10-Q

^{[1],[2],[3],[4]}

$ 1,248,920

^[2],[4],[5]

$ 1,262,452

Investment, Identifier [Axis]: Debt Investments

^[2],[4]

155.40%

^[2],[3]

$ 1,232,474

^[1],[4]

$ 801,223

^[6],[7]

^[2]

$ 1,246,008

^[4],[5]

$ 800,995

^[7],[8]

Investment, Identifier [Axis]: Debt Investments Business Services

^[2]

153.40%

^[4]

146.40%

^[7]

153.40%

^[4]

153.40%

^[4]

146.40%

^[7]

146.40%

^[7]

^[2],[3]

$ 6,210

^[1],[4]

$ 6,199

^[6],[7]

^[2]

$ 6,535

^[4],[5]

$ 6,325

^[7],[8]

Investment, Identifier [Axis]: Debt Investments Business Services Hornetsecurity Holding GmbH First-lien loan (EUR 3,150 par, due 11/2029) Initial Acquisition Date 11/14/2022 Reference Rate and Spread E + 6.50% Interest Rate 9.15%

^[2]

0.80%

^[4]

1.20%

^[7]

0.80%

^[4]

0.80%

^[4]

1.20%

^[7]

1.20%

^[7]

^{[2],[4],[9],[10]}

€ 3,150

^{[2],[4],[9],[10]}

2029-11

^{[2],[4],[9],[10]}

Nov. 14, 2022

^{[2],[4],[9],[10]}

6.50%

^{[2],[4],[9],[10]}

9.15%

^{[1],[2],[3],[4],[9],[10]}

$ 3,143

^{[2],[4],[5],[9],[10]}

$ 3,312

€ 3,049

Investment, Identifier [Axis]: Debt Investments Business Services Hornetsecurity Holding GmbH First-lien loan (EUR 3,362 par, due 11/2029) Initial Acquisition Date 11/14/2022 Reference Rate and Spread E + 6.50% Interest Rate 8.26 %

^{[2],[4],[9],[10]}

0.40%

^{[2],[7],[11],[12]}

€ 3,362

^{[2],[7],[11],[12]}

2029-11

^{[2],[7],[11],[12]}

Nov. 14, 2022

^{[2],[7],[11],[12]}

6.50%

^{[2],[7],[11],[12]}

8.26%

^{[2],[3],[6],[7],[11],[12]}

$ 3,139

^{[2],[7],[8],[11],[12]}

$ 3,213

€ 3,011

Investment, Identifier [Axis]: Debt Investments Business Services OutSystems Luxco SARL First-lien loan (EUR 3,004 par, due 12/2028) Initial Acquisition Date 12/8/2022 Reference Rate and Spread E + 5.75% Interest Rate 8.74%

^{[2],[7],[11],[12]}

0.60%

^{[2],[4],[9],[10],[13]}

€ 3,004

^{[2],[4],[9],[10],[13]}

2028-12

^{[2],[4],[9],[10],[13]}

Dec. 08, 2022

^{[2],[4],[9],[10],[13]}

5.75%

^{[2],[4],[9],[10],[13]}

8.74%

^{[1],[2],[3],[4],[9],[10],[13]}

$ 3,067

^{[2],[4],[5],[9],[10],[13]}

$ 3,223

€ 2,966

Investment, Identifier [Axis]: Debt Investments Business Services OutSystems Luxco SARL First-lien loan (EUR 3,206 par, due 12/2028) Initial Acquisition Date 12/8/2022 Reference Rate and Spread E + 5.75% Interest Rate E + 5.75%

^{[2],[4],[9],[10],[13]}

0.40%

^{[2],[7],[11],[12],[14]}

€ 3,206

^{[2],[7],[11],[12],[14]}

2028-12

^{[2],[7],[11],[12],[14]}

Dec. 08, 2022

^{[2],[7],[11],[12],[14]}

5.75%

^{[2],[7],[11],[12],[14]}

7.74%

^{[2],[3],[6],[7],[11],[12],[14]}

$ 3,060

^{[2],[7],[8],[11],[12],[14]}

$ 3,112

€ 2,916

Investment, Identifier [Axis]: Debt Investments Chemicals

^{[2],[7],[11],[12],[14]}

0.60%

^[2],[3]

$ 18,154

^[1],[4]

$ 18,152

^[6],[7]

^[2]

$ 19,975

^[4],[5]

$ 19,248

^[7],[8]

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 7,239 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 6.75% Interest Rate 9.20%

^[2]

2.50%

^[4]

3.30%

^[7]

2.50%

^[4]

2.50%

^[4]

3.30%

^[7]

3.30%

^[7]

^{[2],[4],[9],[10]}

€ 7,239

^{[2],[4],[9],[10]}

2028-09

^{[2],[4],[9],[10]}

Sep. 06, 2022

^{[2],[4],[9],[10]}

6.75%

^{[2],[4],[9],[10]}

9.20%

^{[1],[2],[3],[4],[9],[10]}

$ 6,899

^{[2],[4],[5],[9],[10]}

$ 7,594

€ 6,989

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (EUR 7,726 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread E + 6.75% Interest Rate 8.73 %

^{[2],[4],[9],[10]}

1.00%

^{[2],[7],[11],[12]}

€ 7,726

^{[2],[7],[11],[12]}

2028-09

^{[2],[7],[11],[12]}

Sep. 06, 2022

^{[2],[7],[11],[12]}

6.75%

^{[2],[7],[11],[12]}

8.73%

^{[2],[3],[6],[7],[11],[12]}

$ 6,907

^{[2],[7],[8],[11],[12]}

$ 7,326

€ 6,864

Investment, Identifier [Axis]: Debt Investments Chemicals Erling Lux Bidco SARL First-lien loan (GBP 10,217 par, due 9/2028) Acquisition Date 9/6/2022 Reference Rate and Spread S + 6.75% Interest Rate 10.94%

^{[2],[7],[11],[12]}

1.30%

Investment, par | £

^{[2],[4],[9],[10]}

£ 10,217

^{[4],[9],[10],[15]}

2028-09

^{[2],[4],[9],[10]}

Sep. 06, 2022

^{[2],[4],[9],[10]}

6.75%

^{[2],[4],[9],[10]}

10.94%

^{[1],[2],[3],[4],[9],[10]}

$ 11,255

^{[2],[4],[5],[9],[10]}

$ 12,381

£ 10,013

Investment, Identifier [Axis]: Debt Investments Chemicals First-lien loan (GBP 12,291 par, due 9/2028) Initial Acquisition Date 9/6/2022 Reference Rate and Spread S + 6.75% Interest Rate 10.20 %

^{[2],[4],[9],[10]}

1.50%

Investment, par | £

^{[2],[7],[11],[12]}

£ 12,291

^{[2],[7],[11],[12]}

2028-09

^{[2],[7],[11],[12]}

Sep. 06, 2022

^{[2],[7],[11],[12]}

6.75%

^{[2],[7],[11],[12]}

10.20%

^{[2],[3],[6],[7],[11],[12]}

$ 11,245

^{[2],[7],[8],[11],[12]}

$ 11,922

£ 9,911

Investment, Identifier [Axis]: Debt Investments Communications Banyan Software Holdings, LLC First-lien loan ($39,000 par, due 10/2026) Acquisition Date 1/27/2023 Reference Rate and Spread SOFR + 7.35% Interest Rate 12.16%

^{[2],[7],[11],[12]}

2.10%

^{[4],[9],[10],[15]}

$ 39,900

^{[4],[9],[10],[15]}

2026-10

^{[2],[4],[9],[10]}

Jan. 27, 2023

^{[2],[4],[9],[10]}

7.35%

^{[2],[4],[9],[10]}

12.16%

^{[1],[2],[3],[4],[9],[10]}

$ 37,579

^{[2],[4],[5],[9],[10]}

$ 38,302

Investment, Identifier [Axis]: Debt Investments Financial Services

^{[2],[4],[9],[10]}

4.70%

^[2],[3]

$ 267,404

^[1],[4]

$ 263,793

^[6],[7]

^[2]

$ 268,842

^[4],[5]

$ 262,154

^[7],[8]

Investment, Identifier [Axis]: Debt Investments Financial Services BTRS Holdings, Inc, LLC First-lien loan ($1,988 par, due 12/2028) Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 8.0 Interest Rate 12.06%

^[2]

33.10%

^[4]

47.90%

^[7]

33.10%

^[4]

33.10%

^[4]

47.90%

^[7]

47.90%

^[7]

^[2],[4],[9]

$ 1,988

^[2],[4],[9]

2028-12

^[2],[4],[9]

Dec. 16, 2022

^[2],[4],[9]

7.25%

^[2],[4],[9]

12.06%

^{[1],[2],[3],[4],[9]}

$ 1,575

^{[2],[4],[5],[9]}

$ 1,663

Investment, Identifier [Axis]: Debt Investments Financial Services BTRS Holdings, Inc. First-lien loan ($135,540 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 8.00% Interest Rate 12.50 %

^[2],[4],[9]

0.20%

^[2],[7],[11]

$ 135,540

^[2],[7],[11]

2028-12

^[2],[7],[11]

Dec. 16, 2022

^[2],[7],[11]

8.00%

^[2],[7],[11]

12.50%

^{[2],[3],[6],[7],[11]}

$ 131,066

^{[2],[7],[8],[11]}

$ 130,290

Investment, Identifier [Axis]: Debt Investments Financial Services BTRS Holdings, Inc. First-lien loan ($136,895 par, due 12/2028) Initial Acquisition Date 12/16/2022 Reference Rate and Spread SOFR + 8.00% Interest Rate 12.74%

^[2],[7],[11]

23.80%

^[2],[4],[9]

$ 136,895

^[2],[4],[9]

2028-12

^[2],[4],[9]

Dec. 16, 2022

^[2],[4],[9]

8.00%

^[2],[4],[9]

12.74%

^{[1],[2],[3],[4],[9]}

$ 132,968

^{[2],[4],[5],[9]}

$ 133,815

Investment, Identifier [Axis]: Debt Investments Financial Services Ping Identity Holding Corp. First-lien loan ($136,364 par, due 10/2029) Initial Acquisition Date 10/17/2022 Reference Rate and Spread SOFR + 7.00% Interest Rate 11.32 %

^[2],[4],[9]

16.50%

^[2],[7],[11]

$ 136,364

^[2],[7],[11]

