154,664 |
Percentage of Net Assets | 1.40% | 7.70% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Galway Borrower, LLC, First Lien Term Loan, Two, Due 9/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 10.70% | |
Maturity | Sep. 29, 2028 | |
Par Amount /Units | $ 64,368,432 | |
Cost | 63,851,706 | |
Fair Value | $ 62,939,453 | |
Percentage of Net Assets | 6.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Geosyntec Consultants Inc First Lien Delayed Draw Term Loan Due 5/18/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:GeosyntecConsultantsIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 10.61% | |
Maturity | May 18, 2029 | |
Par Amount /Units | $ 2,191,975 | |
Cost | 2,145,068 | |
Fair Value | $ 2,042,221 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Geosyntec Consultants, Inc, First Lien Delayed Draw Term Loan, Due 5/18/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:GeosyntecConsultantsIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 0.75% | |
Interest Rate | 9.57% | |
Maturity | May 18, 2024 | |
Cost | $ (35,135) | |
Fair Value | $ (119,598) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Geosyntec Consultants, Inc, First Lien Revolving Loan, Due 5/18/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GeosyntecConsultantsIncMember | none:GeosyntecConsultantsIncMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.25% | 5.25% |
Floor | 0.75% | 1% |
Interest Rate | 10.61% | 9.57% |
Maturity | May 18, 2027 | May 18, 2027 |
Cost | $ (21,627) | $ (25,647) |
Fair Value | $ (55,028) | $ (43,765) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Geosyntec Consultants, Inc, First Lien Term Loan, Due 5/18/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GeosyntecConsultantsIncMember | none:GeosyntecConsultantsIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.25% | 5.25% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.61% | 9.57% |
Maturity | May 18, 2029 | May 18, 2029 |
Par Amount /Units | $ 10,336,590 | $ 10,441,530 |
Cost | 10,184,648 | 10,269,340 |
Fair Value | $ 9,983,079 | $ 10,157,520 |
Percentage of Net Assets | 1% | 1.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Giving Home Health Care, First Lien Revolving Loan, Due 8/19/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Giving Home Health Care | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.95% | |
Maturity | Aug. 19, 2027 | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Giving Home Health Care, First Lien Term Loan, Due 8/19/207 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Giving Home Health Care | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.95% | |
Maturity | Aug. 19, 2027 | |
Par Amount /Units | $ 32,480,469 | |
Cost | 32,626,904 | |
Fair Value | $ 32,805,273 | |
Percentage of Net Assets | 3.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Giving Home Health Care, Second Lien Term Loan, Due 2/18/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Giving Home Health Care | Giving Home Health Care |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Interest Rate | 12.50% | 12.50% |
Maturity | Feb. 18, 2028 | Feb. 18, 2028 |
Par Amount /Units | $ 4,500,000 | $ 4,500,000 |
Cost | 4,432,815 | 4,414,912 |
Fair Value | $ 4,498,650 | $ 4,414,050 |
Percentage of Net Assets | 0.50% | 0.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Giving Home Health Care, Warrants | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Giving Home Health Care | Giving Home Health Care |
Investment, Type [Extensible Enumeration] | Warrants | Warrants |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Maturity | Aug. 19, 2022 | |
Par Amount /Units | $ 2,917 | $ 2,917 |
Cost | 29 | $ 29 |
Fair Value | $ 1,069,999 | |
Percentage of Net Assets | 0.10% | 0% |
Investment, Significant Unobservable Input [true false] | false | true |
Investment, Identifier [Axis]: GovDelivery Holdings, LLC, First Lien Delayed Draw Term Loan, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | GovDelivery Holdings, LLC | GovDelivery Holdings, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.48% | 10.14% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 33,573,300 | $ 33,845,980 |
Cost | 33,140,923 | 33,294,989 |
Fair Value | $ 33,024,377 | $ 31,946,561 |
Percentage of Net Assets | 3.30% | 3.90% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GovDelivery Holdings, LLC, First Lien Revolving Loan, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | GovDelivery Holdings, LLC | GovDelivery Holdings, LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.50% | 6.50% |
Floor | 1% | 1% |
Interest Rate | 11.95% | 10.14% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 504,003 | $ 809,964 |
Cost | 485,428 | 785,357 |
Fair Value | $ 473,227 | $ 716,147 |
Percentage of Net Assets | 0% | 0.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GovDelivery Holdings, LLC, First Lien Term Loan, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | GovDelivery Holdings, LLC | GovDelivery Holdings, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 6.50% |
Floor | 1% | 1% |
Interest Rate | 10.98% | 11.14% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 27,343,671 | $ 27,241,366 |
Cost | 26,948,503 | 26,733,717 |
Fair Value | $ 26,896,602 | $ 26,182,580 |
Percentage of Net Assets | 2.70% | 3.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Delayed Draw Term Loan, Due 4/1/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 1% | |
Interest Rate | 10.43% | |
Maturity | Apr. 01, 2027 | |
Cost | $ (88,947) | |
Fair Value | $ (182,621) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Delayed Draw Term Loan, Due 4/27/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 1% | |
Interest Rate | 11.19% | |
Maturity | Apr. 27, 2027 | |
Par Amount /Units | $ 11,000,000 | |
Cost | 10,930,712 | |
Fair Value | $ 10,841,600 | |
Percentage of Net Assets | 1.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Revolving Loan, Due 4/27/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | none:GraphpadSofwareLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | ABR | LIBOR |
Spread | 5% | 5.50% |
Floor | 1% | 1% |
Interest Rate | 13.50% | 10.43% |
Maturity | Apr. 27, 2027 | Apr. 27, 2027 |
Par Amount /Units | $ 1,250,000 | |
Cost | 1,236,133 | $ (18,043) |
Fair Value | $ 1,214,000 | $ (41,505) |
Percentage of Net Assets | 0.10% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Term Loan, One, Due 4/27/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | none:GraphpadSofwareLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 1% | 1% |
Interest Rate | 11.22% | 10.23% |
Maturity | Apr. 27, 2027 | Apr. 27, 2027 |
Par Amount /Units | $ 4,089,638 | $ 4,131,476 |
Cost | 4,063,046 | 4,098,211 |
Fair Value | $ 4,030,747 | $ 4,062,886 |
Percentage of Net Assets | 0.40% | 0.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Term Loan, Three, Due 4/27/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | none:GraphpadSofwareLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 1% | 1% |
Interest Rate | 11.19% | 10.43% |
Maturity | Apr. 27, 2027 | Apr. 27, 2027 |
Par Amount /Units | $ 17,062,500 | $ 17,237,500 |
Cost | 16,963,745 | 17,111,561 |
Fair Value | $ 16,816,800 | $ 16,951,325 |
Percentage of Net Assets | 1.70% | 2.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Term Loan, Two, Due 4/1/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 1% | |
Interest Rate | 10.23% | |
Maturity | Apr. 01, 2027 | |
Par Amount /Units | $ 19,800,000 | |
Cost | 19,634,540 | |
Fair Value | $ 19,471,283 | |
Percentage of Net Assets | 2.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: GraphPAD Software, LLC, First Lien Term Loan, Two, Due 4/27/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:GraphpadSofwareLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 1% | |
Interest Rate | 11.22% | |
Maturity | Apr. 27, 2027 | |
Par Amount /Units | $ 19,600,000 | |
Cost | 19,467,716 | |
Fair Value | $ 19,317,760 | |
Percentage of Net Assets | 1.90% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Harbor Purchaser Inc, Second Lien Term Loan, Due 4/8/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:HarborPurchaserIncMember | none:HarborPurchaserIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Diversified Consumer Services | Diversified Consumer Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 8.50% | 8.50% |
Floor | 0.50% | 0.50% |
Interest Rate | 13.86% | 12.82% |
Maturity | Apr. 08, 2030 | Apr. 08, 2030 |
Par Amount /Units | $ 12,500,000 | $ 12,500,000 |
Cost | 12,280,353 | 12,260,116 |
Fair Value | $ 11,837,500 | $ 12,363,750 |
Percentage of Net Assets | 1.20% | 1.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Harrington Reinsureance Holdings Limited, Unsecured Note, Due 6/29/2031 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:HarringtonReinsureanceHoldingsLimitedMember | none:HarringtonReinsureanceHoldingsLimitedMember |
Investment, Type [Extensible Enumeration] | Unsecured Note | Unsecured Note |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | country:BM |
Interest Rate | 7.25% | 7.25% |
Maturity | Jun. 29, 2031 | Jun. 29, 2031 |
Par Amount /Units | $ 20,000,000 | $ 20,000,000 |
Cost | 19,674,444 | 19,643,101 |
Fair Value | $ 20,219,487 | $ 19,886,918 |
Percentage of Net Assets | 2% | 2.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Helpsystems Holdings, Inc, Second Lien Term Loan, Due 11/19/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:HelpsystemsHoldingsIncMember | none:HelpsystemsHoldingsIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.75% | 6.75% |
Floor | 0.75% | 1% |
Interest Rate | 12.35% | 10.94% |
Maturity | Nov. 19, 2027 | Nov. 19, 2027 |
Par Amount /Units | $ 10,000,000 | $ 10,000,000 |
Cost | 10,000,000 | 10,000,000 |
Fair Value | $ 9,191,000 | $ 8,954,120 |
Percentage of Net Assets | 0.90% | 1.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Hyland Software, Inc, First Lien Revolving Loan, Due 9/19/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Hyland Software, Inc. | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.36% | |
Maturity | Sep. 19, 2029 | |
Cost | $ (17,133) | |
Fair Value | $ (17,867) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Hyland Software, Inc, First Lien Term Loan, Due 9/19/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Hyland Software, Inc. | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.36% | |
Maturity | Sep. 19, 2030 | |
Par Amount /Units | $ 25,300,905 | |
Cost | 24,932,410 | |
Fair Value | $ 24,923,922 | |
Percentage of Net Assets | 2.50% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First Lien Revolving Loan, Due 9/22/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | IG Investments Holdings, LLC | IG Investments Holdings, LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6% | 6% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.48% | 10.38% |
Maturity | Sep. 22, 2027 | Sep. 22, 2027 |
Par Amount /Units | $ 2,023,121 | |
Cost | $ (62,732) | 1,943,553 |
Fair Value | $ (37,934) | $ 1,942,322 |
Percentage of Net Assets | 0% | 0.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First Lien Term Loan, One, Due 9/22/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | IG Investments Holdings, LLC | IG Investments Holdings, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6% | 6% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.48% | 10.38% |
Maturity | Sep. 22, 2028 | Sep. 22, 2028 |
Par Amount /Units | $ 63,480,997 | $ 64,130,419 |
Cost | 62,538,064 | 63,038,331 |
Fair Value | $ 63,004,890 | $ 63,105,923 |
Percentage of Net Assets | 6.40% | 7.70% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: IG Investments Holdings, LLC, First Lien Term Loan, Two, Due 9/22/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | IG Investments Holdings, LLC | IG Investments Holdings, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6% | 6% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.48% | 10.38% |
Maturity | Sep. 22, 2028 | Sep. 22, 2028 |
Par Amount /Units | $ 4,899,749 | $ 4,949,875 |
Cost | 4,863,783 | 4,906,696 |
Fair Value | $ 4,863,001 | $ 4,870,799 |
Percentage of Net Assets | 0.50% | 0.60% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Imagine Acquisitionco, LLC, Equity | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Imagine Acquisitionco, LLC | |
Investment, Type [Extensible Enumeration] | Equity | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Maturity | Nov. 16, 2021 | |
Par Amount /Units | $ 2,000,000 | |
Cost | 2,000,000 | |
Fair Value | $ 2,103,614 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Imagine Acquisitionco, LLC, Equity Investment | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Imagine Acquisitionco, LLC | |
Investment, Type [Extensible Enumeration] | Equity | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Par Amount /Units | $ 2,000,000 | |
Cost | 2,000,000 | |
Fair Value | $ 2,634,228 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/2023 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Imagine Acquisitionco, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 1% | |
Interest Rate | 10.14% | |
Maturity | Nov. 16, 2023 | |
Cost | $ (26,279) | |
Fair Value | $ (243,540) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Imagine Acquisitionco, LLC, First Lien Delayed Draw Term Loan, Due 11/16/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Imagine Acquisitionco, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 1% | |
Interest Rate | 10.74% | |
Maturity | Nov. 16, 2027 | |
Cost | $ (44,855) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Imagine Acquisitionco, LLC, First Lien Revolving Loan, Due 11/16/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Imagine Acquisitionco, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 1% | |
Interest Rate | 10.14% | |
Maturity | Nov. 16, 2027 | |
Cost | $ (56,425) | |
Fair Value | $ (175,348) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Imagine Acquisitionco, LLC, First Lien Term Loan, Due 11/16/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Imagine Acquisitionco, LLC | Imagine Acquisitionco, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Technology | Health Care Technology |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.25% | 5.50% |
Floor | 1% | 1% |
Interest Rate | 10.74% | 10.14% |
Maturity | Nov. 16, 2027 | Nov. 16, 2027 |
Par Amount /Units | $ 28,360,129 | $ 28,649,518 |
Cost | 28,073,570 | 28,292,857 |
Fair Value | $ 28,360,129 | $ 27,564,549 |
Percentage of Net Assets | 2.90% | 3.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Ion Trading Technologies, Unsecured Note, Due 5/15/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:IonTradingTechnologiesMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 5.75% | |
Maturity | May 15, 2028 | |
Par Amount /Units | $ 1,875,000 | |
Cost | 1,540,000 | |
Fair Value | $ 1,565,156 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Ivy Hill Asset Management, L.P., Unsecured Note, Due 6/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:IvyHillAssetManagementL.p.Member | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 9% | |
Maturity | Jun. 29, 2028 | |
Par Amount /Units | $ 4,300,000 | |
Cost | 4,300,000 | |
Fair Value | $ 4,300,000 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Kwol Acquisition Inc, First Lien Revolving Loan, Due 12/12/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Kwol Acquisition, Inc. | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 0.75% | |
Interest Rate | 11.43% | |
Maturity | Dec. 12, 2029 | |
Par Amount /Units | $ 98,625 | |
Cost | 90,471 | |
Fair Value | $ 90,406 | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Kwol Acquisition Inc, First Lien Term Loan, Due 12/12/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Kwol Acquisition, Inc. | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 0.75% | |
Interest Rate | 11.43% | |
Maturity | Dec. 12, 2029 | |
Par Amount /Units | $ 2,421,249 | |
Cost | 2,360,966 | |
Fair Value | $ 2,360,718 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Four, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | MB2 Dental Solutions, LLC | MB2 Dental Solutions, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6.50% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.96% | 10.71% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 6,774,340 | $ 2,216,667 |
Cost | 6,525,640 | 2,149,859 |
Fair Value | $ 6,712,561 | $ 2,113,966 |
Percentage of Net Assets | 0.70% | 0.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, One, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | MB2 Dental Solutions, LLC | MB2 Dental Solutions, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.46% | 10.42% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 3,868,757 | $ 2,146,786 |
Cost | 3,848,077 | 2,130,796 |
Fair Value | $ 3,794,470 | $ 2,102,639 |
Percentage of Net Assets | 0.40% | 0.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Three, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | MB2 Dental Solutions, LLC | MB2 Dental Solutions, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.46% | 10.42% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 4,948,056 | $ 26,766,990 |
Cost | 4,872,204 | 26,329,016 |
Fair Value | $ 4,853,044 | $ 26,216,581 |
Percentage of Net Assets | 0.50% | 3.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, First Lien Delayed Draw Term Loan, Two, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | MB2 Dental Solutions, LLC | MB2 Dental Solutions, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.46% | 10.42% |
Maturity | Jan. 29, 2027 | Jan. 29, 2027 |
Par Amount /Units | $ 26,496,990 | $ 1,761,647 |
Cost | 26,150,769 | 1,748,526 |
Fair Value | $ 25,988,203 | $ 1,725,421 |
Percentage of Net Assets | 2.60% | 0.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, First Lien Term Loan, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | MB2 Dental Solutions, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 1% | |
Interest Rate | 10.42% | |
Maturity | Jan. 29, 2027 | |
Par Amount /Units | $ 10,839,729 | |
Cost | 10,656,338 | |
Fair Value | $ 10,616,832 | |
Percentage of Net Assets | 1.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC, First Lien Term Loan, One, Due 1/29/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | MB2 Dental Solutions, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 1% | |
Interest Rate | 11.46% | |
Maturity | Jan. 29, 2027 | |
Par Amount /Units | $ 10,729,401 | |
Cost | 10,584,444 | |
Fair Value | $ 10,523,378 | |
Percentage of Net Assets | 1.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: MBO Partners, Inc, First Lien Delayed Draw Term Loan, Due 5/23/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:MboPartnersIncMember | none:MboPartnersIncMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 7.75% | 7.75% |
Floor | 0.75% | 1% |
Interest Rate | 13.25% | 12.48% |
Maturity | May 23, 2028 | May 23, 2028 |
Par Amount /Units | $ 12,425,496 | $ 10,038,889 |
Cost | 12,180,930 | 9,622,276 |
Fair Value | $ 12,339,760 | $ 9,689,772 |
Percentage of Net Assets | 1.20% | 1.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: MBO Partners, Inc, First Lien Term Loan, Due 5/23/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:MboPartnersIncMember | none:MboPartnersIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 7.75% | 7.75% |
Floor | 1% | 1% |
Interest Rate | 13.25% | 12.48% |
Maturity | May 23, 2028 | May 23, 2028 |
Par Amount /Units | $ 44,212,500 | $ 44,662,500 |
Cost | 43,131,839 | 43,396,705 |
Fair Value | $ 43,907,434 | $ 43,880,906 |
Percentage of Net Assets | 4.40% | 5.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Mandolin Technology Intermediate Holdings, Inc, Second Lien Term Loan, Due 7/30/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:MandolinTechnologyIntermediateHoldingsIncMember | none:MandolinTechnologyIntermediateHoldingsIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.50% | 6.50% |
Floor | 1% | 0.50% |
Interest Rate | 12% | 10.91% |
Maturity | Jul. 30, 2029 | Jul. 30, 2029 |
Par Amount /Units | $ 17,500,000 | $ 17,500,000 |
Cost | 17,358,945 | 17,337,883 |
Fair Value | $ 15,762,250 | $ 15,935,095 |
Percentage of Net Assets | 1.60% | 1.90% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Maverick 1 LLC, Second Lien Term Loan, Due 5/18/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:Maverick1LlcMember | none:Maverick1LlcMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.75% | 6.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 12.28% | 11.16% |
Maturity | May 18, 2029 | May 18, 2029 |
Par Amount /Units | $ 9,000,000 | $ 9,000,000 |
Cost | 8,965,525 | 8,960,479 |
Fair Value | $ 8,563,500 | $ 8,909,263 |
Percentage of Net Assets | 0.90% | 1.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: McAfee Enterprise, First Lien Term Loan, Due 7/27/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:McafeeEnterpriseMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 4.75% | |
Floor | 0.75% | |
Interest Rate | 9.17% | |
Maturity | Jul. 27, 2028 | |
Par Amount /Units | $ 5,232,836 | |
Cost | 4,786,287 | |
Fair Value | $ 4,505,157 | |
Percentage of Net Assets | 0.60% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Midcap Financial, Unsecured Note, Due 1/15/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:MidcapFinancialMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 5.63% | |
Maturity | Jan. 15, 2030 | |
Par Amount /Units | $ 5,147,168 | |
Cost | 4,052,598 | |
Fair Value | $ 4,155,566 | |
Percentage of Net Assets | 0.50% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Midcap Financial, Unsecured Note, Due 5/1/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:MidcapFinancialMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 6.50% | |
Maturity | May 01, 2028 | |
Par Amount /Units | $ 2,118,272 | |
Cost | 1,781,409 | |
Fair Value | $ 1,823,634 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Millennium Trust Co., LLC, First Lien Term Loan, Due 3/27/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:MillenniumTrustCo.LlcMember | none:MillenniumTrustCo.LlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 4.75% | 4.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.21% | 9.17% |
Maturity | Mar. 27, 2026 | Mar. 27, 2026 |
Par Amount /Units | $ 3,927,835 | $ 3,969,072 |
Cost | 3,847,102 | 3,857,702 |
Fair Value | $ 3,933,786 | $ 3,805,348 |
Percentage of Net Assets | 0.40% | 0.50% |
Investment, Significant Unobservable Input [true false] | false | false |
Investment, Identifier [Axis]: Ministry Brands Purchaser, LLC, First Lien Delayed Draw Term Loan, Due 12/28/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Ministry Brands Purchaser, LLC | Ministry Brands Purchaser, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.96% | 9.88% |
Maturity | Dec. 28, 2028 | Dec. 29, 2028 |
Par Amount /Units | $ 1,753,849 | |
Cost | 1,745,241 | $ (24,322) |
Fair Value | $ 1,690,696 | $ (281,805) |
Percentage of Net Assets | 0.20% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/24/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Ministry Brands Purchaser, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | IT Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 9.88% | |
Maturity | Dec. 24, 2027 | |
Par Amount /Units | $ 847,458 | |
Cost | 833,341 | |
Fair Value | $ 762,916 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Ministry Brands Purchaser, LLC, First Lien Revolving Loan, Due 12/30/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Ministry Brands Purchaser, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | IT Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 10.96% | |
Maturity | Dec. 30, 2027 | |
Par Amount /Units | $ 903,955 | |
Cost | 892,663 | |
Fair Value | $ 842,924 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Ministry Brands Purchaser, LLC, First Lien Term Loan, Due 12/28/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Ministry Brands Purchaser, LLC | Ministry Brands Purchaser, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.96% | 9.88% |
Maturity | Dec. 28, 2028 | Dec. 28, 2028 |
Par Amount /Units | $ 17,346,398 | $ 17,522,952 |
Cost | 17,212,080 | 17,367,401 |
Fair Value | $ 16,721,783 | $ 16,648,917 |
Percentage of Net Assets | 1.70% | 2% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Mirra-PrimeAccess Holdings, LLC, First Lien Revolving Loan, Due 7/29/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:MirraPrimeaccessHoldingsLlcMember | none:MirraPrimeaccessHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.50% | 6.50% |
Floor | 1% | 1% |
Interest Rate | 11.97% | 10.88% |
Maturity | Jul. 29, 2026 | Jul. 29, 2026 |
Par Amount /Units | $ 685,000 | $ 1,027,500 |
Cost | 624,948 | 967,448 |
Fair Value | $ 661,645 | $ 901,232 |
Percentage of Net Assets | 0.10% | 0.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Mirra-PrimeAccess Holdings, LLC, First Lien Term Loan, Due 7/29/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:MirraPrimeaccessHoldingsLlcMember | none:MirraPrimeaccessHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6.50% | 6.50% |
Floor | 1% | 1% |
Interest Rate | 11.97% | 10.88% |
Maturity | Jul. 29, 2026 | Jul. 29, 2026 |
Par Amount /Units | $ 24,437,500 | $ 24,687,500 |
Cost | 24,151,306 | 24,312,668 |
Fair Value | $ 24,229,197 | $ 24,549,821 |
Percentage of Net Assets | 2.40% | 2.90% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: More Cowbell I LLC, First Lien Delayed Draw Term Loan, Due 4/10/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | More Cowbell I LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 6.25% | |
Interest Rate | 11.18% | |
Maturity | Apr. 10, 2028 | |
Par Amount /Units | $ 12,879,900 | |
Cost | 12,429,409 | |
Fair Value | $ 12,879,900 | |
Percentage of Net Assets | 1.60% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: More Cowbell I LLC, First Lien Term Loan, Due 4/10/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | More Cowbell I LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 10.56% | |
Maturity | Apr. 10, 2028 | |
Par Amount /Units | $ 12,782,600 | |
Cost | 12,425,445 | |
Fair Value | $ 12,782,600 | |
Percentage of Net Assets | 1.60% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: More Cowbell II LLC, First Lien Delayed Draw Term Loan, Due 9/1/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:MoreCowbellIiLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.73% | |
Maturity | Sep. 01, 2025 | |
Cost | $ (56,855) | |
Fair Value | $ (68,431) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: More Cowbell II LLC, First Lien Revolving Loan, Due 9/3/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:MoreCowbellIiLlcMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.64% | |
