Quarterly report pursuant to Section 13 or 15(d)

Joint Venture (Tables)

v3.24.3
Joint Venture (Tables)
 9 Months Ended
Sep. 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 September 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% 11.11% 11/8/2029 $ 243,659  $ 238,479  $ 243,659 
238,479  243,659  74.95  %
Health Care Providers
Compsych Investments Corp. (4)(6) SF + 4.75% 10.03% 7/22/2031 151,378  150,642  150,642 
Compsych Investments Corp. (4)(5)(6) 7/22/2031 43,333  (214) (211)
Emerus Holdings, Inc. (4)(7) SF + 6.25% 10.50% 1/5/2028 159,200  155,307  161,056 
305,735  311,487  95.82  %
Medical Equipment and Services
EHOB, LLC (4)(7) SF + 4.75% 9.35% 12/18/2029 124,375  121,944  124,375 
FH BMX Buyer, Inc. (4)(5)(6) 6/21/2031 34,600  (509) (41)
FH BMX Buyer, Inc.(4)(6) SF + 5.25% 9.85% 6/21/2031 130,400  128,522  130,247 
249,957  254,581  78.31  %
Software and Computer Services
Brandt Information Services, LLC (4)(5)(6) 5/31/2030 50,000  (729) (122)
Brandt Information Services, LLC (4)(6) SF + 5.00% 9.85% 5/31/2030 115,000  113,372  114,719 
112,643  114,597  35.25  %
Total First Lien Debt $ 906,814  $ 924,324  284.33  %
Total Investment Portfolio $ 906,814  $ 924,324  284.33  %
(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 September 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  $ (122)
Compsych Investments Corp. 1st Lien Senior Secured Delayed Draw Loan 43,333  (211)
FH BMX Buyer, Inc. 1st Lien Senior Secured Delayed Draw Loan 34,600  (41)
Total $ 127,933  $ (374)

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

September 30, 2024 December 31, 2023
ASSETS (Unaudited)
Investments at fair value (amortized cost of $906,814 and $361,719 at September 30, 2024 and December 31, 2023, respectively)
 $ 924,324  $ 361,715 
Cash and cash equivalents 29,752  2,317 
Interest receivable 9,827  2,401 
Total assets $ 963,903  $ 366,433 
LIABILITIES
Debt $ 625,646  $ 222,300 
Interest payable and other liabilities 13,166  2,415 
Total liabilities 638,812  224,715 
MEMBERS’ EQUITY
Members’ Equity 325,091  141,718 
Total Members’ Equity 325,091  141,718 
Total liabilities and members’ equity $ 963,903  $ 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 nine months ended September 30, 2024 (Unaudited):

Three Months Ended
September 30, 2024		 Nine Months Ended
September 30, 2024
Investment income:
Interest income $ 25,720  $ 58,718 
Total investment income 25,720  58,718 
Expenses:
Interest expense 12,633  28,246 
Other expenses 527  1,241 
Total expenses 13,160  29,487 
Net investment income 12,560  29,231 
Net realized and change in unrealized gain (loss) on investments
Net realized gain (loss) on investments —  — 
Net change in unrealized appreciation (depreciation) on investments 5,388  17,514 
Net realized and change in unrealized gain (loss) on investments 5,388  17,514 
Net increase (decrease) in net assets resulting from operations $ 17,948  $ 46,745