2029-10

^[2],[7],[11]

Oct. 17, 2022

^[2],[7],[11]

7.00%

^[2],[7],[11]

11.32%

^{[2],[3],[6],[7],[11]}

$ 132,727

^{[2],[7],[8],[11]}

$ 131,864

^[2],[7],[11]

24.10%

^[2],[4],[9]

$ 136,364

^[2],[4],[9]

2029-10

^[2],[4],[9]

Oct. 17, 2022

^[2],[4],[9]

7.00%

^[2],[4],[9]

11.76%

^{[1],[2],[3],[4],[9]}

$ 132,861

^{[2],[4],[5],[9]}

$ 133,364

Investment, Identifier [Axis]: Debt Investments Healthcare

^[2],[4],[9]

16.40%

^{[1],[2],[3],[4],[9]}

$ 86,649

^{[2],[4],[5],[9]}

$ 87,135

Investment, Identifier [Axis]: Debt Investments Healthcare Edge Bidco B.V First-lien loan (EUR 3,423 par, due 2/2029) Acquisition Date 2/24/2023 Reference Rate and Spread E + 7.00% Interest Rate 10.02% (incl. 3.25% PIK)

^[2],[4],[9]

10.70%

^{[2],[4],[9],[10]}

€ 3,423

^{[2],[4],[9],[10]}

2029-02

^{[2],[4],[9],[10]}

Feb. 24, 2023

^{[2],[4],[9],[10]}

7.00%

^{[2],[4],[9],[10]}

10.02%

Interest Rate, PIK

^{[2],[4],[9],[10]}

3.25%

^{[1],[2],[3],[4],[9],[10]}

$ 3,473

^{[2],[4],[5],[9],[10]}

$ 3,579

€ 3,294

Investment, Identifier [Axis]: Debt Investments Healthcare EdgeEdge Bidco B.V First-lien loan ($86,364 par, due 3/2029) Acquisition Date 3/24/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.63%

^{[2],[4],[9],[10]}

0.40%

^[2],[4],[9]

$ 86,364

^[2],[4],[9]

2029-03

^[2],[4],[9]

Mar. 24, 2023

^[2],[4],[9]

6.75%

^[2],[4],[9]

11.63%

^{[1],[2],[3],[4],[9]}

$ 83,176

^{[2],[4],[5],[9]}

$ 83,556

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($142,038 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.63% Interest Rate 11.33 %

^[2],[4],[9]

10.30%

^{[2],[4],[9],[13]}

$ 142,038

^{[2],[4],[9],[13]}

2028-11

^{[2],[4],[9],[13]}

Nov. 07, 2022

^{[2],[4],[9],[13]}

6.63%

^{[2],[4],[9],[13]}

11.33%

^{[1],[2],[3],[4],[9],[13]}

$ 137,811

^{[2],[4],[5],[9],[13]}

$ 139,551

Investment, Identifier [Axis]: Debt Investments Human Resource Support Services Bswift, LLC First-lien loan ($142,394 par, due 11/2028) Initial Acquisition Date 11/7/2022 Reference Rate and Spread SOFR + 6.63% Interest Rate 10.81 %

^{[2],[4],[9],[13]}

17.20%

^{[2],[7],[11],[14]}

$ 142,394

^{[2],[7],[11],[14]}

2028-11

^{[2],[7],[11],[14]}

Nov. 07, 2022

^{[2],[7],[11],[14]}

6.63%

^{[2],[7],[11],[14]}

10.81%

^{[2],[3],[6],[7],[11],[14]}

$ 138,019

^{[2],[7],[8],[11],[14]}

$ 138,477

Investment, Identifier [Axis]: Debt Investments Insurance

^{[2],[7],[11],[14]}

25.30%

^{[1],[2],[3],[4],[9]}

$ 131,445

^{[2],[4],[5],[9]}

$ 132,459

Investment, Identifier [Axis]: Debt Investments Insurance Disco Parent, Inc First-lien loan ($57,756 par, due 3/2029) Acquisition Date 3/30/2023 Reference Rate and Spread SOFR + 6.75% Interest Rate 12.39%

^[2],[4],[9]

16.30%

^[2],[4],[9]

$ 57,756

^[2],[4],[9]

2029-03

^[2],[4],[9]

Mar. 30, 2023

^[2],[4],[9]

7.50%

^[2],[4],[9]

12.39%

^{[1],[2],[3],[4],[9]}

$ 56,169

^{[2],[4],[5],[9]}

$ 56,326

Investment, Identifier [Axis]: Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($129,573 par, due 2/2030) Initial Acquisition Date 2/27/2023 Reference Rate and Spread SOFR + 7.50% Interest Rate 12.29 %

^[2],[4],[9]

6.90%

^{[2],[4],[9],[14]}

$ 129,573

^{[2],[4],[9],[14]}

2030-02

^{[2],[4],[9],[14]}

Feb. 27, 2023

^{[2],[4],[9],[14]}

7.50%

^{[2],[4],[9],[14]}

12.29%

^{[1],[2],[3],[4],[9],[14]}

$ 126,014

^{[2],[4],[5],[9],[14]}

$ 126,948

Investment, Identifier [Axis]: Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($5,667 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.07 %

^{[2],[4],[9],[14]}

15.60%

^{[2],[7],[11],[14]}

$ 5,667

^{[2],[7],[11],[14]}

2028-10

^{[2],[7],[11],[14]}

Oct. 31, 2022

^{[2],[7],[11],[14]}

6.75%

^{[2],[7],[11],[14]}

11.07%

^{[2],[3],[6],[7],[11],[14]}

$ 5,424

^{[2],[7],[8],[11],[14]}

$ 5,426

Investment, Identifier [Axis]: Debt Investments Internet Services SMA Technologies Holdings, LLC First-lien loan ($5,809 par, due 10/2028) Initial Acquisition Date 10/31/2022 Reference Rate and Spread SOFR + 6.75% Interest Rate 11.56 %

^{[2],[7],[11],[14]}

1.00%

^{[2],[4],[9],[13],[14]}

$ 5,667

^{[2],[4],[9],[13],[14]}

2028-10

^{[2],[4],[9],[13],[14]}

Oct. 31, 2022

^{[2],[4],[9],[13],[14]}

6.75%

^{[2],[4],[9],[13],[14]}

11.56%

^{[1],[2],[3],[4],[9],[13],[14]}

$ 5,431

^{[2],[4],[5],[9],[13],[14]}

$ 5,511

Investment, Identifier [Axis]: Debt Investments Manufacturing Avalara, Inc. First-lien loan ($136,364 par, due 10/2028) Initial Acquisition Date 10/19/2022 Reference Rate and Spread SOFR + 7.25% Interest Rate 11.83 %

^{[2],[4],[9],[13],[14]}

0.70%

^[2],[7],[11]

$ 136,364

^[2],[7],[11]

2028-10

^[2],[7],[11]

Oct. 19, 2022

^[2],[7],[11]

7.25%

^[2],[7],[11]

11.83%

^{[2],[3],[6],[7],[11]}

$ 132,740

^{[2],[7],[8],[11]}

$ 131,489

^[2],[7],[11]

24.10%

^[2],[4],[9]

$ 136,364

^[2],[4],[9]

2028-10

^[2],[4],[9]

Oct. 19, 2022

^[2],[4],[9]

7.25%

^[2],[4],[9]

12.15%

^{[1],[2],[3],[4],[9]}

$ 132,894

^{[2],[4],[5],[9]}

$ 132,989

Investment, Identifier [Axis]: Debt Investments Oil, Gas and Consumable Fuels Laramie Energy, LLC First-lien loan ([$97,561] par, due 02/2027) Initial Acquisition Date 2/21/2023 Reference Rate and Spread SOFR + 7.10% Interest Rate 11.86 %

^[2],[4],[9]

16.40%

^[2],[4],[9]

$ 97,561

^[2],[4],[9]

2027-02

^[2],[4],[9]

Feb. 21, 2023

^[2],[4],[9]

7.10%

^[2],[4],[9]

11.86%

^{[1],[2],[3],[4],[9]}

$ 95,128

^{[2],[4],[5],[9]}

$ 95,373

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products

^[2],[4],[9]

11.70%

^[2],[3]

$ 263,031

^[1],[4]

$ 236,896

^[6],[7]

^[2]

$ 268,521

^[4],[5]

$ 237,875

^[7],[8]

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($100,000 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.30 %

^[2]

33.10%

^[4]

43.50%

^[7]

33.10%

^[4]

33.10%

^[4]

43.50%

^[7]

43.50%

^[7]

^[2],[7],[11]

$ 100,000

^[2],[7],[11]

2027-08

^[2],[7],[11]

Sep. 02, 2022

^[2],[7],[11]

7.90%

^[2],[7],[11]

12.30%

^{[2],[3],[6],[7],[11]}

$ 97,199

^{[2],[7],[8],[11]}

$ 98,000

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Bed Bath and Beyond Inc. ABL FILO term loan ($126,667 par, due 8/2027) Initial Acquisition Date 9/2/2022 Reference Rate and Spread SOFR + 7.90% Interest Rate 12.75 %

^[2],[7],[11]

17.90%

^{[2],[4],[9],[16]}

$ 126,667

^{[2],[4],[9],[16]}

2027-08

^{[2],[4],[9],[16]}

Sep. 02, 2022

^{[2],[4],[9],[16]}

7.90%

^{[2],[4],[9],[16]}

12.75%

^{[1],[2],[3],[4],[9],[16]}

$ 123,303

^{[2],[4],[5],[9],[16]}

$ 124,133

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Commercehub, Inc. First-lien loan ($149,625 par, due 12/2027) Initial Acquisition Date 11/15/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.03 %

^{[2],[4],[9],[16]}

15.30%

^[2],[4],[9]

$ 149,625

^[2],[4],[9]

2027-12

^[2],[4],[9]

Nov. 15, 2022

^[2],[4],[9]

6.50%

^[2],[4],[9]

11.03%

^{[1],[2],[3],[4],[9]}

$ 139,728

^{[2],[4],[5],[9]}

$ 144,388

Investment, Identifier [Axis]: Debt Investments Retail and Consumer Products Commercehub, Inc. First-lien loan ($150,000 par, due 12/2027) Initial Acquisition Date 11/15/2022 Reference Rate and Spread SOFR + 6.50% Interest Rate 11.03 %

