{ "edition": "2025-26 annual reports", "generatedAt": "2026-08-04", "window": { "start": "2025-07-01", "end": "2026-06-30", "label": "10-K filings, 1 July 2025 – 30 June 2026" }, "forms": [ "10-K" ], "universe": "every company with a Form N-54A business development company election on EDGAR that filed a Form 10-K in the window, one filing per company — the most recent 10-K in the window.", "aggregate": { "n": 177, "screened": 365, "externallyManaged": { "count": 170, "share": 0.96045197740113 }, "internallyManaged": { "count": 7, "share": 0.03954802259887006 }, "feePayingN": 170, "baseManagementFeeRate": { "n": 143, "min": 0.15, "p25": 1, "median": 1.25, "p75": 1.5, "max": 2, "mean": 1.2367132867132868 }, "incomeIncentiveFeeRate": { "n": 95, "min": 7.5, "p25": 12.5, "median": 12.5, "p75": 17.5, "max": 20, "mean": 14.642105263157895 }, "hurdleRateQuarterly": { "n": 98, "min": 1, "p25": 1.25, "median": 1.5, "p75": 1.75, "max": 2.0625, "mean": 1.5235969387755102 }, "hurdleRateAnnualized": { "n": 86, "min": 5, "p25": 5, "median": 6, "p75": 7, "max": 8.25, "mean": 6.063953488372093 }, "capitalGainsIncentiveFeeRate": { "n": 131, "min": 7.5, "p25": 12.5, "median": 15, "p75": 20, "max": 20, "mean": 15.312977099236642 }, "lookbackPeriodQuarters": { "n": 17, "min": 12, "p25": 12, "median": 12, "p75": 12, "max": 12, "mean": 12 }, "catchUpPresent": { "count": 129, "share": 0.7588235294117647 }, "fullCatchUp": { "count": 102, "share": 0.6 }, "totalReturnLookbackPresent": { "count": 38, "share": 0.2235294117647059 }, "deferralOrCapPresent": { "count": 128, "share": 0.7529411764705882 }, "feeWaiverPresent": { "count": 119, "share": 0.7 }, "incomeIncentiveFeeModes": [ { "valuePct": 12.5, "count": 40, "share": 0.42105263157894735 }, { "valuePct": 20, "count": 18, "share": 0.18947368421052632 }, { "valuePct": 15, "count": 17, "share": 0.17894736842105263 }, { "valuePct": 17.5, "count": 11, "share": 0.11578947368421053 }, { "valuePct": 10, "count": 6, "share": 0.06315789473684211 }, { "valuePct": 7.5, "count": 2, "share": 0.021052631578947368 } ], "baseManagementFeeModes": [ { "valuePct": 1.25, "count": 53, "share": 0.3706293706293706 }, { "valuePct": 1, "count": 24, "share": 0.16783216783216784 }, { "valuePct": 1.5, "count": 17, "share": 0.11888111888111888 }, { "valuePct": 1.75, "count": 16, "share": 0.11188811188811189 }, { "valuePct": 0.75, "count": 9, "share": 0.06293706293706294 }, { "valuePct": 2, "count": 6, "share": 0.04195804195804196 }, { "valuePct": 0.7, "count": 3, "share": 0.02097902097902098 }, { "valuePct": 0.25, "count": 2, "share": 0.013986013986013986 }, { "valuePct": 0.9, "count": 2, "share": 0.013986013986013986 }, { "valuePct": 1.4, "count": 2, "share": 0.013986013986013986 } ], "hurdleRateQuarterlyModes": [ { "valuePct": 1.25, "count": 32, "share": 0.32653061224489793 }, { "valuePct": 1.5, "count": 30, "share": 0.30612244897959184 }, { "valuePct": 1.75, "count": 25, "share": 0.25510204081632654 }, { "valuePct": 2, "count": 7, "share": 0.07142857142857142 } ], "capitalGainsIncentiveFeeModes": [ { "valuePct": 12.5, "count": 54, "share": 0.4122137404580153 }, { "valuePct": 20, "count": 37, "share": 0.2824427480916031 }, { "valuePct": 15, "count": 17, "share": 0.1297709923664122 }, { "valuePct": 17.5, "count": 15, "share": 0.11450381679389313 }, { "valuePct": 10, "count": 5, "share": 0.03816793893129771 }, { "valuePct": 7.5, "count": 2, "share": 0.015267175572519083 } ], "disclosure": { "baseManagementFeeRate": { "count": 143, "share": 0.8411764705882353 }, "incomeIncentiveFeeRate": { "count": 95, "share": 0.5588235294117647 }, "hurdleRateQuarterly": { "count": 98, "share": 0.5764705882352941 }, "hurdleRateAnnualized": { "count": 86, "share": 0.5058823529411764 }, "capitalGainsIncentiveFeeRate": { "count": 131, "share": 0.7705882352941177 }, "catchUpRate": { "count": 107, "share": 0.6294117647058823 }, "lookbackPeriodQuarters": { "count": 17, "share": 0.1 } } }, "funds": [ { "cik": "1950976", "name": "26North BDC, Inc.", "adsh": "0001193125-26-091756", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1950976/000119312526091756/ck0001950976-20251231.htm", "fileNumber": "814-01665", "election": { "adsh": "0001104659-23-106317", "fileDate": "2023-10-03", "url": "https://www.sec.gov/Archives/edgar/data/1950976/000110465923106317/tm2327403d1_n54a.htm" }, "textLength": 611260, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "The Management Fee is payable at an annual rate of 0.75% (1.00% in the event of an Exchange Listing (as defined below)) of the average value of our gross assets at the end of each of our two most recently completed calendar quarters.", "offset": 47520 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…as a rate of return on the value of our net assets at the beginning of the immediately preceding calendar quarter, will be compared to a \"Hurdle Amount\" equal to the product of (i) the Hurdle rate of 1.50% per quarter (6.0% annualized) and (ii) our net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of…", "offset": 49830 }, "annualizedExcerpt": { "text": "…on the value of our net assets at the beginning of the immediately preceding calendar quarter, will be compared to a \"Hurdle Amount\" equal to the product of (i) the Hurdle rate of 1.50% per quarter (6.0% annualized) and (ii) our net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of the immediately pre…", "offset": 49849 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than 1.6667% (1.8182% in the event of an Exchange Listing) for that calendar quarter is payable to the Adviser.", "offset": 50368 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "…s Incentive Fee\" is an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 10% (17.5% following an Exchange Listing) of realized capital gains, if any, determined on a cumulative basis from the commencement of the Company's investment operations (based on the fair market val…", "offset": 52877 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1950976", "totalAssetsUsd": 1437832000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1998387", "name": "5C Lending Partners Corp.", "adsh": "0001193125-26-093475", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1998387/000119312526093475/ck0001998387-20251231.htm", "fileNumber": "814-01751", "election": { "adsh": "0000930413-24-002684", "fileDate": "2024-08-30", "url": "https://www.sec.gov/Archives/edgar/data/1998387/000093041324002684/c109866_n54a.htm" }, "textLength": 685688, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.6, "excerpt": { "text": "The Management Fee is payable at an annual rate of 0.60% (1.00% in the event of an Exchange Listing) of the average value of the Company's gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of each of the Company's two most recently completed calendar quarters.", "offset": 79936 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…rate of return on the value of the Company's net assets at the beginning of the immediately preceding calendar quarter, is compared to a \"Hurdle Amount\" equal to the product of (i) the Hurdle rate of 1.50% per quarter (6.0% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the beg…", "offset": 82594 }, "annualizedExcerpt": { "text": "…he value of the Company's net assets at the beginning of the immediately preceding calendar quarter, is compared to a \"Hurdle Amount\" equal to the product of (i) the Hurdle rate of 1.50% per quarter (6.0% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any Incentive Fees payable during the period) at the beginning of the immed…", "offset": 82613 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than 1.6667% (1.8182% in the event of an Exchange Listing) for that calendar quarter is payable to the Advisor.", "offset": 83152 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "…ns Incentive Fee is an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 10.0% (17.5% in the event of an Exchange Listing) of realized capital gains, if any, determined on a cumulative basis from the commencement of the Company's investment operations (based on the fair ma…", "offset": 85509 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "Unless waived by the Advisor, the cost of both the Management Fee and the Incentive Fee will be borne by the Company's stockholders.", "offset": 605845 } } }, "size": { "cik": "1998387", "totalAssetsUsd": 601751000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1634452", "name": "AB Private Credit Investors Corp", "adsh": "0001193125-26-124450", "form": "10-K", "fileDate": "2026-03-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1634452/000119312526124450/ck0001634452-20251231.htm", "fileNumber": "814-01196", "election": { "adsh": "0001193125-16-732562", "fileDate": "2016-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1634452/000119312516732562/d255683dn54a.htm" }, "textLength": 809077, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.375, "excerpt": { "text": "Prior to the waiver (and for the fiscal year ended December 31, 2025), the base management fee was payable quarterly in arrears and calculated at an annual rate of 1.375%.", "offset": 34115 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…(6% per annum), the \"6% Hurdle Rate\"; and • 100% of PIFNII with respect to that portion of such PIFNII, if any, that exceeds the 6% Hurdle Rate but is less than 1.67% in any calendar quarter (the \"6% Catch-up Cap\"), approximately 6.67% per annum.", "offset": 38954 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "In addition, on February 10, 2026, the Fund and the Adviser entered into a fee waiver letter pursuant to which the Adviser agreed to waive a portion of the capital gains incentive fee in excess of the capital gains incentive fee calculated at the reduced rate of 17.5% for the period from January 1, 2026 through February 10, 2026.", "offset": 45028 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "The Fund will defer cash payment of any income-based incentive fee and/or any capital gains incentive fee otherwise earned by the Adviser if, during the most recent four full fiscal quarter periods ending on or prior to the date such payment is to be made, the sum of (a) the PIFNII, (b) the realized capital gain / loss and (c) unrealized capital appreciation/ depreciation, expressed as a rate of r…", "offset": 45267 } }, "feeWaiver": { "present": true, "excerpt": { "text": "In addition, on February 10, 2026, the Fund and the Adviser entered into a fee waiver letter pursuant to which the Adviser agreed to waive a portion of the management fee in excess of the base management fee calculated at the reduced annual rate of 1.25% for the period from January 1, 2026 through February 10, 2026.", "offset": 33712 } } }, "size": { "cik": "1634452", "totalAssetsUsd": 1980943315, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1982701", "name": "AB Private Lending Fund", "adsh": "0001193125-26-124286", "form": "10-K", "fileDate": "2026-03-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1982701/000119312526124286/ck0001982701-20251231.htm", "fileNumber": "814-01744", "election": { "adsh": "0001193125-24-195662", "fileDate": "2024-08-07", "url": "https://www.sec.gov/Archives/edgar/data/1982701/000119312524195662/d881227dn54a.htm" }, "textLength": 679996, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month.", "offset": 52964 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of the Fund's Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 56585 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…e Net Investment Income Returns in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 56006 }, "annualizedExcerpt": { "text": "…come Returns in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 56025 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 56045 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 57497 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that the Fund has not yet received in cash.", "offset": 54753 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1982701", "totalAssetsUsd": 350827509, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1822523", "name": "Advanced Flower Capital Inc.", "adsh": "0001628280-26-014392", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1822523/000162828026014392/afcg-20251231.htm", "fileNumber": "814-01950", "election": { "adsh": "0001829126-25-010370", "fileDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1822523/000182912625010370/advancedflower_n-54a.htm" }, "textLength": 721325, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Under the Advisory Agreement, we will pay the Adviser a base management fee (for purposes of this section only, the \"Base Management Fee\") calculated at an annual rate of 1.50% of the average value of our average of gross assets at the end of the two most recently completed calendar quarters (excluding cash or cash equivalents but including assets purchased with borrowed funds) during the most rec…", "offset": 82832 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "The Catch-Up is meant to provide the Adviser with approximately 17.5% of our pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter;", "offset": 87447 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-incentive fee net investment income in respect that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.8182% in any calendar quarter (7.2728% annualized).", "offset": 86971 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…pay the Adviser an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Advisory Agreement in an amount equal to 17.5% of our realized capital gains, if any, on a cumulative basis from January 1, 2026 (the date on which we elected to be regulated as a BDC under the 1940 Act) through the end of a given calendar y…", "offset": 88288 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1822523", "totalAssetsUsd": 275594747, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2011498", "name": "AGL Private Credit Income Fund", "adsh": "0001193125-26-103932", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2011498/000119312526103932/ck0002011498-20251231.htm", "fileNumber": "814-01782", "election": { "adsh": "0001193125-24-236747", "fileDate": "2024-10-11", "url": "https://www.sec.gov/Archives/edgar/data/2011498/000119312524236747/d858684dn54a.htm" }, "textLength": 592607, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The Base Management Fee payable under the Investment Advisory Agreement is calculated and payable quarterly in arrears and is an amount equal to an annual rate of 1.25% of the average value of the Company's net assets at the end of the two most recently completed calendar quarters and is paid quarterly in arrears (the \"Base Management Fee\").", "offset": 29333 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…e reaches 2.00% (8.00% annualized) in any calendar quarter; and • For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 2.00% (8.00% annualized), the Incentive Fee on income equals 12.50% of the amount of Pre-Incentive Fee Net Investment Income, as the hurdle rate and catch-up will have been achieved.", "offset": 32352 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.00% in any calendar quarter (8.00% annualized), which portion of the Incentive Fee on income is referred to as the \"catch up\" and is intended to provide the Adviser with an Incentive Fee of 12.50% on all of Pre-Incentive Fee Net Investment Income when Pre-Incentive Fee Net Investm…", "offset": 31745 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…iser an Incentive Fee on Capital Gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.50% of our realized capital gains, if any, on a cumulative basis from the date of its election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Inves…", "offset": 348538 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issuance discount (\"OID\") debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 30846 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…nal costs - 2,727 Offering costs 765 188 Administrative service fees 3,751 829 Professional fees 3,170 1,332 Board of trustee fees 474 284 Other general expenses 2,637 1,200 Total expenses before fee waiver and expense reimbursement 59,322 11,164 Capital gain incentive fee waived (30 ) (89 ) Expense reimbursement (9,920 ) (6,245 ) Net expenses $ 49,372 $ 4,830 For the year ended December 31, 2025…", "offset": 343854 } } }, "size": { "cik": "2011498", "totalAssetsUsd": 1425995000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1979306", "name": "Andalusian Credit Company, LLC", "adsh": "0001104659-26-027134", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1979306/000110465926027134/tmb-20251231x10k.htm", "fileNumber": "814-01670", "election": { "adsh": "0001104659-23-112500", "fileDate": "2023-10-30", "url": "https://www.sec.gov/Archives/edgar/data/1979306/000110465923112500/tm2323313d1_n54a.htm" }, "textLength": 456458, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Management Fee Pursuant to the Advisory Agreement the Company will pay to the Adviser a Management Fee, payable quarterly in arrears at a rate of 1.50% per annum of the sum of (1) the Members' total unfunded Capital Commitments and (2) the Company's total assets (excluding cash or cash equivalents but including assets purchased with borrowed amounts) as of the end of the most recently completed ca…", "offset": 55680 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…calendar quarter; and ● For any calendar quarter in which the Company's pre-incentive fee net investment income exceeds the Pre-Exchange Listing Catch-Up Amount, the Income Incentive Fee shall equal 15% of the amount of the Company's pre-incentive fee net investment income for the calendar quarter.", "offset": 61214 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…rter due to realized and unrealized capital losses. 11 Table of Contents Pre-incentive fee net investment income will be compared to a \"Hurdle Amount\" equal to the product of (i) the \"hurdle rate\" of 1.25% per quarter (5% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end o…", "offset": 59136 }, "annualizedExcerpt": { "text": "…r due to realized and unrealized capital losses. 11 Table of Contents Pre-incentive fee net investment income will be compared to a \"Hurdle Amount\" equal to the product of (i) the \"hurdle rate\" of 1.25% per quarter (5% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of t…", "offset": 59139 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…ncentive Fee in each calendar quarter as follows: ● No Income Incentive Fee in any calendar quarter in which the Company's pre-incentive fee net investment income does not exceed the Hurdle Amount; ● 100% of the Company's pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount but is less than or e…", "offset": 60298 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "If this number is positive at the end of such year, then the Capital Gains Incentive Fee for such year will equal 15% before an Exchange Listing or 20% after an Exchange Listing, as applicable, of such amount, less the aggregate amount of any Capital Gains Incentive Fees paid in respect of the Company's portfolio in all prior years.", "offset": 67613 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…f the amount of the Company's pre-incentive fee net investment income for the calendar quarter. ​ Prior to an Exchange Listing, the Income Incentive Fee is subject to a cap (the \"Pre-Exchange Listing Incentive Fee Cap\").", "offset": 61419 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…f the amount of the Company's pre-incentive fee net investment income for the calendar quarter. ​ Prior to an Exchange Listing, the Income Incentive Fee is subject to a cap (the \"Pre-Exchange Listing Incentive Fee Cap\").", "offset": 61419 } }, "feeWaiver": { "present": true, "excerpt": { "text": "On a net basis, management fees (net of management fee waiver) increased for the year ended December 31, 2025 primarily due to the absence of a management fee waiver during the year ended December 31, 2025.", "offset": 282234 } } }, "size": { "cik": "1979306", "totalAssetsUsd": 346640000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1976336", "name": "Antares Private Credit Fund", "adsh": "0001193125-26-115260", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1976336/000119312526115260/ck0001976336-20251231.htm", "fileNumber": "814-01793", "election": { "adsh": "0001104659-24-114379", "fileDate": "2024-11-05", "url": "https://www.sec.gov/Archives/edgar/data/1976336/000110465924114379/tm2411138d8_n54a.htm" }, "textLength": 893585, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The base management fee is payable monthly and calculated at an annual rate of 1.25% based on the average of the Company's net asset value as of the beginning of the first business day of the month.", "offset": 69398 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter;", "offset": 72928 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…ent Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5% per quarter (6.0% annualized);", "offset": 72403 }, "annualizedExcerpt": { "text": "…ve Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5% per quarter (6.0% annualized);", "offset": 72421 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.86% annualized).", "offset": 72441 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S.", "offset": 408529 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 71184 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser has agreed to waive its Management Fee and Incentive Fee for the first six months following the effective date of the Company's registration statement on Form N-2, which was declared effective on February 12, 2025.", "offset": 76913 } } }, "size": { "cik": "1976336", "totalAssetsUsd": 1700727000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1993402", "name": "Antares Strategic Credit Fund", "adsh": "0001193125-26-115988", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1993402/000119312526115988/ck0001993402-20251231.htm", "fileNumber": "814-01700", "election": { "adsh": "0001104659-24-005301", "fileDate": "2024-01-22", "url": "https://www.sec.gov/Archives/edgar/data/1993402/000110465924005301/tm243674d1_n54a.htm" }, "textLength": 923945, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The base management fee is payable quarterly and calculated at an annual rate of 1.25% based on the average of the Company's net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.", "offset": 66929 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 70466 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…ent Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 69940 }, "annualizedExcerpt": { "text": "…e Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 69959 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 69979 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S.", "offset": 403615 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 68699 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser agreed to waive its Management Fee and Incentive Fee for the first six months following the date on which unaffiliated investors first purchased our Common Shares.", "offset": 73408 } } }, "size": { "cik": "1993402", "totalAssetsUsd": 4312296000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2065397", "name": "Antares Strategic Credit Fund II LLC", "adsh": "0001193125-26-115259", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2065397/000119312526115259/ck0002065397-20251231.htm", "fileNumber": "814-01874", "election": { "adsh": "0001104659-25-069094", "fileDate": "2025-07-21", "url": "https://www.sec.gov/Archives/edgar/data/2065397/000110465925069094/tm2521191d1_n54a.htm" }, "textLength": 661151, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The base management fee is payable quarterly and calculated at an annual rate of 1.25% based on the average of the Company's net asset value as of the beginning of the prior quarter and the beginning of the then current quarter.", "offset": 69854 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 73386 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…ent Income Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 72860 }, "annualizedExcerpt": { "text": "…e Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 72879 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 72899 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S.", "offset": 404571 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 71640 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…excess of the amount permitted by the Advisers Act, including Section 205 thereof. 15 Table of Contents On July 15, 2025, the Company and the Adviser entered into a waiver letter agreement (the \"Fee Waiver Letter Agreement\"), pursuant to which the Adviser agreed to irrevocably waive, which may be effected by a rebate or otherwise, (i) any base management fee due from the Company to the Adviser un…", "offset": 76432 } } }, "size": { "cik": "2065397", "totalAssetsUsd": 158194000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1837532", "name": "Apollo Debt Solutions BDC", "adsh": "0001193125-26-102386", "form": "10-K", "fileDate": "2026-03-11", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1837532/000119312526102386/ck0001837532-20251231.htm", "fileNumber": "814-01424", "election": { "adsh": "0001193125-21-312493", "fileDate": "2021-10-29", "url": "https://www.sec.gov/Archives/edgar/data/1837532/000119312521312493/d246167dn54a.htm" }, "textLength": 1017330, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. 9 Table of Content Base Management Fee The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 67530 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 71236 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 70710 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 70729 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 70749 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 73077 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK (as defined herein) interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 69527 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser waived the management fee and incentive fee based on income through July 7, 2022.", "offset": 68046 } } }, "size": { "cik": "1837532", "totalAssetsUsd": 25897540000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2052152", "name": "Apollo Origination II (Levered) Capital Trust", "adsh": "0001193125-26-104533", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2052152/000119312526104533/none-20251231.htm", "fileNumber": "814-01832", "election": { "adsh": "0001193125-25-013646", "fileDate": "2025-01-28", "url": "https://www.sec.gov/Archives/edgar/data/2052152/000119312525013646/d920228dn54a.htm" }, "textLength": 541221, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.7, "excerpt": { "text": "Base Management Fee The Management Fee is accrued monthly and paid quarterly in arrears at an annual rate of 0.70% of the Company's net assets as of the beginning of the first business day of the applicable month.", "offset": 84400 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 10% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.667% in any calendar quarter;", "offset": 87966 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);", "offset": 87434 }, "annualizedExcerpt": { "text": "We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);", "offset": 87454 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.667% (6.667% annualized).", "offset": 87476 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "The amount payable equals: • 10% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S.", "offset": 88817 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 86384 } }, "feeWaiver": { "present": true, "excerpt": { "text": "We will pay a management fee to the Adviser throughout this startup period (other than during the period during which fees have been waived by the Adviser).", "offset": 210815 } } }, "size": { "cik": "2052152", "totalAssetsUsd": 1541762000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2052153", "name": "Apollo Origination II (UL) Capital Trust", "adsh": "0001193125-26-104513", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2052153/000119312526104513/ck0002052153-20251231.htm", "fileNumber": "814-01833", "election": { "adsh": "0001193125-25-013654", "fileDate": "2025-01-28", "url": "https://www.sec.gov/Archives/edgar/data/2052153/000119312525013654/d928395dn54a.htm" }, "textLength": 488717, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.7, "excerpt": { "text": "The cost of the Management Fee is ultimately borne by the shareholders. 13 Table of Contents Base Management Fee The Management Fee is accrued monthly and paid quarterly in arrears at an annual rate of 0.70% of the Company's net assets as of the beginning of the first business day of the applicable month.", "offset": 76186 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "We will pay a management fee to the Adviser throughout this startup period (other than during the period during which fees have been waived by the Adviser).", "offset": 195886 } } }, "size": { "cik": "2052153", "totalAssetsUsd": 674784000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1287750", "name": "ARES CAPITAL CORP", "adsh": "0001287750-26-000006", "form": "10-K", "fileDate": "2026-02-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1287750/000128775026000006/arcc-20251231.htm", "fileNumber": "814-00663", "election": { "adsh": "0001047469-04-012714", "fileDate": "2004-04-21", "url": "https://www.sec.gov/Archives/edgar/data/1287750/000104746904012714/a2134207zn-54a.htm" }, "textLength": 1155644, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "(6) Our base management fee is calculated at an annual rate of 1.5% based on the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed funds) at the end of the two most recently completed calendar quarters;", "offset": 292410 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The \"catch-up\" is meant to provide our investment adviser with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeded 2.1875% in any calendar quarter;", "offset": 69816 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any income based fee and capital gains incentive fee payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 1.75% per quarter.", "offset": 68435 }, "annualizedExcerpt": { "text": "The income based fee is payable quarterly in arrears in an amount equal to 20% of our pre‑incentive fee net investment income (including interest that is accrued but not yet received in cash), subject to a 1.75% quarterly (7.0% annualized) hurdle rate and a \"catch‑up\" provision measured as of the end of each calendar quarter.", "offset": 296732 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter.", "offset": 69378 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of such year, then the capital gains incentive fee for such year is equal to 20% of such amount, less the aggregate amount of capital gains incentive fee paid in all prior years.", "offset": 71459 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "We defer cash payment of any income based fee and the capital gains incentive fee otherwise earned by our investment adviser if during the most recent four full calendar quarter period ending on or prior to the date such payment is to be made the sum of (a) the aggregate distributions to our stockholders and (b) the change in net assets (defined as total assets less indebtedness and before taking…", "offset": 73602 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our investment adviser has agreed to waive any management fees from ADL CLO 1, ADL CLO 4 and ADL CLO 7.", "offset": 143426 } } }, "size": { "cik": "1287750", "totalAssetsUsd": null, "totalAssetsAsOf": null }, "inUniverse": true, "exclusionReason": null }, { "cik": "2031750", "name": "Ares Core Infrastructure Fund", "adsh": "0002031750-26-000015", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2031750/000203175026000015/aci-20251231.htm", "fileNumber": "814-01811", "election": { "adsh": "0001104659-24-124623", "fileDate": "2024-12-02", "url": "https://www.sec.gov/Archives/edgar/data/2031750/000110465924124623/tm2429753d1_n54a.htm" }, "textLength": 669710, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first day of the applicable month.", "offset": 58215 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide our Adviser with 12.5% of our pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter;", "offset": 62963 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a \"hurdle rate\" of 1.25% per quarter (5.0% annualized).", "offset": 62094 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a \"hurdle rate\" of 1.25% per quarter (5.0% annualized).", "offset": 62113 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.4286% (5.7144% annualized).", "offset": 62505 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The second component of the incentive fee, the capital gains incentive fee, is payable in arrears at the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the…", "offset": 64441 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…662 Total assets $ 3,455,029 $ 380,607 LIABILITIES Term loans payable (net of deferred financing costs of $ 24,710 and $ 5,251 , respectively) $ 1,038,499 $ 207,253 Unsettled trades payable 235,961 - Deferred tax liability, net 35,920 1,904 Distributions payable 17,432 5,742 Capital gains incentive fee payable 11,344 149 Income based incentive fee payable 2,353 - Derivative contracts, at fair valu…", "offset": 527421 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our Adviser waived its right to receive the management fee through the period from our formation through our first monthly closing as a BDC, which occurred on February 3, 2025.", "offset": 58574 } } }, "size": { "cik": "2031750", "totalAssetsUsd": 3455029000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1918712", "name": "ARES STRATEGIC INCOME FUND", "adsh": "0001918712-26-000018", "form": "10-K", "fileDate": "2026-03-09", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1918712/000191871226000018/asif-20251231.htm", "fileNumber": "814-01512", "election": { "adsh": "0001104659-22-121294", "fileDate": "2022-11-22", "url": "https://www.sec.gov/Archives/edgar/data/1918712/000110465922121294/tm2229137d1_n54a.htm" }, "textLength": 1002223, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 64013 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide our investment adviser with 12.5% of our pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 69412 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We pay our investment adviser an income based fee quarterly in arrears with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);", "offset": 68909 }, "annualizedExcerpt": { "text": "We pay our investment adviser an income based fee quarterly in arrears with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);", "offset": 68928 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 68949 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "(ii) Capital Gains Incentive Fee The second component of the incentive fee, the capital gains incentive fee, is payable in arrears at the end of each calendar year in an amount equal to 12.5 % of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated…", "offset": 856073 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 65852 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our investment adviser has agreed to waive any management fees from ADL CLO 3, ADL CLO 5 and ADL CLO 8.", "offset": 162048 } } }, "size": { "cik": "1918712", "totalAssetsUsd": 22709160000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1633858", "name": "Audax Credit BDC Inc.", "adsh": "0001193125-26-117535", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1633858/000119312526117535/ck0001633858-20251231.htm", "fileNumber": "814-01154", "election": { "adsh": "0001144204-15-037710", "fileDate": "2015-06-18", "url": "https://www.sec.gov/Archives/edgar/data/1633858/000114420415037710/v413285_n-54a.htm" }, "textLength": 550206, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.00% of the value of our gross assets.", "offset": 43161 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The catch-up is meant to provide our Adviser with 15.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.1765% in any calendar quarter (4.706% annualized);", "offset": 46641 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle of 1.0% per quarter (4.0% annualized).", "offset": 45270 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.1765 % in any calendar quarter (4.706% annualized).", "offset": 46193 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…d part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 15% of our realized capital gains, if any, on a cumulative basis from June 16, 2015, the date of effectiveness of our registration statement on Form 10 (file no.", "offset": 48510 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…pense on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). 110 Table of Contents The Company determines pre-incentive fee net investment income in accordance with GAAP, including, in the case of investments with a deferred interest feature, such as debt instruments with PIK interest, OID securities and accr…", "offset": 481377 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Pursuant to a First Amendment to the Fee Waiver Agreement between the Company and the Adviser, entered as of January 1, 2025, between the Company and the Adviser, the Adviser has agreed to waive the right to Incentive Fees to the extent necessary so as not to receive any Incentive Fee that would result in the payment of expenses by the Company pursuant to the Investment Advisory Agreement exceedin…", "offset": 49749 } } }, "size": { "cik": "1633858", "totalAssetsUsd": 422871621, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2033362", "name": "Audax Private Credit Fund, LLC", "adsh": "0001193125-26-120299", "form": "10-K", "fileDate": "2026-03-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2033362/000119312526120299/ck0002033362-20251231.htm", "fileNumber": "814-01861", "election": { "adsh": "0001193125-25-091218", "fileDate": "2025-04-23", "url": "https://www.sec.gov/Archives/edgar/data/2033362/000119312525091218/d933652dn54a.htm" }, "textLength": 733202, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The Base Management Fee is calculated at an annual rate of 1.25% of our net assets as of the beginning of the first business day of the month, payable monthly in arrears.", "offset": 72905 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter, is compared to a hurdle of 1.5% per quarter (6.0% annualized) (the \"Hurdle Rate\").", "offset": 75700 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.7143% (6.8571% annualized).", "offset": 76145 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 76949 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash.", "offset": 75064 } }, "feeWaiver": { "present": true, "excerpt": { "text": "• Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees, some of which are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.", "offset": 15422 } } }, "size": { "cik": "2033362", "totalAssetsUsd": 989762468, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1899017", "name": "Bain Capital Private Credit", "adsh": "0001193125-26-104390", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1899017/000119312526104390/ck0001899017-20251231.htm", "fileNumber": "814-01474", "election": { "adsh": "0001104659-23-010544", "fileDate": "2023-02-03", "url": "https://www.sec.gov/Archives/edgar/data/1899017/000110465923010544/tm235093d1_n54a.htm" }, "textLength": 774033, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "The Base Management Fee is calculated at an annual rate of 0.75% of our gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents.", "offset": 39441 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…any's aggregate pre- incentive fee net investment income in respect of the relevant Trailing Twelve Quarters reaches the Catch-Up Amount in respect of the relevant Trailing Twelve Quarters; and (iii) 15% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-Up Amount.", "offset": 45032 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Amount\" equal to the product of (i) the hurdle rate of 1.75% per quarter (7% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable cal…", "offset": 42556 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Amount\" equal to the product of (i) the hurdle rate of 1.75% per quarter (7% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each applicable cal…", "offset": 42558 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(ii) 100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which the Company refers to as the \"Catch-Up Amount,\" determined as the sum of 2.0588% multiplied by our NAV at the beginning of eac…", "offset": 44197 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…al Gains Fee that is determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and will equal 15% of the Company's realized capital gains on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on…", "offset": 47518 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "The incentive fee consists of two parts - the \"Income Fee\" and the \"Capital Gains Fee\" - which are described in more detail below. 6 The Income Fee is calculated and payable quarterly in arrears based on the Company's aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters.", "offset": 40578 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters.", "offset": 43290 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…may be significant, we expect substantial portions of our distributions may be funded indirectly through the reimbursement of certain expenses by our Advisor and its affiliates, including through the waiver of certain investment advisory fees by our Advisor, that are subject to conditional reimbursement by us within three years.", "offset": 159529 } } }, "size": { "cik": "1899017", "totalAssetsUsd": 1747187000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1655050", "name": "Bain Capital Specialty Finance, Inc.", "adsh": "0001193125-26-077703", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1655050/000119312526077703/bcsf-20251231.htm", "fileNumber": "814-01175", "election": { "adsh": "0001140361-16-082088", "fileDate": "2016-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1655050/000114036116082088/formn54a.htm" }, "textLength": 902413, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "The Base Management Fee is calculated at an annual rate of 1.5% of our gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents.", "offset": 39586 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…rs to as the \"Catch-up Amount,\" determined as the sum of 1.8182% multiplied by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters; and (iii) 17.5% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters that exceeds the Catch-up Amount.", "offset": 45564 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…n or after January 1, 2019, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Amount\" equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the begin…", "offset": 43365 }, "annualizedExcerpt": { "text": "…1, 2019, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Amount\" equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each appli…", "offset": 43383 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(ii) 100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Amount, but is less than or equal to an amount, which the Company refers to as the \"Catch-up Amount,\" determined as the sum of 1.8182% multiplied by our NAV at the beginning of eac…", "offset": 45079 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "Annual Incentive Fee Based on Capital Gains The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears in cash as of the end of each fiscal year (or upon termination of the Amended Advisory Agreement, as of the termination date), and equals 17.5% of our realized capital gains as of the end of the fiscal year.", "offset": 47984 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "The incentive fee based on income is calculated and payable quarterly in arrears based on the aggregate pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (the \"Trailing Twelve Quarters\").", "offset": 43022 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Commencing on January 1, 2019, the quarterly incentive fee based on income is calculated, subject to the Incentive Fee Cap (as defined below), based on the amount by which (A) aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters exceeds (B) the Hurdle Amount for such Trailing Twelve Quarters.", "offset": 44134 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…n the Company and the Administrator (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form 10 (File No. 000‑55528) filed on October 6, 2016). 