Maturity | Sep. 03, 2029 | |
Par Amount /Units | $ 1,306,620 | |
Cost | 1,139,521 | |
Fair Value | $ 1,217,660 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: More Cowbell II LLC, First Lien Term Loan, Due 9/2/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:MoreCowbellIiLlcMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.73% | |
Maturity | Sep. 02, 2030 | |
Par Amount /Units | $ 49,978,223 | |
Cost | 48,774,408 | |
Fair Value | $ 49,350,027 | |
Percentage of Net Assets | 5% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: NFP Corp, Unsecured Note, Due 10/1/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:NfpCorpMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 7.50% | |
Maturity | Oct. 01, 2030 | |
Par Amount /Units | $ 2,075,000 | |
Cost | 2,075,000 | |
Fair Value | $ 1,953,958 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: NFP Corp, Unsecured Note, Due 8/15/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:NfpCorpMember | none:NfpCorpMember |
Investment, Type [Extensible Enumeration] | Unsecured Note | Unsecured Note |
Investment, Industry Sector [Extensible Enumeration] | Insurance | Insurance |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Interest Rate | 6.88% | 6.88% |
Maturity | Aug. 15, 2028 | Aug. 15, 2028 |
Par Amount /Units | $ 5,638,891 | $ 27,761,417 |
Cost | 4,765,536 | 23,102,618 |
Fair Value | $ 5,742,618 | $ 23,300,157 |
Percentage of Net Assets | 0.60% | 2.90% |
Investment, Significant Unobservable Input [true false] | true | false |
Investment, Identifier [Axis]: Neptune BidCo US Inc, Second Lien Term Loan, Due 10/11/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:NeptuneBidcoUsIncMember | none:NeptuneBidcoUsIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 9.75% | 9.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 15.26% | 13.57% |
Maturity | Oct. 11, 2029 | Oct. 11, 2029 |
Par Amount /Units | $ 12,500,000 | $ 12,500,000 |
Cost | 12,164,426 | 12,131,165 |
Fair Value | $ 12,165,000 | $ 12,125,000 |
Percentage of Net Assets | 1.20% | 1.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Neptune Flood Incorporated, First Lien Revolving Loan, Due 5/8/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:NeptuneFloodIncorporatedMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 11.72% | |
Maturity | May 08, 2029 | |
Cost | $ (11,711) | |
Fair Value | $ (8,325) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Neptune Flood Incorporated, First Lien Term Loan, Due 5/8/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:NeptuneFloodIncorporatedMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.25% | |
Floor | 1% | |
Interest Rate | 11.72% | |
Maturity | May 08, 2029 | |
Par Amount /Units | $ 13,425,000 | |
Cost | 13,193,309 | |
Fair Value | $ 13,275,983 | |
Percentage of Net Assets | 1.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: NextGen Healthcare, First Lien Delayed Draw Term Loan, Due 11/10/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:NextgenHelathcareMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.37% | |
Maturity | Nov. 10, 2025 | |
Cost | $ (17,427) | |
Fair Value | $ (35,543) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: NextGen Healthcare, First Lien Revolving Loan, Due 11/9/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:NextgenHelathcareMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.37% | |
Maturity | Nov. 09, 2029 | |
Cost | $ (13,017) | |
Fair Value | $ (13,340) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: NextGen Healthcare, First Lien Term Loan, Due 11/11/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:NextgenHelathcareMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.37% | |
Maturity | Nov. 11, 2030 | |
Par Amount /Units | $ 9,241,147 | |
Cost | 9,104,757 | |
Fair Value | $ 9,102,530 | |
Percentage of Net Assets | 0.90% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: One Digital Borrower Llc First Lien Delayed Draw Term Loan Due 9/16/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | OneDigital Borrower LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.50% | |
Interest Rate | 11.36% | |
Maturity | Sep. 16, 2024 | |
Cost | $ (143,664) | |
Fair Value | $ (102,600) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: OneDigital Borrower LLC, First Lien Term Loan, Due 11/16/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | OneDigital Borrower LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.50% | |
Interest Rate | 11.36% | |
Maturity | Nov. 16, 2027 | |
Par Amount /Units | $ 18,599,247 | |
Cost | 18,431,982 | |
Fair Value | $ 18,403,955 | |
Percentage of Net Assets | 1.90% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Orion Advisor Solutions, Inc, Second Lien Term Loan, Due 9/24/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:OrionAdvisorSolutionsIncMember | none:OrionAdvisorSolutionsIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 8.50% | 8.50% |
Floor | 1% | 1% |
Interest Rate | 13.98% | 12.91% |
Maturity | Sep. 24, 2028 | Sep. 24, 2028 |
Par Amount /Units | $ 16,500,000 | $ 16,500,000 |
Cost | 16,393,280 | 16,380,886 |
Fair Value | $ 15,995,100 | $ 15,409,941 |
Percentage of Net Assets | 1.60% | 1.90% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: PAS Parent, Inc., First Lien Delayed Draw Term Loan, Due 12/15/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | PAS Parent, Inc. | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.13% | |
Maturity | Dec. 15, 2025 | |
Cost | $ (90,000) | |
Fair Value | $ (180,000) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: PAS Parent, Inc., First Lien Revolving Loan, Due 12/30/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | PAS Parent, Inc. | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.50% | |
Interest Rate | 11.13% | |
Maturity | Dec. 30, 2027 | |
Cost | $ (19,756) | |
Fair Value | $ (20,000) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: People 2.0, Inc, First Lien Term Loan, Due 7/12/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:People2.0IncMember | none:People2.0IncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 7.50% | 7.50% |
Floor | 1% | 1% |
Interest Rate | 12.85% | 11.82% |
Maturity | Jul. 12, 2028 | Jul. 12, 2028 |
Par Amount /Units | $ 44,931,250 | $ 45,386,250 |
Cost | 44,192,837 | 44,519,435 |
Fair Value | $ 44,198,871 | $ 44,537,527 |
Percentage of Net Assets | 4.50% | 5.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Petra Borrower, LLC, First Lien Delayed Draw Term Loan, Due 5/15/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Petra Borrower, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 1% | |
Interest Rate | 11.13% | |
Maturity | May 15, 2025 | |
Cost | $ (84,504) | |
Fair Value | $ (171,875) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Petra Borrower, LLC, First Lien Revolving Loan, Due 11/15/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Petra Borrower, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 1% | |
Interest Rate | 11.13% | |
Maturity | Nov. 15, 2029 | |
Cost | $ (67,486) | |
Fair Value | $ (68,750) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Petra Borrower, LLC, First Lien Term Loan, Due 11/15/2030 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Petra Borrower, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 1% | |
Interest Rate | 11.13% | |
Maturity | Nov. 15, 2030 | |
Par Amount /Units | $ 17,875,000 | |
Cost | 17,431,421 | |
Fair Value | $ 17,428,125 | |
Percentage of Net Assets | 1.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Project K BuyerCo, Inc, First Lien Revolving Loan, Due 12/10/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:ProjectKBuyercoIncMember | none:ProjectKBuyercoIncMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | Capital Markets |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.46% | 10.13% |
Maturity | Dec. 10, 2027 | Dec. 10, 2027 |
Cost | $ (101,502) | $ (127,248) |
Fair Value | $ 13,909 | |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Project K BuyerCo, Inc, First Lien Term Loan, Due 12/10/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:ProjectKBuyercoIncMember | none:ProjectKBuyercoIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | Capital Markets |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 6% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.46% | 10.13% |
Maturity | Dec. 10, 2027 | Dec. 10, 2027 |
Par Amount /Units | $ 75,727,273 | $ 76,500,000 |
Cost | 74,642,569 | 75,183,711 |
Fair Value | $ 75,863,582 | $ 76,500,000 |
Percentage of Net Assets | 7.70% | 9.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Project K BuyerCo, Inc, Unsecured Note, Due 12/10/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ProjectKBuyercoIncMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 8% | |
Maturity | Dec. 10, 2028 | |
Par Amount /Units | $ 12,815,972 | |
Cost | 11,952,515 | |
Fair Value | $ 11,438,627 | |
Percentage of Net Assets | 1.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Project K BuyerCo, Inc. Unsecured Note Due 12/11/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ProjectKBuyercoIncMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 10% | |
Maturity | Dec. 11, 2028 | |
Par Amount /Units | $ 13,812,624 | |
Cost | 13,058,782 | |
Fair Value | $ 12,530,813 | |
Percentage of Net Assets | 1.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Due 11/1/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 10.05% | |
Maturity | Nov. 01, 2026 | |
Par Amount /Units | $ 9,652,457 | |
Cost | 9,440,968 | |
Fair Value | $ 9,418,311 | |
Percentage of Net Assets | 1.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Four, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.43% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 1,337,143 | |
Cost | 958,058 | |
Fair Value | $ 1,032,643 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, One, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 11.04% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 32,705,119 | |
Cost | 32,705,119 | |
Fair Value | $ 31,740,318 | |
Percentage of Net Assets | 3.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Three, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6% | |
Floor | 0.75% | |
Interest Rate | 11.43% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 3,000,000 | |
Cost | 2,992,898 | |
Fair Value | $ 2,956,500 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Delayed Draw Term Loan, Two, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 11.04% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 2,327,844 | |
Cost | 2,304,680 | |
Fair Value | $ 2,259,173 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Term Loan, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 11.03% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 4,114,664 | |
Cost | 4,073,540 | |
Fair Value | $ 3,993,281 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Term Loan, Three, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 11% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 2,976,210 | |
Cost | 2,946,555 | |
Fair Value | $ 2,888,412 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Acquisition, Inc, First Lien Term Loan, Two, Due 11/1/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RscAcquisitionIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 11.03% | |
Maturity | Nov. 01, 2029 | |
Par Amount /Units | $ 1,553,134 | |
Cost | 1,537,634 | |
Fair Value | $ 1,507,317 | |
Percentage of Net Assets | 0.20% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: RSC Topco, Inc. | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Galway Borrower, LLC | |
Investment, Type [Extensible Enumeration] | Equity | |
Investment, Industry Sector [Extensible Enumeration] | Insurance | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 13.25% | |
Par Amount /Units | $ 5,258,727 | |
Cost | 5,111,846 | |
Fair Value | $ 5,110,431 | |
Percentage of Net Assets | 0.50% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: RealPage, Inc, Second Lien Term Loan, Due 4/23/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:RealpageIncMember | |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 6.50% | |
Floor | 0.75% | |
Interest Rate | 10.88% | |
Maturity | Apr. 23, 2029 | |
Par Amount /Units | $ 5,628,559 | |
Cost | 5,518,941 | |
Fair Value | $ 5,442,113 | |
Percentage of Net Assets | 0.70% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Resolute Investment Managers, Inc, First Lien Revolving Loan, Due 4/30/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ResoluteInvestmentManagersIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 4.25% | |
Floor | 1% | |
Interest Rate | 8.98% | |
Maturity | Apr. 30, 2024 | |
Par Amount /Units | $ 5,254,404 | |
Cost | 5,225,933 | |
Fair Value | $ 5,076,190 | |
Percentage of Net Assets | 0.60% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Resolute Investment Managers, Inc, Second Lien Term Loan, Due 4/30/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ResoluteInvestmentManagersIncMember | |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 8% | |
Floor | 1% | |
Interest Rate | 12.41% | |
Maturity | Apr. 30, 2025 | |
Par Amount /Units | $ 846,853 | |
Cost | 844,404 | |
Fair Value | $ 782,394 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Resolute Investment Managers, Inc. Equity Investment | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ResoluteInvestmentManagersIncMember | |
Investment, Type [Extensible Enumeration] | Equity | |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Par Amount /Units | $ 48,483 | |
Cost | 1,216,681 | |
Fair Value | $ 1,216,681 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: Resolute Investment Managers, Inc. First Lien Term Loan Due 4/30/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ResoluteInvestmentManagersIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Capital Markets | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 12.11% | |
Maturity | Apr. 30, 2027 | |
Par Amount /Units | $ 3,403,352 | |
Cost | 3,403,352 | |
Fair Value | $ 3,403,352 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:SimplifiHoldingsIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 9.25% | |
Maturity | Oct. 01, 2026 | |
Cost | $ (43,358) | |
Fair Value | $ (42,204) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Simplifi Holdings, Inc, First Lien Revolving Loan, Due 10/1/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:SimplifiHoldingsIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 10.96% | |
Maturity | Oct. 01, 2027 | |
Par Amount /Units | $ 542,169 | |
Cost | 510,371 | |
Fair Value | $ 542,169 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Simplifi Holdings, Inc, First Lien Term Loan, Due 10/1/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:SimplifiHoldingsIncMember | none:SimplifiHoldingsIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.96% | 9.25% |
Maturity | Oct. 01, 2027 | Oct. 01, 2027 |
Par Amount /Units | $ 26,566,265 | $ 26,837,349 |
Cost | 26,187,771 | 26,389,048 |
Fair Value | $ 26,566,265 | $ 26,445,644 |
Percentage of Net Assets | 2.70% | 3.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: SpecialtyCare, Inc, First Lien Delayed Draw Term Loan, Due 6/19/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:SpecialtycareIncMember | none:SpecialtycareIncMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.41% | 9.49% |
Maturity | Jun. 19, 2028 | Jun. 19, 2028 |
Par Amount /Units | $ 104,904 | $ 105,967 |
Cost | 103,722 | 89,378 |
Fair Value | $ 96,209 | $ (32,009) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: SpecialtyCare, Inc, First Lien Revolving Loan, Due 6/18/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:SpecialtycareIncMember | none:SpecialtycareIncMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 4% | 4% |
Interest Rate | 9.46% | 8.29% |
Maturity | Jun. 18, 2026 | Jun. 18, 2026 |
Par Amount /Units | $ 148,725 | $ 403,683 |
Cost | 132,974 | 381,537 |
Fair Value | $ 60,670 | $ 288,679 |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: SpecialtyCare, Inc, First Lien Term Loan, Due 6/19/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:SpecialtycareIncMember | none:SpecialtycareIncMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.41% | 9.49% |
Maturity | Jun. 19, 2028 | Jun. 19, 2028 |
Par Amount /Units | $ 13,450,708 | $ 13,587,960 |
Cost | 13,166,033 | 13,254,345 |
Fair Value | $ 12,335,784 | $ 12,116,973 |
Percentage of Net Assets | 1.20% | 1.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Spirit RR Holdings Inc First Lien Revolving Loans Due 9/13/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:SpiritRrHoldingsIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.18% | |
Maturity | Sep. 13, 2028 | |
Cost | $ (39,899) | |
Fair Value | $ (40,467) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Spirit RR Holdings Inc, First Lien Delayed Draw Term Loans Due 9/13/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:SpiritRrHoldingsIncMember | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.18% | |
Maturity | Sep. 13, 2024 | |
Par Amount /Units | $ 3,033,823 | |
Cost | 2,945,142 | |
Fair Value | $ 2,946,146 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Spirit RR Holdings, Inc, First Lien Term Loan, Due 9/13/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:SpiritRrHoldingsIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 6.50% | |
Floor | 1% | |
Interest Rate | 11.18% | |
Maturity | Sep. 13, 2028 | |
Par Amount /Units | $ 14,002,261 | |
Cost | 13,588,333 | |
Fair Value | $ 13,597,596 | |
Percentage of Net Assets | 1.70% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Spirit RR Holdings, Inc., Equity Investment | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:SpiritRrHoldingsIncMember | none:SpiritRrHoldingsIncMember |
Investment, Type [Extensible Enumeration] | Equity | Equity |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Maturity | Sep. 19, 2022 | |
Par Amount /Units | $ 3,585,975 | $ 3,585,975 |
Cost | 3,635,318 | 3,635,318 |
Fair Value | $ 4,574,456 | $ 3,635,318 |
Percentage of Net Assets | 0.50% | 0.40% |
Investment, Significant Unobservable Input [true false] | false | true |
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC, First Lien Delayed Draw Term Loan, Due 1/2/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Stepping Stones Healthcare Services, LLC | Stepping Stones Healthcare Services, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | ABR |
Spread | 5.75% | 4.75% |
Floor | 0.75% | 1.75% |
Interest Rate | 11.20% | 12.25% |
Maturity | Jan. 02, 2029 | Dec. 29, 2026 |
Par Amount /Units | $ 5,402,357 | $ 2,520,000 |
Cost | 5,329,872 | 2,478,052 |
Fair Value | $ 5,254,262 | $ 2,367,831 |
Percentage of Net Assets | 0.50% | 0.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC, First Lien Revolving Loan, Due 12/29/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Stepping Stones Healthcare Services, LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.20% | |
Maturity | Dec. 29, 2026 | |
Cost | $ (31,454) | |
Fair Value | $ (74,606) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Due 1/2/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Stepping Stones Healthcare Services, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.20% | |
Maturity | Jan. 02, 2029 | |
Par Amount /Units | $ 24,071,250 | |
Cost | 23,792,307 | |
Fair Value | $ 23,558,146 | |
Percentage of Net Assets | 2.40% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC, First Lien Term Loan, One, Due 1/2/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Stepping Stones Healthcare Services, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 10.48% | |
Maturity | Jan. 02, 2029 | |
Par Amount /Units | $ 24,316,250 | |
Cost | 23,992,112 | |
Fair Value | $ 23,259,053 | |
Percentage of Net Assets | 2.80% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Stepping Stones Healthcare Services, LLC, First Lien Term Loan, Two, Due 1/2/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Stepping Stones Healthcare Services, LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 10.48% | |
Maturity | Jan. 02, 2029 | |
Par Amount /Units | $ 2,861,075 | |
Cost | 2,803,017 | |
Fair Value | $ 2,557,124 | |
Percentage of Net Assets | 0.30% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Syntax Systems Limited, First Lien Delayed Draw Term Loan, Due 10/15/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Syntax Systems Limited | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | LIBOR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 10.13% | |
Maturity | Oct. 15, 2028 | |
Cost | $ (24,859) | |
Fair Value | $ (130,632) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Syntax Systems Limited, First Lien Revolving Loan, Due 10/29/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Syntax Systems Limited | Syntax Systems Limited |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | country:CA | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 1% | 0.75% |
Interest Rate | 10.96% | 10.04% |
Maturity | Oct. 29, 2026 | Oct. 29, 2026 |
Par Amount /Units | $ 728,713 | $ 792,079 |
Cost | 720,518 | 782,190 |
Fair Value | $ 727,642 | $ 739,826 |
Percentage of Net Assets | 0.10% | 0.10% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Syntax Systems Limited, First Lien Term Loan, Due 10/29/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Syntax Systems Limited | Syntax Systems Limited |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | country:CA | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.50% | 5.50% |
Floor | 0.75% | 0.75% |
Interest Rate | 10.96% | 10.13% |
Maturity | Oct. 29, 2028 | Oct. 29, 2028 |
Par Amount /Units | $ 10,597,649 | $ 10,706,064 |
Cost | 10,519,822 | 10,613,050 |
Fair Value | $ 10,588,096 | $ 10,235,218 |
Percentage of Net Assets | 1.10% | 1.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Four, Due 10/4/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | none:TaWegIntermediateHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 6% |
Floor | 1% | |
Interest Rate | 11.23% | 10.75% |
Maturity | Oct. 04, 2027 | Oct. 04, 2027 |
Par Amount /Units | $ 21,937,388 | $ 12,301,714 |
Cost | 21,896,547 | 12,272,051 |
Fair Value | $ 21,717,423 | $ 12,072,463 |
Percentage of Net Assets | 2.20% | 1.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, One, Due 10/4/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | none:TaWegIntermediateHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.23% | 9.41% |
Maturity | Oct. 04, 2027 | Oct. 04, 2027 |
Par Amount /Units | $ 21,964,205 | $ 22,189,205 |
Cost | 21,840,298 | 21,997,655 |
Fair Value | $ 21,777,509 | $ 21,993,554 |
Percentage of Net Assets | 2.20% | 2.70% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Three, Due 10/4/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | none:TaWegIntermediateHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 6% |
Floor | 1% | |
Interest Rate | 11.23% | 10.75% |
Maturity | Oct. 04, 2027 | Oct. 04, 2027 |
Par Amount /Units | $ 2,460,220 | $ 2,485,196 |
Cost | 2,398,089 | 2,410,199 |
Fair Value | $ 2,439,308 | $ 2,463,283 |
Percentage of Net Assets | 0.20% | 0.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Two, Due 10/4/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | none:TaWegIntermediateHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 6% |
Floor | 1% | |
Interest Rate | 11.23% | 9.41% |
Maturity | Oct. 04, 2027 | Oct. 04, 2027 |
Par Amount /Units | $ 2,455,000 | $ 2,480,000 |
Cost | 2,426,283 | 2,444,449 |
Fair Value | $ 2,434,133 | $ 2,458,133 |
Percentage of Net Assets | 0.20% | 0.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, One, Due 10/4/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | none:TaWegIntermediateHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 6% |
Floor | 1% | 1% |
Interest Rate | 11.23% | 10.75% |
Maturity | Oct. 04, 2027 | Oct. 04, 2027 |
Cost | $ (1,346) | |
Fair Value | $ (12,750) | $ (4,409) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, First Lien Revolving Loan, Two, Due 10/4/2027 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | none:TaWegIntermediateHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | Financial Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 6% |
Floor | 1% | |
Interest Rate | 11.23% | 10.75% |
Maturity | Oct. 04, 2027 | Oct. 04, 2027 |
Cost | $ (1,346) | |
Fair Value | $ (4,250) | $ (13,226) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TA/WEG Intermediate Holdings, LLC, Unsecured Note, Due 5/26/2033 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:TaWegIntermediateHoldingsLlcMember | |
Investment, Type [Extensible Enumeration] | Unsecured Note | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Interest Rate | 15% | |
Maturity | May 26, 2033 | |
Par Amount /Units | $ 11,591,250 | |
Cost | 11,266,403 | |
Fair Value | $ 11,282,923 | |
Percentage of Net Assets | 1.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: THL Fund IX Investors (Plymouth), L.P, Equity Investment | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:ThlFundIxInvestorsPlymouthL.p.Member | |
Investment, Type [Extensible Enumeration] | Equity | |
Investment, Industry Sector [Extensible Enumeration] | Financial Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Par Amount /Units | $ 3,731,779 | |
Cost | 3,731,779 | |
Fair Value | $ 3,731,779 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | false | |
Investment, Identifier [Axis]: TST Intermediate Holdings, LLC, First Lien Delayed Draw Term Loan, Due 11/27/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | TST Intermediate Holdings, LLC | TST Intermediate Holdings, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.20% | 10.90% |
Maturity | Nov. 27, 2026 | Nov. 27, 2026 |
Par Amount /Units | $ 6,673,558 | $ 12,355,848 |
Cost | 6,647,499 | 12,204,375 |
Fair Value | $ 6,338,611 | $ 12,051,461 |
Percentage of Net Assets | 0.60% | 1.50% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: TST Intermediate Holdings, LLC, First Lien Term Loan, Due 11/27/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | TST Intermediate Holdings, LLC | TST Intermediate Holdings, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.03% | 10.90% |
Maturity | Nov. 27, 2026 | Nov. 27, 2026 |
Par Amount /Units | $ 12,230,778 | $ 3,536,779 |
Cost | 12,113,817 | 3,521,421 |
Fair Value | $ 11,901,539 | $ 3,229,355 |