^[2],[4],[9]

17.80%

^[2],[7],[11]

$ 150,000

^[2],[7],[11]

2027-12

^[2],[7],[11]

Nov. 15, 2022

^[2],[7],[11]

6.50%

^[2],[7],[11]

11.03%

^{[2],[3],[6],[7],[11]}

$ 139,697

^{[2],[7],[8],[11]}

$ 139,875

Investment, Identifier [Axis]: Equity and Other Investments

^[2],[7],[11]

25.60%

^[2],[3]

$ 16,446

^[1],[4]

$ 7,806

^[6],[7]

^[2]

$ 16,444

^[4],[5]

$ 7,806

Investment, Identifier [Axis]: Equity and Other Investments Healthcare

^[2]

2.00%

^[4]

1.40%

^[7]

2.00%

^[4]

2.00%

^[4]

1.40%

^[7]

1.40%

^[7]

^{[1],[2],[3],[4],[17],[18]}

$ 8,640

^{[2],[4],[5],[17],[18]}

$ 8,640

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class A Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

1.00%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class B Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class C Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class D Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class E Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class F Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class G Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class H Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Class I Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Healthcare Ordinary Shares Initial Acquisition Date 3/24/2023

^{[2],[4],[17],[18]}

0.10%

^{[4],[15],[17],[18]}

8,636

^{[2],[4],[17],[18]}

Mar. 24, 2023

^{[1],[2],[3],[4],[17],[18]}

$ 864

^{[2],[4],[5],[17],[18]}

$ 864

Investment, Identifier [Axis]: Equity and Other Investments Human Resource Support Services Bswift, LLC Class A-1 Units (7,606,491 units) Initial Acquisition Date 11/7/2022

^{[2],[4],[17],[18]}

0.10%

^[17]

7,606,491

^{[4],[15],[18]}

7,606,491

^[2],[7],[19]

7,606,491

^{[4],[15],[18]}

7,606,491

^{[4],[15],[18]}

7,606,491

^[2],[7],[19]

7,606,491

^[2],[7],[19]

^[2],[17]

Nov. 07, 2022

^[4],[18]

Nov. 07, 2022

^[7],[19]

^{[1],[2],[3],[4],[6],[7],[17],[18]}

$ 7,606

^[2],[17]

$ 7,604

^[4],[5],[18]

$ 7,606

^[7],[8],[19]

Investment, Identifier [Axis]: Equity and Other Investments Internet Services

^[2],[17]

1.00%

^[4],[18]

1.40%

^[7],[19]

1.00%

^[4],[18]

1.00%

^[4],[18]

1.40%

^[7],[19]

1.40%

^[7],[19]

^[2],[3]

$ 200

^[1],[4]

$ 200

^[6],[7]

^[2]

$ 200

^[4],[5]

$ 200

^[7],[8]

Investment, Identifier [Axis]: Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class A Units (200 units) Initial Acquisition Date 11/21/2022

^[2]

0.00%

^[4]

0.00%

^[7]

0.00%

^[4]

0.00%

^[4]

0.00%

^[7]

0.00%

^[7]

200

^{[4],[15],[18],[20]}

200

^{[2],[7],[17],[19]}

200

^{[4],[15],[18],[20]}

200

^{[4],[15],[18],[20]}

200

^{[2],[7],[17],[19]}

200

^{[2],[7],[17],[19]}

^[2]

Nov. 21, 2022

^{[4],[18],[20]}

Nov. 21, 2022

^{[7],[17],[19]}

^[2],[3]

$ 200

^{[1],[4],[18],[20]}

$ 200

^{[6],[7],[17],[19]}

^[2]

$ 200

^{[4],[5],[18],[20]}

$ 200

^{[7],[8],[17],[19]}

Investment, Identifier [Axis]: Equity and Other Investments Internet Services SMA Technologies Holdings, LLC Class B Units (142,038 units) Initial Acquisition Date 11/21/2022

^[2]

0.00%

^{[4],[18],[20]}

0.00%

^{[7],[17],[19]}

0.00%

^{[4],[18],[20]}

0.00%

^{[4],[18],[20]}

0.00%

^{[7],[17],[19]}

0.00%

^{[7],[17],[19]}

142,038

^{[4],[15],[18],[20]}

142,038

^{[2],[7],[17],[19]}

142,038

^{[4],[15],[18],[20]}

142,038

^{[4],[15],[18],[20]}

142,038

^{[2],[7],[17],[19]}

142,038

^{[2],[7],[17],[19]}

^[2]

Nov. 21, 2022

^{[4],[18],[20]}

Nov. 21, 2022

^{[7],[17],[19]}

Investment, Identifier [Axis]: Total Investments

^[2]

0.00%

^{[4],[18],[20]}

0.00%

^{[7],[17],[19]}

0.00%

^{[4],[18],[20]}

0.00%

^{[4],[18],[20]}

0.00%

^{[7],[17],[19]}

0.00%

^{[7],[17],[19]}

^{[2],[3],[6],[7]}

$ 809,029

^[2],[7],[8]

$ 808,801

Organization Consolidation And Presentation Of Financial Statements [Abstract]

^[2],[7]

147.80%

[1]	As of March 31, 2023, the estimated cost basis of investments for U.S. federal tax purposes was $1,253,875 resulting in estimated gross unrealized gains and losses of $17,007 and $10,578, respectfully.
[2]	Certain portfolio company investments are subject to contractual restrictions on sales.
[3]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[4]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of March 31, 2023, the Company does not “control” any of the portfolio companies. Also under the
[5]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.
[6]	As of December 31, 2022, the estimated cost basis of investments for U.S. federal tax purposes was $810,241 resulting in estimated gross unrealized gains and losses of $2,806 and $5,681, respectfully.
[7]	Unless otherwise indicated, the Company’s portfolio companies are domiciled in the United States. Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Company would “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. As of December 31, 2022, the Company does not “control” any of the portfolio companies. Also under the 1940 Act, the Company would be deemed to be an “Affiliated Person” of a portfolio company if the Company owns more than 5% of the portfolio company's outstanding voting securities. As of December 31, 2022, the Company does not identify any of its portfolio companies as affiliates.
[8]	In accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurements (“ASC Topic 820”), unless otherwise indicated, the fair values of all investments were determined using significant unobservable inputs and are considered Level 3 investments. See Note 5 for further information related to investments at fair value.
[9]	Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Term Secured Overnight Financing Rate (“SOFR”), which may also contain a credit spread adjustment depending on the tenor election, Sterling Overnight Interbank Average Rate (“SONIA” or “S”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at March 31, 2023.
[10]	This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 4.2% of total assets as of March 31, 2023.
[11]	Investment contains a variable rate structure, subject to an interest rate floor. Variable rate investments bear interest at a rate that may be determined by reference to either Euro Interbank Offer Rate (“Euribor” or “E”), Term Secured Overnight Financing Rate (“SOFR”), which may also contain a credit spread adjustment depending on the tenor election, Sterling Overnight Interbank Average Rate (“SONIA” or “S”), or an alternate base rate (which can include the Federal Funds Effective Rate or the Prime Rate or “P”), all of which include an available tenor, selected at the borrower’s option, which reset periodically based on the terms of the credit agreement. For investments with multiple interest rate contracts, the interest rate shown is the weighted average interest rate in effect at December 31, 2022.
[12]	This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 2.3% of total assets as of December 31, 2022.
[13]	In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.
[14]	In addition to the interest earned based on the stated interest rate of this investment, which is the amount reflected in this schedule, the Company may be entitled to receive additional interest as a result of an arrangement with other members in the syndicate to the extent an investment has been allocated to “first out” and “last out” tranches, whereby the “first out” tranche will have priority as to the “last out” tranche with respect to payments of principal, interest and any amounts due thereunder and the Company holds the “last out” tranche.
[15]	Certain portfolio company investments are subject to contractual restrictions on sales.
[16]	In addition to the principal amount outstanding and accrued interest owed on this investment, the Company is entitled to a separate Make-Whole Amount (the “Make-Whole”) of $14.6 million. The Make-Whole is a contractual obligation of the borrower and accrues interest on the balance outstanding. The Make-Whole is included on the Company’s consolidated balance sheet within other assets, net of any valuation allowance. Given uncertainty relating to collectability of the Make-Whole, the Company has applied a full valuation allowance against the amount of the Make-Whole balance outstanding.
[17]	All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of December 31, 2022, the aggregate fair value of these securities is $7,806, or 1.4% of the Company's net assets.
[18]	This investment is non-income producing.
[19]	This investment is non-income producing.
[20]	All or a portion of this security was acquired in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act. As of March 31, 2023, the aggregate fair value of these securities is $16,444, or 2.0% of the Company's net assets.

XML 15 R6.htm IDEA: XBRL DOCUMENT

Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($)		3 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Percentage of non-qualifying assets		4.20%	2.30%
Percentage of minimum qualifying assets to purchase non qualifying assets		70.00%	70.00%
Minimum percentage of voting securities		5.00%	5.00%
Fair value of securities as percentage of net assets amount	$ 16,444,000	$ 16,444,000	$ 7,806,000
Fair value of securities as percentage of net assets in percentage	2.00%	2.00%	1.40%
Principal amount outstanding and accrued interest	$ 14,600	$ 14,600
U.S. Federal Tax
Estimated cost basis of investments for U.S. federal tax purposes	1,253,875,000	$ 1,253,875,000	$ 810,241,000
Estimated gross unrealized gains on tax cost investment	17,007,000		2,806,000
Estimated gross unrealized loss on tax cost investment	$ 10,578,000		$ 5,681,000
Controlled, Affiliated Investments
Minimum percentage of voting securities		25.00%	25.00%

XML 16 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Changes in Net Assets (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Beginning balance	$ 546,711
Net investment income	15,115
Net change in unrealized gains (losses) on investments and foreign currency translation	13,047
Net realized gains (losses) on investments and foreign currency transactions	56
Issuance of Common Shares, Value	250,000
Dividends declared from net investment income	(12,610)
Ending balance	812,319
Common Shares
Beginning balance	$ 22
Beginning balance, Shares \| shares	21,882,028
Issuance of Common Shares, Value	$ 10
Issuance of Common Shares, Shares \| shares	9,643,813
Ending balance	$ 32
Ending balance, Shares \| shares	31,525,841
Paid in Capital in Excess of Par
Beginning balance	$ 542,596
Issuance of Common Shares, Value	249,990
Ending balance	792,586
Distributable Earnings
Beginning balance	4,093
Net investment income	15,115
Net change in unrealized gains (losses) on investments and foreign currency translation	13,047
Net realized gains (losses) on investments and foreign currency transactions	56
Dividends declared from net investment income	(12,610)
Ending balance	$ 19,701