10.3 Form of Advisory Fee Waiver Agreement by and between the Company and the Advisor (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form 10 (File No.", "offset": 883115 } } }, "size": { "cik": "1655050", "totalAssetsUsd": 2662585000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1379785", "name": "Barings BDC, Inc.", "adsh": "0001379785-26-000009", "form": "10-K", "fileDate": "2026-02-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1379785/000137978526000009/bbdc-20251231.htm", "fileNumber": "814-00733", "election": { "adsh": "0000950144-06-010185", "fileDate": "2006-11-03", "url": "https://www.sec.gov/Archives/edgar/data/1379785/000095014406010185/g03926nv54a.htm" }, "textLength": 924729, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The Base Management Fee is calculated based on our gross assets, including the credit support agreement, assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents, at an annual rate of 1.25%.", "offset": 69118 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…Twelve Quarters; and (C) For any quarter in which our aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Income-Based Fee shall equal 20% of the amount of our Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Hurdle Amount and Catch-Up Amount will have been achieved.", "offset": 72782 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 2.0625, "hurdleRateAnnualized": 8.25, "quarterlyExcerpt": { "text": "The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 70635 }, "annualizedExcerpt": { "text": "The Hurdle Amount will be determined on a quarterly basis, and will be calculated by multiplying 2.0625% (8.25% annualized) by the aggregate of our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 70644 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(B) 100% of our aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the \"Catch-Up Amount\") determined on a quarterly basis by multiplying 2.578125% (10.3125% annualized) by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 71964 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the calendar year ended on December 31, 2018.", "offset": 75683 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…fter January 1, 2021, as the case may be (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commences on or after January 1, 2021) (in either case, the \"Trailing Twelve Quarters\") exceeds (y) the Hurdle Amount (as defined below) in respect of the Trailing Twelve Quarters.", "offset": 70418 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Subject to the Incentive Fee Cap described below, the amount of the Income-Based Fee that will be paid to Barings for a particular quarter will equal the excess of the aggregate Income-Based Fee so calculated less the aggregate Income-Based Fees that were paid to Barings in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.", "offset": 72963 } }, "feeWaiver": { "present": true, "excerpt": { "text": "If the MVC Covered Losses were greater than $ 0.00 , then, in satisfaction of the Adviser's obligation set forth in the MVC Credit Support Agreement, the Adviser would irrevocably waive during the MVC Waiver Period (as defined below) (1) the Incentive Fees payable under the Barings BDC Advisory Agreement (including any Incentive Fee calculated on an annual basis during the MVC Waiver Period), and…", "offset": 790766 } } }, "size": { "cik": "1379785", "totalAssetsUsd": 2636383000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1811972", "name": "Barings Capital Investment Corp", "adsh": "0001811972-26-000004", "form": "10-K", "fileDate": "2026-02-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1811972/000181197226000004/bdc-20251231.htm", "fileNumber": "814-01348", "election": { "adsh": "0001811972-20-000005", "fileDate": "2020-06-26", "url": "https://www.sec.gov/Archives/edgar/data/1811972/000181197220000005/baringscapital-formnx54a.htm" }, "textLength": 730716, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.15, "excerpt": { "text": "Base Management Fee The Base Management Fee is calculated at an annual rate of 0.15% of the Company's gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments.", "offset": 65343 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 25, "fullCatchUp": false, "excerpt": { "text": "(b) 25% of Pre-Incentive Fee Net Investment Income with respect to that portion of the PIFNII Return that exceeds the Hurdle Rate but is less than or equal to the Catch-Up Hurdle Rate (as defined below) for such calendar quarter, which is referred to as the \"Catch-Up\".", "offset": 67564 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "Capital Gains Fee The Capital Gains Fee is determined and payable in arrears as of the end of each calendar year (or upon a liquidity event or a termination of the Advisory Agreement), and will equal 12.5% of our realized capital gains, if 19 any, on a cumulative basis from inception through the end of the calendar year, computed net of all realized capital losses and unrealized capital depreciati…", "offset": 77020 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…appropriately adjusted for any share issuances or repurchases during the calendar quarter) (the \"PIFNII Return\") exceeds the Hurdle Rate (as defined below) and is an amount less than or equal to the Incentive Fee Cap (as defined below).", "offset": 67367 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…appropriately adjusted for any share issuances or repurchases during the calendar quarter) (the \"PIFNII Return\") exceeds the Hurdle Rate (as defined below) and is an amount less than or equal to the Incentive Fee Cap (as defined below).", "offset": 67367 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1811972", "totalAssetsUsd": 1404070000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1859919", "name": "Barings Private Credit Corp", "adsh": "0001859919-26-000022", "form": "10-K", "fileDate": "2026-02-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1859919/000185991926000022/bdc-20251231.htm", "fileNumber": "814-01397", "election": { "adsh": "0001140361-21-017009", "fileDate": "2021-05-12", "url": "https://www.sec.gov/Archives/edgar/data/1859919/000114036121017009/nt10024284x2_n54a.htm" }, "textLength": 995121, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "Base Management Fee The Base Management Fee is calculated at an annual rate of 0.75% of our average gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding (i) cash and cash equivalents (as defined below) and (ii) net unsettled purchases and sales of investments.", "offset": 80778 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our aggregate Pre-Incentive Fee Net Investment Income for the Trailing Twelve Months, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the \"Catch-Up Amount\") determined on a quarterly basis by multiplying 8.889% by the average of our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Months.", "offset": 84925 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "Subject to the Incentive Fee Cap (discussed below), the amount of the Incentive Fee that will be paid to Barings for a particular quarter will equal the aggregate Incentive Fee calculated as set forth above, less the 20 aggregate Incentive Fees that were paid to Barings in the preceding three calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Months.", "offset": 85902 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Subject to the Incentive Fee Cap (discussed below), the amount of the Incentive Fee that will be paid to Barings for a particular quarter will equal the aggregate Incentive Fee calculated as set forth above, less the 20 aggregate Incentive Fees that were paid to Barings in the preceding three calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Months.", "offset": 85902 } }, "feeWaiver": { "present": true, "excerpt": { "text": "We continue to serve as collateral manager to the CLO Issuer under an amended and restated collateral management agreement entered into on September 17, 2024 (the \"Amended and Restated Collateral Management Agreement\") and have agreed to irrevocably waive all collateral management fees payable pursuant to the Amended and Restated Collateral Management Agreement.", "offset": 408980 } } }, "size": { "cik": "1859919", "totalAssetsUsd": 5133708000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1726548", "name": "BC Partners Lending Corp", "adsh": "0001193125-26-094381", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1726548/000119312526094381/bcpl-20251231.htm", "fileNumber": "814-01269", "election": { "adsh": "0001193125-18-126975", "fileDate": "2018-04-23", "url": "https://www.sec.gov/Archives/edgar/data/1726548/000119312518126975/d528317dn54a.htm" }, "textLength": 539621, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "The base management fee is payable quarterly in arrears at an annual rate of 1.00% (1.50% if an exchange listing occurs) of our average gross assets, excluding cash and cash equivalents but including assets purchased with borrowed amounts, at the end of the two most recently completed calendar quarters.", "offset": 48542 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "In addition, in view of the catch-up provision applicable to income incentive fees under the Investment Advisory Agreement, our Adviser could potentially receive a significant portion of the increase in our investment income attributable to such a general increase in interest rates.", "offset": 277544 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…ting occurs) 0% 100% 15% (17.50% if an exchange listing occurs) The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 15.00% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis,…", "offset": 53439 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that we may not have received in cash.", "offset": 51024 } }, "feeWaiver": { "present": true, "excerpt": { "text": "On August 20, 2019, the Company entered into a letter agreement (the \"Letter Agreement\") with the Adviser pursuant to which, for the period ending December 31, 2019, the Adviser waived 50% of the base management fee paid by the Company under the Investment Advisory Agreement.", "offset": 26183 } } }, "size": { "cik": "1726548", "totalAssetsUsd": 203560000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1372807", "name": "BCP Investment Corp", "adsh": "0001193125-26-093918", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1372807/000119312526093918/bcic-20251231.htm", "fileNumber": "814-00735", "election": { "adsh": "0001193125-06-246978", "fileDate": "2006-12-05", "url": "https://www.sec.gov/Archives/edgar/data/1372807/000119312506246978/dn54a.htm" }, "textLength": 672611, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "…shed under the Great Lakes II LLC Agreement, each member of the predecessor series may be offered the opportunity to roll its interests into any subsequent series of the Great Lakes II Joint Venture. The Company does not pay any investment advisory fees in connection with its investment in the Great Lakes II Joint Venture.", "offset": 33438 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1372807", "totalAssetsUsd": 523641000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1950572", "name": "BIP Ventures Evergreen BDC", "adsh": "0001193125-26-115894", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1950572/000119312526115894/ck0001950572-20251231.htm", "fileNumber": "814-01656", "election": { "adsh": "0001580642-23-004371", "fileDate": "2023-08-23", "url": "https://www.sec.gov/Archives/edgar/data/1950572/000158064223004371/bip_n54a.htm" }, "textLength": 449627, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The Incentive Fee is payable at the end of each calendar year in arrears and equals 20% of cumulative aggregate realized capital gains, plus interest received on portfolio assets (subsequent to July 1, 2024), from the date of our election to be regulated as a BDC to the end of each calendar year (with the final calendar year with respect to calculating the Incentive Fee deemed to have ended on Dec…", "offset": 291466 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1950572", "totalAssetsUsd": 163923975, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1834543", "name": "BlackRock Direct Lending Corp.", "adsh": "0001193125-26-082822", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1834543/000119312526082822/ck0001834543-20251231.htm", "fileNumber": "814-01378", "election": { "adsh": "0001140361-20-028054", "fileDate": "2020-12-10", "url": "https://www.sec.gov/Archives/edgar/data/1834543/000114036120028054/brhc10017695_n54a.htm" }, "textLength": 566430, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.9, "excerpt": { "text": "Base Management Fee The base management fee will be calculated at an annual rate of 0.90% of the Company's total assets (excluding cash and cash equivalents) on the last day of each preceding calendar quarter and will be payable quarterly in arrears.", "offset": 81731 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The capital gains component of the incentive fee will be the amount, if positive, equal to 12.5% of the cumulative realized capital gains (computed net of cumulative realized losses and cumulative net unrealized capital depreciation, if any), less cumulative capital gains incentive compensation previously paid or distributed.", "offset": 83726 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "For purposes of the foregoing computations and the total return limitation: \" cumulative \" means amounts for the period commencing on the initial Drawdown Purchase date and ending as of the applicable calculation date;", "offset": 84745 } }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1834543", "totalAssetsUsd": 262124305, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1902649", "name": "BlackRock Private Credit Fund", "adsh": "0001193125-26-085372", "form": "10-K", "fileDate": "2026-03-02", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1902649/000119312526085372/ck0001902649-20251231.htm", "fileNumber": "814-01485", "election": { "adsh": "0001140361-22-017250", "fileDate": "2022-05-02", "url": "https://www.sec.gov/Archives/edgar/data/1902649/000114036122017250/brhc10036988_n54a.htm" }, "textLength": 850269, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the end of the most recently completed calendar month.", "offset": 133284 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "If such amount is positive at the end of a period, then GAAP requires the Fund to record a capital gains incentive fee equal to 12.5 % of such cumulative amount, less the aggregate amount of actual capital gains incentive fee paid or capital gains incentive fee accrued under GAAP in all prior periods.", "offset": 763555 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…ncement of the Fund's operations), less aggregate income incentive compensation previously paid in with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters.", "offset": 134612 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…ere is not at least one quarter in which the Fund fully accepts all properly submitted tenders in a repurchase offer, then beginning at the end of such Four Quarter Period the Investment Adviser will defer its incentive fee until all properly submitted tenders in any one repurchase offer have been accepted, after which such deferred incentive fee will become payable and no further incentive fee am…", "offset": 184948 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser agreed to waive its base management fee through December 31, 2023.", "offset": 133544 } } }, "size": { "cik": "1902649", "totalAssetsUsd": 2517911228, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1370755", "name": "BlackRock TCP Capital Corp.", "adsh": "0001193125-26-079299", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1370755/000119312526079299/tcpc-20251231.htm", "fileNumber": "814-00899", "election": { "adsh": "0001104659-12-023150", "fileDate": "2012-04-02", "url": "https://www.sec.gov/Archives/edgar/data/1370755/000110465912023150/a11-12411_10n54a.htm" }, "textLength": 737747, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.25% on total assets (excluding cash and cash equivalents) equal to or below 200% of the net asset value of the Company, and 1.00% thereafter, payable quarterly in arrears.", "offset": 68396 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…pensation, less cumulative ordinary income incentive compensation previously paid or distributed. 15 Subject to the above limitation, the capital gains component was the amount, if positive, equal to 20% of the cumulative realized capital gains (computed net of cumulative realized losses and cumulative net unrealized capital depreciation), less cumulative capital gains incentive compensation previ…", "offset": 72460 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…f (1) 20% of all ordinary income since that date and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) since that date, with each component being subject to a total return requirement of 8% of contributed common equity annually.", "offset": 70549 } }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Company also entered into a fee waiver agreement with the Advisor (the \"Fee Waiver Agreement\").", "offset": 391823 } } }, "size": { "cik": "1370755", "totalAssetsUsd": 1650360465, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1803498", "name": "Blackstone Private Credit Fund", "adsh": "0001803498-26-000014", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1803498/000180349826000014/bcred-20251231.htm", "fileNumber": "814-01358", "election": { "adsh": "0001193125-20-263845", "fileDate": "2020-10-05", "url": "https://www.sec.gov/Archives/edgar/data/1803498/000119312520263845/d70549dn54a.htm" }, "textLength": 1829181, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fees The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25 % of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month.", "offset": 1270686 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "This \"catch-up\" is meant to provide the Adviser with approximately 12.5% of Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 110789 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 110256 }, "annualizedExcerpt": { "text": "…ntive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 110275 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 110295 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 112873 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind ( \"PIK\" ) interest and zero-coupon securities), accrued income that the Company has not yet received in cash.", "offset": 108913 } }, "feeWaiver": { "present": true, "excerpt": { "text": "In addition, the Prior Adviser agreed to waive its management fee for the first six months following the date on which we broke escrow for our offering.", "offset": 107384 } } }, "size": { "cik": "1803498", "totalAssetsUsd": 85992162000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2049733", "name": "Blackstone Private Real Estate Credit & Income Fund", "adsh": "0002049733-26-000008", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2049733/000204973326000008/brec-20251231.htm", "fileNumber": "814-01853", "election": { "adsh": "0001193125-25-081492", "fileDate": "2025-04-15", "url": "https://www.sec.gov/Archives/edgar/data/2049733/000119312525081492/d947950dn54a.htm" }, "textLength": 790555, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2049733", "totalAssetsUsd": 1577780000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1736035", "name": "Blackstone Secured Lending Fund", "adsh": "0001736035-26-000004", "form": "10-K", "fileDate": "2026-02-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1736035/000173603526000004/bxsl-20251231.htm", "fileNumber": "814-01299", "election": { "adsh": "0001193125-18-308738", "fileDate": "2018-10-26", "url": "https://www.sec.gov/Archives/edgar/data/1736035/000119312518308738/d638308dn54a.htm" }, "textLength": 1221203, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Base Management Fees Starting from the consummation of the IPO, the management fee pursuant to the Investment Advisory Agreement is payable quarterly in arrears at an annual rate of 1.0 % of the average value of the Company's \"gross assets\" at the end of the two most recently completed calendar quarters.", "offset": 1016865 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "…nt was substantially the same as the Original Investment Advisory Agreement except, following the IPO, the incentive fee on income became subject to a twelve-quarter lookback quarterly hurdle rate of 1.50 % as opposed to a single quarter measurement and became subject to an Incentive Fee Cap (as defined below) based on the Company's Cumulative Net Return (as defined below).", "offset": 1012721 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• The Adviser will be paid 100% of the pre-incentive fee net investment income in respect of the Trailing Twelve Quarters, if any, that exceeds the hurdle amount for such Trailing Twelve Quarters, but is less than or equal to an amount, which the Company refers to as the \"Catch-up Amount,\" determined as the sum of 1.82% (7.27% annualized), multiplied by the Company's NAV at the beginning of each a…", "offset": 87340 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…onsummation of the IPO, the second part of the incentive fee, a capital gains based incentive fee, has been determined and payable in arrears as of the end of each calendar year in an amount equal to 17.5% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on…", "offset": 92523 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "The Company pays its Adviser an income based incentive fee based on its aggregate pre-incentive fee net investment income, as adjusted as described above, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the \"Trailing Twelve Quarters\" ).", "offset": 85999 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The amount of the income based incentive fee that will be paid to the Adviser for a particular quarter will equal the excess of (a) the income based incentive fee so calculated over (b) the aggregate income based incentive fee that was paid in respect of the first eleven calendar quarters included in the relevant Trailing Twelve Quarters subject to the Incentive Fee Cap as described below.", "offset": 88376 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…urns), (ii) otherwise participate in equity plans for management of any such portfolio company, or (iii) invest directly in the Company or in a vehicle controlled by the Company subject to reduced or waived advisory fees and/or incentive fees, including after the termination of their engagement by or other status with the Firm.", "offset": 418922 } } }, "size": { "cik": "1736035", "totalAssetsUsd": 14656463000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1655888", "name": "Blue Owl Capital Corp", "adsh": "0001655888-26-000010", "form": "10-K", "fileDate": "2026-02-18", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1655888/000165588826000010/obdc-20251231.htm", "fileNumber": "814-01190", "election": { "adsh": "0001193125-16-490471", "fileDate": "2016-03-03", "url": "https://www.sec.gov/Archives/edgar/data/1655888/000119312516490471/d140108dn54a.htm" }, "textLength": 1252036, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The 100% \"catch-up\" provision for pre-incentive fee net investment income in excess of the 1.5% \"hurdle rate\" is intended to provide the Adviser with an incentive fee of 17.5% on all pre-incentive fee net investment income when that amount equals 1.82% in a calendar quarter (7.27% annualized), which is the rate at which catch-up is achieved.", "offset": 94479 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…he value of net assets) 0% 1.5% 1.82% ← 0% → ← 100% → ← 17.5% → The second component of the incentive fee, the capital gains incentive fee, payable at the end of each calendar year in arrears, equals 17.5% of cumulative realized capital gains from the Listing Date to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the Listing Date to…", "offset": 98019 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest (\"PIK\") and zero coupon securities), accrued income that we may not have received in cash.", "offset": 95436 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee.", "offset": 589256 } } }, "size": { "cik": "1655888", "totalAssetsUsd": 17186365000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1655887", "name": "Blue Owl Capital Corp II", "adsh": "0001655887-26-000010", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1655887/000165588726000010/obdc-20251231.htm", "fileNumber": "814-01219", "election": { "adsh": "0001193125-17-030263", "fileDate": "2017-02-03", "url": "https://www.sec.gov/Archives/edgar/data/1655887/000119312517030263/d337636dn54a.htm" }, "textLength": 964005, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.50% based on the average value of our gross assets excluding cash and cash-equivalents but including assets purchased with borrowed amounts at the end of the two most recently completed calendar quarters.", "offset": 92936 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears, and equals 17.5 % of cumulative realized capital gains from inception through the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of such calendar year, less th…", "offset": 764948 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "Distributions may be supported by the deferral or waiver of investment advisory fees and, prior to the termination of the Expense Support and Conditional Reimbursement Agreement, or the Expense Support Agreement, we entered into with our Adviser, in the form of operating expense support payments pursuant thereto.", "offset": 84563 } } }, "size": { "cik": "1655887", "totalAssetsUsd": 1648835000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1812554", "name": "Blue Owl Credit Income Corp.", "adsh": "0001812554-26-000011", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1812554/000181255426000011/orcic-20251231.htm", "fileNumber": "814-01369", "election": { "adsh": "0001104659-20-115698", "fileDate": "2020-10-16", "url": "https://www.sec.gov/Archives/edgar/data/1812554/000110465920115698/tm2022345-7_n54a.htm" }, "textLength": 1331696, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The base management fee is calculated 19 at an annual rate of 1.25% based on the average value of our net assets at the end of the two most recently completed calendar months.", "offset": 102452 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The Company refers to this portion of the incentive fee on income as the \"catch-up.", "offset": 104134 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The annual fee will equal (i) 12.50% of our realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S.", "offset": 105987 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "Distributions may be supported by our Adviser through the deferral or waiver of investment advisory fees and in the form of expense support, including, prior to March 7, 2023, pursuant to the Expense Support and Conditional Reimbursement Agreement, or the Expense Support Agreement, we entered into with the Adviser.", "offset": 89168 } } }, "size": { "cik": "1812554", "totalAssetsUsd": 37010766000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1747777", "name": "Blue Owl Technology Finance Corp.", "adsh": "0001747777-26-000012", "form": "10-K", "fileDate": "2026-02-18", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1747777/000174777726000012/ortf-20251231.htm", "fileNumber": "814-01284", "election": { "adsh": "0001104659-18-051083", "fileDate": "2018-08-10", "url": "https://www.sec.gov/Archives/edgar/data/1747777/000110465918051083/a18-18565_1n54a.htm" }, "textLength": 1118665, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.9, "excerpt": { "text": "Prior to the Exchange Listing, the Management Fee was payable at an annual rate of 0.90 % of the Company's (i) average gross assets (excluding cash and cash equivalents but including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters;", "offset": 851826 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The 100% \"catch-up\" provision for pre-Incentive Fee net investment income in excess of the 1.5% \"hurdle rate\" is intended to provide the Adviser with an Incentive Fee of (i) prior to the Listing Date, 10% on all pre- Incentive Fee net investment income when that amount equals 1.67% in a calendar quarter (6.67% annualized), and (ii) subsequent to the Listing Date, 17.5% on all pre-Incentive Fee net…", "offset": 93748 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "…ed to Quarterly Incentive Fee The second component of the Incentive Fee, the \"Capital Gains Incentive Fee,\" payable at the end of each calendar year in arrears, equals, (i) prior to the Listing Date, 10% of cumulative realized capital gains from to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation from the initial closing date to the end of…", "offset": 97702 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest (\"PIK\") and zero coupon securities), accrued income that we may not have received in cash.", "offset": 95089 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser has agreed to waive a portion of the management fee payable by us pursuant to the Investment Advisory Agreement equal to the pro rata amount of such consulting fee.", "offset": 593271 } } }, "size": { "cik": "1747777", "totalAssetsUsd": 14715011000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1869453", "name": "Blue Owl Technology Income Corp.", "adsh": "0001869453-26-000017", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1869453/000186945326000017/ortic-20251231.htm", "fileNumber": "814-01445", "election": { "adsh": "0001193125-21-293231", "fileDate": "2021-10-06", "url": "https://www.sec.gov/Archives/edgar/data/1869453/000119312521293231/d236344dn54a.htm" }, "textLength": 1052837, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.25% based on the average value of our net assets at the end of the two most recently completed calendar months.", "offset": 96901 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The Company refers to this portion of the incentive fee on income as the \"catch-up.", "offset": 98660 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The annual fee will equal (i) 12.50% of our realized capital gains on a cumulative basis from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less (ii) the aggregate amount of any previously paid incentive fees on capital gains as calculated in accordance with U.S.", "offset": 100513 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "Our Adviser has no obligation to waive or defer its advisory fees or otherwise reimburse expenses in future periods.", "offset": 87939 } } }, "size": { "cik": "1869453", "totalAssetsUsd": 6495389000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1895316", "name": "Brightwood Capital Corp I", "adsh": "0001104659-26-036905", "form": "10-K", "fileDate": "2026-03-30", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1895316/000110465926036905/tmb-20251231x10k.htm", "fileNumber": "814-01563", "election": { "adsh": "0001104659-22-084230", "fileDate": "2022-07-29", "url": "https://www.sec.gov/Archives/edgar/data/1895316/000110465922084230/tm2221917d1_n54a.htm" }, "textLength": 465967, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.8, "excerpt": { "text": "The Base Management Fee is calculated as follows: (a) if the aggregate capital commitment of investors is less than or equal to $ 350,000 , an annual rate equal to 0.80 % of the fair value of the average gross assets of the Company associated with such capital commitment and (b) if the aggregate Investors' capital commitment is greater than $ 350,000 , an annual rate equal to 0.70 % of the fair va…", "offset": 396524 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "…counting expenses, printing costs, travel and out-of-pocket expenses related to marketing efforts (other than any placement fees, which will be borne by the Investment Adviser directly or pursuant to waivers of the Management Fee) (\"Organizational Expenses\").", "offset": 42547 } } }, "size": { "cik": "1895316", "totalAssetsUsd": 836487000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1702510", "name": "Carlyle Credit Solutions, Inc.", "adsh": "0001702510-26-000021", "form": "10-K", "fileDate": "2026-03-18", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1702510/000170251026000021/cars-20251231.htm", "fileNumber": "814-01248", "election": { "adsh": "0001702510-17-000005", "fileDate": "2017-10-02", "url": "https://www.sec.gov/Archives/edgar/data/1702510/000170251017000005/bdc2-formnx54a_2017x10x02.htm" }, "textLength": 616962, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Under the Original Investment Advisory Agreement, the management fee was calculated and payable quarterly in arrears at an annual rate of 1.00% of the Company's average Capital Under Management (as defined below) at the end of the then-current quarter and the prior calendar quarter (and, in the case of the Company's first quarter, the Company's Capital Under Management as of such quarter-end).", "offset": 31012 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "In particular, a portion of the incentive fees payable to the Investment Adviser is calculated based on the Company's pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a \"hurdle rate\" of 1.25% per quarter (5.00% annualized) and a \"catch-up\" feature.", "offset": 171663 }, "annualizedExcerpt": { "text": "In particular, a portion of the incentive fees payable to the Investment Adviser is calculated based on the Company's pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a \"hurdle rate\" of 1.25% per quarter (5.00% annualized) and a \"catch-up\" feature.", "offset": 171682 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "Prior to January 12, 2022, the first part was calculated and payable quarterly in arrears and equaled 15% of pre-incentive fee net investment income for the immediately preceding calendar quarter, subject to a preferred return of 1.75% per quarter (7.0% annualized), or \"hurdle rate,\" and a \"catch-up\" feature.", "offset": 33988 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The second part was determined and payable in arrears as of the end of each calendar year in an amount equal to 15.0% of realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation less the aggregate amount of any previously paid capital gain incenti…", "offset": 34119 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1702510", "totalAssetsUsd": 2813092000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1544206", "name": "Carlyle Secured Lending, Inc.", "adsh": "0001544206-26-000013", "form": "10-K", "fileDate": "2026-02-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1544206/000154420626000013/csl-20251231.htm", "fileNumber": "814-00995", "election": { "adsh": "0001193125-13-194841", "fileDate": "2013-05-02", "url": "https://www.sec.gov/Archives/edgar/data/1544206/000119312513194841/d432428dn54a.htm" }, "textLength": 737624, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Our base management fee is calculated at an annual rate of 1.50% of the average value of the Company's gross assets at the end of the two most recently completed fiscal quarters;", "offset": 21163 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…Adviser with approximately 17.5% of the Company's pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.82% in any calendar quarter; and • 17.5% of the amount of pre-incentive fee net investment income, if any, that exceeds 1.82% in any calendar quarter (7.28% annualized) will be payable to the Investment Adviser.", "offset": 25723 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a \"hurdle rate\" of 1.50% per quarter (6.00% annualized) or a \"catch-up rate\" of 1.82% per quarter (7.28% annualized), as applicable.", "offset": 24584 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a \"hurdle rate\" of 1.50% per quarter (6.00% annualized) or a \"catch-up rate\" of 1.82% per quarter (7.28% annualized), as applicable.", "offset": 24603 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.82% in any calendar quarter (7.28% annualized).", "offset": 25088 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…d part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 17.5% of realized capital gains, if any, on a cumulative basis from inception through the date of determination, computed net of all realized capital losses on a cumulative basis and unrealized capita…", "offset": 26290 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature, accrued income that the Company has not yet received in cash.", "offset": 23406 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…assets attributable to Common Stockholders: Expenses before incentive fees 11.89 % 12.28 % 12.66 % 9.23 % 7.62 % Expenses after incentive fees 13.76 % 14.80 % 15.29 % 11.65 % 9.63 % Expenses gross of waiver, after incentive fees 13.76 % 14.80 % 15.29 % 11.65 % 9.63 % Net investment income (loss) 8.95 % 12.23 % 12.77 % 11.75 % 9.91 % Interest expense and credit facility fees 7.83 % 7.96 % 8.33 % 4.…", "offset": 695954 } } }, "size": { "cik": "1544206", "totalAssetsUsd": 2790167000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2017636", "name": "CCS IX Portfolio Holdings, LLC", "adsh": "0001193125-26-096557", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2017636/000119312526096557/ck0002017636-20251231.htm", "fileNumber": "814-01821", "election": { "adsh": "0001193125-24-287195", "fileDate": "2024-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2017636/000119312524287195/d912150dn54a.htm" }, "textLength": 387954, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.25, "excerpt": { "text": "The base management fee is payable quarterly in arrears at an annual rate of 0.25% of the value of the Company's Contributed Capital (as defined below) based on the average of the Contributed Capital as of the end of the two most recently completed calendar quarters.", "offset": 33321 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": { "text": "…spect of each calendar year distributions of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending…", "offset": 64255 }, "absence": "a rate was matched but fell outside the plausible band 1–30% and was discarded" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2017636", "totalAssetsUsd": 1006162000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1843162", "name": "Chicago Atlantic BDC, Inc.", "adsh": "0001193125-26-115112", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1843162/000119312526115112/lien-20251231.htm", "fileNumber": "814-01383", "election": { "adsh": "0000950103-21-009571", "fileDate": "2021-06-29", "url": "https://www.sec.gov/Archives/edgar/data/1843162/000095010321009571/dp153455_n54a.htm" }, "textLength": 627571, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.75% of our gross assets (i.e., total assets held before deduction of any liabilities), which includes any investments acquired with the use of leverage and excludes any cash and cash equivalents (as defined in the notes to our financial statements).", "offset": 82274 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, will be compared to a \"hurdle rate\" of 1.75% per quarter (7% annualized), subject to a \"catch-up\" provision measured as of the end of each quarter.", "offset": 85071 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, will be compared to a \"hurdle rate\" of 1.75% per quarter (7% annualized), subject to a \"catch-up\" provision measured as of the end of each quarter.", "offset": 85073 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, will be compared to a \"hurdle rate\" of 1.75% per quarter (7% annualized), subject to a \"catch-up\" provision measured as of the end of each quarter.", "offset": 85120 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…assets) The second part of the incentive fee, the Incentive Fee on Capital Gains, payable at the end of each fiscal year (or upon termination of the Investment Advisory Agreement) in arrears, equals 20% of cumulative realized capital gains from inception to the end of each fiscal year, less cumulative realized capital losses and unrealized capital depreciation from inception to the end of each fi…", "offset": 87476 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount (\"OID\"), debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that we have not yet received and may never receive in cash.", "offset": 84412 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1843162", "totalAssetsUsd": 341996454, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1534254", "name": "CION Investment Corp", "adsh": "0001534254-26-000003", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1534254/000153425426000003/cion-20251231.htm", "fileNumber": "814-00941", "election": { "adsh": "0001144204-12-037586", "fileDate": "2012-07-02", "url": "https://www.sec.gov/Archives/edgar/data/1534254/000114420412037586/v317015_n54a.htm" }, "textLength": 793767, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 2, "excerpt": { "text": "Pursuant to the investment advisory agreement in effect prior to the Listing, CIM was paid an annual base management fee equal to 2.0 % of the average value of the Company's gross assets, less cash and cash equivalents, and an incentive fee based on the Company's performance, as described below.", "offset": 558789 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "We pay to CIM (x) 100.0% of our pre-incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than or equal to 1.970% in any calendar quarter (7.879% annualized) and (y) 17.5% of the amount of our pre-incentive fee net investment income, if any, that exceeds 1.970% in any calendar quarter (7.879% annualized);", "offset": 74986 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": 6.5, "quarterlyExcerpt": null, "annualizedExcerpt": { "text": "…bject to a hurdle rate, m easured qu arterly and expressed as a rate of return on our net assets at the beginning of the calendar quarter, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%.", "offset": 331097 }, "absence": null }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "This fee equals 17.5% of our incentive fee capital gains, which is our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees.", "offset": 332096 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "As described further in Note 4 to the consolidated financial statements included in this report, a portion of the subordinated incentive fee on income that we pay to CIM may include deferred interest and accrued income that we have not yet received and may never receive in cash, which CIM is not obligated to reimburse us.", "offset": 382401 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1534254", "totalAssetsUsd": 1854800000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1841514", "name": "Commonwealth Credit Partners BDC I, Inc.", "adsh": "0001193125-26-104454", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1841514/000119312526104454/ck0001841514-20251231.htm", "fileNumber": "814-01387", "election": { "adsh": "0001193125-21-208388", "fileDate": "2021-07-06", "url": "https://www.sec.gov/Archives/edgar/data/1841514/000119312521208388/d76690dn54a.htm" }, "textLength": 475026, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Pursuant to the Investment Advisory Agreement, during the Investment Period, the Management Fee is calculated at an annual rate of 1.00% with respect to the Company's Adjusted Average Assets Invested (defined below) in respect of the relevant quarterly period.", "offset": 95194 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1841514", "totalAssetsUsd": 662690000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1633336", "name": "Crescent Capital BDC, Inc.", "adsh": "0001193125-26-071922", "form": "10-K", "fileDate": "2026-02-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1633336/000119312526071922/ccap-20251231.htm", "fileNumber": "814-01132", "election": { "adsh": "0001140361-15-023401", "fileDate": "2015-06-05", "url": "https://www.sec.gov/Archives/edgar/data/1633336/000114036115023401/formn54a.htm" }, "textLength": 662704, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The base management fee is calculated and payable quarterly in arrears at an annual rate of 1.25% of our gross assets, including assets acquired through the incurrence of debt but excluding any cash, cash equivalents and restricted cash.", "offset": 41737 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income will be compared to a \"Hurdle Amount\" equal to the product of (i) the Hurdle rate of 1.75% per quarter, or 7.0% annualized, and (ii) our net assets (defined as total assets less indebtedness, before taking into account any incentive fees payable during the period), at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision in…", "offset": 45771 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…100% of the excess of the pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.75% per quarter (7.0% annualized) (the \"Hurdle\"), and a catch-up feature until the Adviser has received 17.5% of the pre-incentive fee net investment income for the current quarter up to 2.1212% (the \"Catch-up\"), and (b) 17.5% of all remaining pre-incentiv…", "offset": 42941 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each fiscal year at a rate of 17.5% of the realized capital gains, if any, on a cumulative basis from the inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previous…", "offset": 43325 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, original issue discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that has not yet been received in cash.", "offset": 45173 } }, "feeWaiver": { "present": true, "excerpt": { "text": "For purposes of the Investment Advisory Agreement, cash equivalents means U.S. government securities and commercial paper maturing within one year of purchase. 