Percentage of Net Assets | 1.20% | 0.40% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Tamarack Intermediate LLC, First Lien Revolving Loan, Due 3/13/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Tamarack Intermediate LLC | Tamarack Intermediate LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Software | Software |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 0.75% | 0.75% |
Interest Rate | 11.28% | 9.48% |
Maturity | Mar. 13, 2028 | Mar. 13, 2028 |
Par Amount /Units | $ 21,376,953 | |
Cost | $ (49,129) | 20,995,023 |
Fair Value | $ (59,766) | $ 21,009,270 |
Percentage of Net Assets | 0% | 2.60% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Tamarack Intermediate LLC, First Lien Term Loan, Due 3/13/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Tamarack Intermediate LLC | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 11.28% | |
Maturity | Mar. 13, 2028 | |
Par Amount /Units | $ 21,162,109 | |
Cost | 20,843,681 | |
Fair Value | $ 20,802,354 | |
Percentage of Net Assets | 2.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Tamarack Intermediate Llc First Lien Delayed Draw Term Loans Due 3/13/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Tamarack Intermediate LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Software | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 9.48% | |
Maturity | Mar. 13, 2028 | |
Par Amount /Units | $ 625,000 | |
Cost | 564,174 | |
Fair Value | $ 564,531 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Trinity Partners Holdings LLC, First Lien Revolving Loan, Due 12/21/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Trinity Partners Holdings LLC | |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.75% | |
Floor | 0.75% | |
Interest Rate | 9.99% | |
Maturity | Dec. 21, 2028 | |
Cost | $ (59,134) | |
Fair Value | $ (148,936) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Trinity Partners Holdings LLC, First Lien Term Loan, Due 12/21/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Trinity Partners Holdings LLC | Trinity Partners Holdings LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | Health Care Providers & Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | ABR |
Spread | 5.50% | 4.75% |
Floor | 0.75% | 1.75% |
Interest Rate | 11.03% | 9.99% |
Maturity | Dec. 21, 2028 | Dec. 21, 2028 |
Par Amount /Units | $ 27,071,011 | $ 27,346,543 |
Cost | 26,721,997 | 26,892,570 |
Fair Value | $ 27,071,011 | $ 26,799,612 |
Percentage of Net Assets | 2.70% | 3.30% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Trinity Partners Holdings Llc First Lien Delayed Draw Term Loan Due 06/21/2025 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | Trinity Partners Holdings LLC | |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | |
Investment, Industry Sector [Extensible Enumeration] | Health Care Providers & Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.50% | |
Floor | 0.75% | |
Interest Rate | 11.03% | |
Maturity | Jun. 21, 2025 | |
Cost | $ (44,249) | |
Percentage of Net Assets | 0% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Two Ten Holdco, Inc, First Lien Revolving Loan, Due 3/26/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:HoldcoIncTwoTenMember | none:HoldcoIncTwoTenMember |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Real Estate Management & Development | Real Estate Management & Development |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6% | 6% |
Floor | 0.75% | 1% |
Interest Rate | 11.46% | 10.42% |
Maturity | Mar. 26, 2026 | Mar. 26, 2026 |
Cost | $ (22,182) | $ (30,561) |
Fair Value | $ (18,965) | |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Two Ten Holdco, Inc, First Lien Term Loan, Due 3/26/2026 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:HoldcoIncTwoTenMember | none:HoldcoIncTwoTenMember |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Real Estate Management & Development | Real Estate Management & Development |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 6% | 6% |
Floor | 0.75% | 1% |
Interest Rate | 11.46% | 10.42% |
Maturity | Mar. 26, 2026 | Mar. 26, 2026 |
Par Amount /Units | $ 48,367,813 | $ 49,125,000 |
Cost | 47,946,628 | 48,547,918 |
Fair Value | $ 48,037,592 | $ 49,125,000 |
Percentage of Net Assets | 4.80% | 6% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Vaco Holdings, First Lien Term Loan, Due 1/19/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:VacoHoldingsMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5% | |
Floor | 0.75% | |
Interest Rate | 9.73% | |
Maturity | Jan. 19, 2029 | |
Par Amount /Units | $ 5,759,781 | |
Cost | 5,591,743 | |
Fair Value | $ 5,607,723 | |
Percentage of Net Assets | 0.70% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Vision Solutions, Inc, Second Lien Term Loan, Due 4/23/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:VisionSolutionsIncMember | none:VisionSolutionsIncMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 7.25% | 7.25% |
Floor | 0.75% | 0.75% |
Interest Rate | 12.89% | 11.61% |
Maturity | Apr. 23, 2029 | Apr. 23, 2029 |
Par Amount /Units | $ 30,000,000 | $ 30,000,000 |
Cost | 29,776,370 | 29,748,554 |
Fair Value | $ 27,405,000 | $ 24,083,345 |
Percentage of Net Assets | 2.80% | 2.90% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: WWEX Uni Topco Holdings, LLC, Second Lien Term Loan, Due 7/26/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | none:WwexUniTopcoHoldingsLlcMember | none:WwexUniTopcoHoldingsLlcMember |
Investment, Type [Extensible Enumeration] | none:SecondLienTermLoanMember | none:SecondLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | IT Services | IT Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | LIBOR |
Spread | 7% | 7% |
Floor | 0.75% | 0.75% |
Interest Rate | 12.61% | 11.73% |
Maturity | Jul. 26, 2029 | Jul. 26, 2029 |
Par Amount /Units | $ 20,000,000 | $ 20,000,000 |
Cost | 19,489,462 | 19,428,935 |
Fair Value | $ 18,272,000 | $ 18,158,188 |
Percentage of Net Assets | 1.80% | 2.20% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Watchguard Technologies, Inc, First Lien Term Loan, Due 7/5/2029 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Name [Extensible Enumeration] | none:WatchguardTechnologiesIncMember | |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | |
Investment, Industry Sector [Extensible Enumeration] | IT Services | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | |
Spread | 5.25% | |
Floor | 1% | |
Interest Rate | 9.57% | |
Maturity | Jul. 05, 2029 | |
Par Amount /Units | $ 5,236,875 | |
Cost | 4,908,425 | |
Fair Value | $ 5,019,545 | |
Percentage of Net Assets | 0.60% | |
Investment, Significant Unobservable Input [true false] | true | |
Investment, Identifier [Axis]: Williams Martson, LLC, First Lien Delayed Draw Term Loan Due 8/26/2024 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Williams Martson, LLC | Williams Martson, LLC |
Investment, Type [Extensible Enumeration] | First Lien Delayed Draw Term Loan | First Lien Delayed Draw Term Loan |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.24% | 10.25% |
Maturity | Aug. 26, 2024 | Aug. 26, 2024 |
Cost | $ (40,078) | $ (48,350) |
Fair Value | $ (63,080) | $ (98,834) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Williams Martson, LLC, First Lien Revolving Loan, Due 8/25/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Williams Martson, LLC | Williams Martson, LLC |
Investment, Type [Extensible Enumeration] | First Lien Revolving Loan | First Lien Revolving Loan |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.24% | 10.25% |
Maturity | Aug. 25, 2028 | Aug. 25, 2028 |
Cost | $ (52,121) | $ (63,324) |
Fair Value | $ (55,195) | $ (86,480) |
Percentage of Net Assets | 0% | 0% |
Investment, Significant Unobservable Input [true false] | true | true |
Investment, Identifier [Axis]: Williams Martson, LLC, First Lien Term Loan, Due 8/25/2028 | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | Non-Controlled/Non-Affiliated Investments |
Investment, Issuer Name [Extensible Enumeration] | Williams Martson, LLC | Williams Martson, LLC |
Investment, Type [Extensible Enumeration] | none:FirstLienTermLoanMember | none:FirstLienTermLoanMember |
Investment, Industry Sector [Extensible Enumeration] | Professional Services | Professional Services |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Investment, Variable Interest Rate, Type [Extensible Enumeration] | SOFR | SOFR |
Spread | 5.75% | 5.75% |
Floor | 1% | 1% |
Interest Rate | 11.24% | 10.25% |
Maturity | Aug. 25, 2028 | Aug. 25, 2028 |
Par Amount /Units | $ 15,762,019 | $ 15,921,635 |
Cost | 15,289,159 | 15,443,986 |
Fair Value | $ 15,372,697 | $ 15,305,467 |
Percentage of Net Assets | 1.60% | 1.90% |
Investment, Significant Unobservable Input [true false] | true | true |
1M LIBOR | ||
Consolidated Schedule of Investments | ||
Interest Rate | 4.37% | |
6M LIBOR | ||
Consolidated Schedule of Investments | ||
Interest Rate | 5.14% | |
3M LIBOR | ||
Consolidated Schedule of Investments | ||
Interest Rate | 4.77% | |
12M LIBOR | ||
Consolidated Schedule of Investments | ||
Interest Rate | 5.48% | |
SOFR | ||
Consolidated Schedule of Investments | ||
Interest Rate | 5.38% | 4.30% |
ABR | ||
Consolidated Schedule of Investments | ||
Interest Rate | 8.50% | 7.50% |
Unsecured Note | ||
Consolidated Schedule of Investments | ||
Cost | $ 66,197,792 | $ 84,845,719 |
Fair Value | 68,012,196 | 84,600,524 |
Non-Controlled/Non-Affiliated Investments | ||
Consolidated Schedule of Investments | ||
Cost | 2,012,624,733 | 1,717,895,936 |
Fair Value | $ 1,999,625,235 | $ 1,688,521,222 |
Percentage of Net Assets | 201.70% | 206.60% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | ||
Consolidated Schedule of Investments | ||
Cost | $ 1,976,768,942 | $ 1,703,615,046 |
Fair Value | $ 1,961,492,609 | $ 1,674,960,932 |
Percentage of Net Assets | 197.80% | 205% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Capital Markets | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Cost | $ 91,003,201 | $ 93,079,315 |
Fair Value | $ 91,811,656 | $ 93,797,211 |
Percentage of Net Assets | 9.30% | 11.50% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Diversified Consumer Services | ||
Consolidated Schedule of Investments | ||
Cost | $ 12,280,353 | $ 12,260,116 |
Fair Value | $ 11,837,500 | $ 12,363,750 |
Percentage of Net Assets | 1.20% | 1.50% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Financial Services | ||
Consolidated Schedule of Investments | ||
Cost | $ 209,604,010 | $ 145,220,356 |
Fair Value | $ 211,687,366 | $ 144,141,820 |
Percentage of Net Assets | 21.40% | 17.60% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Health Care Providers & Services | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Cost | $ 262,118,266 | $ 187,055,914 |
Fair Value | $ 259,700,558 | $ 181,061,078 |
Percentage of Net Assets | 26.20% | 22.20% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Health Care Technology | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Cost | $ 129,628,355 | $ 118,032,649 |
Fair Value | $ 120,481,749 | $ 112,731,690 |
Percentage of Net Assets | 12.20% | 13.80% |
Investment, Significant Unobservable Input [true false] | true | |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Insurance | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Cost | $ 427,747,274 | $ 277,817,527 |
Fair Value | $ 431,175,940 | $ 279,502,152 |
Percentage of Net Assets | 43.50% | 34.20% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | IT Services | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Cost | $ 249,632,017 | $ 255,236,122 |
Fair Value | $ 241,685,342 | $ 244,252,530 |
Percentage of Net Assets | 24.40% | 29.90% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Professional Services | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Cost | $ 259,211,763 | $ 243,397,862 |
Fair Value | $ 260,189,154 | $ 243,611,887 |
Percentage of Net Assets | 26.20% | 29.80% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Real Estate Management & Development | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Affiliation [Extensible Enumeration] | Non-Controlled/Non-Affiliated Investments | |
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | United States |
Cost | $ 50,212,270 | $ 48,517,357 |
Fair Value | $ 50,570,003 | $ 49,125,000 |
Percentage of Net Assets | 5.10% | 6% |
Non-Controlled/Non-Affiliated Investments | Debt Investments | Software | ||
Consolidated Schedule of Investments | ||
Cost | $ 285,331,433 | $ 322,997,828 |
Fair Value | $ 282,353,341 | $ 314,373,814 |
Percentage of Net Assets | 28.50% | 38.50% |
Non-Controlled/Non-Affiliated Investments | Equity and Warrants | ||
Consolidated Schedule of Investments | ||
Cost | $ 8,583,807 | $ 3,635,347 |
Fair Value | $ 10,592,915 | $ 3,635,318 |
Percentage of Net Assets | 1.10% | 0.40% |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Equity | Capital Markets | ||
Consolidated Schedule of Investments | ||
Cost | $ 1,216,681 | |
Fair Value | $ 1,216,681 | |
Percentage of Net Assets | 0.10% | |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Equity | Financial Services | ||
Consolidated Schedule of Investments | ||
Cost | $ 3,731,779 | |
Fair Value | $ 3,731,779 | |
Percentage of Net Assets | 0.40% | |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Equity | Software | ||
Consolidated Schedule of Investments | ||
Cost | $ 3,635,318 | $ 3,635,318 |
Fair Value | $ 4,574,456 | $ 3,635,318 |
Percentage of Net Assets | 0.50% | 0.40% |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Preferred Equity | ||
Consolidated Schedule of Investments | ||
Cost | $ 27,271,984 | $ 10,645,543 |
Fair Value | $ 27,539,711 | $ 9,924,972 |
Percentage of Net Assets | 2.80% | 1.20% |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Preferred Equity | Health Care Technology | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Cost | $ 2,000,000 | $ 2,000,000 |
Fair Value | $ 2,634,228 | $ 2,103,614 |
Percentage of Net Assets | 0.30% | 0.30% |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Preferred Equity | Insurance | ||
Consolidated Schedule of Investments | ||
Cost | $ 15,445,923 | |
Fair Value | $ 15,565,024 | |
Percentage of Net Assets | 1.60% | |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Preferred Equity | Software | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Cost | $ 9,826,061 | $ 8,645,543 |
Fair Value | $ 9,340,459 | $ 7,821,358 |
Percentage of Net Assets | 0.90% | 1% |
Investment, Significant Unobservable Input [true false] | false | |
Non-Controlled/Non-Affiliated Investments | Warrants | ||
Consolidated Schedule of Investments | ||
Percentage of Net Assets | 0.10% | |
Non-Controlled/Non-Affiliated Investments | Warrants | Health Care Providers & Services | ||
Consolidated Schedule of Investments | ||
Investment, Issuer Geographic Region [Extensible Enumeration] | United States | |
Cost | $ 29 | $ 29 |
Fair Value | $ 1,069,999 | |
Percentage of Net Assets | 0.10% | 0% |
Investment, Significant Unobservable Input [true false] | false |
Consolidated Schedule of Inve_2
Consolidated Schedule of Investments (Parenthetical) | Dec. 31, 2023 USD ($) |
Consolidated Schedule of Investments | |
Net assets | $ 991,422,092 |
Fair value of net asset | $ 39,898,460 |
Percentage of net assets | 2% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization | |
Organization | Note 1. Organization Organization Stone Point Credit Corporation (the “Company”) was formed as a Delaware limited liability company on September 8, 2020 with the name Stone Point Capital Credit LLC. The Company has elected to be regulated as a business development company (a “BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In connection with its election to be regulated as a BDC, the Company converted to a Delaware corporation, changed its name to Stone Point Credit Corporation, and commenced operations on December 1, 2020. In addition, for tax purposes, Stone Point Credit Corporation has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is managed by Stone Point Credit Adviser LLC (the “Adviser”). The Adviser is a Delaware limited liability company that is registered with the Securities Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Subject to the supervision of the Company’s board of directors (the “Board”), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. The Adviser is an affiliate of Stone Point Capital LLC (“Stone Point Capital” or together with its credit-focused affiliates, as applicable, “Stone Point Credit”), which is an alternative investment management platform specializing in investments within the global financial services industry and related sectors. On June 11, 2021, the Company formed SPCC Funding I LLC (the “SPV”), a wholly-owned financing subsidiary, for the purpose of holding pledged investments as collateral under a financing facility. On April 24, 2023, the Company formed SPCC Funding II LLC (the “SPV II,” and together with the SPV, the “SPVs”), a wholly-owned financing subsidiary, for the purpose of holding pledged investments as collateral under a financing facility. From time to time, the Company may form additional wholly - owned subsidiaries to facilitate its course of business. The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns. The Company intends to invest primarily in senior secured or unsecured loans and, to a lesser extent, subordinated loans, mezzanine loans and equity-related securities including warrants, preferred stock and similar forms of senior equity, which may or may not be convertible into a portfolio company’s common equity. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and the SPV. All intercompany balances and transactions have been eliminated in consolidation. All references made to the “Company,“ “we,” and “us” herein include Stone Point Credit Corporation and the consolidated SPV. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents consists of deposits in a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s deposits may, at times, exceed the insured limits under applicable law. Investments at Fair Value In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company’s “Valuation Designee”. The Adviser, with the assistance of its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company’s investments in instances where there is no readily available market quotation. Investments for which market quotations are readily available may be priced by independent pricing services. From time to time, the Company retains an external, independent valuation firm to provide input, data, and valuation analyses on the Company’s portfolio companies. The Company’s investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by the Board (“Valuation Policy”) and, as a result, there is and will be uncertainty as to the value of the Company’s portfolio investments. Under the 1940 Act, the Company is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company’s investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board. The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making recommendations of fair value. The types of factors that may be considered in determining the fair values of the Company’s 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, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with the Valuation Policy may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Company’s net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments. Deferred Financing and Debt Issuance Costs Financing costs incurred in connection with the Company’s borrowings (see Note 6) are deferred and amortized over the life of the corresponding facility. The Company records origination and other expenses related to its debt obligations as deferred financing and debt issuance costs. Deferred financing costs and debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. Net Asset Value per Common Share In accordance with U.S. GAAP, the net asset value per share of the outstanding shares of common stock is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding. Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgments are required in the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Company earns underwriting and arranger fees in securities offerings in which the Company acts as an underwriter or arranger, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible securities offerings. Fee revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; (iii) the Company has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date. The Company, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Company on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type: Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Fee Income $ 687,500 $ 373,750 $ 1,474,524 Total revenue from contracts with customers $ 687,500 $ 373,750 $ 1,474,524 ASC Topic 606 does not apply to revenue associated with financial instruments, and interest and dividend income. Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into interest income over the contractual life of the respective security using the effective interest method. Premiums to par value on securities purchased are amortized to the first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2023 and 2022, no investments were on non-accrual status. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the year ended December 31, 2023 and 2022, the Company earned $1,421,800 and $599,561 of dividend income, respectively. During the year ended December 31, 2021, the Company did not earn any dividend income. Organizational Expenses and Offering Costs Organizational expenses are costs associated with the organization of the Company and are expensed as incurred. Offering costs are costs associated with the offering of common stock of the Company and are capitalized as deferred offering expenses in the Consolidated Statements of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period from incurrence. Income Taxes The Company has elected to be treated, and intends to qualify annually, as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to stockholders as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income,“ which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Company evaluates tax positions taken or expected to be taken while preparing its financial statements to determine whether the tax positions are “more-likely-than-not“ to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not“ threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted later based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions through December 31, 2023. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state tax authorities. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the year ended December 31, 2023, 2022, and 2021, the Company recorded $132,921 of net realized losses, $1,072,458 of net realized gains, and $232,805 of net realized gains, respectively. Distributions to Stockholders Distributions to common stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board. Dividend Reinvestment Plan The Company has adopted an “opt out“ dividend reinvestment plan (“DRIP“), under which a Stockholder’s distributions would automatically be reinvested under the DRIP in additional whole and fractional Shares, unless the Stockholder “opts out“ of the DRIP, thereby electing to receive cash dividends. The Company uses newly issued shares of Common Stock to implement the DRIP. Shares of Common Stock are issued at a price per share equal to the most recent net asset value per share determined by the Board. Stockholders who receive distributions in the form of additional shares of Common Stock generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a Stockholder’s Capital Commitment. Consolidation As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Pronouncements 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. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023 - 09, “Income Taxes (Topic 740),” which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023 - 09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023 - 09 on the consolidated financial statements. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. |
Agreements and Related Party Tr
Agreements and Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Agreements and Related Party Transactions. | |