XML 17 R8.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Cash Flows from Operating Activities
Increase (Decrease) in net assets resulting from operations	$ 28,218
Adjustments to reconcile increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gains) losses on investments	(13,761)
Net change in unrealized (gains) losses on foreign currency transactions	714
Net realized (gains) losses on foreign currency transactions	(21)
Net amortization of discount on investments	(1,392)
Amortization of deferred financing costs	885
Purchases and originations of investments, net	(444,762)
Repayments on investments	6,286
Paid-in-kind interest	(21)
Changes in operating assets and liabilities:
Interest receivable	189
Prepaid expenses and other assets	(548)
Management fees payable to affiliate	723
Incentive fees on net capital gains accrued to affiliate	2,755
Other payables to affiliate	(2,507)
Other liabilities	6,034
Net Cash Provided by (Used in) Operating Activities	(417,208)
Cash Flows from Financing Activities
Borrowings on debt	800,607
Repayments on debt	(548,000)
Deferred financing costs	(8,331)
Capital calls	250,000
Net Cash Provided by (Used in) Financing Activities	494,276
Net Increase (Decrease) in Cash and Cash Equivalents	77,068
Cash and cash equivalents, beginning of period	274,612
Cash and Cash Equivalents, End of Period	351,680
Supplemental Information:
Interest paid during the period	2,633
Excise and other taxes paid during the period	380
Dividends declared during the period	$ 12,610

XML 18 R9.htm IDEA: XBRL DOCUMENT

N-2	3 Months Ended
N-2	Mar. 31, 2023
Cover [Abstract]
Entity Central Index Key	0001925309
Amendment Flag	false
Securities Act File Number	814-01543
Document Type	10-Q
Entity Registrant Name	Sixth Street Lending Partners
Entity Address, Address Line One	2100 McKinney Avenue
Entity Address, Address Line Two	Suite 1500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	469
Local Phone Number	621-3001
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]	Our Investment Framework Our investment objective is to generate current income by targeting investments with favorable “risk-adjusted returns,” which are expected returns that are adjusted based on the levels of risk associated with the investments. We seek to generate current income and long-term capital appreciation primarily by investing in U.S.-domiciled upper middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds, equity securities, and other instruments. By “upper middle-market companies,” we mean companies that have annual EBITDA, which we believe is a useful proxy for cash flow, of greater than $75 million, although we may invest in smaller companies on occasion. “EBITDA” means a company’s earnings before interest, tax, depreciation and amortization. We invest in first-lien debt, second-lien debt, mezzanine and unsecured debt and equity and other investments. Our first-lien debt may include stand-alone first-lien loans; “last out” first-lien loans, which are loans that have a secondary priority behind super-senior “first out” first-lien loans; “unitranche” loans, which are loans that combine features of first-lien, second-lien and mezzanine debt, generally in a first-lien position; and secured corporate bonds with similar features to these categories of first-lien loans. Our second-lien debt may include secured loans, and, to a lesser extent, secured corporate bonds, with a secondary priority behind first-lien debt. We seek to create a portfolio over time that includes primarily senior secured investments by investing approximately $125 million to $300 million of capital, on average, across our core positions of upper middle-market companies. The debt in which we invest typically is not rated by any rating agency, but if these instruments were rated, they would likely receive a rating of below investment grade (that is, below BBB- or Baa3), which is often referred to as “junk. The companies in which we invest use our capital to support organic growth, acquisitions, market or product expansion and recapitalizations (including restructurings). As of March 31, 2023, the largest single investment based on fair value represented 11.7% of our total investment portfolio. As of March 31, 2023, the average investment size in each of our portfolio companies was approximately $78.9 million based on fair value. Through our Adviser, we consider potential investments utilizing a four-tiered investment framework and against our existing portfolio as a whole: Business and sector selection. We will focus on companies with enterprise values above $750 million. When reviewing potential investments, we will seek to invest in businesses with high marginal cash flow, recurring revenue streams and where we believe credit quality will improve over time. We will look for portfolio companies that we think have a sustainable competitive advantage in growing industries or distressed situations. We will also seek companies where our investment will have a low loan-to-value ratio. We currently do not limit our focus to any specific industry and we may invest in larger or smaller companies. As of March 31, 2023, the largest industry represented 21.3% of our total investment portfolio based on fair value. Investment Structuring. We focus on investing at the top of the capital structure and protecting that position. As of March 31, 2023, approximately 98.7% of our portfolio was invested in secured debt, including 98.7% in first-lien debt investments. We carefully perform diligence and structure investments to include strong investor covenants. As a result, we structure investments with a view to creating opportunities for early intervention in the event of non-performance or stress. In addition, we seek to retain effective voting control in investments over the loans or particular class of securities in which we invest through maintaining affirmative voting positions or negotiating consent rights that allow us to retain a blocking position. We also aim for our loans to mature on a medium term, between two to six years after origination. For the three months ended March 31, 2023, the weighted average term on new debt investment commitments in new portfolio companies was 5.5 years. Deal Dynamics. We will focus on, among other deal dynamics, direct origination of investments, where we identify and lead the investment transaction. We seek transactions that are too small for the traditional high yield market. We look to invest in companies that value our commitment and ability to originate an investment that meets their goals and fits within their existing capital structure. Risk Mitigation. We seek to mitigate non-credit-related risk on our returns in several ways, including call protection provisions to protect future interest income. As of March 31, 2023, we had call protection on 100% of our debt investments based on fair value, with weighted average call prices of 105.5% for the first year, 102.7% for the second year and 101.1% for the third year, in each case from the date of the initial investment. As of March 31, 2023, 100% of our debt investments based on fair value bore interest at floating rates, with 100% of these subject to interest rate floors, which we believe helps act as a portfolio-wide hedge against inflation.
Risk Factors [Table Text Block]	Item 1A. Risk Factors. For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

XML 19 R10.htm IDEA: XBRL DOCUMENT

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization and Basis of Presentation

1. Organization and Basis of Presentation

Organization

Basis of Presentation

Fiscal Year End

The Company’s fiscal year ends on December 31.

XML 20 R11.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Use of Estimates The preparation of 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 consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material. Cash and Cash Equivalents Cash and cash equivalents may consist of demand deposits, highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less, and restricted cash pledged as collateral for certain centrally cleared derivative instruments. Cash and cash equivalents denominated in U.S. dollars are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Investments at Fair Value Loan originations are recorded on the date of the binding commitment, which is generally the funding date. Investment transactions purchased through the secondary markets are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by the Company’s Board of Trustees (the “Board”), based on, among other things, the input of the Adviser, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board. As part of the valuation process, the Board takes into account relevant factors in determining the fair value of its investments, including and in combination of: the estimated enterprise value of a portfolio company (that is, the total value of the portfolio company’s net debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation. The Board undertakes a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Adviser’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee. • The Audit Committee reviews the valuations presented and recommends values for each investment to the Board. • The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Adviser, Audit Committee and, where applicable, other third parties including independent third-party valuation firms engaged at the direction of the Board. The Company conducts this valuation process on a quarterly basis. The Board has engaged independent third-party valuation firms to perform certain limited procedures that the Board has identified and requested them to perform in connection with the valuation process. At March 31, 2023, the independent third-party valuation firms performed their procedures over substantially all of the Company’s investments. Upon completion of such limited procedures, the third-party valuation firms concluded that the fair value, as determined by the Board, of those investments subjected to their limited procedures, appeared reasonable. The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC Topic 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC Topic 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC Topic 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 Topic 820, these levels are summarized below: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC Topic 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment including the impact of changes in broader market indices and credit spreads 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 unrealized gains or losses reflected herein. Foreign Currency Foreign currency amounts are translated into U.S. dollars on the following basis: • cash and cash equivalents, market value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Subscription Facility and Revolving Credit Facility, ("Credit Facilities") to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the consolidated statements of operations. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar. Organization and Offering Expenses Organization and offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the organization of the Company have been expensed as incurred, subject to the limitation described below. These expenses consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Shares of the Company will be capitalized as deferred offering expenses on the Consolidated Balance Sheet and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of its Common Shares. The Company will not bear more than an amount equal to 0.10% of the aggregate Commitments of the Company for organization and offering expenses in connection with the offering of Common Shares. If actual organization and offering costs incurred exceed 0.10% of the Company’s total Capital Commitments, the Adviser or its affiliates will bear the excess costs. To the extent that the Company’s Capital Commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf, provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total Capital Commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. As of March 31, 2023 there were no expenses borne by the Adviser subject to future recoupment. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement agent or similar party will not be considered organization or offering expenses of the Company for purposes of the Company’s cap on organization and offering expenses. Debt Issuance Costs The Company records origination and other expenses related to its debt obligations as deferred financing costs, which are presented as a direct deduction from the carrying value of the related debt liability. These expenses are deferred and amortized using the effective interest method, or straight-line method, over the stated maturity of the debt obligation. Interest and Dividend Income Recognition Interest income is recorded on an accrual basis and includes the amortization of discounts and premiums. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of discounts and premiums, if any. Unless providing services in connection with an investment, such as syndication, structuring or diligence, all or a portion of any loan fees received by the Company will be deferred and amortized over the investment’s life using the effective interest method. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid 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 has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on an 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. Other Income From time to time, the Company may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies and are recognized as revenue when earned. Earnings per share The Company's earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of Common Shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of Common Shares outstanding during the period. Reimbursement of Transaction-Related Expenses The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are expected to be reimbursed by third parties, are typically deferred until the transaction is consummated and are recorded in Prepaid expenses and other assets on the date incurred. The transaction-related costs of pursuing investments not otherwise reimbursed are borne by the Company and for successfully completed investments included as a component of the investment’s cost basis. Cash advances received in respect of transaction-related expenses are recorded as Cash and cash equivalents with an offset to Other liabilities or Other payables to affiliates. Other liabilities or Other payables to affiliates are relieved as reimbursable expenses are incurred. Income Taxes, Including Excise Taxes The Company intends to elect to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its RIC status, the Company, among other things, has made and intends to continue to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of March 31, 2023, the Company did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Company have any unrecognized tax benefits. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. For the three months ended March 31, 2023, the Company recorded a net expense of $0.3 million for U.S. federal excise tax and other taxes. Dividends to Common Shareholders Dividends to common shareholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Board has adopted a dividend reinvestment plan, pursuant to which the Company will reinvest all cash dividends or distributions declared by the Board on behalf of investors who do not elect to receive their cash dividends or distributions in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or distribution, then shareholders who have not elected to “opt out” of the dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional Common Shares as described below. See Note 10 for further information related to dividends. Recent Accounting Standards and Regulatory Updates In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-06 (“ASU 2022-06”) “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” Topic 848 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. ASU 2022-06 is effective for all entities in scope upon issuance of ASU 2022-06. The adoption of this guidance did not have a material impact on the Company’s financial position, result of operations or cash flows.