9 The Adviser has voluntarily waived its right to receive management fees on the Company's investments in WhiteHawk III Onshore Fund LP and Freeport Financial SBIC Fund LP for any period in which these investments remain in the investment p…", "offset": 42306 } } }, "size": { "cik": "1633336", "totalAssetsUsd": 1622135000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1954360", "name": "Crescent Private Credit Income Corp", "adsh": "0001193125-26-096558", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1954360/000119312526096558/ck0001954360-20251231.htm", "fileNumber": "814-01599", "election": { "adsh": "0001193125-23-134529", "fileDate": "2023-05-03", "url": "https://www.sec.gov/Archives/edgar/data/1954360/000119312523134529/d247267dn54a.htm" }, "textLength": 619819, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 78682 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide our investment adviser with approximately 12.5% of our pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter;", "offset": 83284 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We pay our investment adviser an incentive fee quarterly in arrears with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 82766 }, "annualizedExcerpt": { "text": "We pay our investment adviser an incentive fee quarterly in arrears with respect to our pre-incentive fee net investment income in each calendar quarter as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which our pre-incentive fee net investment income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 82785 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.4286% (5.714% annualized).", "offset": 82805 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The second part, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year at a rate of 12.5 % of the Company's realized capital gains, if any, on a cumulative basis from the Company's commencement of operations through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis…", "offset": 526392 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income returns include, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 81516 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our investment adviser waived its base management fee from inception through April 30, 2024 and began charging its base management fee on the value of the Company's net assets as of May 1, 2024 on the terms set forth in the Investment Advisory and Management Agreement.", "offset": 78223 } } }, "size": { "cik": "1954360", "totalAssetsUsd": 982207000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2035713", "name": "Crestline Lending Solutions, LLC", "adsh": "0001628280-26-018814", "form": "10-K", "fileDate": "2026-03-17", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2035713/000162828026018814/cls-20251231.htm", "fileNumber": "814-01893", "election": { "adsh": "0001628280-25-041453", "fileDate": "2025-09-02", "url": "https://www.sec.gov/Archives/edgar/data/2035713/000162828025041453/crestline-formnx54asept2025.htm" }, "textLength": 520961, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "Incentive Fee Based on Income The first part, the income incentive fee, is calculated and payable quarterly in arrears and equals 12.5% of our Pre-Incentive Fee Net Investment Income (as defined below) for each calendar quarter, subject to a 5.0% annualized hurdle rate, with a catch-up.", "offset": 18818 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income will be compared to a \"Hurdle Amount\" equal to the product of (i) the \"hurdle rate\" of 1.25% per quarter (5% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter.", "offset": 20813 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income will be compared to a \"Hurdle Amount\" equal to the product of (i) the \"hurdle rate\" of 1.25% per quarter (5% annualized) and (ii) the Company's net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter.", "offset": 20816 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized); ▪ 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but…", "offset": 21443 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The second part, the capital gains fee, is calculated and payable at the end of each calendar year in arrears as 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the \"Cumu…", "offset": 19089 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as market or original issue discount, debt investments with PIK interest, preferred stock with PIK dividends and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 20050 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2035713", "totalAssetsUsd": 500131000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1916099", "name": "Diameter Credit Co", "adsh": "0001193125-26-104439", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1916099/000119312526104439/ck0001916099-20251231.htm", "fileNumber": "814-01510", "election": { "adsh": "0001193125-23-296600", "fileDate": "2023-12-15", "url": "https://www.sec.gov/Archives/edgar/data/1916099/000119312523296600/d24414dn54a.htm" }, "textLength": 693897, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The Management Fee is calculated at an annual rate of 1.25% of our gross assets payable quarterly in arrears, subject to the fee waiver described below under \"Fee Waiver.", "offset": 72955 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The 100% \"catch-up\" provision for pre-incentive fee net investment income in excess of the 1.75% \"hurdle rate\" (7.0% annualized) is intended to provide the Adviser with an Incentive Fee of 15.0% on all pre-incentive fee net investment income when that amount equals 2.0588% in a quarter (8.2352% annualized), which is the rate at which catch-up is achieved.", "offset": 74857 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "Capital Gains Fee: The second component of the Incentive Fee, which is payable only following January 19, 2028, will be payable at the end of each fiscal year in arrears, and will equal 15.0 % of the Company's cumulative realized capital gains from the fiscal quarter following January 19, 2028 to the end of that fiscal year, less cumulative realized capital losses and unrealized capital depreciati…", "offset": 572616 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that we may not have received in cash.", "offset": 75818 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Fee Waiver The Adviser has waived its right to receive any Management Fees in excess of 0.625% of the Company's gross assets until January 19, 2028.", "offset": 79797 } } }, "size": { "cik": "1916099", "totalAssetsUsd": 2951915000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2027033", "name": "Eagle Point Trinity Senior Secured Lending Co", "adsh": "0002027033-26-000003", "form": "10-K", "fileDate": "2026-03-31", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2027033/000202703326000003/eptv-20251231.htm", "fileNumber": "814-01890", "election": { "adsh": "0001104659-25-084745", "fileDate": "2025-08-28", "url": "https://www.sec.gov/Archives/edgar/data/2027033/000110465925084745/tm2523604d2_n54a.htm" }, "textLength": 632059, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee is calculated monthly and payable quarterly in arrears and equals an annual rate of 1.75% of our Managed Assets;", "offset": 61698 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with 10.00% of our Pre-Incentive Fee Net Investment Income as if a hurdle did not apply;", "offset": 65897 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": 8, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle rate of 2.00% (8.00% annualized) of our net assets at the end of such quarter and subject to a \"catch-up\" feature as described below.", "offset": 64716 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle rate of 2.00% (8.00% annualized) of our net assets at the end of such quarter and subject to a \"catch-up\" feature as described below.", "offset": 64723 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.50% (10.00% annualized) of our net assets at the end of the immediately preceding calendar quarter.", "offset": 65318 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…entive fee, will be an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 20.0% of cumulative realized capital gains, if any, determined on a cumulative basis from the date of our election to be regulated as a BDC (based on the fair market value of each investment as of suc…", "offset": 67202 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…om affiliates 1,274 - Other assets 307 6 Total assets $ 126,773 $ 70,653 LIABILITIES KeyBank Credit Facility $ 36,700 $ 12,400 2028 Series A Notes, net of $ 425 and $ 0 , respectively, of unamortized deferred financing costs 24,575 - Management fees payable 532 316 Incentive fees payable 153 185 Contingent incentive fees payable 484 132 Interest payable 974 140 Security deposits 248 525 Accrued ex…", "offset": 386653 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2027033", "totalAssetsUsd": 126773000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1899996", "name": "Fidelity Private Credit Co LLC", "adsh": "0001193125-26-119504", "form": "10-K", "fileDate": "2026-03-23", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1899996/000119312526119504/ck0001899996-20251231.htm", "fileNumber": "814-01645", "election": { "adsh": "0001193125-23-158908", "fileDate": "2023-06-01", "url": "https://www.sec.gov/Archives/edgar/data/1899996/000119312523158908/d479390dn54a.htm" }, "textLength": 743311, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the average daily net assets of the Fund throughout the month.", "offset": 93358 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "…nvestments in money market funds advised by the Adviser or its affiliates, from which the Adviser or its affiliates may retain any additional management or other fees), the Adviser will contractually waive either (1) its management fee payable by the Fund or (2) up to a portion of its management fee payable by the Fund in an amount equal to such underlying fund's management fee rate multiplied by…", "offset": 83858 } } }, "size": { "cik": "1899996", "totalAssetsUsd": 1698856204, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1920453", "name": "Fidelity Private Credit Fund", "adsh": "0001193125-26-119488", "form": "10-K", "fileDate": "2026-03-23", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1920453/000119312526119488/ck0001920453-20251231.htm", "fileNumber": "814-01571", "election": { "adsh": "0001193125-23-004325", "fileDate": "2023-01-09", "url": "https://www.sec.gov/Archives/edgar/data/1920453/000119312523004325/d447743dn54a.htm" }, "textLength": 805704, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first business day of the applicable month.", "offset": 88541 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 91897 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…tive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 91321 }, "annualizedExcerpt": { "text": "…ment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 91340 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 91360 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 93809 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…- Payable for purchases of investments 2,806,491 3,960,000 Payable for capital shares repurchased 11,184,753 5,590,585 Distributions payable 9,792,546 11,207,148 Interest payable 12,483,222 5,229,723 Deferred revenue 37,777 - Management fee payable 1,339,310 818,848 Income based incentive fee payable 4,307,716 2,805,856 Capital gains incentive fee payable - 822,417 Due to affiliates, net 489,577 2…", "offset": 507608 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…nvestments in money market funds advised by the Adviser or its affiliates, from which the Adviser or its affiliates may retain any additional management or other fees), the Adviser will contractually waive either (1) its management fee payable by the Fund or (2) up to a portion of its management fee payable by the Fund in an amount equal to such underlying fund's management fee rate multiplied by…", "offset": 78545 } } }, "size": { "cik": "1920453", "totalAssetsUsd": 2359180649, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1513363", "name": "FIDUS INVESTMENT Corp", "adsh": "0001193125-26-076572", "form": "10-K", "fileDate": "2026-02-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1513363/000119312526076572/fdus-20251231.htm", "fileNumber": "814-00861", "election": { "adsh": "0000950123-11-060211", "fileDate": "2011-06-20", "url": "https://www.sec.gov/Archives/edgar/data/1513363/000095012311060211/w83222anv54a.htm" }, "textLength": 666993, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.75% of the average value of our total assets (other than cash or cash equivalents but including assets purchased with borrowed amounts).", "offset": 20454 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The catch-up is meant to provide our investment advisor with 20.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if net investment income exceeds 2.5% in any calendar quarter;", "offset": 63612 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": 8, "quarterlyExcerpt": { "text": "…assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 2.0% per quarter.", "offset": 62576 }, "annualizedExcerpt": { "text": "…r pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (including interest that is accrued but not yet received in cash), subject to a 2.0% quarterly (8.0% annualized) hurdle rate and a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 297974 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…nvestment income earned in each calendar quarter as follows: • no incentive fee in any calendar quarter in which the pre-incentive fee net investment income does not exceed the hurdle rate of 2.0%; • 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5% in any cale…", "offset": 63183 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…capital gains incentive fee that is determined and paid in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.0% of the net capital gains as of the end of the fiscal year.", "offset": 64696 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as market discount, debt instruments with PIK income, preferred stock with PIK dividends and zero-coupon securities), accrued income we have not yet received in cash.", "offset": 61101 } }, "feeWaiver": { "present": true, "excerpt": { "text": "If the \"total annual expenses, net of base management fee waiver\" percentage were calculated instead as a percentage of average consolidated total assets, our \"total annual expenses, net of base management fee waiver\" would be 6.58% of average consolidated total assets.", "offset": 303358 } } }, "size": { "cik": "1513363", "totalAssetsUsd": 1426539000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1890107", "name": "First Eagle Private Credit Fund", "adsh": "0001193125-26-108556", "form": "10-K", "fileDate": "2026-03-16", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1890107/000119312526108556/ck0001890107-20251231.htm", "fileNumber": "814-01642", "election": { "adsh": "0001193125-23-157888", "fileDate": "2023-05-31", "url": "https://www.sec.gov/Archives/edgar/data/1890107/000119312523157888/d486326dn54a.htm" }, "textLength": 580241, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fees Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 339577 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "\" The \" catch-up \" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 54259 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 53729 }, "annualizedExcerpt": { "text": "We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 53748 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 53768 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 56302 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period.", "offset": 53262 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 52477 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Fee Waiver Through June 30, 2025, the Advisers agreed to waive all management fees, incentive fees and subadvisory fees (the \"Initial Advisory Fee Waiver\") payable to them under the Advisory Agreement and Subadvisory Agreement (collectively, the \"Advisory Agreements\").", "offset": 69269 } } }, "size": { "cik": "1890107", "totalAssetsUsd": 651820000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1495584", "name": "Firsthand Technology Value Fund, Inc.", "adsh": "0001437749-26-010331", "form": "10-K", "fileDate": "2026-03-30", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1495584/000143774926010331/sccv20251231_10k.htm", "fileNumber": "814-00830", "election": { "adsh": "0001398344-10-000920", "fileDate": "2010-07-19", "url": "https://www.sec.gov/Archives/edgar/data/1495584/000139834410000920/fp0001864_n54a.htm" }, "textLength": 259787, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 2, "excerpt": { "text": "INVESTMENT MANAGEMENT FEE Pursuant to the Investment Management Agreement, we pay FCM a fee for investment management services consisting of two components-a base management fee and an incentive fee. 14 Table of Contents The base management fee will be calculated at an annual rate of 2.00% of our gross assets.", "offset": 58243 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), and equals 20% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumu…", "offset": 58993 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…efore tax (benefit)/expense 195.30 % ( 195.48 )% ( 7.21 )% 4.11 % 3.12 % Tax expense (2)(3) 32.42 % 14.28 % - - - Total expenses 227.72 % ( 181.20 )% ( 7.21 )% 4.11 % 3.12 % Total expenses, excluding incentive fees and deferred tax expense 195.30 % ( 195.48 )% ( 7.21 )% 4.11 % 3.12 % Total expenses, excluding incentive fees and deferred tax expense and fee waiver 195.30 % 121.49 % 11.91 % 4.11 % 3…", "offset": 164677 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Effective September 30, 2023, the Company entered into a fee waiver agreement with FCM (the \"Fee Waiver Agreement\").", "offset": 187594 } } }, "size": { "cik": "1495584", "totalAssetsUsd": 270161, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2012139", "name": "Fortress Private Lending Fund", "adsh": "0001193125-26-128496", "form": "10-K", "fileDate": "2026-03-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2012139/000119312526128496/ck0002012139-20251231.htm", "fileNumber": "814-01880", "election": { "adsh": "0001104659-25-072901", "fileDate": "2025-08-01", "url": "https://www.sec.gov/Archives/edgar/data/2012139/000110465925072901/tm2522132d1_n54a.htm" }, "textLength": 680974, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The Management Fee is payable at an annual rate of 1.25% of the Company's net assets, payable quarterly in arrears, calculated as of the end of the most recently completed calendar quarter and adjusted for any issuances, repurchases, dividends or distributions of the Company's shares during the relevant calendar quarter.", "offset": 77399 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The first part (the \"Investment Income Incentive Fee\") is calculated and payable on a quarterly basis, in arrears, and will equal 12.5% of Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.50% (i.e., 6.0% annualized), or \"Hurdle Rate,\" measured on a quarterly basis and a \"catch-up\" feature.", "offset": 78687 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…Investment Income Incentive Fee will be payable to the Adviser in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate for such calendar quarter; 11 • 100% of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than 1.715% for that cale…", "offset": 80078 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…Gains Incentive Fee\") is an annual fee that is determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 12.5% of cumulative realized capital gains, if any, determined on a cumulative basis from the commencement of the Company's investment operations (based on the fair value of each investment as of such…", "offset": 83262 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "• In the case of PIK, \"toggle\" debt, which gives the issuer the option to defer an interest payment in exchange for an increased interest rate in the future, the PIK election has the simultaneous effect of increasing the investment income, thus increasing the potential for realizing Incentive Fees;", "offset": 319798 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser has agreed to waive the Management Fee for (i) the period prior to the BDC Election, and (ii) the six-month period following August 1, 2025, the date of the first closing following the BDC Election (the \"Initial Fee Waiver\").", "offset": 77906 } } }, "size": { "cik": "2012139", "totalAssetsUsd": 1611097000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1825248", "name": "Franklin BSP Capital Corp", "adsh": "0001825248-26-000007", "form": "10-K", "fileDate": "2026-03-16", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1825248/000182524826000007/fbcc-20251231.htm", "fileNumber": "814-01360", "election": { "adsh": "0001104659-20-107709", "fileDate": "2020-09-23", "url": "https://www.sec.gov/Archives/edgar/data/1825248/000110465920107709/tm2031431d1_n54a.htm" }, "textLength": 791568, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Effective upon the closing of the Mergers on January 24, 2024, the Management Fee payable under the Amended and Restated Investment Advisory Agreement, is calculated at an annual rate of 1.50% of our average gross assets, provided, that the Management Fee will be calculated at an annual rate of 1.00% of our average gross assets purchased with borrowed funds above 1.0x debt-to-equity (equivalent to…", "offset": 47396 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…aches 1.8175% (7.27% annualized) in any calendar quarter; and • For any quarter in which Pre-Incentive Fee Net Investment Income exceeds 1.8175% (7.27% annualized), the incentive fee on income equals 17.5% of the amount of Pre-Incentive Fee Net Investment Income, as the Preferred Return and catch-up will have been achieved.", "offset": 52131 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of Pre-Incentive Fee Net Investment Income, if any, that exceeds the Preferred Return but is less than or equal to 1.8175% in any calendar quarter (7.27% annualized).", "offset": 51507 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "Effective upon the closing of the Mergers on January 24, 2024, the incentive fee on capital gains under the Amended and Restated Investment Advisory Agreement equals 17.5% of our incentive fee capital gains, which equaled our realized capital gains on a cumulative basis from the date of our election to be regulated as a BDC, calculated as of the end of each calendar year, computed net of all reali…", "offset": 53512 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 50426 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…-equity (equivalent to $1 of debt outstanding for each $1 of equity), and provided further that for a period of 15 months commencing on the date of the closing of a liquidity event, the Adviser would have irrevocably waived Management Fees in excess of 0.5% of our average gross assets.", "offset": 49235 } } }, "size": { "cik": "1825248", "totalAssetsUsd": 4247887000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1422183", "name": "FS KKR Capital Corp", "adsh": "0001628280-26-011734", "form": "10-K", "fileDate": "2026-02-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1422183/000162828026011734/fsk-20251231.htm", "fileNumber": "814-00757", "election": { "adsh": "0001193125-08-198007", "fileDate": "2008-09-18", "url": "https://www.sec.gov/Archives/edgar/data/1422183/000119312508198007/dn54a.htm" }, "textLength": 824980, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.50% of the Company's average weekly value of gross assets (excluding cash and cash equivalents).", "offset": 74641 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "Incentive Fee Based on Income The first part of the incentive fee, referred to as the \"subordinated income incentive fee,\" which is calculated and payable quarterly in arrears, equals 17.5% of the Company's \"pre-incentive fee net investment income\" for the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company's net assets, equal to…", "offset": 75635 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": 7, "quarterlyExcerpt": null, "annualizedExcerpt": { "text": "…the immediately preceding quarter and is subject to a hurdle rate, expressed as a rate of return on the value of the Company's net assets, equal to 1.75% per quarter, or an annualized hurdle rate of 7.0%.", "offset": 75903 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of dollar amount of the Company's pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.12% in any calendar quarter (8.48% annualized) will be payable to the Adviser.", "offset": 78080 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "This fee equals 20% of the Company's incentive fee capital gains, which will equal the Company's realized capital gains on a cumulative basis, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.", "offset": 80293 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 77272 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser may agree to temporarily or permanently waive, in whole or in part, the base management fee and/or the incentive fee for periods in the future.", "offset": 73946 } } }, "size": { "cik": "1422183", "totalAssetsUsd": 13729000000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1143513", "name": "GLADSTONE CAPITAL CORP", "adsh": "0001143513-25-000015", "form": "10-K", "fileDate": "2025-11-17", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1143513/000114351325000015/glad-20250930.htm", "fileNumber": "814-00237", "election": { "adsh": "0000912057-01-530025", "fileDate": "2001-08-23", "url": "https://www.sec.gov/Archives/edgar/data/1143513/000091205701530025/a2057752zn-54a.txt" }, "textLength": 546729, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "…rests of our stockholders. 11 Table of Contents Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 1.75%, computed on the basis of the value of our average total assets at the end of the two most recently-completed quarters (inclusive of the current quarter), which are total assets, including inves…", "offset": 50444 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The income-based fee is payable quarterly in arrears, and equals 20.0% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly (7.0% annualized) hurdle rate of our net assets, subject to a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 262016 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "The income-based fee is payable quarterly in arrears, and equals 20.0% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly (7.0% annualized) hurdle rate of our net assets, subject to a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 262107 }, "annualizedExcerpt": { "text": "The income-based fee is payable quarterly in arrears, and equals 20.0% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly (7.0% annualized) hurdle rate of our net assets, subject to a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 262124 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% (2.50% from April 1, 2022 through March 31, 2023) of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter;", "offset": 53345 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…stockholder transaction expenses (1) - % Annual expenses (as a percentage of net assets attributable to common stock) (3) : Base Management fee (4) 2.97 % Loan servicing fee (5) 1.90 % Incentive fee (20% of realized capital gains and 20% of pre-incentive fee net investment income) (6) 2.31 % Interest payments on borrowed funds (7) 5.33 % Preferred stock dividends (8) 0.27 % Other expenses (9) 1.19…", "offset": 255969 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "From time to time, the Adviser has non-contractually, unconditionally and irrevocably agreed to waive a portion of the incentive fees, to the extent net investment income did not cover 100.0% of the distributions to common stockholders during the period.", "offset": 263761 } } }, "size": { "cik": "1143513", "totalAssetsUsd": 907597000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1321741", "name": "GLADSTONE INVESTMENT CORPORATION\\DE", "adsh": "0001321741-26-000011", "form": "10-K", "fileDate": "2026-05-12", "reportDate": "2026-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1321741/000132174126000011/gain-20260331.htm", "fileNumber": "814-00704", "election": { "adsh": "0000950133-05-001383", "fileDate": "2005-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1321741/000095013305001383/w0719154nv54a.htm" }, "textLength": 496392, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 2, "excerpt": { "text": "Base Management Fee The base management fee is payable quarterly to the Adviser pursuant to our Advisory Agreement and is assessed at an annual rate of 2.0%, computed on the basis of the value of our average gross assets at the end of the two most recently completed quarters (inclusive of the current quarter), which are total assets, including investments made with proceeds of borrowings, less any…", "offset": 51939 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…ncome, if any, that exceeds the Hurdle Rate but is less than 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter; and • 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in…", "offset": 55410 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "The income-based incentive fee is payable quarterly in arrears, and equals 20% of the excess, if any, of our pre-incentive fee net investment income that exceeds a 1.75% quarterly hurdle rate of our net assets, which we define as total assets less indebtedness and before taking into account any incentive fees payable or contractually due but not payable during the period, at the end of the immedia…", "offset": 219622 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 2.1875% of our net assets, adjusted appropriately for any share issuances or repurchases during the period, in any calendar quarter;", "offset": 55085 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…a capital gains-based incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20.0% of our realized capital gains, less any realized capital losses and unrealized depreciation, calculated as of the end of the preceding calendar year.", "offset": 56969 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 56041 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1321741", "totalAssetsUsd": 1322845000, "totalAssetsAsOf": "2026-03-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1572694", "name": "Goldman Sachs BDC, Inc.", "adsh": "0001193125-26-077458", "form": "10-K", "fileDate": "2026-02-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1572694/000119312526077458/gsbd-20251231.htm", "fileNumber": "814-00998", "election": { "adsh": "0000895345-13-000113", "fileDate": "2013-03-29", "url": "https://www.sec.gov/Archives/edgar/data/1572694/000089534513000113/ptn54a_goldmanliberty.htm" }, "textLength": 750351, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "The Management Fee is calculated at an annual rate of 1.00% (0.25% per quarter), in each case, of the average value of our gross assets (excluding cash or cash equivalents (such as investments in money market funds) but including assets purchased with borrowed amounts) at the end of each of the two most recently completed calendar quarters.", "offset": 84045 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the Ordinary Income, if any, that exceeds the hurdle amount, but is less than or equal to an amount, which we refer to as the \"Catch-up Amount,\" determined as the sum of 2.1875% for periods ending through December 31, 2024 and 2.12% for periods ending after December 31, 2024, multiplied by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelv…", "offset": 87596 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 20% of such amount, minus the aggregate amount of actual Incentive Fees based on capital gains paid in all prior periods.", "offset": 94355 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "The Incentive Fee based on income is determined and paid quarterly in arrears at the end of each calendar quarter by reference to our aggregate net investment income, as adjusted as described below, from the calendar quarter then ending and the eleven preceding calendar quarters (such period, the \"Trailing Twelve Quarters\").", "offset": 85978 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…gate Incentive Fees based on income that were paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant Trailing Twelve Quarters but not in excess of the Incentive Fee Cap (as described below).", "offset": 88736 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser waives a portion of its management fee payable by the Company in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which the Company invests.", "offset": 84537 } } }, "size": { "cik": "1572694", "totalAssetsUsd": 3383247000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1920145", "name": "Goldman Sachs Private Credit Corp.", "adsh": "0001193125-26-088668", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1920145/000119312526088668/ck0001920145-20251231.htm", "fileNumber": "814-01627", "election": { "adsh": "0001193125-23-092217", "fileDate": "2023-04-05", "url": "https://www.sec.gov/Archives/edgar/data/1920145/000119312523092217/d410243dn54a.htm" }, "textLength": 892078, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "\" Management Fee Pursuant to the Investment Management Agreement, the Company pays to the Investment Adviser a Management Fee as follows: The Management Fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 99055 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 102829 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 102292 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 102311 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 102331 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 105412 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…,355 $ - Total Undistributed Earnings $ 1,355 $ 2,956 $ 1,310 Capital Loss Carryforward Perpetual Short-Term $ - $ - $ ( 584 ) Timing Differences (Dividend, Distributions Payable, Post - October Loss Deferral and Incentive Fees) ( 2,071 ) - ( 492 ) Unrealized Earnings (Losses)-net ( 64,179 ) ( 4,873 ) 1,965 Total Accumulated Earnings (Losses)-net $ ( 64,895 ) $ ( 1,917 ) $ 2,199 The Company's aggr…", "offset": 788785 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser waived the Management Fee for the first two fiscal quarters of our operations.", "offset": 99400 } } }, "size": { "cik": "1920145", "totalAssetsUsd": 16314857000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1772704", "name": "Goldman Sachs Private Middle Market Credit II LLC", "adsh": "0001193125-26-088646", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1772704/000119312526088646/ck0001772704-20251231.htm", "fileNumber": "814-01307", "election": { "adsh": "0001193125-19-135214", "fileDate": "2019-05-02", "url": "https://www.sec.gov/Archives/edgar/data/1772704/000119312519135214/d740678dn54a.htm" }, "textLength": 627275, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…) the remainder was distributed to Unitholders and paid as Incentive Fee in accordance with the Incentive Fee waterfall described above for determining the amount of the Incentive Fee, subject to the Incentive Fee Cap.", "offset": 512558 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…) the remainder was distributed to Unitholders and paid as Incentive Fee in accordance with the Incentive Fee waterfall described above for determining the amount of the Incentive Fee, subject to the Incentive Fee Cap.", "offset": 512558 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser waives a portion of its management fee payable by us in an amount equal to the management fees it earns as an investment adviser for any affiliated money market funds in which we invest.", "offset": 88949 } } }, "size": { "cik": "1772704", "totalAssetsUsd": 1699473000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1476765", "name": "GOLUB CAPITAL BDC, Inc.", "adsh": "0001476765-25-000096", "form": "10-K", "fileDate": "2025-11-18", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1476765/000147676525000096/gbdc-20250930.htm", "fileNumber": "814-00794", "election": { "adsh": "0001144204-10-019623", "fileDate": "2010-04-12", "url": "https://www.sec.gov/Archives/edgar/data/1476765/000114420410019623/v180725_n54a.htm" }, "textLength": 1178216, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Under the Investment Advisory Agreement, the base management fee is calculated at an annual rate equal to 1.0% of our average adjusted gross assets at the end of the two most recently completed calendar quarters (excluding cash and cash equivalents but including assets purchased with borrowed funds and securitization-related assets and cash collateral on deposit with custodian).", "offset": 76927 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "• 100.0% of the Pre-Incentive Fee Net Investment Income of GBDC with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until amounts payable to GC Advisors pursuant to the Income Incentive Fee equal 15.0% of Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.", "offset": 86651 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100 % of the Company's Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5 % in any calendar quarter.", "offset": 1002862 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": { "text": "…kholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending…", "offset": 140783 }, "absence": "a rate was matched but fell outside the plausible band 1–30% and was discarded" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "We accomplish this limitation by subjecting each quarterly incentive fee payable under the Income and Capital Gains Incentive Fee Calculation (as defined below) to a cap, or the Incentive Fee Cap.", "offset": 79656 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "We accomplish this limitation by subjecting each quarterly incentive fee payable under the Income and Capital Gains Incentive Fee Calculation (as defined below) to a cap, or the Incentive Fee Cap.", "offset": 79656 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…The Income Incentive Fee increased by $23.4 million from the year ended September 30, 2024 to the year ended September 30, 2025 primarily due to (1) $14.4 million of Income Incentive Fee unilaterally waived by GC Advisors to waive 100% of the Income Incentive Fees during the three months ended June 30, 2024, (2) $7.8 million of Income Incentive Fee unilaterally waived by GC Advisors during the thr…", "offset": 504500 } } }, "size": { "cik": "1476765", "totalAssetsUsd": 8978299000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1868878", "name": "GOLUB CAPITAL DIRECT LENDING CORP", "adsh": "0001868878-25-000045", "form": "10-K", "fileDate": "2025-12-04", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1868878/000186887825000045/gdlc-20250930.htm", "fileNumber": "814-01412", "election": { "adsh": "0001104659-21-087582", "fileDate": "2021-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1868878/000110465921087582/tm2120768d1_n54a.htm" }, "textLength": 792228, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "The base management fee is calculated at an annual rate equal to 1.00% of the fair value of our average adjusted gross assets at the end of the two most recently completed calendar quarters (excluding cash and cash equivalents but including assets purchased with borrowed funds, securitization related assets, and cash collateral on deposit with custodians) and is payable quarterly in arrears.", "offset": 63249 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "• 100.0% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to GC Advisors pursuant to the Income Incentive Fee equal 10.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.", "offset": 72145 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100.0% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to GC Advisors pursuant to the Income Incentive Fee equal 10.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.", "offset": 71861 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": { "text": "…kholders in respect to each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending…", "offset": 123289 }, "absence": "a rate was matched but fell outside the plausible band 1–30% and was discarded" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…ain Incentive Fee, 18 TABLE OF CONTENTS and (3) the subordinated liquidation incentive component, or the Subordinated Liquidation Incentive Fee, and are collectively referred to as the Incentive Fee. Incentive Fee Cap The components of the incentive fee are calculated as described below.", "offset": 65663 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…ain Incentive Fee, 18 TABLE OF CONTENTS and (3) the subordinated liquidation incentive component, or the Subordinated Liquidation Incentive Fee, and are collectively referred to as the Incentive Fee. Incentive Fee Cap The components of the incentive fee are calculated as described below.", "offset": 65663 } }, "feeWaiver": { "present": true, "excerpt": { "text": "GC Advisors has agreed to certain waivers with respect to the base management fee and will irrevocably waive 100% of the base management fee payable pursuant to the Investment Advisory Agreement for the period from July 1, 2021 to June 30, 2022;", "offset": 64743 } } }, "size": { "cik": "1868878", "totalAssetsUsd": 876322000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1901606", "name": "Golub Capital Direct Lending Unlevered Corp", "adsh": "0001901606-25-000079", "form": "10-K", "fileDate": "2025-11-26", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1901606/000190160625000079/gdlcu-20250930.htm", "fileNumber": "814-01505", "election": { "adsh": "0001104659-22-041051", "fileDate": "2022-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1901606/000110465922041051/tm2210696d1_n54a.htm" }, "textLength": 677535, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Management Fee The Base Management Fee is calculated at an annual rate equal to 1.00% of the fair value of our average adjusted gross assets at the end of the two most recently completed calendar quarters (excluding cash and cash equivalents but including assets purchased with short-term borrowings to the limited extent we incur any such borrowings).", "offset": 61451 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "• 100% of that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until amounts payable to GC Advisors pursuant to the Income Incentive Fee equal 10% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.", "offset": 71764 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100 % of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Investment Adviser pursuant to the Income Incentive Fee equal 10.0 % of the Pre-Incentive Fee Net Investment Income that exceeds the hurdle rate as if a hurdle rate did n…", "offset": 603448 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": { "text": "…kholders in respect of each calendar year of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income, adjusted for certain ordinary losses, generally for the one-year period ending…", "offset": 122627 }, "absence": "a rate was matched but fell outside the plausible band 1–30% and was discarded" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "The Incentive Fee is calculated in arrears and includes: (1) the income component, or the Income Incentive Fee, (2) the capital gains component, or the Capital Gain Incentive Fee, and (3) the subordinated liquidation incentive component, or the Subordinated Liquidation Incentive Fee. Incentive Fee Cap The components of the Incentive Fee are calculated as described below.", "offset": 65739 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The Incentive Fee is calculated in arrears and includes: (1) the income component, or the Income Incentive Fee, (2) the capital gains component, or the Capital Gain Incentive Fee, and (3) the subordinated liquidation incentive component, or the Subordinated Liquidation Incentive Fee. Incentive Fee Cap The components of the Incentive Fee are calculated as described below.", "offset": 65739 } }, "feeWaiver": { "present": true, "excerpt": { "text": "GC Advisors has agreed to certain waivers with respect to the base management fee for the periods following the initial closing date for the private placement of shares of our common stock (the \"Initial Closing Date\") (such waivers, the \"Base Management Fee Waivers\") and will irrevocably waive 100.0% of the Base Management Fee payable pursuant to the Investment Advisory Agreement for the period pr…", "offset": 61758 } } }, "size": { "cik": "1901606", "totalAssetsUsd": 409772000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1930087", "name": "Golub Capital Private Credit Fund", "adsh": "0001930087-25-000070", "form": "10-K", "fileDate": "2025-11-25", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1930087/000193008725000070/gcred-20250930.htm", "fileNumber": "814-01555", "election": { "adsh": "0001104659-23-043017", "fileDate": "2023-04-07", "url": "https://www.sec.gov/Archives/edgar/data/1930087/000110465923043017/tm2312032d1_n54a.htm" }, "textLength": 938287, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The Base Management Fee is payable quarterly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable quarter adjusted for share issuances and repurchases.", "offset": 78594 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide GC Advisors with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 82061 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % per quarter ( 5.0 % annualized);", "offset": 771452 }, "annualizedExcerpt": { "text": "…ive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % per quarter ( 5.0 % annualized);", "offset": 771473 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 81663 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 82876 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…2025 and 2024: Year ended Variances September 30, 2025 September 30, 2024 2025 vs. 2024 (In thousands) Interest expense and other debt financing expenses $ 181,614 $ 70,685 $ 110,929 Amortization of deferred debt issuance costs 8,057 2,713 5,344 Base management fee 34,076 14,154 19,922 Income incentive fee 34,005 16,592 17,413 Capital gain incentive fee accrual under GAAP 2,741 757 1,984 Professi…", "offset": 495552 } }, "feeWaiver": { "present": true, "excerpt": { "text": "For the period from June 30, 2023 (commencement of operations) to September 30, 2023, the Investment Adviser agreed to irrevocably waive $ 340 of Income Incentive Fees payable pursuant to the Investment Advisory Agreement.", "offset": 772676 } } }, "size": { "cik": "1930087", "totalAssetsUsd": 9136573000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1675033", "name": "Great Elm Capital Corp.", "adsh": "0001193125-26-085697", "form": "10-K", "fileDate": "2026-03-02", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1675033/000119312526085697/gecc-20251231.htm", "fileNumber": "814-01211", "election": { "adsh": "0001104659-16-146851", "fileDate": "2016-09-27", "url": "https://www.sec.gov/Archives/edgar/data/1675033/000110465916146851/a16-14655_9n54a.htm" }, "textLength": 455221, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.50% of our average adjusted gross assets, including assets purchased with borrowed funds.", "offset": 27262 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre‑incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined in accordance with GAAP) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 1.75% per quarter (7.00% annualized).", "offset": 30011 }, "annualizedExcerpt": { "text": "…quarterly basis as 20 % of the amount by which the Company's pre-incentive fee net investment income (the \"Pre-Incentive Fee Net Investment Income\") for the quarter exceeds a hurdle rate of 1.75 % ( 7.0 % annualized) of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision pursuant to which GECM receives all of such income in excess o…", "offset": 399072 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…ntive fee net investment income in each calendar quarter as follows: ▪ no incentive fee in any calendar quarter in which the pre‑incentive fee net investment income does not exceed the hurdle rate; ▪ 100% of our pre‑incentive fee net investment income with respect to that portion of such pre‑incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than 2.1875% in any…", "offset": 30604 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of such year, then the Capital Gains Incentive Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Incentive Fees paid in all prior years.", "offset": 34564 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…ds (1) 20% of the Cumulative Pre‑Incentive Fee Net Return (as defined below) during the most recent twelve full calendar quarter period ending on or prior to the date such payment is to be made (the \"Trailing Twelve Quarters\") less (2) the aggregate incentive fees that were previously paid to the investment adviser during such Trailing Twelve Quarters (excluding Accrued Unpaid Income Incentive Fee…", "offset": 32895 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "We will defer cash payment of any Income Incentive Fee otherwise payable to the investment adviser in any quarter (excluding Accrued Unpaid Income Incentive Fees with respect to such quarter) that exceeds (1) 20% of the Cumulative Pre‑Incentive Fee Net Return (as defined below) during the most recent twelve full calendar quarter period ending on or prior to the date such payment is to be made (the…", "offset": 32501 } }, "feeWaiver": { "present": true, "excerpt": { "text": "In February 2026, GECM waived all accrued and unpaid incentive fees through March 31, 2026.", "offset": 306362 } } }, "size": { "cik": "1675033", "totalAssetsUsd": 340775000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1661306", "name": "Hancock Park Corporate Income, Inc.", "adsh": "0001661306-26-000023", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1661306/000166130626000023/hpci-20251231.htm", "fileNumber": "814-01185", "election": { "adsh": "0001144204-16-113103", "fileDate": "2016-07-15", "url": "https://www.sec.gov/Archives/edgar/data/1661306/000114420416113103/v444162_n-54a.htm" }, "textLength": 696841, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.25% and based on the average value of the Company's total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity) at the end of the two most recently completed calendar quarters.", "offset": 64543 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The catch-up is meant to provide OFS Advisor with 20.0% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this pre-incentive fee net investment income exceeds 2.1875% in any calendar quarter;", "offset": 68742 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 1.75% per quarter (7.0% annualized).", "offset": 67152 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 1.75% per quarter (7.0% annualized).", "offset": 67171 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.1875% in any calendar quarter (8.75% annualized).", "offset": 68298 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of such year, then the Capital Gains Fee for such year is equal to 20.0% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years.", "offset": 69784 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend, and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 65949 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1661306", "totalAssetsUsd": 30414072, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1280784", "name": "Hercules Capital, Inc.", "adsh": "0001280784-26-000009", "form": "10-K", "fileDate": "2026-02-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1280784/000128078426000009/htgc-20251231.htm", "fileNumber": "814-00702", "election": { "adsh": "0001193125-05-034384", "fileDate": "2005-02-22", "url": "https://www.sec.gov/Archives/edgar/data/1280784/000119312505034384/dn54a.htm" }, "textLength": 684354, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "…ons or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction. 