Agreements and Related Party Transactions | Note 3. Agreements and Related Party Transactions Investment Advisory Agreement Subject to the supervision of the Board and pursuant to an investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”), the Adviser manages the day-to-day operations of the Company and provides the Company with investment advisory and management services. Among other things, the Adviser (i) determines the composition and allocation of the Company’s investment portfolio, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identifies, evaluates and negotiates the structure of the investments made by the Company; (iii) performs due diligence on prospective portfolio companies; (iv) executes, closes, services and monitors the Company’s investments; (v) determines the securities and other assets that the Company will purchase, retain or sell; (vi) arranges financings and borrowing facilities for the Company and (vii) provides the Company with such other investment advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its fund and (viii) to the extent permitted under the 1940 Act and the Advisers Act, on the Company’s behalf, and in coordination with any sub-adviser and any administrator, provides significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940 Act, including utilizing appropriate personnel of the Adviser to, among other things, monitor the operations of the Company’s portfolio companies, participate in board and management meetings, consult with and advise officers of portfolio companies and provide other organizational and financial consultation. The Adviser’s services under the Investment Advisory Agreement are not exclusive, and the Adviser is generally free to furnish similar services to other entities so long as its performance under the Investment Advisory Agreement is not adversely affected. Under the Investment Advisory Agreement, the Company pays the Adviser (i) a base management fee and (ii) an incentive fee as compensation for the investment advisory and management services it provides the Company thereunder. Base Management Fee The Company pays to the Adviser an asset-based fee (the “Management Fee”) for management services in an amount equal to an annual rate of 1.30% of the average value of the Company’s gross assets (excluding cash and cash equivalents) for the most recently completed calendar quarter payable quarterly in arrears. The Management Fee for any partial quarter is appropriately prorated based on the actual number of days elapsed during such partial quarter as a fraction of the number of days in the relevant calendar year. For the years ended December 31, 2023, 2022, and 2021, the Company incurred management fees of $24,304,038, $18,937,555 and $5,326,836 respectively. As of December 31, 2023 and 2022, the Company recorded base management fees payable of $6,531,640 and $5,548,862, respectively. Incentive Fee Beginning December 21, 2024, on the fourth anniversary of the date on which Stockholders are required to fund their initial drawdown (the “Incentive Commencement Date”), the Company will pay the Adviser an incentive fee (“Incentive Fee”) as set forth below. The Incentive Fee will consist of two parts. The first part (the “Investment Income Incentive Fee”) will be calculated and payable following the Incentive Commencement Date on a quarterly basis, in arrears, and will equal 15% of “pre-incentive fee net investment income” for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis. For purposes of computing the initial installment of the Investment Income Incentive Fee because the Incentive Commencement Date does not fall on the first day of a calendar quarter, then the initial payment of the Investment Income Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through the last day of the first complete calendar quarter immediately following the Incentive Commencement Date (March 31, 2025) and, thereafter, at the end of each subsequent calendar quarter as described above. The second part (the “Capital Gains Incentive Fee”) will be an annual fee that will also commence with the period beginning on the Incentive Commencement Date and will be determined and payable following the Incentive Commencement Date, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, determined on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date, beginning December 31, 2024) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair market value of each investment as of such date) through the end of such calendar year (or upon termination of the Investment Advisory Agreement), less the aggregate amount of any previously paid Capital Gains Incentive Fees. Capital Gains Incentive Fee shall be payable for the period that commences on the Incentive Commencement Date through December 31, 2025. For the years ended December 31, 2023, 2022, and 2021, the Company did not incur any Incentive Fees. Administration Agreement The Adviser also serves as the administrator of the Company (in such capacity, the “Administrator“). Subject to the supervision of the Board, the Administrator provides the administrative services necessary for the Company to operate and the Company utilizes the Administrator’s office facilities, equipment and recordkeeping services. The Company reimburses the Administrator for all reasonable costs and expenses incurred by the Administrator in providing these services, facilities and personnel, as provided by the administration agreement by and between the Company and the Administrator (the “Administration Agreement“). In addition, the Administrator is permitted to delegate its duties under the Administration Agreement to affiliates or third parties, and the Company reimburses the expenses of these parties incurred directly and/or paid by the Administrator on the Company’s behalf. The Company reimburses the Administrator for the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including furnishing the Company with office facilities, equipment and clerical, bookkeeping and recordkeeping services at such facilities, as well as providing the Company with other administrative services. In addition, the Company reimburses the Administrator for the fees and expenses associated with performing compliance functions, and the Company’s allocable portion of the compensation of certain of the Company’s officers, including the Company’s Chief Financial Officer, Chief Compliance Officer and any support staff. The Adviser can waive any amounts owed to it under the Administration Agreement, at its discretion. For the years ended December 31, 2023, 2022, and 2021, the Company incurred $1,328,448, $973,179 and $493,073 of administrative overhead expenses that were included in the Consolidated Statements of Operations as professional fees, respectively. As of December 31, 2023 and 2022, $312,184 and $278,561, respectively, of administrative overhead expenses remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. For the year ended December 31, 2023, the Administrator has not elected to waive charges that would have been eligible for reimbursement under the terms of the Administration Agreement. For the years ended December 31, 2022, and 2021, the Administrator has elected to waive additional charges that would have otherwise been eligible for reimbursement under the terms of the Administration Agreement which are not subject to recoupment. Sub-Administration and Custodian Fees On January 22, 2021, the Adviser entered into a sub-administration agreement with U.S. Bank Global Fund Services (the “Sub-Administrator”) under which the Sub-Administrator provides various accounting and other administrative services with respect to the Company. The Company pays the Sub-Administrator fees for services the Adviser determines are commercially reasonable in its sole discretion. The Company also reimburses the Sub-Administrator for all reasonable expenses. To the extent that the Sub-Administrator outsources any of its functions, the Sub-Administrator pays any compensation associated with such functions. The Sub-Administrator also serves as the Company’s custodian (the “Custodian”). For the years ended December 31, 2023, 2022, and 2021, the Company incurred expenses for services provided by the Sub-Administrator and the Custodian of $1,754,065, $1,154,902 and $350,289 that were included on the Consolidated Statements of Operations as professional fees, respectively. As of December 31, 2023 and 2022, $313,074 and $489,568, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. Transfer Agent Fees The Company has entered into a transfer agent servicing agreement with U.S. Bank Global Fund Services (the “Transfer Agent”). For the years ended December 31, 2023, 2022, and 2021, the Company incurred expenses for services provided by the Transfer Agent of $69,096, $50,938 and $54,165 that were included on the Consolidated Statements of Operations as professional fees, respectively. As of December 31, 2023 and 2022, $25,878 and $27,316, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as accounts payable and accrued expenses. Affiliated Broker-Dealer The Adviser is an affiliate of SPC Capital Markets LLC, a Delaware limited liability company (the “Affiliated Broker-Dealer”), which is registered as a broker-dealer with the SEC and a member of FINRA and the Securities Investor Protection Corporation. The Affiliated Broker-Dealer is authorized to engage in the following activities: (i) acting as broker or dealer selling corporate debt securities, (ii) acting as firm commitment underwriter, (iii) acting as real estate syndicator, (iv) investment advisory services (incidental to its role as broker-dealer), including acting as financial advisor to issuers of securities, and participants in mergers, acquisitions, sales, and dispositions of companies, and (v) private placements of securities. The Company did not pay the Affiliated Broker - Dealer any fees during the year ended December 31, 2023. During the year ended December 31, 2022, the Company paid the Affiliated Broker - Dealer a fee of $1,125,000 for services provided by the Affiliated Broker - Dealer in connection with the closing of the 2025 Notes (as defined herein). The Company did not pay the Affiliated Broker - Dealer any fees during the year ended December 31, 2021. The Affiliated Broker Dealer may receive fees from other investors and portfolio companies in which the Company invests but will not collect fees from the Company for its portfolio investments. To the extent permitted by the 1940 Act, the Affiliated Broker-Dealer may, among other assignments, arrange, structure, and/or place equity and debt securities to be issued by portfolio companies of the Company on a best efforts or firm commitment basis. These placements may from time to time include structuring of offerings, and placement of securities in public offerings of securities issued by portfolio companies of the Company. The Affiliated Broker-Dealer may act as a firm commitment underwriter (co-manager only) in public and private offerings of securities issued by portfolio companies of the Company. In certain limited circumstances, the Company may have a conflict resulting from the foregoing arrangements. When the Affiliated Broker-Dealer serves as underwriter with respect to the securities of a subsidiary of the Company, the Company may be subject to a “lock-up“ period following the offering under applicable regulations or agreements during which time its ability to sell any securities that it continues to hold is restricted. This restriction may prevent the Company from disposing of such securities at an opportune time. To the extent permitted by the 1940 Act, the Company may make investments from time to time in transactions where the Affiliated Broker-Dealer is acting as agent, broker, principal, arranger or syndicate manager or member on the other side of the transaction or for other parties in the transaction. The consent of the Board may be required to enter into certain of the Company’s potential investments and the failure of the Board to grant such consent would prevent the Company from consummating such investments, which could adversely affect the Company. Co-Investment Exemptive Relief The 1940 Act generally prohibits BDCs from entering into negotiated co-investments with affiliates absent an order from the SEC. On June 14, 2022, the SEC granted the Company exemptive relief (the “Order”) that permits the Company to co-invest alongside other funds managed by the Adviser or certain of its affiliates, if, among other things, a “required majority“ (as defined in Section 57(o) of the 1940 Act) of the Company’s Independent Directors make certain conclusions in connection with a co-investment transaction, including, but not limited to, that (1) the terms of the potential co-investment transaction, including the consideration to be paid, are reasonable and fair to the Company and Stockholders and do not involve overreaching in respect of the Company or Stockholders on the part of any person concerned, and (2) the potential co-investment transaction is consistent with the interests of Stockholders and is consistent with the Company’s then-current investment objective and strategies. The Order provides that, in connection with any co-investment transaction, the Company may participate in any such co-investment transaction on terms that are same to those applicable to the other funds managed by, or certain entities affiliated with, the Adviser or certain of its affiliates. To the extent an investment by such other fund or entity, as applicable, in an applicable co-investment opportunity is based on favorable terms, the Company will benefit from investing in such co-investment opportunity based on such favorable terms. In addition, the Order provides that, in connection with any such co-investment transaction, the Company will receive its pro rata share of any transaction fees (including break-up, structuring, monitoring or commitment fees but excluding brokerage or underwriting compensation permitted by section 17(e) or 57(k) of the 1940 Act), in respect of such co-investment transaction, based on the Company’s relative share of the amount invested or committed, as applicable, in such transaction. |
Offering Costs
Offering Costs | 12 Months Ended |
Dec. 31, 2023 | |
Offering Costs | |
Offering Costs | Note 4. Offering Costs The Company has and may continue to bear expenses relating to its offering of its Common Stock, including the listing of its Common Stock on a national securities exchange. Offering expenses include, without limitation, legal, accounting, printing and other offering costs including those associated with the preparation of a registration statement in connection with any offering of Common Stock. For the years ended December 31, 2023, 2022, and 2021, the Company incurred offering costs of $97,249, $115,986 and $364,789 that were included on the Consolidated Statements of Operations, respectively. As of December 31, 2023 and 2022, $0 and $0, respectively, remained payable on the Consolidated Statements of Assets and Liabilities as offering costs payable. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 5. Commitments and Contingencies Litigation and Regulatory Matters From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with the Company’s portfolio companies. The Company and the Adviser are not currently a party to any material legal proceedings. Unfunded Portfolio Company Commitments From time to time, the Company may enter into commitments to fund investments. As of December 31, 2023 and 2022, the Company had the following unfunded portfolio company commitments under loan and financing agreements: December 31, 2023 December 31, 2022 Portfolio Company Type of Investment Par Par 2-10 Holdco, Inc. First Lien Revolving Loan $ 2,777,778 $ 2,777,778 Accordian Partners LLC First Lien Delayed Draw Term Loan 2,074,694 4,576,531 Accordian Partners LLC First Lien Revolving Loan 2,034,014 2,034,014 Accuserve First Lien Delayed Draw Term Loan 2,689,655 — AmeriLife Group LLC First Lien Delayed Draw Term Loan 1,768,121 3,515,152 AmeriLife Group LLC First Lien Revolving Loan 5,272,727 5,272,727 Anaplan, Inc. First Lien Revolving Loan 1,546,008 1,546,008 ARMStrong Receivable Management First Lien Delayed Draw Term Loan 4,955,250 — ARMStrong Receivable Management First Lien Revolving Loan 298,516 — AxiomSL Group, Inc. First Lien Delayed Draw Term Loan — 2,273,873 AxiomSL Group, Inc. First Lien Revolving Loan — 2,481,089 Beacon Pointe Harmony, LLC First Lien Delayed Draw Term Loan 9,873,511 8,010,000 Beacon Pointe Harmony, LLC First Lien Revolving Loan 3,000,000 3,000,000 Belmont Buyer, Inc. First Lien Delayed Draw Term Loan 2,616,279 — Belmont Buyer, Inc. First Lien Revolving Loan 2,180,233 — Bottomline Technologies, Inc. First Lien Revolving Loan 7,365,385 7,365,385 Captive Resources Midco, LLC First Lien Revolving Loan 2,202,764 2,202,764 Cherry Bekaert Advisory LLC First Lien Delayed Draw Term Loan 5,625,000 — Cliffwater, LLC First Lien Revolving Loan 2,857,143 — CNSI Holdings, LLC First Lien Revolving Loan 912,440 1,440,694 CORA Health Holdings Corp. First Lien Delayed Draw Term Loan — 5,376,426 Diligent Corporation First Lien Revolving Loan 2,300,000 3,500,000 Elkay LLC First Lien Revolving Loan 3,611,111 3,611,111 Explorer Investor, Inc. First Lien Delayed Draw Term Loan — 5,058,140 Galway Borrower, LLC First Lien Delayed Draw Term Loan 21,000,000 594,253 Galway Borrower, LLC First Lien Revolving Loan 4,098,295 4,098,295 Geosyntec Consultants, Inc. First Lien Delayed Draw Term Loan 2,186,775 4,397,000 Geosyntec Consultants, Inc. First Lien Revolving Loan 1,609,000 1,609,000 Giving Home Health Care First Lien Revolving Loan 3,125,000 — GovDelivery Holdings, LLC First Lien Revolving Loan 1,909,804 1,603,843 GraphPAD Software, LLC First Lien Delayed Draw Term Loan — 11,000,000 GraphPAD Software, LLC First Lien Revolving Loan 1,250,000 2,500,000 Hyland Software, Inc. First Lien Revolving Loan 1,199,095 — IG Investments Holdings LLC First Lien Revolving Loan 5,057,803 3,034,682 Imagine Acquisitionco, LLC First Lien Delayed Draw Term Loan — 6,430,868 Imagine Acquisitionco, LLC First Lien Revolving Loan 4,630,225 4,630,225 Kwol Acquisition, Inc. First Lien Revolving Loan 230,126 — MB2 Dental Solutions, LLC First Lien Delayed Draw Term Loan 3,200,000 2,777,778 MBO Partners, Inc. First Lien Delayed Draw Term Loan — 9,910,664 Ministry Brands Purchaser, LLC First Lien Delayed Draw Term Loan — 5,649,718 Ministry Brands Purchaser, LLC First Lien Revolving Loan 790,960 847,458 Mirra-Prime Access Holdings, LLC First Lien Revolving Loan 2,055,000 1,712,500 More Cowbell I LLC First Lien Delayed Draw Term Loan 5,444,251 — More Cowbell I LLC First Lien Revolving Loan 5,770,906 — Neptune BidCo US, Inc. First Lien Revolving Loan 750,000 — NextGen Healthcare First Lien Delayed Draw Term Loan 2,369,525 — NextGen Healthcare First Lien Revolving Loan 889,328 — OneDigital Borrower LLC First Lien Delayed Draw Term Loan 9,771,429 — PAS Parent, Inc. First Lien Delayed Draw Term Loan 9,000,000 — PAS Parent, Inc. First Lien Revolving Loan 1,000,000 — Petra Borrower, LLC First Lien Delayed Draw Term Loan 6,875,000 — Petra Borrower, LLC First Lien Revolving Loan 2,750,000 — Project K BuyerCo, Inc. First Lien Revolving Loan 7,727,273 7,727,273 RSC Acquisition, Inc. First Lien Delayed Draw Term Loan 19,662,857 23,325,789 Simplifi Holdings, Inc. First Lien Revolving Loan 2,349,398 2,891,566 SpecialtyCare, Inc. First Lien Delayed Draw Term Loan — 1,168,555 SpecialtyCare, Inc. First Lien Revolving Loan 913,598 658,640 Spirit RR Holdings, Inc. First Lien Revolving Loan — 1,400,226 Stepping Stones Healthcare Services, LLC First Lien Delayed Draw Term Loan 1,545,250 4,130,000 Stepping Stones Healthcare Services, LLC First Lien Revolving Loan 3,500,000 980,000 Syntax Systems Limited First Lien Delayed Draw Term Loan — 2,970,297 Syntax Systems Limited First Lien Revolving Loan 459,406 396,040 TA/WEG Intermediate Holdings, LLC First Lien Delayed Draw Term Loan 3,940,858 13,698,286 TA/WEG Intermediate Holdings, LLC First Lien Revolving Loan 2,000,000 2,000,000 Tamarack Intermediate LLC First Lien Revolving Loan 3,515,625 2,890,625 Trinity Partners Holdings LLC First Lien Delayed Draw Term Loan 7,446,809 7,446,809 TST Intermediate Holdings, LLC First Lien Delayed Draw Term Loan 5,769,231 8,942,308 Williams Martson, LLC First Lien Delayed Draw Term Loan 2,553,846 2,553,846 Williams Martson, LLC First Lien Revolving Loan 2,234,615 2,234,615 Total Par $ 226,541,917 $ 210,252,851 The unrealized appreciation or depreciation associated with unfunded portfolio company commitments is recorded in the financial statements and reflected as an adjustment to the valuation of the related security in the Consolidated Schedule of Investments as of December 31, 2023 and 2022. The par amount of the unfunded portfolio company commitments is not recognized by the Company until the commitment is funded. The credit agreements of the unfunded portfolio company commitments contain customary lending provisions which are subject to the portfolio company’s achievement of certain milestones. In instances where the underlying company experiences material adverse effects that would impact the financial condition or business outlook of the company, there is relief to the Company from funding obligations for previously made commitments. Unfunded portfolio company commitments may expire without being drawn upon, and therefore, do not necessarily represent future cash requirements or future earning assets for the Company. We believe that we maintain sufficient liquidity in the form of cash, financing capacity and undrawn capital commitments from our investors to cover any outstanding unfunded portfolio company commitments we may be required to fund. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Borrowings | Note 6. Borrowings In accordance with the 1940 Act, with certain limitations, BDCs are allowed to borrow amounts such that their asset coverage ratios, as defined in the 1940 Act, are at least 200% (or 150% if certain conditions are met) after such borrowing. As a result of complying with the requirements set forth in the Small Business Credit Availability Act, the Company is able to borrow amounts such that its asset coverage ratio is at least 150%, rather than 200%. As of December 31, 2023 and 2022, the Company’s asset coverage ratios were 193% and 189%, respectively. The following table shows the Company’s outstanding debt as of December 31, 2023 and 2022: December 31, 2023 Aggregate Net Principal Outstanding Amount Carrying Committed Principal Available (1) Value Capital Call Facility $ 85,000,000 $ 52,000,000 $ 33,000,000 $ 51,663,310 Revolving Credit Facility $ 750,000,000 $ 666,000,000 $ 84,000,000 $ 661,932,675 Secured Credit Facility $ 300,000,000 $ 126,000,000 $ 174,000,000 $ 123,999,715 2025 Notes $ 225,000,000 $ 225,000,000 $ — $ 223,656,743 Total $ 1,360,000,000 $ 1,069,000,000 $ 291,000,000 $ 1,061,252,443 December 31, 2022 Aggregate Net Principal Outstanding Amount Carrying Committed Principal Available (1) Value Capital Call Facility $ 125,000,000 $ 5,000,000 $ 120,000,000 $ 4,561,000 Revolving Credit Facility $ 750,000,000 $ 684,000,000 $ 66,000,000 $ 678,169,958 2025 Notes $ 225,000,000 $ 225,000,000 $ — $ 222,720,117 Total $ 1,100,000,000 $ 914,000,000 $ 186,000,000 $ 905,451,075 (1) The amount available may be subject to limitations related to the borrowing base under the Financing Facilities, outstanding letters of credit issued and asset coverage requirements. Capital Call Facility Effective as of December 29, 2020 (the “Closing Date”), the Company entered into a revolving credit facility (the “Capital Call Facility”) by and among, inter alios, the Company as the initial borrower, the lenders from time-to-time party thereto (collectively, the “Lenders”) and Capital One, National Association, as the administrative agent (the “Administrative Agent”), sole lead arranger and a Lender. On December 28, 2021, the Company executed an amendment (the “First Amendment”) to the Capital Call Facility (collectively, the “Capital Call Facility”). On December 27, 2022, the Company executed a letter agreement (the “Second Amendment”) to amend its revolving credit agreement (as amended, the “Revolving Credit Agreement”), by and among, inter alios, the Company as the borrower, the Lenders and Capital One, National Association, as the administrative agent, sole lead arranger and a Lender. The Second Amendment, among other things, reduces the maximum borrowing capacity of the Company under the Capital Call Facility to $125 million from $200 million and changes the applicable margin for advances under the Capital Call Facility to SOFR plus 1.95%. The Second Amendment extended the scheduled maturity date of the loans under the Capital Call Facility from December 28, 2022 to December 28, 2023. The other material terms of the Capital Call Facility were unchanged. On December 22, 2023, the Company executed a letter agreement (the “Third Amendment”) to amend the Capital Call Facility. The Third Amendment, among other things, extends the maturity date to December 27, 2024 from December 28, 2023, reduces the maximum borrowing capacity of the Company under the Capital Call Facility to $85 million from $125 million and increases the applicable margin for advances under the Capital Call Facility to 235 basis points per annum from 195 basis points per annum with respect to SOFR Loans (as defined in the Revolving Credit Agreement) and to 135 basis points per annum from 95 basis points per annum with respect to Reference Rate Loans (as defined in the Capital Call Facility). The other material terms of the Capital Call Facility were unchanged. The Capital Call Facility provides for a maximum commitment of up to $85 million for a period of up to two years (including extension terms) from the Closing Date subject to the terms set forth in the Capital Call Facility. Under the Capital Call Facility, an unused commitment fee at the rate of 0.35% per annum on the unused portion of the commitment of the Lenders is payable by the Company to the Administrative Agent. The proceeds of the loans under the Capital Call Facility may be used to acquire portfolio investments and such other uses as permitted under the Capital Call Facility. At the Company’s option, the Capital Call Facility will accrue interest at a rate per annum based on (i) a daily simple SOFR plus an applicable margin of 2.35% or (ii) the greatest of (1) the prime rate or (2) the federal funds effective rate plus 0.5% plus an applicable margin of 1.35%. The maturity date is the earliest of: (a) December 27, 2024; (b) the date upon which the Administrative Agent declares the Company’s obligations under the Capital Call Facility (the “Obligations“) due and payable after the occurrence of an event of default under the Capital Call Facility; (c) 45 days prior to the termination of the Company’s Operative Documents (as defined in the Capital Call Facility); (d) 45 days prior to the date on which the Company’s ability to call capital commitments for the purpose of repaying the Obligations is terminated, and € the date upon which the Company terminates the commitments of the Lenders pursuant to Section 3.6 of the Capital Call Facility or otherwise. The Capital Call Facility includes customary covenants as well as usual and customary events of default for revolving credit facilities of this nature. As of December 31, 2023 and 2022, the carrying amount of the Company’s borrowings under the Capital Call Facility approximated their fair value. As of December 31, 2023 and 2022, unamortized financing costs of $336,690 and $439,000, respectively, are being deferred and amortized over the remaining term of the Capital Call Facility. As of December 31, 2023 and 2022, the Company had an outstanding balance of $52,000,000 and $5,000,000, respectively. As of December 31, 2023 and 2022, the Capital Call Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $51,663,310 and $4,561,000, respectively. The following table shows additional information about the interest and financing costs related to the Capital Call Facility for the years ended December 31, 2023, 2022, and 2021: Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Interest expenses related to the Capital Call Facility $ 2,994,200 $ 2,926,744 $ 2,345,247 Financing expenses related to the Capital Call Facility 453,743 556,024 778,626 Total interest and financing expenses related to the Capital Call Facility $ 3,447,943 $ 3,482,768 $ 3,123,873 Revolving Credit Facility On June 28, 2021, SPCC Funding I LLC (“SPV I”) entered into a senior secured revolving credit facility (the “Revolving Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”). JPM serves as administrative agent and lender, U.S. Bank, National Association, serves as collateral agent, securities intermediary and collateral administrator, and Stone Point Credit Adviser LLC serves as portfolio manager under the Revolving Credit Facility. Advances under the Revolving Credit Facility