XML 21 R12.htm IDEA: XBRL DOCUMENT

Agreements and Related Party Transactions

3 Months Ended

Mar. 31, 2023

Agreements and Related Party Transactions

3. Agreements and Related Party Transactions

Administration Agreement

Investment Advisory Agreement

For the three months ended March 31, 2023, Management Fees (gross of waivers) were $3.9 million.

The Incentive Fee consists of two parts, as follows:

(i)

(ii)

Expense Support Agreement

As of March 31, 2023, the Adviser has not provided any written commitments for Expense Payments. The Company has not made any Reimbursement Payments to the Adviser.

XML 22 R13.htm IDEA: XBRL DOCUMENT

Investments at Fair Value

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Investments at Fair Value

4. Investments at Fair Value

Investments at fair value consisted of the following at March 31, 2023 and December 31, 2022:


	March 31, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	1,232,474	$	1,246,008	$	13,534
Equity and other investments		16,446		16,444		(2	)
Total Investments	$	1,248,920	$	1,262,452	$	13,532


	December 31, 2022
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	801,223	$	800,995	$	(228	)
Equity and other investments		7,806		7,806		—
Total Investments	$	809,029	$	808,801	$	(228	)

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

The industry composition of investments at fair value at March 31, 2023 and December 31, 2022:


	March 31, 2023			December 31, 2022
Business Services		0.5	%		0.8	%
Chemicals		1.6	%		2.4	%
Communications		3.0	%		—
Financial Services		21.3	%		32.4	%
Healthcare		7.6	%		—
Human Resource Support Services		11.6	%		18.0	%
Insurance		4.5	%		—
Internet Services		10.5	%		0.7	%
Manufacturing		10.5	%		16.3	%
Oil, Gas and Consumable Fuels		7.6	%		—
Retail and Consumer Products		21.3	%		29.4	%
Total		100.0	%		100.0	%

The geographic composition of investments at fair value at March 31, 2023 and December 31, 2022:


	March 31, 2023			December 31, 2022
United States
Midwest		19.0	%		18.1	%
Northeast		36.4	%		45.5	%
South		0.5	%		0.7	%
West		38.6	%		32.5	%
Canada		3.0	%		—
Germany		0.3	%		0.4	%
Luxembourg		0.3	%		0.4	%
Netherlands		0.3	%		—
Norway		1.6	%		2.4	%
Total		100.0	%		100.0	%

XML 23 R14.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

5. Fair Value of Financial Instruments

Investments

The following tables present fair value measurements of investments as of March 31, 2023 and December 31, 2022:


	Fair Value Hierarchy at March 31, 2023
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	1,246,008	$	1,246,008
Equity and other investments		—		—		16,444		16,444
Total	$	—	$	—	$	1,262,452	$	1,262,452


	Fair Value Hierarchy at December 31, 2022
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	800,995	$	800,995
Equity and other investments		—		—		7,806		7,806
Total	$	—	$	—	$	808,801	$	808,801

Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2023:


	As of and for the Three Months Ended
	March 31, 2023
	First-lien debt investments			Equity and other investments		Total
Balance, beginning of period	$	800,994		$	7,806	$	808,800
Purchases or originations		436,124			8,638		444,762
Repayments / redemptions		(6,286	)		—		(6,286	)
Paid-in-kind interest		21			—		21
Net change in unrealized gains (losses)		13,761			—		13,761
Net amortization of discount on securities		1,394			—		1,394
Transfers into (out of) Level 3		—			—		—
Balance, End of Period	$	1,246,008		$	16,444	$	1,262,452


	Net Change in Unrealized
	Gains (Losses)
	for the Three Months Ended
	March 31, 2023 on
	Investments Held at
	March 31, 2023
First-lien debt investments	$	13,761
Equity and other investments		—
Total	$	13,761

March 31, 2023

Valuation

Unobservable

Range (Weighted

Impact to Valuation
from an

Fair Value

Technique

Input

Average)

Increase to Input

First-lien debt investments

1,246,008

Income approach

Discount rate

9.89% — 14.94% (13.18%)

Decrease

Equity and other investments

16,444

Market Multiple

Comparable multiple

5.8x — 13.5x (12.0x)

Increase

Total

1,262,452

December 31, 2022

Valuation

Unobservable

Range (Weighted

Impact to Valuation
from an

Fair Value

Technique

Input

Average)

Increase to Input

First-lien debt investments

800,995

Income approach

Discount rate

9.3% — 15.1% (13.1%)

Decrease

Equity and other investments

7,806

Market Multiple

Comparable multiple

5.8x — 13.5x (13.3x)

Increase

Total

808,801

Financial Instruments Not Carried at Fair Value

Debt

Other Financial Assets and Liabilities

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 24 R15.htm IDEA: XBRL DOCUMENT

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

6. Debt

Subscription Facility

As of March 31, 2023, the Company was in compliance with the terms of the Subscription Facility.

Revolving Credit Facility

Debt obligations consisted of the following as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	1,300,000	$	548,594	$	751,406	$	542,434
Revolving Credit Facility		700,000		242,698		457,302		237,501
Total Debt	$	2,000,000	$	791,292	$	1,208,708	$	779,935

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.

(2)

The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $6.2 million and $5.2 million, respectively.


	December 31, 2022
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	700,000	$	537,991	$	162,009	$	534,080
Total Debt	$	700,000	$	537,991	$	162,009	$	534,080

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.

(2)

The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.

For the three months ended March 31, 2023, the components of interest expense were as follows:


	Three Months Ended
	March 31, 2023
Interest expense	$	7,407
Commitment fees		560
Amortization of deferred financing costs		885
Total Interest Expense	$	8,852
Average debt outstanding (in millions)	$	445.6
Weighted average interest rate		6.7	%

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Commitments And Contingencies Disclosure [Abstract]

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies

7. Commitments and Contingencies

Portfolio Company Commitments

As of March 31, 2023 and December 31, 2022, the Company had the following commitments to fund investments in current portfolio companies:


	March 31, 2023		December 31, 2022
Avalara, Inc. - Revolver	$	13,636	$	13,636
Banyan Software Holdings, LLC - Delayed Draw		40,000		—
BTRS Holdings, Inc. - Delayed Draw & Revolver		22,572		25,915
Coupa Holdings, LLC - Delayed Draw & Revolver		20,427		—
Disco Parent, Inc. - Revolver		5,776		—
Edge Bidco B.V - Delayed Draw & Revolver		1,347		—
Erling Lux Bidco SARL - Delayed Draw & Revolver		5,719		5,618
Hornetsecurity Holding GmbH - Delayed Draw & Revolver		2,078		2,041
Laramie Energy, LLC - Delayed Draw		27,439		—
OutSystems Luxco SARL - Delayed Draw		2,175		2,137
Ping Identity Holding Corp. - Revolver		13,636		13,636
Total Portfolio Company Commitments (1)(2)	$	154,805	$	62,983

(1)

(2)

The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

Other Commitments and Contingencies

As of March 31, 2023, the Company did not have any unfunded commitments to fund investments to new borrowers that were not current portfolio companies as of such date.

XML 26 R17.htm IDEA: XBRL DOCUMENT

Net Assets

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Net Assets

8. Net Assets


Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 21, 2023		9,643,813	$	250,000
		9,643,813	$	250,000

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Investment Company Financial Highlights [Abstract]

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Earnings Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

9. Earnings per Share

The following table sets forth the computation of basic and diluted earnings per common share:


	For the three months ended
	March 31, 2023
Earnings per common share—basic and diluted
Increase in net assets resulting from operations	$	28,218
Weighted average shares of Common Shares outstanding—basic and diluted		23,060,716
Earnings per common share—basic and diluted	$	1.22

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Dividends

3 Months Ended

Mar. 31, 2023

Dividends [Abstract]

Dividends

. Dividends

The following table summarizes dividends declared during the three months ended March 31, 2023:


	Three Months Ended
	March 31, 2023
Date Declared	Dividend	Record Date	Payment Date	Dividend per Share
March 30, 2023		March 31, 2023	May 9, 2023	$	0.40
Total Dividends Declared				$	0.40

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Financial Highlights

3 Months Ended

Mar. 31, 2023

Financial Highlights

11. Financial Highlights


	For the three months ended
	March 31, 2023
Per Share Data (4)
Net asset value, beginning of period	$	24.98

Net investment income (1)		0.66
Net realized and unrealized gain (loss) (1)		0.57
Total from operations		1.22
Net Common Share Issuance		(0.04	)
Dividend declared		(0.40	)
Total increase (decrease) in net assets		0.79
Net Asset Value, End of Period	$	25.77
Total return based on net asset value (2)		4.76	%
Common shares outstanding, end of period		31,525,841
Ratios / Supplemental Data (3)
Ratio of gross expenses to average net assets without management fee waiver		10.84	%
Ratio of net expenses to average net assets with management fee waiver		9.36	%
Ratio of net investment income to average net assets without management fee waiver		7.42	%
Ratio of net investment income to average net assets with management fee waiver		8.90	%
Portfolio turnover		2.43	%
Net assets, end of period	$	812,319

(1)

The per share data was derived by using the weighted average Common Shares outstanding during the period.

(2)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share.

(3)

The ratios, excluding nonrecurring expenses, such as organization costs, are annualized.

(4)

Table may not sum due to rounding.