3 Table of Contents CORPORATE STRUCTURE We are an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the \"1940 Act\")…", "offset": 12449 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1280784", "totalAssetsUsd": 4584026000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1487428", "name": "Horizon Technology Finance Corp", "adsh": "0001437749-26-006636", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1487428/000143774926006636/hrzn20251231_10k.htm", "fileNumber": "814-00802", "election": { "adsh": "0000950123-10-097368", "fileDate": "2010-10-28", "url": "https://www.sec.gov/Archives/edgar/data/1487428/000095012310097368/w80285nv54a.htm" }, "textLength": 688330, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 2, "excerpt": { "text": "The base management fee is calculated at an annual rate of 2.00% of the Company's gross assets (less cash and cash equivalents) including any assets acquired with the proceeds of leverage;", "offset": 53755 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "…two parts: The first part, which is payable quarterly in arrears, subject to a Fee Cap and Deferral Mechanism, equals 20% of the excess, if any, of our Pre-Incentive Fee Net Investment Income over a 1.75% quarterly (7% annualized) hurdle rate and a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 330153 }, "annualizedExcerpt": { "text": "…wo parts: The first part, which is payable quarterly in arrears, subject to a Fee Cap and Deferral Mechanism, equals 20% of the excess, if any, of our Pre-Incentive Fee Net Investment Income over a 1.75% quarterly (7% annualized) hurdle rate and a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 330155 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "Under this provision, in any calendar quarter, our Advisor receives no incentive fee until our net investment income equals the hurdle rate of 1.75% but then receives, as a \"catch-up,\" 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1875%.", "offset": 330458 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date) and equals 20.00% of our realized capital gains, if any, on a cumulative basis from the date of our election to be a BDC through the end of each calendar year, computed net of all realized capital losses and unr…", "offset": 60279 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "The incentive fee has two parts, as follows: The first part, which is subject to the Incentive Fee Cap and Deferral Mechanism, as defined below, is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.", "offset": 54331 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The incentive fee has two parts, as follows: The first part, which is subject to the Incentive Fee Cap and Deferral Mechanism, as defined below, is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter.", "offset": 54331 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our Advisor agreed to waive the portion of its quarterly income incentive fee, if any, if and to the extent that, after payment of such portion, our net investment income per share for such quarter would be less than the quarterly distribution per share declared in such quarter.", "offset": 403373 } } }, "size": { "cik": "1487428", "totalAssetsUsd": 811104000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1989817", "name": "HPS Corporate Capital Solutions Fund", "adsh": "0001628280-26-020820", "form": "10-K", "fileDate": "2026-03-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1989817/000162828026020820/hps-20251231.htm", "fileNumber": "814-01715", "election": { "adsh": "0001193125-24-089185", "fileDate": "2024-04-08", "url": "https://www.sec.gov/Archives/edgar/data/1989817/000119312524089185/d782996dn54a.htm" }, "textLength": 773444, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The management fee will be payable quarterly in arrears at an annual rate of 1.25 % of the value of the Company's net assets as of the beginning of the first calendar day of the applicable quarter, as adjusted for any share issuances or repurchases during the quarter that do not occur on the first calendar day of the quarter.", "offset": 620191 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The Catch-Up is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if the net investment income exceeds 1.76% in any calendar quarter;", "offset": 95368 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate of 1.5% per quarter (6.0% annualized);", "offset": 94841 }, "annualizedExcerpt": { "text": "No incentive fee will be paid on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Pre- Incentive Fee Net Investment Income Returns do not exceed the Hurdle Rate of 1.5 % ( 6.0 % annualized);", "offset": 624066 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of the Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre- Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than a rate of return of 1.76% (7.06% annualized).", "offset": 94879 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "GAAP requires us to record a capital gains incentive fee equal to 15.0% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under U.S.", "offset": 452811 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 93655 } }, "feeWaiver": { "present": true, "excerpt": { "text": "In addition, the Adviser has agreed to waive its management fee from the Initial Closing through June 30, 2025.", "offset": 92340 } } }, "size": { "cik": "1989817", "totalAssetsUsd": 2241722000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1838126", "name": "HPS Corporate Lending Fund", "adsh": "0001628280-26-020206", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1838126/000162828026020206/hps-20251231.htm", "fileNumber": "814-01431", "election": { "adsh": "0001140361-22-000146", "fileDate": "2022-01-03", "url": "https://www.sec.gov/Archives/edgar/data/1838126/000114036122000146/brhc10032497_n54a.htm" }, "textLength": 1047072, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "…o Consolidated Financial Statements (in thousands, except per share data, percentages and as otherwise noted) Base Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25 % of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month.", "offset": 757659 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 89865 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 89339 }, "annualizedExcerpt": { "text": "We pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 89358 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 89378 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "If such amount is positive at the end of a period, then GAAP requires us to record a capital gains incentive fee equal to 12.5% of such cumulative amount, less the aggregate amount of actual capital gains incentive fees paid or capital gains incentive fees accrued under GAAP in all prior periods.", "offset": 451977 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 88165 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Company serves as collateral manager for the 2023 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the collateral management agreement.", "offset": 861927 } } }, "size": { "cik": "1838126", "totalAssetsUsd": 26304427000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1578348", "name": "Investcorp Credit Management BDC, Inc.", "adsh": "0001193125-26-132860", "form": "10-K", "fileDate": "2026-03-31", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1578348/000119312526132860/icmb-20251231.htm", "fileNumber": "814-01054", "election": { "adsh": "0001193125-14-036774", "fileDate": "2014-02-05", "url": "https://www.sec.gov/Archives/edgar/data/1578348/000119312514036774/d666476dn54a.htm" }, "textLength": 646483, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "Base Management Fee Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of our gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, \"Gross Assets\").", "offset": 64466 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "In 3 addition, pursuant to the Advisory Agreement, we pay the Adviser an incentive fee equal to 20.0% of pre-incentive fee net investment income, subject to an annualized hurdle rate of 8.0% with a \"catch up\" fee for returns between the 8.0% hurdle and 10.0%, as well as 20.0% of net capital gains.", "offset": 22832 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": 8, "quarterlyExcerpt": null, "annualizedExcerpt": { "text": "In 3 addition, pursuant to the Advisory Agreement, we pay the Adviser an incentive fee equal to 20.0% of pre-incentive fee net investment income, subject to an annualized hurdle rate of 8.0% with a \"catch up\" fee for returns between the 8.0% hurdle and 10.0%, as well as 20.0% of net capital gains.", "offset": 22922 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…nder this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until our Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0%, but then receives, as a \"catch-up,\" 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 1…", "offset": 66258 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If we pay an incentive fee of 20% of our realized capital gains (net of all realized capital losses and unrealized capital depreciation on a cumulative basis) and thereafter experience additional realized capital losses or unrealized capital depreciation, we will not be able to recover any portion of the incentive fee previously paid.", "offset": 178522 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…the Income-Based Fee is calculated and payable quarterly in arrears based on our Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the \"Total Return Requirement\") and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which our Pre-Incentive Fee Net Investment Income, expressed as a rat…", "offset": 65606 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The effect of the \"catch-up\" provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.", "offset": 66568 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our distributions to stockholders may be funded, in part, from waivers of investment advisory fees by the Adviser.", "offset": 158125 } } }, "size": { "cik": "1578348", "totalAssetsUsd": 188837105, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1959604", "name": "Jefferies Credit Partners BDC Inc.", "adsh": "0001193125-26-116342", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1959604/000119312526116342/ck0001959604-20251231.htm", "fileNumber": "814-01684", "election": { "adsh": "0001193125-23-289194", "fileDate": "2023-12-05", "url": "https://www.sec.gov/Archives/edgar/data/1959604/000119312523289194/d634955dn54a.htm" }, "textLength": 578638, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable quarterly in arrears at an annual rate of 1.25% of our net assets.", "offset": 69323 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.50% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 2.00% in any calendar quarter;", "offset": 73438 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.75% per quarter (7.00% annualized);", "offset": 72900 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.75% per quarter (7.00% annualized);", "offset": 72919 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 2.00% (8.00% annualized).", "offset": 72940 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.50% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 74307 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…ilities or outstanding debt and dividends paid on any issued and outstanding shares of preferred stock, but excluding the incentive fee and any stockholder servicing and/or distribution fees). 11 Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interes…", "offset": 71710 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser has agreed to waive both components of the incentive fee from inception through December 31, 2024.", "offset": 70508 } } }, "size": { "cik": "1959604", "totalAssetsUsd": 1630769000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1987221", "name": "John Hancock Comvest Private Income Fund", "adsh": "0001193125-26-124287", "form": "10-K", "fileDate": "2026-03-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1987221/000119312526124287/ck0001987221-20251231.htm", "fileNumber": "814-01669", "election": { "adsh": "0001193125-23-261712", "fileDate": "2023-10-24", "url": "https://www.sec.gov/Archives/edgar/data/1987221/000119312523261712/d538124dn54a.htm" }, "textLength": 629068, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable quarterly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable quarter adjusted for any Share issuances or repurchases during the applicable quarter.", "offset": 150380 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 153865 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We pay the Investment Adviser an incentive fee with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);", "offset": 153327 }, "annualizedExcerpt": { "text": "We pay the Investment Adviser an incentive fee with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.00% annualized);", "offset": 153346 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 153367 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The second part of the Incentive Fee, the capital gains incentive fee, will be payable in arrears as of the end of each calendar year and will equal 12.5 % of the Fund's cumulative realized capital gains, if any, from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation, less the aggregate amount of any previously paid inc…", "offset": 526489 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…y (net of deferred financing costs of $ 630 and $ 0 , respectively) 87,370 - Secured Borrowing - 63,237 Payables: Dividend distributions payable 4,052 - Management fee payable, net (Note 4) 1,443 505 Deferred tax liability 88 25 Interest payable 2,297 1,273 Incentive fee payable 1,440 634 Due to affiliates (Note 4) - 271 Accrued other general and administrative expenses 1,519 873 Total Liabilities…", "offset": 409757 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…91 - Professional fees 2,045 1,972 350 Trustees' fees 211 199 28 Organizational and offering expenses 2,248 784 745 Other general expenses 2,265 846 102 Repayments of prior reimbursements - 271 - Fee waivers - (156 ) (58 ) Incentive fee waiver - (81 ) (55 ) Expense reimbursement (2,495 ) (2,770 ) (1,168 ) Net expenses $ 39,179 $ 6,291 $ 57 71 Net Realized Gains (Losses) and Net Change in Unrealize…", "offset": 373814 } } }, "size": { "cik": "1987221", "totalAssetsUsd": 959412000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1747172", "name": "Kayne Anderson BDC, Inc.", "adsh": "0001213900-26-022392", "form": "10-K", "fileDate": "2026-03-02", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1747172/000121390026022392/ea0274005-10k_kayne.htm", "fileNumber": "814-01363", "election": { "adsh": "0001193125-21-030922", "fileDate": "2021-02-05", "url": "https://www.sec.gov/Archives/edgar/data/1747172/000119312521030922/d32675dn54a.htm" }, "textLength": 573592, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Under the Amended Investment Advisory Agreement, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% and is subject to an Incentive Fee Cap (as defined below) based on the Company's Cumulative Pre-Incentive Fee Net Return (as defined below).", "offset": 40505 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "…investment income for the portion of the First Calendar Quarter before the initial public offering and 15.0% for the balance of that First Calendar Quarter, as if the hurdle rate did not apply; and ● 10.0% of the aggregate pre-incentive fee net investment income, if any, that exceeds a quarterly rate of 1.6667% for the portion of the First Calendar Quarter before the initial public offering and 15…", "offset": 46521 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…ee Cap (described below), the pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Rate\" equal to the product of (i) the hurdle rate of 1.50% per quarter (6.00% annualized) and (ii) the sum of our net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 47162 }, "annualizedExcerpt": { "text": "For the First Calendar Quarter, pre-incentive fee net investment income in respect of the First Calendar Quarter was compared to a hurdle rate of 1.50% (6.00% annualized).", "offset": 45500 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…fee is payable to the Advisor in any calendar quarter in which aggregate pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters does not exceed the Hurdle Rate; ● 100% of the aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exce…", "offset": 47975 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "…on Capital Gains Pre-IPO Incentive Fee on Capital Gains Prior to the IPO Date, the incentive fee on capital gains (the \"capital gains incentive fee\") was calculated and payable in arrears in cash as 10% of the Company's realized capital gains, if any, on a cumulative basis from formation through (a) the day before our initial public offering (\"IPO\"), (b) upon consummation of a Liquidity Event (as…", "offset": 52292 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "As discussed in more detail below, the three-year total return lookback feature provides that the Advisor's income incentive fee may be reduced if the Company's portfolio experiences aggregate write-downs or net capital losses during the applicable Trailing Twelve Quarters (as defined below).", "offset": 41477 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Under the Amended Investment Advisory Agreement, the base management fee is calculated at an annual rate of 1.00% and the incentive fee on income is subject to a twelve-quarter lookback quarterly hurdle rate of 1.50% and is subject to an Incentive Fee Cap (as defined below) based on the Company's Cumulative Pre-Incentive Fee Net Return (as defined below).", "offset": 40635 } }, "feeWaiver": { "present": true, "excerpt": { "text": "On March 6, 2024, the Advisor also entered into a fee waiver agreement (the \"Fee Waiver Agreement\") for the waivers of (i) the income incentive fee for three calendar quarters commencing in the calendar quarter the IPO was completed and (ii) a portion of the base management fee for one year following the completion of the IPO on May 24, 2024 (the \"IPO Date\").", "offset": 41599 } } }, "size": { "cik": "1747172", "totalAssetsUsd": 2286702000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1850787", "name": "Kayne DL 2021, Inc.", "adsh": "0001213900-26-022449", "form": "10-K", "fileDate": "2026-03-02", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1850787/000121390026022449/ea0274177-10k_kayne2021.htm", "fileNumber": "814-01393", "election": { "adsh": "0001193125-21-157777", "fileDate": "2021-05-11", "url": "https://www.sec.gov/Archives/edgar/data/1850787/000119312521157777/d930675dn54a.htm" }, "textLength": 434835, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "Management Fee The management fee is calculated at an annual rate of 0.75% of the fair market value of our investments including, in each case, assets purchased with borrowings under credit facilities, but excluding cash, U.S.", "offset": 42957 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": { "text": "…n respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending…", "offset": 72000 }, "absence": "a rate was matched but fell outside the plausible band 1–30% and was discarded" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1850787", "totalAssetsUsd": 359672000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1911321", "name": "Kennedy Lewis Capital Co", "adsh": "0001911321-26-000009", "form": "10-K", "fileDate": "2026-03-31", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1911321/000191132126000009/ck0001911321-20251231.htm", "fileNumber": "814-01603", "election": { "adsh": "0001140361-22-047360", "fileDate": "2022-12-29", "url": "https://www.sec.gov/Archives/edgar/data/1911321/000114036122047360/brhc10046033_n54a.htm" }, "textLength": 655606, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The Company pays the Advisor a Base Management Fee equal to an annual rate of 1.25% of the value of our average net assets as of the end of the two most recently completed quarters.", "offset": 50119 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…llows: 12 • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 53196 }, "annualizedExcerpt": { "text": "…ntive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 53215 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The Company refers to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate) as the \"catch-up.", "offset": 53692 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The second part of the Incentive Fee is determined and payable in arrears as of the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital…", "offset": 54587 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…r investments purchased 58,725,508 5,529,326 Interest and credit facility fees payable 4,540,264 3,997,833 Income incentive fee payable 2,403,708 1,434,404 Management fees payable 2,067,094 1,317,398 Deferred financing cost payable 1,350,000 1,500,000 Accrued capital gains incentive fee 614,035 1,049,209 Derivative liabilities at fair value (Note 5) 168,270 - Due to Advisor and affiliates 266,043…", "offset": 445645 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Advisor and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods.", "offset": 101364 } } }, "size": { "cik": "1911321", "totalAssetsUsd": 1214271656, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2012839", "name": "KKR Enhanced US Direct Lending Fund-L Inc.", "adsh": "0001628280-26-019903", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2012839/000162828026019903/ebdc-20251231.htm", "fileNumber": "814-01724", "election": { "adsh": "0001193125-24-102775", "fileDate": "2024-04-19", "url": "https://www.sec.gov/Archives/edgar/data/2012839/000119312524102775/d798988dn54a.htm" }, "textLength": 525628, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser has agreed to waive its Management Fee through at least December 31, 2025.", "offset": 327036 } } }, "size": { "cik": "2012839", "totalAssetsUsd": 1455703000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1930679", "name": "KKR FS Income Trust", "adsh": "0001628280-26-017326", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1930679/000162828026017326/kfit-20251231.htm", "fileNumber": "814-01620", "election": { "adsh": "0001193125-23-086558", "fileDate": "2023-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1930679/000119312523086558/d828114dn54a.htm" }, "textLength": 909667, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee Commencing on and after the BDC Election Date, the Base Management Fee is calculated at an annual rate of 1.25% of the Company's average monthly net assets.", "offset": 123936 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": 5, "quarterlyExcerpt": null, "annualizedExcerpt": { "text": "…ich the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company's net assets, equal to 1.25 % per quarter, or an annualized hurdle rate of 5.0 %.", "offset": 682747 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to 1.43% in any calendar quarter (5.72% annualized) will be payable to the Adviser.", "offset": 127403 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "This fee equals 12.5% of the Company's incentive fee capital gains, which will equal the Company's realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any previously pai…", "offset": 129842 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…tment income is primarily due to the reclassification of unamortized original issue discount and prepayment fees recognized upon prepayment of loans from income for GAAP purposes to realized gains or deferred to future periods for tax purposes, the reversal of the capital gains incentive fee accrued on unrealized gains, the reversal of non-deductible excise taxes and differences between income and…", "offset": 735395 } }, "feeWaiver": { "present": true, "excerpt": { "text": "However, pursuant to a fee waiver agreement, or the Rule 12b-1 Fee Waiver Agreement, between us and each of the Placement Agents, the Placement Agents have agreed to waive the Distribution/Servicing Fees for Class I shares in full during the term of the Rule 12b-1 Fee Waiver Agreement, and any such waived fees will not be subject to recoupment by the Placement Agents or any other person during or…", "offset": 34635 } } }, "size": { "cik": "1930679", "totalAssetsUsd": 2751089000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1975736", "name": "KKR FS Income Trust Select", "adsh": "0001628280-26-017328", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1975736/000162828026017328/kfits-20251231.htm", "fileNumber": "814-01706", "election": { "adsh": "0001193125-24-040002", "fileDate": "2024-02-20", "url": "https://www.sec.gov/Archives/edgar/data/1975736/000119312524040002/d743874dn54a.htm" }, "textLength": 878798, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee Commencing on and after the BDC Election Date, the Base Management Fee is calculated at an annual rate of 1.25% of the Company's average monthly net assets.", "offset": 122602 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": 5, "quarterlyExcerpt": null, "annualizedExcerpt": { "text": "…ich the BDC Election Date occurs) and is subject to a hurdle rate, expressed as a rate of return on the value of the Company's net assets, equal to 1.25 % per quarter, or an annualized hurdle rate of 5.0 %.", "offset": 658856 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of dollar amount of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than or equal to 1.43% in any calendar quarter (5.72% annualized) will be payable to the Adviser.", "offset": 126090 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "This fee equals 12.5% of the Company's incentive fee capital gains, which will equal the Company's realized capital gains on a cumulative basis from the BDC Election Date, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the BDC Election Date, less the aggregate amount of any previously pai…", "offset": 128529 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "For example, the Adviser has in the past irrevocably waived the management fees and the subordinated income incentive fee due to it under the Advisory Agreement for certain periods, and has separately agreed to defer the payment of certain monthly portions of the subordinated income incentive fee payable by us under the Advisory Agreement.", "offset": 231391 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser agreed to waive the Base Management Fee and the Subordinated Incentive Fee on Income (as defined below) through September 30, 2025, or the Advisory Fee Waiver Period.", "offset": 120364 } } }, "size": { "cik": "1975736", "totalAssetsUsd": 1583527000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1849089", "name": "Lafayette Square USA, Inc.", "adsh": "0001628280-26-020991", "form": "10-K", "fileDate": "2026-03-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1849089/000162828026020991/ls-20251231.htm", "fileNumber": "814-01427", "election": { "adsh": "0001104659-21-095982", "fileDate": "2021-07-27", "url": "https://www.sec.gov/Archives/edgar/data/1849089/000110465921095982/tm2123286d1_n54a.htm" }, "textLength": 538889, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 15 % of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47 % in any calendar quarter; and • 15 % of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47 % ( 5.88 % annualized).", "offset": 487737 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a \"hurdle rate\" of return of 1.25 % per quarter ( 5.0 % annualized).", "offset": 486897 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % ; 128 Table of Contents • 100 % of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle…", "offset": 487244 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The Capital Gains Fee is equal to 15 % of (1) realized capital gains less (2) realized capital losses, less unrealized capital losses on a cumulative basis from inception through the day before the Liquidity Event, less the aggregate amount of any previously paid Capital Gains Fee.", "offset": 489936 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 486266 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1849089", "totalAssetsUsd": 1003473000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2043759", "name": "LAGO Evergreen Credit", "adsh": "0001193125-26-111029", "form": "10-K", "fileDate": "2026-03-17", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2043759/000119312526111029/ck0002043759-20251231.htm", "fileNumber": "814-01835", "election": { "adsh": "0001580642-25-001340", "fileDate": "2025-03-03", "url": "https://www.sec.gov/Archives/edgar/data/2043759/000158064225001340/lago_n54a.htm" }, "textLength": 489918, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Management Fee The Company pays the Investment Adviser a Base Management Fee, quarterly in arrears, at an annual rate of 1.50% of the Company's average adjusted gross assets.", "offset": 50882 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "Income Incentive Fee The Income Incentive Fee is calculated and payable quarterly in arrears and equals 15% of the Company's pre-incentive fee net investment income for the immediately preceding calendar quarter.", "offset": 52161 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…tive Fee Net Investment Income Returns, if any, that exceed the Hurdle Rate, but are less than or equal to 1.76% of the Company's net asset value for that immediately preceding calendar quarter (the \"Catch-Up Rate\"), will be payable to the Investment Adviser.", "offset": 52920 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "Capital Gains Incentive Fee The second component of the incentive fee, the Capital Gains Incentive Fee, is payable at the end of each calendar year in arrears and equals 20% of cumulative realized capital gains from the date of the Company's election to be regulated as a BDC to the end of each calendar year, less cumulative realized capital losses and unrealized capital depreciation, less the aggr…", "offset": 55312 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 54585 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2043759", "totalAssetsUsd": 190881044, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1983514", "name": "LGAM Private Credit LLC", "adsh": "0001193125-26-091583", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1983514/000119312526091583/ck0001983514-20251231.htm", "fileNumber": "814-01674", "election": { "adsh": "0001104659-23-122637", "fileDate": "2023-12-01", "url": "https://www.sec.gov/Archives/edgar/data/1983514/000110465923122637/tm2331771d1_n54a.htm" }, "textLength": 661402, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "As a part of the Investment Advisory Agreement, we agree to reimburse the Adviser for certain expenses it incurs on our behalf. 15 Table of Contents Base Management Fee The base management fee is calculated at an annual rate of 1.00% based on the average of our net asset value at the end of the two most recently completed calendar months.", "offset": 85701 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a Hurdle Rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter;", "offset": 88407 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "Pursuant to the Investment Advisory Agreement, we pay the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a Hurdle Rate of 1.25% (5% annualized);", "offset": 87930 }, "annualizedExcerpt": { "text": "Pursuant to the Investment Advisory Agreement, we pay the Investment Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a Hurdle Rate of 1.25% (5% annualized);", "offset": 87933 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100 % of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.4286 % in any quarter ( 5.7143 % annualized).", "offset": 563025 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…iser an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of our realized capital gains, if any, on a cumulative basis from the date of our election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Invest…", "offset": 90099 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 87187 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…tion and Offering costs - 31 Directors' fees 105 122 Administrative service fees 138 64 General and other expenses 214 156 Total expenses $ 16,214 $ 9,998 Expense support (25 ) (297 ) Management fees waiver - (786 ) Income based incentive fees waiver - (1,056 ) Net expenses $ 16,189 $ 7,859 Excise tax expense $ - $ 30 Interest and Other Financing Expenses Interest and other financing expenses, inc…", "offset": 415991 } } }, "size": { "cik": "1983514", "totalAssetsUsd": 487981000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2008748", "name": "Lord Abbett Private Credit Fund", "adsh": "0000930413-26-000841", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2008748/000093041326000841/c115705_10k-ixbrl.htm", "fileNumber": "814-01764", "election": { "adsh": "0000930413-24-002928", "fileDate": "2024-10-04", "url": "https://www.sec.gov/Archives/edgar/data/2008748/000093041324002928/c110274_n54a.htm" }, "textLength": 715963, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Management Fee The Base Management Fee is payable monthly in arrears at an annual rate of 1.00% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month, adjusted for any Share issuances or repurchases during the applicable month.", "offset": 72386 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter;", "offset": 75744 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "We will pay the Adviser an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.00% annualized);", "offset": 75302 }, "annualizedExcerpt": { "text": "We will pay the Adviser an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.00% annualized);", "offset": 75321 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.84% annualized).", "offset": 75342 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: 17 • 12.5% of cumulative realized capital gains from the BDC Election Date through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with GAAP.", "offset": 77730 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 74149 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods.", "offset": 420280 } } }, "size": { "cik": "2008748", "totalAssetsUsd": 1453754000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2041841", "name": "Lord Abbett Private Credit Fund S", "adsh": "0000930413-26-000842", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2041841/000093041326000842/c115706_10k-ixbrl.htm", "fileNumber": "814-01843", "election": { "adsh": "0000930413-25-001117", "fileDate": "2025-04-01", "url": "https://www.sec.gov/Archives/edgar/data/2041841/000093041325001117/c112275_n54a.htm" }, "textLength": 681928, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Management Fee The Base Management Fee is payable monthly in arrears at an annual rate of 1.00% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month, adjusted for any Share issuances or repurchases during the applicable month.", "offset": 72769 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter;", "offset": 76127 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "We will pay the Adviser an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.00% annualized);", "offset": 75685 }, "annualizedExcerpt": { "text": "We will pay the Adviser an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.00% annualized);", "offset": 75704 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.84% annualized).", "offset": 75725 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: 17 • 12.5% of cumulative realized capital gains from the BDC Election Date through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee on capital gains as calculated in accordance with GAAP.", "offset": 78113 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 74532 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods.", "offset": 420466 } } }, "size": { "cik": "2041841", "totalAssetsUsd": 339577000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1550913", "name": "MacKenzie Realty Capital, Inc.", "adsh": "0001140361-25-036540", "form": "10-K", "fileDate": "2025-09-29", "reportDate": "2025-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1550913/000114036125036540/ef20050374_10k.htm", "fileNumber": "814-00961", "election": { "adsh": "0000922907-13-000268", "fileDate": "2013-07-18", "url": "https://www.sec.gov/Archives/edgar/data/1550913/000092290713000268/formn54a_070213.htm" }, "textLength": 435931, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1550913", "totalAssetsUsd": 235992178, "totalAssetsAsOf": "2025-06-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1396440", "name": "Main Street Capital CORP", "adsh": "0001396440-26-000016", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1396440/000139644026000016/main-20251231.htm", "fileNumber": "814-00751", "election": { "adsh": "0000950129-07-004837", "fileDate": "2007-10-04", "url": "https://www.sec.gov/Archives/edgar/data/1396440/000095012907004837/h50298nnv54a.htm" }, "textLength": 737415, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "Because MSCC is internally managed, all of the executive officers and other employees are employed by MSCC.", "offset": 10995 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1396440", "totalAssetsUsd": 5681701000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1988280", "name": "Manulife Private Credit Fund", "adsh": "0001193125-26-071943", "form": "10-K", "fileDate": "2026-02-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1988280/000119312526071943/d175162d10k.htm", "fileNumber": "814-01664", "election": { "adsh": "0001193125-23-249843", "fileDate": "2023-10-03", "url": "https://www.sec.gov/Archives/edgar/data/1988280/000119312523249843/d468122dn54a.htm" }, "textLength": 575515, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee Commencing on and after the BDC Election Date, the Management Fee is calculated at an annual rate of 1.25% of the value of the Fund's monthly net assets.", "offset": 67857 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Advisor with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.715% in any calendar quarter and (iii) 12.5% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.715% (6.86% annualized) of t…", "offset": 72478 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "…l be calculated as follows: (i) No Incentive Fee on Income will be payable in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter, or 6.00% annualized, based on the Fund's average beginning monthly net assets for the applicable quarterly payment period;", "offset": 71736 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(ii) 100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.715% (6.86% annualized) of the average beginning monthly net assets of the Fund for the applicable quarterly payment period.", "offset": 71883 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: (i) 12.5% of cumulative realized capital gains net of cumulative realized capital losses and cumulative unrealized capital depreciation commencing from October 3, 2024 through the end of such calendar year, less the aggregate amount of any previously paid Incentive Fee on Capital Gains as calculated in accordance with GAAP.", "offset": 74858 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that has not yet been received in cash.", "offset": 70598 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Advisor may agree to temporarily or permanently waive, in whole or in part, the Management Fee and/or the Incentive Fee.", "offset": 67580 } } }, "size": { "cik": "1988280", "totalAssetsUsd": 319940094, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2006758", "name": "MidCap Apollo Institutional Private Lending", "adsh": "0001193125-26-104070", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2006758/000119312526104070/ck0002006758-20251231.htm", "fileNumber": "814-01710", "election": { "adsh": "0001193125-24-069291", "fileDate": "2024-03-15", "url": "https://www.sec.gov/Archives/edgar/data/2006758/000119312524069291/d795872dn54a.htm" }, "textLength": 566276, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Base Management Fee The management fee is accrued monthly and paid quarterly in arrears at an annual rate of 1.00% of the Company's net assets as of the beginning of the first business day of the applicable month.", "offset": 72430 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.710% in any calendar quarter;", "offset": 76143 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);", "offset": 75611 }, "annualizedExcerpt": { "text": "We will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.500% per quarter (6.000% annualized);", "offset": 75631 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.710% (6.860% annualized).", "offset": 75653 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 77000 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…es or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution or shareholder servicing fees). 13 Table of Contents Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero c…", "offset": 74434 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Fee Waiver The Adviser agreed to waive its management fee and its incentive fee for the first 12-month period following the date of the Advisory Agreement.", "offset": 71965 } } }, "size": { "cik": "2006758", "totalAssetsUsd": 968335000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1278752", "name": "MidCap Financial Investment Corp", "adsh": "0001193125-26-076499", "form": "10-K", "fileDate": "2026-02-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1278752/000119312526076499/mfic-20251231.htm", "fileNumber": "814-00646", "election": { "adsh": "0001193125-04-016445", "fileDate": "2004-02-06", "url": "https://www.sec.gov/Archives/edgar/data/1278752/000119312504016445/dn54a.htm" }, "textLength": 764910, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.75% (0.4375% per quarter) of the Company's net asset value as of the final business day of the prior calendar quarter;", "offset": 49558 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "The preferred return amount is determined on a quarterly basis, and is calculated by summing the amounts obtained by multiplying 1.75% by the Company's net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 51975 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(2) 100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the preferred return amount but is less than or equal to the catch-up amount, which shall be the sum of (i) the product of 2.1875% multiplied by the Company's net asset value at the beginning of each applicable Legacy Fee Quarter included in the relevant Trailing Twelve Quarters and (ii)…", "offset": 53169 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "This fee shall equal 17.50% of the sum of the Company's realized capital gains on a cumulative basis, calculated as of the end of each calendar year (or upon termination of investment advisory management agreement), computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid…", "offset": 56454 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…by which (x) the aggregate amount of the pre-incentive fee net investment income with respect of the current calendar quarter and each of the eleven preceding calendar quarters (in either case, the \"Trailing Twelve Quarters\") exceeds (y) the preferred return amount in respect of the Trailing Twelve Quarters;", "offset": 51194 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The Incentive Fee on Income as calculated is subject to the Incentive Fee Cap.", "offset": 54353 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Company serves as collateral manager to the Bethesda CLO 1 Issuer under a collateral management agreement and has agreed to irrevocably waive all collateral management fees payable pursuant to the collateral management agreement.", "offset": 702336 } } }, "size": { "cik": "1278752", "totalAssetsUsd": 3323644000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1512931", "name": "MONROE CAPITAL Corp", "adsh": "0001512931-26-000011", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1512931/000151293126000011/mrcc-20251231.htm", "fileNumber": "814-00866", "election": { "adsh": "0001193125-12-433264", "fileDate": "2012-10-24", "url": "https://www.sec.gov/Archives/edgar/data/1512931/000119312512433264/d156747dn54a.htm" }, "textLength": 727269, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "(4) Our base management fee is calculated initially at an annual rate of 1.75% of our average invested assets (calculated as total assets excluding cash, which includes assets financed using leverage) at the end of each of the two most recently completed calendar quarters;", "offset": 354546 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The catch-up is meant to provide MC Advisors with 20% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 2.5% in any calendar quarter;", "offset": 68964 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 2% per quarter (8% annually).", "offset": 67912 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter.", "offset": 68545 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Amended Investment Advisory Agreement, as of the termination date), and equals 20% of our realized capital gains as of the end of the fiscal year.", "offset": 70166 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "The first part is calculated and payable quarterly in arrears based on our pre-incentive fee net investment income for the preceding quarter subject to a total return requirement.", "offset": 64414 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that we have not yet received in cash.", "offset": 65103 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…assets 13.86 % 13.61 % 9.19 % 7.43 % 8.17 % Ratio of incentive fees to average net assets (1) - % 1.74 % 0.65 % 2.03 % 2.64 % ________________________________________________________ (1) The ratio of waived incentive fees to average net assets was zero , zero , zero , 0.22 %, 0.61 %, 0.31 %, 0.46 %, zero , 0.12 % and 0.13 % for the years presented.", "offset": 711934 } } }, "size": { "cik": "1512931", "totalAssetsUsd": 372963000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2061670", "name": "Monroe Capital Enhanced Corporate Lending Fund", "adsh": "0002061670-26-000022", "form": "10-K", "fileDate": "2026-03-09", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2061670/000206167026000022/mlend-20251231.htm", "fileNumber": "814-01919", "election": { "adsh": "0001104659-25-114540", "fileDate": "2025-11-20", "url": "https://www.sec.gov/Archives/edgar/data/2061670/000110465925114540/tm2531761d2_n54a.htm" }, "textLength": 694985, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of our average total assets, which includes assets financed using leverage;", "offset": 72688 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide MC Advisors with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.7143% in any calendar quarter;", "offset": 77569 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6.0% annualized);", "offset": 77015 }, "annualizedExcerpt": { "text": "…tive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50 % ( 6.0 % annualized);", "offset": 643463 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.7143% (7.04% annualized).", "offset": 77054 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the aggregate amount of any previously paid incentive fee on capital.", "offset": 78685 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 75813 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…nd end of the respective calendar month. 14 Table of Contents During the period starting on the date of entry into the Advisory Agreement with MC Advisors through December 31, 2026 (the \"Advisory Fee Waiver Period\"), MC Advisors has voluntarily agreed to waive a portion of the management fee such that, during the Advisory Fee Waiver Period, the management fee is payable monthly in arrears at an an…", "offset": 73553 } } }, "size": { "cik": "2061670", "totalAssetsUsd": 202079000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1742313", "name": "Monroe Capital Income Plus Corp", "adsh": "0001742313-26-000013", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1742313/000174231326000013/mcip-20251231.htm", "fileNumber": "814-01301", "election": { "adsh": "0001144204-19-001584", "fileDate": "2019-01-14", "url": "https://www.sec.gov/Archives/edgar/data/1742313/000114420419001584/tv510652_n54a.htm" }, "textLength": 1023723, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Beginning with the Effective Date, the base management fee is calculated at an annual rate of 1.25% of average total assets (reduced from 1.50%), which includes assets financed using leverage.", "offset": 66897 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "Prior to an Exchange Listing, the catch-up is meant to provide MC Advisors with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter, and following an Exchange Listing, the catch-up is meant to provide MC Advisors with 20% of the pre-incentive fee net investment income as if a hurdle rate did not ap…", "offset": 70663 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 1.50% per quarter (6% annually).", "offset": 69830 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.76% in any calendar quarter prior to an Exchange Listing or 1.88% in any calendar quarter following an Exchange Listing.", "offset": 70175 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Amended Investment Advisory Agreement, as of the termination date), and equals 12.5% (permanently reduced from 15.0% effective January 1, 2022) of our realized capital gains as of the end of the fiscal year.", "offset": 73429 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature such as market discount, debt instruments with PIK interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that we have not yet received in cash.", "offset": 68328 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…ory Agreement, MC Advisors receives a fee from us, consisting of two components - a base management fee and an incentive fee. 14 Table of Contents On April 18, 2022, MC Advisors agreed to permanently waive a portion of the base management fees and incentive fees payable by us to MC Advisors under the Amended Investment Advisory Agreement pursuant to a fee waiver letter.", "offset": 66472 } } }, "size": { "cik": "1742313", "totalAssetsUsd": 6130288000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1782524", "name": "Morgan Stanley Direct Lending Fund", "adsh": "0001193125-26-076632", "form": "10-K", "fileDate": "2026-02-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1782524/000119312526076632/msdl-20251231.htm", "fileNumber": "814-01332", "election": { "adsh": "0001104659-19-066842", "fileDate": "2019-11-25", "url": "https://www.sec.gov/Archives/edgar/data/1782524/000110465919066842/a19-23729_2n54a.htm" }, "textLength": 794062, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.0% of our average gross assets at the end of the two most recently completed calendar quarters, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents.", "offset": 82685 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 17.5% of our pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter;", "offset": 87865 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…quarter ending June 30, 2024, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Rate\" equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the begin…", "offset": 86760 }, "annualizedExcerpt": { "text": "…e 30, 2024, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters is compared to a \"Hurdle Rate\" equal to the product of (i) the hurdle rate of 1.5% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each appli…", "offset": 86778 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% in any calendar quarter (7.2728% annualized).", "offset": 87374 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "For the Waiver Period, the Adviser irrevocably waived any capital gains incentive fee in excess of amounts calculated as described above using 15.0% instead of 17.5%.", "offset": 93471 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…alendar quarter commencing on April 1, 2024 (or the appropriate portion thereof in the case of any of our first eleven calendar quarters that commence on or after April 1, 2024) (in either case, the \"Trailing Twelve Quarters\").", "offset": 86054 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The first part is determined and paid quarterly based on our pre-incentive fee net investment income and is subject to an Incentive Fee Cap (as defined below) pursuant to the Investment Advisory Agreement, and the second part is determined and payable in arrears based on net capital gains as of the end of each calendar year or upon termination of the Investment Advisory Agreement.", "offset": 84211 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser agreed to irrevocably waive any portion of the base management fee in excess of 0.75% of our average gross assets calculated in accordance with the Investment Advisory Agreement for the period from January 24, 2024 to January 24, 2025, or the Waiver Period.", "offset": 82920 } } }, "size": { "cik": "1782524", "totalAssetsUsd": 3920096000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1535778", "name": "MSC INCOME FUND, INC.", "adsh": "0001535778-26-000026", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1535778/000153577826000026/msif-20251231.htm", "fileNumber": "814-00939", "election": { "adsh": "0001193125-12-255581", "fileDate": "2012-05-31", "url": "https://www.sec.gov/Archives/edgar/data/1535778/000119312512255581/d262573dn54a.htm" }, "textLength": 684826, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee was calculated at an annual rate of 1.75 % of MSC Income's average gross assets.", "offset": 557338 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "For any quarter in which the Fund's pre-incentive fee net investment income exceeds 2.307692 % ( 9.230769 % annualized), the subordinated incentive fee on income equals 17.5 % of the amount of the Fund's pre-incentive fee net investment income, as the hurdle rate and catch-up have been achieved.", "offset": 569000 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 50, "fullCatchUp": false, "excerpt": { "text": "…ncentive fee on income is payable to the Adviser in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the hurdle rate of 1.5 % (or 6.0 % annualized); 2. 50 % of the Fund's pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.307692 % in any calendar quarter ( 9.230769 % annualized) is payable to…", "offset": 568235 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "This fee equaled 20.0 % of MSC Income's incentive fee capital gains, which equaled MSC Income's realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.", "offset": 561607 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…ar: $ 150,000 as of both December 31, 2025 and 2024) 149,751 149,453 Accounts payable and other liabilities 3,549 4,723 Interest payable 5,946 6,909 Dividend payable 16,772 14,487 Base management and incentive fees payable 8,388 8,508 Deferred tax liability, net 4,966 - Total liabilities 642,372 599,768 Commitments and contingencies ( Note I ) NET ASSETS Common stock, $ 0.001 par value per share (…", "offset": 299303 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…t taken as to any quarter is deferred without interest and is taken in such other quarter as the Adviser shall determine, unless the Adviser expressly and in writing delivered to the Fund permanently waives receipt of such base management fee, in which event the Fund shall forever be relieved of the obligation to pay such base management fee for such quarter.", "offset": 564578 } } }, "size": { "cik": "1535778", "totalAssetsUsd": 1381031000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1849894", "name": "MSD Investment Corp.", "adsh": "0001193125-26-124538", "form": "10-K", "fileDate": "2026-03-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1849894/000119312526124538/ck0001849894-20251231.htm", "fileNumber": "814-01481", "election": { "adsh": "0001193125-21-369248", "fileDate": "2021-12-29", "url": "https://www.sec.gov/Archives/edgar/data/1849894/000119312521369248/d271149dn54a.htm" }, "textLength": 495466, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "For any quarter in which the Company's aggregate Pre-Incentive Fee Net Investment Income exceeds the Catch-Up Amount, the Income-Based Fee shall equal 15% of the amount of the Company's Pre-Incentive Fee Net Investment Income for such quarter, as the Hurdle Amount and Catch-Up Amount will have been achieved.", "offset": 22352 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "The Hurdle Amount will be determined on a quarterly basis and will be calculated by multiplying 1.5% (6% annualized) by the Company's net asset value at the beginning of each applicable calendar quarter.", "offset": 21227 }, "annualizedExcerpt": { "text": "The Hurdle Amount will be determined on a quarterly basis and will be calculated by multiplying 1.5% (6% annualized) by the Company's net asset value at the beginning of each applicable calendar quarter.", "offset": 21233 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "B. 100% of the Company's aggregate Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the \" Catch-Up Amount \") determined on a quarterly basis by multiplying 1.77% (7.06% annualized) by the Company's net asset value at the beginning of each applicable calendar quarter.", "offset": 21597 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "If such amount is positive at the end of such year, then the Capital Gains Fee payable for such year is equal to 15% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years commencing with the first calendar year ended after the Company elects to be treated as a BDC.", "offset": 23129 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "In addition, \"Pre-Incentive Fee Net Investment Income\" shall include, in the case of investments with a deferred interest feature such as market discount, original issue discount (\" OID \"), debt instruments with payment-in-kind (\" PIK \") interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.", "offset": 24761 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1849894", "totalAssetsUsd": 6590450000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1779523", "name": "Muzinich BDC, Inc.", "adsh": "0001213900-26-035730", "form": "10-K", "fileDate": "2026-03-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1779523/000121390026035730/ea0282653-10k_muzinich.htm", "fileNumber": "814-01314", "election": { "adsh": "0001193125-19-223554", "fileDate": "2019-08-16", "url": "https://www.sec.gov/Archives/edgar/data/1779523/000119312519223554/d735749dn54a.htm" }, "textLength": 445190, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1779523", "totalAssetsUsd": 220900347, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1985375", "name": "Muzinich Corporate Lending Income Fund, Inc.", "adsh": "0001213900-26-035737", "form": "10-K", "fileDate": "2026-03-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1985375/000121390026035737/ea0282651-10k_muzinich.htm", "fileNumber": "814-01659", "election": { "adsh": "0001213900-23-076824", "fileDate": "2023-09-15", "url": "https://www.sec.gov/Archives/edgar/data/1985375/000121390023076824/ea185207-n54a_muzinich.htm" }, "textLength": 542605, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Our Adviser accrues, on a quarterly basis in arrears, a management fee (the \"Base Management Fee\") at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable quarter.", "offset": 14212 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "We will pay the Adviser an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: ● no Incentive Fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.75% per quarter;", "offset": 18155 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…otal Pre-Incentive Fee Net Investment Income Returns for that calendar quarter (we refer to this portion of the Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate) as the \"catch-up\");", "offset": 18621 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: ● 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid Incentive Fee based on capital gains as calculated in accordance with U.S.", "offset": 18967 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount (\"OID\"), debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 17112 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Pursuant to a fee waiver letter (the \"Fee Waiver Letter\"), on December 26, 2025, the Adviser voluntarily agreed to reduce its Base Management Fee payable from the annual rate of 1.25% of the value of our net assets to an annual rate of 0.95% of the value of our net assets for the fiscal quarters ended on December 31, 2025 and ending March 31, 2026.", "offset": 14979 } } }, "size": { "cik": "1985375", "totalAssetsUsd": 98041169, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1509470", "name": "Neostellar Capital Corp.", "adsh": "0001493152-26-009641", "form": "10-K", "fileDate": "2026-03-11", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1509470/000149315226009641/form10-k.htm", "fileNumber": "814-00852", "election": { "adsh": "0001133796-11-000106", "fileDate": "2011-04-27", "url": "https://www.sec.gov/Archives/edgar/data/1509470/000113379611000106/k218239_n54a.htm" }, "textLength": 566036, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "Overview We are an internally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company (\"BDC\") under the Investment Company Act of 1940, as amended (the \"1940 Act\"), and has elected to be treated, and intends to qualify annually, as a regulated investment company (\"RIC\") under Subchapter M of the Internal Revenue Code of 1…", "offset": 304704 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1509470", "totalAssetsUsd": 276018722, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1496099", "name": "New Mountain Finance Corp", "adsh": "0001496099-26-000008", "form": "10-K", "fileDate": "2026-02-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1496099/000149609926000008/nmfc-20251231.htm", "fileNumber": "814-00832", "election": { "adsh": "0001104659-11-030268", "fileDate": "2011-05-19", "url": "https://www.sec.gov/Archives/edgar/data/1496099/000110465911030268/a11-12674_1n54a.htm" }, "textLength": 851301, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.4, "excerpt": { "text": "Base Management Fees Pursuant to Amendment No. 1 to the Investment Management Agreement dated November 1, 2021 (\"Amendment No.1\") the base management fee was calculated at an annual rate of 1.4% of our \"gross assets\", which equals our total assets on the Consolidated Statements of Assets and Liabilities, less cash and cash equivalents.", "offset": 65200 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…% on all of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply when our Pre-Incentive Fee Net Investment Income exceeds 2.5% in any calendar quarter. 13 Table of Contents • 20.0% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser once the hurdle is reached…", "offset": 70055 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": 8, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, will be compared to a \"hurdle rate\" of 2.0% per quarter (8.0% annualized), subject to a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 68784 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, will be compared to a \"hurdle rate\" of 2.0% per quarter (8.0% annualized), subject to a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 68802 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100.0% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to 2.5% in any calendar quarter (10.0% annualized) is payable to the Investment Adviser.", "offset": 69313 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The second part of the incentive fee will be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement) and will equal 20.0% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cum…", "offset": 70674 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 68166 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Following the expiration of the Fee Waiver Agreement on December 31, 2024, the Investment Adviser agreed to waive an amount of the base management fee that it may have been entitled to under the Investment Advisory Agreement for the period of January 1, 2025 through January 28, 2025, that would be in excess of an annual rate of 1.25% of our gross assets.", "offset": 66581 } } }, "size": { "cik": "1496099", "totalAssetsUsd": 2902853000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1925531", "name": "New Mountain Guardian IV BDC, L.L.C.", "adsh": "0001925531-26-000003", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1925531/000192553126000003/nmg4-20251231.htm", "fileNumber": "814-01528", "election": { "adsh": "0001104659-22-057046", "fileDate": "2022-05-06", "url": "https://www.sec.gov/Archives/edgar/data/1925531/000110465922057046/tm2214390d1_n54a.htm" }, "textLength": 690977, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.15, "excerpt": { "text": "Base Management Fees Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 1.15% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since ince…", "offset": 57158 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 15.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 2.059% in any calendar quarter;", "offset": 61721 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75% (7.0% annualized);", "offset": 61205 }, "annualizedExcerpt": { "text": "We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75% (7.0% annualized);", "offset": 61212 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 2.059% (8.235% annualized).", "offset": 61232 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…354 - Interest payable 4,525 4,636 Income based incentive fee payable 3,925 3,379 Management fee payable 2,992 2,213 Payable for unsettled securities purchased 633 20,051 Payable to affiliate 451 344 Deferred tax liability 434 57 Accrued capital gains incentive fee - 1,907 Other liabilities 1,500 1,134 Total liabilities 846,790 727,651 Commitments and contingencies (See Note 8) Members' Capital Co…", "offset": 381406 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Expense Limitation Notwithstanding the foregoing, the Investment Adviser has agreed to reduce and/or waive its management fee (the \"Specified Expenses Cap\") each year such that we will not be required to pay Specified Expenses (as defined below) in excess of a maximum aggregate amount in any calendar year (prorated for partial years and portions of years for which each applicable prong of the cap…", "offset": 65804 } } }, "size": { "cik": "1925531", "totalAssetsUsd": 2053598000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1976719", "name": "New Mountain Guardian IV Income Fund, L.L.C.", "adsh": "0001976719-26-000005", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1976719/000197671926000005/nmg4-20251231.htm", "fileNumber": "814-01639", "election": { "adsh": "0001628280-23-019286", "fileDate": "2023-05-22", "url": "https://www.sec.gov/Archives/edgar/data/1976719/000162828023019286/newmountainguardianivunlev.htm" }, "textLength": 649846, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "Base Management Fees Pursuant to the Investment Management Agreement, the base management fee is payable quarterly in arrears at an annual rate of 0.75% of the aggregate contributed capital from all unitholders (including any outstanding borrowings under any subscription line drawn in lieu of capital calls) less any return of capital distributions and less any cumulative realized losses since ince…", "offset": 56686 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 10, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 10.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.389% in any calendar quarter;", "offset": 61250 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: 11 Table of Contents • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);", "offset": 60734 }, "annualizedExcerpt": { "text": "We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: 11 Table of Contents • no incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);", "offset": 60741 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.389% (5.556% annualized).", "offset": 60761 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 59706 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Incentive Fee Waiver On December 18, 2023, the Company and the Investment Adviser, entered into a voluntary letter waiver agreement (the \"Waiver Agreement\") effective as of January 1, 2024, whereby the Investment Adviser agreed to waive certain portions of the incentive fees paid by us to the Investment Adviser, pursuant to the Investment Management Agreement.", "offset": 65349 } } }, "size": { "cik": "1976719", "totalAssetsUsd": 520700000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2037804", "name": "New Mountain Private Credit Fund", "adsh": "0002037804-26-000005", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2037804/000203780426000005/nmg3-20251231.htm", "fileNumber": "814-01762", "election": { "adsh": "0001628280-24-041501", "fileDate": "2024-09-27", "url": "https://www.sec.gov/Archives/edgar/data/2037804/000162828024041501/newmountainprivatecreditfu.htm" }, "textLength": 724477, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fees Base Management Fees Pursuant to the Investment Advisory Agreement, the Management Fee is accrued monthly and paid quarterly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first business day of the applicable month.", "offset": 61980 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 65262 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);", "offset": 64725 }, "annualizedExcerpt": { "text": "We will pay the Investment Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% (5.0% annualized);", "offset": 64732 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than or equal to a rate of return of 1.43% (5.72% annualized).", "offset": 64752 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 66091 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 63557 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…d offering expenses 778 2,064 - - Other general and administrative expenses 275 28 487 248 Total expenses 75,384 4,955 94,298 110,200 Add: Recoupment of expense support 630 - - - Less: Incentive fees waived (See Note 5) - - ( 3,137 ) - Less: Management fees waived (See Note 5) ( 57 ) - ( 2,246 ) ( 507 ) Less: Expenses waived (See Note 5) - - ( 2,003 ) - Less: Expense support (See Note 5) ( 616 ) (…", "offset": 392831 } } }, "size": { "cik": "2037804", "totalAssetsUsd": 2125116000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1587987", "name": "NewtekOne, Inc.", "adsh": "0001628280-26-016503", "form": "10-K", "fileDate": "2026-03-10", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1587987/000162828026016503/newt-20251231.htm", "fileNumber": "814-01035", "election": { "adsh": "0001193125-14-408933", "fileDate": "2014-11-12", "url": "https://www.sec.gov/Archives/edgar/data/1587987/000119312514408933/d820010dn54a.htm" }, "textLength": 712620, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1587987", "totalAssetsUsd": 2744819000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1766037", "name": "NMF SLF I, Inc.", "adsh": "0001766037-26-000004", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1766037/000176603726000004/nmslf-20251231.htm", "fileNumber": "814-01330", "election": { "adsh": "0001104659-20-005051", "fileDate": "2020-01-17", "url": "https://www.sec.gov/Archives/edgar/data/1766037/000110465920005051/tm203701d1_n54a.htm" }, "textLength": 633764, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.7, "excerpt": { "text": "Pursuant to the Investment Management Agreement, as amended, for the period from January 22, 2020 through September 30, 2020 (the \"Initial Fee Period\"), the base management fee was calculated at an annual rate of 0.70% (the \"Initial Fee Rate\") of the aggregate Capital Commitments received at the initial acceptance of Capital Commitments, subject, to the adjustments described below.", "offset": 91874 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "…counting expenses, printing costs, travel and out-of-pocket expenses related to marketing efforts (other than any placement fees, which will be borne by the Investment Adviser directly or pursuant to waivers of the Management Fee), up to a maximum aggregate amount of $1.0 million.", "offset": 96863 } } }, "size": { "cik": "1766037", "totalAssetsUsd": 1553592000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1973476", "name": "North Haven Private Income Fund A LLC", "adsh": "0001193125-26-088351", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1973476/000119312526088351/ck0001973476-20251231.htm", "fileNumber": "814-01654", "election": { "adsh": "0001104659-23-080705", "fileDate": "2023-07-13", "url": "https://www.sec.gov/Archives/edgar/data/1973476/000110465923080705/tm2321040d1_n54a.htm" }, "textLength": 694390, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.25% based on the average of our net asset value at the end of the two most recently completed calendar months.", "offset": 85750 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter;", "offset": 88452 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "Pursuant to the Investment Advisory Agreement, we pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);", "offset": 87977 }, "annualizedExcerpt": { "text": "Pursuant to the Investment Advisory Agreement, we pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);", "offset": 87980 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.4286% in any quarter (5.7143% annualized).", "offset": 88002 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…iser an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of our realized capital gains, if any, on a cumulative basis from the date of our election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Invest…", "offset": 90164 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 87234 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…1,387 1,089 Directors' fees 181 105 Administrative service fees 202 59 Organization and offering costs - 54 General and other expenses 86 39 Total expenses $ 19,047 $ 7,992 Income based incentive fee waiver (Note 3) (2,380 ) (1,044 ) Expense support (Note 3) - (325 ) Management fees waiver (Note 3) (2,380 ) (931 ) Net expenses $ 14,287 $ 5,692 Excise tax expense $ - $ - Interest and Other Financin…", "offset": 423193 } } }, "size": { "cik": "1973476", "totalAssetsUsd": 615648000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1851322", "name": "North Haven Private Income Fund LLC", "adsh": "0001193125-26-088367", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1851322/000119312526088367/ck0001851322-20251231.htm", "fileNumber": "814-01489", "election": { "adsh": "0001104659-22-006689", "fileDate": "2022-01-24", "url": "https://www.sec.gov/Archives/edgar/data/1851322/000110465922006689/tm224046d1_n54a.htm" }, "textLength": 903430, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.25% based on the average of our net asset value at the end of the two most recently completed calendar months.", "offset": 82822 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.5% of pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.4286% in any calendar quarter;", "offset": 85523 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "Pursuant to the Investment Advisory Agreement, we pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);", "offset": 85048 }, "annualizedExcerpt": { "text": "Pursuant to the Investment Advisory Agreement, we pay the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% (5% annualized);", "offset": 85051 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.4286% in any quarter (5.7143% annualized).", "offset": 85073 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…iser an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Investment Advisory Agreement in an amount equal to 12.5% of our realized capital gains, if any, on a cumulative basis from the date of our election to be regulated as a BDC through the end of a given calendar year or upon the termination of the Invest…", "offset": 87217 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 84305 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…ice fees 154 179 Servicing fees 28,831 24,961 General and other expenses 732 199 Total expenses $ 376,809 $ 285,248 Expense support (900 ) (2,700 ) Recoupment of expense support - 400 Management fees waiver (19,680 ) (2,750 ) Income based incentive fees waiver (19,680 ) (6,350 ) Net expenses $ 336,549 $ 273,848 Excise tax expense $ - $ 15 Interest and Other Financing Expenses Interest and other fi…", "offset": 442379 } } }, "size": { "cik": "1851322", "totalAssetsUsd": 6973120000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2071136", "name": "Nuveen Churchill BDC V", "adsh": "0002071136-26-000006", "form": "10-K", "fileDate": "2026-03-02", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2071136/000207113626000006/ncbdcv-20251231.htm", "fileNumber": "814-01883", "election": { "adsh": "0001628280-25-037876", "fileDate": "2025-08-05", "url": "https://www.sec.gov/Archives/edgar/data/2071136/000162828025037876/formn-54a.htm" }, "textLength": 535002, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "…ational securities exchange (the \"Exchange Listing\") or any other public trading market (together with the Exchange Listing, a \"Public Listing\"), the management fee is calculated at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and undrawn capital commitments and including assets financed using leverage (\"Average Total Assets\"), at the end of the two most rec…", "offset": 20709 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter;", "offset": 24412 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…lows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized);", "offset": 23888 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized);", "offset": 23907 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06% annualized).", "offset": 23925 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The amount payable equals: • 15% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S.", "offset": 25179 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount (\"OID\"), debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that we have not yet been received in cash.", "offset": 22781 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Bancorp Fund Services, LLC (2) 10.6 Incentive Fee Waiver Agreement, dated November 7, 2025, by and between Nuveen Churchill BDC V and Churchill Asset Management LLC (2) 14.1 I ndependent Director Code of E thics of Nuveen Churchill BDC V* 14.2 Code of Ethics of Nuvee n, LLC* 21.1 List of Subsidiaries* 31.1 Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange…", "offset": 532458 } } }, "size": { "cik": "2071136", "totalAssetsUsd": 824311000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1737924", "name": "Nuveen Churchill Direct Lending Corp.", "adsh": "0001737924-26-000014", "form": "10-K", "fileDate": "2026-02-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1737924/000173792426000014/ncdlc-20251231.htm", "fileNumber": "814-01338", "election": { "adsh": "0001628280-19-015378", "fileDate": "2019-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1737924/000162828019015378/churchillformn-54a.htm" }, "textLength": 780144, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "…hich the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025), the management fee was calculated at an annual rate of 0.75% of average total assets, excluding cash and cash equivalents and including assets financed using leverage (\"Average Total Assets\"), at the end of the two most recently completed calendar quarter…", "offset": 23906 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The catch-up is meant to provide the Adviser with 15% of the pre-incentive fee net investment income as if a hurdle rate did not apply if the pre-investment fee net investment income exceeds 1.7647% multiplied by our NAV at the beginning of each applicable calendar quarter comprising of the relevant Trailing Twelve Quarters;", "offset": 26606 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…eds the hurdle rate, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters will be compared to a \"hurdle amount\" equal to the product of (i) the \"hurdle rate\" of 1.50% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the begi…", "offset": 30967 }, "annualizedExcerpt": { "text": "…, pre-incentive fee net investment income in respect of the relevant Trailing Twelve Quarters will be compared to a \"hurdle amount\" equal to the product of (i) the \"hurdle rate\" of 1.50% per quarter (6% annualized) and (ii) the sum of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the beginning of each appli…", "offset": 30986 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our aggregate pre-incentive fee net investment income in respect of the Trailing Twelve Quarters with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.7647% in any calendar quarter following the consummation of the IPO.", "offset": 26147 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "Under the Advisory Agreement, the second part of the incentive fee is a capital gains incentive fee that is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), and equals 15.0% of our realized capital gains as of the end of the fiscal year following the IPO.", "offset": 32651 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…ent calendar quarter and the eleven preceding calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) (such period, the \"Trailing Twelve Quarters\") commencing from the beginning of the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024), as follows: 5 • no i…", "offset": 25693 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The portion of the incentive fee based on income is calculated, subject to a cap (the \"Incentive Fee Cap\"), and payable quarterly in arrears based on pre-incentive fee net investment income in respect of the current calendar quarter and the eleven preceding calendar quarters (or, if fewer, the number of calendar quarters beginning with the calendar quarter in which the IPO was consummated) (such p…", "offset": 25368 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Incentive Fee Under the Advisory Agreement, the Adviser waived the incentive fee on income and incentive fee on capital gains for the first five quarters beginning with the calendar quarter in which the IPO was consummated (i.e., beginning with the calendar quarter ended March 31, 2024 through the calendar quarter ended March 31, 2025).", "offset": 24786 } } }, "size": { "cik": "1737924", "totalAssetsUsd": 2054469000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1911066", "name": "Nuveen Churchill Private Capital Income Fund", "adsh": "0001911066-26-000012", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1911066/000191106626000012/ncpif-20251231.htm", "fileNumber": "814-01494", "election": { "adsh": "0001628280-22-008069", "fileDate": "2022-03-31", "url": "https://www.sec.gov/Archives/edgar/data/1911066/000162828022008069/ncpif-nx54a.htm" }, "textLength": 806045, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "Base Management Fee The management fee is payable monthly in arrears at an annual rate of 0.75% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month.", "offset": 24267 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.76% in any calendar quarter;", "offset": 27824 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "We pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized);", "offset": 27300 }, "annualizedExcerpt": { "text": "We pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.50% per quarter (6% annualized);", "offset": 27319 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.76% (7.06% annualized).", "offset": 27337 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The amount payable equals: • 15% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with U.S.", "offset": 28695 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount (\"OID\"), debt instruments with payment-in-kind (\"PIK\") interest and zero coupon securities), accrued income that we have not yet been received in cash.", "offset": 26085 } }, "feeWaiver": { "present": true, "excerpt": { "text": "In addition, the management fee was waived in full until June 1, 2024, the expiry of twelve months following the Escrow Break Date, and 50% of the management fee was waived for the period from June 1, 2024 through May 31, 2025.", "offset": 24565 } } }, "size": { "cik": "1911066", "totalAssetsUsd": 2226562000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1974793", "name": "Oaktree Gardens OLP, LLC", "adsh": "0001974793-25-000018", "form": "10-K", "fileDate": "2025-12-18", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1974793/000197479325000018/olp-20250930.htm", "fileNumber": "814-01633", "election": { "adsh": "0001193125-23-137230", "fileDate": "2023-05-05", "url": "https://www.sec.gov/Archives/edgar/data/1974793/000119312523137230/d390246dn54a.htm" }, "textLength": 547001, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "All Investment Professionals of the Adviser who provide investment advisory services to us are compensated by the Adviser, as described below. 8 Management Fee The Adviser receives quarterly in arrears a management fee (the \"Management Fee\") equal to 1.00% per annum of our gross assets (excluding cash and cash equivalents).", "offset": 40462 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1974793", "totalAssetsUsd": 989537000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1414932", "name": "Oaktree Specialty Lending Corp", "adsh": "0001414932-25-000022", "form": "10-K", "fileDate": "2025-11-18", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1414932/000141493225000022/ocsl-20250930.htm", "fileNumber": "814-00755", "election": { "adsh": "0001047469-08-000009", "fileDate": "2008-01-02", "url": "https://www.sec.gov/Archives/edgar/data/1414932/000104746908000009/a2181887zn-54a.htm" }, "textLength": 794272, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "(5) The base management fee is calculated at an annual rate of 1.00% of our total gross assets at the end of each quarter, including any investments made with borrowings, but excluding cash and cash equivalents.", "offset": 324827 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…Twelve Quarters exceeds 1.8182% multiplied by our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters, the incentive fee on income is 17.5% of the amount of our pre-incentive fee net investment income for such Trailing Twelve Quarters, as the Preferred Return and catch-up will have been achieved.", "offset": 56633 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "The \"Preferred Return\" will be determined on a quarterly basis and will be calculated by multiplying 1.50% (6.00% annualized) by the sum of our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 53445 }, "annualizedExcerpt": { "text": "The \"Preferred Return\" will be determined on a quarterly basis and will be calculated by multiplying 1.50% (6.00% annualized) by the sum of our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 53452 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return but is less than or equal to 1.8182% multiplied by our net asset value at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 55690 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "If such amount is positive at the end of a period, then GAAP requires the Company to record a capital gains incentive fee equal to 17.5 % of such cumulative amount, less the aggregate amount of actual capital gains incentive fees payable or capital gains incentive fees accrued under GAAP in all prior periods.", "offset": 732791 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…ommenced October 1, 2024, as the case may be (or the appropriate portion thereof in the case of any of the first eleven calendar quarters commencing on or after October 1, 2024) (in either case, the \"Trailing Twelve Quarters\") exceeds (y) the Preferred Return.", "offset": 53283 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The investment advisory agreement with Oaktree was most recently amended and restated on November 14, 2025 to reflect the Incentive Fee Cap (as defined below).", "offset": 48876 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…ovided, however, that for the period from July 1, 2024 to January 23, 2025, the base management is calculated at such an annual rate as to cause (1) the base management fee less (2) previously agreed waivers of $750,000 of base management fees per quarter (with such amount appropriately prorated for any partial quarter) to equal 1.00% of our gross assets, including any investments made with borrow…", "offset": 50751 } } }, "size": { "cik": "1414932", "totalAssetsUsd": 3002991000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1872371", "name": "Oaktree Strategic Credit Fund", "adsh": "0001872371-25-000018", "form": "10-K", "fileDate": "2025-12-18", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1872371/000187237125000018/oscf-20250930.htm", "fileNumber": "814-01471", "election": { "adsh": "0001193125-22-026332", "fileDate": "2022-02-03", "url": "https://www.sec.gov/Archives/edgar/data/1872371/000119312522026332/d257380dn54a.htm" }, "textLength": 822155, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 44405 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 48422 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "We also pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 47920 }, "annualizedExcerpt": { "text": "We also pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 47939 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 47959 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The Capital Gains Incentive Fee is equal to 12.5 % of the realized capital gains, if any, on a cumulative basis from inception through the end of each fiscal year, computed net of all realized capital losses on a cumulative basis and unrealized capital depreciation, less the aggregate amount of any previously paid Capital Gains Incentive Fee, provided, that the Capital Gains Incentive Fee determin…", "offset": 724394 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Taxable/Distributable Income Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized, (2) organizational and deferred offering costs and (3) the capital gains incentive fee accrual.", "offset": 715725 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser waived its management fee through November 2022, the first six months following June 1, 2022, the date on which we broke escrow for its continuous offering of Common Shares.", "offset": 44670 } } }, "size": { "cik": "1872371", "totalAssetsUsd": 7282434000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1487918", "name": "OFS Capital Corp", "adsh": "0001487918-26-000021", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1487918/000148791826000021/ofs-20251231.htm", "fileNumber": "814-00813", "election": { "adsh": "0001193125-12-456696", "fileDate": "2012-11-07", "url": "https://www.sec.gov/Archives/edgar/data/1487918/000119312512456696/d435103dn54a.htm" }, "textLength": 688639, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.75% based on the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed amounts and including assets owned by any consolidated entity), adjusted for stock issuances and stock purchases, at the end of the two most recently completed calendar quarters.", "offset": 65671 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The two parts of the incentive fee follows: • The Income Incentive Fee, payable quarterly in arrears, equals 20.0% of our pre-incentive fee net investment income (including income that is accrued but not yet received in cash), subject to a 2.0% quarterly (8.0% annualized) hurdle rate and a \"catch-up\" provision measured as of the end of each calendar quarter.", "offset": 370239 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": 8, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 2.0% per quarter (8.0% annualized).", "offset": 68941 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less indebtedness and before taking into account any incentive fees payable during the period) at the end of the immediately preceding calendar quarter, is compared to a fixed \"hurdle rate\" of 2.0% per quarter (8.0% annualized).", "offset": 68959 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5% in any calendar quarter.", "offset": 69983 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of such year, then the Capital Gains Fee for such year is equal to 20.0% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years.", "offset": 71438 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest or dividend feature (such as OID, debt instruments with PIK interest, equity investments with accruing or PIK dividend, and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 67738 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1487918", "totalAssetsUsd": 346706000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1955010", "name": "OHA Senior Private Lending Fund (U) LLC", "adsh": "0001955010-26-000005", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1955010/000195501026000005/brhc-20251231.htm", "fileNumber": "814-01586", "election": { "adsh": "0001140361-22-044156", "fileDate": "2022-12-02", "url": "https://www.sec.gov/Archives/edgar/data/1955010/000114036122044156/brhc10045016_n54a.htm" }, "textLength": 577739, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.65, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 0.65% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 75241 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…2.5% of the Company's Pre-Incentive Fee Net Investment Income Returns as if a Hurdle Rate did not apply if Pre-Incentive Fee Net Investment Income Returns exceeds 6.57143% in any calendar year; and • 12.5% of the Pre-Incentive Fee Net Investment Income Returns , if any, that exceeds 6.57143% in any calendar year, which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 12.…", "offset": 78673 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": 5.75, "quarterlyExcerpt": null, "annualizedExcerpt": { "text": "The Company pays the Adviser an incentive fee with respect to the Company's Pre-Incentive Fee Net Investment Income Returns as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar year in which the Company's Pre-Incentive Fee Net Investment Income Returns does not exceed an annualized Hurdle Rate of 5.75 %;", "offset": 493534 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle Rate but is less than 6.57143% in any calendar year.", "offset": 78019 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 80409 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…s incentive fee - - 1,183 Professional fees 987 1,150 896 Board of Managers fees 212 211 210 Administrative service expenses 577 358 352 Other general & administrative 994 1,092 1,315 Amortization of deferred offering costs - - 382 Total expenses $ 10,791 $ 11,206 $ 9,100 Incentive fee waiver ( 609 ) ( 395 ) ( 1,032 ) Total expense, net of fee waivers $ 10,182 $ 10,811 $ 8,068 Total investment inc…", "offset": 399506 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…210 Administrative services expenses 577 358 352 Amortization of offering costs - - 382 Other general & administrative 994 1,092 1,315 Total expenses before taxes 10,791 11,206 $ 9,100 Incentive fee waiver (609) (395) (1,032) Excise tax - 72 39 Total expenses $ 10,182 $ 10,883 8,107 Management Fees For the years ended December 31, 2025, December 31, 2024, and December 31, 2023, management fees we…", "offset": 362280 } } }, "size": { "cik": "1955010", "totalAssetsUsd": 483251000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1860424", "name": "Onex Direct Lending BDC Fund", "adsh": "0001193125-26-095711", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1860424/000119312526095711/ck0001860424-20251231.htm", "fileNumber": "814-01405", "election": { "adsh": "0001193125-21-288640", "fileDate": "2021-10-01", "url": "https://www.sec.gov/Archives/edgar/data/1860424/000119312521288640/d236355dn54a.htm" }, "textLength": 704101, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.25% of our net assets as of the end of the most recently completed calendar quarter;", "offset": 50158 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "The Preferred Return Amount is determined on a quarterly basis, and is calculated by multiplying 1.75% by our NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters.", "offset": 111515 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(b) 100% of our Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the \"Catch-Up Amount\") determined on a quarterly basis by multiplying (i) 2.0588% by our NAV at the beginning of each applicable Legacy Fee Quarter comprising the relevant Trailing Twelve Quarters, or (ii) 2.0% by our NAV…", "offset": 113814 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "This fee shall equal 12.5% of our realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Adviser.", "offset": 117819 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "For purposes of the incentive fee calculations, each calendar quarter comprising the relevant trailing twelve quarters that commenced prior to October 1, 2023, shall be known as a \"Legacy Fee Quarter,\" while a calendar quarter that commenced on or after October 1, 2023 shall be known as a \"Current Fee Quarter.", "offset": 50606 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The Subordinated Incentive Fee on Income is subject to a cap (the \"Incentive Fee Cap\").", "offset": 115451 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement (the \"Expense Support Agreement\").", "offset": 218112 } } }, "size": { "cik": "1860424", "totalAssetsUsd": 417847630, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1965934", "name": "Overland Advantage", "adsh": "0001193125-26-117368", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1965934/000119312526117368/ck0001965934-20251231.htm", "fileNumber": "814-01698", "election": { "adsh": "0001193125-24-007504", "fileDate": "2024-01-12", "url": "https://www.sec.gov/Archives/edgar/data/1965934/000119312524007504/d657725dn54a.htm" }, "textLength": 705640, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The Company pays the Advisor a quarterly asset-based fee (the \" Management Fee \") for management services in an amount equal to an annual rate of 1.25% of the average of the value of the Company's net assets (excluding cash and cash equivalents) as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter, pay…", "offset": 49077 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The first part (the \" Investment Income Incentive Fee \") is calculated and payable on a quarterly basis, in arrears, and equals 15% of \"pre-Incentive Fee net investment income\" (as defined below) for the applicable calendar quarter, subject to a quarterly preferred return of 1.625% ( i.e.", "offset": 49905 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.625, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income shall be compared to a \" Hurdle Rate \" of 1.625 % per quarter ( 6.5 % annualized).", "offset": 542351 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive Fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.91% in any calendar quarter (7.64% annualized).", "offset": 51818 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…tive Fee \") will be an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 15% of realized capital gains, if any, determined on a cumulative basis from inception through the end of such calendar year (or upon termination of the Investment Advisory Agreement), computed net of…", "offset": 54073 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 51078 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1965934", "totalAssetsUsd": 1593342000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1259429", "name": "Oxford Square Capital Corp.", "adsh": "0001213900-26-024280", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1259429/000121390026024280/ea0276931_10k.htm", "fileNumber": "814-00638", "election": { "adsh": "0000950136-03-002341", "fileDate": "2003-09-23", "url": "https://www.sec.gov/Archives/edgar/data/1259429/000095013603002341/file001.txt" }, "textLength": 563443, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 2, "excerpt": { "text": "Under the Investment Advisory Agreement, and without applying the 2016 Fee Waiver, the total advisory fee would be calculated as follows: 1) Base Fee : The Base Fee is calculated at an annual rate of 2.00% of our gross assets, and appropriately adjusted for any equity or debt capital raises, repurchases or redemptions during the current calendar quarter.", "offset": 47612 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "A \"Preferred Return Amount\" is calculated on a quarterly basis by multiplying 1.75% by the Company's net asset value at the end of the immediately preceding calendar quarter.", "offset": 54468 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "• The second fee, which we refer to as the \"Capital Gains Incentive Fee,\" equals 20% of our \"Incentive Fee Capital Gains,\" which consists of our realized capital gains for each calendar year, computed net of all realized capital losses and unrealized capital depreciation for that calendar year.", "offset": 44405 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "The calculation of our Net Investment Income Incentive Fee is revised to include a Total Return Requirement (as defined below).", "offset": 51974 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "(2) Assumes no unrealized capital depreciation and a 5% annual return resulting entirely from net realized capital gains and not otherwise deferrable under the terms of the Investment Advisory Agreement and therefore subject to the incentive fee based on capital gains.", "offset": 281379 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Calculation of Fees under the Investment Advisory Agreement and 2016 Fee Waiver The Investment Advisory Agreement specifies the calculation of the advisory fee payable thereunder, as described in greater detail below.", "offset": 45847 } } }, "size": { "cik": "1259429", "totalAssetsUsd": 306739111, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1794776", "name": "Palmer Square Capital BDC Inc.", "adsh": "0001193125-26-073362", "form": "10-K", "fileDate": "2026-02-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1794776/000119312526073362/psbd-20251231.htm", "fileNumber": "814-01334", "election": { "adsh": "0001213900-20-001220", "fileDate": "2020-01-16", "url": "https://www.sec.gov/Archives/edgar/data/1794776/000121390020001220/fn54a011520_palmersquare.htm" }, "textLength": 609514, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee is calculated and paid quarterly at an annual rate of 1.75% of the average value of the weighted average (based on the number of shares outstanding each day in the quarter) of the Company's total net assets at the end of the two most recently completed calendar quarters.", "offset": 16631 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…s the Catch-Up Amount in any calendar quarter; and • for any calendar quarter in which the Company's \"adjusted net investment income\" exceeds the Catch-Up Amount, the Income Incentive Fee shall equal 12.5% of the amount of the Company's \"adjusted net investment income\" for the calendar quarter.", "offset": 19959 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…e\" in each calendar quarter as follows: • no Income Incentive Fee in any calendar quarter in which the Company's \"adjusted net investment income\" does not exceed an amount equal to a \"hurdle rate\" of 1.5% per quarter (6% annualized) of the Company's total net assets at the end of that quarter (the \"Hurdle Amount\");", "offset": 19056 }, "annualizedExcerpt": { "text": "…r quarter as follows: • no Income Incentive Fee in any calendar quarter in which the Company's \"adjusted net investment income\" does not exceed an amount equal to a \"hurdle rate\" of 1.5% per quarter (6% annualized) of the Company's total net assets at the end of that quarter (the \"Hurdle Amount\");", "offset": 19074 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the Company's \"adjusted net investment income\" with respect to that portion of such \"adjusted net investment income,\" if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the \"Catch-Up Amount\") determined on a quarterly basis by multiplying 1.7142% by the Company's total net asset value for the immediately preceding calendar quarter.", "offset": 19175 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…if over the most recently completed and eleven preceding calendar quarters since the IPO (or if shorter, the number of calendar quarters since the IPO) (each such period is referred to herein as the \"Trailing Twelve Quarters\") aggregate net realized losses on the Company's investments exceed the Company's aggregate net investment income over the same period, excluding the most recently completed q…", "offset": 17499 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "\"Pre-incentive fee net investment income\" includes, in the case of investments with a deferred interest feature such as market discount, original issue discount (\"OID\"), debt instruments with payment-in-kind (\"PIK\") interest, preferred stock with PIK dividends and zero-coupon securities, accrued income that the Company has not yet received in cash.", "offset": 21346 } }, "feeWaiver": { "present": true, "excerpt": { "text": "We have agreed to irrevocably waive all collateral management fees payable to us so long as we are the collateral manager under the Collateral Management Agreement.", "offset": 46741 } } }, "size": { "cik": "1794776", "totalAssetsUsd": 1219375759, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1938649", "name": "Partners Group Lending Fund, LLC", "adsh": "0001398344-26-005654", "form": "10-K", "fileDate": "2026-03-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1938649/000139834426005654/fp0097947-1_10kixbrl.htm", "fileNumber": "814-01941", "election": { "adsh": "0001398344-25-022757", "fileDate": "2025-12-19", "url": "https://www.sec.gov/Archives/edgar/data/1938649/000139834425022757/fp0096702-1_n54a.htm" }, "textLength": 596030, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Base Management Fee The base management fee (\"Base Management Fee\") payable under the Amended and Restated Investment Advisory Agreement is calculated and payable quarterly in an amount equal to an annual rate of 1.00% of the Fund's Adjusted Net Assets (as defined below).", "offset": 90885 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…onthly average of the Fund's NAV attributable to the Common Units (based on the NAV of the Fund's assets) before deduction of the Incentive Fee for that fiscal year (the \"Hurdle Rate\"), subject to a \"catch-up\" provision.", "offset": 92970 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…its (each expressed as a percentage of the Fund's fiscal year-end NAV) before deduction of the Incentive Fee; provided that the portion of the Incentive Fee sourced from capital gains will not exceed 20.0% of the Fund's realized capital gains on a cumulative basis from inception, calculated as of the end of each fiscal year, computed net of all realized capital losses and unrealized capital deprec…", "offset": 92064 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser (i) shall waive the Base Management Fee, pay and/or absorb a portion of our Other Operating Expenses (defined below) in order that such expenses do not exceed 1.00% (on an annualized basis) of our Aggregate Capital Commitments (as defined below) (the \"Expense Limitation\") and (ii) may elect to pay an additional portion of our expenses from time to time (collectively, a \"Waiver\").", "offset": 96644 } } }, "size": { "cik": "1938649", "totalAssetsUsd": 536029000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1504619", "name": "PennantPark Floating Rate Capital Ltd.", "adsh": "0001193125-25-293672", "form": "10-K", "fileDate": "2025-11-24", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1504619/000119312525293672/pflt-20250930.htm", "fileNumber": "814-00891", "election": { "adsh": "0001193125-11-090967", "fileDate": "2011-04-07", "url": "https://www.sec.gov/Archives/edgar/data/1504619/000119312511090967/dn54a.htm" }, "textLength": 755409, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Investment Advisory Fees The base management fee is calculated at an annual rate of 1.00% of our \"average adjusted gross assets,\" which equals our gross assets (net of U.S.", "offset": 73838 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…) (we refer to this portion of our Pre-Incentive Fee Net Investment Income (which exceeds the hurdle but is less than 2.9167%) as the \"catch-up,\" which is meant to provide our Investment Adviser with 20% of our Pre-Incentive Fee Net Investment Income, as if a hurdle did not apply, if this net investment income exceeds 2.9167% in any calendar quarter), and (3) 20% of the amount of our Pre-Incentive…", "offset": 78126 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized).", "offset": 77367 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized).", "offset": 77386 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 50, "fullCatchUp": false, "excerpt": { "text": "…Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 50% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.9167% in any ca…", "offset": 77693 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 20% of such amount, less the aggregate amount of actual capital gains related to incentive fees paid or accrued in all prior years.", "offset": 80720 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, or OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 76730 } }, "feeWaiver": { "present": true, "excerpt": { "text": "For so long as our Investment Adviser serves as collateral manager, it will elect to irrevocably waive any collateral management fee to which it may be entitled under the Collateral Management Agreement.", "offset": 375383 } } }, "size": { "cik": "1504619", "totalAssetsUsd": 2913681000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1383414", "name": "PENNANTPARK INVESTMENT CORP", "adsh": "0001193125-25-293703", "form": "10-K", "fileDate": "2025-11-24", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1383414/000119312525293703/pnnt-20250930.htm", "fileNumber": "814-00743", "election": { "adsh": "0001193125-07-084707", "fileDate": "2007-04-19", "url": "https://www.sec.gov/Archives/edgar/data/1383414/000119312507084707/dn54a.htm" }, "textLength": 674913, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Management Fees Effective January 1, 2018, the base management fee is calculated at an annual rate of 1.50% of our \"average adjusted gross assets,\" which equals our gross assets (exclusive of U.S.", "offset": 60305 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "…ncome with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any calendar quarter (8.4848% annualized), and (3) 17.5% of the amount of our Pre-Incentive Fee Net Investment Income, if any, that exceeds 2.1212% in any calendar quarter.", "offset": 65188 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized).", "offset": 64589 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of our net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75% per quarter (7.00% annualized).", "offset": 64608 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…Investment Income in each calendar quarter as follows: (1) no incentive fee in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of 1.75%, (2) 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1212% in any c…", "offset": 64942 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "If such amount is positive at the end of a period, then we record a capital gains incentive fee equal to 17.5 % of such amount, less the aggregate amount of actual capital gains related to incentive fees paid in all prior years, if any.", "offset": 565961 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…ease) in: Due to affiliates ( 33 ) ( 4,066 ) 1,990 Payable for investments purchased 29,911 147 99,949 Interest payable on debt ( 125 ) 175 ( 33 ) Base management fee payable, net ( 292 ) 382 ( 934 ) Deferred tax liability - - ( 896 ) Incentive fee payable ( 971 ) ( 253 ) 3,310 Accounts payable and accrued expenses 289 ( 2,701 ) 115 Net cash provided by (used in) operating activities 104,776 ( 172…", "offset": 423354 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1383414", "totalAssetsUsd": 1349554000, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1923622", "name": "PGIM Private Credit Fund", "adsh": "0001193125-26-111462", "form": "10-K", "fileDate": "2026-03-18", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1923622/000119312526111462/ck0001923622-20251231.htm", "fileNumber": "814-01582", "election": { "adsh": "0001104659-23-056510", "fileDate": "2023-05-05", "url": "https://www.sec.gov/Archives/edgar/data/1923622/000110465923056510/tm2220653d20_n54a.htm" }, "textLength": 642402, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of the Company's net assets as of the beginning of the first calendar day of the applicable month.", "offset": 29328 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Manager with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 32829 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…tents ● No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 32303 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % ( 5.0 % annualized);", "offset": 513452 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…ncentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized); ● 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle r…", "offset": 32342 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: ● 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with accounting principles generally accepted in the United Sta…", "offset": 34954 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 31116 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Manager previously contractually agreed to waive its management fee in its entirety through December 31, 2025 (the \"Waiver Period\").", "offset": 29483 } } }, "size": { "cik": "1923622", "totalAssetsUsd": 383924000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1490349", "name": "PhenixFIN Corp", "adsh": "0001213900-25-120913", "form": "10-K", "fileDate": "2025-12-12", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1490349/000121390025120913/ea0264791-10k_phenixfin.htm", "fileNumber": "814-00818", "election": { "adsh": "0000950123-11-003999", "fileDate": "2011-01-20", "url": "https://www.sec.gov/Archives/edgar/data/1490349/000095012311003999/y03423nanv54a.htm" }, "textLength": 449959, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "Payment of Our Expenses Since January 1, 2021, we are internally managed and do not pay any external investment advisory fees, but instead directly incur the operating costs associated with employing professionals and staff.", "offset": 51256 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1490349", "totalAssetsUsd": 316909795, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1948368", "name": "Phillip Street BDC LLC", "adsh": "0001193125-26-088656", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1948368/000119312526088656/ck0001948368-20251231.htm", "fileNumber": "814-01579", "election": { "adsh": "0001193125-22-266728", "fileDate": "2022-10-21", "url": "https://www.sec.gov/Archives/edgar/data/1948368/000119312522266728/d384637dn54a.htm" }, "textLength": 593805, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…our pre-incentive fee net investment income does not exceed a hurdle rate of 1.25% of our NAV (5.0% annualized) (\"Hurdle Rate\"); and b) Thereafter, the Investment Adviser will be entitled to receive 15% of the pre-incentive fee net investment income, if any, that exceeds 1.25% of our NAV in any calendar quarter (5.0% annualized), which reflects that once the Hurdle Rate is reached, 15% of all pre…", "offset": 82684 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "The Hurdle Rate will be determined on a quarterly basis, and will be calculated by multiplying 1.25% by our NAV at the beginning of each applicable calendar quarter, adjusted for the Company's subscriptions and distributions during the applicable calendar quarter.", "offset": 83080 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 84089 } }, "feeWaiver": { "present": true, "excerpt": { "text": "For the years ended December 31, 2025, 2024 and 2023, Management Fees amounted to $ 5,613 , $ 3,490 and $ 1,441 , and the Investment Adviser voluntarily waived $ 0 , $ 0 and $ 286 of its Management Fees, respectively.", "offset": 489046 } } }, "size": { "cik": "1948368", "totalAssetsUsd": 946694000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1905824", "name": "PIMCO Capital Solutions BDC Corp.", "adsh": "0001193125-26-121195", "form": "10-K", "fileDate": "2026-03-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1905824/000119312526121195/d66183d10k.htm", "fileNumber": "814-01549", "election": { "adsh": "0001193125-22-190669", "fileDate": "2022-07-11", "url": "https://www.sec.gov/Archives/edgar/data/1905824/000119312522190669/d340958dn54a.htm" }, "textLength": 444418, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Pursuant to the Advisory Agreement, the Company will pay the Advisor, quarterly in arrears, a base management fee calculated at an annual rate of 1.25% (the \"Management Fee\").", "offset": 31312 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "…2 (1) Form of Administration Agreement 10.3 (1) Form of Expense Support and Conditional Reimbursement Agreement 10.4 (1) Form of Custody Agreement 10.5 (1) Dividend Reinvestment Plan 10.6 (1) Form of Fee Waiver Agreement 10.7 (1) Form of Transfer Agreement, dated June 29, 2022 10.8 (1) Form of Transfer Agreement, dated June 30, 2022 10.9 (3) Loan and Servicing Agreement among Topaz CS LLC, as Hold…", "offset": 440169 } } }, "size": { "cik": "1905824", "totalAssetsUsd": 212761000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "845385", "name": "PRINCETON CAPITAL CORP", "adsh": "0001213900-26-036469", "form": "10-K", "fileDate": "2026-03-30", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/845385/000121390026036469/ea0283137-10k_princeton.htm", "fileNumber": "814-00710", "election": { "adsh": "0001140905-05-000078", "fileDate": "2005-06-15", "url": "https://www.sec.gov/Archives/edgar/data/845385/000114090505000078/ronen54a.htm" }, "textLength": 293871, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "The base management fee is calculated at an annual rate of 1.00% of the Company's gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents net of all indebtedness of the Company for borrowed money and other liabilities of the Company.", "offset": 21830 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "845385", "totalAssetsUsd": 14758599, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1287032", "name": "PROSPECT CAPITAL CORP", "adsh": "0001287032-25-000232", "form": "10-K", "fileDate": "2025-08-26", "reportDate": "2025-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1287032/000128703225000232/psec-20250630.htm", "fileNumber": "814-00659", "election": { "adsh": "0001047469-04-012368", "fileDate": "2004-04-16", "url": "https://www.sec.gov/Archives/edgar/data/1287032/000104746904012368/a2133770zn-54a.htm" }, "textLength": 1249617, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 2, "excerpt": { "text": "The base management fee is calculated at an annual rate of 2.00% on our total assets.", "offset": 26954 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…investment income, if any, that exceeds the hurdle rate but is less than 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hurdle rate); and • 20.00% of the amount of our pre-incentive fee net investment income, if any, that exceeds 125.00% of the quarterly hurdle rate in any calendar quarter (8.75% annualized assuming a 7.00% annualized hur…", "offset": 29657 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a \"hurdle rate\" of 1.75% per quarter (7.00% annualized).", "offset": 28848 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a \"hurdle rate\" of 1.75% per quarter (7.00% annualized).", "offset": 28867 }, "absence": null }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…apital gains incentive fee, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.00% of our realized capital gains for the calendar year, if any, computed net of all realized capital losses and unrealized capital depreciation at the end of such year.", "offset": 30278 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 28236 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1287032", "totalAssetsUsd": 6804938000, "totalAssetsAsOf": "2025-06-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1521945", "name": "Prospect Floating Rate & Alternative Income Fund, Inc.", "adsh": "0001521945-25-000069", "form": "10-K", "fileDate": "2025-09-03", "reportDate": "2025-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1521945/000152194525000069/pfloat-20250630.htm", "fileNumber": "814-00908", "election": { "adsh": "0001521945-13-000006", "fileDate": "2013-01-11", "url": "https://www.sec.gov/Archives/edgar/data/1521945/000152194513000006/tpic_n-54a.htm" }, "textLength": 635358, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee was calculated at an annual rate of 1.75% (0.4375% quarterly) of our average total assets, which includes any borrowings for investment purposes.", "offset": 390081 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "• 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 1.875% in any calendar quarter (7.5% annualized) will be payable to our Adviser.", "offset": 394147 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding calendar quarter, is compared to a preferred return, or \"hurdle,\" of 1.5 % per quarter ( 6.0 % annualized) and a \"catch-up\" feature measured as of the end of each calendar quarter as discussed below.", "offset": 528026 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the preferred return but is less than or equal to 1.875% in any calendar quarter (7.5% annualized).", "offset": 393474 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…apital gains incentive fee, is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement, as of the termination date), and equals 20.00% of our realized capital gains for the calendar year, if any, computed net of all realized capital losses and unrealized capital depreciation at the end of such year;", "offset": 394798 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 392383 } }, "feeWaiver": { "present": true, "excerpt": { "text": "As our Adviser has agreed to waive any incentive fee on current income which it could have received in accordance with the Advisers Act until the Listing Anniversary (as defined below) and as our Adviser has waived fees under the ELA that are subject to repayment to our Adviser, it could potentially be incentivized to seek riskier investments with greater capital gains, while eschewing investments…", "offset": 162235 } } }, "size": { "cik": "1521945", "totalAssetsUsd": 102925390, "totalAssetsAsOf": "2025-06-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "81955", "name": "RAND CAPITAL CORP", "adsh": "0001193125-26-092669", "form": "10-K", "fileDate": "2026-03-05", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/81955/000119312526092669/rand-20251231.htm", "fileNumber": "814-00235", "election": { "adsh": "0000899797-01-500115", "fileDate": "2001-08-16", "url": "https://www.sec.gov/Archives/edgar/data/81955/000089979701500115/randn54a.htm" }, "textLength": 403416, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Base Management Fee The \"Base Management Fee\" is an annual rate of 1.50% of our total assets (other than cash and cash equivalents but including assets purchased with borrowed funds), determined according to procedures duly adopted by the Board, and is determined based on the average value of our total assets (other than cash and cash equivalents but including assets purchased with borrowed funds)…", "offset": 22914 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…rtion of the Pre-Incentive Fee Net Investment Income for such calendar quarter, if any, that exceeds the hurdle rate of 1.75% (7.00% annualized) but is less than 2.1875% (8.75% annualized); and (iii) 20% of the amount of the Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such calendar quarter, if any,…", "offset": 25993 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "…terly in arrears based on the \"Pre-Incentive Fee Net Investment Income\" (as defined in the Investment Management Agreement) for the immediately preceding calendar quarter, subject to a hurdle rate of 1.75 % per quarter ( 7 % annualized) and is payable promptly following the filing of the Corporation's financial statements for such quarter, to the extent the Income Based Fee exceeds Accrued Unpaid…", "offset": 362800 }, "annualizedExcerpt": { "text": "We pay the Adviser an Incentive Fee with respect to our Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (i) no Income Based Fee in any quarter in which the Pre-Incentive Fee Net Investment Income for such quarter does not exceed the hurdle rate of 1.75% (7.00% annualized);", "offset": 25669 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(ii) 100% of the Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such calendar quarter, if any, that exceeds the hurdle rate of 1.75% (7.00% annualized) but is less than 2.1875% (8.75% annualized);", "offset": 25693 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If this amount is positive at the end of any calendar year, then the Capital Gains Fee for such year is equal to 20% of such amount, less the cumulative aggregate amount of Capital Gains Fees paid in all prior years.", "offset": 30571 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "However, the Income Based Fee paid to the Adviser shall not be in excess of the Incentive Fee Cap.", "offset": 26315 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "However, the Income Based Fee paid to the Adviser shall not be in excess of the Incentive Fee Cap.", "offset": 26315 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "81955", "totalAssetsUsd": 53195312, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2045370", "name": "Remora Capital Corp", "adsh": "0001213900-26-035841", "form": "10-K", "fileDate": "2026-03-30", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2045370/000121390026035841/ea0282884-10k_remora.htm", "fileNumber": "814-01897", "election": { "adsh": "0001213900-25-085067", "fileDate": "2025-09-05", "url": "https://www.sec.gov/Archives/edgar/data/2045370/000121390025085067/ea0256035-n54a_remoracap.htm" }, "textLength": 540875, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "…agement Fee Under the terms of the Investment Management Agreement, the Management Fee is payable quarterly in advance as of the first day of each calendar quarter and is payable at an annual rate of 1.00% of the par value of our loan assets and similar portfolio investments outstanding (notwithstanding any lower valuation assigned to such loan asset or similar portfolio investment by the Board or…", "offset": 38295 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…d) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.765% is referred to as the \"catch-up\"; the \"catch-up\" is meant to provide Remora with 15.0% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.765% in any calendar quarter);", "offset": 41823 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "In calculating the amount of the investment-income component of the Incentive Fee for a particular quarter, pre-incentive fee net investment income, expressed as a rate of return on the value of net assets at the end of the immediately preceding fiscal quarter, is compared to a \"hurdle rate\" of 1.5% per quarter (6.00% annualized).", "offset": 40993 }, "annualizedExcerpt": { "text": "In calculating the amount of the investment-income component of the Incentive Fee for a particular quarter, pre-incentive fee net investment income, expressed as a rate of return on the value of net assets at the end of the immediately preceding fiscal quarter, is compared to a \"hurdle rate\" of 1.5% per quarter (6.00% annualized).", "offset": 41011 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 50, "fullCatchUp": false, "excerpt": { "text": "(2) 50% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.765% in any calendar quarter (7.06% annualized) (the portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.765% is referred to as the \"catch-up\";", "offset": 41385 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "Under the capital gains component of the Incentive Fee, we pay Remora at the end of each calendar year 15.0% of aggregate cumulative realized capital gains from the date of the BDC Election (the \"BDC Election Date\") through the end of that year, computed net of aggregate cumulative realized capital losses and aggregate cumulative unrealized depreciation through the end of such year, less the aggre…", "offset": 42787 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash;", "offset": 39671 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Pursuant to the Fee Waiver Agreement, for the twelve months following the BDC Election Date, Remora has agreed to waive 25% of its Management Fees and 100% of its Incentive Fees under the Investment Management Agreement.", "offset": 336991 } } }, "size": { "cik": "2045370", "totalAssetsUsd": 269391000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1653384", "name": "Runway Growth Finance Corp.", "adsh": "0001193125-26-104117", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1653384/000119312526104117/rway-20251231.htm", "fileNumber": "814-01180", "election": { "adsh": "0001144204-16-139716", "fileDate": "2016-12-15", "url": "https://www.sec.gov/Archives/edgar/data/1653384/000114420416139716/v454966_n54a.htm" }, "textLength": 612035, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "For the years ended December 31, 2024 and December 31, 2023, RGC earned base management fees at an annual rate of 1.50%.", "offset": 346032 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": 8, "quarterlyExcerpt": { "text": "Pre-Incentive Fee NII, expressed as a rate of return on the value of the Company's net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a \"hurdle rate\" of 2.0 % per quarter ( 8.0 % annualized).", "offset": 499345 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee NII, expressed as a rate of return on the value of the Company's net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a \"hurdle rate\" of 2.0 % per quarter ( 8.0 % annualized).", "offset": 499365 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 80, "fullCatchUp": false, "excerpt": { "text": "(2) 80 % of the Company's Pre-Incentive Fee NII with respect to that portion of such Pre-Incentive Fee NII, if any, that exceeds the hurdle rate but is less than 2.667 % in any calendar quarter ( 10.668 % annualized) (the portion of the Company's Pre-Incentive Fee NII that exceeds the hurdle but is less than 2.667 % is referred to as the \"catch-up\";", "offset": 499661 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "Under the capital gains component of the incentive fee (the \"Capital Gains Fee\"), the Company will pay RGC, as of the end of each calendar year, 20.0 % of the Company's aggregate cumulative realized capital gains, if any, from the date of the Company's election to be regulated as a BDC through the end of that calendar year, computed net of the Company's aggregate cumulative realized capital losses…", "offset": 500664 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Commitments and Obligations Our significant contractual payment obligations relate to our borrowings and deferred incentive fees.", "offset": 357282 } }, "feeWaiver": { "present": true, "excerpt": { "text": "With the approval of RGC's Board of Managers, RGC voluntarily waived the incremental base management fee otherwise payable for that period.", "offset": 495988 } } }, "size": { "cik": "1653384", "totalAssetsUsd": 960114000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1377936", "name": "SARATOGA INVESTMENT CORP.", "adsh": "0001213900-26-052176", "form": "10-K", "fileDate": "2026-05-05", "reportDate": "2026-02-28", "url": "https://www.sec.gov/Archives/edgar/data/1377936/000121390026052176/ea0283348-10k_saratoga.htm", "fileNumber": "814-00740", "election": { "adsh": "0000950103-07-000712", "fileDate": "2007-03-21", "url": "https://www.sec.gov/Archives/edgar/data/1377936/000095010307000712/dp05102e_n54a.htm" }, "textLength": 987285, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "The base management fee is paid quarterly in arrears, and equals 1.75% per annum of our gross assets (other than cash or cash equivalents but including assets purchased with borrowed funds) and calculated at the end of each fiscal quarter based on the average value of our gross assets (other than cash or cash equivalents but including assets purchased with borrowed funds) as of the end of such fis…", "offset": 60526 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…ortion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.344% in any fiscal quarter is payable to Saratoga Investment Advisors; 11 ● 20.0% of the amount of our pre-incentive fee net investment income, if any, that exceeds 2.344% in any fiscal quarter.", "offset": 63539 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.875, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, is compared to a \"hurdle rate\" of 1.875% per quarter, subject to a \"catch up\" provision.", "offset": 62812 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…vestment income in each fiscal quarter as follows: ● no incentive fee in any fiscal quarter in which our pre-incentive fee net investment income does not exceed the quarterly hurdle rate of 1.875%; ● 100.0% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 2.…", "offset": 63263 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of such year, then the capital gains fee for such year is equal to 20.0% of such amount, less the cumulative aggregate amount of capital gains fees paid in all prior years.", "offset": 65937 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "The incentive fees on capital gains remained unchanged at $0.0 million for both the twelve months ended February 28, 2026 and 2025, reflecting no incentive fee on net realized and unrealized depreciation recognized during both these periods, with the liability floor capped at zero.", "offset": 390997 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1377936", "totalAssetsUsd": 1139265104, "totalAssetsAsOf": "2026-02-28" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1743415", "name": "SCP Private Credit Income BDC LLC", "adsh": "0001193125-26-066960", "form": "10-K", "fileDate": "2026-02-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1743415/000119312526066960/ck0001743415-20251231.htm", "fileNumber": "814-01294", "election": { "adsh": "0001193125-18-293077", "fileDate": "2018-10-04", "url": "https://www.sec.gov/Archives/edgar/data/1743415/000119312518293077/d628035dn54a.htm" }, "textLength": 564914, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "…\"Management Fee\"), calculated as of the close of business in New York, New York on the last day of each calendar quarter (each such date, the \"Management Fee Calculation Date\"), in an amount equal to 1.5% per annum of Invested Capital (defined as, as of any date, the sum of (i) capital contributions to the Company plus (ii) the total amount of credit drawn on subscription credit facilities), and p…", "offset": 18188 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "In no event will the Adviser receive amounts attributable to Disposition Proceeds that, as of any distribution or payment date, exceed 20% of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation.", "offset": 24057 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser reserves the right, upon approval of the Board, to waive the Management Fee and the Administrative Coordinator reserves the right, upon approval of the Board, to waive the Administration Fee to which each is entitled in respect of all Unitholders' Units.", "offset": 19955 } } }, "size": { "cik": "1743415", "totalAssetsUsd": 254797000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1959568", "name": "Senior Credit Investments, LLC", "adsh": "0001193125-26-116346", "form": "10-K", "fileDate": "2026-03-20", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1959568/000119312526116346/ck0001959568-20251231.htm", "fileNumber": "814-01685", "election": { "adsh": "0001193125-23-289198", "fileDate": "2023-12-05", "url": "https://www.sec.gov/Archives/edgar/data/1959568/000119312523289198/d634958dn54a.htm" }, "textLength": 535097, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee shall be calculated at an annual rate of 1.25% of our net assets.", "offset": 68772 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 12.50% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 2.00% in any calendar quarter;", "offset": 72621 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.75% per quarter (7.00% annualized);", "offset": 72083 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.75% per quarter (7.00% annualized);", "offset": 72102 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 2.00% (8.00% annualized).", "offset": 72123 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.50% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 73489 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…inistration agreement with our administrator, and any interest expense or fees on any credit facilities, but excluding the incentive fee and any unitholder servicing and/or distribution fees). 11 Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind (\"PIK\") interes…", "offset": 70893 } }, "feeWaiver": { "present": true, "excerpt": { "text": "For the avoidance of doubt, the incentive fee will be calculated net of our expenses. Fee Waiver Agreement The Investment Adviser has contractually agreed to waive the management fee and the incentive fee through December 31, 2025, unless sooner terminated by (a) the vote of a majority of our Independent Directors and (b) by a vote of a majority of our Board of Directors, or of a majority of our o…", "offset": 74626 } } }, "size": { "cik": "1959568", "totalAssetsUsd": 571632000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1514183", "name": "Silo Pharma, Inc.", "adsh": "0001213900-26-035576", "form": "10-K", "fileDate": "2026-03-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1514183/000121390026035576/ea0282804-10k_silo.htm", "fileNumber": "814-01038", "election": { "adsh": "0001213900-13-005559", "fileDate": "2013-10-04", "url": "https://www.sec.gov/Archives/edgar/data/1514183/000121390013005559/fn54a1013_pointcapital.htm" }, "textLength": 520852, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1514183", "totalAssetsUsd": 7605100, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1674760", "name": "Silver Capital Holdings LLC", "adsh": "0001193125-26-088636", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1674760/000119312526088636/ck0001674760-20251231.htm", "fileNumber": "814-01215", "election": { "adsh": "0001193125-16-647365", "fileDate": "2016-07-13", "url": "https://www.sec.gov/Archives/edgar/data/1674760/000119312516647365/d222154dn54a.htm" }, "textLength": 618323, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "(b) Second, 100.0% our Cumulative Pre-Incentive Fee Net Return with respect to that portion of such Cumulative Pre-Incentive Fee Net Return, if any, that exceeds the Hurdle Amount until amounts payable to the Investment Adviser equal 10.0% of our Cumulative Pre-Incentive Fee Net Return as if the Hurdle Amount did not apply (\"Catch-up\").", "offset": 99317 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…d to Unitholders and paid as a Former Incentive Fee in accordance with the Former Incentive Fee waterfall described above for determining the amount of the Former Incentive Fee, subject to the Former Incentive Fee Cap (as defined below).", "offset": 96472 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…d to Unitholders and paid as a Former Incentive Fee in accordance with the Former Incentive Fee waterfall described above for determining the amount of the Former Incentive Fee, subject to the Former Incentive Fee Cap (as defined below).", "offset": 96472 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser waived a portion of its management fee payable by us in an amount equal to the management fees it earned as an investment adviser for any affiliated money market funds in which we invested.", "offset": 90331 } } }, "size": { "cik": "1674760", "totalAssetsUsd": 481307000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1646614", "name": "Silver Point Specialty Lending Fund", "adsh": "0001193125-26-114381", "form": "10-K", "fileDate": "2026-03-18", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1646614/000119312526114381/ck0001646614-20251231.htm", "fileNumber": "814-01169", "election": { "adsh": "0001193125-21-369518", "fileDate": "2021-12-30", "url": "https://www.sec.gov/Archives/edgar/data/1646614/000119312521369518/d254519dn54a.htm" }, "textLength": 664143, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The Management Fee is calculated at an annual rate of 1.25% (0.3125% per quarter) of the Fund's net assets on the last day of each calendar quarter, payable quarterly in arrears.", "offset": 63281 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "…d to provide the Adviser with incentive compensation of 15% on all of the pre-incentive compensation net investment income during the relevant 13 Trailing Twelve Quarters, subject to a hurdle rate of 1.75% per quarter (7.00% annualized), and (ii) an annual incentive fee based on capital gains equal to (A) 15% of the difference, if positive, of the sum of our aggregate realized capital gains, if an…", "offset": 71352 }, "annualizedExcerpt": { "text": "…viser with incentive compensation of 15% on all of the pre-incentive compensation net investment income during the relevant 13 Trailing Twelve Quarters, subject to a hurdle rate of 1.75% per quarter (7.00% annualized), and (ii) an annual incentive fee based on capital gains equal to (A) 15% of the difference, if positive, of the sum of our aggregate realized capital gains, if any, computed net of…", "offset": 71371 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(2) 100% of the Fund's pre-incentive fee net investment income for the Trailing Twelve Quarters, if any, that exceeds the Hurdle Rate Amount but is less than or equal to an amount (the \"Catch-Up Amount\") determined on a quarterly basis by multiplying 1.7143% (6.8571% annualized) and the value of the Fund's net assets (total assets less indebtedness) at the beginning of each applicable calendar qua…", "offset": 66569 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "If such amount is positive at the end of a period, then we record Capital Gains Incentive Fee equal to 12.5% of such amount, minus the aggregate amount of actual Capital Gains Incentive Fee paid in all prior periods.", "offset": 69978 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…rter as follows: (1) no amount in any calendar quarter in which the Fund's pre-incentive fee net investment income in the current calendar quarter and each of the 11 preceding calendar quarters (the \"Trailing Twelve Quarters\") does not exceed the \"Hurdle Rate Amount\", which is determined on a quarterly basis by multiplying 1.50% (6.00% annualized) by the value of the Fund's net assets (total asset…", "offset": 66241 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero-coupon securities), accrued income that the Fund has not yet received in cash.", "offset": 64946 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1646614", "totalAssetsUsd": 1236462193, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1925309", "name": "Sixth Street Lending Partners", "adsh": "0001193125-26-051289", "form": "10-K", "fileDate": "2026-02-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1925309/000119312526051289/ck0001925309-20251231.htm", "fileNumber": "814-01543", "election": { "adsh": "0001193125-22-183523", "fileDate": "2022-06-28", "url": "https://www.sec.gov/Archives/edgar/data/1925309/000119312522183523/d322940dn54a.htm" }, "textLength": 639515, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The Management Fee is calculated at an annual rate of 1.25% based on the average value of our gross assets calculated using the values at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the period.", "offset": 63800 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "(ii) The second component, payable at the end of each fiscal year in arrears, prior to an Exchange Listing, equal 12.5% of cumulative realized capital gains from the inception of the Company to the end of such fiscal year, less the aggregate amount of any previously paid capital gain Incentive Fee for prior periods (the \"Capital Gains Fee\").", "offset": 66681 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 65955 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Any waived Management Fees are not subject to recoupment by the Adviser.", "offset": 64426 } } }, "size": { "cik": "1925309", "totalAssetsUsd": 8691301000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1508655", "name": "Sixth Street Specialty Lending, Inc.", "adsh": "0001193125-26-048664", "form": "10-K", "fileDate": "2026-02-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1508655/000119312526048664/tslx-20251231.htm", "fileNumber": "814-00854", "election": { "adsh": "0000950123-11-035979", "fileDate": "2011-04-15", "url": "https://www.sec.gov/Archives/edgar/data/1508655/000095012311035979/y90868nv54a.htm" }, "textLength": 614560, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "The Management Fee is calculated at an annual rate of 1.5% based on the average value of our gross assets calculated using the values at the end of the two most recently completed calendar quarters, adjusted for any share issuances or repurchases during the period.", "offset": 68535 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The 100% \"catch-up\" provision for pre-Incentive Fee net investment income in excess of the 1.5% \"hurdle rate\" is intended to provide the Adviser with an Incentive Fee of 17.5% on all pre-Incentive Fee net investment income when that amount equals 1.82% in a quarter (7.28% annualized), which is the rate at which catch-up is achieved.", "offset": 70510 } }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that we may not have received in cash.", "offset": 71412 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Any waived Management Fees are not subject to recoupment by the Adviser.", "offset": 68994 } } }, "size": { "cik": "1508655", "totalAssetsUsd": 3421655000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2028686", "name": "SL Investment Fund II LLC", "adsh": "0001193125-26-091861", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2028686/000119312526091861/ck0002028686-20251231.htm", "fileNumber": "814-01754", "election": { "adsh": "0001104659-24-099290", "fileDate": "2024-09-12", "url": "https://www.sec.gov/Archives/edgar/data/2028686/000110465924099290/tm2423686d3_n54a.htm" }, "textLength": 574837, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.25, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 0.25% of our average Capital Under Management (as defined below), at the end of the then-current quarter and the prior calendar quarter (and, in the case of our first quarter, Capital Under Management as of such quarter-end).", "offset": 84258 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": { "text": "…spect of each calendar year distributions of an amount at least equal to the sum of (1) 98% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of the excess (if any) of our realized capital gains over our realized capital losses, or capital gain net income (adjusted for certain ordinary losses), generally for the one-year period ending…", "offset": 125747 }, "absence": "a rate was matched but fell outside the plausible band 1–30% and was discarded" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2028686", "totalAssetsUsd": 608974000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1832148", "name": "SLR HC BDC LLC", "adsh": "0001193125-26-066954", "form": "10-K", "fileDate": "2026-02-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1832148/000119312526066954/ck0001832148-20251231.htm", "fileNumber": "814-01382", "election": { "adsh": "0001193125-21-025796", "fileDate": "2021-02-02", "url": "https://www.sec.gov/Archives/edgar/data/1832148/000119312521025796/d104567dn54a.htm" }, "textLength": 612355, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "…alue of the Company's total assets at the end of the two most recently completed calendar quarters; provided, however, the Post-Exchange Listing Management Fee will be calculated at an annual rate of 1.00% of the average value of the Company's total assets at the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the value of the Company's total…", "offset": 20087 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with 20% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if this Pre-Incentive Fee Net Investment Income exceeds 1.875% in any calendar quarter;", "offset": 29378 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a \"hurdle rate\" of 1.50% per quarter (6.00% annualized).", "offset": 28283 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a \"hurdle rate\" of 1.50% per quarter (6.00% annualized).", "offset": 28302 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…er as follows: i. no Post-Exchange Listing Incentive Fee in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the quarterly hurdle rate of 1.50%; ii. 100% of the Company's Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 1.875%…", "offset": 28930 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "In no event will the Adviser receive amounts attributable to Disposition Proceeds that, as of any distribution or payment date, exceeds 20% of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation.", "offset": 25184 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser will have the right, in its sole discretion, to waive or reduce, as well as recoup in a subsequent period, the Management Fee to which the Adviser is entitled in respect of all Unitholders' Units in any particular calendar quarter.", "offset": 20705 } } }, "size": { "cik": "1832148", "totalAssetsUsd": 89645000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1418076", "name": "SLR Investment Corp.", "adsh": "0001193125-26-066979", "form": "10-K", "fileDate": "2026-02-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1418076/000119312526066979/ck0001418076-20251231.htm", "fileNumber": "814-00754", "election": { "adsh": "0001193125-10-025271", "fileDate": "2010-02-09", "url": "https://www.sec.gov/Archives/edgar/data/1418076/000119312510025271/dn54a.htm" }, "textLength": 659307, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "…nt, the base management fee is now determined by taking the average value of the Company's gross assets at the end of the two most recently completed calendar quarters calculated at an annual rate of 1.50% on gross assets up to 200% of the Company's total net assets as of the immediately preceding quarter end and 1.00% on gross assets that exceed 200% of the Company's total net assets as of the im…", "offset": 95010 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The \"catch-up\" is meant to provide our investment adviser with 20% of our pre-incentive fee net investment income as if a hurdle did not apply if this net investment income exceeds 2.1875% in any calendar quarter;", "offset": 98098 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75 % per quarter ( 7 % annualized).", "offset": 527448 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, is compared to the hurdle rate of 1.75 % per quarter ( 7 % annualized).", "offset": 527450 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle but is less than 2.1875% in any calendar quarter (8.75% annualized).", "offset": 97661 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The second part of the incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Advisory Agreement, as of the termination date), and equals 20% of our realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on…", "offset": 99701 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind income and zero coupon securities), accrued income that we have not yet received in cash.", "offset": 96521 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser has agreed to waive incentive fees resulting from income earned due to the accretion of purchase discount allocated to investments acquired as a result of the Mergers.", "offset": 529583 } } }, "size": { "cik": "1418076", "totalAssetsUsd": 2572564000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1932591", "name": "SLR Private Credit BDC II LLC", "adsh": "0001193125-26-066958", "form": "10-K", "fileDate": "2026-02-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1932591/000119312526066958/ck0001932591-20251231.htm", "fileNumber": "814-01616", "election": { "adsh": "0001193125-23-021545", "fileDate": "2023-02-01", "url": "https://www.sec.gov/Archives/edgar/data/1932591/000119312523021545/d423200dn54a.htm" }, "textLength": 628896, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "…alue of the Company's total assets at the end of the two most recently completed calendar quarters; provided, however, the Post-Exchange Listing Management Fee will be calculated at an annual rate of 1.00% of the average value of the Company's total assets at the end of the two most recently completed calendar quarters that exceeds the product of (i) 200% and (ii) the value of the Company's total…", "offset": 23553 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with 20% of the Company's Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if this Pre-Incentive Fee Net Investment Income exceeds 2.1875% in any calendar quarter;", "offset": 33517 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a \"hurdle rate\" of 1.75% per quarter (7.00% annualized).", "offset": 32399 }, "annualizedExcerpt": { "text": "Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of the Company's net assets at the end of the immediately preceding calendar quarter, will be compared to a \"hurdle rate\" of 1.75% per quarter (7.00% annualized).", "offset": 32418 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…er as follows: i. no Post-Exchange Listing Incentive Fee in any calendar quarter in which the Company's Pre-Incentive Fee Net Investment Income does not exceed the quarterly hurdle rate of 1.75%; ii. 100% of the Company's Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.1875…", "offset": 33066 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "In no event will the Adviser receive amounts attributable to Disposition Proceeds that, as of any distribution or payment date, exceeds 20% of cumulative realized capital gains net of all cumulative realized capital losses and unrealized capital depreciation.", "offset": 28963 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Adviser will have the right, in its sole discretion, to waive or reduce, as well as recoup in a subsequent period, the Management Fee to which the Adviser is entitled in respect of all Unitholders' Units in any particular calendar quarter.", "offset": 24190 } } }, "size": { "cik": "1932591", "totalAssetsUsd": 51414000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1106838", "name": "Sonnet BioTherapeutics Holdings, Inc.", "adsh": "0001493152-25-027978", "form": "10-K", "fileDate": "2025-12-16", "reportDate": "2025-09-30", "url": "https://www.sec.gov/Archives/edgar/data/1106838/000149315225027978/form10-k.htm", "fileNumber": "814-00709", "election": { "adsh": "0001144204-05-017750", "fileDate": "2005-06-01", "url": "https://www.sec.gov/Archives/edgar/data/1106838/000114420405017750/v019302.txt" }, "textLength": 598387, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1106838", "totalAssetsUsd": 14884558, "totalAssetsAsOf": "2025-09-30" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2061174", "name": "Sound Point Direct Lending BDC", "adsh": "0001193125-26-132103", "form": "10-K", "fileDate": "2026-03-30", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2061174/000119312526132103/ck0002061174-20251231.htm", "fileNumber": "814-01938", "election": { "adsh": "0001829126-25-010024", "fileDate": "2025-12-15", "url": "https://www.sec.gov/Archives/edgar/data/2061174/000182912625010024/soundpointdirect_n-54a.htm" }, "textLength": 416503, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.625, "excerpt": { "text": "Management Fee The Fund will pay to the Adviser an asset-based fee (the \"Base Management Fee\") for management services in an amount equal to an annual rate of 0.625% of the average value of the Fund's gross assets at the end of the two most recently completed quarters.", "offset": 50303 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with 12.50% of the Fund's Pre-Incentive Fee Net Investment Income as if a hurdle did not apply if this net investment income meets or exceeds 1.714% in calendar quarter;", "offset": 52837 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "…d will pay the Adviser an Income Incentive Fee each quarter equal to 12.50% of the amount by which the Pre-Incentive Fee Net Investment Income (defined below) for the quarter exceeds a hurdle rate of 1.50% (6.00% annualized) of the Fund's net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision.", "offset": 51924 }, "annualizedExcerpt": { "text": "…pay the Adviser an Income Incentive Fee each quarter equal to 12.50% of the amount by which the Pre-Incentive Fee Net Investment Income (defined below) for the quarter exceeds a hurdle rate of 1.50% (6.00% annualized) of the Fund's net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision.", "offset": 51931 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "(2) 100% of the Fund's Pre-Incentive Fee Net Investment Income for any calendar quarter with respect to that portion of the Pre-Incentive Fee Net Investment Income for such quarter, if any, that exceeds the hurdle rate but is less than 1.714% (6.857% annualized).", "offset": 52376 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "Capital Gains Incentive Fee The Fund will pay the Adviser the Capital Gains Incentive Fee in cash annually in arrears in an amount equal to 12.5% of (i) realized capital gains, if any, on a cumulative basis beginning January 1, 2029 less (ii) the sum of realized capital losses and unrealized capital depreciation since January 1, 2029 on a cumulative basis and previously paid Capital Gains Incentiv…", "offset": 54109 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "In the case of an investment with a deferred interest feature, Pre-Incentive Fee Net Investment Income will include accrued income that the Fund has not yet received in cash.", "offset": 53830 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2061174", "totalAssetsUsd": 155425000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1786835", "name": "Star Mountain Lower Middle-Market Capital Corp", "adsh": "0001140361-26-012276", "form": "10-K", "fileDate": "2026-03-31", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1786835/000114036126012276/ef20060634_10k.htm", "fileNumber": "814-01399", "election": { "adsh": "0001140361-21-017264", "fileDate": "2021-05-13", "url": "https://www.sec.gov/Archives/edgar/data/1786835/000114036121017264/brhc10024488_n54a.htm" }, "textLength": 481119, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Payments for investment advisory services under the Investment Advisory Agreement in future periods are equal to (a) a management fee calculated at an annual rate of 1.25% of the value of the Company's gross assets and (b) an incentive fee based on the Company's performance.", "offset": 280575 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "The catch-up is meant to provide the Advisor with approximately 17.5 % of the pre-incentive fee net investment income if a hurdle rate did not apply;", "offset": 441663 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "The Hurdle Amount is equal to the product of (i) the hurdle rate of 1.75% per quarter (7.00% annualized) and (ii) the Company's net assets at the end of the immediately preceding quarter.", "offset": 25713 }, "annualizedExcerpt": { "text": "The Hurdle Amount is equal to the product of (i) the hurdle rate of 1.75% per quarter (7.00% annualized) and (ii) the Company's net assets at the end of the immediately preceding quarter.", "offset": 25732 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of that portion of the Company's Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Amount but is less than or equal to a \"Catch-up Amount.", "offset": 26165 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 17.5, "excerpt": { "text": "If this number is positive at the end of such year, then the capital gains incentive fee for such year equals 17.5 % (reduced from 20.0 %) of such amount, less the aggregate amount of any capital gains incentive fees paid in respect of the Company's portfolio in all prior years.", "offset": 443939 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay in kind interest and zero-coupon securities), accrued income that the Company has not yet received in cash.", "offset": 27470 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…ion of Class SP's expenses (excluding management fees, acquired fund fees and expenses, taxes and custody fees) equal to 0.25% of Class SP's average quarterly net assets, on an annualized basis (the \"Expense Waiver Agreement\").", "offset": 305861 } } }, "size": { "cik": "1786835", "totalAssetsUsd": 386385934, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1817825", "name": "Steele Creek Capital Corp", "adsh": "0001213900-26-034052", "form": "10-K", "fileDate": "2026-03-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1817825/000121390026034052/ea0275882-10k_steele.htm", "fileNumber": "814-01351", "election": { "adsh": "0001213900-20-030418", "fileDate": "2020-10-07", "url": "https://www.sec.gov/Archives/edgar/data/1817825/000121390020030418/ea127888-n54a_msccapital.htm" }, "textLength": 558740, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1, "excerpt": { "text": "Base Management Fee The base management fee is calculated at a maximum annual rate of 1.0% of the average of the weighted average (based on the number of shares outstanding each day in the quarter) of our gross assets (including uninvested cash and cash equivalents) at the end of each of the two most recently completed calendar quarters.", "offset": 44647 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "There are no catch-up provisions applicable to income-based incentive fees under the Investment Advisory Agreement.", "offset": 45736 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The portion of the incentive fee based on capital gains is payable at the end of each calendar year in arrears, equals 15% of cumulative realized capital gains from the date of the Company's election to be regulated as a BDC to the end of each calendar year, less cumulative net realized capital losses and unrealized capital depreciation.", "offset": 47516 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income also includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with pay in kind interest and zero coupon securities), accrued income that the Company has not yet received in cash.", "offset": 46547 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Advisor has agreed to waive its fees (base management and incentive fee), without recourse against or reimbursement by us, for any quarter prior to the occurrence of a Liquidity Event (as defined below) to the extent required in order for the Company to earn a quarterly net investment income plus net realized capital gains to maintain a targeted annual distribution payment on shares…", "offset": 43150 } } }, "size": { "cik": "1817825", "totalAssetsUsd": 127492000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1551901", "name": "Stellus Capital Investment Corp", "adsh": "0001104659-26-026432", "form": "10-K", "fileDate": "2026-03-11", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1551901/000110465926026432/scm-20251231x10k.htm", "fileNumber": "814-00971", "election": { "adsh": "0001144204-12-059923", "fileDate": "2012-11-07", "url": "https://www.sec.gov/Archives/edgar/data/1551901/000114420412059923/v326852_n54a.htm" }, "textLength": 780598, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "Management Fee The base management fee is calculated at an annual rate of 1.75% of our gross assets, including assets purchased with borrowed funds or other forms of leverage (including preferred stock, public and private debt issuances, derivative instruments, repurchase agreements and other similar instruments or arrangements) and excluding cash and cash equivalents.", "offset": 69399 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…rter, Stellus Capital Management receives no incentive fee on our ordinary income until our pre-incentive fee net investment income equals the hurdle rate of 2.0%, but then receives, as a \"catch-up,\" 100% of our pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 2.5%.", "offset": 71217 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "The Capital Gains Incentive Fee is equal to 20.0 % of the Company's cumulative aggregate realized capital gains from Inception through the end of that calendar year, computed net of the cumulative aggregate realized capital losses and cumulative aggregate unrealized capital depreciation through the end of such year.", "offset": 660313 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "For the years ended December 31, 2025 and 2024, $ 3,310,981 and $ 1,826,893 , respectively, of Income Incentive Fees accrued but not paid by the Company were permanently written off due to the Cumulative Pre-Incentive Fee Net Return limitation.", "offset": 659885 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…​ $ 8,219,073 ​ $ 9,312,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ December 31, 2024 Investment income incentive fee currently payable ​ $ 1,539,724 ​ $ 2,351,703 Investment income incentive fee deferred ​ 777,705 ​ 757,857 Incentive fee payable ​ $ 2,317,429 ​ $ 3,109,560 ​ Director Fees For the years ended December 31, 2025, 2024, and 2023, the Company recorded an expense relating to direct…", "offset": 662554 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Stellus Capital Management has agreed to permanently waive any interest accrued on the portion of the incentive fee attributable to deferred interest (such as PIK interest or OID).", "offset": 74901 } } }, "size": { "cik": "1551901", "totalAssetsUsd": 1041252306, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1901037", "name": "Stellus Private Credit BDC", "adsh": "0001104659-26-027592", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1901037/000110465926027592/tmb-20251231x10k.htm", "fileNumber": "814-01475", "election": { "adsh": "0001104659-21-152729", "fileDate": "2021-12-22", "url": "https://www.sec.gov/Archives/edgar/data/1901037/000110465921152729/tm2136109d1_n54a.htm" }, "textLength": 703129, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.5, "excerpt": { "text": "Subsequent to any Exchange Listing, we will pay the Advisor (i) a base management fee calculated at an annual rate of 1.50% of our average gross assets, including assets purchased with borrowed funds or other forms of leverage but excluding cash and cash equivalents, at the end of the two most recently completed calendar quarters and (ii) the Income Incentive Fee and Capital Gains Incentive Fee de…", "offset": 280679 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "The 100% \"catch-up\" provision for Pre-Incentive Fee Net Investment Income in excess of the 1.5% \"hurdle rate\" is intended to provide the Advisor with an Incentive Fee of (i) prior to any listing of our shares on a national securities exchange, 10% on all Pre-Incentive Fee Net Investment Income when that amount equals 1.6667% in a calendar quarter (6.6667% annualized), and (ii) subsequent to any li…", "offset": 65572 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…f the termination date), is equal to, prior to any listing of our Common Shares on a national securities exchange, 10.0% and, subsequent to an listing of our shares on a national securities exchange, 15% of our cumulative aggregate realized capital gains from inception through the end of that calendar year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulati…", "offset": 69181 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…ent to any listing of our shares on a national securities exchange, 15% of our Cumulative Pre-Incentive Fee Net Return (as defined below) during the Income Incentive Fee Look-back Period (the \"Income Incentive Fee Cap\").", "offset": 68039 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "…ent to any listing of our shares on a national securities exchange, 15% of our Cumulative Pre-Incentive Fee Net Return (as defined below) during the Income Incentive Fee Look-back Period (the \"Income Incentive Fee Cap\").", "offset": 68039 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Under the Advisory Agreement and related fee waiver letter agreement, we will pay the Advisor fees for investment management services consisting of a base management fee (the \"Base Management Fee\") and an incentive fee (the \"Incentive Fee\").", "offset": 62968 } } }, "size": { "cik": "1901037", "totalAssetsUsd": 404727054, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1825384", "name": "Stone Point Credit Corp", "adsh": "0001193125-26-096955", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1825384/000119312526096955/none-20251231.htm", "fileNumber": "814-01375", "election": { "adsh": "0001193125-20-305712", "fileDate": "2020-11-30", "url": "https://www.sec.gov/Archives/edgar/data/1825384/000119312520305712/d55967dn54a.htm" }, "textLength": 630420, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.3, "excerpt": { "text": "Base Management Fee The Company pays to the Adviser an asset-based fee (the \"Management Fee\") for management services in an amount equal to an annual rate of 1.30% of the average value of the Company's gross assets (excluding cash and cash equivalents) as of the last day of the most recently completed calendar quarter and the last day of the immediately preceding calendar quarter payable quarterly…", "offset": 42680 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "The first part (the \"Investment Income Incentive Fee\") will be calculated and payable following the Incentive Commencement Date on a quarterly basis, in arrears, and will equal 15% of \"pre-incentive fee net investment 11 Table of Contents income\" for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis and…", "offset": 43636 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…net investment 11 Table of Contents income\" for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.75% (i.e., 7% annualized) measured on a quarterly basis and a \"catch-up feature\".", "offset": 43862 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 15, "excerpt": { "text": "…s Incentive Fee\") is an annual fee that is calculated in arrears, as of the end of each calendar year (or as of the date of the termination of the Investment Advisory Agreement) in an amount equal to 15 % of realized capital gains, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis from the Incentive Commencement Date (based on the fair ma…", "offset": 490268 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that the Company has not yet received in cash.", "offset": 46116 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1825384", "totalAssetsUsd": 2963047000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2031283", "name": "Stone Point Credit Income Fund", "adsh": "0002031283-26-000005", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2031283/000203128326000005/spcif-20251231.htm", "fileNumber": "814-01783", "election": { "adsh": "0001104659-24-108114", "fileDate": "2024-10-11", "url": "https://www.sec.gov/Archives/edgar/data/2031283/000110465924108114/tm2425956d1_n54a.htm" }, "textLength": 563756, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 7.5, "excerpt": { "text": "For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a \"Hurdle Rate\" of 1.25% per quarter (5.00% annualized).", "offset": 47491 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a \"Hurdle Rate\" of 1.25% per quarter (5.00% annualized).", "offset": 47615 }, "annualizedExcerpt": { "text": "For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return to a \"Hurdle Rate\" of 1.25% per quarter (5.00% annualized).", "offset": 47634 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100.00% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.35% in any calendar quarter (5.41% annualized).", "offset": 47996 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 7.5, "excerpt": { "text": "The Capital Gains Incentive Fee is calculated as follows: • For calendar years ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Capital Gains Incentive Fee shall be an amount equal to 7.50% of the Fund's realized capital gains, if any, on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees.", "offset": 52297 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash.", "offset": 51169 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2031283", "totalAssetsUsd": 636196461, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2077250", "name": "Stone Point Credit Income Fund - Select", "adsh": "0001104659-26-032117", "form": "10-K", "fileDate": "2026-03-19", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2077250/000110465926032117/tmb-20251231x10k.htm", "fileNumber": "814-01913", "election": { "adsh": "0001104659-25-093877", "fileDate": "2025-09-26", "url": "https://www.sec.gov/Archives/edgar/data/2077250/000110465925093877/tm2527040d1_n54a.htm" }, "textLength": 444236, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 7.5, "excerpt": { "text": "For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return, or a \"Hurdle Rate\", of 1.25% per quarter (5.00% annualized).", "offset": 47452 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": null, "quarterlyExcerpt": { "text": "For the periods ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Investment Income Incentive Fee will be calculated and payable on a quarterly basis, in arrears, and will equal 7.50% of pre-incentive fee net investment income of the Fund, subject to a quarterly preferred return, or a \"Hurdle Rate\", of 1.25% per quarter (5.00% annualized).", "offset": 47578 }, "annualizedExcerpt": null, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…Investment Income Incentive Fee based on pre-incentive fee net investment income in any calendar quarter in which the Fund's pre-incentive fee net investment income does not exceed the Hurdle Rate; ● 100.00% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.35% in any cale…", "offset": 47959 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 7.5, "excerpt": { "text": "The Capital Gains Incentive Fee will be calculated as follows: ● For calendar years ending on or prior to the second anniversary of the Incentive Fee Commencement Date, the Capital Gains Incentive Fee shall be an amount equal to 7.50% of the Fund's realized capital gains, if any, on a cumulative basis, less the aggregate amount of any previously paid Capital Gains Incentive Fees.", "offset": 52203 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with PIK interest and zero-coupon securities), accrued income that the Fund has not yet received in cash.", "offset": 51061 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2077250", "totalAssetsUsd": 589050, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1425355", "name": "SUI Group Holdings Ltd.", "adsh": "0001654954-26-001672", "form": "10-K", "fileDate": "2026-02-27", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1425355/000165495426001672/suig_10k.htm", "fileNumber": "814-00991", "election": { "adsh": "0001144204-13-006662", "fileDate": "2013-02-07", "url": "https://www.sec.gov/Archives/edgar/data/1425355/000114420413006662/v334232_n54a.htm" }, "textLength": 397941, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1425355", "totalAssetsUsd": 190364976, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1885968", "name": "T Series BDC LLC", "adsh": "0001193125-26-085572", "form": "10-K", "fileDate": "2026-03-02", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1885968/000119312526085572/ck0001885968-20251231.htm", "fileNumber": "814-01453", "election": { "adsh": "0001104659-21-127651", "fileDate": "2021-10-19", "url": "https://www.sec.gov/Archives/edgar/data/1885968/000110465921127651/tm2130490d1_n54a.htm" }, "textLength": 718304, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.5, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 0.5% of our average called capital commitments, at the end of the then-current quarter and the prior calendar quarter (and, in the case of our first quarter, called capital commitments as of such quarter-end).", "offset": 83962 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 8.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Investment Adviser with approximately 8.5% of pre-incentive fee net investment income as if a Hurdle Rate did not apply if this net investment income exceeds 1.6393% in any calendar quarter;", "offset": 86827 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "Pursuant to the Original Investment Advisory Agreement, we paid the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a Hurdle Rate of 1.5% (6.0% annualized) (\"Hurdle Rate\");", "offset": 86334 }, "annualizedExcerpt": { "text": "Pursuant to the Original Investment Advisory Agreement, we paid the Investment Adviser an incentive fee with respect to our pre-incentive fee net investment income as follows: • No incentive fee based on pre-incentive fee net investment income in any calendar quarter in which pre-incentive fee net investment income does not exceed a Hurdle Rate of 1.5% (6.0% annualized) (\"Hurdle Rate\");", "offset": 86340 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.6393% in any quarter (6.5572% annualized).", "offset": 86376 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 8.5, "excerpt": { "text": "…r an incentive fee on capital gains calculated and payable in arrears in cash as of the end of each quarter or upon the termination of the Original Investment Advisory Agreement in an amount equal to 8.5% of our realized capital gains, if any, on a quarterly basis from the date of our election to be regulated as a BDC through the end of a given quarter or upon the termination of the Investment Adv…", "offset": 89864 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (\"PIK\") interest and zero-coupon securities), accrued income that we have not yet received in cash.", "offset": 85575 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1885968", "totalAssetsUsd": 2283926000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1901164", "name": "T. Rowe Price OHA Select Private Credit Fund", "adsh": "0001901164-26-000008", "form": "10-K", "fileDate": "2026-03-12", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1901164/000190116426000008/oha-20251231.htm", "fileNumber": "814-01561", "election": { "adsh": "0001133228-23-004323", "fileDate": "2023-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1901164/000113322823004323/trpohaspcf-html6610_n54a.htm" }, "textLength": 759963, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Management Fee The management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.", "offset": 85489 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 89452 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…tive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 88883 }, "annualizedExcerpt": { "text": "…ment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);", "offset": 88902 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 88922 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 91659 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash.", "offset": 87472 } }, "feeWaiver": { "present": true, "excerpt": { "text": "In addition, the Adviser agreed to waive its management fee for the first six months following the effective date of the Company's registration statement.", "offset": 85883 } } }, "size": { "cik": "1901164", "totalAssetsUsd": 3081289000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1603480", "name": "TCW Direct Lending LLC", "adsh": "0001193125-26-140703", "form": "10-K", "fileDate": "2026-04-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1603480/000119312526140703/ck0001603480-20251231.htm", "fileNumber": "814-01069", "election": { "adsh": "0001193125-14-456970", "fileDate": "2014-12-30", "url": "https://www.sec.gov/Archives/edgar/data/1603480/000119312514456970/d843944dn54a.htm" }, "textLength": 363800, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "During the year ended December 31, 2023, the Adviser agreed to waive all management fees earned subsequent to December 31, 2022.", "offset": 46466 } } }, "size": { "cik": "1603480", "totalAssetsUsd": 680830000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1715933", "name": "TCW Direct Lending VII LLC", "adsh": "0001193125-26-141887", "form": "10-K", "fileDate": "2026-04-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1715933/000119312526141887/ck0001715933-20251231.htm", "fileNumber": "814-01246", "election": { "adsh": "0001193125-17-383156", "fileDate": "2017-12-29", "url": "https://www.sec.gov/Archives/edgar/data/1715933/000119312517383156/d694173dn54a.htm" }, "textLength": 426519, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1715933", "totalAssetsUsd": 1205245000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1825265", "name": "TCW Direct Lending VIII LLC", "adsh": "0001193125-26-126676", "form": "10-K", "fileDate": "2026-03-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1825265/000119312526126676/ck0001825265-20251231.htm", "fileNumber": "814-01420", "election": { "adsh": "0001193125-21-221614", "fileDate": "2021-07-22", "url": "https://www.sec.gov/Archives/edgar/data/1825265/000119312521221614/d178211dn54a.htm" }, "textLength": 438234, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…nvestment sold 155 156 Due from adviser 106 - Deferred financing costs 595 1,150 Prepaid and other assets 75 74 Total Assets $ 1,267,900 $ 1,042,765 Liabilities Term loan (net of $ 563 and $ 1,081 of deferred financing costs, respectively) $ 324,437 $ 398,919 Revolving credit facilities payable 76,700 - Incentive fee payable 37,358 21,675 Interest and credit facility expense payable 4,289 5,910 Ma…", "offset": 344712 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1825265", "totalAssetsUsd": 1267900000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1916608", "name": "TCW Star Direct Lending LLC", "adsh": "0001193125-26-126674", "form": "10-K", "fileDate": "2026-03-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1916608/000119312526126674/ck0001916608-20251231.htm", "fileNumber": "814-01566", "election": { "adsh": "0001193125-22-236375", "fileDate": "2022-09-01", "url": "https://www.sec.gov/Archives/edgar/data/1916608/000119312522236375/d356459dn54a.htm" }, "textLength": 405396, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "The Adviser may, in its discretion, defer any such Interim Incentive Fee, and allocate it for future distribution pending expiration of the lookback period described below under \"-Adviser Return Obligation.", "offset": 42066 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "The Adviser may, in its discretion, defer any such Interim Incentive Fee, and allocate it for future distribution pending expiration of the lookback period described below under \"-Adviser Return Obligation.", "offset": 42043 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1916608", "totalAssetsUsd": 215438000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2043133", "name": "TCW Steel City Senior Lending BDC", "adsh": "0001193125-26-126670", "form": "10-K", "fileDate": "2026-03-26", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2043133/000119312526126670/ck0002043133-20251231.htm", "fileNumber": "814-01911", "election": { "adsh": "0001193125-25-198309", "fileDate": "2025-09-08", "url": "https://www.sec.gov/Archives/edgar/data/2043133/000119312525198309/d58666dn54a.htm" }, "textLength": 424633, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Advisor with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.71% in any calendar quarter;", "offset": 45873 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "We will pay the Advisor an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5% per quarter (6.0% annualized);", "offset": 45348 }, "annualizedExcerpt": { "text": "We will pay the Advisor an Incentive Fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.5% per quarter (6.0% annualized);", "offset": 45366 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.71% (6.86% annualized).", "offset": 45386 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, as calculated in accordance with GAAP, less the aggregate amount of any previously paid capital gains incentive fees.", "offset": 46622 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "2043133", "totalAssetsUsd": 727987000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2025369", "name": "Third Point Private Capital Partners", "adsh": "0001104659-26-037842", "form": "10-K", "fileDate": "2026-03-31", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2025369/000110465926037842/tm268350d1_10k.htm", "fileNumber": "814-01730", "election": { "adsh": "0001104659-26-040357", "fileDate": "2026-04-07", "url": "https://www.sec.gov/Archives/edgar/data/2025369/000110465926040357/tm2611086d1_n54a.htm" }, "textLength": 738000, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The management fee will be payable quarterly in arrears at an annual rate of 1.25% of average net assets as of the end of the applicable calendar quarter and the end of the immediately preceding calendar quarter.", "offset": 626171 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The first part (the \" Investment Income Incentive Fee \") will be calculated and payable on a quarterly basis, in arrears, and will equal 12.50% of \"pre-Incentive Fee net investment income\" (as defined below) for the immediately preceding calendar quarter, subject to a quarterly preferred return of 1.5% ( i.e.", "offset": 79926 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…in each calendar quarter as follows: · no Investment Income Incentive Fee in any calendar quarter in which our pre-Incentive Fee net investment income does not exceed the Hurdle Rate; · 100% of pre-Incentive Fee net investment income with respect to that portion of such pre-Incentive Fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.714% in any calend…", "offset": 81885 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…tive Fee \") will be an annual fee that will be determined and payable, in arrears, as of the end of each calendar year (or upon termination of the Investment Advisory Agreement) in an amount equal to 12.5% of realized capital gains, if any, determined on a cumulative basis from the Commencement Date through the end of such calendar year (or upon termination of the Investment Advisory Agreement), c…", "offset": 84084 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-Incentive Fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (\" PIK \") interest and zero-coupon investments), accrued income that we have not yet received in cash.", "offset": 81140 } }, "feeWaiver": { "present": true, "excerpt": { "text": "During the first three years following the commencement of operations, the Adviser has agreed to waive a portion of the Management Fee.", "offset": 79289 } } }, "size": { "cik": "2025369", "totalAssetsUsd": null, "totalAssetsAsOf": null }, "inUniverse": true, "exclusionReason": null }, { "cik": "1913724", "name": "TPG Twin Brook Capital Income Fund", "adsh": "0001913724-26-000007", "form": "10-K", "fileDate": "2026-03-16", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1913724/000191372426000007/agci-20251231.htm", "fileNumber": "814-01523", "election": { "adsh": "0001193125-22-303915", "fileDate": "2022-12-13", "url": "https://www.sec.gov/Archives/edgar/data/1913724/000119312522303915/d435145dn54a.htm" }, "textLength": 892061, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Base Management Fee The base management fee is payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first business day of the applicable month.", "offset": 84856 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The \"catch-up\" is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter;", "offset": 88400 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "…lows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized) (the \"hurdle rate\" or \"Hurdle\");", "offset": 87847 }, "annualizedExcerpt": { "text": "…e fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized) (the \"hurdle rate\" or \"Hurdle\");", "offset": 87866 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the Hurdle but is less than a rate of return of 1.43% (5.72% annualized).", "offset": 87918 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "The amount payable equals: • 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.", "offset": 90380 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "…in income incentive fees payable 2,293 2,671 1,382 Increase (decrease) in management fees payable 2,302 2,249 932 Increase (decrease) in deferred tax liability 2,362 204 1,371 Increase (decrease) in deferred income 337 1,006 753 Increase (decrease) in capital gains incentive fees payable - ( 496 ) 247 Increase (decrease) in due to affiliate - - ( 188 ) Net cash used in operating activities ( 917,…", "offset": 485282 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our distributions to shareholders may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support and Conditional Reimbursement Agreement.", "offset": 152282 } } }, "size": { "cik": "1913724", "totalAssetsUsd": 4512768000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1786108", "name": "Trinity Capital Inc.", "adsh": "0001193125-26-068600", "form": "10-K", "fileDate": "2026-02-25", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1786108/000119312526068600/trin-20251231.htm", "fileNumber": "814-01341", "election": { "adsh": "0001104659-20-004801", "fileDate": "2020-01-16", "url": "https://www.sec.gov/Archives/edgar/data/1786108/000110465920004801/tv536492_n54a.htm" }, "textLength": 751332, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "Because we are internally managed, all of our executive officers and employees are employed by Trinity Capital.", "offset": 11758 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1786108", "totalAssetsUsd": 2484519000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1792509", "name": "TriplePoint Private Venture Credit Inc.", "adsh": "0001792509-26-000003", "form": "10-K", "fileDate": "2026-03-10", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1792509/000179250926000003/tpvc-20251231.htm", "fileNumber": "814-01327", "election": { "adsh": "0001792509-20-000004", "fileDate": "2020-05-27", "url": "https://www.sec.gov/Archives/edgar/data/1792509/000179250920000004/tpgvc-formnx54a.htm" }, "textLength": 710555, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.75% of our average invested equity capital (as defined below) as of the end of the then-current quarter and the prior calendar quarter (and in the case of our first quarter, the invested equity capital as of such quarter-end).", "offset": 95576 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision pursuant to which the Adviser receives all of such income in excess of 2.0% but less than 2.5%.", "offset": 96966 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "If such amount is positive at the end of a period, then we will record a capital gains incentive fee equal to 20.0% of such amount, minus the aggregate amount of the actual capital gains incentive fee paid in all prior periods.", "offset": 101459 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…tive fee net investment income will be payable except to the extent that 20.0% of the cumulative net increase in net assets resulting from operations over the then current and 11 preceding quarters (\"Trailing Twelve Quarters\") exceeds the cumulative incentive fees accrued and/or paid for the 11 preceding quarters.", "offset": 97842 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "We may pay our Adviser an incentive fee on certain investments that include a deferred interest feature.", "offset": 276449 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1792509", "totalAssetsUsd": 397071000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1580345", "name": "TriplePoint Venture Growth BDC Corp.", "adsh": "0001580345-26-000008", "form": "10-K", "fileDate": "2026-03-04", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1580345/000158034526000008/tpvg-20251231.htm", "fileNumber": "814-01044", "election": { "adsh": "0001104659-14-016358", "fileDate": "2014-03-05", "url": "https://www.sec.gov/Archives/edgar/data/1580345/000110465914016358/a13-16230_11n54a.htm" }, "textLength": 713462, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "Base Management Fee The base management fee is calculated at an annual rate of 1.75% of our average adjusted gross assets, including assets purchased with borrowed funds.", "offset": 72969 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 2, "hurdleRateAnnualized": 8, "quarterlyExcerpt": { "text": "…the investment income component, the Company pays the Adviser each quarter 20.0 % of the amount by which the Company's pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0 % ( 8.0 % annualized) of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision pursuant to which the Adviser receives all of such inc…", "offset": 583821 }, "annualizedExcerpt": { "text": "…stment income component, the Company pays the Adviser each quarter 20.0 % of the amount by which the Company's pre-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0 % ( 8.0 % annualized) of the Company's net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision pursuant to which the Adviser receives all of such income in e…", "offset": 583829 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…-incentive fee net investment income for the quarter exceeds a hurdle rate of 2.0% (which is 8.0% annualized) of our net assets at the end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision pursuant to which our Adviser receives all of such income in excess of 2.0% but less than 2.5% and subject to a total return requirement.", "offset": 74237 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…first component of incentive fee Under the capital gains component of the incentive fee, we pay our Adviser at the end of each calendar year (or upon termination of the Investment Advisory Agreement) 20.0% of our aggregate cumulative realized capital gains from inception through the end of that year, computed net of our aggregate cumulative realized capital losses and our aggregate cumulative unre…", "offset": 77850 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "…he end of the immediately preceding calendar quarter, subject to a \"catch-up\" provision pursuant to which our Adviser receives all of such income in excess of 2.0% but less than 2.5% and subject to a total return requirement.", "offset": 74369 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "We may pay our Adviser an incentive fee on certain investments that include a deferred interest feature.", "offset": 236158 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Commencing with the quarter ending March 31, 2025, until and including the quarter ending December 31, 2026, the Adviser has agreed to waive, in full, any and all of investment income component of the incentive fee payable for a quarter by the Company to the Adviser under the Investment Advisory Agreement.", "offset": 75969 } } }, "size": { "cik": "1580345", "totalAssetsUsd": 839649000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1096938", "name": "United Health Products, Inc.", "adsh": "0001477932-26-002286", "form": "10-K", "fileDate": "2026-04-15", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1096938/000147793226002286/ueec_10k.htm", "fileNumber": "814-00717", "election": { "adsh": "0001326126-06-000001", "fileDate": "2006-02-28", "url": "https://www.sec.gov/Archives/edgar/data/1096938/000132612606000001/rn54-a.txt" }, "textLength": 169693, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1096938", "totalAssetsUsd": 316698, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1784700", "name": "Varagon Capital Corp", "adsh": "0001193125-26-114266", "form": "10-K", "fileDate": "2026-03-18", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1784700/000119312526114266/ck0001784700-20251231.htm", "fileNumber": "814-01538", "election": { "adsh": "0001193125-22-166273", "fileDate": "2022-06-02", "url": "https://www.sec.gov/Archives/edgar/data/1784700/000119312522166273/d347213dn54a.htm" }, "textLength": 800417, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 0.75, "excerpt": { "text": "Base Management Fee Pursuant to the Investment Advisory Agreement, prior to a Public Listing, the Company pays to the Adviser a fee (the \"Management Fee\") for management services in an amount equal to an annual rate of 0.75% of the Company's \"Adjusted Gross Assets.", "offset": 22708 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": true, "catchUpRate": null, "fullCatchUp": null, "excerpt": { "text": "…n respect of the relevant Trailing Twelve Quarters with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate until the Adviser has received a \"catch-up\" equal to 12.5% of the aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Quarters;", "offset": 25050 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "Prior to a Public Listing, the amount of Capital Gains Incentive Fee is equal to 12.5% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees.", "offset": 46072 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": 12, "excerpt": { "text": "…Listing, under the Investment Advisory Agreement, the Income Incentive Fee will be calculated, subject to the Incentive Fee Cap (as defined below), and payable quarterly in arrears in respect of the Trailing Twelve Quarters as follows: (i) no incentive fee in any calendar quarter in which the Company's aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant Trailing Twelve Qu…", "offset": 24475 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Prior to a Public Listing, under the Investment Advisory Agreement, the Income Incentive Fee will be calculated, subject to the Incentive Fee Cap (as defined below), and payable quarterly in arrears in respect of the Trailing Twelve Quarters as follows: (i) no incentive fee in any calendar quarter in which the Company's aggregate Pre-Incentive Fee Net Investment Income in respect of the relevant T…", "offset": 24386 } }, "feeWaiver": { "present": true, "excerpt": { "text": "The Company has agreed to irrevocably waive all collateral management fees payable to it so long as it is the collateral manager under the Collateral Management Agreement.", "offset": 451364 } } }, "size": { "cik": "1784700", "totalAssetsUsd": 895829000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1717310", "name": "Venture Lending & Leasing IX, Inc.", "adsh": "0001717310-26-000002", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1717310/000171731026000002/vll9-20251231.htm", "fileNumber": "814-01253", "election": { "adsh": "0001717310-17-000008", "fileDate": "2017-12-26", "url": "https://www.sec.gov/Archives/edgar/data/1717310/000171731017000008/vll9formn-54adec2017.htm" }, "textLength": 254362, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1717310", "totalAssetsUsd": 81991069, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1919369", "name": "VISTA CREDIT STRATEGIC LENDING CORP.", "adsh": "0001193125-26-101986", "form": "10-K", "fileDate": "2026-03-11", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1919369/000119312526101986/ck0001919369-20251231.htm", "fileNumber": "814-01651", "election": { "adsh": "0001628280-23-022302", "fileDate": "2023-06-15", "url": "https://www.sec.gov/Archives/edgar/data/1919369/000162828023022302/vista-nx54a.htm" }, "textLength": 621852, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "The Management Fee is payable quarterly in arrears at an annual rate of 1.25% of our net asset value as of the last day of the immediately preceding quarter.", "offset": 30838 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "This portion of the pre-incentive fee net investment income (which exceeds the hurdle rate but is less than 1.43%) is referred to as the \"catch-up\"; and • 12.5% of our pre-incentive fee net investment income, if any, that exceeds 1.43% (5.72% annualized).", "offset": 33680 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.25, "hurdleRateAnnualized": 5, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a \"hurdle rate\" of 1.25% per quarter (5.00% annualized).", "offset": 32972 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a \"hurdle rate\" of 1.25% per quarter (5.00% annualized).", "offset": 32991 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "• 100% of the pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.43% (5.72% annualized).", "offset": 33315 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…f net assets) (ii) Capital Gains Incentive Fee The second component of the Incentive Fee, the Capital Gains Incentive Fee, is payable in arrears at the end of each calendar year in an amount equal to 12.5% of cumulative realized capital gains from initial drawdown through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative…", "offset": 34181 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK and zero-coupon securities), accrued income that we may not have received in cash.", "offset": 32377 } }, "feeWaiver": { "present": true, "excerpt": { "text": "Our distributions may be funded from expense reimbursements or waivers of investment advisory fees that are subject to repayment pursuant to our Expense Support Agreement.", "offset": 314459 } } }, "size": { "cik": "1919369", "totalAssetsUsd": 1535307000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "2020354", "name": "West Bay BDC LLC", "adsh": "0001193125-26-088638", "form": "10-K", "fileDate": "2026-03-03", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/2020354/000119312526088638/ck0002020354-20251231.htm", "fileNumber": "814-01758", "election": { "adsh": "0001193125-24-223849", "fileDate": "2024-09-24", "url": "https://www.sec.gov/Archives/edgar/data/2020354/000119312524223849/d781788dn54a.htm" }, "textLength": 544608, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.4, "excerpt": { "text": "The Management Fee is calculated at an annual rate of 1.40 % ( 0.35 % per quarter) of the average NAV of the Company at the end of each of the two most recently completed calendar quarters.", "offset": 449306 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": true, "excerpt": { "text": "The Investment Adviser waives a portion of its Management Fee payable by the Company in an amount equal to any fees paid to the Investment Adviser or an affiliate thereof in respect of any investment by the Company in money markets or similar funds sponsored or managed by the Investment Adviser or an affiliate thereof that are borne by the Company.", "offset": 449971 } } }, "size": { "cik": "2020354", "totalAssetsUsd": 454769000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1552198", "name": "WhiteHorse Finance, Inc.", "adsh": "0001104659-26-024735", "form": "10-K", "fileDate": "2026-03-06", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1552198/000110465926024735/whf-20251231x10k.htm", "fileNumber": "814-00967", "election": { "adsh": "0001193125-12-490294", "fileDate": "2012-12-04", "url": "https://www.sec.gov/Archives/edgar/data/1552198/000119312512490294/d445621dn54a.htm" }, "textLength": 819474, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.75, "excerpt": { "text": "\" (4) Our base management fee under the Investment Advisory Agreement is calculated at an annual rate of 1.75% based on our gross assets, including assets purchased with borrowed funds;", "offset": 345833 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": 1.75, "hurdleRateAnnualized": 7, "quarterlyExcerpt": { "text": "The first component of the incentive fee, which is income-based and payable quarterly in arrears, equals 20% of the amount, if any, that our \"Pre-Incentive Fee Net Investment Income\" exceeds a 1.75% quarterly (7.00% annualized) hurdle rate, or the Hurdle Rate, subject to a \"catch-up\" provision measured at the end of each calendar quarter and the Incentive Fee Cap and Deferral Mechanism described b…", "offset": 349134 }, "annualizedExcerpt": { "text": "The operation of the first component of the incentive fee for each quarter is as follows: ● no incentive fee is payable to our Investment Adviser in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the Hurdle Rate of 1.75% (7.00% annualized);", "offset": 349612 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "…ayable to our investment adviser in any calendar quarter in which our Pre-Incentive Fee Net Investment Income does not exceed the \" Hurdle Rate \" of 1.75% (7.00% annualized); 13 Table of Contents ​ ● 100% of our Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the Hurdle Rate but is less than 2.1875% in any c…", "offset": 48208 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 20, "excerpt": { "text": "…adjusted as required by GAAP to include unrealized capital appreciation, is positive at the end of a reporting period, then GAAP requires the Company to accrue a Capital Gains Incentive Fee equal to 20% of such amount, less the aggregate amount of any Capital Gains Incentive Fees previously paid and Capital Gains Incentive Fees accrued under GAAP in all prior periods.", "offset": 734364 }, "absence": null }, "totalReturnLookback": { "present": true, "periodQuarters": null, "excerpt": { "text": "Each quarterly incentive fee is subject to the Incentive Fee Cap (as defined below) and a deferral mechanism through which the Investment Adviser may recapture a portion of such deferred incentive fees, which is referred to together as the \"Incentive Fee Cap and Deferral Mechanism.", "offset": 44783 } }, "deferralOrCap": { "present": true, "excerpt": { "text": "Each quarterly incentive fee is subject to the Incentive Fee Cap (as defined below) and a deferral mechanism through which the Investment Adviser may recapture a portion of such deferred incentive fees, which is referred to together as the \"Incentive Fee Cap and Deferral Mechanism.", "offset": 44783 } }, "feeWaiver": { "present": true, "excerpt": { "text": "…nent of the incentive fee: Quarterly Incentive Fee based on Pre-Incentive Fee Net Investment Income (expressed as a percentage of the value of net assets) On November 10, 2025, the Investment Adviser agreed to waive and reduce the incentive fee on net investment income from its stated annual rate of 20.00% to 17.50% for the two fiscal quarters ending December 31, 2025 and March 31, 2026, respectiv…", "offset": 51124 } } }, "size": { "cik": "1552198", "totalAssetsUsd": 615129000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1944831", "name": "Willow Tree Capital Corp", "adsh": "0001944831-26-000004", "form": "10-K", "fileDate": "2026-03-24", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1944831/000194483126000004/wt-20251231.htm", "fileNumber": "814-01797", "election": { "adsh": "0001944831-24-000025", "fileDate": "2024-11-08", "url": "https://www.sec.gov/Archives/edgar/data/1944831/000194483124000025/willowtreecapitalcorp-form.htm" }, "textLength": 626771, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": 1.25, "excerpt": { "text": "Each of the Management Fee and the Incentive Fee are payable on the terms described below. 13 Table of Contents Management Fee The management fee (\"Management Fee\") is payable quarterly in arrears and will be payable at an annual rate of 1.25% of our net assets (defined as total assets less total liabilities at the end of the most recently completed calendar quarter).", "offset": 56948 }, "absence": null }, "incomeIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…he portion of pre-incentive fee net investment income that exceeds the hurdle but is less than or equal to 1.714% is referred to as the \"catch-up\"; the \"catch-up\" is meant to provide the Adviser with 12.50% of pre-incentive fee net investment income as if a hurdle did not apply if pre-incentive fee net investment income exceeds 1.714% in any calendar quarter);", "offset": 60637 }, "absence": null }, "hurdle": { "hurdleRateQuarterly": 1.5, "hurdleRateAnnualized": 6, "quarterlyExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a \"hurdle rate\" of 1.50% per quarter (6.00% annualized).", "offset": 59846 }, "annualizedExcerpt": { "text": "Pre-incentive fee net investment income, expressed as a rate of return on the value of net assets (defined as total assets less liabilities) at the end of the immediately preceding fiscal quarter, will be compared to a \"hurdle rate\" of 1.50% per quarter (6.00% annualized).", "offset": 59865 }, "absence": null }, "catchUp": { "present": true, "catchUpRate": 100, "fullCatchUp": true, "excerpt": { "text": "No investment-income incentive fee in any calendar quarter in which pre-incentive fee net investment income does not exceed the hurdle rate of 1.50%; 2. 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than or equal to 1.714% in any calendar quarter (6.857% annualized) (the…", "offset": 60192 } }, "capitalGainsIncentiveFeeRate": { "ratePct": 12.5, "excerpt": { "text": "…e of net assets) 14 Table of Contents 0% 1.50% 1.714% ← 0% → ← 100% → ← 12.5% → Capital Gains Incentive Fee Under the capital gains component, we will pay the Adviser at the end of each calendar year 12.50% of aggregate cumulative realized capital gains from the date of our election to be regulated as BDC through the end of that year, computed net of aggregate cumulative realized capital losses an…", "offset": 61516 }, "absence": null }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": true, "excerpt": { "text": "Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash;", "offset": 58539 } }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1944831", "totalAssetsUsd": 941902000, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1850938", "name": "WTI Fund X, Inc.", "adsh": "0001850938-26-000002", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1850938/000185093826000002/wti-20251231.htm", "fileNumber": "814-01414", "election": { "adsh": "0001140361-21-024964", "fileDate": "2021-07-20", "url": "https://www.sec.gov/Archives/edgar/data/1850938/000114036121024964/ny20000042x1_n54a.htm" }, "textLength": 288938, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1850938", "totalAssetsUsd": 429457472, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1987731", "name": "WTI Fund XI, Inc.", "adsh": "0001987731-26-000002", "form": "10-K", "fileDate": "2026-03-13", "reportDate": "2025-12-31", "url": "https://www.sec.gov/Archives/edgar/data/1987731/000198773126000002/wti-20251231.htm", "fileNumber": "814-01718", "election": { "adsh": "0001140361-24-019399", "fileDate": "2024-04-11", "url": "https://www.sec.gov/Archives/edgar/data/1987731/000114036124019399/ef20026728_n54a.htm" }, "textLength": 240793, "parsed": { "management": { "externallyManaged": true, "excerpt": null }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "not stated in the filing" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "not stated in the filing" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1987731", "totalAssetsUsd": 57090572, "totalAssetsAsOf": "2025-12-31" }, "inUniverse": true, "exclusionReason": null }, { "cik": "1999538", "name": "X1 Capital Inc.", "adsh": "0001999538-25-000012", "form": "10-K", "fileDate": "2025-09-15", "reportDate": "2025-06-30", "url": "https://www.sec.gov/Archives/edgar/data/1999538/000199953825000012/xcap_10k_v1_sep_2025.htm", "fileNumber": "814-01672", "election": { "adsh": "0001999538-23-000002", "fileDate": "2023-11-02", "url": "https://www.sec.gov/Archives/edgar/data/1999538/000199953823000002/form-n-54a-v2.htm" }, "textLength": 197848, "parsed": { "management": { "externallyManaged": false, "excerpt": { "text": "For tax purposes, the Company has elected to be treated as a regulated investment company (\"RIC\") under Subchapter M of the Internal Revenue Code of 1986, as amended (the \"Code\"). The Company is internally managed.", "offset": 8745 } }, "baseManagementFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "incomeIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "hurdle": { "hurdleRateQuarterly": null, "hurdleRateAnnualized": null, "quarterlyExcerpt": null, "annualizedExcerpt": null, "absence": "internally managed — no incentive fee" }, "catchUp": { "present": false, "catchUpRate": null, "fullCatchUp": null, "excerpt": null }, "capitalGainsIncentiveFeeRate": { "ratePct": null, "excerpt": null, "absence": "internally managed — no incentive fee" }, "totalReturnLookback": { "present": false, "periodQuarters": null, "excerpt": null }, "deferralOrCap": { "present": false, "excerpt": null }, "feeWaiver": { "present": false, "excerpt": null } }, "size": { "cik": "1999538", "totalAssetsUsd": 6000, "totalAssetsAsOf": "2024-09-30" }, "inUniverse": true, "exclusionReason": null } ], "excluded": [ { "cik": "1090870", "name": "21ST CENTURY TECHNOLOGIES INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1118974", "name": "30DC, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-09-10) and filed no 10-K in the window" }, { "cik": "1077800", "name": "ACCEL BRANDS, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2003-10-01) and filed no 10-K in the window" }, { "cik": "1772918", "name": "ADAMS STREET CREDIT SOLUTIONS FUND", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "54175", "name": "ADVANTAGE CAPITAL DEVELOPMENT CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1160598", "name": "AERO PERFORMANCE PRODUCTS, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-03-13) and filed no 10-K in the window" }, { "cik": "1892091", "name": "AFC BDC Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-09-16) and filed no 10-K in the window" }, { "cik": "1666384", "name": "AG Twin Brook BDC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2023-07-28) and filed no 10-K in the window" }, { "cik": "1487328", "name": "Age Reversal, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-12-21) and filed no 10-K in the window" }, { "cik": "1913721", "name": "AGTB Private BDC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2023-01-05) and filed no 10-K in the window" }, { "cik": "1578620", "name": "Alcentra Capital Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2020-01-31) and filed no 10-K in the window" }, { "cik": "1096935", "name": "American BioCare, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-08-16) and filed no 10-K in the window" }, { "cik": "1114098", "name": "AMERICAN CAPITAL PARTNERS LIMITED INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1581934", "name": "American Capital Senior Floating, Ltd.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2018-09-19) and filed no 10-K in the window" }, { "cik": "1111391", "name": "AMERICAN ENERGY PRODUCTION INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-04-03) and filed no 10-K in the window" }, { "cik": "1136725", "name": "AMERICAN ENTERPRISE DEVELOPMENT CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-11-27) and filed no 10-K in the window" }, { "cik": "2083477", "name": "APS BDC, LLC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "812805", "name": "ATLANTIS TECHNOLOGY GROUP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-09-19) and filed no 10-K in the window" }, { "cik": "1132686", "name": "Aventura Equities, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-10-18) and filed no 10-K in the window" }, { "cik": "1047557", "name": "BERTHEL SBIC LLC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1294345", "name": "BLACKHAWK CAPITAL GROUP BDC INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1286848", "name": "BLACKRIDGE INVESTMENT CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1326003", "name": "BlackRock Capital Investment Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-03-18) and filed no 10-K in the window" }, { "cik": "1287289", "name": "BLACKROCK KELSO CAPITAL", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-04-20) and filed no 10-K in the window" }, { "cik": "1807427", "name": "Blue Owl Capital Corp III", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-01-13) and filed no 10-K in the window" }, { "cik": "1889668", "name": "Blue Owl Technology Finance Corp. II", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-03-24) and filed no 10-K in the window" }, { "cik": "1273534", "name": "BRANTLEY MEZZANINE CAPITAL CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-01-25) and filed no 10-K in the window" }, { "cik": "1105301", "name": "BRONCO ENERGY, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-02-08) and filed no 10-K in the window" }, { "cik": "1606657", "name": "BUSINESS DEVELOPMENT Corp OF AMERICA II", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2016-04-21) and filed no 10-K in the window" }, { "cik": "1955963", "name": "Butterfly Ventures LLC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1221483", "name": "CAPITALSOUTH PARTNERS FUND II LP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1462441", "name": "CapitalSouth Partners SBIC Fund III, L.P.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1999699", "name": "CAPQ BDC Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1851277", "name": "Carlyle Secured Lending III", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-03-28) and filed no 10-K in the window" }, { "cik": "821524", "name": "CHINA DIGITAL MEDIA CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-03-28) and filed no 10-K in the window" }, { "cik": "2056516", "name": "CIFC Direct Lending Evergreen Fund", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "793986", "name": "CITY CAPITAL CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-04-03) and filed no 10-K in the window" }, { "cik": "1100748", "name": "CLEAN ENERGY & POWER, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-10-21) and filed no 10-K in the window" }, { "cik": "1107998", "name": "CLICKER INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-07-19) and filed no 10-K in the window" }, { "cik": "317438", "name": "CLX MEDICAL, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-05-30) and filed no 10-K in the window" }, { "cik": "1363533", "name": "Conihasset Capital Partners, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-04-20) and filed no 10-K in the window" }, { "cik": "1347652", "name": "CorEnergy Infrastructure Trust, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2011-09-21) and filed no 10-K in the window" }, { "cik": "1617896", "name": "Corporate Capital Trust II", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-12-18) and filed no 10-K in the window" }, { "cik": "1494538", "name": "Corporate Capital Trust, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-04-02) and filed no 10-K in the window" }, { "cik": "888702", "name": "COUPON EXPRESS, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-07-06) and filed no 10-K in the window" }, { "cik": "1619239", "name": "Credit Suisse Park View BDC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2016-09-30) and filed no 10-K in the window" }, { "cik": "1444706", "name": "CROSSROADS LIQUIDATING TRUST", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2017-06-23) and filed no 10-K in the window" }, { "cik": "1120210", "name": "DCI USA, INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-02-22) and filed no 10-K in the window" }, { "cik": "95047", "name": "DEER VALLEY CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-12-15) and filed no 10-K in the window" }, { "cik": "1065598", "name": "DigitalTown, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-09-01) and filed no 10-K in the window" }, { "cik": "1327557", "name": "Earth Energy Reserves, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-02-24) and filed no 10-K in the window" }, { "cik": "1430415", "name": "Encompass Energy Services, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-11-19) and filed no 10-K in the window" }, { "cik": "1109697", "name": "Encounter Technologies, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2018-01-03) and filed no 10-K in the window" }, { "cik": "1040415", "name": "ENDOVASC INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1138654", "name": "ENEFTECH CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-08-15) and filed no 10-K in the window" }, { "cik": "1865266", "name": "Equal Access Portfolio LLC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1286685", "name": "EVERCORE INVESTMENT CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1404641", "name": "FIDUS MEZZANINE CAPITAL LP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1464963", "name": "First Eagle Alternative Capital BDC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2023-03-10) and filed no 10-K in the window" }, { "cik": "1701724", "name": "Flat Rock Capital Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2020-12-02) and filed no 10-K in the window" }, { "cik": "1490927", "name": "Franklin BSP Lending Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-01-24) and filed no 10-K in the window" }, { "cik": "2018545", "name": "Franklin BSP Real Estate Debt BDC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-10-20) and filed no 10-K in the window" }, { "cik": "1599750", "name": "FS Energy & Power Fund II", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2016-12-23) and filed no 10-K in the window" }, { "cik": "1579412", "name": "FS Investment Corp III", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-12-18) and filed no 10-K in the window" }, { "cik": "1637417", "name": "FS Investment Corp IV", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-12-18) and filed no 10-K in the window" }, { "cik": "1525759", "name": "FS KKR Capital Corp. II", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2021-06-16) and filed no 10-K in the window" }, { "cik": "1501729", "name": "FS Specialty Lending Fund", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-10-28) and filed no 10-K in the window" }, { "cik": "1490013", "name": "Full Circle Capital Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2016-11-04) and filed no 10-K in the window" }, { "cik": "842722", "name": "Fuse Science, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2009-01-20) and filed no 10-K in the window" }, { "cik": "1509892", "name": "Garrison Capital Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2020-10-28) and filed no 10-K in the window" }, { "cik": "1307901", "name": "Girasolar, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-01-25) and filed no 10-K in the window" }, { "cik": "1287970", "name": "GLEACHER INVESTMENT CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1144499", "name": "GLOBAL LIFE SCIENCES INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-02-08) and filed no 10-K in the window" }, { "cik": "1128949", "name": "Global Resource CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-12-20) and filed no 10-K in the window" }, { "cik": "1683074", "name": "Goldman Sachs Middle Market Lending Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2020-10-13) and filed no 10-K in the window" }, { "cik": "1865174", "name": "Goldman Sachs Middle Market Lending Corp. II", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-10-14) and filed no 10-K in the window" }, { "cik": "1715268", "name": "Golub Capital BDC 3, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-06-03) and filed no 10-K in the window" }, { "cik": "1627515", "name": "GOLUB CAPITAL INVESTMENT Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-09-16) and filed no 10-K in the window" }, { "cik": "2082559", "name": "Golub Capital Private Income Fund I", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1288156", "name": "GORES INVESTMENT CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1158420", "name": "Green Giant Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-04-28) and filed no 10-K in the window" }, { "cik": "944020", "name": "GREEN GLOBE INTERNATIONAL, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-11-15) and filed no 10-K in the window" }, { "cik": "1609336", "name": "Griffin Capital BDC Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2017-10-06) and filed no 10-K in the window" }, { "cik": "826674", "name": "GROUP MANAGEMENT CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2003-09-08) and filed no 10-K in the window" }, { "cik": "1618697", "name": "GUGGENHEIM CREDIT INCOME FUND", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-06-27) and filed no 10-K in the window" }, { "cik": "1618694", "name": "GUGGENHEIM CREDIT INCOME FUND 2016 T", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-06-27) and filed no 10-K in the window" }, { "cik": "1618696", "name": "GUGGENHEIM CREDIT INCOME FUND 2019", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-06-27) and filed no 10-K in the window" }, { "cik": "1674786", "name": "GUGGENHEIM CREDIT INCOME FUND 2021", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2021-03-31) and filed no 10-K in the window" }, { "cik": "1559909", "name": "Harvest Capital Credit Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2021-06-10) and filed no 10-K in the window" }, { "cik": "1464802", "name": "HCF Acquisition LLC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2009-06-16) and filed no 10-K in the window" }, { "cik": "1589829", "name": "Heisey Jeffrey Walter", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1373641", "name": "Highland Distressed Opportunities, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2009-06-15) and filed no 10-K in the window" }, { "cik": "1123312", "name": "Humanoid, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2004-12-08) and filed no 10-K in the window" }, { "cik": "1107809", "name": "HYDROFLO INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-07-03) and filed no 10-K in the window" }, { "cik": "1359272", "name": "IMPERIALI INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-11-06) and filed no 10-K in the window" }, { "cik": "1425883", "name": "Independent Film Development CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2009-10-05) and filed no 10-K in the window" }, { "cik": "1094788", "name": "Integrative Health Technologies, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-05-07) and filed no 10-K in the window" }, { "cik": "1598893", "name": "Integrity Capital Income Fund, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2017-11-14) and filed no 10-K in the window" }, { "cik": "1317683", "name": "INTERIM CAPITAL CORP/NV", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1199923", "name": "INTERNATIONAL ASSET GROUP INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "912844", "name": "INVENT Ventures, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2015-07-24) and filed no 10-K in the window" }, { "cik": "1948565", "name": "Investcorp US Institutional Private Credit Fund", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-02-01) and filed no 10-K in the window" }, { "cik": "1984739", "name": "Investcorp US Private Credit BDC II", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1140298", "name": "iWorld Projects & Systems, Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1659295", "name": "Jackson Advisory Group Inc", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1800381", "name": "Jefferies Private Credit BDC Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1363890", "name": "KAYNE ANDERSON ENERGY DEVELOPMENT CO", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-07-07) and filed no 10-K in the window" }, { "cik": "1827994", "name": "KING EQUITY GROUP INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2020-12-03) and filed no 10-K in the window" }, { "cik": "1286738", "name": "KKR BDC INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1879017", "name": "Lafayette Square Far West BDC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-06-21) and filed no 10-K in the window" }, { "cik": "1879018", "name": "Lafayette Square Gulf Coast BDC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-06-21) and filed no 10-K in the window" }, { "cik": "1879008", "name": "Lafayette Square Mid-Atlantic BDC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-06-21) and filed no 10-K in the window" }, { "cik": "1329549", "name": "Liberator BDC Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-09-29) and filed no 10-K in the window" }, { "cik": "1571329", "name": "Logan Ridge Finance Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-07-15) and filed no 10-K in the window" }, { "cik": "1308569", "name": "MAJOR LEAGUE FOOTBALL INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2011-11-01) and filed no 10-K in the window" }, { "cik": "1287234", "name": "MARATHON CAPITAL FINANCE CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2011-10-18) and filed no 10-K in the window" }, { "cik": "1105307", "name": "MARKET INTEGRITY INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-08-15) and filed no 10-K in the window" }, { "cik": "2023668", "name": "Max Goldwell BDC LLC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1141299", "name": "MCG CAPITAL CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2015-08-18) and filed no 10-K in the window" }, { "cik": "1084263", "name": "MICHELEX CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2004-12-29) and filed no 10-K in the window" }, { "cik": "1057327", "name": "MONKEY ROCK GROUP, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-03-09) and filed no 10-K in the window" }, { "cik": "1133901", "name": "Morris Business Development Co", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1844684", "name": "NC SLF Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-08-12) and filed no 10-K in the window" }, { "cik": "1515173", "name": "New Mountain Finance AIV Holdings Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2014-04-15) and filed no 10-K in the window" }, { "cik": "1491925", "name": "New Mountain Finance Holdings, L.L.C.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2014-05-08) and filed no 10-K in the window" }, { "cik": "1781870", "name": "New Mountain Guardian III BDC, L.L.C.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-12-19) and filed no 10-K in the window" }, { "cik": "1561528", "name": "NF Investment Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2017-06-13) and filed no 10-K in the window" }, { "cik": "1089773", "name": "NORTIA CAPITAL PARTNERS, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-05-02) and filed no 10-K in the window" }, { "cik": "1092448", "name": "NUMOBILE, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-04-18) and filed no 10-K in the window" }, { "cik": "2022625", "name": "Nuveen Churchill Private Credit Fund", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-12-13) and filed no 10-K in the window" }, { "cik": "1577791", "name": "Oaktree Strategic Income Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2021-03-19) and filed no 10-K in the window" }, { "cik": "1744179", "name": "Oaktree Strategic Income II, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2023-01-23) and filed no 10-K in the window" }, { "cik": "1200934", "name": "OFC DISTRIBUTION CORP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-04-14) and filed no 10-K in the window" }, { "cik": "1297704", "name": "OHA Investment Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-12-19) and filed no 10-K in the window" }, { "cik": "1065468", "name": "OLM VENTURES, INC.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1279740", "name": "ONASSIS HOLDINGS CORP.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-07-14) and filed no 10-K in the window" }, { "cik": "1287671", "name": "ORCHARD FIRST SOURCE INC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1105310", "name": "PAR 3 SERVICES INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2007-05-25) and filed no 10-K in the window" }, { "cik": "1626899", "name": "Parkview Capital Credit, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2020-04-29) and filed no 10-K in the window" }, { "cik": "1321560", "name": "Patriot Capital Funding, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2009-12-04) and filed no 10-K in the window" }, { "cik": "2089126", "name": "PennantPark Private Income Fund", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1387034", "name": "PLAINFIELD DIRECT INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-12-30) and filed no 10-K in the window" }, { "cik": "1286881", "name": "PORTICOES CAPITAL CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1410646", "name": "Principal Mortgage Fund Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1396950", "name": "Principal Structure Fund, Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1685711", "name": "Prospect Credit Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2016-12-08) and filed no 10-K in the window" }, { "cik": "878802", "name": "Quadrant 4 System Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-05-15) and filed no 10-K in the window" }, { "cik": "1455656", "name": "Rand Capital SBIC, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2021-12-30) and filed no 10-K in the window" }, { "cik": "1084133", "name": "Real Brands, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-01-02) and filed no 10-K in the window" }, { "cik": "1870267", "name": "Redwood Enhanced Income Fund, LP", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2026-02-27) and filed no 10-K in the window" }, { "cik": "1137587", "name": "Renew Energy Resources, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-03-14) and filed no 10-K in the window" }, { "cik": "1397081", "name": "Residential Income Properties, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2011-11-14) and filed no 10-K in the window" }, { "cik": "1105413", "name": "Rudy 45", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1523526", "name": "Sierra Income Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-02-25) and filed no 10-K in the window" }, { "cik": "1614173", "name": "SIGULER GUFF SMALL BUSINESS CREDIT OPPORTUNITIES FUND, INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2019-11-04) and filed no 10-K in the window" }, { "cik": "2033382", "name": "Silver Point Private Credit Fund", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1825590", "name": "SL Investment Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2024-07-15) and filed no 10-K in the window" }, { "cik": "1508171", "name": "SLR Senior Investment Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-04-01) and filed no 10-K in the window" }, { "cik": "1042482", "name": "SOUTHERN STATES POWER CO INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2004-05-13) and filed no 10-K in the window" }, { "cik": "1019852", "name": "Sovereign Exploration Associates International, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-09-21) and filed no 10-K in the window" }, { "cik": "1370754", "name": "Special Value Continuation Partners, LLC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2018-08-01) and filed no 10-K in the window" }, { "cik": "1366823", "name": "Spring Creek Healthcare Systems, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2010-08-17) and filed no 10-K in the window" }, { "cik": "810270", "name": "STARINVEST GROUP, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-08-13) and filed no 10-K in the window" }, { "cik": "1617572", "name": "StHealth Capital Investment Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-01-24) and filed no 10-K in the window" }, { "cik": "1376724", "name": "Superior Community Capital CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1354548", "name": "T-Equity Capital Corp.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-09-08) and filed no 10-K in the window" }, { "cik": "2066811", "name": "TCW SPECIALTY LENDING LLC", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1577134", "name": "Terra Income Fund 6, LLC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2022-09-29) and filed no 10-K in the window" }, { "cik": "1140299", "name": "TheraBiogen, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-05-16) and filed no 10-K in the window" }, { "cik": "1287243", "name": "THL INVESTMENT CAPITAL CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1006459", "name": "Timios National Corp", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-01-05) and filed no 10-K in the window" }, { "cik": "1464791", "name": "Trian Capital Corp", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1190711", "name": "TRIANGLE MEZZANINE FUND LLLP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1287684", "name": "TRIARC DEERFIELD INVESTMENT CORP", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1110737", "name": "UNICO INC /AZ/", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2005-10-12) and filed no 10-K in the window" }, { "cik": "1281845", "name": "Unique Logistics International, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2008-07-14) and filed no 10-K in the window" }, { "cik": "1054311", "name": "US FARMS, INC.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2003-03-04) and filed no 10-K in the window" }, { "cik": "1271808", "name": "VENTURE LENDING & LEASING IV INC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2011-10-31) and filed no 10-K in the window" }, { "cik": "1376067", "name": "Venture Lending & Leasing V, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2014-08-07) and filed no 10-K in the window" }, { "cik": "1482199", "name": "Venture Lending & Leasing VI, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2017-09-14) and filed no 10-K in the window" }, { "cik": "1557424", "name": "Venture Lending & Leasing VII, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2021-07-19) and filed no 10-K in the window" }, { "cik": "1642862", "name": "Venture Lending & Leasing VIII, Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2023-10-12) and filed no 10-K in the window" }, { "cik": "1527385", "name": "VII Peaks Co-Optivist Income BDC II, Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1922947", "name": "Wellings Real Estate Income Fund", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2025-07-25) and filed no 10-K in the window" }, { "cik": "1102414", "name": "Westport Energy Holdings Inc.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2006-06-30) and filed no 10-K in the window" }, { "cik": "1962244", "name": "White Oak Secured Asset Lending Fund, Inc.", "url": null, "exclusionReason": "no 10-K filed in the tracker window" }, { "cik": "1445175", "name": "Xiamen Lutong International Travel Agency Co., Ltd.", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2014-02-11) and filed no 10-K in the window" }, { "cik": "1471039", "name": "ZEA CAPITAL FUND LLC", "url": null, "exclusionReason": "withdrew its business development company election on Form N-54C (2011-01-12) and filed no 10-K in the window" } ] }