bear interest at a per annum rate equal to: (a) for advances denominated in USD, the three-month London interbank offered rate, (b) for advances denominated in CAD, the average rate applicable to CAD bankers’ acceptances for a three-month period, (c) for advances denominated in GBP, the daily simple Sterling Overnight Index Average for each day, (d) for advances denominated in AUD, the three-month average bid reference rate administered by the Australian Financial Markets Association for Australian dollar bills, and (e) for advances denominated in Euros, the three-month Euro interbank offered rate, in each case, in effect, plus the applicable margin of 2.45% per annum (or, for advances denominated in GBP, 2.5693% per annum). SPV I paid and will pay, as applicable, a commitment fee of (x) initially, to but excluding September 28, 2021, 0.25% per annum, (y) from and including September 28, 2021 to but excluding the first anniversary of the Revolving Credit Facility, 0.50% per annum, and (z) from and including the first anniversary of the Revolving Credit Facility, 0.60% per annum, in each case, on the average daily unused amount of the financing commitments until the third anniversary of the Revolving Credit Facility. On October 15, 2021, SPV I executed a letter agreement (the “Amendment”) to amend the Revolving Credit Facility. The Amendment increases the maximum borrowing capacity of the SPV under the Revolving Credit Facility between SPV I and JPM to $500 million from $250 million in accordance with the accordion feature in the Revolving Credit Facility that allows SPV I, under certain circumstances, to increase the size of the Revolving Credit Facility to an amount not to exceed $750 million in aggregate. The other material terms of the Revolving Credit Facility were unchanged. All amounts outstanding under the Revolving Credit Facility must be repaid by June 28, 2026. On January 28, 2022, SPV I executed a letter agreement (the “Second Amendment”) to amend the Revolving Credit Facility. The Second Amendment increases the maximum borrowing capacity of SPV I under the Revolving Credit Facility by $250 million (the “Commitment Increase”) to an aggregate of $750 million from its previous $500 million borrowing capacity. The Second Amendment also (a) adds an accordion feature in the Revolving Credit Facility that allows SPV I, under certain circumstances, to increase the size of the Revolving Credit Facility by an additional $250 million (the “Accordion”) to an amount not to exceed $1 billion in the aggregate and (b) establishes a new tranche consisting of the Commitment Increase and the Accordion, whereby any new advances made under such tranche bear interest at a per annum rate equal to Term SOFR for a three-month tenor in effect, plus the applicable margin of 2.55% per annum. On June 30, 2023, SPV I executed a letter agreement (the “Third Amendment”) to amend the Revolving Credit Facility. The Third Amendment revises the Revolving Credit Agreement to provide that all borrowings in U.S. dollars now bear interest at a rate based on Term SOFR. The Third Amendment also amends the accordion feature of the Revolving Credit Agreement to increase the maximum borrowing capacity of SPV I under the Revolving Credit Agreement to an aggregate of $1 billion. The other material terms of the Revolving Credit Facility were unchanged. SPV I’s obligations to the lenders under the Revolving Credit Facility are secured by a first priority security interest in all of SPV I’s portfolio of investments and cash. The obligations of SPV I under the Revolving Credit Facility are non-recourse to the Company, and the Company’s exposure under the Revolving Credit Facility is limited to the value of the Company’s investment in SPV I. The Revolving Credit Facility is secured by a security interest in the assets of SPV I and on any payments received by SPV I in respect of those assets. Assets pledged to the lenders under the Revolving Credit Facility will not be available to pay the debts of the Company if such assets have been used to repay or otherwise satisfy the obligations owed under the Revolving Credit Facility. In connection with the Revolving Credit Facility, SPV I made certain customary representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities. The Revolving Credit Facility contains customary events of default for similar financing transactions, including if a change of control of SPV I occurs. Upon the occurrence and during the continuation of an event of default, the lenders may declare the outstanding advances and all other obligations under the Revolving Credit Facility immediately due and payable. The occurrence of an event of default (as described above) or a Market Value Event (as defined in the Revolving Credit Facility) triggers a requirement that SPV I obtain the consent of JPM prior to entering into any sale or disposition with respect to portfolio assets, and the occurrence of a market value event triggers the right of JPM to direct SPV I to enter into sales or dispositions with respect to any portfolio assets, in each case in JPM’s sole discretion. As of December 31, 2023 and 2022, the carrying amount of the Company’s borrowings under the Revolving Credit Facility approximated its fair value. As of December 31, 2023 and 2022, unamortized financing costs of $4,067,325 and $5,830,043, respectively, are being deferred and amortized over the remaining term of the Revolving Credit Facility. As of December 31, 2023 and 2022, the Revolving Credit Facility had an outstanding balance of $666,000,000 and $684,000,000, respectively. As of December 31, 2023 and 2022, the Revolving Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance, totaling $661,932,675 and $678,169,958, respectively. The Following table shows additional information about the interest and financing costs related to the Revolving Credit Facility for the years ended December 31, 2023, 2022, and 2021: Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Interest expenses related to the Revolving Credit Facility $ 54,030,270 $ 27,106,234 $ 3,112,589 Financing expenses related to the Revolving Credit Facility 1,782,165 1,627,286 399,126 Total interest and financing expenses related to the Revolving Credit Facility $ 55,812,435 $ 28,733,520 $ 3,511,715 Secured Credit Facility On August 14, 2023, SPV II entered into a $300 million Credit Agreement (the “Secured Credit Facility”), with the lenders from time to time parties thereto, Goldman Sachs Bank USA, as syndication agent and administrative agent (the “Administrative Agent”), U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, and U.S. Bank National Association, as collateral custodian. The Secured Credit Facility is comprised of (i) a $250 million asset-based revolving loan facility (the “ABL Facility”) and (ii) a $50 million asset-based revolving loan facility (the “Revolver Facility”), each of which is subject to and has its own borrowing base (comprised of its respective eligible assets, as approved by the Administrative Agent from time to time) but both of which are generally subject to the same terms under the Secured Credit Facility. Borrowings from the Secured Credit Facility will be used, among other things, to finance the origination and acquisition of eligible assets by SPV II, including the purchases or sales of such assets between SPV II and the Company; the Revolver Facility will be used, in part, to use such proceeds to acquire assets which have not yet been approved by the Administrative Agent. No gain or loss is recognized on any purchases or sales to or from SPV II and the Company. The Secured Credit Facility is secured by a security interest in the assets of SPV II and on any payments received by SPV II in respect of those assets. Assets pledged to the lenders under the Secured Credit Facility will not be available to pay the debts of the Company if such assets have been used to repay or otherwise satisfy the obligations owed under the Secured Credit Facility. The Secured Credit Facility will mature on August 14, 2028, unless terminated earlier as provided in the Secured Credit Facility. For each of the ABL Facility and the Revolver Facility, SPV II may draw and redraw loans in U.S. dollars, euros or British pound sterling under the Secured Credit Facility during a commitment period ending on August 14, 2026, unless the commitments are terminated earlier as provided in the Secured Credit Facility. Loans drawn under the Secured Credit Facility will bear interest at Term SOFR plus 3.10% per annum and, in the case of loans drawn in euros or British pound sterling, an additional currency benchmark adjustment will apply. The Secured Credit Facility contains customary covenants, including certain limitations on the activities of SPV II, and customary events of default. In connection with the Secured Credit Facility, the Company entered into a Non-Recourse Carveout Guaranty Agreement with U.S. Bank Trust Company, National Association, on behalf of certain secured parties, and Goldman Sachs Bank USA. Pursuant to the Non-Recourse Carveout Guaranty Agreement, the Company guarantees certain losses, damages, costs, expenses, liabilities, claims and other obligations incurred in connection with certain instances of fraud or intentional misrepresentation, material encumbrances of certain collateral, misappropriation of certain funds, and the willful breach of certain provisions of the Secured Credit Facility. As of December 31, 2023, the carrying amount of the Company’s borrowings under the Secured Credit Facility approximated its fair value. As of December 31, 2023 and 2022, unamortized financing costs of $2,000,285 are being deferred and amortized over the remaining term of the Secured Credit Facility. As of December 31, 2023, the Secured Credit Facility had an outstanding balance of $126,000,000. As of December 31, 2023 the Secured Credit Facility is presented in the Consolidated Statements of Assets and Liabilities net of unamortized financing costs, which results in an outstanding balance totaling $123,999,715. As the Secured Credit Facility did not exist prior to August 14, 2023, there is no prior period information to report. The Following table shows additional information about the interest and financing costs related to the Secured Credit Facility for the year ended December 31, 2023: Year Ended December 31, 2023 Interest expenses related to the Secured Credit Facility $ 3,781,973 Financing expenses related to the Secured Credit Facility 164,715 Total interest and financing expenses related to the Secured Credit Facility $ 3,946,688 2025 Notes On May 19, 2022, the Company entered into a Note Purchase Agreement (the “NPA“) governing the issuance of $225 million in aggregate principal amount of senior unsecured notes due May 19, 2025 (the “2025 Notes“) to qualified institutional investors in a private placement. $150 million of the 2025 Notes were delivered and paid for on May 19, 2022, and $75 million of the 2025 Notes were delivered and paid for on August 18, 2022. The 2025 Notes have a fixed interest rate of 5.83% per year, subject to a step up of (1) 1.00% per year, to the extent and for so long as the 2025 Notes fail to satisfy certain investment grade rating conditions and/or (2) 1.50% per year, to the extent and for so long as either the ratio of the Company’s secured debt to total assets exceeds specified thresholds, measured as of each fiscal quarter-end, or the Company fails to deliver the required quarterly or annual financial statements and related certificates when due. The 2025 Notes mature on May 19, 2025, unless redeemed, purchased or prepaid prior to such date by the Company in accordance with the terms of the NPA. Interest on the 2025 Notes is due semiannually in May and November of each year, beginning in November 2022. In addition, the Company is obligated to offer to repay the 2025 Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the NPA, the Company may redeem the 2025 Notes in whole or in part at any time or from time to time at the Company’s option at par plus accrued interest to the prepayment date and, if redeemed on or before February 17, 2025, a make-whole premium. As of December 31, 2023 and 2022, the carrying amount of the Company’s borrowings under the 2025 Notes approximated its fair value. As of December 31, 2023 and 2022, unamortized debt issuance costs of $1,343,257 and $2,279,883, respectively, are being deferred and amortized over the remaining term of the 2025 Notes. As of December 31, 2023 and 2022, the 2025 Notes had an outstanding balance of $225,000,000 and $225,000,000, respectively. As of December 31, 2023 and 2022, the 2025 Notes are presented in the Consolidated Statements of Assets and Liabilities net of unamortized debt issuance costs, which results in an outstanding balance, totaling $223,656,743 and $222,720,117, respectively. The following table shows additional information about the interest and financing costs related to the 2025 Notes for the years ended December 31, 2023 and 2022: Year Ended Year Ended December 31, 2023 December 31, 2022 Interest expenses related to the 2025 Notes $ 13,117,500 $ 7,236,030 Financing expenses related to the 2025 Notes 1,036,626 591,355 Total interest and financing expenses related to the 2025 Notes $ 14,154,126 $ 7,827,385 |
Net Assets
Net Assets | 12 Months Ended |
Dec. 31, 2023 | |
Net Assets | |
Net Assets | Note 7. Net Assets Unregistered Sales of Equity Securities For the years ended December 31, 2023, 2022, and 2021, the Company has completed the following share issuances: Number of Common Aggregate Common Stock Issuance Date Stock Issued Offering Price December 28, 2023 2,305,457 $ 45,036,647 December 26, 2023 (1) 264,628 5,169,447 September 29, 2023 2,578,558 49,900,000 September 27, 2023 (1) 218,518 4,228,747 June 28, 2023 1,126,918 21,800,000 June 26, 2023 (1) 252,293 4,880,557 April 3, 2023 56,599 1,093,900 March 29, 2023 980,749 18,906,100 March 27, 2023 (1) 229,681 4,427,602 December 30, 2022 2,467,892 48,500,000 December 27, 2022 (1) 186,283 3,666,375 September 28, 2022 5,000,901 99,900,000 September 26, 2022 (1) 138,540 2,767,536 June 29, 2022 2,498,950 50,000,000 June 27, 2022 (1) 100,633 2,013,490 March 29, 2022 1,986,561 40,000,000 March 25, 2022 2,734,196 55,000,000 March 24, 2022 (1) 87,065 1,751,362 December 22, 2021 (1) 44,706 898,396 December 9, 2021 10,296,137 210,000,000 September 24, 2021 3,783,388 75,000,000 September 23, 2021 (1) 17,842 353,695 August 25, 2021 (1) 13,540 271,305 June 18, 2021 5,025,757 100,000,000 March 30, 2021 3,687,064 71,877,447 February 26, 2021 1,429,493 28,121,553 February 4, 2021 1,545,776 30,000,000 (1) Shares were issued to stockholders participating in the Company’s DRIP. All issuances of common stock are to be made at a price at least equal to the current net asset value, with such calculation to be carried out consistent with the Company’s valuation policies and procedures. For the year ended December 31, 2023, the Company issued 8,013,401 shares of Common Stock at an average price of $19.40 through private placement offerings and stockholders participating in the Company’s DRIP resulting in gross proceeds to the Company of $155.4 million. For the year ended December 31, 2022, the Company issued 15,201,021 shares of Common Stock at an average price of $19.97 through private placement offerings and stockholders participating in the Company’s DRIP resulting in gross proceeds to the Company of $303.6 million. For the year ended December 31, 2021, the Company issued 25,843,703 shares of Common Stock at an average price of $19.99 through private placement offerings and stockholders participating in the Company’s DRIP resulting in gross proceeds to the Company of $516.5 million. As of December 31, 2023 and 2022, the Company had 50,308,175 and 42,294,773 shares outstanding, respectively. As of December 31, 2023 and 2022, the Company has received capital commitments totaling $1,282.1 million and $1,152.0 million, respectively. As of December 31, 2023 and 2022, the Company has unfunded capital commitments of $311.9 million and $318.6 million, respectively. The sales of Common Stock were made pursuant to subscription agreements entered into by the Company and its investors. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitments on an as-needed basis with a minimum of ten Each of the sales of Common Stock is exempt from the registration requirements of the Securities Act, pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company is still accepting new commitments. The Company has not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and has not offered securities to the public in connection with such issuance and sale. The Company relied, in part, upon representations from the investors in the subscription agreements that each investor was an accredited investor as defined in Regulation D under the Securities Act. Distributions For the year ended December 31, 2023, the Company declared the following distributions. Distribution Rate per Record Date Payment Date Share Distribution Paid December 22, 2023 December 26, 2023 $ 0.670 $ 31,984,520 September 25, 2023 September 27, 2023 $ 0.655 $ 29,436,364 June 23, 2023 June 26, 2023 $ 0.640 $ 27,879,553 March 24, 2023 March 27, 2023 $ 0.600 $ 25,376,864 For the year ended December 31, 2022, the Company declared the following distributions. Distribution Rate per Record Date Payment Date Share Distribution Paid December 23, 2022 December 27, 2022 $ 0.550 $ 21,802,329 September 23, 2022 September 26, 2022 $ 0.510 $ 17,595,590 June 24, 2022 June 27, 2022 $ 0.405 $ 12,970,138 March 23, 2022 March 24, 2022 $ 0.425 $ 11,514,845 For the year ended December 31, 2021, the Company declared the following distributions. Distribution Rate per Record Date Payment Date Share Distribution Paid August 23, 2021 August 25, 2021 $ 0.280 $ 3,622,679 September 23, 2022 September 26, 2022 $ 0.360 $ 4,662,605 June 24, 2022 June 27, 2022 $ 0.320 $ 8,655,695 |
Investments
Investments | 12 Months Ended |
Dec. 31, 2023 | |
Investments | |
Investments | Note 8. Investments The following table presents the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2023 and 2022. December 31, 2023 December 31, 2022* Percent of Percent of Amortized Fair Total Portfolio Fair Total Portfolio Investments: Cost Value at Fair Value Amortized Cost Value at Fair Value First Lien Loans $ 1,732,531,380 1,727,610,516 86.3 % $ 1,425,048,682 $ 1,412,214,024 83.6 % Second Lien Loans 178,039,770 165,869,897 8.3 % 193,720,645 178,146,384 10.6 % Unsecured Notes 66,197,792 68,012,196 3.4 % 84,845,719 84,600,524 5.0 % Preferred Equity 27,271,984 27,539,711 1.4 % 10,645,543 9,924,972 0.6 % Common Equity and Warrants 8,583,807 10,592,915 0.6 % 3,635,347 3,635,318 0.2 % Total Investments $ 2,012,624,733 1,999,625,235 100.0 % $ 1,717,895,936 $ 1,688,521,222 100.0 % * Prior period presentation was updated to conform with current period presentation by showing the breakout of Preferred Equity from Common Equity & Warrants. The geographic composition of investments based on fair value as of December 31, 2023 and 2022 as follows: December 31, 2023 December 31, 2022 U.S. 98.4 % 98.2 % Non-U.S. 1.6 1.8 Total 100.0 % 100.0 % The industry composition of investments based on fair value as of December 31, 2023 and 2022 was as follows: December 31, 2023 December 31, 2022 Capital Markets 4.7 % 5.6 % Diversified Consumer Services 0.6 0.7 Financial Services 10.8 8.5 Health Care Providers & Services 13.0 10.7 Health Care Technology 6.2 6.8 Insurance 22.3 16.6 IT Services 12.1 14.5 Professional Services 13.0 14.4 Real Estate Management & Development 2.5 2.9 Software 14.8 19.3 Total 100.0 % 100.0 % |
Fair Value of Investments
Fair Value of Investments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Investments | |
Fair Value of Investments | Note 9. Fair Value of Investments Under ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between a willing buyer and a willing seller at the measurement date. For the Company’s portfolio securities, fair value is generally the amount that the Company might reasonably expect to receive upon the current sale of the security. The fair value measurement assumes that the sale occurs in the principal market for the security, or in the absence of a principal market, in the most advantageous market for the security. If no market for the security exists or if the Company does not have access to the principal market, the security should be valued based on the sale occurring in a hypothetical market. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below: Level 1 Valuations – include quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Valuations – include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Valuations – include inputs that are unobservable and significant to the fair value measurement. A financial instrument is categorized within the ASC Topic 820 valuation hierarchy based upon the lowest level of input to the valuation that is significant to the fair value measurement. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized as Level 3 investments within the tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). Transfers between levels, if any, will be recognized at the beginning of the period in which the transfer occurred. The Company’s investment portfolio includes certain debt and equity instruments of privately held companies for which quoted prices or other inputs falling within the categories of Level 1 and Level 2 are generally not available. In such cases, the Adviser determines the fair value of the Company’s investments in good faith primarily using Level 3 inputs. In certain cases, quoted prices or other observable inputs exist, and if so, the Adviser assesses the appropriateness of the use of these third-party quotes in determining fair value based on (i) the Adviser’s understanding of the level of actual transactions used by the broker to develop the quote and whether the quote was an indicative price or binding offer and (ii) the depth and consistency of broker quotes and the correlation of changes in broker quotes with underlying performance of the portfolio company. There is no single standard for determining fair value in good faith, as fair value depends upon the specific circumstances of each individual investment. The recorded fair values of the Company’s Level 3 investments may differ significantly from fair values that would have been used had an active market for the securities existed. In addition, 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 these investments to be different than the valuations currently assigned. The following table presents the fair value hierarchy as of December 31, 2023. Fair Value Hierarchy as of December 31, 2023 Description Level 1 Level 2 Level 3 Total First Lien Loans $ — $ 3,933,786 $ 1,723,676,730 1,727,610,516 Second Lien Loans — 14,465,957 151,403,940 165,869,897 Unsecured Notes — 19,678,973 48,333,223 68,012,196 Preferred Equity — — 27,539,711 27,539,711 Common Equity & Warrants — — 10,592,915 10,592,915 Total $ — $ 38,078,716 1,961,546,519 1,999,625,235 The following table presents the fair value hierarchy as of December 31, 2022. Fair Value Hierarchy as of December 31, 2022* Description Level 1 Level 2 Level 3 Total First Lien Loans $ — $ 20,517,763 $ 1,391,696,261 $ 1,412,214,024 Second Lien Loans — 28,831,405 149,314,979 178,146,384 Unsecured Notes — 53,274,979 31,325,545 84,600,524 Preferred Equity — — 9,924,972 9,924,972 Common Equity & Warrants — — 3,635,318 3,635,318 Total $ — $ 102,624,147 $ 1,585,897,075 $ 1,688,521,222 * Prior period presentation was updated to conform with current period presentation by showing the breakout of Preferred Equity from Common Equity & Warrants. The following tables present changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the years ended December 31, 2023, 2022, and 2021: First Lien Second Lien Unsecured Preferred Common Equity Year Ended December 31, 2023 Loans Loans Notes Equity & Warrants Total Fair value, beginning of period $ 1,391,696,261 $ 149,314,979 $ 31,325,545 $ 9,924,972 $ 3,635,318 $ 1,585,897,075 Purchases of investments 452,849,274 — 16,557,902 16,593,654 5,216,681 491,217,511 Proceeds from sales and principal payments (135,867,081) (174,852) — — (268,221) (136,310,154) Realized gain (loss) on investments 2,180,953 (670,289) — — — 1,510,664 Net change in unrealized appreciation/(depreciation) 7,742,560 2,678,612 303,665 988,298 2,009,137 13,722,272 Net accretion of discount and amortization of investments 5,074,763 255,490 146,111 32,787 — 5,509,151 Transfers into (out of) Level 3 — — — — — — Fair value, end of period $ 1,723,676,730 $ 151,403,940 $ 48,333,223 $ 27,539,711 $ 10,592,915 $ 1,961,546,519 First Lien Second Lien Unsecured Preferred Common Equity Year Ended December 31, 2022* Loans Loans Notes Equity & Warrants Total Fair value, beginning of period $ 1,011,839,638 $ 102,084,353 $ 20,000,000 $ 2,000,000 $ — $ 1,135,923,991 Purchases of investments 551,196,344 64,316,827 11,878,472 8,640,039 $ 3,635,347 639,667,029 Proceeds from sales and principal payments (161,001,076) (15,042,500) — — — (176,043,576) Realized gain (loss) on investments 63,370 153,935 — — — 217,305 Net change in unrealized appreciation/(depreciation) (16,051,805) (15,428,612) (656,078) (720,571) (29) (32,857,095) Net accretion of discount and amortization of investments 5,649,790 210,631 103,151 5,504 — 5,969,076 Transfers into (out of) Level 3 — 13,020,345 — — — 13,020,345 Fair value, end of period $ 1,391,696,261 $ 149,314,979 $ 31,325,545 $ 9,924,972 $ 3,635,318 $ 1,585,897,075 First Lien Second Lien Unsecured Preferred Year Ended December 31, 2021* Loans Loans Notes Equity Total Fair value, beginning of period $ 4,499,537 $ 9,825,450 $ — $ — $ 14,324,987 Purchases of investments 1,020,601,673 111,872,500 19,600,000 2,000,000 1,154,074,173 Proceeds from principal payments (18,095,110) (20,709,833) — — (38,804,943) Realized gain (loss) on investments — 19,680 — — 19,680 Net change in unrealized appreciation/(depreciation) 3,320,290 755,109 386,007 — 4,481,406 Net accretion of discount and amortization of investments 1,513,248 301,447 13,993 — 1,828,688 Transfers into (out of) Level 3 — — — — — Fair value, end of period $ 1,011,839,638 $ 102,084,353 $ 20,000,000 $ 2,000,000 $ 1,135,923,991 During the year ended December 31, 2023, there were no transfers into Level 3. During the year ended December 31, 2022, there was one transfer into Level 3 from Level 2 because of a decrease in unobservable inputs. During the year ended December 31, 2021 there were no transfers into Level 3. The following table presents the net change in unrealized appreciation (depreciation) for Level 3 investments that were still held at December 31, 2023, 2022, and 2021: Year Ended Year Ended Year Ended Net Change in Unrealized Appreciation (Depreciation) December 31, 2023 December 31, 2022* December 31, 2021 First Lien Loans $ 7,742,560 $ (16,051,805) $ 3,320,290 Second Lien Loans 2,678,612 (15,428,612) 755,109 Unsecured Notes 303,665 (656,078) 386,007 Preferred Equity 988,298 (720,571) — Common Equity & Warrants 2,009,137 (29) — Total $ 13,722,272 $ (32,857,095) $ 4,481,406 The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2023. The weighted average range of unobservable inputs is based on the fair value of investments. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value. December 31, 2023 Type of Investment Fair Value Valuation technique Unobservable input Range (weighted average) First Lien Loans $ 513,901,543 Discounted Cash Flow Discount Rate 9.4% - 16.2% (11.0%) First Lien Loans 1,209,775,187 Market Transaction Market Transaction 95.1% - 101.0% (98.6%) Second Lien Loan 151,403,940 Market Transaction Market Transaction 79.1% - 100.0% (91.9%) Unsecured Notes 20,219,487 Discounted Cash Flow Discount Rate 10.6% - 10.6% (10.6%) Unsecured Notes 28,113,736 Market Transaction Market Transaction 90.7% - 100.0% (94.8%) Preferred Equity 2,634,229 Discounted Cash Flow Discount Rate 131.7% Preferred Equity 24,905,482 Market Transaction Market Transaction 93.6% - 98.5% (96.4%) Common Equity 9,522,917 Market Transaction Market Transaction 100.0% - 127.6% (113.2%) Warrants 1,069,998 Market Transaction Market Transaction 366.9% Total $ 1,961,546,519 The following table presents quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of December 31, 2022. The table is not intended to be all-inclusive but instead captures the significant unobservable inputs relevant to the Adviser’s determination of fair value. December 31, 2022* Type of Investment Fair Value Valuation technique Unobservable input Range (weighted average) First Lien Loans $ 960,204,411 Discounted Cash Flow Discount Rate 10.2% - 13.4% (10.5%) First Lien Loans 431,491,850 Market Transaction Market Transaction 94.5% - 99.3% (97.8%) Second Lien Loan 120,412,179 Discounted Cash Flow Discount Rate 12.0% - 17.6% (14.8%) Second Lien Loan 28,902,800 Market Transaction Market Transaction 97.0% - 98.9% (98.0%) Unsecured Notes 31,325,545 Discounted Cash Flow Discount Rate 10.7% - 11.0% (10.8%) Preferred Equity 7,821,359 Discounted Cash Flow Discount Rate 15.7% Preferred Equity 2,103,613 Enterprise Value Analysis EBITDA Multiple 23.0x Common Equity & Warrants 3,635,318 Market Transaction Market Transaction 101.4% Total $ 1,585,897,075 * Prior period presentation was updated to conform with current period presentation by showing the breakout of Preferred Equity from Common Equity & Warrants. Increases or decreases in unobservable inputs in isolation would result in a higher or lower fair value measurement for such assets. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s investments. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share | |