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Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

12. Subsequent Events

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Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of 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 consolidated financial statements. Actual amounts could differ from those estimates and such differences could be material.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents may consist of demand deposits, highly liquid investments (e.g., money market funds, U.S. Treasury notes, and similar type instruments) with original maturities of three months or less, and restricted cash pledged as collateral for certain centrally cleared derivative instruments. Cash and cash equivalents denominated in U.S. dollars are carried at cost, which approximates fair value. The Company deposits its cash and cash equivalents with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.
Investments at Fair Value	Investments at Fair Value Loan originations are recorded on the date of the binding commitment, which is generally the funding date. Investment transactions purchased through the secondary markets are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment values and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments for which market quotations are readily available are typically valued at those market quotations. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available, as is the case for substantially all of our investments, are valued at fair value as determined in good faith by the Company’s Board of Trustees (the “Board”), based on, among other things, the input of the Adviser, the Company’s Audit Committee and independent third-party valuation firms engaged at the direction of the Board. As part of the valuation process, the Board takes into account relevant factors in determining the fair value of its investments, including and in combination of: the estimated enterprise value of a portfolio company (that is, the total value of the portfolio company’s net debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Board considers whether the pricing indicated by the external event corroborates its valuation. The Board undertakes a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Adviser’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Audit Committee. • The Audit Committee reviews the valuations presented and recommends values for each investment to the Board. • The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith based on, among other things, the input of the Adviser, Audit Committee and, where applicable, other third parties including independent third-party valuation firms engaged at the direction of the Board. The Company conducts this valuation process on a quarterly basis. The Board has engaged independent third-party valuation firms to perform certain limited procedures that the Board has identified and requested them to perform in connection with the valuation process. At March 31, 2023, the independent third-party valuation firms performed their procedures over substantially all of the Company’s investments. Upon completion of such limited procedures, the third-party valuation firms concluded that the fair value, as determined by the Board, of those investments subjected to their limited procedures, appeared reasonable. The Company applies Financial Accounting Standards Board Accounting Standards Codification Topic 820, Fair Value Measurement (“ASC Topic 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC Topic 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC Topic 820, the Company considers its principal market to be the market that has the greatest volume and level of activity. ASC Topic 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 Topic 820, these levels are summarized below: • Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. • Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC Topic 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment including the impact of changes in broader market indices and credit spreads 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 unrealized gains or losses reflected herein.
Foreign Currency	Foreign Currency Foreign currency amounts are translated into U.S. dollars on the following basis: • cash and cash equivalents, market value of investments, outstanding debt on revolving credit facilities, other assets and liabilities: at the spot exchange rate on the last business day of the period; and • purchases and sales of investments, borrowings and repayments of such borrowings, income and expenses: at the rates of exchange prevailing on the respective dates of such transactions. Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Company’s current approach to hedging the foreign currency exposure in its non-U.S. dollar denominated investments is primarily to borrow the par amount in local currency under the Company’s Subscription Facility and Revolving Credit Facility, ("Credit Facilities") to fund these investments. Fluctuations arising from the translation of foreign currency borrowings are included with the net change in unrealized gains (losses) on translation of assets and liabilities in foreign currencies on the consolidated statements of operations. Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar.
Organization and Offering Expenses	Organization and Offering Expenses Organization and offering costs will be borne by the Company and have been advanced from the Adviser subject to recoupment. Costs associated with the organization of the Company have been expensed as incurred, subject to the limitation described below. These expenses consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of Common Shares of the Company will be capitalized as deferred offering expenses on the Consolidated Balance Sheet and amortized over a twelve-month period from incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s private offering of its Common Shares. The Company will not bear more than an amount equal to 0.10% of the aggregate Commitments of the Company for organization and offering expenses in connection with the offering of Common Shares. If actual organization and offering costs incurred exceed 0.10% of the Company’s total Capital Commitments, the Adviser or its affiliates will bear the excess costs. To the extent that the Company’s Capital Commitments later increase, the Adviser or its affiliates may be reimbursed for past payments of excess organization and offering costs made on the Company’s behalf, provided that the total organization and offering costs borne by the Company do not exceed 0.10% of total Capital Commitments and provided further that the Adviser or its affiliates may not be reimbursed for payment of excess organization and offering expenses that were incurred more than three years prior to the proposed reimbursement. As of March 31, 2023 there were no expenses borne by the Adviser subject to future recoupment. Any sales load, platform fees, servicing fees or similar fees or expenses charged directly to an investor in an offering by a placement agent or similar party will not be considered organization or offering expenses of the Company for purposes of the Company’s cap on organization and offering expenses.
Debt Issuance Costs	Debt Issuance Costs The Company records origination and other expenses related to its debt obligations as deferred financing costs, which are presented as a direct deduction from the carrying value of the related debt liability. These expenses are deferred and amortized using the effective interest method, or straight-line method, over the stated maturity of the debt obligation.
Interest and Dividend Income Recognition	Interest and Dividend Income Recognition Interest income is recorded on an accrual basis and includes the amortization of discounts and premiums. Discounts and premiums to par value on securities purchased or originated are amortized into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of discounts and premiums, if any. Unless providing services in connection with an investment, such as syndication, structuring or diligence, all or a portion of any loan fees received by the Company will be deferred and amortized over the investment’s life using the effective interest method. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when management has reasonable doubt that the borrower will pay principal or interest in full. Accrued and unpaid 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 has been paid and, in management’s judgment, the borrower is likely to make principal and interest payments in the future. Management may determine to not place a loan on non-accrual status if, notwithstanding any failure to pay, the loan has sufficient collateral value and is in the process of collection. Dividend income on preferred equity securities is recorded on an 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.
Other Income	Other Income From time to time, the Company may receive fees for services provided to portfolio companies by the Adviser. The services that the Adviser provides vary by investment, but may include syndication, structuring, diligence fees, or other service-based fees and fees for providing managerial assistance to our portfolio companies and are recognized as revenue when earned.
Earnings (Loss) Per Share	Earnings per share The Company's earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of Common Shares outstanding for the period. Basic EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of Common Shares outstanding during the period.
Reimbursement of Transaction-Related Expenses	Reimbursement of Transaction-Related Expenses The Company may receive reimbursement for certain transaction-related expenses in pursuing investments. Transaction-related expenses, which are expected to be reimbursed by third parties, are typically deferred until the transaction is consummated and are recorded in Prepaid expenses and other assets on the date incurred. The transaction-related costs of pursuing investments not otherwise reimbursed are borne by the Company and for successfully completed investments included as a component of the investment’s cost basis. Cash advances received in respect of transaction-related expenses are recorded as Cash and cash equivalents with an offset to Other liabilities or Other payables to affiliates. Other liabilities or Other payables to affiliates are relieved as reimbursable expenses are incurred.
Income Taxes, Including Excise Taxes	Income Taxes, Including Excise Taxes The Company intends to elect to be treated as a RIC under Subchapter M of the Code, and the Company intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of its investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. To maintain its RIC status, the Company, among other things, has made and intends to continue to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. As of March 31, 2023, the Company did not have any uncertain tax positions that met the recognition or measurement criteria, nor did the Company have any unrecognized tax benefits. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that the estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company accrues excise tax on estimated excess taxable income. For the three months ended March 31, 2023, the Company recorded a net expense of $0.3 million for U.S. federal excise tax and other taxes.
Dividends to Common Shareholders	Dividends to Common Shareholders Dividends to common shareholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board and is generally based upon the earnings estimated by the Adviser. Net realized long-term capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains. The Board has adopted a dividend reinvestment plan, pursuant to which the Company will reinvest all cash dividends or distributions declared by the Board on behalf of investors who do not elect to receive their cash dividends or distributions in cash as provided below. As a result, if the Board authorizes, and the Company declares, a cash dividend or distribution, then shareholders who have not elected to “opt out” of the dividend reinvestment plan will have their cash dividends or distributions automatically reinvested in additional Common Shares as described below. See Note 10 for further information related to dividends.
Recent Accounting Standards and Regulatory Updates	Recent Accounting Standards and Regulatory Updates In December 2022, the Financial Accounting Standards Board issued Accounting Standards Update 2022-06 (“ASU 2022-06”) “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848.” Topic 848 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. ASU 2022-06 defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. ASU 2022-06 is effective for all entities in scope upon issuance of ASU 2022-06. The adoption of this guidance did not have a material impact on the Company’s financial position, result of operations or cash flows.

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Investments at Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Investments Debt And Equity Securities [Abstract]

Summary of Investments at Fair Value

Investments at fair value consisted of the following at March 31, 2023 and December 31, 2022:


	March 31, 2023
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	1,232,474	$	1,246,008	$	13,534
Equity and other investments		16,446		16,444		(2	)
Total Investments	$	1,248,920	$	1,262,452	$	13,532


	December 31, 2022
	Amortized Cost (1)		Fair Value		Net Unrealized Gain (Loss)
First-lien debt investments	$	801,223	$	800,995	$	(228	)
Equity and other investments		7,806		7,806		—
Total Investments	$	809,029	$	808,801	$	(228	)

(1)

The amortized cost represents the original cost adjusted for the amortization of discounts or premiums, as applicable, on debt investments using the effective interest method.

