Quarterly report pursuant to Section 13 or 15(d)

Joint Venture (Tables)

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Joint Venture (Tables)
 3 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments ULTRA III
The following table presents the schedule of investments of ULTRA III as of March 31, 2024:
Company(1)
.
Reference Rate and Spread (2)
.
Interest Rate (2)
. Maturity Date . Par Amount/Units .
Amortized Cost (3)
. Fair Value . Percentage of Net Assets
First Lien Debt
General Industrials
Bright Light Buyer, Inc. (4)(5) SF + 6.00% 11.32  % 11/8/2029 $ 245,500  $ 239,768  $ 242,526 
239,768  242,526  129.96  %
Health Care Providers
Emerus Holdings, Inc. (4)(5) SF + 6.25% 11.58  % 1/5/2028 160,000  155,486  155,483 
155,486  155,483  83.32  %
Medical Equipment and Services
EHOB, LLC (4)(5) SF + 5.75% 11.06  % 12/18/2029 125,000  122,323  123,563 
122,323  123,563  66.21  %
Total First Lien Debt $ 517,577  $ 521,572  279.49  %
Total Investment Portfolio $ 517,577  $ 521,572  279.49  %
Cash and Cash Equivalents
Cash 8,378  8,378  4.49  %
Total Cash and Cash Equivalents $ 8,378  $ 8,378  4.49  %
Total Portfolio Investments, Cash and Cash Equivalents $ 525,955  $ 529,950  283.98  %
(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), which reset, monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at March 31, 2024. Certain investments are subject to a SOFR interest rate floor, or rate cap. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5) The interest rate floor on these investments as of March 31, 2024 was 1.00%.
The following table presents the schedule of investments of ULTRA III as of December 31, 2023:
Company (1)
.
Reference Rate and Spread (2)
.
Interest Rate (2)
. Maturity Date . Par Amount/Units .
Amortized Cost (3)
. Fair Value . Percentage of Net Assets
First Lien Debt
General Industrials
Bright Light Buyer, Inc. (4)(5) SF + 6.00% 11.37  % 11/8/2029 $ 245,500  $ 239,514  $ 239,511 
239,514  239,511  169.01  %
Medical Equipment and Services
EHOB, LLC (4)(5) SF + 5.75% 11.13  % 12/18/2029 125,000  122,205  122,204 
122,205  122,204  86.23  %
Total First Lien Debt $ 361,719  $ 361,715  255.24  %
Total Investment Portfolio $ 361,719  $ 361,715  255.24  %
Cash and Cash Equivalents
Cash 2,317  2,317  1.63  %
Total Cash and Cash Equivalents $ 2,317  $ 2,317  1.63  %
Total Portfolio Investments, Cash and Cash Equivalents $ 364,036  $ 364,032  256.87  %
(1) Unless otherwise indicated, issuers of debt and equity investments held by the Company are denominated in dollars. All debt investments are income producing unless otherwise indicated. Certain portfolio company investments are subject to contractual restrictions on sales. The total par amount is presented for debt investments.

(2) The investments bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "SF"), which reset, monthly or quarterly. For each such investment, the Company has provided the spread over SOFR and the current contractual interest rate in effect at December 31, 2023. Certain investments are subject to a SOFR interest rate floor, or rate cap. SOFR based contracts may include a credit spread adjustment, which is included within the stated all-in interest rate, if applicable, that is charged in addition to the base rate and the stated spread.

(3) The cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

(4) These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the Adviser as the Company’s valuation designee, subject to the oversight of the Board of Trustees (the “Board”) (see Note 2 and Note 5), pursuant to the Company’s valuation policy.

(5) The interest rate floor on these investments as of December 31, 2023 was 1.00%.
Schedule of Statements of Assets and Liabilities
The following table presents the selected statement of assets and liabilities information of ULTRA III as of March 31, 2024 and December 31, 2023:

March 31, 2024 December 31, 2023
ASSETS (Unaudited)
Investments at fair value (amortized cost of $517,577 and $361,719 at March 31, 2024 and December 31, 2023, respectively)
 $ 521,572  $ 361,715 
Cash and cash equivalents 8,378  2,317 
Interest receivable 6,869  2,401 
Total assets $ 536,819  $ 366,433 
LIABILITIES
Debt $ 342,300  $ 222,300 
Interest payable and other liabilities 7,901  2,415 
Total liabilities 350,201  224,715 
MEMBERS’ EQUITY
Members’ Equity 186,618  141,718 
Total Members’ Equity 186,618  141,718 
Total liabilities and members’ equity $ 536,819  $ 366,433 
Schedule of Statement of Operations Information
The following table presents the selected statement of operations information of ULTRA III for the three months ended March 31, 2024 (Unaudited):

Three Months Ended March 31, 2024
Investment income:
Interest income $ 15,681 
Total investment income 15,681 
Expenses:
Interest expense 7,407 
Other expenses 495 
Total expenses 7,902 
Net investment income 7,779 
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on investments — 
Net change in unrealized appreciation (depreciation) on investments 4,000 
Net realized and change in unrealized gain (loss) on investments 4,000 
Net increase (decrease) in net assets resulting from operations $ 11,779