Earnings Per Share | Note 10. Earnings Per Share In accordance with the provisions of ASC Topic 260, Earnings per Share The following table sets forth the computation of basic and diluted earnings per common stock for the years ended December 31, 2023, 2022, and 2021: Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Net increase in net assets resulting from operations $ 133,470,803 $ 31,850,370 $ 21,755,033 Weighted average common shares of common stock outstanding—basic and diluted 44,712,958 33,466,524 11,072,368 Basic and diluted net increase in net assets resulting from operations per common share $ 2.99 $ 0.95 $ 1.96 |
Taxes
Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Taxes | |
Taxes | Note 11. Taxes The Company has elected to be treated and intends to qualify annually as a RIC, to distribute substantially all of its income and to comply with the other requirements of the Code applicable to RICs. Accordingly, no provision for federal taxes is required. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Company intends not to be subject to a material federal excise tax. The Company did not have any liabilities for uncertain tax positions or unrecognized tax benefits as of December 31, 2023. For the year ended December 31, 2023, the Company had $5,337,982 of undistributed ordinary income, $132,922 of capital losses, $12,999,498 of net unrealized depreciation on investments and $(187,992) of other temporary differences. For the year ended December 31, 2022, the Company had $2,655,300 of undistributed ordinary income, $29,374,714 of net unrealized depreciation on investments and $(203,768) of other temporary differences. For the year ended December 31, 2021, the Company had $397,445 of undistributed ordinary income, $4,763,412 of net unrealized appreciation on investments and $(219,543) of other temporary differences. Total distributions declared during the years ended December 31, 2023, 2022, and 2021 were comprised entirely of ordinary income. During the years ended December 31, 2023, 2022, and 2021, the Company recorded a Return of Capital Statement of Position (“ROCSOP”) adjustment for permanent book to tax differences of $147,249, $118,036 and $364,788, respectively, primarily due to the differing book and tax treatment of offering costs. As of December 31, 2023 and 2022, the tax cost of the Company’s investments approximates its amortized cost. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Financial Highlights | |
Financial Highlights | Note 12. Financial Highlights The following per common stock data has been derived from information provided in the financial statements. The following is a schedule of financial highlights for the years ended December 31, 2023, 2022, and 2021 and for the period from September 8, 2020 (inception) through December 31, 2020: For the Period September 8, 2020 Year Ended Year Ended Year Ended (inception) through December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Per common stock operating performance: Net asset value, beginning of year/period $ 19.32 $ 20.14 $ 19.39 $ 20.00 Results of operations: Net investment income (loss) 1 2.62 1.94 1.51 (0.61) Net realized gains (losses) and unrealized appreciation (depreciation) 2 0.34 (0.87) 0.20 — Net increase (decrease) in net assets resulting from operations 2.96 1.07 1.71 (0.61) Distributions to Common Stockholders Distributions from earnings (2.57) (1.89) (0.96) — Net decrease in net assets resulting from distributions (2.57) (1.89) (0.96) — Net asset value, end of year/period $ 19.71 $ 19.32 $ 20.14 $ 19.39 Shares outstanding, end of year/period 50,308,175 42,294,773 27,093,753 1,250,050 Ratio/Supplemental data: Net assets, end of year/period $ 991,422,092 $ 817,185,589 $ 545,569,359 $ 24,232,910 Weighted average shares outstanding 44,712,958 33,466,524 11,072,368 233,393 3 Total return 4 16.21 % 5.35 % 8.91 % (3.05) % Portfolio turnover 11.09 % 13.26 % 9.90 % — 5 Ratio of operating expenses to average net assets 6 12.20 % 9.37 % 5.81 % 15.79 % Ratio of net investment income (loss) to average net assets 6 13.14 % 9.36 % 6.34 % (15.01) % 1 The per common stock data was derived by using weighted average shares outstanding. 2 The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. 3 Calculated for the period November 17, 2020, the date of the first external issuance of shares, through December 31, 2020. 4 Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load. 5 Portfolio turnover is not applicable. 6 The ratios reflect an annualized amount. Non-recurring expenses were not annualized. During the years ended December 31, 2023, 2022, and 2021, the Company incurred $97,249 , $115,986 and $364,789 of Organizational and Offering Expenses, respectively. During the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred $297,854 of Organizational and Offering expenses. Organizational and Offering Expenses were deemed to be non-recurring. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | Note 13. Subsequent Events Management has evaluated subsequent events and transactions for potential recognition and/or disclosure through the date the financial statements were issued. Except as set forth below, there have been no subsequent events that occurred during such period that would require disclosure in this Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2023. On March 19, 2024, the Board of Directors declared a distribution of $0.65 per share (the “Distribution”) with respect to the Company’s Common Stock. The Distribution is payable on March 26, 2024 to stockholders of record on March 25, 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company and the SPV. All intercompany balances and transactions have been eliminated in consolidation. All references made to the “Company,“ “we,” and “us” herein include Stone Point Credit Corporation and the consolidated SPV. The Company is an investment company and, therefore, applies the specialized accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consists of deposits in a money market account and demand deposits held at a custodian bank. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s deposits may, at times, exceed the insured limits under applicable law. |
Investments at Fair Value | Investments at Fair Value In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Company’s “Valuation Designee”. The Adviser, with the assistance of its Valuation Committee, subject to oversight by the Board, is responsible for determining the fair value of the Company’s investments in instances where there is no readily available market quotation. Investments for which market quotations are readily available may be priced by independent pricing services. From time to time, the Company retains an external, independent valuation firm to provide input, data, and valuation analyses on the Company’s portfolio companies. The Company’s investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by the Board (“Valuation Policy”) and, as a result, there is and will be uncertainty as to the value of the Company’s portfolio investments. Under the 1940 Act, the Company is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by the Board. There is not a public market or active secondary market for many of the types of investments in privately held companies that the Company intends to hold and make. The Company’s investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated over-the-counter secondary market for institutional investors, if at all. As a result, these investments are valued quarterly at fair value as determined in good faith in accordance with the Valuation Policy approved by the Board. The determination of fair value, and thus the amount of unrealized appreciation or depreciation the Company may recognize in any reporting period, is to a degree subjective, and the Adviser has a conflict of interest in making recommendations of fair value. The types of factors that may be considered in determining the fair values of the Company’s 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, precedent transactions and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with the Valuation Policy may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The Company’s net asset value could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments. |
Deferred Financing and Debt Issuance Costs | Deferred Financing and Debt Issuance Costs Financing costs incurred in connection with the Company’s borrowings (see Note 6) are deferred and amortized over the life of the corresponding facility. The Company records origination and other expenses related to its debt obligations as deferred financing and debt issuance costs. Deferred financing costs and debt issuance costs are presented on the Consolidated Statements of Assets and Liabilities as a direct deduction from the debt liability. |
Net Asset Value per Common Shares | Net Asset Value per Common Share In accordance with U.S. GAAP, the net asset value per share of the outstanding shares of common stock is determined at least quarterly by dividing the value of total assets minus liabilities by the total number of shares outstanding. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”), which requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company follows a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, the Company includes variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgments are required in the application of the five-step model including; when determining whether performance obligations are satisfied at a point in time or over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company’s progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events. Revenue from contracts with customers includes fee income (underwriting and arranger fees). The Company earns underwriting and arranger fees in securities offerings in which the Company acts as an underwriter or arranger, such as initial public offerings, follow-on equity offerings, debt offerings, and convertible securities offerings. Fee revenue relating to underwriting and arranger commitments is recorded at the point in time when all significant items relating to the underwriting or arranger process has been completed and the amount of the underwriting or arranger revenue has been determined. This generally is the point at which all of the following have occurred: (i) the issuer’s registration statement has become effective with the SEC or the other offering documents are finalized; (ii) the Company has made a firm commitment for the purchase of securities from the issuer; (iii) the Company has been informed of the number of securities that it has been allotted; and (iv) the issuer obtains control and benefits of the offering; which generally occurs on trade date. The Company, or its affiliates, may receive fees for capital structuring services. These fees are generally non-recurring and are recognized as fee income by the Company on the investment closing date. The following table presents revenues from contracts with customers disaggregated by fee type: Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Fee Income $ 687,500 $ 373,750 $ 1,474,524 Total revenue from contracts with customers $ 687,500 $ 373,750 $ 1,474,524 ASC Topic 606 does not apply to revenue associated with financial instruments, and interest and dividend income. Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts to par value on securities purchased are accreted into interest income over the contractual life of the respective security using the effective interest method. Premiums to par value on securities purchased are amortized to the first call date into interest income using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period. Discounts and premiums to par generally include loan origination fees, original issue discount and market discounts. Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. As of December 31, 2023 and 2022, no investments were on non-accrual status. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. During the year ended December 31, 2023 and 2022, the Company earned $1,421,800 and $599,561 of dividend income, respectively. During the year ended December 31, 2021, the Company did not earn any dividend income. |
Organizational Expenses and Offering Costs | Organizational Expenses and Offering Costs Organizational expenses are costs associated with the organization of the Company and are expensed as incurred. Offering costs are costs associated with the offering of common stock of the Company and are capitalized as deferred offering expenses in the Consolidated Statements of Assets and Liabilities. Deferred offering expenses are amortized over a twelve-month period from incurrence. |
Income Taxes | Income Taxes The Company has elected to be treated, and intends to qualify annually, as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains distributed to stockholders as dividends. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements as well as distribute each taxable year dividends for U.S. federal income tax purposes of an amount generally at least equal to 90% of the Company’s “investment company taxable income,“ which is generally the Company’s net ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses and is determined without regard to any deduction for dividends paid. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. The Company evaluates tax positions taken or expected to be taken while preparing its financial statements to determine whether the tax positions are “more-likely-than-not“ to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not“ threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted later based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no material uncertain income tax positions through December 31, 2023. The Company’s federal and state tax returns for the prior three fiscal years remain open, subject to examination by the Internal Revenue Service and state tax authorities. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. During the year ended December 31, 2023, 2022, and 2021, the Company recorded $132,921 of net realized losses, $1,072,458 of net realized gains, and $232,805 of net realized gains, respectively. |
Distributions to Stockholders | Distributions to Stockholders Distributions to common stockholders are recorded as of the record date. The amount to be paid out as a distribution is determined by the Board. |
Dividend Reinvestment Plan | Dividend Reinvestment Plan The Company has adopted an “opt out“ dividend reinvestment plan (“DRIP“), under which a Stockholder’s distributions would automatically be reinvested under the DRIP in additional whole and fractional Shares, unless the Stockholder “opts out“ of the DRIP, thereby electing to receive cash dividends. The Company uses newly issued shares of Common Stock to implement the DRIP. Shares of Common Stock are issued at a price per share equal to the most recent net asset value per share determined by the Board. Stockholders who receive distributions in the form of additional shares of Common Stock generally will be subject to the same U.S. federal, state and local tax consequences as Stockholders who elect not to reinvest distributions. Participation in the DRIP will not in any way reduce the amount of a Stockholder’s Capital Commitment. |
Consolidation | Consolidation As provided under Regulation S-X and ASC Topic 946 - Financial Services - Investment Companies, the Company will generally not consolidate its investment in a company other than a wholly-owned investment company or controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries in its consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements 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. In December 2022, the FASB issued ASU No. 2022-06, “Reference Rate Reform (Topic 848),” which extended the transition period provided under ASU No. 2020-04 and 2021-01 for all entities from December 31, 2022 to December 31, 2024. In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023 - 09, “Income Taxes (Topic 740),” which updates income tax disclosure requirements related to rate reconciliation, income taxes paid and other disclosures. ASU 2023 - 09 is effective for public business entities for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact of adopting ASU No. 2023 - 09 on the consolidated financial statements. Other than the aforementioned guidance, the Company’s management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Schedule of revenues from contracts with customers disaggregated by fee type | Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Fee Income $ 687,500 $ 373,750 $ 1,474,524 Total revenue from contracts with customers $ 687,500 $ 373,750 $ 1,474,524 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies | |
Schedule of unfunded portfolio company commitments under loan and financing agreements | December 31, 2023 December 31, 2022 Portfolio Company Type of Investment Par Par 2-10 Holdco, Inc. First Lien Revolving Loan $ 2,777,778 $ 2,777,778 Accordian Partners LLC First Lien Delayed Draw Term Loan 2,074,694 4,576,531 Accordian Partners LLC First Lien Revolving Loan 2,034,014 2,034,014 Accuserve First Lien Delayed Draw Term Loan 2,689,655 — AmeriLife Group LLC First Lien Delayed Draw Term Loan 1,768,121 3,515,152 AmeriLife Group LLC First Lien Revolving Loan 5,272,727 5,272,727 Anaplan, Inc. First Lien Revolving Loan 1,546,008 1,546,008 ARMStrong Receivable Management First Lien Delayed Draw Term Loan 4,955,250 — ARMStrong Receivable Management First Lien Revolving Loan 298,516 — AxiomSL Group, Inc. First Lien Delayed Draw Term Loan — 2,273,873 AxiomSL Group, Inc. First Lien Revolving Loan — 2,481,089 Beacon Pointe Harmony, LLC First Lien Delayed Draw Term Loan 9,873,511 8,010,000 Beacon Pointe Harmony, LLC First Lien Revolving Loan 3,000,000 3,000,000 Belmont Buyer, Inc. First Lien Delayed Draw Term Loan 2,616,279 — Belmont Buyer, Inc. First Lien Revolving Loan 2,180,233 — Bottomline Technologies, Inc. First Lien Revolving Loan 7,365,385 7,365,385 Captive Resources Midco, LLC First Lien Revolving Loan 2,202,764 2,202,764 Cherry Bekaert Advisory LLC First Lien Delayed Draw Term Loan 5,625,000 — Cliffwater, LLC First Lien Revolving Loan 2,857,143 — CNSI Holdings, LLC First Lien Revolving Loan 912,440 1,440,694 CORA Health Holdings Corp. First Lien Delayed Draw Term Loan — 5,376,426 Diligent Corporation First Lien Revolving Loan 2,300,000 3,500,000 Elkay LLC First Lien Revolving Loan 3,611,111 3,611,111 Explorer Investor, Inc. First Lien Delayed Draw Term Loan — 5,058,140 Galway Borrower, LLC First Lien Delayed Draw Term Loan 21,000,000 594,253 Galway Borrower, LLC First Lien Revolving Loan 4,098,295 4,098,295 Geosyntec Consultants, Inc. First Lien Delayed Draw Term Loan 2,186,775 4,397,000 Geosyntec Consultants, Inc. First Lien Revolving Loan 1,609,000 1,609,000 Giving Home Health Care First Lien Revolving Loan 3,125,000 — GovDelivery Holdings, LLC First Lien Revolving Loan 1,909,804 1,603,843 GraphPAD Software, LLC First Lien Delayed Draw Term Loan — 11,000,000 GraphPAD Software, LLC First Lien Revolving Loan 1,250,000 2,500,000 Hyland Software, Inc. First Lien Revolving Loan 1,199,095 — IG Investments Holdings LLC First Lien Revolving Loan 5,057,803 3,034,682 Imagine Acquisitionco, LLC First Lien Delayed Draw Term Loan — 6,430,868 Imagine Acquisitionco, LLC First Lien Revolving Loan 4,630,225 4,630,225 Kwol Acquisition, Inc. First Lien Revolving Loan 230,126 — MB2 Dental Solutions, LLC First Lien Delayed Draw Term Loan 3,200,000 2,777,778 MBO Partners, Inc. First Lien Delayed Draw Term Loan — 9,910,664 Ministry Brands Purchaser, LLC First Lien Delayed Draw Term Loan — 5,649,718 Ministry Brands Purchaser, LLC First Lien Revolving Loan 790,960 847,458 Mirra-Prime Access Holdings, LLC First Lien Revolving Loan 2,055,000 1,712,500 More Cowbell I LLC First Lien Delayed Draw Term Loan 5,444,251 — More Cowbell I LLC First Lien Revolving Loan 5,770,906 — Neptune BidCo US, Inc. First Lien Revolving Loan 750,000 — NextGen Healthcare First Lien Delayed Draw Term Loan 2,369,525 — NextGen Healthcare First Lien Revolving Loan 889,328 — OneDigital Borrower LLC First Lien Delayed Draw Term Loan 9,771,429 — PAS Parent, Inc. First Lien Delayed Draw Term Loan 9,000,000 — PAS Parent, Inc. First Lien Revolving Loan 1,000,000 — Petra Borrower, LLC First Lien Delayed Draw Term Loan 6,875,000 — Petra Borrower, LLC First Lien Revolving Loan 2,750,000 — Project K BuyerCo, Inc. First Lien Revolving Loan 7,727,273 7,727,273 RSC Acquisition, Inc. First Lien Delayed Draw Term Loan 19,662,857 23,325,789 Simplifi Holdings, Inc. First Lien Revolving Loan 2,349,398 2,891,566 SpecialtyCare, Inc. First Lien Delayed Draw Term Loan — 1,168,555 SpecialtyCare, Inc. First Lien Revolving Loan 913,598 658,640 Spirit RR Holdings, Inc. First Lien Revolving Loan — 1,400,226 Stepping Stones Healthcare Services, LLC First Lien Delayed Draw Term Loan 1,545,250 4,130,000 Stepping Stones Healthcare Services, LLC First Lien Revolving Loan 3,500,000 980,000 Syntax Systems Limited First Lien Delayed Draw Term Loan — 2,970,297 Syntax Systems Limited First Lien Revolving Loan 459,406 396,040 TA/WEG Intermediate Holdings, LLC First Lien Delayed Draw Term Loan 3,940,858 13,698,286 TA/WEG Intermediate Holdings, LLC First Lien Revolving Loan 2,000,000 2,000,000 Tamarack Intermediate LLC First Lien Revolving Loan 3,515,625 2,890,625 Trinity Partners Holdings LLC First Lien Delayed Draw Term Loan 7,446,809 7,446,809 TST Intermediate Holdings, LLC First Lien Delayed Draw Term Loan 5,769,231 8,942,308 Williams Martson, LLC First Lien Delayed Draw Term Loan 2,553,846 2,553,846 Williams Martson, LLC First Lien Revolving Loan 2,234,615 2,234,615 Total Par $ 226,541,917 $ 210,252,851 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Borrowings | |
Summary of outstanding debt | December 31, 2023 Aggregate Net Principal Outstanding Amount Carrying Committed Principal Available (1) Value Capital Call Facility $ 85,000,000 $ 52,000,000 $ 33,000,000 $ 51,663,310 Revolving Credit Facility $ 750,000,000 $ 666,000,000 $ 84,000,000 $ 661,932,675 Secured Credit Facility $ 300,000,000 $ 126,000,000 $ 174,000,000 $ 123,999,715 2025 Notes $ 225,000,000 $ 225,000,000 $ — $ 223,656,743 Total $ 1,360,000,000 $ 1,069,000,000 $ 291,000,000 $ 1,061,252,443 December 31, 2022 Aggregate Net Principal Outstanding Amount Carrying Committed Principal Available (1) Value Capital Call Facility $ 125,000,000 $ 5,000,000 $ 120,000,000 $ 4,561,000 Revolving Credit Facility $ 750,000,000 $ 684,000,000 $ 66,000,000 $ 678,169,958 2025 Notes $ 225,000,000 $ 225,000,000 $ — $ 222,720,117 Total $ 1,100,000,000 $ 914,000,000 $ 186,000,000 $ 905,451,075 (1) The amount available may be subject to limitations related to the borrowing base under the Financing Facilities, outstanding letters of credit issued and asset coverage requirements. |
Capital Call Facility | |
Borrowings | |
Summary of interest and financing costs | Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Interest expenses related to the Capital Call Facility $ 2,994,200 $ 2,926,744 $ 2,345,247 Financing expenses related to the Capital Call Facility 453,743 556,024 778,626 Total interest and financing expenses related to the Capital Call Facility $ 3,447,943 $ 3,482,768 $ 3,123,873 |
Revolving Credit Facility | |
Borrowings | |