Summary of Industry Composition of Investments at Fair Value

The industry composition of investments at fair value at March 31, 2023 and December 31, 2022:


	March 31, 2023			December 31, 2022
Business Services		0.5	%		0.8	%
Chemicals		1.6	%		2.4	%
Communications		3.0	%		—
Financial Services		21.3	%		32.4	%
Healthcare		7.6	%		—
Human Resource Support Services		11.6	%		18.0	%
Insurance		4.5	%		—
Internet Services		10.5	%		0.7	%
Manufacturing		10.5	%		16.3	%
Oil, Gas and Consumable Fuels		7.6	%		—
Retail and Consumer Products		21.3	%		29.4	%
Total		100.0	%		100.0	%

Summary of Geographic Composition of Investments at Fair Value

The geographic composition of investments at fair value at March 31, 2023 and December 31, 2022:


	March 31, 2023			December 31, 2022
United States
Midwest		19.0	%		18.1	%
Northeast		36.4	%		45.5	%
South		0.5	%		0.7	%
West		38.6	%		32.5	%
Canada		3.0	%		—
Germany		0.3	%		0.4	%
Luxembourg		0.3	%		0.4	%
Netherlands		0.3	%		—
Norway		1.6	%		2.4	%
Total		100.0	%		100.0	%

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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Investments

The following tables present fair value measurements of investments as of March 31, 2023 and December 31, 2022:


	Fair Value Hierarchy at March 31, 2023
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	1,246,008	$	1,246,008
Equity and other investments		—		—		16,444		16,444
Total	$	—	$	—	$	1,262,452	$	1,262,452


	Fair Value Hierarchy at December 31, 2022
	Level 1		Level 2		Level 3		Total
First-lien debt investments	$	—	$	—	$	800,995	$	800,995
Equity and other investments		—		—		7,806		7,806
Total	$	—	$	—	$	808,801	$	808,801

Changes in Fair Value of Investments Using Level 3 Inputs

The following tables present the changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of and for the three months ended March 31, 2023:


	As of and for the Three Months Ended
	March 31, 2023
	First-lien debt investments			Equity and other investments		Total
Balance, beginning of period	$	800,994		$	7,806	$	808,800
Purchases or originations		436,124			8,638		444,762
Repayments / redemptions		(6,286	)		—		(6,286	)
Paid-in-kind interest		21			—		21
Net change in unrealized gains (losses)		13,761			—		13,761
Net amortization of discount on securities		1,394			—		1,394
Transfers into (out of) Level 3		—			—		—
Balance, End of Period	$	1,246,008		$	16,444	$	1,262,452

Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value


	Net Change in Unrealized
	Gains (Losses)
	for the Three Months Ended
	March 31, 2023 on
	Investments Held at
	March 31, 2023
First-lien debt investments	$	13,761
Equity and other investments		—
Total	$	13,761

Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations

March 31, 2023

Valuation

Unobservable

Range (Weighted

Impact to Valuation
from an

Fair Value

Technique

Input

Average)

Increase to Input

First-lien debt investments

1,246,008

Income approach

Discount rate

9.89% — 14.94% (13.18%)

Decrease

Equity and other investments

16,444

Market Multiple

Comparable multiple

5.8x — 13.5x (12.0x)

Increase

Total

1,262,452

December 31, 2022

Valuation

Unobservable

Range (Weighted

Impact to Valuation
from an

Fair Value

Technique

Input

Average)

Increase to Input

First-lien debt investments

800,995

Income approach

Discount rate

9.3% — 15.1% (13.1%)

Decrease

Equity and other investments

7,806

Market Multiple

Comparable multiple

5.8x — 13.5x (13.3x)

Increase

Total

808,801

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Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations consisted of the following as of March 31, 2023 and December 31, 2022:


	March 31, 2023
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	1,300,000	$	548,594	$	751,406	$	542,434
Revolving Credit Facility		700,000		242,698		457,302		237,501
Total Debt	$	2,000,000	$	791,292	$	1,208,708	$	779,935

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.

(2)

The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $6.2 million and $5.2 million, respectively.


	December 31, 2022
	Aggregate Principal Amount Committed		Outstanding Principal		Amount Available (1)		Carrying Value (2)
Subscription Facility	$	700,000	$	537,991	$	162,009	$	534,080
Total Debt	$	700,000	$	537,991	$	162,009	$	534,080

(1)

The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.

(2)

The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.

Schedule of Components of Interest Expense

For the three months ended March 31, 2023, the components of interest expense were as follows:


	Three Months Ended
	March 31, 2023
Interest expense	$	7,407
Commitment fees		560
Amortization of deferred financing costs		885
Total Interest Expense	$	8,852
Average debt outstanding (in millions)	$	445.6
Weighted average interest rate		6.7	%

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments And Contingencies Disclosure [Abstract]

Schedule of Commitments To Fund Investments In Current Portfolio Companies

As of March 31, 2023 and December 31, 2022, the Company had the following commitments to fund investments in current portfolio companies:


	March 31, 2023		December 31, 2022
Avalara, Inc. - Revolver	$	13,636	$	13,636
Banyan Software Holdings, LLC - Delayed Draw		40,000		—
BTRS Holdings, Inc. - Delayed Draw & Revolver		22,572		25,915
Coupa Holdings, LLC - Delayed Draw & Revolver		20,427		—
Disco Parent, Inc. - Revolver		5,776		—
Edge Bidco B.V - Delayed Draw & Revolver		1,347		—
Erling Lux Bidco SARL - Delayed Draw & Revolver		5,719		5,618
Hornetsecurity Holding GmbH - Delayed Draw & Revolver		2,078		2,041
Laramie Energy, LLC - Delayed Draw		27,439		—
OutSystems Luxco SARL - Delayed Draw		2,175		2,137
Ping Identity Holding Corp. - Revolver		13,636		13,636
Total Portfolio Company Commitments (1)(2)	$	154,805	$	62,983

(1)

(2)

The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

XML 36 R27.htm IDEA: XBRL DOCUMENT

Net Assets (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Common Shares Issued and Proceeds Received


Common Share Issuance Date	Number of Common Shares Issued		Proceeds Received
March 21, 2023		9,643,813	$	250,000
		9,643,813	$	250,000

XML 37 R28.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:


	For the three months ended
	March 31, 2023
Earnings per common share—basic and diluted
Increase in net assets resulting from operations	$	28,218
Weighted average shares of Common Shares outstanding—basic and diluted		23,060,716
Earnings per common share—basic and diluted	$	1.22

XML 38 R29.htm IDEA: XBRL DOCUMENT

Dividends (Tables)

3 Months Ended

Mar. 31, 2023

Dividends [Abstract]

Summary of Dividends Declared


	Three Months Ended
	March 31, 2023
Date Declared	Dividend	Record Date	Payment Date	Dividend per Share
March 30, 2023		March 31, 2023	May 9, 2023	$	0.40
Total Dividends Declared				$	0.40

XML 39 R30.htm IDEA: XBRL DOCUMENT

Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2023

Investment Company Financial Highlights [Abstract]

Summary Of Financial Highlights


	For the three months ended
	March 31, 2023
Per Share Data (4)
Net asset value, beginning of period	$	24.98

Net investment income (1)		0.66
Net realized and unrealized gain (loss) (1)		0.57
Total from operations		1.22
Net Common Share Issuance		(0.04	)
Dividend declared		(0.40	)
Total increase (decrease) in net assets		0.79
Net Asset Value, End of Period	$	25.77
Total return based on net asset value (2)		4.76	%
Common shares outstanding, end of period		31,525,841
Ratios / Supplemental Data (3)
Ratio of gross expenses to average net assets without management fee waiver		10.84	%
Ratio of net expenses to average net assets with management fee waiver		9.36	%
Ratio of net investment income to average net assets without management fee waiver		7.42	%
Ratio of net investment income to average net assets with management fee waiver		8.90	%
Portfolio turnover		2.43	%
Net assets, end of period	$	812,319

(1)

The per share data was derived by using the weighted average Common Shares outstanding during the period.

(2)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share.

(3)

The ratios, excluding nonrecurring expenses, such as organization costs, are annualized.

(4)

Table may not sum due to rounding.

XML 40 R31.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Accounting Policies [Abstract]
Percentage of organization and offering expenses	0.10%
Net expense for U.S. federal excise tax and other taxes	$ 300,000
Minimum percentage of investment company taxable income distribute to stockholders in each taxable year to qualify as RIC	90.00%
Unrecognized tax benefits	$ 0
Nondeductible U.S. federal excise tax percentage	4.00%

XML 41 R32.htm IDEA: XBRL DOCUMENT

Agreements and Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 28, 2022	Mar. 31, 2023
Related Party Transaction [Line Items]
Management fees		$ 3,884
Incentive fees on net investment income		2,362
Administration Agreement \| Adviser
Related Party Transaction [Line Items]
Expenses incurred		500
Investment Advisory Agreement
Related Party Transaction [Line Items]
Percentage of management fee on gross assets	1.25%
Management fees gross of waivers		3,900
Management fees		2,500
Percentage of management fees in excess of average aggregate drawn capital	1.00%
Percentage of excess pre-incentive fee net investment income for immediate preceding calendar quarter	100.00%
Percentage of hurdle rate	1.50%
Percentage of total pre-Incentive fee net investment income payable quarterly	12.50%
Percentage of pre-incentive fee net investment income payable quarterly subsequent to exchange listing	(17.50%)
Percentage of all remaining pre-Incentive Fee net investment income quarterly	12.50%
Percentage of all remaining pre-incentive fee net investment income quarterly subsequent to exchange listing	(17.50%)
Percentage of cumulative realized capital gains less aggregate capital gain incentive fee	12.50%
Percentage of capital gain incentive fee prior to exchange listing	12.50%
Percentage of capital gain incentive fee subsequent to exchange listing	17.50%
Incentive fees on net investment income		2,400
Incentive Fees on Capital Gains		$ 1,400

XML 42 R33.htm IDEA: XBRL DOCUMENT

Investments at Fair Value - Additional Information (Details)	Mar. 31, 2023
Affiliated [Member]
Schedule Of Available For Sale Securities [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%

XML 43 R34.htm IDEA: XBRL DOCUMENT

Investments at Fair Value - Summary of Investments at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 1,248,920	$ 809,029
Fair Value	1,262,452	808,801
Net Unrealized Gain (Loss)	13,532	(228)
First-lien Debt Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,232,474	801,223
Fair Value	1,246,008	800,995
Net Unrealized Gain (Loss)	13,534	(228)
Equity and Other Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	16,446	7,806
Fair Value	$ 16,444	$ 7,806

XML 44 R35.htm IDEA: XBRL DOCUMENT

Investments at Fair Value - Summary of Industry Composition of Investments at Fair Value (Details)	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	100.00%	100.00%
Business Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	0.50%	0.80%
Chemicals
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	1.60%	2.40%
Communications
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	3.00%
Financial Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	21.30%	32.40%
Healthcare
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	7.60%
Human Resource Support Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	11.60%	18.00%
Insurance
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	4.50%
Internet Services
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	10.50%	0.70%
Manufacturing
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	10.50%	16.30%
Oil, Gas and Consumable Fuels
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	7.60%
Retail and Consumer Products
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	21.30%	29.40%

XML 45 R36.htm IDEA: XBRL DOCUMENT

Investments at Fair Value - Summary of Geographic Composition of Investments at Fair Value (Details)	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	100.00%	100.00%
United States - Midwest
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	19.00%	18.10%
United States - Northeast
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	36.40%	45.50%
United States - South
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	0.50%	0.70%
United States - West
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	38.60%	32.50%
Canada
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	3.00%
Germany
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	0.30%	0.40%
Luxembourg
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	0.30%	0.40%
Netherlands
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	0.30%
Norway
Schedule Of Available For Sale Securities [Line Items]
Investment fair value percentage	1.60%	2.40%

XML 46 R37.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Fair Value Measurements of Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and other investments	$ 16,444
Total	1,262,452	$ 808,801
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity and other investments	16,444	7,806
Total	1,262,452	808,801
First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
First-lien debt investments	1,246,008	800,995
First-lien Debt Investments \| Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
First-lien debt investments	$ 1,246,008	$ 800,995

XML 47 R38.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Changes in Fair Value of Investments for Level 3 Inputs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	$ 808,800
Purchases or originations	444,762
Repayments / redemptions	(6,286)
Paid-in-kind interest	21
Net change in unrealized gains (losses)	$ 13,761
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Unrealized Gain Loss On Investments
Net amortization of discount on securities	$ 1,394
Balance, End of Period	1,262,452
First-lien Debt Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	800,994
Purchases or originations	436,124
Repayments / redemptions	(6,286)
Paid-in-kind interest	21
Net change in unrealized gains (losses)	13,761
Net amortization of discount on securities	1,394
Balance, End of Period	1,246,008
Equity and Other Investments
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance, beginning of period	7,806
Purchases or originations	8,638
Balance, End of Period	$ 16,444

XML 48 R39.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Net Change in Unrealized Gains or Losses on Investments for Which Level 3 Inputs were Used in Determining Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain	$ 13,532	$ (228)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain	13,761
Level 3 \| First-lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Net Unrealized Gain	$ 13,761

XML 49 R40.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments - Fair Value of Level 3 Investments at Fair Value Significant Unobservable Inputs Used in Valuations (Details) - Level 3 $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 1,262,452	$ 808,801
Income Approach \| First-lien Debt Investments \| Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 1,246,008	$ 800,995
Income Approach \| First-lien Debt Investments \| Discount Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.0989	0.093
Income Approach \| First-lien Debt Investments \| Discount Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.1494	0.151
Income Approach \| First-lien Debt Investments \| Discount Rate \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.1318	0.131
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.058	0.058
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.135	0.135
Market Multiple \| Equity and Other Investments \| Comparable Multiple \| Weighted Average
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Investment measurement input	0.120	0.133
Transaction value \| Equity and Other Investments \| Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	$ 16,444	$ 7,806

XML 50 R41.htm IDEA: XBRL DOCUMENT

Debt - Additional Information (Details)
€ in Millions, £ in Millions

3 Months Ended

Jan. 09, 2023

USD ($)

Mar. 31, 2023

USD ($)

Apr. 27, 2023

USD ($)

Mar. 31, 2023

GBP (£)

Mar. 31, 2023

EUR (€)

Mar. 28, 2023

USD ($)

Feb. 28, 2023

USD ($)

Jan. 27, 2023

USD ($)

Jan. 18, 2023

USD ($)

Dec. 31, 2022

USD ($)

Sep. 30, 2022

USD ($)

Asset coverage percentage

202.70%

201.60%

Aggregate principal amount

$ 2,000,000,000

$ 700,000,000

Line of credit facility, remaining borrowing capacity

1,208,708,000

^[1]

162,009,000

^[2]

Stockholders' equity

812,319,000

546,711,000

Subscription Facility

Aggregate principal amount

$ 1,300,000,000

700,000,000

Line of credit facility maximum borrowing capacity

$ 1,300,000,000

$ 850,000,000

$ 800,000,000

700,000,000

$ 400,000,000

Line of credit facility, stated maturity date

Aug. 30, 2024

Optional extension period of maturity date of line of credit facility

364 days

Line of credit facility, remaining borrowing capacity

$ 751,406,000

^[1]

$ 162,009,000

^[2]

Line of credit, outstanding amount

£ 10.3

€ 13.4

Issuance of letters of credit

$ 0

Line of credit facility, undrawn amount percentage

0.25%

Subscription Facility | Adjusted Daily SOFR

Subscription Facility | Adjusted Term SOFR

1.95%

Subscription Facility | Prime Rate

1.95%

Debt instrument, interest rate

0.95%

Subscription Facility | Federal Funds Rate

Subscription Facility | Eurocurrency Rate

0.50%

Subscription Facility | SONIA

1.95%

Interest amount

0.0326%

Subscription Facility | Minimum | SOFR

1.95%

Subscription Facility | Maximum | SOFR

Interest amount

0.10%

Subscription Facility | Maximum | Adjusted Daily SOFR

Interest amount

0.25%

Revolving Credit Facility

1.00%

Aggregate principal amount

$ 700,000,000

Line of credit facility maximum borrowing capacity

$ 600,000,000

$ 700,000,000

Line of credit facility maximum borrowing capacity under certain circumstances

$ 1,000,000,000

Line of credit facility, remaining borrowing capacity

^[1]

457,302,000

Line of credit facility, expiration date

Jan. 19, 2028

Line of credit, outstanding amount

3,400,000

Issuance of letters of credit

Line of credit facility, undrawn amount percentage

0.375%

Revolving Credit Facility | Minimum | Adjusted Term SOFR

Revolving Credit Facility | Minimum | Alternative Base Rate

1.75%

Revolving Credit Facility | Minimum | Specified Relevant Rate

1.75%

Revolving Credit Facility | Maximum | Adjusted Term SOFR

1.75%

Revolving Credit Facility | Maximum | Alternative Base Rate

2.00%

Revolving Credit Facility | Maximum | Specified Relevant Rate

2.00%

2.00%

Letter of Credit

Issuance of letters of credit up to an aggregate amount

$ 175,000,000

Letter of Credit | Maximum

Percentage of commitment fee

10.00%

Subsequent Event | Subscription Facility

Line of credit facility maximum borrowing capacity

$ 1,350,000,000

[1]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.
[2]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.

XML 51 R42.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

Aggregate Principal Amount Committed

$ 2,000,000

$ 700,000

Outstanding Principal

791,292

537,991

Amount Available

1,208,708

^[1]

162,009

^[2]

Carrying Value

779,935

^[3]

534,080

^[4]

Subscription Facility

Aggregate Principal Amount Committed

1,300,000

700,000

Outstanding Principal

548,594

537,991

Amount Available

751,406

^[1]

162,009

^[2]

Carrying Value

542,434

^[3]

$ 534,080

^[4]

Revolving Credit Facility

Aggregate Principal Amount Committed

700,000

Outstanding Principal

242,698

Amount Available

^[1]

457,302

Carrying Value

^[3]

$ 237,501

[1]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility, Revolving Credit Facility and asset coverage requirements.
[2]	The amount available may be subject to limitations related to the borrowing base under the Subscription Facility and asset coverage requirements.
[3]	The carrying values of the Subscription Facility and Revolving Credit Facility are presented net deferred financing costs of $6.2 million and $5.2 million, respectively.
[4]	The carrying value of the Subscription Facility is presented net deferred financing costs of $3.9 million.

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

XML 52 R43.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Debt Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Deferred financing costs	$ 11,357	$ 3,911
Subscription Facility
Debt Instrument [Line Items]
Deferred financing costs	6,200	$ 3,900
Revolving Credit Facility
Debt Instrument [Line Items]
Deferred financing costs	$ 5,200

XML 53 R44.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Components of Interest Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Interest expense	$ 7,407
Commitment fees	560
Amortization of deferred financing costs	885
Total Interest Expense	8,852
Average debt outstanding (in millions)	$ 445,600
Weighted average interest rate	6.70%

XML 54 R45.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Schedule of Commitments To Fund Investments In Current Portfolio Companies (Details) - USD ($)
$ in Thousands

Mar. 31, 2023

Dec. 31, 2022

^[1],[2]

$ 154,805

$ 62,983

Revolver | Avalara, Inc.

Revolver | Disco Parent, Inc.

13,636

Revolver | Ping Identity Holding Corp.

5,776

Delayed Draw & Revolver | BTRS Holdings, Inc.

13,636

Delayed Draw & Revolver | Coupa Holdings, LLC

22,572

25,915

Delayed Draw & Revolver | Edge Bidco B.V

20,427

Delayed Draw & Revolver | Erling Lux Bidco SARL

1,347

Delayed Draw & Revolver | Hornetsecurity Holding GmbH

5,719

5,618

Delayed Draw | Banyan Software Holdings, LLC

2,078

2,041

Delayed Draw | Laramie Energy, LLC

40,000

Delayed Draw | OutSystems Luxco SARL

27,439

$ 2,175

$ 2,137

[1]	Represents the full amount of the Company’s commitments to fund investments on such date. Commitments may be subject to limitations on borrowings set forth in the agreements between the Company and the applicable portfolio company. As a result, portfolio companies may not be eligible to borrow the full commitment amount on such date.
[2]	The Company’s estimate of the fair value of the current investments in these portfolio companies includes an analysis of the fair value of any unfunded commitments.

XML 55 R46.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Unfunded Loan Commitments
Loss Contingencies [Line Items]
Other commitments	$ 0	$ 0

XML 56 R47.htm IDEA: XBRL DOCUMENT

Net Assets - Additional Information (Details) - USD ($) $ / shares in Units, $ in Billions	Mar. 31, 2023	Dec. 31, 2022	Jun. 24, 2022
Class Of Stock [Line Items]
Common stock, price per share	$ 0.001	$ 0.001
Common stock, shares issued	31,525,841	21,882,028
Capital commitment received form investors	$ 2.8
Capital commitments remaining undrawn	$ 2.0
Common Share
Class Of Stock [Line Items]
Shares issued, price per share			$ 25.00
Adviser
Class Of Stock [Line Items]
Common stock, shares issued			30,000

XML 57 R48.htm IDEA: XBRL DOCUMENT

Net Assets - Summary of Common Shares Issued and Proceeds Received (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Number of Common Shares Issued	31,525,841	21,882,028
Subscription Agreements
Class Of Stock [Line Items]
Number of Common Shares Issued	9,643,813
Proceeds Received	$ 250,000

XML 58 R49.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Earnings Per Share [Abstract]
Increase in net assets resulting from operations \| $	$ 28,218
Weighted average shares of common shares outstanding-basic \| shares	23,060,716
Weighted average shares of common shares outstanding-diluted \| shares	23,060,716
Earnings per common share - basic \| $ / shares	$ 1.22
Earnings per common share - diluted \| $ / shares	$ 1.22

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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