Quarterly report pursuant to Section 13 or 15(d)

Joint Venture (Tables)

v3.24.2.u1
Joint Venture (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 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)(7) SF + 6.00% 11.33% 11/8/2029 $ 244,273  $ 238,823  $ 244,623 
238,823  244,623  89.69  %
Health Care Providers
Emerus Holdings, Inc. (4)(7) SF + 6.25% 11.56% 1/5/2028 159,600  155,395  157,912 
155,395  157,912  57.90  %
Medical Equipment and Services
EHOB, LLC (4)(7) SF + 5.50% 10.83% 12/18/2029 124,688  122,133  125,934 
FH BMX Buyer, Inc. (4)(5)(6) 6/21/2031 34,600  (518) (517)
FH BMX Buyer, Inc.(4)(6) SF + 5.25% 10.60% 6/21/2031 130,400  128,452  128,451 
250,067  253,868  93.08  %
Software and Computer Services
Brandt Information Services, LLC (4)(5)(6) 5/31/2030 50,000  (745) (740)
Brandt Information Services, LLC (4)(6) SF + 5.00% 10.33% 5/31/2030 115,000  113,299  113,299 
112,554  112,559  41.27  %
Total First Lien Debt $ 756,839  $ 768,962  281.95  %
Total Investment Portfolio $ 756,839  $ 768,962  281.95  %
(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 June 30, 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) Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the ULTRA III unfunded commitments:

Investments Commitment Type Unfunded Commitment Fair Value
Brandt Information Services, LLC 1st Lien Senior Secured Delayed Draw Loan $ 50,000  $ (740)
FH BMX Buyer, Inc. 1st Lien Senior Secured Delayed Draw Loan 34,600  (517)
Total $ 84,600  $ (1,257)

(6) The interest rate floor on these investments as of June 30, 2024 was 0.75%.
(7) The interest rate floor on these investments as of June 30, 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  %
(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 June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023
ASSETS (Unaudited)
Investments at fair value (amortized cost of $756,839 and $361,719 at June 30, 2024 and December 31, 2023, respectively)
 $ 768,962  $ 361,715 
Cash and cash equivalents 11,220  2,317 
Interest receivable 7,321  2,401 
Total assets $ 787,503  $ 366,433 
LIABILITIES
Debt $ 506,350  $ 222,300 
Interest payable and other liabilities 8,424  2,415 
Total liabilities 514,774  224,715 
MEMBERS’ EQUITY
Members’ Equity 272,730  141,718 
Total Members’ Equity 272,730  141,718 
Total liabilities and members’ equity $ 787,503  $ 366,433 
Schedule of Statement of Operations Information
The following table presents the selected statement of operations information of ULTRA III for the three and six months ended June 30, 2024 (Unaudited):

Three Months Ended
June 30, 2024		 Six Months Ended
June 30, 2024
Investment income:
Interest income $ 17,317  $ 32,998 
Total investment income 17,317  32,998 
Expenses:
Interest expense 8,206  15,613 
Other expenses 219  714 
Total expenses 8,425  16,327 
Net investment income 8,892  16,671 
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on investments —  — 
Net change in unrealized appreciation (depreciation) on investments 8,126  12,126 
Net realized and change in unrealized gain (loss) on investments 8,126  12,126 
Net increase (decrease) in net assets resulting from operations $ 17,018  $ 28,797