Summary of interest and financing costs | Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Interest expenses related to the Revolving Credit Facility $ 54,030,270 $ 27,106,234 $ 3,112,589 Financing expenses related to the Revolving Credit Facility 1,782,165 1,627,286 399,126 Total interest and financing expenses related to the Revolving Credit Facility $ 55,812,435 $ 28,733,520 $ 3,511,715 |
Secured Credit Facility | |
Borrowings | |
Summary of interest and financing costs | Year Ended December 31, 2023 Interest expenses related to the Secured Credit Facility $ 3,781,973 Financing expenses related to the Secured Credit Facility 164,715 Total interest and financing expenses related to the Secured Credit Facility $ 3,946,688 |
2025 Notes | |
Borrowings | |
Summary of interest and financing costs | Year Ended Year Ended December 31, 2023 December 31, 2022 Interest expenses related to the 2025 Notes $ 13,117,500 $ 7,236,030 Financing expenses related to the 2025 Notes 1,036,626 591,355 Total interest and financing expenses related to the 2025 Notes $ 14,154,126 $ 7,827,385 |
Net Assets (Tables)
Net Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Assets | |
Schedule of issuances of Common Stock | Number of Common Aggregate Common Stock Issuance Date Stock Issued Offering Price December 28, 2023 2,305,457 $ 45,036,647 December 26, 2023 (1) 264,628 5,169,447 September 29, 2023 2,578,558 49,900,000 September 27, 2023 (1) 218,518 4,228,747 June 28, 2023 1,126,918 21,800,000 June 26, 2023 (1) 252,293 4,880,557 April 3, 2023 56,599 1,093,900 March 29, 2023 980,749 18,906,100 March 27, 2023 (1) 229,681 4,427,602 December 30, 2022 2,467,892 48,500,000 December 27, 2022 (1) 186,283 3,666,375 September 28, 2022 5,000,901 99,900,000 September 26, 2022 (1) 138,540 2,767,536 June 29, 2022 2,498,950 50,000,000 June 27, 2022 (1) 100,633 2,013,490 March 29, 2022 1,986,561 40,000,000 March 25, 2022 2,734,196 55,000,000 March 24, 2022 (1) 87,065 1,751,362 December 22, 2021 (1) 44,706 898,396 December 9, 2021 10,296,137 210,000,000 September 24, 2021 3,783,388 75,000,000 September 23, 2021 (1) 17,842 353,695 August 25, 2021 (1) 13,540 271,305 June 18, 2021 5,025,757 100,000,000 March 30, 2021 3,687,064 71,877,447 February 26, 2021 1,429,493 28,121,553 February 4, 2021 1,545,776 30,000,000 (1) Shares were issued to stockholders participating in the Company’s DRIP. |
Schedule of distributions declared and paid | For the year ended December 31, 2023, the Company declared the following distributions. Distribution Rate per Record Date Payment Date Share Distribution Paid December 22, 2023 December 26, 2023 $ 0.670 $ 31,984,520 September 25, 2023 September 27, 2023 $ 0.655 $ 29,436,364 June 23, 2023 June 26, 2023 $ 0.640 $ 27,879,553 March 24, 2023 March 27, 2023 $ 0.600 $ 25,376,864 For the year ended December 31, 2022, the Company declared the following distributions. Distribution Rate per Record Date Payment Date Share Distribution Paid December 23, 2022 December 27, 2022 $ 0.550 $ 21,802,329 September 23, 2022 September 26, 2022 $ 0.510 $ 17,595,590 June 24, 2022 June 27, 2022 $ 0.405 $ 12,970,138 March 23, 2022 March 24, 2022 $ 0.425 $ 11,514,845 For the year ended December 31, 2021, the Company declared the following distributions. Distribution Rate per Record Date Payment Date Share Distribution Paid August 23, 2021 August 25, 2021 $ 0.280 $ 3,622,679 September 23, 2022 September 26, 2022 $ 0.360 $ 4,662,605 June 24, 2022 June 27, 2022 $ 0.320 $ 8,655,695 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments | |
Schedule of composition of investment portfolio | December 31, 2023 December 31, 2022* Percent of Percent of Amortized Fair Total Portfolio Fair Total Portfolio Investments: Cost Value at Fair Value Amortized Cost Value at Fair Value First Lien Loans $ 1,732,531,380 1,727,610,516 86.3 % $ 1,425,048,682 $ 1,412,214,024 83.6 % Second Lien Loans 178,039,770 165,869,897 8.3 % 193,720,645 178,146,384 10.6 % Unsecured Notes 66,197,792 68,012,196 3.4 % 84,845,719 84,600,524 5.0 % Preferred Equity 27,271,984 27,539,711 1.4 % 10,645,543 9,924,972 0.6 % Common Equity and Warrants 8,583,807 10,592,915 0.6 % 3,635,347 3,635,318 0.2 % Total Investments $ 2,012,624,733 1,999,625,235 100.0 % $ 1,717,895,936 $ 1,688,521,222 100.0 % * Prior period presentation was updated to conform with current period presentation by showing the breakout of Preferred Equity from Common Equity & Warrants. December 31, 2023 December 31, 2022 U.S. 98.4 % 98.2 % Non-U.S. 1.6 1.8 Total 100.0 % 100.0 % December 31, 2023 December 31, 2022 Capital Markets 4.7 % 5.6 % Diversified Consumer Services 0.6 0.7 Financial Services 10.8 8.5 Health Care Providers & Services 13.0 10.7 Health Care Technology 6.2 6.8 Insurance 22.3 16.6 IT Services 12.1 14.5 Professional Services 13.0 14.4 Real Estate Management & Development 2.5 2.9 Software 14.8 19.3 Total 100.0 % 100.0 % |
Fair Value of Investments (Tabl
Fair Value of Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value of Investments | |
Schedule of fair value hierarchy | Fair Value Hierarchy as of December 31, 2023 Description Level 1 Level 2 Level 3 Total First Lien Loans $ — $ 3,933,786 $ 1,723,676,730 1,727,610,516 Second Lien Loans — 14,465,957 151,403,940 165,869,897 Unsecured Notes — 19,678,973 48,333,223 68,012,196 Preferred Equity — — 27,539,711 27,539,711 Common Equity & Warrants — — 10,592,915 10,592,915 Total $ — $ 38,078,716 1,961,546,519 1,999,625,235 Fair Value Hierarchy as of December 31, 2022* Description Level 1 Level 2 Level 3 Total First Lien Loans $ — $ 20,517,763 $ 1,391,696,261 $ 1,412,214,024 Second Lien Loans — 28,831,405 149,314,979 178,146,384 Unsecured Notes — 53,274,979 31,325,545 84,600,524 Preferred Equity — — 9,924,972 9,924,972 Common Equity & Warrants — — 3,635,318 3,635,318 Total $ — $ 102,624,147 $ 1,585,897,075 $ 1,688,521,222 * Prior period presentation was updated to conform with current period presentation by showing the breakout of Preferred Equity from Common Equity & Warrants. |
Schedule of changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | First Lien Second Lien Unsecured Preferred Common Equity Year Ended December 31, 2023 Loans Loans Notes Equity & Warrants Total Fair value, beginning of period $ 1,391,696,261 $ 149,314,979 $ 31,325,545 $ 9,924,972 $ 3,635,318 $ 1,585,897,075 Purchases of investments 452,849,274 — 16,557,902 16,593,654 5,216,681 491,217,511 Proceeds from sales and principal payments (135,867,081) (174,852) — — (268,221) (136,310,154) Realized gain (loss) on investments 2,180,953 (670,289) — — — 1,510,664 Net change in unrealized appreciation/(depreciation) 7,742,560 2,678,612 303,665 988,298 2,009,137 13,722,272 Net accretion of discount and amortization of investments 5,074,763 255,490 146,111 32,787 — 5,509,151 Transfers into (out of) Level 3 — — — — — — Fair value, end of period $ 1,723,676,730 $ 151,403,940 $ 48,333,223 $ 27,539,711 $ 10,592,915 $ 1,961,546,519 First Lien Second Lien Unsecured Preferred Common Equity Year Ended December 31, 2022* Loans Loans Notes Equity & Warrants Total Fair value, beginning of period $ 1,011,839,638 $ 102,084,353 $ 20,000,000 $ 2,000,000 $ — $ 1,135,923,991 Purchases of investments 551,196,344 64,316,827 11,878,472 8,640,039 $ 3,635,347 639,667,029 Proceeds from sales and principal payments (161,001,076) (15,042,500) — — — (176,043,576) Realized gain (loss) on investments 63,370 153,935 — — — 217,305 Net change in unrealized appreciation/(depreciation) (16,051,805) (15,428,612) (656,078) (720,571) (29) (32,857,095) Net accretion of discount and amortization of investments 5,649,790 210,631 103,151 5,504 — 5,969,076 Transfers into (out of) Level 3 — 13,020,345 — — — 13,020,345 Fair value, end of period $ 1,391,696,261 $ 149,314,979 $ 31,325,545 $ 9,924,972 $ 3,635,318 $ 1,585,897,075 First Lien Second Lien Unsecured Preferred Year Ended December 31, 2021* Loans Loans Notes Equity Total Fair value, beginning of period $ 4,499,537 $ 9,825,450 $ — $ — $ 14,324,987 Purchases of investments 1,020,601,673 111,872,500 19,600,000 2,000,000 1,154,074,173 Proceeds from principal payments (18,095,110) (20,709,833) — — (38,804,943) Realized gain (loss) on investments — 19,680 — — 19,680 Net change in unrealized appreciation/(depreciation) 3,320,290 755,109 386,007 — 4,481,406 Net accretion of discount and amortization of investments 1,513,248 301,447 13,993 — 1,828,688 Transfers into (out of) Level 3 — — — — — Fair value, end of period $ 1,011,839,638 $ 102,084,353 $ 20,000,000 $ 2,000,000 $ 1,135,923,991 |
Schedule of net change in unrealized appreciation (depreciation) for the Level 3 investments that were still held | Year Ended Year Ended Year Ended Net Change in Unrealized Appreciation (Depreciation) December 31, 2023 December 31, 2022* December 31, 2021 First Lien Loans $ 7,742,560 $ (16,051,805) $ 3,320,290 Second Lien Loans 2,678,612 (15,428,612) 755,109 Unsecured Notes 303,665 (656,078) 386,007 Preferred Equity 988,298 (720,571) — Common Equity & Warrants 2,009,137 (29) — Total $ 13,722,272 $ (32,857,095) $ 4,481,406 |
Schedule of significant unobservable inputs | December 31, 2023 Type of Investment Fair Value Valuation technique Unobservable input Range (weighted average) First Lien Loans $ 513,901,543 Discounted Cash Flow Discount Rate 9.4% - 16.2% (11.0%) First Lien Loans 1,209,775,187 Market Transaction Market Transaction 95.1% - 101.0% (98.6%) Second Lien Loan 151,403,940 Market Transaction Market Transaction 79.1% - 100.0% (91.9%) Unsecured Notes 20,219,487 Discounted Cash Flow Discount Rate 10.6% - 10.6% (10.6%) Unsecured Notes 28,113,736 Market Transaction Market Transaction 90.7% - 100.0% (94.8%) Preferred Equity 2,634,229 Discounted Cash Flow Discount Rate 131.7% Preferred Equity 24,905,482 Market Transaction Market Transaction 93.6% - 98.5% (96.4%) Common Equity 9,522,917 Market Transaction Market Transaction 100.0% - 127.6% (113.2%) Warrants 1,069,998 Market Transaction Market Transaction 366.9% Total $ 1,961,546,519 December 31, 2022* Type of Investment Fair Value Valuation technique Unobservable input Range (weighted average) First Lien Loans $ 960,204,411 Discounted Cash Flow Discount Rate 10.2% - 13.4% (10.5%) First Lien Loans 431,491,850 Market Transaction Market Transaction 94.5% - 99.3% (97.8%) Second Lien Loan 120,412,179 Discounted Cash Flow Discount Rate 12.0% - 17.6% (14.8%) Second Lien Loan 28,902,800 Market Transaction Market Transaction 97.0% - 98.9% (98.0%) Unsecured Notes 31,325,545 Discounted Cash Flow Discount Rate 10.7% - 11.0% (10.8%) Preferred Equity 7,821,359 Discounted Cash Flow Discount Rate 15.7% Preferred Equity 2,103,613 Enterprise Value Analysis EBITDA Multiple 23.0x Common Equity & Warrants 3,635,318 Market Transaction Market Transaction 101.4% Total $ 1,585,897,075 * Prior period presentation was updated to conform with current period presentation by showing the breakout of Preferred Equity from Common Equity & Warrants. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share | |
Schedule of computation of basic and diluted earnings per share of Common Stock | Year Ended Year Ended Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Net increase in net assets resulting from operations $ 133,470,803 $ 31,850,370 $ 21,755,033 Weighted average common shares of common stock outstanding—basic and diluted 44,712,958 33,466,524 11,072,368 Basic and diluted net increase in net assets resulting from operations per common share $ 2.99 $ 0.95 $ 1.96 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Highlights | |
Schedule of financial highlights | For the Period September 8, 2020 Year Ended Year Ended Year Ended (inception) through December 31, 2023 December 31, 2022 December 31, 2021 December 31, 2020 Per common stock operating performance: Net asset value, beginning of year/period $ 19.32 $ 20.14 $ 19.39 $ 20.00 Results of operations: Net investment income (loss) 1 2.62 1.94 1.51 (0.61) Net realized gains (losses) and unrealized appreciation (depreciation) 2 0.34 (0.87) 0.20 — Net increase (decrease) in net assets resulting from operations 2.96 1.07 1.71 (0.61) Distributions to Common Stockholders Distributions from earnings (2.57) (1.89) (0.96) — Net decrease in net assets resulting from distributions (2.57) (1.89) (0.96) — Net asset value, end of year/period $ 19.71 $ 19.32 $ 20.14 $ 19.39 Shares outstanding, end of year/period 50,308,175 42,294,773 27,093,753 1,250,050 Ratio/Supplemental data: Net assets, end of year/period $ 991,422,092 $ 817,185,589 $ 545,569,359 $ 24,232,910 Weighted average shares outstanding 44,712,958 33,466,524 11,072,368 233,393 3 Total return 4 16.21 % 5.35 % 8.91 % (3.05) % Portfolio turnover 11.09 % 13.26 % 9.90 % — 5 Ratio of operating expenses to average net assets 6 12.20 % 9.37 % 5.81 % 15.79 % Ratio of net investment income (loss) to average net assets 6 13.14 % 9.36 % 6.34 % (15.01) % 1 The per common stock data was derived by using weighted average shares outstanding. 2 The amount shown at this caption is the balancing amount derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the year/period does not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. 3 Calculated for the period November 17, 2020, the date of the first external issuance of shares, through December 31, 2020. 4 Total return is based upon the change in net asset value per share between the opening and ending net asset values per share, assuming reinvestment of any distributions during the period. Total return is not annualized and does not include a sales load. 5 Portfolio turnover is not applicable. 6 The ratios reflect an annualized amount. Non-recurring expenses were not annualized. During the years ended December 31, 2023, 2022, and 2021, the Company incurred $97,249 , $115,986 and $364,789 of Organizational and Offering Expenses, respectively. During the period from September 8, 2020 (inception) through December 31, 2020, the Company incurred $297,854 of Organizational and Offering expenses. Organizational and Offering Expenses were deemed to be non-recurring. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Significant Accounting Policies | |||
Fee income | $ 687,500 | $ 373,750 | $ 1,474,524 |
Total revenue from contracts with customers | 687,500 | 373,750 | 1,474,524 |
Investments were on non-accrual | 0 | 0 | |
Dividend income | 1,421,800 | 599,561 | 0 |
Net realized gains (losses) from investment | $ (132,921) | $ 1,072,458 | $ 232,805 |
Agreements and Related Party _2
Agreements and Related Party Transactions (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Agreements and Related Party Transactions | |||
Management fees incurred | $ 24,304,038 | $ 18,937,555 | $ 5,326,836 |
Base management fees payable | $ 6,531,640 | 5,548,862 | |
Number of parts of incentive fees | item | 2 | ||
First part of fee based on percentage of pre-incentive fee net investment income | 15% | ||
Quarterly preferred return | 1.75% | ||
Annualized preferred return | 7% | ||
Investment Advisory Agreement | |||
Agreements and Related Party Transactions | |||
Base management fee as percentage of average value of gross assets | 1.30% | ||
Management fees incurred | $ 24,304,038 | 18,937,555 | $ 5,326,836 |
Base management fees payable | $ 6,531,640 | $ 5,548,862 | |
Second part of fee based on percentage of realized capital gains | 15% |
Agreements and Related Party _3
Agreements and Related Party Transactions - Administration Agreement (Details) - Administration Agreement - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Agreements and Related Party Transactions | |||
Administrative overhead expenses | $ 1,328,448 | $ 973,179 | $ 493,073 |
Administrative overhead expenses remained payable | $ 312,184 | $ 278,561 |
Agreements and Related Party _4
Agreements and Related Party Transactions - Sub-Administration and Custodian Fees (Details) - Sub-administration agreement - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Agreements and Related Party Transactions | |||
Sub-Administrator and the Custodian expense | $ 1,754,065 | $ 1,154,902 | $ 350,289 |
Sub-Administrator and the Custodian expense remained payable | $ 313,074 | $ 489,568 |
Agreements and Related Party _5
Agreements and Related Party Transactions - Transfer Agent Fees (Details) - Transfer agent servicing agreement - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Agreements and Related Party Transactions | |||
Transfer agent expense | $ 69,096 | $ 50,938 | $ 54,165 |
Transfer agent expense remained payable | $ 25,878 | $ 27,316 |
Agreements and Related Party _6
Agreements and Related Party Transactions - Affiliated Broker-Dealer (Details) - USD ($) | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2023 | |
Affiliated Broker-Dealer | |||
Agreements and Related Party Transactions | |||
Paid fee for services provided | $ 0 | $ 0 | $ 1,125,000 |
Offering Costs (Details)
Offering Costs (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Offering Costs | ||||
Offering costs incurred | $ 297,854 | $ 97,249 | $ 115,986 | $ 364,789 |
Balance payable on organizational and offering costs payable | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments and Contingencies | ||
Unfunded portfolio company commitments | $ 226,541,917 | $ 210,252,851 |
2-10 Holdco, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,777,778 | 2,777,778 |
Accordian Partners LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,034,014 | 2,034,014 |
Accordian Partners LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,074,694 | 4,576,531 |
Accurserve | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,689,655 | |
AmeriLife Group LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,272,727 | 5,272,727 |
AmeriLife Group LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,768,121 | 3,515,152 |
Anaplan, Inc | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,546,008 | 1,546,008 |
ARMStrong Receivable Management | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 298,516 | |
ARMStrong Receivable Management | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 4,955,250 | |
AxiomSL Group, Inc | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,481,089 | |
AxiomSL Group, Inc | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,273,873 | |
Beacon Pointe Harmony, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,000,000 | 3,000,000 |
Beacon Pointe Harmony, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 9,873,511 | 8,010,000 |
Belmont Buyer, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,180,233 | |
Belmont Buyer, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,616,279 | |
Bottomline Technologies, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 7,365,385 | 7,365,385 |
Captive Resources Midco, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,202,764 | 2,202,764 |
Cherry Bekaert Advisory LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,625,000 | |
Cliffwater, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,857,143 | |
CNSI Holdings, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 912,440 | 1,440,694 |
CORA Health Holdings Corp. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,376,426 | |
Diligent Corporation | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,300,000 | 3,500,000 |
Elkay LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,611,111 | 3,611,111 |
Explorer Investor, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,058,140 | |
Galway Borrower, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 4,098,295 | 4,098,295 |
Galway Borrower, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 21,000,000 | 594,253 |
Geosyntec Consultants, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,609,000 | 1,609,000 |
Geosyntec Consultants, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,186,775 | 4,397,000 |
Giving Home Health Care | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,125,000 | |
GovDelivery Holdings, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,909,804 | 1,603,843 |
GraphPAD Software, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,250,000 | 2,500,000 |
GraphPAD Software, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 11,000,000 | |
Hyland Software, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,199,095 | |
IG Investments Holdings, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,057,803 | 3,034,682 |
Imagine Acquisitionco, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 4,630,225 | 4,630,225 |
Imagine Acquisitionco, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 6,430,868 | |
Kwol Acquisition, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 230,126 | |
MB2 Dental Solutions, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,200,000 | 2,777,778 |
MBO Partners, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 9,910,664 | |
Ministry Brands Purchaser, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 790,960 | 847,458 |
Ministry Brands Purchaser, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,649,718 | |
Mirra-Prime Access Holdings, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,055,000 | 1,712,500 |
More Cowbell I LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,770,906 | |
More Cowbell I LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,444,251 | |
Neptune BidCo US, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 750,000 | |
NextGen Healthcare | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 889,328 | |
NextGen Healthcare | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,369,525 | |
OneDigital Borrower LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 9,771,429 | |
PAS Parent, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,000,000 | |
PAS Parent, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 9,000,000 | |
Petra Borrower, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,750,000 | |
Petra Borrower, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 6,875,000 | |
Project K BuyerCo, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 7,727,273 | 7,727,273 |
RSC Acquisition, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 19,662,857 | 23,325,789 |
Simplifi Holdings, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,349,398 | 2,891,566 |
SpecialtyCare, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 913,598 | 658,640 |
SpecialtyCare, Inc. | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,168,555 | |
Spirit RR Holdings, Inc. | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,400,226 | |
Stepping Stones Healthcare Services, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,500,000 | 980,000 |
Stepping Stones Healthcare Services, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 1,545,250 | 4,130,000 |
Syntax Systems Limited | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 459,406 | 396,040 |
Syntax Systems Limited | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,970,297 | |
TA/WEG Intermediate Holdings, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,000,000 | 2,000,000 |
TA/WEG Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,940,858 | 13,698,286 |
Tamarack Intermediate LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 3,515,625 | 2,890,625 |
Trinity Partners Holdings LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 7,446,809 | 7,446,809 |
TST Intermediate Holdings, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 5,769,231 | 8,942,308 |
Williams Martson, LLC | First Lien Revolving Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | 2,234,615 | 2,234,615 |
Williams Martson, LLC | First Lien Delayed Draw Term Loan | ||
Commitments and Contingencies | ||
Unfunded portfolio company commitments | $ 2,553,846 | $ 2,553,846 |
Borrowings (Details)
Borrowings (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Borrowings | ||
Asset coverage ratio | 193% | 189% |
Borrowings - Outstanding debt (
Borrowings - Outstanding debt (Details) - USD ($) | Dec. 31, 2023 | Aug. 14, 2023 | Dec. 31, 2022 | Dec. 27, 2022 | May 19, 2022 |
Borrowings | |||||
Aggregate Principal Committed of credit facility | $ 1,360,000,000 | $ 1,100,000,000 | |||
Outstanding Principal of credit facility | 1,069,000,000 | 914,000,000 | |||
Amount Available of credit facility | 291,000,000 | 186,000,000 | |||
Net Carrying Value of credit facility | 837,595,700 | 682,730,958 | |||
Net Carrying Value of notes | 1,061,252,443 | 905,451,075 | |||
2025 Notes | |||||
Borrowings | |||||
Aggregate Principal Committed of notes | 225,000,000 | 225,000,000 | |||
Outstanding Principal of notes | 225,000,000 | 225,000,000 | $ 225,000,000 | ||
Net Carrying Value of notes | 223,656,743 | 222,720,117 | |||
Capital Call Facility | |||||
Borrowings | |||||
Aggregate Principal Committed of credit facility | 85,000,000 | 125,000,000 | $ 85,000,000 | ||
Outstanding Principal of credit facility | 52,000,000 | 5,000,000 | |||
Amount Available of credit facility | 33,000,000 | 120,000,000 | |||
Net Carrying Value of credit facility | 51,663,310 | 4,561,000 | |||
Revolving Credit Facility | |||||
Borrowings | |||||
Aggregate Principal Committed of credit facility | 750,000,000 | 750,000,000 | |||
Outstanding Principal of credit facility | 666,000,000 | 684,000,000 | |||
Amount Available of credit facility | 84,000,000 | 66,000,000 | |||
Net Carrying Value of credit facility | 661,932,675 | $ 678,169,958 | |||
Secured Credit Facility | |||||
Borrowings | |||||
Aggregate Principal Committed of credit facility | 300,000,000 | $ 300,000,000 | |||
Outstanding Principal of credit facility | 126,000,000 | ||||
Amount Available of credit facility | 174,000,000 | ||||
Net Carrying Value of credit facility | $ 123,999,715 |
Borrowings - Capital Call Facil
Borrowings - Capital Call Facility, Narratives (Details) - USD ($) | Dec. 22, 2023 | Dec. 21, 2023 | Dec. 27, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 26, 2022 |
Credit facility | ||||||
Maximum borrowing capacity | $ 1,360,000,000 | $ 1,100,000,000 | ||||
Capital Call Facility | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 85,000,000 | 85,000,000 | 125,000,000 | |||
Spread on variable rate | 1.35% | |||||
Term of debt | 2 years | |||||
Unused commitment fee (as a percent) | 0.35% | |||||
Unamortized financing costs | 336,690 | 439,000 | ||||
Outstanding balance | 52,000,000 | 5,000,000 | ||||
Outstanding balance net of unamortized financing costs | $ 51,663,310 | $ 4,561,000 | ||||
Capital Call Facility | SOFR | ||||||
Credit facility | ||||||
Spread on variable rate | 2.35% | |||||
Capital Call Facility | Federal funds effective rate | ||||||
Credit facility | ||||||
Spread on variable rate | 0.50% | |||||
Capital Call Facility | Second Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 125,000,000 | $ 200,000,000 | ||||
Capital Call Facility | Second Amendment | SOFR | ||||||
Credit facility | ||||||
Floor rate on variable rate | 1.95% | |||||
Capital Call Facility | Third Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 85,000,000 | $ 125,000,000 | ||||
Spread on variable rate | 135% | 95% | ||||
Capital Call Facility | Third Amendment | SOFR | ||||||
Credit facility | ||||||
Spread on variable rate | 235% | 195% |
Borrowings - Capital Call Fac_2
Borrowings - Capital Call Facility, Tabular (Details) - Capital Call Facility - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit facility | |||
Interest expense | $ 2,994,200 | $ 2,926,744 | $ 2,345,247 |
Financing expenses | 453,743 | 556,024 | 778,626 |
Total interest and financing expenses | $ 3,447,943 | $ 3,482,768 | $ 3,123,873 |
Borrowings - Revolving Credit F
Borrowings - Revolving Credit Facility, Narratives (Details) - USD ($) | Jan. 28, 2022 | Jun. 28, 2021 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Oct. 15, 2021 |
Credit facility | ||||||
Maximum borrowing capacity | $ 1,360,000,000 | $ 1,100,000,000 | ||||
Revolving Credit Facility | ||||||
Credit facility | ||||||
Maximum borrowing capacity | 750,000,000 | 750,000,000 | ||||
Unamortized financing costs | 4,067,325 | 5,830,043 | ||||
Outstanding balance | 666,000,000 | 684,000,000 | ||||
Outstanding balance net of unamortized financing costs | $ 661,932,675 | $ 678,169,958 | ||||
Revolving Credit Facility | Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 250,000,000 | $ 500,000,000 | ||||
Revolving Credit Facility | Second Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 750,000,000 | |||||
Increase in maximum borrowing capacity | 250,000,000 | |||||
Revolving Credit Facility | Third Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 1,000,000,000 | |||||
Revolving Credit Facility | Initially, to but excluding September 28, 2021 | ||||||
Credit facility | ||||||
Commitment fee | 0.25% | |||||
Revolving Credit Facility | From and including September 28, 2021 to but excluding the first anniversary of the Revolving Credit Facility | ||||||
Credit facility | ||||||
Commitment fee | 0.50% | |||||
Revolving Credit Facility | From and including the first anniversary of the Revolving Credit Facility until the third anniversary | ||||||
Credit facility | ||||||
Commitment fee | 0.60% | |||||
Revolving Credit Facility | Certain circumstances, to increase the size of Credit Facility | Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | $ 750,000,000 | |||||
Revolving Credit Facility | Certain circumstances, to increase the size of Credit Facility | Second Amendment | ||||||
Credit facility | ||||||
Maximum borrowing capacity | 1,000,000,000 | |||||
Increase in maximum borrowing capacity | $ 250,000,000 | |||||
Revolving Credit Facility | Euro interbank offered rate | Euros | ||||||
Credit facility | ||||||
Applicable margin | 2.45% | |||||
Revolving Credit Facility | Euro interbank offered rate | GPB | ||||||
Credit facility | ||||||
Applicable margin | 2.5693% | |||||
Revolving Credit Facility | SOFR | ||||||
Credit facility | ||||||
Applicable margin | 2.55% |
Borrowings - Revolving Credit_2
Borrowings - Revolving Credit Facility, Tabular (Details) - Revolving Credit Facility - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit facility | |||
Interest expense | $ 54,030,270 | $ 27,106,234 | $ 3,112,589 |
Financing expenses | 1,782,165 | 1,627,286 | 399,126 |
Total interest and financing expenses | $ 55,812,435 | $ 28,733,520 | $ 3,511,715 |
Borrowings - Secured Credit Fac
Borrowings - Secured Credit Facility, Narratives (Details) - USD ($) | Aug. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Credit facility | |||
Maximum borrowing capacity | $ 1,360,000,000 | $ 1,100,000,000 | |
Secured Credit Facility | |||
Credit facility | |||
Maximum borrowing capacity | $ 300,000,000 | 300,000,000 | |
Unamortized financing costs | 2,000,285 | ||
Outstanding balance | 126,000,000 | ||
Outstanding balance net of unamortized financing costs | $ 123,999,715 | ||
Secured Credit Facility | SOFR | |||
Credit facility | |||
Spread on variable rate | 3.10% | ||
ABL Facility | |||
Credit facility | |||
Maximum borrowing capacity | $ 250,000,000 | ||
Revolver Facility | |||
Credit facility | |||
Maximum borrowing capacity | $ 50,000,000 |
Borrowings - Secured Credit F_2
Borrowings - Secured Credit Facility, Tabular (Details) - Secured Credit Facility | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Credit facility | |
Interest expense | $ 3,781,973 |
Financing expenses | 164,715 |
Total interest and financing expenses | $ 3,946,688 |
Borrowings - 2025 Notes, Narrat
Borrowings - 2025 Notes, Narratives (Details) - USD ($) | 12 Months Ended | ||||
Aug. 18, 2022 | May 19, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | ||
Borrowings | |||||
Proceeds from issuance of debt | [1] | $ 225,000,000 | |||
Extent and for so long as the notes fail to satisfy certain investment grade rating conditions | |||||
Borrowings | |||||
Step up in interest rate | 1% | ||||
Extent and for so long as either the ratio of the Company's secured debt to total assets exceeds specified thresholds | |||||
Borrowings | |||||
Step up in interest rate | 1.50% | ||||
2025 Notes | |||||
Borrowings | |||||
Aggregate principal amount | $ 225,000,000 | 225,000,000 | $ 225,000,000 | ||
Proceeds from issuance of debt | $ 75,000,000 | $ 150,000,000 | |||
Fixed interest rate | 5.83% | ||||
Unamortized debt issuance costs | 2,279,883 | 1,343,257 | |||
Outstanding balance | 225,000,000 | 225,000,000 | |||
Outstanding balance net of unamortized debt issuance costs | $ 222,720,117 | $ 223,656,743 | |||
[1] Prior period presentation was updated to conform with current period presentation by showing the breakout of amortization of deferred financing and debt issuance costs from new deferred financing and debt issuance costs. |
Borrowings - 2025 Notes, Tabula
Borrowings - 2025 Notes, Tabular (Details) - 2025 Notes - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Borrowings | ||
Interest expense | $ 13,117,500 | $ 7,236,030 |
Financing expenses | 1,036,626 | 591,355 |
Total interest and financing expenses | $ 14,154,126 | $ 7,827,385 |
Net Assets - Unregistered Sales
Net Assets - Unregistered Sales of Equity Securities (Details) - USD ($) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 28, 2023 | Dec. 26, 2023 | Sep. 29, 2023 | Sep. 27, 2023 | Jun. 28, 2023 | Jun. 26, 2023 | Apr. 03, 2023 | Mar. 29, 2023 | Mar. 27, 2023 | Dec. 30, 2022 | Dec. 27, 2022 | Sep. 28, 2022 | Sep. 26, 2022 | Jun. 29, 2022 | Jun. 27, 2022 | Mar. 29, 2022 | Mar. 25, 2022 | Mar. 24, 2022 | Dec. 22, 2021 | Dec. 09, 2021 | Sep. 24, 2021 | Sep. 23, 2021 | Aug. 25, 2021 | Jun. 18, 2021 | Mar. 30, 2021 | Feb. 26, 2021 | Feb. 04, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Assets | ||||||||||||||||||||||||||||||
Number of Common Stock Issued | 25,843,703 | |||||||||||||||||||||||||||||
Aggregate Offering Price | $ 136,736,647 | $ 293,400,000 | $ 514,999,000 | |||||||||||||||||||||||||||
Aggregate Offering Price of Company's DRIP | $ 18,706,354 | $ 10,198,762 | $ 1,523,396 | |||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||
Net Assets | ||||||||||||||||||||||||||||||
Number of Common Stock Issued | 2,305,457 | 264,628 | 2,578,558 | 1,126,918 | 56,599 | 980,749 | 2,467,892 | 5,000,901 | 2,498,950 | 1,986,561 | 2,734,196 | 10,296,137 | 3,783,388 | 5,025,757 | 3,687,064 | 1,429,493 | 1,545,776 | |||||||||||||
Number of Common Stock Issued in the Company's DRIP | 218,518 | 252,293 | 229,681 | 186,283 | 138,540 | 100,633 | 87,065 | 44,706 | 17,842 | 13,540 | ||||||||||||||||||||
Aggregate Offering Price | $ 45,036,647 | $ 49,900,000 | $ 21,800,000 | $ 1,093,900 | $ 18,906,100 | $ 48,500,000 | $ 99,900,000 | $ 50,000,000 | $ 40,000,000 | $ 55,000,000 | $ 210,000,000 | $ 75,000,000 | $ 100,000,000 | $ 71,877,447 | $ 28,121,553 | $ 30,000,000 | ||||||||||||||
Aggregate Offering Price of Company's DRIP | $ 5,169,447 | $ 4,228,747 | $ 4,880,557 | $ 4,427,602 | $ 3,666,375 | $ 2,767,536 | $ 2,013,490 | $ 1,751,362 | $ 898,396 | $ 353,695 | $ 271,305 |
Net Assets - Additional Informa
Net Assets - Additional Informations (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Assets | |||
Number of shares issued | 25,843,703 | ||
Common stock, shares outstanding (in shares) | 50,308,175 | 42,294,773 | 27,093,753 |
Capital commitments | $ 1,282.1 | $ 1,152 | |
Capital commitments unfunded | $ 311.9 | $ 318.6 | |
Notice term for funding | 10 days | ||
Private placement offerings | |||
Net Assets | |||
Number of shares issued | 8,013,401 | 15,201,021 | |
Average price per share | $ 19.40 | $ 19.97 | $ 19.99 |
Gross proceeds | $ 155.4 | $ 303.6 | $ 516.5 |
Net Assets - Distributions (Det
Net Assets - Distributions (Details) - USD ($) | 12 Months Ended | |||||||||||||
Dec. 26, 2023 | Sep. 27, 2023 | Jun. 26, 2023 | Mar. 27, 2023 | Dec. 27, 2022 | Sep. 26, 2022 | Jun. 27, 2022 | Mar. 24, 2022 | Sep. 26, 2021 | Aug. 25, 2021 | Jun. 27, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Assets | ||||||||||||||
Distribution Rate per Share | $ 2.57 | $ 1.89 | $ 0.96 | |||||||||||
Common Stock | ||||||||||||||
Net Assets | ||||||||||||||
Distribution Rate per Share | $ 0.670 | $ 0.655 | $ 0.640 | $ 0.600 | $ 0.550 | $ 0.510 | $ 0.405 | $ 0.425 | $ 0.360 | $ 0.280 | $ 0.320 | |||
Distribution Paid | $ 31,984,520 | $ 29,436,364 | $ 27,879,553 | $ 25,376,864 | $ 21,802,329 | $ 17,595,590 | $ 12,970,138 | $ 11,514,845 | $ 4,662,605 | $ 3,622,679 | $ 8,655,695 |
Investments - Composition of in
Investments - Composition of investment portfolio at cost and fair value (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments | ||
Amortized Cost | $ 2,012,624,733 | $ 1,717,895,936 |
Fair Value | $ 1,999,625,235 | $ 1,688,521,222 |
Percent of Total Portfolio at Fair Value | 100% | 100% |
First Lien Loans | ||
Investments | ||
Amortized Cost | $ 1,732,531,380 | $ 1,425,048,682 |
Fair Value | $ 1,727,610,516 | $ 1,412,214,024 |
Percent of Total Portfolio at Fair Value | 86.30% | 83.60% |
Second Lien Loans | ||
Investments | ||
Amortized Cost | $ 178,039,770 | $ 193,720,645 |
Fair Value | $ 165,869,897 | $ 178,146,384 |
Percent of Total Portfolio at Fair Value | 8.30% | 10.60% |
Unsecured Notes | ||
Investments | ||
Amortized Cost | $ 66,197,792 | $ 84,845,719 |
Fair Value | $ 68,012,196 | $ 84,600,524 |
Percent of Total Portfolio at Fair Value | 3.40% | 5% |
Preferred Equity | ||
Investments | ||
Amortized Cost | $ 27,271,984 | $ 10,645,543 |
Fair Value | $ 27,539,711 | $ 9,924,972 |
Percent of Total Portfolio at Fair Value | 1.40% | 0.60% |
Common Equity and Warrants | ||
Investments | ||
Amortized Cost | $ 8,583,807 | $ 3,635,347 |
Fair Value | $ 10,592,915 | $ 3,635,318 |
Percent of Total Portfolio at Fair Value | 0.60% | 0.20% |
Investments - Geographic compos
Investments - Geographic composition of investments based on fair value (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments | ||
Total | 100% | 100% |
U.S. | ||
Investments | ||
Total | 98.40% | 98.20% |
Non-U.S. | ||
Investments | ||
Total | 1.60% | 1.80% |
Investments - Industry composit
Investments - Industry composition of investments based on fair value (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments | ||
Total | 100% | 100% |
Capital Markets | ||
Investments | ||
Total | 4.70% | 5.60% |
Diversified Consumer Services | ||
Investments | ||
Total | 0.60% | 0.70% |
Financial Services | ||
Investments | ||
Total | 10.80% | 8.50% |
Health Care Providers & Services | ||
Investments | ||
Total | 13% | 10.70% |
Health Care Technology | ||
Investments | ||
Total | 6.20% | 6.80% |
Insurance | ||
Investments | ||
Total | 22.30% | 16.60% |
IT Services | ||
Investments | ||
Total | 12.10% | 14.50% |
Professional Services | ||
Investments | ||
Total | 13% | 14.40% |
Real Estate Management & Development | ||
Investments | ||
Total | 2.50% | 2.90% |
Software | ||
Investments | ||
Total | 14.80% | 19.30% |
Fair Value of Investments - Fai
Fair Value of Investments - Fair value hierarchy (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair value hierarchy | ||
Fair Value | $ 1,999,625,235 | $ 1,688,521,222 |
Level 2 | ||
Fair value hierarchy | ||
Fair Value | 38,078,716 | 102,624,147 |
Level 3 | ||
Fair value hierarchy | ||
Fair Value | 1,961,546,519 | 1,585,897,075 |
First Lien Loans | ||
Fair value hierarchy | ||
Fair Value | 1,727,610,516 | 1,412,214,024 |
First Lien Loans | Level 2 | ||
Fair value hierarchy | ||
Fair Value | 3,933,786 | 20,517,763 |
First Lien Loans | Level 3 | ||
Fair value hierarchy | ||
Fair Value | 1,723,676,730 | 1,391,696,261 |
Second Lien Loans | ||
Fair value hierarchy | ||
Fair Value | 165,869,897 | 178,146,384 |
Second Lien Loans | Level 2 | ||
Fair value hierarchy | ||
Fair Value | 14,465,957 | 28,831,405 |
Second Lien Loans | Level 3 | ||
Fair value hierarchy | ||
Fair Value | 151,403,940 | 149,314,979 |
Unsecured Note | ||
Fair value hierarchy | ||
Fair Value | 68,012,196 | 84,600,524 |
Unsecured Note | Level 2 | ||
Fair value hierarchy | ||
Fair Value | 19,678,973 | 53,274,979 |
Unsecured Note | Level 3 | ||
Fair value hierarchy | ||
Fair Value | 48,333,223 | 31,325,545 |
Preferred Equity | ||
Fair value hierarchy | ||
Fair Value | 27,539,711 | 9,924,972 |
Preferred Equity | Level 3 | ||
Fair value hierarchy | ||
Fair Value | 27,539,711 | 9,924,972 |
Common Equity and Warrants | ||
Fair value hierarchy | ||
Fair Value | 10,592,915 | 3,635,318 |
Common Equity and Warrants | Level 3 | ||
Fair value hierarchy | ||
Fair Value | $ 10,592,915 | $ 3,635,318 |
Fair Value of Investments - Cha
Fair Value of Investments - Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Number of transfers into Level 3 | item | 0 | 1 | 0 |
Level 3 | |||
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Fair value, beginning of period | $ 1,585,897,075 | $ 1,135,923,991 | $ 14,324,987 |
Purchases of investments, net | 491,217,511 | 639,667,029 | 1,154,074,173 |
Proceeds from sales and principal payments, net | (136,310,154) | (176,043,576) | (38,804,943) |
Realized gain (loss) on investments | 1,510,664 | 217,305 | 19,680 |
Net change in unrealized appreciation/(depreciation) | 13,722,272 | $ (32,857,095) | 4,481,406 |
Net change in unrealized appreciation/(depreciation) | Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax | ||
Net accretion of discount and amortization of investments | 5,509,151 | $ 5,969,076 | 1,828,688 |
Transfers into (out of) Level 3 | 13,020,345 | ||
Fair value, end of period | 1,961,546,519 | 1,585,897,075 | 1,135,923,991 |
First Lien Loans | Level 3 | |||
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Fair value, beginning of period | 1,391,696,261 | 1,011,839,638 | 4,499,537 |
Purchases of investments, net | 452,849,274 | 551,196,344 | 1,020,601,673 |
Proceeds from sales and principal payments, net | (135,867,081) | (161,001,076) | (18,095,110) |
Realized gain (loss) on investments | $ 2,180,953 | 63,370 | |
Realized gain (loss) on investments | Debt and Equity Securities, Realized Gain (Loss) | ||
Net change in unrealized appreciation/(depreciation) | $ 7,742,560 | (16,051,805) | 3,320,290 |
Net accretion of discount and amortization of investments | 5,074,763 | 5,649,790 | 1,513,248 |
Fair value, end of period | 1,723,676,730 | 1,391,696,261 | 1,011,839,638 |
Second Lien Loans | Level 3 | |||
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Fair value, beginning of period | 149,314,979 | 102,084,353 | 9,825,450 |
Purchases of investments, net | 64,316,827 | 111,872,500 | |
Proceeds from sales and principal payments, net | (174,852) | (15,042,500) | (20,709,833) |
Realized gain (loss) on investments | (670,289) | 153,935 | 19,680 |
Net change in unrealized appreciation/(depreciation) | 2,678,612 | (15,428,612) | 755,109 |
Net accretion of discount and amortization of investments | 255,490 | 210,631 | 301,447 |
Transfers into (out of) Level 3 | 13,020,345 | ||
Fair value, end of period | 151,403,940 | 149,314,979 | 102,084,353 |
Unsecured Note | Level 3 | |||
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Fair value, beginning of period | 31,325,545 | 20,000,000 | |
Purchases of investments, net | 16,557,902 | 11,878,472 | 19,600,000 |
Net change in unrealized appreciation/(depreciation) | 303,665 | (656,078) | 386,007 |
Net accretion of discount and amortization of investments | 146,111 | 103,151 | 13,993 |
Fair value, end of period | 48,333,223 | 31,325,545 | 20,000,000 |
Preferred Equity | Level 3 | |||
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Fair value, beginning of period | 9,924,972 | 2,000,000 | |
Purchases of investments, net | 16,593,654 | 8,640,039 | 2,000,000 |
Net change in unrealized appreciation/(depreciation) | 988,298 | (720,571) | |
Net accretion of discount and amortization of investments | 32,787 | 5,504 | |
Fair value, end of period | 27,539,711 | 9,924,972 | $ 2,000,000 |
Common Equity & Warrants | Level 3 | |||
Changes in the fair value of investments for which Level 3 inputs were used to determine the fair value | |||
Fair value, beginning of period | 3,635,318 | ||
Purchases of investments, net | 5,216,681 | 3,635,347 | |
Proceeds from sales and principal payments, net | (268,221) | ||
Net change in unrealized appreciation/(depreciation) | 2,009,137 | (29) | |
Fair value, end of period | $ 10,592,915 | $ 3,635,318 |
Fair Value of Investments - Net
Fair Value of Investments - Net change in unrealized appreciation (depreciation) (Details) - Level 3 - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Change in Unrealized Appreciation (Depreciation) | |||
Total | $ 13,722,272 | $ (32,857,095) | $ 4,481,406 |
First Lien Loans | |||
Net Change in Unrealized Appreciation (Depreciation) | |||
Total | 7,742,560 | (16,051,805) | 3,320,290 |
Second Lien Loans | |||
Net Change in Unrealized Appreciation (Depreciation) | |||
Total | 2,678,612 | (15,428,612) | 755,109 |
Unsecured Note | |||
Net Change in Unrealized Appreciation (Depreciation) | |||
Total | 303,665 | (656,078) | $ 386,007 |
Preferred Equity | |||
Net Change in Unrealized Appreciation (Depreciation) | |||
Total | 988,298 | (720,571) | |
Common Equity and Warrants | |||
Net Change in Unrealized Appreciation (Depreciation) | |||
Total | $ 2,009,137 | $ (29) |
Fair Value of Investments - Qua
Fair Value of Investments - Quantitative information about the significant unobservable inputs of Level 3 investments (Details) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 1,999,625,235 | $ 1,688,521,222 |
Level 3 | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 1,961,546,519 | 1,585,897,075 |
Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 131.7 | |
First Lien Loans | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 1,727,610,516 | 1,412,214,024 |
First Lien Loans | Level 3 | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 1,723,676,730 | 1,391,696,261 |
First Lien Loans | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 513,901,543 | 960,204,411 |
First Lien Loans | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 1,209,775,187 | $ 431,491,850 |
First Lien Loans | Minimum [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 9.4 | 0.102 |
First Lien Loans | Minimum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 95.1 | 0.945 |
First Lien Loans | Maximum [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 16.2 | 0.134 |
First Lien Loans | Maximum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 101 | 0.993 |
First Lien Loans | Weighted Average [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 11 | 10.5 |
First Lien Loans | Weighted Average [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 98.6 | 97.8 |
Second Lien Loans | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 165,869,897 | $ 178,146,384 |
Second Lien Loans | Level 3 | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 151,403,940 | 149,314,979 |
Second Lien Loans | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 120,412,179 | |
Second Lien Loans | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 151,403,940 | $ 28,902,800 |
Second Lien Loans | Minimum [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 0.120 | |
Second Lien Loans | Minimum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 79.1 | 0.970 |
Second Lien Loans | Maximum [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 0.176 | |
Second Lien Loans | Maximum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 100 | 0.989 |
Second Lien Loans | Weighted Average [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 14.8 | |
Second Lien Loans | Weighted Average [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 91.9 | 98 |
Unsecured Note | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 68,012,196 | $ 84,600,524 |
Unsecured Note | Level 3 | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 48,333,223 | 31,325,545 |
Unsecured Note | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 20,219,487 | $ 31,325,545 |
Unsecured Note | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 28,113,736 | |
Unsecured Note | Minimum [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 10.6 | 0.107 |
Unsecured Note | Minimum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 90.7 | |
Unsecured Note | Maximum [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 10.6 | 0.110 |
Unsecured Note | Maximum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 100 | |
Unsecured Note | Weighted Average [Member] | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 10.6 | 10.8 |
Unsecured Note | Weighted Average [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Debt | 94.8 | |
Preferred Equity | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 27,539,711 | $ 9,924,972 |
Preferred Equity | Level 3 | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 27,539,711 | 9,924,972 |
Preferred Equity | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 2,634,229 | 7,821,359 |
Preferred Equity | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 24,905,482 | |
Preferred Equity | Level 3 | Enterprise Value Analysis | EBITDA Multiple | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 2,103,613 | |
Equity investments | 23 | |
Preferred Equity | Minimum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 93.6 | |
Preferred Equity | Maximum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 98.5 | |
Preferred Equity | Weighted Average [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 96.4 | |
Common Equity | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 9,522,917 | |
Common Equity | Minimum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 100 | |
Common Equity | Maximum [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 127.6 | |
Common Equity | Weighted Average [Member] | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 113.2 | |
Common Equity & Warrants | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 10,592,915 | $ 3,635,318 |
Common Equity & Warrants | Level 3 | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | 10,592,915 | $ 3,635,318 |
Common Equity & Warrants | Level 3 | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Equity investments | 0.157 | |
Common Equity & Warrants | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 3,635,318 | |
Equity investments | 1.014 | |
Warrants | Level 3 | Market Transaction | Market Transaction | ||
Quantitative information about the significant unobservable inputs of Level 3 investments | ||
Fair Value | $ 1,069,998 | |
Debt | 366.9 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share | ||||
Number of dilutive shares | 0 | 0 | ||
Net increase in net assets resulting from operations, basic | $ 133,470,803 | $ 31,850,370 | $ 21,755,033 | |
Weighted average shares of Common Stock outstanding-basic | 233,393 | 44,712,958 | 33,466,524 | 11,072,368 |
Weighted average shares of Common Stock outstanding- diluted | 233,393 | 44,712,958 | 33,466,524 | 11,072,368 |
Net increase (decrease) in net assets resulting from operations basic (in dollar per share) | $ 2.99 | $ 0.95 | $ 1.96 | |
Net increase (decrease) in net assets resulting from operations diluted (in dollar per share) | 2.99 | 0.95 | 1.96 | |
Basic net increase in net assets resulting from operations per share of Common Stock | 2.62 | 1.94 | 1.51 | |
Diluted net increase in net assets resulting from operations per share of Common Stock | $ 2.62 | $ 1.94 | $ 1.51 |
Taxes (Details)
Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Taxes | |||
Provision for federal taxes | $ 0 | ||
Undistributed ordinary income | 5,337,982 | $ 2,655,300 | $ 397,445 |
Capital losses | 132,922 | ||
Net unrealized appreciation (depreciation) on investments | 12,999,498 | 29,374,714 | 4,763,412 |
Other temporary differences | (187,992) | (203,768) | (219,543) |
Adjustment for permanent book to tax differences | $ 147,249 | $ 118,036 | $ 364,788 |
Financial Highlights (Details)
Financial Highlights (Details) - USD ($) | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Highlights | ||||
Net asset value, beginning of year/period | $ 20 | $ 19.32 | $ 20.14 | $ 19.39 |
Results of operations: | ||||
Net investment income | (0.61) | 2.62 | 1.94 | 1.51 |
Net realized gains (losses) and unrealized appreciation (depreciation) | 0.34 | (0.87) | 0.20 | |
Net increase (decrease) in net assets resulting from operations | (0.61) | 2.96 | 1.07 | 1.71 |
Distributions to Common Stockholders | ||||
Distributions from net income | (2.57) | (1.89) | (0.96) | |
Net decrease in net assets resulting from distributions | (2.57) | (1.89) | (0.96) | |
Net asset value, end of year/period | $ 19.39 | $ 19.71 | $ 19.32 | $ 20.14 |
Shares outstanding, end of year/period | 1,250,050 | 50,308,175 | 42,294,773 | 27,093,753 |
Ratio/Supplemental data: | ||||
Net assets, end of year/period | $ 24,232,910 | $ 991,422,092 | $ 817,185,589 | $ 545,569,359 |
Weighted average shares outstanding basic (in shares) | 233,393 | 44,712,958 | 33,466,524 | 11,072,368 |
Weighted average shares outstanding diluted (in shares) | 233,393 | 44,712,958 | 33,466,524 | 11,072,368 |
Total return | (3.05%) | 16.21% | 5.35% | 8.91% |
Portfolio turnover | 11.09% | 13.26% | 9.90% | |
Ratio of operating expenses to average net assets | 15.79% | 12.20% | 9.37% | 5.81% |
Ratio of net investment income (loss) to average net assets | (15.01%) | 13.14% | 9.36% | 6.34% |
Offering costs incurred | $ 297,854 | $ 97,249 | $ 115,986 | $ 364,789 |
Subsequent Events (Details)
Subsequent Events (Details) | Mar. 19, 2024 $ / shares |
Subsequent Events | |
Subsequent Events | |
Declared a distribution | $ 0.65 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 133,470,803 | $ 31,850,370 | $ 21,755,033 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |