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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Apollo Senior Floating Rate Fund Inc | NYSE:AFT | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.10 | 0.68% | 14.82 | 14.85 | 14.78 | 14.78 | 105,660 | 21:00:02 |
(a) | The Report to Shareholders is attached herewith. |
Manager Commentary | 1 | |||
Financial Data and Fund Performance | ||||
3 | ||||
5 | ||||
Consolidated Schedules of Investments | ||||
7 | ||||
13 | ||||
Consolidated Statements of Assets and Liabilities | 19 | |||
Consolidated Statements of Operations | 20 | |||
Consolidated Statements of Changes in Net Assets | ||||
21 | ||||
22 | ||||
Consolidated Statements of Cash Flows | ||||
23 | ||||
24 | ||||
Consolidated Financial Highlights | ||||
25 | ||||
26 | ||||
Notes to Consolidated Financial Statements | 27 | |||
Fund Investment Objectives, Policies and Risks | 45 | |||
Additional Information | 59 | |||
Important Information About This Report | 63 |
1 | Morningstar U.S. High-Yield Index |
2 | JP Morgan High Yield Bond and Leveraged Loan Market Monitor, July 5, 2023 |
3 | JP Morgan High Yield Bond and Leveraged Loan Market Monitor, July 5, 2023 |
4 | PitchBook Data / LCD June Wrap |
5 | PitchBook Data / LCD June Wrap |
6 | PitchBook Data / LCD June Wrap |
7 | JP Morgan High Yield Bond and Leveraged Loan Market Monitor, July 5, 2023 |
Portfolio Composition (as % of Current Market Value of Investment Securities) | |||||
Loans |
91.0% | ||||
High Yield Bonds |
8.4% | ||||
Equity/Other |
0.6% | ||||
Portfolio Characteristics(a) | |||||
Weighted Average Floating-Rate Spread |
4.79% | ||||
Weighted Average Fixed-Rate Coupon |
7.47% | ||||
Weighted Average Maturity (in years) (floating assets) |
4.59 | ||||
Weighted Average Maturity (in years) (fixed assets) |
5.55 | ||||
Weighted Average Modified Duration (in years) (fixed assets) |
4.08 | ||||
Weighted Average Modified Duration (in years)(e) |
3.53 | ||||
Average Position Size by Issuer(f) |
$ | 3,951,744 | |||
Number of Issuers(f) |
93 | ||||
Weighted Average S&P Rating(g) |
B | ||||
Weighted Average Rating Factor (Moody’s)(g) |
3,146 | ||||
Credit Quality(b) | |||||
BB |
3.0% | ||||
B |
67.7% | ||||
CCC+ or Lower |
10.0% | ||||
Not Rated |
19.3% |
Top 5 Industries (as % of Current Market Value of Investment Securities)(c) | |||||
High Tech Industries |
19.7% | ||||
Services: Business |
15.6% | ||||
Healthcare & Pharmaceuticals |
12.9% | ||||
Banking, Finance, Insurance & Real Estate |
9.5% | ||||
Chemicals, Plastics, & Rubber |
5.6% | ||||
Total |
63.3% | ||||
Top 10 Issuers (as % of Current Market Value of Investment Securities)(d) | |||||
Garda World Security Corp. |
3.0% | ||||
UKG, Inc. |
2.5% | ||||
Solera, LLC |
2.4% | ||||
Gainwell Acquisition Corp. |
2.4% | ||||
DCert Buyer, Inc. |
2.4% | ||||
Peraton Corp. |
2.1% | ||||
Trident TPI Holdings, Inc. |
2.1% | ||||
LBM Acquisition, LLC |
2.1% | ||||
Howden Group Holdings, Ltd. |
2.0% | ||||
McGraw-Hill Education, Inc. |
1.9% | ||||
Total |
22.9% |
(a) | Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value. |
(b) | Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2023. The quality ratings reflected were issued by S&P Global Ratings (“S&P”), an internationally recognized statistical rating organization. Credit quality ratings reflect the rating agency’s opinion of the credit quality of the underlying positions in the Fund’s portfolio and not that of the Fund itself. Credit quality ratings are subject to change. |
(c) | The industry classifications reported are from widely recognized market indexes or rating group indexes, and/or as defined by Fund management, with the primary source being Moody’s Investors Service (“Moody’s”), an internationally recognized statistical rating organization. |
(d) | Holdings are subject to change and are provided for informational purposes only. |
(e) | Excludes equity investments and includes fixed and floating rate assets. |
(f) | Excludes equity investments. |
(g) | Excludes securities with no rating or non-performing defaulted securities as of June 30, 2023. |
Performance Comparison | ||||||||||||||||||||||
YTD | 5 Yr | 10 Yr | Since Inception(d) | |||||||||||||||||||
AFT - Market Price |
10.29% | (a) | 3.33% | (a)(b) | 3.40% | (a)(b) | 3.95% | (a)(b) | ||||||||||||||
AFT - NAV |
9.87% | (a) | 4.58% | (a)(b) | 5.26% | (a)(b) | 5.49% | (a)(b) | ||||||||||||||
S&P/LSTA Leveraged Loan Index(c) |
6.48% | 4.13% | (b) | 4.07% | (b) | 4.16% | (b) |
Distributions(e) | |||||
Current Monthly Distribution (per share) |
$0.118 | ||||
Current Distribution Rate at Market Price(f) |
10.97 | % | |||
Current Distribution Rate at NAV(f) |
9.57 | % |
(a) | Performance reflects total return assuming all distributions were reinvested at the dividend reinvestment rate. Past performance does not necessarily indicate how the Fund will perform in the future. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. |
(b) | Annualized. |
(c) | The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of the U.S. dollar facilities in the leveraged loan market. |
(d) | Inception date February 23, 2011. |
(e) | All or a portion of the Fund’s distributions may be comprised of ordinary income, capital gains and/or return of capital. Refer to Note 7 in the Notes to the Consolidated Financial Statements. |
(f) | Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent month-end market price and NAV. Special distributions are not included in the calculation. |
Portfolio Composition (as % of Current Market Value of Investment Securities) | |||||
Loans |
72.0% | ||||
High Yield Bonds |
20.6% | ||||
Structured Products |
7.0% | ||||
Equity/Other |
0.4% | ||||
Portfolio Characteristics(a) | |||||
Weighted Average Floating-Rate Spread |
5.41% | ||||
Weighted Average Fixed-Rate Coupon |
6.99% | ||||
Weighted Average Maturity (in years) (floating assets) |
5.11 | ||||
Weighted Average Maturity (in years) (fixed assets) |
5.05 | ||||
Weighted Average Modified Duration (in years) (fixed assets) |
3.94 | ||||
Weighted Average Modified Duration (in years)(e) |
3.57 | ||||
Average Position Size by Issuer(f) |
$ | 3,567,840 | |||
Number of Issuers(f) |
96 | ||||
Weighted Average S&P Rating(g) |
B | ||||
Weighted Average Rating Factor (Moody’s)(g) |
3,241 | ||||
Credit Quality (b) | |||||
BB |
11.8% | ||||
B |
46.1% | ||||
CCC+ or Lower |
13.2% | ||||
Not Rated |
28.9% |
Top 5 Industries (as % of Current Market Value of Investment Securities)(c) | |||||
High Tech Industries |
18.9% | ||||
Healthcare & Pharmaceuticals |
14.1% | ||||
Banking, Finance, Insurance & Real Estate |
7.7% | ||||
Services: Business |
7.5% | ||||
Media: Advertising, Printing, & Publishing |
7.0% | ||||
Total |
55.2% | ||||
Top 10 Issuers (as % of Current Market Value of Investment Securities)(d) |
|||||
Howden Group Holdings, Ltd. |
2.7% | ||||
Gainwell Acquisition Corp. |
2.7% | ||||
Churchill Middle Market CLO, Ltd. |
2.6% | ||||
DCert Buyer, Inc. |
2.4% | ||||
Peraton Corp. |
2.4% | ||||
Solera, LLC |
2.2% | ||||
Mavis Tire Express Services Corp. |
2.1% | ||||
Inovalon Holdings, Inc. |
2.0% | ||||
Fortress Credit CLO, Ltd. |
2.0% | ||||
PetSmart, Inc. |
2.0% | ||||
Total |
23.1% |
(a) | Averages based on par value of investment securities, except for the weighted average modified duration, which is based on market value. |
(b) | Credit quality is calculated as a percentage of fair value of investment securities at June 30, 2023. The quality ratings reflected were issued by S&P, an internationally recognized statistical rating organization. Credit quality ratings reflect the rating agency’s opinion of the credit quality of the underlying positions in the Fund’s portfolio and not that of the Fund itself. Credit quality ratings are subject to change. |
(c) | The industry classifications reported are from widely recognized market indexes or rating group indexes, and/or as defined by Fund management, with the primary source being Moody’s, an internationally recognized statistical rating organization. The Top 5 Industries table above excludes Structured Products which represents 7.0% of the portfolio as of June 30, 2023. |
(d) | Holdings are subject to change and are provided for informational purposes only. |
(e) | Excludes equity investments and includes fixed and floating rate assets. |
(f) | Excludes equity investments. |
(g) | Excludes securities with no rating or in default as of June 30, 2023. |
Performance Comparison | ||||||||||||||||||||||
YTD | 5 Yr | 10 Yr | Since Inception(d) | |||||||||||||||||||
AIF - Market Price |
10.94 | %(a) | 4.47 | %(a)(b) | 5.46 | %(a)(b) | 4.38 | %(a)(b) | ||||||||||||||
AIF - NAV |
10.24 | %(a) | 4.93 | %(a)(b) | 6.35 | %(a)(b) | 6.14 | %(a)(b) | ||||||||||||||
S&P/LSTA Leveraged Loan Index(c) |
6.48 | % | 4.13 | %(b) | 4.07 | %(b) | 4.03 | %(b) |
Distributions(e) | |||||||||||||||
Current Monthly Distribution (per share) |
$0.122 | ||||||||||||||
Current Distribution Rate at Market Price(f) |
11.54 | % | |||||||||||||
Current Distribution Rate at NAV(f) |
10.16 | % |
(a) | Performance reflects total return assuming all distributions were reinvested at the dividend reinvestment rate. Past performance does not necessarily indicate how the Fund will perform in the future. The performance information provided does not reflect the deduction of taxes that a shareholder would pay on distributions received from the Fund. |
(b) | Annualized. |
(c) | The S&P/LSTA Leveraged Loan Index is a broad index designed to reflect the performance of the U.S. dollar facilities in the leveraged loan market. |
(d) | Inception date February 25, 2013. |
(e) | All or a portion of the Fund’s distributions may be comprised of ordinary income, capital gains and/or return of capital. Refer to Note 7 in the Notes to the Consolidated Financial Statements. |
(f) | Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent month-end market price and NAV. Special distributions are not included in the calculation. |
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans - 136.7%(a) |
| |||||||
AEROSPACE & DEFENSE - 4.2% | ||||||||
Peraton Corporation |
||||||||
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 02/01/28(c) |
7,486,877 | 7,370,568 | ||||||
Vertex Aerospace Services Corp. |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 12/06/28(c) |
2,285,105 | 2,287,493 | ||||||
|
|
|||||||
9,658,061 | ||||||||
|
|
|||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 14.0% | ||||||||
Alliant Holdings Intermediate, LLC |
||||||||
First Lien Term Loan B4, (1M LIBOR + 3.50%, 0.50% Floor), 8.65%, 11/05/27(c) |
4,366,599 | 4,346,316 | ||||||
Apex Group Treasury, LLC |
||||||||
First Lien Term Loan, (3M SOFR + 5.00%, 0.50% Floor), 9.99%, 07/27/28(c) |
1,554,688 | 1,548,857 | ||||||
First Lien Term Loan, (3M LIBOR + 3.75%, 0.50% Floor), 9.07%, 07/27/28(c) |
2,926,729 | 2,893,804 | ||||||
Asurion, LLC |
||||||||
First Lien Term Loan B10, (1M SOFR + 4.00%, 0.00% Floor), 9.20%, 08/19/28(c) |
992,500 | 941,942 | ||||||
First Lien Term Loan B11, (1M SOFR + 4.25%, 0.00% Floor), 9.45%, 08/19/28(b)(c) |
1,479,410 | 1,410,529 | ||||||
Second Lien Term Loan B4, (1M SOFR + 5.20%, 0.00% Floor), 10.47%, 01/20/29(c) |
3,866,174 | 3,253,115 | ||||||
Howden Group Holdings Ltd (United Kingdom) |
||||||||
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.35%, 11/12/27(c)(d)(e) |
7,000,000 | 7,000,000 | ||||||
SG Acquisition, Inc. |
||||||||
First Lien Incremental Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.20%, 01/27/27(c)(d) |
4,000,000 | 3,920,000 | ||||||
First Lien Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.20%, 01/27/27(c)(d) |
851,064 | 834,043 | ||||||
The Edelman Financial Center, LLC |
||||||||
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.75% Floor), 8.94%, 04/07/28(c) |
2,239,006 | 2,187,095 | ||||||
Second Lien Term Loan, (1M LIBOR + 6.75%, 0.00% Floor), 11.94%, 07/20/26(c) |
3,993,954 | 3,869,642 | ||||||
|
|
|||||||
32,205,343 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
CAPITAL EQUIPMENT - 2.7% | ||||||||
Safe Fleet Holdings, LLC |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.50% Floor), 8.93%, 02/23/29(c) |
994,962 | 995,584 | ||||||
First Lien Term Loan, (1M SOFR + 5.00%, 0.50% Floor), 10.18%, 02/23/29(c) |
396,000 | 396,000 | ||||||
Second Lien Term Loan, (1M LIBOR + 6.75%, 1.00% Floor), 11.94%, 02/02/26(c) |
1,403,846 | 1,311,894 | ||||||
SPX Flow, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 4.50%, 0.50% Floor), 9.70%, 04/05/29(c) |
3,447,336 | 3,411,432 | ||||||
|
|
|||||||
6,114,910 | ||||||||
|
|
|||||||
CHEMICALS, PLASTICS, & RUBBER - 8.1% | ||||||||
Geon Performance Solutions, LLC |
||||||||
First Lien Term Loan B, (3M LIBOR + 4.50%, 0.75% Floor), 10.04%, 08/18/28(c) |
3,283,892 | 3,243,877 | ||||||
LSF11 A5 Holdco LLC |
||||||||
First Lien Term Loan, (1M SOFR + 3.50%, 0.50% Floor), 8.72%, 10/15/28(c) |
3,733,650 | 3,686,401 | ||||||
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.45%, 10/15/28(c) |
2,874,897 | 2,858,136 | ||||||
Luxembourg Investment Company 428 SARL (Luxembourg) |
||||||||
First Lien Term Loan B, (3M SOFR + 5.00%, 0.50% Floor), 10.39%, 01/03/29(c)(e) |
4,695,549 | 3,495,250 | ||||||
Olympus Water US Holding Corporation |
||||||||
First Lien Incremental Term Loan, (SOFR + 5.00%, 0.50% Floor), 5.50%, 11/09/28(b)(c) |
909,000 | 881,162 | ||||||
First Lien Term Loan, (3M SOFR + 4.50%, 0.50% Floor), 9.84%, 11/09/28(c) |
2,776,233 | 2,684,700 | ||||||
First Lien Term Loan, (3M SOFR + 3.75%, 0.50% Floor), 9.25%, 11/09/28(c) |
423,201 | 407,595 | ||||||
W.R. Grace Holdings, LLC |
||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 0.50% Floor), 9.31%, 09/22/28(c) |
1,428,482 | 1,422,361 | ||||||
|
|
|||||||
18,679,482 | ||||||||
|
|
|||||||
CONSTRUCTION & BUILDING - 0.8% | ||||||||
Cornerstone Building Brands, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 5.63%, 0.50% Floor), 10.77%, 08/01/28(c) |
1,992,517 | 1,917,798 | ||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans(a) (continued) |
| |||||||
CONSUMER GOODS: NON‑DURABLE - 3.2% | ||||||||
ABG Intermediate Holdings 2 LLC |
||||||||
First Lien Term Loan, (1M SOFR + 3.50%, 0.50% Floor), 8.70%, 12/21/28(c) |
2,359,726 | 2,353,237 | ||||||
First Lien Term Loan B2, (1M SOFR + 4.00%, 0.00% Floor), 9.20%, 12/21/28(c) |
1,694,444 | 1,692,962 | ||||||
Second Lien Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.20%, 12/20/29(c) |
1,710,576 | 1,599,388 | ||||||
Iconix Brand Group |
||||||||
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.39%, 08/22/29(c)(d) |
1,811,538 | 1,775,308 | ||||||
|
|
|||||||
7,420,895 | ||||||||
|
|
|||||||
CONTAINERS, PACKAGING & GLASS - 6.1% | ||||||||
Anchor Glass Container Corp. |
||||||||
First Lien Incremental Term Loan, (6M LIBOR + 5.00%, 1.00% Floor), 10.21%, 12/07/23(c) |
1,570,174 | 1,224,736 | ||||||
First Lien Term Loan, (6M LIBOR + 2.75%, 1.00% Floor), 8.04%, 12/07/23(c) |
4,221,080 | 3,256,817 | ||||||
Berlin Packaging L.L.C. |
||||||||
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.50% Floor), 8.98%, 03/11/28(c) |
2,303,741 | 2,269,669 | ||||||
Trident TPI Holdings, Inc. |
||||||||
First Lien Incremental Term Loan, (3M SOFR + 5.25%, 0.50% Floor), 10.49%, 09/15/28(c) |
1,327,545 | 1,316,480 | ||||||
First Lien Term Loan B3, (3M LIBOR + 4.00%, 0.50% Floor), 9.54%, 09/15/28(c) |
5,980,501 | 5,899,346 | ||||||
|
|
|||||||
13,967,048 | ||||||||
|
|
|||||||
ENVIRONMENTAL INDUSTRIES - 2.6% | ||||||||
Dispatch Acquisition Holdings, LLC |
||||||||
First Lien Term Loan, (3M SOFR + 4.63%, 0.75% Floor), 10.02%, 03/27/28(c) |
495,000 | 443,025 | ||||||
First Lien Term Loan B, (3M SOFR + 4.25%, 0.75% Floor), 9.64%, 03/27/28(c) |
2,940,000 | 2,631,300 | ||||||
LTR Intermediate Holdings, Inc. |
||||||||
First Lien Term Loan, (1M LIBOR + 4.50%, 1.00% Floor), 9.72%, 05/05/28(c) |
3,194,351 | 2,853,625 | ||||||
|
|
|||||||
5,927,950 | ||||||||
|
|
|||||||
FOREST PRODUCTS & PAPER - 0.3% | ||||||||
Spa US Holdco, Inc. (Finland) |
||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 0.75% Floor), 9.29%, 02/04/28(c)(e) |
656,539 | 616,736 | ||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
HEALTHCARE & PHARMACEUTICALS - 18.7% | ||||||||
Advarra Holdings, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 10.85%, 08/24/29(c)(d) |
6,387,750 | 6,323,872 | ||||||
Athenahealth, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 3.50%, 0.50% Floor), 8.59%, 02/15/29(c) |
5,266,106 | 5,081,793 | ||||||
Azurity Pharmaceuticals, Inc. |
||||||||
First Lien Term Loan B, (1M LIBOR + 6.00%, 0.75% Floor), 11.22%, 09/20/27(c) |
1,982,142 | 1,917,722 | ||||||
Bausch Health Companies, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.44%, 02/01/27(b)(c) |
4,564,825 | 3,461,507 | ||||||
Gainwell Acquisition Corporation |
||||||||
First Lien Term Loan B, (3M SOFR + 4.00%, 0.75% Floor), 9.34%, 10/01/27(c) |
8,520,188 | 8,403,035 | ||||||
Loire Finco Luxembourg SARL (United Kingdom) |
||||||||
First Lien Term Loan B, (1M SOFR + 3.50%, 0.75% Floor), 8.60%, 04/21/27(c)(e) |
1,955,447 | 1,906,561 | ||||||
LSCS Holdings, Inc. |
||||||||
First Lien Term Loan, (1M LIBOR + 4.50%, 0.50% Floor), 9.69%, 12/16/28(c) |
2,011,256 | 1,968,516 | ||||||
Medical Solutions Holdings, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.25%, 0.50% Floor), 8.61%, 11/01/28(c) |
4,471,225 | 4,211,894 | ||||||
Phoenix Newco, Inc. |
||||||||
First Lien Term Loan, (1M LIBOR + 3.25%, 0.50% Floor), 8.47%, 11/15/28(c) |
3,984,874 | 3,958,972 | ||||||
Resonetics, LLC |
||||||||
First Lien Term Loan, (6M LIBOR + 4.00%, 0.75% Floor), 9.10%, 04/28/28(c) |
3,930,000 | 3,828,075 | ||||||
Zest Acquisition Corp. |
||||||||
First Lien Term Loan, (1M SOFR + 5.50%, 0.00% Floor), 10.64%, 02/08/28(c) |
1,995,000 | 1,925,175 | ||||||
|
|
|||||||
42,987,122 | ||||||||
|
|
|||||||
HIGH TECH INDUSTRIES - 27.0% | ||||||||
Anaplan, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 6.50%, 0.75% Floor), 11.60%, 06/21/29(c)(d) |
5,650,529 | 5,622,276 | ||||||
Avalara, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 7.25%, 0.75% Floor), 12.49%, 10/19/28(c)(d) |
4,545,455 | 4,477,273 | ||||||
Capstone Borrower, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.75%, 0.00% Floor), 9.00%, 06/17/30(c) |
2,896,320 | 2,843,824 |
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans(a) (continued) |
| |||||||
HIGH TECH INDUSTRIES (continued) | ||||||||
Cloud Software Group, Inc. |
||||||||
First Lien Term Loan A, (3M SOFR + 4.50%, 0.50% Floor), 9.84%, 09/29/28(c) |
4,985,980 | 4,680,189 | ||||||
Coupa Software, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 7.50%, 0.75% Floor), 12.60%, 02/27/30(c)(d) |
2,591,455 | 2,526,668 | ||||||
DCert Buyer, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 4.00%, 0.00% Floor), 9.26%, 10/16/26(c) |
4,592,310 | 4,560,026 | ||||||
Second Lien Term Loan, (3M SOFR + 7.00%, 0.00% Floor), 12.26%, 02/19/29(c) |
3,927,401 | 3,619,767 | ||||||
Electronics for Imaging, Inc. |
||||||||
First Lien Term Loan, (6M LIBOR + 5.00%, 0.00% Floor), 10.21%, 07/23/26(c) |
4,897,059 | 3,350,396 | ||||||
Flexera Software LLC |
||||||||
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 8.97%, 03/03/28(c) |
3,364,012 | 3,320,902 | ||||||
Imperva, Inc. |
||||||||
First Lien Term Loan, (3M LIBOR + 4.00%, 1.00% Floor), 9.34%, 01/12/26(c) |
5,451,253 | 4,950,419 | ||||||
Imprivata, Inc. |
||||||||
Second Lien Term Loan, (1M SOFR + 6.25%, 0.50% Floor), 11.35%, 12/01/28(c)(d) |
2,205,882 | 2,117,647 | ||||||
Riverbed Technology, Inc. |
||||||||
First Lien Exit Term Loan, (2.00% PIK), (3M LIBOR + 6.00%, 1.00% Floor), 2.00%, 12/07/26(c)(f)(g) |
838,660 | 227,696 | ||||||
Sovos Compliance, LLC |
||||||||
First Lien Term Loan, (1M SOFR + 4.50%, 0.50% Floor), 9.72%, 08/11/28(c) |
3,459,294 | 3,346,556 | ||||||
UKG, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.75%, 0.00% Floor), 8.90%, 05/04/26(c) |
7,592,004 | 7,500,938 | ||||||
Second Lien Term Loan, (3M SOFR + 5.25%, 0.50% Floor), 10.62%, 05/03/27(c) |
1,000,000 | 972,500 | ||||||
Virtusa Corporation |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 02/15/29(c) |
3,730,302 | 3,692,999 | ||||||
Zendesk, Inc. |
||||||||
First Lien Term Loan, (3.50% PIK), (3M SOFR + 7.00%, 0.75% Floor), 12.25%, 11/22/28(c)(d)(f) |
4,458,274 | 4,391,400 | ||||||
|
|
|||||||
62,201,476 | ||||||||
|
|
|||||||
HOTEL, GAMING & LEISURE - 2.3% | ||||||||
Fertitta Entertainment, LLC |
||||||||
First Lien Term Loan B, (1M SOFR + 4.00%, 0.50% Floor), 9.10%, 01/27/29(c) |
5,428,494 | 5,367,993 | ||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 7.1% | ||||||||
Associations Inc. |
||||||||
First Lien Term Loan, (2.50% PIK), (3M SOFR + 6.50%, 1.00% Floor), 11.72%, 07/02/27(c)(d)(f) |
3,076,768 | 3,076,768 | ||||||
Houghton Mifflin Harcourt Company |
||||||||
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.45%, 04/09/29(c) |
4,687,531 | 4,025,417 | ||||||
McGraw-Hill Education, Inc. |
||||||||
First Lien Term Loan, (6M LIBOR + 4.75%, 0.50% Floor), 9.97%, 07/28/28(b)(c) |
6,215,097 | 5,842,192 | ||||||
R. R. Donnelley & Sons Company |
||||||||
First Lien Term Loan, (1M SOFR + 7.25%, 0.75% Floor), 12.45%, 03/17/28(c) |
3,473,459 | 3,460,434 | ||||||
|
|
|||||||
16,404,811 | ||||||||
|
|
|||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 3.1% | ||||||||
Anuvu Holdings 2, LLC |
||||||||
First Lien Delayed Draw Term Loan, (3M LIBOR + 7.00%, 1.00% Floor), 12.54%, 09/25/23(c)(d) |
73,747 | 72,641 | ||||||
First Lien Term Loan, (3M LIBOR + 8.00%, 1.00% Floor), 13.54%, 03/24/25(c) |
2,479,047 | 2,435,663 | ||||||
First Lien Term Loan, (6.75% PIK), (3M LIBOR + 8.25%, 1.00% Floor), 13.79%, 03/23/26(c)(d)(f) |
2,111,016 | 1,657,148 | ||||||
CSC Holdings, LLC |
||||||||
First Lien Term Loan B, (1M LIBOR + 2.25%, 0.00% Floor), 7.44%, 07/17/25(c) |
2,992,481 | 2,890,243 | ||||||
|
|
|||||||
7,055,695 | ||||||||
|
|
|||||||
RETAIL - 3.7% | ||||||||
Claire’s Stores, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 6.50%, 0.00% Floor), 11.70%, 12/18/26(c) |
2,018,668 | 1,857,175 | ||||||
Petco Health and Wellness Company, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.25%, 0.75% Floor), 8.75%, 03/03/28(c) |
1,890,435 | 1,879,688 | ||||||
PetSmart, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 02/11/28(c) |
4,714,806 | 4,713,840 | ||||||
|
|
|||||||
8,450,703 | ||||||||
|
|
|||||||
SERVICES: BUSINESS - 21.4% | ||||||||
Advantage Sales & Marketing Inc. |
||||||||
First Lien Term Loan B1, (3M LIBOR + 4.50%, 0.75% Floor), 9.72%, 10/28/27(b)(c) |
2,967,950 | 2,799,162 |
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans(a) (continued) |
| |||||||
SERVICES: BUSINESS (continued) | ||||||||
Allied Universal Holdco LLC |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.50% Floor), 8.95%, 05/12/28(c) |
4,044,186 | 3,938,592 | ||||||
Carestream Health, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 7.50%, 1.00% Floor), 12.84%, 09/30/27(c)(d) |
116,773 | 82,325 | ||||||
Coretrust Purchasing Group LLC |
||||||||
First Lien Term Loan, (1M SOFR + 6.75%, 0.75% Floor), 11.85%, 10/01/29(c)(d) |
2,311,692 | 2,242,341 | ||||||
Deerfield Dakota Holding, LLC |
||||||||
First Lien Term Loan, (3M SOFR + 3.75%, 1.00% Floor), 8.99%, 04/09/27(c) |
6,237,944 | 6,069,738 | ||||||
eResearchTechnology, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 4.50%, 1.00% Floor), 9.72%, 02/04/27(c) |
6,343,578 | 6,116,795 | ||||||
Garda World Security Corporation (Canada) |
||||||||
First Lien Term Loan B, (1M SOFR + 4.25%, 0.00% Floor), 9.33%, 02/01/29(c)(e) |
1,721,737 | 1,706,672 | ||||||
First Lien Term Loan B2, (1M SOFR + 4.25%, 0.00% Floor), 9.43%, 10/30/26(c)(e) |
8,539,602 | 8,507,579 | ||||||
Ingenovis Health, Inc. |
||||||||
First Lien Term Loan, (6M SOFR + 4.25%, 0.50% Floor), 9.21%, 03/06/28(c) |
995,000 | 962,663 | ||||||
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 8.97%, 03/06/28(c) |
3,933,598 | 3,795,922 | ||||||
Planet US Buyer LLC |
||||||||
First Lien Term Loan, (1M SOFR + 6.75%, 0.75% Floor), 11.85%, 02/01/30(c)(d) |
2,770,833 | 2,687,708 | ||||||
Solera, LLC |
||||||||
First Lien Term Loan B, (3M LIBOR + 4.00%, 0.50% Floor), 9.54%, 06/02/28(c) |
4,003,154 | 3,696,232 | ||||||
Second Lien Term Loan, (14.61% PIK), (3M SOFR + 9.25%, 1.00% Floor), 14.61%, 06/04/29(c)(f) |
5,076,906 | 4,746,907 | ||||||
Wellsky |
||||||||
First Lien Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 10.97%, 03/10/28(c)(d) |
1,985,000 | 1,915,525 | ||||||
|
|
|||||||
49,268,161 | ||||||||
|
|
|||||||
SERVICES: CONSUMER - 1.2% | ||||||||
2U, Inc. |
||||||||
First Lien Term Loan B, (6M SOFR + 6.50%, 0.75% Floor), 11.32%, 12/28/26(c) |
1,610,333 | 1,554,986 | ||||||
MH Sub I, LLC |
||||||||
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.35%, 05/03/28(c) |
1,272,245 | 1,222,309 | ||||||
|
|
|||||||
2,777,295 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
TELECOMMUNICATIONS - 6.6% | ||||||||
CommScope, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.47%, 04/06/26(c) |
1,115,759 | 1,071,268 | ||||||
Flight Bidco, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 3.50%, 0.00% Floor), 8.72%, 07/23/25(c) |
2,591,009 | 2,437,712 | ||||||
MLN US Holdco LLC |
||||||||
First Lien Second Out Term Loan, (3M SOFR + 6.70%, 1.00% Floor), 11.78%, 10/18/27(c)(d) |
3,807,495 | 3,245,889 | ||||||
First Lien Term Loan, (3M SOFR + 6.44%, 1.00% Floor), 11.52%, 10/18/27(c)(d) |
638,138 | 615,803 | ||||||
Orbcomm, Inc. |
||||||||
First Lien Term Loan, (1M/3M LIBOR + 4.25%, 0.75% Floor), 9.58%, 09/01/28(c) |
1,034,270 | 836,895 | ||||||
U.S. TelePacific Corp. |
||||||||
First Lien Term Loan, (6.00% PIK), (SOFR + 7.00%, 0.00% Floor), 7.00%, 05/02/26(c)(f) |
3,190,859 | 1,324,207 | ||||||
Third Lien Term Loan, 0.00%, 05/02/27(c)(d)(j) |
319,086 | — | ||||||
Zacapa SARL (Luxembourg) |
||||||||
First Lien Term Loan, (3M SOFR + 4.00%, 0.50% Floor), 9.24%, 03/22/29(c)(e) |
3,753,173 | 3,663,754 | ||||||
Zayo Group Holdings, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.43%, 03/09/27(c) |
2,404,129 | 1,915,790 | ||||||
|
|
|||||||
15,111,318 | ||||||||
|
|
|||||||
TRANSPORTATION: CARGO - 0.7% | ||||||||
Channelside AcquisitionCo, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 6.75%, 1.00% Floor), 11.89%, 06/30/28(c)(d) |
1,621,935 | 1,573,277 | ||||||
|
|
|||||||
WHOLESALE - 3.1% | ||||||||
LBM Acquisition, LLC |
||||||||
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.75% Floor), 8.95%, 12/17/27(c) |
7,398,965 | 7,125,351 | ||||||
|
|
|||||||
Total Senior Loans (Cost $328,362,188) |
314,831,425 | |||||||
|
|
|||||||
Corporate Notes and Bonds - 12.6% |
|
|||||||
AUTOMOTIVE - 1.6% | ||||||||
Carvana Co. 10.25%, 05/01/30(h)(i) |
4,735,000 | 3,622,275 | ||||||
|
|
|||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 0.3% | ||||||||
KCF Puerto Rico, LLC (Puerto Rico) 0.00%, 06/28/28(d)(e)(j) |
882,529 | 607,722 | ||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
Corporate Notes and Bonds (continued) |
| |||||||
CHEMICALS, PLASTICS, & RUBBER - 0.3% | ||||||||
Cheever Escrow Issuer, LLC 7.13%, 10/01/27(h)(i) |
750,000 | 679,112 | ||||||
|
|
|||||||
CONTAINERS, PACKAGING & GLASS - 0.4% | ||||||||
LABL, Inc. 5.88%, 11/01/28(h)(i) |
1,000,000 | 913,250 | ||||||
|
|
|||||||
ENERGY: OIL & GAS - 1.1% | ||||||||
Moss Creek Resources Holdings, Inc. 10.50%, 05/15/27(h)(i) |
2,538,000 | 2,439,494 | ||||||
|
|
|||||||
FOREST PRODUCTS & PAPER - 0.5% | ||||||||
Spa US Holdco, Inc. (Finland) 4.88%, 02/04/28(e)(h)(i) |
1,500,000 | 1,240,228 | ||||||
|
|
|||||||
HEALTHCARE & PHARMACEUTICALS - 0.7% | ||||||||
Bausch Health Companies, Inc. 5.50%, 11/01/25(h)(i) |
750,000 | 662,805 | ||||||
Embecta Corp. 5.00%, 02/15/30(h)(i) |
1,063,000 | 883,252 | ||||||
|
|
|||||||
1,546,057 | ||||||||
|
|
|||||||
HIGH TECH INDUSTRIES - 2.5% | ||||||||
Wolfspeed, Inc. 9.88%, 06/23/30(d)(h)(i) |
6,000,000 | 5,760,000 | ||||||
|
|
|||||||
HOTEL, GAMING & LEISURE - 1.5% | ||||||||
Carnival Corporation 10.38%, 05/01/28(h)(i) |
2,028,000 | 2,219,393 | ||||||
NCL Corporation Ltd. 9.75%, 02/22/28(d)(h)(i) |
1,153,000 | 1,224,601 | ||||||
|
|
|||||||
3,443,994 | ||||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.4% | ||||||||
McGraw-Hill Education, Inc. 5.75%, 08/01/28(h)(i) |
1,000,000 | 868,542 | ||||||
|
|
|||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 0.6% | ||||||||
CSC Holdings, LLC 4.13%, 12/01/30(h)(i) |
2,000,000 | 1,398,464 | ||||||
|
|
|||||||
METALS & MINING - 0.0% | ||||||||
ERP Iron Ore, LLC LIBOR + 8.00%, 0.00%, 12/31/19(d)(g)(j) |
18,879 | — | ||||||
Magnetation, LLC / Mag Finance Corp. 0.00%, 05/15/18(d)(g)(h)(i)(j) |
639,000 | — | ||||||
|
|
|||||||
— | ||||||||
|
|
|||||||
SERVICES: BUSINESS - 1.6% | ||||||||
Advantage Sales & Marketing Inc. 6.50%, 11/15/28(h)(i) |
3,327,000 | 2,815,474 | ||||||
Allied Universal Holdco LLC 4.63%, 06/01/28(h)(i) |
1,000,000 | 847,095 | ||||||
|
|
|||||||
3,662,569 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
TELECOMMUNICATIONS - 1.2% | ||||||||
Frontier Communications Holdings, LLC 5.00%, 05/01/28(h)(i) |
3,239,000 | 2,799,873 | ||||||
|
|
|||||||
Total Corporate Notes and Bonds (Cost $31,274,161) |
|
28,981,580 | ||||||
|
|
|||||||
Quantity | Value ($) |
|||||||
Common Stocks - 0.8% |
||||||||
AUTOMOTIVE - 0.0% | ||||||||
APC Parent, Inc.(d)(j) |
241,972 | — | ||||||
|
|
|||||||
ENERGY: OIL & GAS - 0.0% | ||||||||
RDV Resources, Inc.(d)(j) |
28,252 | 21,323 | ||||||
|
|
|||||||
HIGH TECH INDUSTRIES - 0.0% | ||||||||
Riverbed Holdings, Inc.(d)(j) |
32,644 | — | ||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0% | ||||||||
Acosta, Inc.(d)(j) |
3,133 | 33,209 | ||||||
|
|
|||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 0.3% | ||||||||
Anuvu Corp.(d)(j) |
108,418 | 533,417 | ||||||
|
|
|||||||
SERVICES: BUSINESS - 0.5% | ||||||||
Carestream Health, Inc.(d)(j) |
118,564 | 1,145,328 | ||||||
|
|
|||||||
Total Common Stocks (Cost $6,691,651) |
1,733,277 | |||||||
|
|
|||||||
Preferred Stocks - 0.1% |
||||||||
HIGH TECH INDUSTRIES - 0.0% | ||||||||
Riverbed Holdings, Inc.(d) |
22,342 | – | ||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1% |
||||||||
Acosta, Inc., (14.50% PIK)(d)(f) |
4,138 | 204,020 | ||||||
|
|
|||||||
Total Preferred Stocks (Cost $717,268) |
204,020 | |||||||
|
|
|||||||
Total Investments - 150.1% (Cost of $367,045,268) |
345,750,302 | |||||||
Other Assets & Liabilities, Net - 6.3% |
|
14,435,984 | ||||||
Loan Outstanding - (56.4%)(k)(l) |
(129,830,022 | ) | ||||||
|
|
|||||||
Net Assets (Applicable to Common Shares) - 100.0% |
230,356,264 | |||||||
|
|
(a) | “Senior Loans” are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Senior Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. In some instances, the rates shown represent the weighted average rate as of June 30, 2023. Senior Loans are generally not registered under the Securities Act of 1933 (the “1933 Act”) and often incorporate certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity. |
(b) | All or a portion of this Senior Loan position has not settled. Full contract rates do not take effect until settlement date and therefore are subject to change. |
(c) | The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily the prime rate offered by one or more major U.S. banks (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/SOFR/Prime rate. As of June 30, 2023, the 1, 3 and 6 month LIBOR rates were 5.22%, 5.54% and 5.76%, respectively, the 1, 3 and 6 month SOFR rates were 5.14%, 5.27%, and 5.39%, respectively, and the Prime lending rate was 8.25%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of LIBOR, SOFR and Prime (“Variable”) in addition to the stated spread. |
(d) | Fair Value Level 3 security. |
(e) | Foreign issuer traded in U.S. dollars. |
(f) | Represents a payment‑in‑kind (“PIK”) security, which may pay interest in additional principal amount/share quantity. |
(g) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
(h) | Fixed rate asset. |
(i) | Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2023, these securities amounted to $28,373,859, or 12.32% of net assets. |
(j) | Non‑income producing asset. |
(k) | The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility. |
(l) | Principal of $130,000,000 less unamortized deferred financing costs of $169,978. |
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans - 109.4%(a) |
||||||||
AEROSPACE & DEFENSE - 3.5% | ||||||||
Peraton Corporation |
||||||||
First Lien Term Loan B, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 02/01/28(c) |
7,486,877 | 7,370,568 | ||||||
|
|
|||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 10.0% | ||||||||
Asurion, LLC |
||||||||
First Lien Term Loan B10, (1M SOFR + 4.00%, 0.00% Floor), 9.20%, 08/19/28(c) |
994,987 | 944,302 | ||||||
First Lien Term Loan B11, (1M SOFR + 4.25%, 0.00% Floor), 9.45%, 08/19/28(b)(c) |
915,825 | 873,183 | ||||||
Second Lien Term Loan B4, (1M SOFR + 5.20%, 0.00% Floor), 10.47%, 01/20/29(c) |
2,885,398 | 2,427,860 | ||||||
Howden Group Holdings Ltd (United Kingdom) |
||||||||
First Lien Incremental Term Loan B, (1M SOFR + 4.00%, 0.50% Floor), 9.10%, 04/18/30(c)(e) |
1,605,975 | 1,604,971 | ||||||
First Lien Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.35%, 11/12/27(c)(d)(e) |
7,000,000 | 7,000,000 | ||||||
SG Acquisition, Inc. |
||||||||
First Lien Incremental Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.20%, 01/27/27(c)(d) |
4,000,000 | 3,920,000 | ||||||
First Lien Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.20%, 01/27/27(c)(d) |
851,064 | 834,043 | ||||||
The Edelman Financial Center, LLC |
||||||||
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.75% Floor), 8.94%, 04/07/28(c) |
1,421,481 | 1,388,524 | ||||||
Second Lien Term Loan, (1M LIBOR + 6.75%, 0.00% Floor), 11.94%, 07/20/26(c) |
1,966,751 | 1,905,536 | ||||||
|
|
|||||||
20,898,419 | ||||||||
|
|
|||||||
BEVERAGE, FOOD & TOBACCO - 0.9% | ||||||||
Ultimate Baked Goods Midco LLC |
||||||||
First Lien Term Loan L, (1M SOFR + 6.25%, 1.00% Floor), 11.45%, 08/13/27(c)(d) |
2,020,581 | 1,957,741 | ||||||
|
|
|||||||
CAPITAL EQUIPMENT - 1.5% | ||||||||
Safe Fleet Holdings, LLC |
||||||||
Second Lien Term Loan, (1M LIBOR + 6.75%, 1.00% Floor), 11.94%, 02/02/26(c) |
1,403,846 | 1,311,894 | ||||||
SPX Flow, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 4.50%, 0.50% Floor), 9.70%, 04/05/29(c) |
1,748,096 | 1,729,890 | ||||||
|
|
|||||||
3,041,784 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
CHEMICALS, PLASTICS, & RUBBER - 5.2% | ||||||||
LSF11 A5 Holdco LLC |
||||||||
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.45%, 10/15/28(c) |
2,874,897 | 2,858,136 | ||||||
First Lien Term Loan, (1M SOFR + 3.50%, 0.50% Floor), 8.72%, 10/15/28(c) |
2,201,912 | 2,174,047 | ||||||
Luxembourg Investment Company 428 SARL (Luxembourg) |
||||||||
First Lien Term Loan B, (3M SOFR + 5.00%, 0.50% Floor), 10.39%, 01/03/29(c)(e) |
4,695,549 | 3,495,250 | ||||||
Olympus Water US Holding Corporation |
||||||||
First Lien Incremental Term Loan, (SOFR + 5.00%, 0.50% Floor), 5.50%, 11/09/28(b)(c) |
909,000 | 881,162 | ||||||
W.R. Grace Holdings, LLC |
||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 0.50% Floor), 9.31%, 09/22/28(c) |
1,428,482 | 1,422,362 | ||||||
|
|
|||||||
10,830,957 | ||||||||
|
|
|||||||
CONSTRUCTION & BUILDING - 0.2% | ||||||||
Cornerstone Building Brands, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 5.63%, 0.50% Floor), 10.77%, 08/01/28(c) |
395,805 | 380,963 | ||||||
|
|
|||||||
CONSUMER GOODS: NON‑DURABLE - 2.3% | ||||||||
ABG Intermediate Holdings 2 LLC |
||||||||
First Lien Term Loan B2, (1M SOFR + 4.00%, 0.00% Floor), 9.20%, 12/21/28(c) |
1,355,556 | 1,354,369 | ||||||
Second Lien Term Loan, (1M SOFR + 6.00%, 0.50% Floor), 11.20%, 12/20/29(c) |
1,710,576 | 1,599,389 | ||||||
Iconix Brand Group |
||||||||
First Lien Term Loan, (3M SOFR + 6.00%, 1.00% Floor), 11.39%, 08/22/29(c)(d) |
1,811,538 | 1,775,308 | ||||||
|
|
|||||||
4,729,066 | ||||||||
|
|
|||||||
CONTAINERS, PACKAGING & GLASS - 3.0% | ||||||||
Anchor Glass Container Corp. |
||||||||
First Lien Incremental Term Loan, (6M LIBOR + 5.00%, 1.00% Floor), 10.21%, 12/07/23(c) |
1,479,007 | 1,153,625 | ||||||
First Lien Term Loan, (6M LIBOR + 2.75%, 1.00% Floor), 8.04%, 12/07/23(c) |
4,134,818 | 3,190,260 | ||||||
Trident TPI Holdings, Inc. |
||||||||
First Lien Incremental Term Loan, (3M SOFR + 5.25%, 0.50% Floor), 10.49%, 09/15/28(c) |
1,990,000 | 1,973,413 | ||||||
|
|
|||||||
6,317,298 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans(a) (continued) |
| |||||||
ENVIRONMENTAL INDUSTRIES - 1.4% | ||||||||
LTR Intermediate Holdings, Inc. |
||||||||
First Lien Term Loan, (1M LIBOR + 4.50%, 1.00% Floor), 9.72%, 05/05/28(c) |
3,194,351 | 2,853,625 | ||||||
|
|
|||||||
FOREST PRODUCTS & PAPER - 0.5% | ||||||||
Spa US Holdco, Inc. (Finland) |
||||||||
First Lien Term Loan B, (3M LIBOR + 3.75%, 0.75% Floor), 9.29%, 02/04/28(c)(e) |
1,144,576 | 1,075,186 | ||||||
|
|
|||||||
HEALTHCARE & PHARMACEUTICALS - 20.8% | ||||||||
Advarra Holdings, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 10.85%, 08/24/29(c)(d) |
6,387,750 | 6,323,872 | ||||||
Athenahealth, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 3.50%, 0.50% Floor), 8.59%, 02/15/29(c) |
4,032,166 | 3,891,040 | ||||||
Azurity Pharmaceuticals, Inc. |
||||||||
First Lien Term Loan B, (1M LIBOR + 6.00%, 0.75% Floor), 11.22%, 09/20/27(c) |
2,510,713 | 2,429,114 | ||||||
Bausch Health Companies, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.44%, 02/01/27(b)(c) |
3,611,662 | 2,738,723 | ||||||
Gainwell Acquisition Corporation |
||||||||
First Lien Term Loan B, (3M SOFR + 4.00%, 0.75% Floor), 9.34%, 10/01/27(c) |
8,520,188 | 8,403,035 | ||||||
Gateway US Holdings, Inc. |
||||||||
First Lien Delayed Draw Term Loan, (3M SOFR + 6.50%, 0.75% Floor), 11.89%, 09/22/26(c)(d) |
122,076 | 120,245 | ||||||
First Lien Eighth AMD Delayed Draw, (3M SOFR + 6.50%, 0.75% Floor), 11.89%, 09/22/26(c)(d) |
642,300 | 632,666 | ||||||
First Lien Term Loan, (3M SOFR + 6.50%, 0.75% Floor), 11.89%, 09/22/26(c)(d) |
2,796,018 | 2,754,078 | ||||||
Inovalon Holdings, Inc. |
||||||||
First Lien Term Loan, (2.75% PIK), (3M SOFR + 6.25%, 0.75% Floor), 11.66%, 11/24/28(c)(d)(f) |
6,441,943 | 6,313,104 | ||||||
Second Lien Term Loan, (15.99% PIK), (3M SOFR + 10.50%, 0.75% Floor), 15.99%, 11/25/33(c)(d)(f) |
121,957 | 118,908 | ||||||
Medical Solutions Holdings, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.25%, 0.50% Floor), 8.61%, 11/01/28(c) |
2,984,962 | 2,811,835 |
Principal Amount ($) |
Value ($) |
|||||||
HEALTHCARE & PHARMACEUTICALS (continued) | ||||||||
Tivity Health, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 6.00%, 0.75% Floor), 11.24%, 06/28/29(c)(d) |
4,962,500 | 4,912,875 | ||||||
Zest Acquisition Corp. |
||||||||
First Lien Term Loan, (1M SOFR + 5.50%, 0.00% Floor), 10.64%, 02/08/28(c) |
1,995,000 | 1,925,175 | ||||||
|
|
|||||||
43,374,670 | ||||||||
|
|
|||||||
HIGH TECH INDUSTRIES - 25.7% | ||||||||
Anaplan, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 6.50%, 0.75% Floor), 11.60%, 06/21/29(c)(d) |
5,650,529 | 5,622,276 | ||||||
Avalara, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 7.25%, 0.75% Floor), 12.49%, 10/19/28(c)(d) |
4,545,455 | 4,477,273 | ||||||
Capstone Borrower, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.75%, 0.00% Floor), 9.00%, 06/17/30(c) |
2,896,320 | 2,843,824 | ||||||
Cloud Software Group, Inc. |
||||||||
First Lien Term Loan A, (3M SOFR + 4.50%, 0.50% Floor), 9.84%, 09/29/28(c) |
2,991,588 | 2,808,114 | ||||||
Coupa Software, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 7.50%, 0.75% Floor), 12.60%, 02/27/30(c)(d) |
1,727,637 | 1,684,446 | ||||||
DCert Buyer, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 4.00%, 0.00% Floor), 9.26%, 10/16/26(c) |
4,134,152 | 4,105,089 | ||||||
Second Lien Term Loan, (3M SOFR + 7.00%, 0.00% Floor), 12.26%, 02/19/29(c) |
3,933,068 | 3,624,991 | ||||||
Electronics for Imaging, Inc. |
||||||||
First Lien Term Loan, (6M LIBOR + 5.00%, 0.00% Floor), 10.21%, 07/23/26(c) |
986,180 | 674,710 | ||||||
Imperva, Inc. |
||||||||
First Lien Term Loan, (3M LIBOR + 4.00%, 1.00% Floor), 9.34%, 01/12/26(c) |
6,797,039 | 6,172,561 | ||||||
Imprivata, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.50% Floor), 8.97%, 12/01/27(c) |
492,443 | 483,641 | ||||||
Second Lien Term Loan, (1M SOFR + 6.25%, 0.50% Floor), 11.35%, 12/01/28(c)(d) |
2,205,882 | 2,117,647 | ||||||
IQN Holding Corp. |
||||||||
First Lien Revolving Term Loan, (1M SOFR + 5.25%, 0.75% Floor), 10.35%, 05/02/28(c)(d) |
53,476 | 53,209 |
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans(a) (continued) |
| |||||||
HIGH TECH INDUSTRIES (continued) | ||||||||
First Lien Term Loan, (6M SOFR + 5.25%, 0.75% Floor), 10.38%, 05/02/29(c)(d) |
3,908,356 | 3,888,814 | ||||||
Riverbed Technology, Inc. |
||||||||
First Lien Exit Term Loan, (2.00% PIK), (3M LIBOR + 6.00%, 1.00% Floor), 2.00%, 12/07/26(c)(f)(g) |
748,804 | 203,300 | ||||||
Sovos Compliance, LLC |
||||||||
First Lien Term Loan, (1M SOFR + 4.50%, 0.50% Floor), 9.72%, 08/11/28(c) |
3,459,294 | 3,346,556 | ||||||
UKG, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 3.75%, 0.00% Floor), 8.90%, 05/04/26(c) |
3,810,596 | 3,764,888 | ||||||
Second Lien Term Loan, (3M SOFR + 5.25%, 0.50% Floor), 10.62%, 05/03/27(c) |
2,000,000 | 1,945,000 | ||||||
Virtusa Corporation |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 02/15/29(c) |
2,742,802 | 2,715,374 | ||||||
Zendesk, Inc. |
||||||||
First Lien Term Loan, (3.75% PIK), (3M SOFR + 7.00%, 0.75% Floor), 12.25%, 11/22/28(c)(d)(f) |
2,982,391 | 2,937,655 | ||||||
|
|
|||||||
53,469,368 | ||||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 9.5% | ||||||||
Accelerate360 Holdings, LLC |
||||||||
First Lien Revolving Term Loan, (3M SOFR + 6.00%, 0.00% Floor), 11.51%, 02/04/27(c)(d) |
636,092 | 636,092 | ||||||
First Lien Term Loan, (3M SOFR + 6.00%, 0.00% Floor), 11.51%, 02/04/27(c)(d) |
4,141,019 | 4,141,019 | ||||||
Associations Inc. |
||||||||
First Lien Term Loan, (2.50% PIK), (3M SOFR + 6.50%, 1.00% Floor), 11.72%, 07/02/27(c)(d)(f) |
3,076,768 | 3,076,768 | ||||||
Houghton Mifflin Harcourt Company |
||||||||
First Lien Term Loan B, (1M SOFR + 5.25%, 0.50% Floor), 10.45%, 04/09/29(c) |
4,149,227 | 3,563,148 | ||||||
McGraw-Hill Education, Inc. |
||||||||
First Lien Term Loan, (6M LIBOR + 4.75%, 0.50% Floor), 9.97%, 07/28/28(b)(c) |
5,279,598 | 4,962,822 | ||||||
R. R. Donnelley & Sons Company |
||||||||
First Lien Term Loan, (1M SOFR + 7.25%, 0.75% Floor), 12.45%, 03/17/28(c) |
3,473,459 | 3,460,434 | ||||||
|
|
|||||||
19,840,283 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 1.9% | ||||||||
Anuvu Holdings 2, LLC |
||||||||
First Lien Delayed Draw Term Loan, (3M LIBOR + 7.00%, 1.00% Floor), 12.54%, 09/25/23(c)(d) |
69,796 | 68,749 | ||||||
First Lien Term Loan, (3M LIBOR + 8.00%, 1.00% Floor), 13.54%, 03/24/25(c) |
2,346,207 | 2,305,148 | ||||||
First Lien Term Loan, (6.75% PIK), (3M LIBOR + 8.25%, 1.00% Floor), 13.79%, 03/23/26(c)(d)(f) |
1,997,898 | 1,568,350 | ||||||
|
|
|||||||
3,942,247 | ||||||||
|
|
|||||||
RETAIL - 3.0% | ||||||||
Claire’s Stores, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 6.50%, 0.00% Floor), 11.70%, 12/18/26(c) |
2,018,668 | 1,857,175 | ||||||
PetSmart, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.75% Floor), 8.95%, 02/11/28(c) |
4,384,688 | 4,383,789 | ||||||
|
|
|||||||
6,240,964 | ||||||||
|
|
|||||||
SERVICES: BUSINESS - 9.2% | ||||||||
Advantage Sales & Marketing Inc. |
||||||||
First Lien Term Loan B1, (3M LIBOR + 4.50%, 0.75% Floor), 9.72%, 10/28/27(b)(c) |
1,483,976 | 1,399,582 | ||||||
Allied Universal Holdco LLC |
||||||||
First Lien Term Loan, (1M SOFR + 3.75%, 0.50% Floor), 8.95%, 05/12/28(c) |
945,424 | 920,739 | ||||||
Carestream Health, Inc. |
||||||||
First Lien Term Loan, (3M SOFR + 7.50%, 1.00% Floor), 12.84%, 09/30/27(c)(d) |
54,489 | 38,415 | ||||||
Coretrust Purchasing Group LLC |
||||||||
First Lien Term Loan, (1M SOFR + 6.75%, 0.75% Floor), 11.85%, 10/01/29(c)(d) |
2,311,692 | 2,242,341 | ||||||
eResearchTechnology, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 4.50%, 1.00% Floor), 9.72%, 02/04/27(c) |
3,011,150 | 2,903,502 | ||||||
Planet US Buyer LLC |
||||||||
First Lien Term Loan, (1M SOFR + 6.75%, 0.75% Floor), 11.85%, 02/01/30(c)(d) |
2,770,833 | 2,687,708 | ||||||
Solera, LLC |
||||||||
First Lien Term Loan B, (3M LIBOR + 4.00%, 0.50% Floor), 9.54%, 06/02/28(c) |
2,817,153 | 2,601,162 | ||||||
Second Lien Term Loan, (14.61% PIK), (3M SOFR + 9.25%, 1.00% Floor), 14.61%, 06/04/29(c)(f) |
4,727,113 | 4,419,850 |
Principal Amount ($) |
Value ($) |
|||||||
Senior Loans(a) (continued) |
| |||||||
SERVICES: BUSINESS (continued) | ||||||||
Wellsky |
||||||||
First Lien Term Loan, (1M SOFR + 5.75%, 0.75% Floor), 10.97%, 03/10/28(c)(d) |
1,985,000 | 1,915,525 | ||||||
|
|
|||||||
19,128,824 | ||||||||
|
|
|||||||
SERVICES: CONSUMER - 2.8% | ||||||||
Mavis Tire Express Services Corporation |
||||||||
First Lien Term Loan B, (1M SOFR + 4.00%, 0.75% Floor), 9.22%, 05/04/28(c) |
4,600,655 | 4,567,600 | ||||||
MH Sub I, LLC |
||||||||
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.35%, 05/03/28(c) |
1,272,245 | 1,222,309 | ||||||
|
|
|||||||
5,789,909 | ||||||||
|
|
|||||||
TELECOMMUNICATIONS - 4.8% | ||||||||
CommScope, Inc. |
||||||||
First Lien Term Loan B, (1M SOFR + 3.25%, 0.00% Floor), 8.47%, 04/06/26(c) |
1,010,682 | 970,381 | ||||||
Flight Bidco, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 3.50%, 0.00% Floor), 8.72%, 07/23/25(c) |
2,371,702 | 2,231,380 | ||||||
MLN US Holdco LLC |
||||||||
First Lien Term Loan, (3M SOFR + 6.44%, 1.00% Floor), 11.52%, 10/18/27(c)(d) |
382,882 | 369,481 | ||||||
First Lien Second Out Term Loan, (3M SOFR + 6.70%, 1.00% Floor), 11.78%, 10/18/27(c)(d) |
2,284,497 | 1,947,533 | ||||||
U.S. TelePacific Corp. |
||||||||
First Lien Term Loan, (6.00% PIK), (SOFR + 7.00%, 0.00% Floor), 7.00%, 05/02/26(c)(f) |
3,190,859 | 1,324,207 | ||||||
Third Lien Term Loan, 0.00%, 05/02/27(c)(d)(j) |
319,086 | — | ||||||
Zacapa SARL (Luxembourg) |
||||||||
First Lien Term Loan, (3M SOFR + 4.00%, 0.50% Floor), 9.24%, 03/22/29(c)(e) |
2,760,711 | 2,694,937 | ||||||
Zayo Group Holdings, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 4.25%, 0.50% Floor), 9.43%, 03/09/27(c) |
613,612 | 488,972 | ||||||
|
|
|||||||
10,026,891 | ||||||||
|
|
|||||||
TRANSPORTATION: CARGO - 0.8% | ||||||||
Channelside AcquisitionCo, Inc. |
||||||||
First Lien Term Loan, (1M SOFR + 6.75%, 1.00% Floor), 11.89%, 06/30/28(c)(d) |
1,621,935 | 1,573,277 | ||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
WHOLESALE - 2.4% | ||||||||
LBM Acquisition, LLC |
||||||||
First Lien Term Loan B, (1M LIBOR + 3.75%, 0.75% Floor), 8.95%, 12/17/27(c) |
5,231,945 | 5,038,468 | ||||||
|
|
|||||||
Total Senior Loans (Cost $237,685,564) |
227,880,508 | |||||||
|
|
|||||||
Corporate Notes and Bonds - 30.7% |
| |||||||
AUTOMOTIVE - 2.4% | ||||||||
Carvana Co. |
||||||||
10.25%, 05/01/30(h)(i) |
6,601,000 | 5,049,765 | ||||||
|
|
|||||||
BANKING, FINANCE, INSURANCE & REAL ESTATE - 1.7% | ||||||||
Alliant Holdings Intermediate, LLC |
||||||||
5.88%, 11/01/29(h)(i) |
3,400,000 | 2,994,788 | ||||||
KCF Puerto Rico, LLC |
||||||||
(Puerto Rico) 0.00%, 06/28/28(d)(e)(j) |
814,642 | 560,974 | ||||||
|
|
|||||||
3,555,762 | ||||||||
|
|
|||||||
CHEMICALS, PLASTICS, & RUBBER - 1.8% | ||||||||
Olympus Water US Holding Corporation |
||||||||
9.75%, 11/15/28(h)(i) |
2,000,000 | 1,951,850 | ||||||
W.R. Grace Holdings, LLC |
||||||||
4.88%, 06/15/27(h)(i) |
2,000,000 | 1,854,234 | ||||||
|
|
|||||||
3,806,084 | ||||||||
|
|
|||||||
CONTAINERS, PACKAGING & GLASS - 0.9% | ||||||||
LABL, Inc. |
||||||||
5.88%, 11/01/28(h)(i) |
2,000,000 | 1,826,500 | ||||||
|
|
|||||||
ENERGY: OIL & GAS - 4.2% | ||||||||
Moss Creek Resources Holdings, Inc. |
||||||||
7.50%, 01/15/26(h)(i) |
484,000 | 445,431 | ||||||
10.50%, 05/15/27(h)(i) |
5,541,000 | 5,325,940 | ||||||
Venture Global LNG, Inc. |
||||||||
8.13%, 06/01/28(h)(i) |
3,000,000 | 3,050,595 | ||||||
|
|
|||||||
8,821,966 | ||||||||
|
|
|||||||
FOREST PRODUCTS & PAPER - 0.6% | ||||||||
Spa US Holdco, Inc. (Finland) |
||||||||
4.88%, 02/04/28(e)(h)(i) |
1,500,000 | 1,240,229 | ||||||
|
|
|||||||
HEALTHCARE & PHARMACEUTICALS - 0.6% | ||||||||
Bausch Health Companies, Inc. |
||||||||
5.50%, 11/01/25(h)(i) |
500,000 | 441,870 | ||||||
Embecta Corp. |
||||||||
5.00%, 02/15/30(h)(i) |
1,063,000 | 883,252 | ||||||
|
|
|||||||
1,325,122 | ||||||||
|
|
Principal Amount ($) |
Value ($) |
|||||||
Corporate Notes and Bonds (continued) |
| |||||||
HIGH TECH INDUSTRIES - 3.1% | ||||||||
Austin BidCo Inc. |
||||||||
7.13%, 12/15/28(h)(i) |
2,000,000 | 1,638,125 | ||||||
Wolfspeed, Inc. |
||||||||
9.88%, 06/23/30(d)(h)(i) |
5,000,000 | 4,800,000 | ||||||
|
|
|||||||
6,438,125 | ||||||||
|
|
|||||||
HOTEL, GAMING & LEISURE - 6.6% | ||||||||
Allwyn Entertainment Financing PLC (Czech Republic) |
||||||||
7.88%, 04/30/29(e)(h)(i) |
1,050,000 | 1,072,005 | ||||||
Carnival Corporation |
||||||||
10.38%, 05/01/28(h)(i) |
2,028,000 | 2,219,392 | ||||||
CDI Escrow Issuer, Inc. |
||||||||
5.75%, 04/01/30(h)(i) |
2,000,000 | 1,862,500 | ||||||
6.75%, 05/01/31(h)(i) |
2,500,000 | 2,474,408 | ||||||
Life Time, Inc. |
||||||||
5.75%, 01/15/26(h)(i) |
5,000,000 | 4,879,023 | ||||||
NCL Corporation Ltd. |
||||||||
9.75%, 02/22/28(d)(h)(i) |
1,153,000 | 1,224,601 | ||||||
|
|
|||||||
13,731,929 | ||||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.9% | ||||||||
Outfront Media Capital, LLC |
||||||||
5.00%, 08/15/27(h)(i) |
2,000,000 | 1,816,650 | ||||||
|
|
|||||||
METALS & MINING - 0.0% | ||||||||
ERP Iron Ore, LLC |
||||||||
LIBOR + 8.00%, 0.00%, 12/31/19(d)(g)(j) |
86,775 | — | ||||||
Magnetation, LLC / Mag Finance Corp. |
||||||||
0.00%, 05/15/18(d)(g)(h)(i)(j) |
2,937,000 | — | ||||||
|
|
|||||||
— | ||||||||
|
|
|||||||
RETAIL - 1.0% | ||||||||
PetSmart, Inc. |
||||||||
7.75%, 02/15/29(h)(i) |
2,000,000 | 1,989,499 | ||||||
|
|
|||||||
SERVICES: BUSINESS - 1.9% | ||||||||
Advantage Sales & Marketing Inc. |
||||||||
6.50%, 11/15/28(h)(i) |
2,683,000 | 2,270,489 | ||||||
Allied Universal Holdco LLC |
||||||||
4.63%, 06/01/28(h)(i) |
2,000,000 | 1,694,190 | ||||||
|
|
|||||||
3,964,679 | ||||||||
|
|
|||||||
SERVICES: CONSUMER - 1.0% | ||||||||
Mavis Tire Express Services Corporation |
||||||||
6.50%, 05/15/29(h)(i) |
2,405,000 | 2,072,990 | ||||||
|
|
|||||||
TELECOMMUNICATIONS - 3.5% | ||||||||
Frontier Communications Holdings, LLC |
||||||||
8.63%, 03/15/31(h)(i) |
2,000,000 | 1,939,510 |
Principal Amount ($) |
Value ($) |
|||||||
TELECOMMUNICATIONS (continued) | ||||||||
Lumen Technologies, Inc. |
||||||||
4.00%, 02/15/27(h)(i) |
3,000,000 | 2,235,000 | ||||||
4.25%, 07/01/28(h)(i) |
3,000,000 | 1,938,480 | ||||||
Uniti Group LP |
||||||||
10.50%, 02/15/28(h)(i) |
1,209,000 | 1,202,955 | ||||||
|
|
|||||||
7,315,945 | ||||||||
|
|
|||||||
WHOLESALE - 0.5% | ||||||||
LBM Acquisition, LLC |
||||||||
6.25%, 01/15/29(h)(i) |
1,344,000 | 1,112,160 | ||||||
|
|
|||||||
Total Corporate Notes and Bonds (Cost $69,319,282) |
64,067,405 | |||||||
|
|
|||||||
Convertible Bonds - 0.5% |
| |||||||
HOTEL, GAMING & LEISURE - 0.5% | ||||||||
Peloton Interactive, Inc. |
||||||||
0.00%, 02/15/26(h)(j) |
1,300,000 | 986,375 | ||||||
|
|
|||||||
Total Convertible Bonds (Cost $1,140,522) |
986,375 | |||||||
|
|
|||||||
Structured Products - 10.7%(m) |
| |||||||
Basswood Park CLO Ltd (Cayman Islands) |
||||||||
2021‑1, Class E 11.40%, 04/20/34(e)(i)(n) |
2,000,000 | 1,822,012 | ||||||
Churchill Middle Market CLO, Ltd. (Cayman Islands) |
||||||||
2021‑1A E, Class E 13.43%, 10/24/33(e)(i)(n) |
4,000,000 | 3,559,124 | ||||||
Fortress Credit BSL CLO, Ltd. (Cayman Islands) |
||||||||
2021‑3 Class E 12.31%, 07/20/34(e)(i)(n) |
3,000,000 | 2,739,534 | ||||||
Fortress Credit Opportunities CLO, Ltd. (Cayman Islands) |
||||||||
2018‑11A, Class E 12.41%, 04/15/31(e)(i)(n) |
4,000,000 | 3,692,136 | ||||||
Franklin Park Place CLO, Ltd. (Cayman Islands) |
||||||||
2022‑1A, Class E 12.49%, 04/14/35(e)(i)(n) |
2,000,000 | 1,775,336 | ||||||
Golub Capital Partners CLO, Ltd. (Cayman Islands) |
||||||||
2021‑55A, Class E 11.81%, 07/20/34(e)(i)(n) |
2,000,000 | 1,809,322 | ||||||
KKR Financial CLO, Ltd. (Cayman Islands) |
||||||||
2017, Class ER 12.65%, 04/15/34(e)(i)(n) |
2,750,000 | 2,356,610 | ||||||
TIAA Churchill Middle Market CLO, Ltd. (Cayman Islands) |
||||||||
2016‑1A, Class ER 13.22%, 10/20/30(e)(i)(n) |
5,000,000 | 4,565,060 | ||||||
|
|
|||||||
Total Structured Products (Cost $24,329,509) |
22,319,134 | |||||||
|
|
Quantity | Value $ |
|||||||
Common Stocks - 0.5% |
| |||||||
AUTOMOTIVE - 0.0% | ||||||||
APC Parent, Inc.(d)(j) |
241,972 | — | ||||||
|
|
|||||||
ENERGY: OIL & GAS - 0.0% | ||||||||
RDV Resources, Inc.(d)(j) |
7,743 | 5,844 | ||||||
|
|
|||||||
HIGH TECH INDUSTRIES - 0.0% | ||||||||
Riverbed Holdings, Inc.(d)(j) |
29,146 | — | ||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.0% | ||||||||
Acosta, Inc.(d)(j) |
3,133 | 33,209 | ||||||
|
|
|||||||
MEDIA: BROADCASTING & SUBSCRIPTION - 0.2% | ||||||||
Anuvu Corp.(d)(j) |
102,608 | 504,831 | ||||||
|
|
|||||||
SERVICES: BUSINESS - 0.3% | ||||||||
Carestream Health, Inc.(d)(j) |
55,323 | 534,420 | ||||||
|
|
|||||||
Total Common Stocks (Cost $5,150,061) |
1,078,304 | |||||||
|
|
Quantity | Value $ |
|||||||
Preferred Stocks - 0.1% |
||||||||
HIGH TECH INDUSTRIES - 0.0% | ||||||||
Riverbed Holdings, Inc.(d) |
19,948 | — | ||||||
|
|
|||||||
MEDIA: ADVERTISING, PRINTING & PUBLISHING - 0.1% | ||||||||
Acosta, Inc., (14.50% PIK)(d)(f) |
4,138 | 204,020 | ||||||
|
|
|||||||
Total Preferred Stocks (Cost $658,665) |
204,020 | |||||||
|
|
|||||||
Total Investments - 151.9% |
316,535,746 | |||||||
(Cost $338,283,603) |
||||||||
Other Assets & Liabilities, Net - 6.1% |
12,706,396 | |||||||
Loan Outstanding - (58.0%)(k)(l) |
(120,852,685 | ) | ||||||
|
|
|||||||
Net Assets (Applicable to Common Shares) - 100.0% |
|
208,389,457 | ||||||
|
|
(a) | “Senior Loans” are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Senior Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. In some instances, the rates shown represent the weighted average rate as of June 30, 2023. Senior Loans are generally not registered under the Securities Act of 1933 (the “1933 Act”) and often incorporate certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity. |
(b) | All or a portion of this Senior Loan position has not settled. Full contract rates do not take effect until settlement date and therefore are subject to change. |
(c) | The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily the prime rate offered by one or more major U.S. banks (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/SOFR/Prime rate. As of June 30, 2023, the 1, 3 and 6 month LIBOR rates were 5.22%, 5.54% and 5.76%, respectively, the 1, 3 and 6 month SOFR rates were 5.14%, 5.27%, and 5.39%, respectively, and the Prime lending rate was 8.25%. Senior Loans may contain multiple contracts of the same issuer which may be subject to base lending rates of LIBOR, SOFR and Prime (“Variable”) in addition to the stated spread. |
(d) | Fair Value Level 3 security. |
(e) | Foreign issuer traded in U.S. dollars. |
(f) | Represents a payment‑in‑kind (“PIK”) security, which may pay interest in additional principal amount/share quantity. |
(g) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. |
(h) | Fixed rate asset. |
(i) | Securities exempt from registration pursuant to Rule 144A under the 1933 Act. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. At June 30, 2023, these securities amounted to $85,825,563, or 41.19% of net assets. |
(j) | Non‑income producing asset. |
(k) | The Fund has granted a security interest in substantially all of its assets in the event of default under the credit facility. |
(l) | Principal of $121,000,000 less unamortized deferred financing costs of $147,315. |
(m) | Structured Products include collateralized loan obligations (“CLOs”). A CLO typically takes the form of a financing company (generally called a special purpose vehicle or “SPV”), created to reapportion the risk and return characteristics of a pool of assets. While the assets underlying CLOs are often Senior Loans or corporate notes and bonds, the assets may also include (i) subordinated loans; (ii) debt tranches of other CLOs; and (iii) equity securities incidental to investments in Senior Loans. The Fund may invest in lower tranches of CLOs, which typically experience a lower recovery, greater risk of loss or deferral or non‑payment of interest than more senior tranches of the CLO. A key feature of the CLO structure is the prioritization of the cash flows from a pool of debt securities among the several classes of the CLO. The SPV is a company founded for the purpose of securitizing payment claims arising out of this asset pool. On this basis, marketable securities are issued by the SPV and the redemption of these securities typically takes place at maturity out of the cash flow generated by the collected claims. |
(n) | Floating rate asset. The interest rate shown reflects the rate in effect at June 30, 2023. |
Apollo Senior Floating Rate Fund Inc. |
Apollo Tactical Income Fund Inc. |
|||||||
Assets: |
||||||||
Investment securities at fair value (cost $367,045,268 and $338,283,603, respectively) |
$ | 345,750,302 | $ | 316,535,746 | ||||
Cash and cash equivalents |
2,279,735 | 3,856,020 | ||||||
Interest receivable |
1,538,010 | 2,645,427 | ||||||
Receivable for investment securities sold |
17,995,373 | 12,766,691 | ||||||
Net unrealized appreciation on unfunded commitments (Note 9) |
— | 9,037 | ||||||
Receivable from affiliate |
— | 25,576 | ||||||
Prepaid expenses |
239,254 | 240,068 | ||||||
|
|
|
|
|||||
Total assets |
$ | 367,802,674 | $ | 336,078,565 | ||||
|
|
|
|
|||||
Liabilities: |
||||||||
Borrowings under credit facility (principal $130,000,000 and $121,000,000, respectively, less unamortized deferred financing costs of $169,978 and $147,315, respectively) (Note 8) |
$ | 129,830,022 | $ | 120,852,685 | ||||
Payable for investment securities purchased |
6,762,188 | 6,048,228 | ||||||
Net unrealized depreciation on unfunded commitments (Note 9) |
4,418 | — | ||||||
Interest payable |
241,932 | 224,258 | ||||||
Investment advisory fee payable |
294,966 | 269,783 | ||||||
Other payables and accrued expenses due to affiliates |
76,348 | 82,297 | ||||||
Other payables and accrued expenses |
236,536 | 211,857 | ||||||
|
|
|
|
|||||
Total liabilities |
$ | 137,446,410 | $ | 127,689,108 | ||||
|
|
|
|
|||||
Commitments and Contingencies (Note 9) |
||||||||
Net Assets (Applicable to Common Shareholders) |
$ | 230,356,264 | $ | 208,389,457 | ||||
|
|
|
|
|||||
Net Assets Consist of: |
||||||||
Paid‑in capital ($0.001 par value, |
$ | 295,515,991 | $ | 275,434,361 | ||||
Total accumulated loss |
(65,159,727 | ) | (67,044,904 | ) | ||||
|
|
|
|
|||||
Net Assets (Applicable to Common Shareholders) |
$ | 230,356,264 | $ | 208,389,457 | ||||
|
|
|
|
|||||
Number of |
14,464,026 | |||||||
Net Asset Value, per Common Share |
$ | 14.79 | $ | 14.41 |
Apollo Senior Floating Rate Fund Inc. |
Apollo Tactical Income Fund Inc. |
|||||||
Investment Income: |
||||||||
Interest |
$ | 18,792,406 | $ | 17,522,742 | ||||
|
|
|
|
|||||
Total investment income |
18,792,406 | 17,522,742 | ||||||
|
|
|
|
|||||
Expenses: |
||||||||
Investment advisory fee (Note 3) |
1,774,941 | 1,620,549 | ||||||
Interest and commitment fee expense (Note 8) |
3,761,815 | 3,498,628 | ||||||
Professional fees |
72,144 | 72,144 | ||||||
Legal fees |
128,378 | 131,689 | ||||||
Administrative services of the Adviser (Note 3) |
300,428 | 316,458 | ||||||
Fund administration and accounting services (Note 3) |
119,445 | 112,693 | ||||||
Insurance expense |
170,643 | 170,643 | ||||||
Board of Directors fees (Note 3) |
72,903 | 72,903 | ||||||
Amortization of deferred financing costs (Note 8) |
70,651 | 90,078 | ||||||
Other operating expenses |
83,762 | 90,304 | ||||||
|
|
|
|
|||||
Total expenses |
6,555,110 | 6,176,089 | ||||||
Less: Expense waiver (Note 3) |
— | (25,576 | ) | |||||
|
|
|
|
|||||
Net expenses |
6,555,110 | 6,150,513 | ||||||
|
|
|
|
|||||
Net Investment Income |
12,237,296 | 11,372,229 | ||||||
|
|
|
|
|||||
Net Realized and Unrealized Gain/(Loss) on Investments |
||||||||
Net realized loss on investments |
(2,370,055 | ) | (2,547,521 | ) | ||||
Net change in unrealized appreciation on investments and unfunded commitments (Note 9) |
10,099,779 | 9,818,872 | ||||||
|
|
|
|
|||||
Net realized and unrealized gain on investments |
7,729,724 | 7,271,351 | ||||||
|
|
|
|
|||||
Net Increase in Net Assets, Applicable to Common Shareholders, Resulting From Operations |
$ | 19,967,020 | $ | 18,643,580 | ||||
|
|
|
|
For the Six Months Ended June 30, 2023 (unaudited) |
For the Year Ended December 31, 2022 |
|||||||
Increase/(Decrease) in Net Assets from: |
||||||||
Operations |
||||||||
Net investment income |
$ | 12,237,296 | $ | 17,051,351 | ||||
Net realized loss on investments |
(2,370,055 | ) | (9,097,630 | ) | ||||
Net change in unrealized appreciation/(depreciation) on investments and unfunded commitments |
10,099,779 | (26,091,075 | ) | |||||
|
|
|
|
|||||
Net increase/(decrease) in net assets from operations |
19,967,020 | (18,137,354 | ) | |||||
|
|
|
|
|||||
Distributions to Common Shareholders |
||||||||
Total distributions to common shareholders |
(10,636,751 | ) | (17,037,490 | ) | ||||
|
|
|
|
|||||
Total increase/(decrease) in net assets |
$ | 9,330,269 | $ | (35,174,844 | ) | |||
Net Assets Applicable to Common Shares |
||||||||
Beginning of period |
221,025,995 | 256,200,839 | ||||||
|
|
|
|
|||||
End of period |
$ | 230,356,264 | $ | 221,025,995 | ||||
|
|
|
|
For the Six Months Ended June 30, 2023 (unaudited) |
For the Year Ended December 31, 2022 |
|||||||
Increase/(Decrease) in Net Assets from: |
||||||||
Operations |
||||||||
Net investment income |
$ | 11,372,229 | $ | 17,236,013 | ||||
Net realized loss on investments |
(2,547,521 | ) | (11,050,299 | ) | ||||
Net change in unrealized appreciation/(depreciation) on investments and unfunded commitments |
9,818,872 | (28,069,497 | ) | |||||
|
|
|
|
|||||
Net increase/(decrease) in net assets from operations |
18,643,580 | (21,883,783 | ) | |||||
|
|
|
|
|||||
Distributions to Common Shareholders |
||||||||
Total distributions to common shareholders |
(10,587,666 | ) | (17,009,694 | ) | ||||
|
|
|
|
|||||
Total increase/(decrease) in net assets |
$ | 8,055,914 | $ | (38,893,477 | ) | |||
Net Assets Applicable to Common Shares |
||||||||
Beginning of period |
200,333,543 | 239,227,020 | ||||||
|
|
|
|
|||||
End of period |
$ | 208,389,457 | $ | 200,333,543 | ||||
|
|
|
|
Cash Flows from Operating Activities: |
||||
Net increase in net assets from operations |
$ | 19,967,020 | ||
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Flows Used In Operating Activities: |
||||
Net realized loss on investments |
2,370,055 | |||
Net change in unrealized appreciation on investments and unfunded commitments |
(10,099,779 | ) | ||
Net amortization/(accretion) of premium/(discount) |
(760,044 | ) | ||
Purchase of investment securities |
(88,103,131 | ) | ||
Proceeds from disposition of investment securities and principal paydowns |
62,000,571 | |||
Payment‑in‑kind interest |
(356,835 | ) | ||
Amortization of deferred financing costs |
70,651 | |||
Changes in Operating Assets and Liabilities: |
||||
Decrease in interest receivable |
345,659 | |||
Decrease in prepaid expenses |
154,639 | |||
Decrease in interest payable |
(245,210 | ) | ||
Decrease in investment advisory fee payable |
(5,419 | ) | ||
Increase in other payables and accrued expenses due to affiliates |
68,366 | |||
Decrease in other payables and accrued expenses |
(121,032 | ) | ||
|
|
|||
Net cash flows used in operating activities |
(14,714,489 | ) | ||
|
|
|||
Cash Flows from Financing Activities: |
||||
Deferred financing cost paid |
(1,032 | ) | ||
Distributions paid to common shareholders (net of change in distributions payable to common shareholders) |
(10,636,751 | ) | ||
|
|
|||
Net cash flows used in financing activities |
(10,637,783 | ) | ||
|
|
|||
Net Decrease in Cash and Cash Equivalents |
(25,352,272 | ) | ||
Cash and cash equivalents, beginning of period |
27,632,007 | |||
|
|
|||
Cash and cash equivalents, end of period |
$ | 2,279,735 | ||
|
|
|||
Supplemental Disclosure of Cash Flow Information |
||||
Cash paid during the period for interest and commitment fee |
$ | 4,007,025 | ||
|
|
Cash Flows from Operating Activities: |
||||
Net increase in net assets from operations |
$ | 18,643,580 | ||
Adjustments to Reconcile Net Increase in Net Assets from Operations to Net Cash Flows Used In Operating Activities: |
||||
Net realized loss on investments |
2,547,521 | |||
Net change in unrealized appreciation on investments and unfunded commitments |
(9,818,872 | ) | ||
Net amortization/(accretion) of premium/(discount) |
(721,918 | ) | ||
Purchase of investment securities |
(78,921,658 | ) | ||
Proceeds from disposition of investment securities and principal paydowns |
62,404,183 | |||
Payment-in-kind interest |
(439,240 | ) | ||
Amortization of deferred financing costs |
90,078 | |||
Changes in Operating Assets and Liabilities: |
||||
Increase in interest receivable |
(59,588 | ) | ||
Decrease in receivable from affiliate |
54,536 | |||
Decrease in prepaid expenses |
154,293 | |||
Decrease in interest payable |
(226,590 | ) | ||
Decrease in investment advisory fee payable |
(5,233 | ) | ||
Increase in other payables and accrued expenes due to affiliates |
69,110 | |||
Decrease in other payables and accrued expenses |
(77,105 | ) | ||
|
|
|||
Net cash flows used in operating activities |
(6,306,903 | ) | ||
|
|
|||
Cash Flows from Financing Activities: |
||||
Deferred financing cost paid |
(9,781 | ) | ||
Distributions paid to common shareholders (net of change in distributions payable to common shareholders) |
(10,587,666 | ) | ||
|
|
|||
Net cash flows used in financing activities |
(10,597,447 | ) | ||
|
|
|||
Net Decrease in Cash and Cash Equivalents |
(16,904,350 | ) | ||
Cash and cash equivalents, beginning of period |
20,760,370 | |||
|
|
|||
Cash and cash equivalents, end of period |
$ | 3,856,020 | ||
|
|
|||
Supplemental Disclosure of Cash Flow Information |
||||
Cash paid during the period for interest and commitment fee |
$ | 3,725,218 | ||
|
|
Per Common Share Operating Performance: | For the Six Months Ended June 30, 2023 (unaudited) |
For the Year Ended December 31, 2022 |
For the Year Ended December 31, 2021(f) |
For the Year Ended December 31, 2020(f) |
For the Year Ended December 31, 2019(f) |
For the Year Ended December 31, 2018(f) |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 14.19 | $ | 16.45 | $ | 16.15 | $ | 16.94 | $ | 16.34 | $ | 17.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income from Investment Operations: |
||||||||||||||||||||||||
Net investment income(a) |
0.79 | 1.09 | 0.86 | 0.98 | 1.21 | 1.25 | ||||||||||||||||||
Net realized and unrealized gain/(loss) on investments and unfunded commitments |
0.49 | (2.26 | ) | 0.41 | (0.75 | ) | 0.59 | (1.51 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
1.28 | (1.17 | ) | 1.27 | 0.23 | 1.80 | (0.26 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less Distributions Paid to Common Shareholders from: |
||||||||||||||||||||||||
Net investment income |
(0.68 | ) | (1.09 | ) | (0.90 | ) | (1.02 | ) | (1.20 | ) | (1.26 | ) | ||||||||||||
Return of capital |
— | — | (0.07 | ) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions paid to Common Shareholders |
(0.68 | ) | (1.09 | ) | (0.97 | ) | (1.02 | ) | (1.20 | ) | (1.26 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Asset Value, End of Period |
$ | 14.79 | $ | 14.19 | $ | 16.45 | $ | 16.15 | $ | 16.94 | $ | 16.34 | ||||||||||||
Market Value, End of Period |
$ | 12.91 | $ | 12.34 | $ | 16.11 | $ | 14.40 | $ | 15.14 | $ | 14.39 | ||||||||||||
Total return based on net asset value(b) |
9.87 | %(c) | (6.46 | )% | 8.38 | % | 2.99 | % | 12.35 | % | (0.98 | )% | ||||||||||||
Total return based on market value(b) |
10.29 | %(c) | (16.94 | )% | 19.04 | % | 2.75 | % | 14.02 | % | (3.98 | )% | ||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders: |
||||||||||||||||||||||||
Ratios to Average Net Assets (including interest expense) |
||||||||||||||||||||||||
Ratio of expenses to average net assets excluding expense waivers |
6.01 | %(d) | 3.87 | % | 2.91 | % | 3.12 | % | 4.01 | % | 3.84 | % | ||||||||||||
Ratio of expenses to average net assets including expense waivers |
6.01 | %(d) | 3.87 | % | 2.89 | % | 3.12 | % | 4.01 | % | 3.84 | % | ||||||||||||
Ratio of net investment income to average net assets |
10.67 | %(d) | 7.20 | % | 5.22 | % | 6.37 | % | 7.23 | % | 7.10 | % | ||||||||||||
Ratios to Average Net Assets (excluding interest expense) |
||||||||||||||||||||||||
Ratio of expenses to average net assets excluding expense waivers |
2.44 | %(d) | 2.38 | %(g) | 2.39 | %(g) | 2.24 | %(g) | 2.21 | %(g) | 2.18 | %(g) | ||||||||||||
Ratio of expenses to average net assets including expense waivers |
2.44 | %(d) | 2.38 | %(g) | 2.36 | %(g) | 2.24 | %(g) | 2.21 | %(g) | 2.18 | %(g) | ||||||||||||
Supplemental Data: |
||||||||||||||||||||||||
Portfolio turnover rate |
22.5 | %(c) | 75.2 | % | 123.3 | % | 93.6 | % | 101.2 | % | 122.4 | % | ||||||||||||
Net assets at end of period (000’s) |
$ | 230,356 | $ | 221,026 | $ | 256,201 | $ | 251,534 | $ | 263,807 | $ | 254,427 | ||||||||||||
Senior Securities: |
||||||||||||||||||||||||
Principal loan outstanding (in 000’s) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Asset coverage per $1,000 of loan outstanding(e) |
$ | $ | $ | $ | $ | $ |
(a) | Based on the weighted average outstanding shares. |
(b) | Total return based on net asset value and total return based on market value assuming all distributions reinvested at reinvestment rate. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | |
(f) | |
(g) | Unaudited. |
Per Common Share Operating Performance: | For the Six Months Ended June 30, 2023 (unaudited) |
For the Year Ended December 31, 2022 |
For the Year Ended December 31, 2021(f) |
For the Year Ended December 31, 2020(f) |
For the Year Ended December 31, 2019(f) |
For the Year Ended December 31, 2018(f) |
||||||||||||||||||
Net Asset Value, Beginning of Period |
$ | 13.85 | $ | 16.54 | $ | 16.27 | $ | 16.85 | $ | 16.07 | $ | 17.44 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income from Investment Operations: |
||||||||||||||||||||||||
Net investment income(a) |
0.79 | 1.19 | 0.94 | 1.02 | 1.25 | 1.33 | ||||||||||||||||||
Net realized and unrealized gain/(loss) on investments and unfunded commitments |
0.50 | (2.70 | ) | 0.33 | (0.54 | ) | 0.77 | (1.38 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total from investment operations |
1.29 | (1.51 | ) | 1.27 | 0.48 | 2.02 | (0.05 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Less Distributions Paid to Common Shareholders from: |
||||||||||||||||||||||||
Net investment income |
(0.73) | (1.18 | ) | (0.99 | ) | (1.06 | ) | (1.24 | ) | (1.32 | ) | |||||||||||||
Return of capital |
— | — | (0.01 | ) | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total distributions paid to Common Shareholders |
(0.73) | (1.18 | ) | (1.00 | ) | (1.06 | ) | (1.24 | ) | (1.32 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Asset Value, End of Period |
$ | 14.41 | $ | 13.85 | $ | 16.54 | $ | 16.27 | $ | 16.85 | $ | 16.07 | ||||||||||||
Market Value, End of Period |
$ | 12.69 | $ | 12.12 | $ | 15.32 | $ | 14.48 | $ | 15.10 | $ | 13.77 | ||||||||||||
Total return based on net asset value(b) |
10.24 | %(c) | (8.38 | )% | 8.44 | % | 4.71 | % | 13.97 | % | 0.47 | % | ||||||||||||
Total return based on market value(b) |
10.94 | %(c) | (13.44 | )% | 12.86 | % | 3.99 | % | 19.20 | % | (4.67 | )% | ||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders: |
||||||||||||||||||||||||
Ratios to Average Net Assets (including interest expense) |
||||||||||||||||||||||||
Ratio of expenses to average net assets excluding expense waivers |
6.27 | %(d) | 4.03 | % | 3.01 | % | 3.16 | % | 4.03 | % | 3.85 | % | ||||||||||||
Ratio of expenses to average net assets including expense waivers |
6.23 | %(d) | 4.00 | % | 2.92 | % | 3.16 | % | 4.03 | % | 3.85 | % | ||||||||||||
Ratio of net investment income to average net assets |
10.97 | %(d) | 7.96 | % | 5.66 | % | 6.72 | % | 7.53 | % | 7.65 | % | ||||||||||||
Ratios to Average Net Assets (excluding interest expense) |
||||||||||||||||||||||||
Ratio of expenses to average net assets excluding expense waivers |
2.57 | %(d) | 2.45 | %(g) | 2.45 | %(g) | 2.29 | %(g) | 2.25 | %(g) | 2.25 | %(g) | ||||||||||||
Ratio of expenses to average net assets including expense waivers |
2.53 | %(d) | 2.42 | %(g) | 2.36 | %(g) | 2.29 | %(g) | 2.25 | %(g) | 2.25 | %(g) | ||||||||||||
Supplemental Data: |
||||||||||||||||||||||||
Portfolio turnover rate |
22.1 | %(c) | 90.9 | % | 137.5 | % | 96.4 | % | 112.3 | % | 130.9 | % | ||||||||||||
Net assets at end of period (000’s) |
$ | 208,389 | $ | 200,334 | $ | 239,227 | $ | 235,278 | $ | 243,751 | $ | 232,432 | ||||||||||||
Senior Securities: |
||||||||||||||||||||||||
Principal loan outstanding (in 000’s) |
$ | 121,000 | $ | 121,000 | $ | 121,000 | $ | 110,000 | $ | 126,500 | $ | 126,500 | ||||||||||||
Asset coverage per $1,000 of loan outstanding(e) |
$ | 2,722 | $ | 2,656 | $ | 2,977 | $ | 3,139 | $ | 2,927 | $ | 2,837 |
(a) | Based on the weighted average outstanding shares. |
(b) | Total return based on net asset value and total return based on market value assuming all distributions reinvested at reinvestment rate. |
(c) | Not Annualized. |
(d) | Annualized. |
(e) | Calculated by subtracting the Fund’s total liabilities (not including the borrowings outstanding) from the Fund’s total assets, and dividing this by the amount of borrowings outstanding. |
(f) | Presented on a non-consolidated basis. (Note 1) |
(g) | Unaudited. |
Apollo Senior Floating Rate Fund Inc. | ||||||||||||||||
Total Fair Value at June 30, 2023 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||
Assets: |
||||||||||||||||
Cash and Cash Equivalents |
$ | 2,279,735 | $ | 2,279,735 | $ | — | $ | — | ||||||||
Senior Loans |
314,831,425 | — | 258,673,513 | 56,157,912 | ||||||||||||
Corporate Notes and Bonds |
28,981,580 | — | 21,389,257 | 7,592,323 | ||||||||||||
Common Stocks |
1,733,277 | — | — | 1,733,277 | ||||||||||||
Preferred Stocks |
204,020 | — | — | 204,020 | ||||||||||||
Unrealized appreciation on Unfunded Commitments |
18,638 | — | 7,422 | 11,216 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
$ | 348,048,675 | $ | 2,279,735 | $ | 280,070,192 | $ | 65,698,748 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Unrealized depreciation on Unfunded Commitments |
(23,056 | ) | — | (13,790 | ) | (9,266 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
(23,056 | ) | — | (13,790 | ) | (9,266 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 348,025,619 | $ | 2,279,735 | $ | 280,056,402 | $ | 65,689,482 | |||||||||
|
|
|
|
|
|
|
|
Apollo Senior Floating Rate Fund Inc. | ||||||||||||||||||||||||
Total | Senior Loans | Corporate Notes and Bonds |
Common Stocks |
Preferred Stocks |
Unfunded Commitments |
|||||||||||||||||||
Total Fair Value, beginning of period |
$ | 55,573,493 | $ | 52,192,218 | $ | 596,966 | $ | 2,599,549 | $ | 190,255 | $ | (5,495 | ) | |||||||||||
Purchases, including capitalized PIK |
26,366,747 | 19,465,277 | 6,901,470 | — | — | — | ||||||||||||||||||
Sales/Paydowns |
(7,717,167 | ) | (7,665,747 | ) | — | (51,420 | ) | — | — | |||||||||||||||
Accretion/(amortization) of discounts/ (premiums) |
72,092 | 70,919 | 1,173 | — | — | — | ||||||||||||||||||
Net realized gain/(loss) |
(1,816,048 | ) | (1,867,468 | ) | — | 51,420 | — | — | ||||||||||||||||
Change in net unrealized appreciation/ (depreciation) |
2,887,582 | 3,639,930 | 92,714 | (866,272 | ) | 13,765 | 7,445 | |||||||||||||||||
Transfers into Level 3 |
— | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 |
(9,677,217 | ) | (9,677,217 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Fair Value, end of period |
$ | 65,689,482 | $ | 56,157,912 | $ | 7,592,323 | $ | 1,733,277 | $ | 204,020 | $ | 1,950 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Apollo Senior Floating Rate Fund Inc. | |||||||||||||||||||
Assets/Liabilities | Fair Value at June 30, 2023 |
Valuation Technique(s)(a) | Unobservable Input(s) | Range of Unobservable Input(s) Utilized |
Weighted Average Unobservable Input(s) | ||||||||||||||
Senior Loans |
$ | 49,830,592 | Discounted Cash Flow(b) |
Discount Rate(b) | 8.45% ‑ 27.71% | 11.61% | |||||||||||||
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | |||||||||||||||
6,327,320 | Transaction Appraoch(d) |
Cost(d) | N/A | N/A | |||||||||||||||
Corporate Notes and Bonds |
1,224,601 | Discounted Cash Flow(b) |
Discount Rate(b) | 7.49% | 7.49% | ||||||||||||||
607,722 | Discounted Cash Flow(b) |
Discount Rate(b) | 5.40% | 5.40% | |||||||||||||||
Recoverability(c) |
Estimated Proceeds(c) | $55.5m | $55.5m | ||||||||||||||||
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | |||||||||||||||
5,760,000 | Transaction Appraoch(d) |
Cost(d) | N/A | N/A | |||||||||||||||
Common Stocks |
21,323 | Discounted Cash Flow(b) |
Discount Rate(b) | 5.44% | 5.44% | ||||||||||||||
Recoverability(c) |
Estimated Proceeds(c) | $9.1m | $9.1m | ||||||||||||||||
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | |||||||||||||||
1,178,537 | Guideline Public Company(e) |
TEV / EBITDA Multiple(e) | 2.50x ‑ 7.00x | 3.11x | |||||||||||||||
533,417 | Guideline Public Company(e) |
TEV / EBITDA Multiple(e) | 3.00x ‑ 4.00x | 3.50x | |||||||||||||||
Guideline Public Company(f) |
TEV / Revenue(f) | 1.35x ‑ 1.55x | 1.45x | ||||||||||||||||
Preferred Stocks |
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | ||||||||||||||
204,020 | Guideline Public Company(e) |
TEV / EBITDA Multiple(e) | 7.00x | 7.00x | |||||||||||||||
Unfunded Commitments |
3,322 | Discounted Cash Flow(b) |
Discount Rate(b) | 9.84% ‑ 21.16% | 14.31% | ||||||||||||||
(1,372 | ) | Transaction Appraoch(d) |
Cost(d) | N/A | N/A | ||||||||||||||
|
|
||||||||||||||||||
Total Fair Value |
$ | 65,689,482 | |||||||||||||||||
|
|
||||||||||||||||||
(a) | For the assets which have multiple valuation techniques, the Fund may rely on the techniques individually or in aggregate based on a weight ranging from 0-100%. |
(b) | The Fund utilized a discounted cash flow model to fair value this security. The significant unobservable input used in the valuation model was the discount rate, which was determined based on the market rates an investor would expect for a similar investment with similar risks. The discount rate was applied to present value the projected cash flows in the valuation model. Significant increases in the discount rate may significantly lower the fair value of an investment; conversely, significant decreases in the discount rate may significantly increase the fair value of an investment. |
(c) | The Fund utilized a recoverability approach to fair value this security, specifically a liquidation analysis. There are various, company specific inputs used in the valuation analysis that relate to the liquidation value of a company’s assets. The significant unobservable input used in the valuation model was estimated proceeds. Significant increases or decreases in the input in isolation may result in a significantly higher or lower fair value measurement. |
(d) | The Fund utilized a recent transaction, specifically purchase price, to fair value this security. |
(e) | The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value (“TEV”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”) based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement. |
(f) | The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value (“TEV”) and revenue based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement. |
Apollo Tactical Income Fund Inc. | ||||||||||||||||
Total Fair Value at June 30, 2023 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||
Assets: |
||||||||||||||||
Cash and Cash Equivalents |
$ | 3,856,020 | $ | 3,856,020 | $ | — | $ | — | ||||||||
Senior Loans |
227,880,508 | — | 150,171,090 | 77,709,418 | ||||||||||||
Corporate Notes and Bonds |
64,067,405 | — | 57,481,830 | 6,585,575 | ||||||||||||
Convertible Bonds |
986,375 | — | 986,375 | — | ||||||||||||
Structured Products |
22,319,134 | — | 22,319,134 | — | ||||||||||||
Common Stocks |
1,078,304 | — | — | 1,078,304 | ||||||||||||
Preferred Stocks |
204,020 | — | — | 204,020 | ||||||||||||
Unrealized appreciation on Unfunded Commitments |
34,915 | — | 5,938 | 28,977 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets |
$ | 320,426,681 | $ | 3,856,020 | $ | 230,964,367 | $ | 85,606,294 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Unrealized depreciation on Unfunded Commitments |
(25,878 | ) | — | (10,709 | ) | (15,169 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Liabilities |
(25,878 | ) | — | (10,709 | ) | (15,169 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 320,400,803 | $ | 3,856,020 | $ | 230,953,658 | $ | 85,591,125 | |||||||||
|
|
|
|
|
|
|
|
Apollo Tactical Income Fund Inc. | ||||||||||||||||||||||||
Total | Senior Loans | Corporate Notes and Bonds |
Common Stocks |
Preferred Stocks |
Unfunded Commitments |
|||||||||||||||||||
Total Fair Value, beginning of period |
$ | 75,631,009 | $ | 73,159,804 | $ | 551,046 | $ | 1,753,260 | $ | 188,448 | $ | (21,549 | ) | |||||||||||
Purchases, including capitalized PIK |
22,170,051 | 16,228,581 | 5,941,470 | — | — | — | ||||||||||||||||||
Sales/Paydowns |
(6,694,142 | ) | (6,680,049 | ) | — | (14,093 | ) | — | — | |||||||||||||||
Accretion/(amortization) of discounts/ (premiums) |
95,858 | 94,685 | 1,173 | — | — | — | ||||||||||||||||||
Net realized gain/(loss) |
(1,828,328 | ) | (1,842,421 | ) | — | 14,093 | — | — | ||||||||||||||||
Change in net unrealized appreciation/ (depreciation) |
3,259,851 | 3,791,992 | 91,886 | (674,956 | ) | 15,572 | 35,357 | |||||||||||||||||
Transfers into Level 3 |
— | — | — | — | — | — | ||||||||||||||||||
Transfers out of Level 3 |
(7,043,174 | ) | (7,043,174 | ) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Fair Value, end of period |
$ | 85,591,125 | $ | 77,709,418 | $ | 6,585,575 | $ | 1,078,304 | $ | 204,020 | $ | 13,808 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Apollo Tactical Income Fund Inc. | |||||||||||||||||||
Assets/Liabilities | Fair Value at June 30, 2023 |
Valuation Technique(s)(a) | Unobservable Input(s) | Range of Unobservable Input(s) Utilized |
Weighted Average Unobservable Input(s) | ||||||||||||||
Senior Loans |
$ | 71,382,098 | Discounted Cash Flow(b) |
Discount Rate(b) | 8.45% ‑ 27.71% | 11.21% | |||||||||||||
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | |||||||||||||||
6,327,320 | Transaction Appraoch(d) |
Cost(d) | N/A | N/A | |||||||||||||||
Corporate Notes and Bonds |
1,224,601 | Discounted Cash Flow(b) |
Discount Rate(b) | 7.49% | 7.49% | ||||||||||||||
560,974 | Discounted Cash Flow(b) |
Discount Rate(b) | 5.40% | 5.40% | |||||||||||||||
Recoverability(c) |
Estimated Proceeds(c) | $55.5m | $55.5m | ||||||||||||||||
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | |||||||||||||||
4,800,000 | Transaction Appraoch(d) |
Cost(d) | N/A | N/A | |||||||||||||||
Common Stocks |
— | Recoverability (c) |
Estimated Proceeds(c) | $— | $— | ||||||||||||||
5,844 | Discounted Cash Flow(b) |
Discount Rate(b) | 5.44% | 5.44% | |||||||||||||||
Recoverability(c) |
Estimated Proceeds(c) | $9.1m | $9.1m | ||||||||||||||||
567,629 | Guideline Public Company(e) |
TEV / EBITDA Multiple(e) | 2.50x - 7.00x | 3.23x | |||||||||||||||
504,831 | Guideline Public Company(e) |
TEV / EBITDA Multiple(e) | 3.00x - 4.00x | 3.50x | |||||||||||||||
Guideline Public Company(f) |
TEV / Revenue(f) | 1.35x ‑ 1.55x | 1.45x | ||||||||||||||||
Preferred Stocks |
— | Recoverability(c) |
Estimated Proceeds(c) | $— | $— | ||||||||||||||
204,020 | Guideline Public Company(e) |
TEV / EBITDA Multiple(e) | 7.00x | 7.00x | |||||||||||||||
Unfunded Commitments |
15,180 | Discounted Cash Flow (b) |
Discount Rate (b) | 9.30% ‑ 21.16% | 12.85% | ||||||||||||||
(1,372 | ) | Transaction Appraoch (d) |
Cost(d) | N/A | N/A | ||||||||||||||
|
|
||||||||||||||||||
Total Fair Value |
$ | 85,591,125 | |||||||||||||||||
|
|
||||||||||||||||||
(a) | For the assets which have multiple valuation techniques, the Fund may rely on the techniques individually or in aggregate based on a weight ranging from 0‑100%. |
(b) | The Fund utilized a discounted cash flow model to fair value this security. The significant unobservable input used in the valuation model was the discount rate, which was determined based on the market rates an investor would expect for a similar investment with similar risks. The discount rate was applied to present value the projected cash flows in the valuation model. Significant increases in the discount rate may significantly lower the fair value of an investment; conversely, significant decreases in the discount rate may significantly increase the fair value of an investment. |
(c) | The Fund utilized a recoverability approach to fair value this security, specifically a liquidation analysis. There are various, company specific inputs used in the valuation analysis that relate to the liquidation value of a company’s assets. The significant unobservable input used in the valuation model was estimated proceeds. Significant increases or decreases in the input in isolation may result in a significantly higher or lower fair value measurement. |
(d) | The Fund utilized a recent transaction, specifically purchase price, to fair value this security. |
(e) | The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value (“TEV”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”) based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement. |
(f) | The Fund utilized a guideline public company method to fair value this security. The significant unobservable inputs used in the valuation model were total enterprise value (“TEV”) and revenue based on comparable multiples for a similar investment with similar risks. Significant increases or decreases in either of these inputs in isolation may result in a significantly higher or lower fair value measurement. |
Fund | Purchases | Sales | ||||||||
Apollo Senior Floating Rate Fund Inc. |
$ | 78,117,050 | $ | 77,495,377 | ||||||
Apollo Tactical Income Fund Inc. |
$ | 79,173,634 | $ | 68,351,840 | ||||||
Apollo Senior Floating Rate Fund Inc. | ||||||||||||||||||||||
Six Months Ended June 30, 2023 |
Year Ended December 31, 2022 | |||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||
Common Shares outstanding, beginning of the period |
15,573,575 | $ | 295,515,991 | 15,573,575 | $ | 295,515,991 | ||||||||||||||||
Common shares issued as reinvestment of dividends |
— | — | — | — | ||||||||||||||||||
Permanent difference reclassified (primarily non‑deductible expenses) |
— | — | — | — | ||||||||||||||||||
Return of Capital |
— | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Common shares outstanding, end of the period |
15,573,575 | $ | 295,515,991 | 15,573,575 | $ | 295,515,991 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Apollo Tactical Income Fund | ||||||||||||||||||||||
Six Months Ended June 30, 2023 |
Year Ended December 31, 2022 | |||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||
Common Shares outstanding, beginning of the period |
14,464,026 | $ | 275,434,361 | 14,464,026 | $ | 275,434,361 | ||||||||||||||||
Common shares issued as reinvestment of dividends |
— | — | — | — | ||||||||||||||||||
Permanent difference reclassified (primarily non‑deductible expenses) |
— | — | — | — | ||||||||||||||||||
Return of Capital |
— | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Common shares outstanding, end of the period |
14,464,026 | $ | 275,434,361 | |
14,464,026 |
$ | 275,434,361 | |||||||||||||||
|
|
|
|
|
|
|
|
Apollo Senior Floating Rate Fund Inc. | |||||||||||||||||||||||||||
Dividend Declaration Date |
Ex‑Dividend Date | Record Date | Payment Date | Per Share Amount |
Gross Distribution |
Cash Distribution |
Value of new Common Shares Issued | ||||||||||||||||||||
January 11, 2023 |
January 20, 2023 | January 23, 2023 | January 31, 2023 | $ | 0.1080 | $ | 1,681,946 | $ | 1,681,946 | — | |||||||||||||||||
February 9, 2023 |
February 17, 2023 | February 21, 2023 | February 28, 2023 | $ | 0.1130 | $ | 1,759,814 | $ | 1,759,814 | — | |||||||||||||||||
March 13, 2023 |
March 23, 2023 | March 24, 2023 | March 31, 2023 | $ | 0.1130 | $ | 1,759,814 | $ | 1,759,814 | — | |||||||||||||||||
April 10, 2023 |
April 20, 2023 | April 21, 2023 | April 28, 2023 | $ | 0.1130 | $ | 1,759,814 | $ | 1,759,814 | — | |||||||||||||||||
May 11, 2023 |
May 22, 2023 | May 23, 2023 | May 31, 2023 | $ | 0.1180 | $ | 1,837,682 | $ | 1,837,682 | — | |||||||||||||||||
June 12, 2023 |
June 22, 2023 | June 23, 2023 | June 30, 2023 | $ | 0.1180 | $ | 1,837,682 | $ | 1,837,682 | — | |||||||||||||||||
July 14, 2023* |
July 21, 2023 | July 24, 2023 | July 31, 2023 | $ | 0.1260 | $ | 1,962,270 | $ | 1,962,270 | — | |||||||||||||||||
August 11, 2023* |
August 23, 2023 | August 24, 2023 | August 31, 2023 | $ | 0.1260 |
Apollo Tactical Income Fund Inc. | ||||||||||||||||||||||||||
Dividend Declaration Date |
Ex‑Dividend Date | Record Date | Payment Date | Per Share Amount |
Gross Distribution |
Cash Distribution |
Value of new Common Shares Issued | |||||||||||||||||||
January 11, 2023 |
January 20, 2023 | January 23, 2023 | January 31, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
February 9, 2023 |
February 17, 2023 | February 21, 2023 | February 28, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
March 13, 2023 |
March 23, 2023 | March 24, 2023 | March 31, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
April 10, 2023 |
April 20, 2023 | April 21, 2023 | April 28, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
May 11, 2023 |
May 22, 2023 | May 23, 2023 | May 31, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
June 12, 2023 |
June 22, 2023 | June 23, 2023 | June 30, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
July 14, 2023* |
July 21, 2023 | July 24, 2023 | July 31, 2023 | $ | 0.1220 | $ | 1,764,611 | $ | 1,764,611 | — | ||||||||||||||||
August 11, 2023* |
August 23, 2023 | August 24, 2023 | August 31, 2023 | $ | 0.1220 |
Apollo Senior Floating Rate Fund Inc. | |||||
Distributions Paid to Common Shareholders from: | 2022 | ||||
Ordinary Income* |
$ | 17,037,490 | |||
Return of Capital |
— | ||||
|
|
||||
Total Distributions |
$ | 17,037,490 | |||
|
|
Apollo Tactical Income Fund Inc. | |||||
Distributions to Common Shareholders from: | 2022 | ||||
Ordinary Income* |
$ | 17,009,694 | |||
Return of Capital |
— | ||||
|
|
||||
Total Distributions |
$ | 17,009,694 | |||
|
|
Fund | Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Net Unrealized Appreciation/ (Depreciation)* |
Accumulated Capital and Other Losses | ||||||||||||||||||
Apollo Senior Floating Rate Fund Inc. |
$ | 67,189 | $ | — | $ | (32,336,918 | ) | $ | (42,220,267 | ) | ||||||||||||
Apollo Tactical Income Fund Inc. |
251,203 | — | (32,575,500 | ) | (42,776,521 | ) |
Apollo Senior Floating Rate Fund Inc. |
Apollo Tactical Income Fund Inc. | |||||||||
Federal tax basis, cost |
$ | 367,219,695 | $ | 338,530,506 | ||||||
|
|
|
|
|||||||
Unrealized appreciation |
$ | 2,508,379 | $ | 2,202,726 | ||||||
Unrealized depreciation |
(23,977,772 | ) | (24,197,486 | ) | ||||||
|
|
|
|
|||||||
Net unrealized appreciation/(depreciation)* |
$ | (21,469,393 | ) | $ | (21,994,760 | ) | ||||
|
|
|
|
Borrower | AFT | AIF | ||||||||
ABG Intermediate Holdings 2, LLC Delayed Draw Term Loan |
$ | 555,556 | $ | 444,444 | ||||||
Accelerate 360 Holdings, LLC Revolving Term Loan* ** |
— | 890,529 | ||||||||
Advarra Holdings, Inc. Delayed Draw Term Loan |
580,151 | 580,151 | ||||||||
Anaplan, Inc. Revolving Term Loan |
349,471 | 349,471 | ||||||||
Anuvu Holdings 2, LLC Delayed Draw Term Loan |
35,074 | 33,195 | ||||||||
Anuvu Holdings 2, LLC Delayed Draw Term Loan B |
582,017 | 550,829 | ||||||||
Athenahealth Group, Inc. Delayed Draw Term Loan |
648,563 | 496,593 | ||||||||
Avalara, Inc. Revolving Term Loan |
454,545 | 454,545 | ||||||||
Channelside AcquisitionCo, Inc. Delayed Draw Term Loan ** |
207,333 | 207,333 | ||||||||
Channelside AcquisitionCo, Inc. Revolving Term Loan |
166,667 | 166,667 | ||||||||
Coretrust Purchasing Group, LLC Delayed Draw Term Loan |
338,346 | 338,346 | ||||||||
Coretrust Purchasing Group, LLC Revolving Term Loan |
338,346 | 338,346 | ||||||||
Coupa Software, Inc. Delayed Draw Term Loan |
231,380 | 154,253 | ||||||||
Coupa Software, Inc. Revolving Term Loan |
177,165 | 118,110 | ||||||||
Gateway US Holdings, Inc. Delayed Draw Term Loan* |
— | 23,728 | ||||||||
Gateway US Holdings, Inc. Revolving Term Loan* |
— | 112,686 | ||||||||
Inovalon Holdings, Inc. Delayed Draw Term Loan* |
— | 660,211 | ||||||||
IQN Holding Corp. Delayed Draw Term Loan* ** |
— | 741,711 | ||||||||
IQN Holding Corp. Revolving Term Loan* |
— | 267,380 | ||||||||
NCL Corporation Ltd. Backstop Notes |
694,000 | 694,000 | ||||||||
NCL Corporation Ltd. Class B Bridge Notes |
1,153,000 | 1,153,000 | ||||||||
Planet US Buyer LLC Revolving Term Loan |
222,222 | 222,222 | ||||||||
Ultimate Baked Goods Midco LLC Revolving Term Loan* |
— | 248,649 | ||||||||
Zendesk, Inc. Delayed Draw Term Loan |
1,104,901 | 739,130 | ||||||||
Zendesk, Inc. Revolving Term Loan |
454,959 | 304,348 | ||||||||
|
|
|
|
|||||||
$ | 8,293,696 | $ | 10,289,877 | |||||||
|
|
|
|
Name | For | Against | Withheld | Non-Vote | ||||||||||||||||
Robert L. Borden |
11,682,656 | 610,266 | 136,540 | — | ||||||||||||||||
Meredith Coffey |
12,057,856 | 239,344 | 132,262 | — |
For | Against | Withheld | Non-Vote | |||||||||||||||||
Ratification of Deloitte as independent registered public accounting firm |
12,169,622 | 137,388 | 122,452 | — |
Name | For | Against | Withheld | Non-Vote | ||||||||||||||||
Robert L. Borden |
11,669,676 | 954,651 | 88,152 | — | ||||||||||||||||
Meredith Coffey |
11,943,864 | 690,308 | 78,307 | — |
For | Against | Withheld | Non-Vote | |||||||||||||||||
Ratification of Deloitte as independent registered public accounting firm |
12,605,289 | 26,424 | 80,766 | — |
• | Calling 1‑877‑864‑4834; or |
• | Writing us at the following address: |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this filing.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recently filed annual report on Form N-CSR.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
None in the reporting period.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors implemented since the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. |
(a)(2) |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Apollo Senior Floating Rate Fund Inc. |
||
By (Signature and Title) /s/ James Vanek |
||
James Vanek, President |
||
(principal executive officer) |
||
Date August 22, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/ James Vanek |
||
James Vanek, President |
||
(principal executive officer) |
||
Date August 22, 2023 |
||
By (Signature and Title) /s/ Kenneth Seifert |
||
Kenneth Seifert, Treasurer and Chief Financial Officer |
||
(principal financial officer) |
||
Date August 22, 2023 |
EX.99.CERT
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, James Vanek, certify that:
1. | I have reviewed this report on Form N-CSR of Apollo Senior Floating Rate Fund Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 22, 2023 |
/s/ James Vanek |
|||||
James Vanek, President |
||||||
(principal executive officer) |
EX.99.CERT
Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act
I, Kenneth Seifert, certify that:
1. | I have reviewed this report on Form N-CSR of Apollo Senior Floating Rate Fund Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 22, 2023 |
/s/ Kenneth Seifert |
|||||
Kenneth Seifert, Treasurer and Chief Financial Officer | ||||||
(principal financial officer) |
EX.99.906CERT
Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the
Sarbanes-Oxley Act
I, James Vanek, President of Apollo Senior Floating Rate Fund Inc. (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) for the period ended June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: August 22, 2023 |
/s/ James Vanek | |||
James Vanek, President (principal executive officer) |
I, Kenneth Seifert, Treasurer and Chief Financial Officer of Apollo Senior Floating Rate Fund Inc. (the Registrant), certify that:
1. | The Form N-CSR of the Registrant (the Report) for the period ended June 30, 2023 fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: August 22, 2023 |
/s/ Kenneth Seifert | |||
Kenneth Seifert, Treasurer and Chief Financial Officer (principal financial officer) |
N-2 - USD ($) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Cover [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | 0001502573 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | N-CSRS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Registrant Name | Apollo Senior Floating Rate Fund Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Securities Amount | $ 130,000 | $ 130,000 | $ 130,000 | $ 121,000 | $ 141,000 | $ 141,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Senior Securities Coverage per Unit | [1] | $ 2,772 | $ 2,700 | $ 2,971 | [2] | $ 3,079 | [2] | $ 2,871 | [2] | $ 2,804 | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Objectives and Practices [Text Block] | Recent Changes: This section summarizes certain changes since December 31, 2022. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund. There have been no changes in investment policies since each Fund’s last annual report. AFT — Investment Objective and Policies: AFT’s investment objective is to seek current income and preservation of capital. AFT seeks to achieve its investment objective by investing primarily in senior, secured loans made to companies whose debt is rated below investment grade (“Senior Loans”) and investments with similar characteristics. Senior Loans typically hold a first lien priority and pay interest at rates that are determined periodically on the basis of a floating base lending rate plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily the prime rate offered by one or more major U.S. banks and the certificate of deposit rate used by commercial lenders may also be used. Senior Loans are typically made to U.S. and, to a limited extent, non‑U.S. corporations, partnerships and other business entities (“Borrower(s)”) that operate in various industries and geographical regions. AFT seeks to generate current income and preservation of capital through a disciplined approach to credit selection and under normal market conditions will invest at least 80% of its “managed assets” in floating rate Senior Loans and investments with similar economic characteristics. The Fund defines “managed assets” as the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to money borrowed or notes issued by the Fund) minus the sum of the Fund’s accrued liabilities, including accrued interest and accumulated dividends (other than liabilities for money borrowed or notes issued and the liquidation preference of preferred shares). This 80% policy and AFT’s investment objective are not fundamental and may be changed by the board of directors of AFT with at least 60 days’ prior written notice provided to shareholders. Part of AFT’s investment objective is to seek preservation of capital. AFT’s ability to achieve capital preservation may be limited by its investment in credit instruments that have speculative characteristics. There can be no assurance that AFT will achieve its investment objective. The Fund seeks to achieve its investment objective by investing primarily in Senior Loans and investments with similar economic characteristics. Senior Loans hold a first lien priority and typically pay interest at rates that are determined periodically on the basis of a floating base lending rate, plus a premium. Borrowers may obtain Senior Loans to, among other reasons, refinance existing debt and for acquisitions, dividends, leveraged buyouts and general corporate purposes. The Fund generally targets investments in recently issued Senior Loans that have structural characteristics, including stronger lender protections, that are more favorable for investors. These Senior Loans provide a minimum coupon (called a “floor”) that helps protect the Fund’s income in falling or flat-rate environments. The Fund may also seek to gain exposure to Senior Loans by investing in swaps, including single name credit default swaps, single name loan credit default swaps, total return swaps, collateralized loan obligations (including synthetic collateralized loan obligations), reverse repurchase agreements and other similar transactions. The Fund may invest in subordinated loans. The Fund may invest in distressed securities, including loans purchased in the secondary market, that are the subject of bankruptcy proceedings or otherwise in default or at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund. The Fund may invest in U.S. dollar and non‑U.S. dollar denominated securities of issuers located anywhere in the world, and of issuers that operate in any industry. The Fund may invest in debt securities of any maturity, including perpetual securities, and does not manage its portfolio seeking to maintain a targeted dollar-weighted average maturity level. Under normal market conditions, the Adviser expects to maintain an average duration of less than one year (including the effect of anticipated leverage). The Fund currently utilizes leverage from a credit facility in furtherance of this investment strategy. In seeking to achieve the Fund’s investment objective, the Adviser actively constructs and manages a portfolio of Senior Loans and other investments. The Adviser’s investment process is rigorous, proactive and continuous. Close monitoring of each investment in the portfolio provides foresight for making buy, sell and hold decisions. The Adviser utilizes what it believes to be a conservative approach that focuses on credit fundamentals, collateral coverage and structural seniority. The Adviser may also employ a sector analysis to assess industry trends and characteristics that may impact a Borrower’s potential future ability to generate cash, as well as profitability, asset values, financial needs and potential liabilities. The Adviser takes a disciplined approach to its credit investment selection process in which the credit ratings of a Borrower are evaluated but are not considered to be the sole or determinative factor of selection. The criteria used by the Adviser in credit selection may include an evaluation of whether a Senior Loan is adequately collateralized or over-collateralized and whether it is covered by sufficient earnings and cash flow to service the Borrower’s indebtedness on a timely basis. The Adviser expects to gain exposure to Borrowers across a broad range of industries and of varying characteristics and return profiles. Similar to its investment in Senior Loans and other debt investments, the Adviser adheres to a disciplined approach with respect to the Fund’s investments in structured products, including collateralized loan obligations. The Adviser will seek to select structured products which are well-structured and collateralized by portfolios of primarily Senior Loans that the Adviser believes to be of sufficient quality, diversity and amount to support the structure and fully collateralize the tranche purchased by the Fund. Likewise, the Adviser will evaluate the creditworthiness of counterparties and the investment characteristics of reference assets when causing the Fund to enter into swaps or other derivative transactions.
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Risk Factors [Table Text Block] | AFT Risk Factors: General. Investing in the common shares involves certain risks and the Fund may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to structure its investments as anticipated. Because the value of your investment in the Fund will fluctuate, there is a risk that you will lose money. Your investment will decline in value if, among other things, the value of the Fund’s investments decreases. The value of your common shares also will be affected by the Fund’s ability to successfully implement its investment strategy, as well as by market, economic and other conditions. As with any security, complete loss of your investment is possible. Senior Loans are usually rated below investment grade and may also be unrated. As a result, the risks associated with Senior Loans are similar to the risks of below investment grade fixed income instruments, although Senior Loans are senior and secured, in contrast to other below investment grade fixed income instruments, which are often subordinated or unsecured. Investments in Senior Loans rated below investment grade are considered speculative because of the credit risk of their issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn would generally lead to a higher non‑payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan’s value. Senior Loans are subject to a number of risks, including liquidity risk and the risk of investing in below investment grade fixed income instruments. Market Risk. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, may have an adverse effect on the Fund’s investments and net asset value and can lead to increased market volatility. For example, any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide. Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Actual and threatened responses to such military action may impact the markets for certain commodities and various issuers and may likely have collateral impacts on markets globally. The extent and duration of the military action, resulting sanctions imposed and other punitive action taken and resulting future market disruptions, including declines in European stock markets and the value of Russian sovereign debt, cannot be easily predicted, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including escalating and more widespread military conflict, purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks may impact global economies and the Fund’s investments in various markets. Senior Loans. Senior Loans are subject to the risk of non‑payment of scheduled interest or principal. Such non‑payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the NAV of the Fund. There can be no assurance that the liquidation of any collateral securing a Senior Loan would satisfy the Borrower’s obligation in the event of non‑payment of scheduled interest or principal payments, or that the collateral could be readily liquidated. In the event of bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Senior Loan. The collateral securing a Senior Loan may lose all or substantially all of its value in the event of the bankruptcy or insolvency of a Borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the Borrower. There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the 1933 Act or registered under the Securities Exchange Act of 1934. As a result, the Adviser will rely primarily on its own evaluation of a Borrower’s credit quality, rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In general, the secondary trading market for Senior Loans is not well developed. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Senior Loans are generally not registered under the 1933 Act and often contain certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity shown on the Consolidated Schedules of Investments. The Fund may acquire Senior Loans through assignments or participations. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. In general, a participation is a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations typically include banks, broker-dealers and other financial and lending institutions. In purchasing participations, the Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the Borrower or the quality of the Senior Loan with respect to which they are buying a participation that the Fund would otherwise conduct if they were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Senior Loan. The Fund may also engage in direct origination of loans. In originating loans, the Fund relies on the Adviser’s proprietary sourcing channels, which targets large corporate and private sponsor-backed issuers. In determining whether to originate a loan, the Fund relies on the Adviser’s analysis of the creditworthiness of a borrower and/or any collateral for payment of interest and repayment of principal. The level of analytical sophistication necessary for conducting this analysis is high and the Adviser must rely more significantly on its own resources to conduct due diligence on borrowers than for secondary market debt purchases. The loans the Fund originates are generally Senior Loans, however the Fund is not limited in the type, amount or size of loans it may originate nor to a particular type of borrower. The Fund will earn origination and other types of borrower fees in connection with originating and structuring loans. Direct loans are not publicly traded and may not have a secondary market. Direct loans are subject to heightened liquidity risk and interest rate risk, and some direct loans may be deemed illiquid. The Fund may also face heightened competition for direct origination, which may result in the Fund being required to make lower yielding investments. Subordinated Loans Risk. Subordinated loans generally are subject to similar risks as those associated with investments in Senior Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a subordinated loan, the first priority lien holder has first claim to the underlying collateral of the loan. Subordinated loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the Borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated loans generally have greater price volatility than Senior Loans and may be less liquid. Below Investment Grade Securities Risk. The Fund anticipates that it will invest the majority of its assets in Senior Loans, subordinated loans and other debt instruments that are rated below investment grade. Non‑investment grade fixed income or convertible securities, often referred to as “junk bonds,” “leveraged loans” or “high yield” securities, are debt securities that are rated below investment grade by the major rating agencies or are unrated securities that the Adviser believes are of comparable quality. While generally providing greater income and opportunity for gain, non‑investment grade debt securities and similar debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a high risk of default. The credit rating of a high yield security does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial condition. High yield securities and similar instruments often are considered to be speculative with respect to the capacity of the issuer to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of Borrowers issuing such securities and similar debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments. Covenant Lite Loan Risk. Some of the loans or debt obligations in which the Fund may invest are “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund. Credit Risk. Credit risk is the risk that one or more debt securities in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. While a senior position in the capital structure of a Borrower may provide some protection with respect to the Fund’s investments in Senior Loans, losses may still occur because the market value of Senior Loans is affected by the creditworthiness of Borrowers and by general economic and specific industry conditions. To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than a fund that invests in investment grade securities. The prices of lower grade securities are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade securities. In addition, the Fund may use credit derivatives that may expose it to additional risk in the event that the securities underlying the derivatives default. Prepayment Risk. During periods of declining interest rates, Borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, which may require the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund’s income and distributions to shareholders. This is known as prepayment or “call” risk. Below investment grade securities frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“Call Protection”). An issuer may redeem a below investment grade security if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Subordinated loans typically do not have Call Protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. Senior Loans are subject to prepayment risk and typically do not have Call Protection. The degree to which Borrowers prepay Senior Loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the Borrower and competitive conditions among Senior Loan investors, among others. For these reasons, prepayments cannot be predicted with accuracy. Upon a prepayment, either in part or in full, the outstanding debt on which the Fund derives interest income will be reduced. The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan. Interest Rate Risk. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of fixed rate instruments generally rises. Conversely, during periods of rising interest rates, the market price of such instruments generally declines. The magnitude of these fluctuations in the market price of fixed rate credit instruments is generally greater for instruments with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. In addition, some credit instruments may allow an issuer to opt between LIBOR- or SOFR-based interest rates and interest rates based on bank prime rates, which may have an effect on the Fund’s net asset value. The Fund may utilize certain strategies, including investments in swaps, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies, if utilized, will be successful. Reference Rate Risk. The Fund may invest in financial instruments that recently transitioned from using or continue to use a floating rate based on the London Interbank Offered Rate (“LIBOR”), which is the offered rate for short-term Eurodollar deposits between major international banks. The United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings ceased to be published or are no longer representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (“EONIA”), ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on the SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contract, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future. Liquidity Risk. The Fund generally considers “illiquid securities” to be securities that cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its net asset value. The Fund may not be able to readily dispose of such securities at prices that approximate those at which the Fund could sell the securities if they were more widely-traded and, as a result of that illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the Fund’s net asset value and ability to make dividend distributions. Some Senior Loans are not readily marketable and may be subject to restrictions on resale. Senior Loans generally are not listed on any national securities exchange and no active trading market may exist for the Senior Loans in which the Fund may invest. When a secondary market exists, if at all, the market for some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets that may be invested in securities that are not readily marketable or are subject to restrictions on resale. Distressed and Defaulted Securities Risk. The Fund may invest in securities, including loans purchased in the secondary market, that are the subject of bankruptcy proceedings or otherwise in default or at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund. Investment in these distressed securities is speculative and involves significant risks. Leverage Risk. The Fund uses leverage and may utilize leverage to the maximum extent permitted by law for investment and other general corporate purposes. The Fund may obtain leverage by issuing preferred shares and/or notes and it may also borrow funds from banks and other financial institutions. The Fund may also gain leverage synthetically through swaps and other derivatives. The use of leverage to purchase additional securities creates an opportunity for increased common share dividends, but also creates risks for common shareholders, including increased variability of the Fund’s net income, distributions and/or net asset value in relation to market changes. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund’s portfolio will be magnified if the Fund uses leverage. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in the Fund’s net asset value, which will be borne entirely by the Fund’s common shareholders. To the extent that the Fund makes investments in Senior Loans or other debt instruments structured with Interest Rate floors, the Fund will not realize additional income if rates increase to levels below the Interest Rate floor but the Fund’s cost of financing is expected to increase, resulting in the potential for a decrease in the level of income available for dividends or distributions made by the Fund. If the Fund issues preferred shares and/or notes or engages in other borrowings, it will have to pay dividends on its shares or interest on its notes or borrowings, which will increase expenses and may reduce the Fund’s return. These dividend payments or interest expenses (which will be borne entirely by common shareholders) may be greater than the Fund’s return on the underlying investments. The Fund’s leveraging strategy may not be successful. Closed‑End Structure; Market Discount from Net Asset Value. Shares of closed‑end investment companies that trade in a secondary market frequently trade at market prices that are lower than their net asset values. This is commonly referred to as “trading at a discount.” As a result, the Fund is designed primarily for long-term investors. Although the value of the Fund’s net assets is generally considered by market participants in determining whether to purchase or sell shares, whether an investor will realize gains or losses upon the sale of the shares will depend entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for the shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund cannot predict whether the shares will trade at, below or above net asset value. As with any security, complete loss of investment is possible.
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Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock [Table Text Block] | Note 6. Common Shares Common share transactions were as follows:
Dividends declared on common shares with a record date of January 1, 2023 or later through the date of this report were as follows:
* Declared subsequent to June 30, 2023
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Outstanding Security, Title [Text Block] | Common Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Authorized [Shares] | 999,998,466 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Outstanding Security, Held [Shares] | 15,573,575 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | General. Investing in the common shares involves certain risks and the Fund may not be able to achieve its intended results for a variety of reasons, including, among others, the possibility that the Fund may not be able to structure its investments as anticipated. Because the value of your investment in the Fund will fluctuate, there is a risk that you will lose money. Your investment will decline in value if, among other things, the value of the Fund’s investments decreases. The value of your common shares also will be affected by the Fund’s ability to successfully implement its investment strategy, as well as by market, economic and other conditions. As with any security, complete loss of your investment is possible. Senior Loans are usually rated below investment grade and may also be unrated. As a result, the risks associated with Senior Loans are similar to the risks of below investment grade fixed income instruments, although Senior Loans are senior and secured, in contrast to other below investment grade fixed income instruments, which are often subordinated or unsecured. Investments in Senior Loans rated below investment grade are considered speculative because of the credit risk of their issuers. Such issuers are considered more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund’s net asset value and income distributions. An economic downturn would generally lead to a higher non‑payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan’s value. Senior Loans are subject to a number of risks, including liquidity risk and the risk of investing in below investment grade fixed income instruments.
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Market Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Market Risk. Global economies and financial markets are increasingly interconnected, which increases the probabilities that conditions in one country or region might adversely impact issuers in a different country or region. Conditions affecting the general economy, including political, social, or economic instability at the local, regional, or global level may also affect the market value of a security. Health crises, such as pandemic and epidemic diseases, as well as other incidents that interrupt the expected course of events, such as natural disasters, war or civil disturbance, acts of terrorism, power outages and other unforeseeable and external events, and the public response to or fear of such diseases or events, may have an adverse effect on the Fund’s investments and net asset value and can lead to increased market volatility. For example, any preventative or protective actions that governments may take in respect of such diseases or events may result in periods of business disruption, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence and pendency of such diseases or events could adversely affect the economies and financial markets either in specific countries or worldwide. Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Actual and threatened responses to such military action may impact the markets for certain commodities and various issuers and may likely have collateral impacts on markets globally. The extent and duration of the military action, resulting sanctions imposed and other punitive action taken and resulting future market disruptions, including declines in European stock markets and the value of Russian sovereign debt, cannot be easily predicted, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including escalating and more widespread military conflict, purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks may impact global economies and the Fund’s investments in various markets.
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Subordinated Loans Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Subordinated Loans Risk. Subordinated loans generally are subject to similar risks as those associated with investments in Senior Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a subordinated loan, the first priority lien holder has first claim to the underlying collateral of the loan. Subordinated loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the Borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated loans generally have greater price volatility than Senior Loans and may be less liquid.
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Below Investment Grade Securities Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Below Investment Grade Securities Risk. The Fund anticipates that it will invest the majority of its assets in Senior Loans, subordinated loans and other debt instruments that are rated below investment grade. Non‑investment grade fixed income or convertible securities, often referred to as “junk bonds,” “leveraged loans” or “high yield” securities, are debt securities that are rated below investment grade by the major rating agencies or are unrated securities that the Adviser believes are of comparable quality. While generally providing greater income and opportunity for gain, non‑investment grade debt securities and similar debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a high risk of default. The credit rating of a high yield security does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial condition. High yield securities and similar instruments often are considered to be speculative with respect to the capacity of the issuer to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of Borrowers issuing such securities and similar debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.
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Covenant Lite Loan Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Covenant Lite Loan Risk. Some of the loans or debt obligations in which the Fund may invest are “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund.
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Reference Rate Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Reference Rate Risk. The Fund may invest in financial instruments that recently transitioned from using or continue to use a floating rate based on the London Interbank Offered Rate (“LIBOR”), which is the offered rate for short-term Eurodollar deposits between major international banks. The United Kingdom Financial Conduct Authority (“FCA”), which regulates LIBOR, announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings ceased to be published or are no longer representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average (“EONIA”), ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary basis in new instruments and transactions. On March 15, 2022, the Adjustable Interest Rate Act was signed into law, providing a statutory fallback mechanism to replace LIBOR with a benchmark rate that is selected by the Federal Reserve Board and based on SOFR for certain contracts that reference LIBOR without adequate fallback provisions. On December 16, 2022, the Federal Reserve Board adopted regulations implementing the Adjustable Interest Rate Act by identifying benchmark rates based on the SOFR that replaced LIBOR in different categories of financial contracts after June 30, 2023. These regulations apply only to contracts governed by U.S. law, among other limitations. Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contract, securities or other instruments using LIBOR may disagree on transition rates or the application of applicable transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered rates that may also cease to be published in the future.
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Liquidity Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Liquidity Risk. The Fund generally considers “illiquid securities” to be securities that cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its net asset value. The Fund may not be able to readily dispose of such securities at prices that approximate those at which the Fund could sell the securities if they were more widely-traded and, as a result of that illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the Fund’s net asset value and ability to make dividend distributions. Some Senior Loans are not readily marketable and may be subject to restrictions on resale. Senior Loans generally are not listed on any national securities exchange and no active trading market may exist for the Senior Loans in which the Fund may invest. When a secondary market exists, if at all, the market for some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets that may be invested in securities that are not readily marketable or are subject to restrictions on resale.
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Distressed and Defaulted Securities Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Distressed and Defaulted Securities Risk. The Fund may invest in securities, including loans purchased in the secondary market, that are the subject of bankruptcy proceedings or otherwise in default or at risk of being in default as to the repayment of principal and/or interest at the time of acquisition by the Fund. Investment in these distressed securities is speculative and involves significant risks.
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Leverage Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Leverage Risk. The Fund uses leverage and may utilize leverage to the maximum extent permitted by law for investment and other general corporate purposes. The Fund may obtain leverage by issuing preferred shares and/or notes and it may also borrow funds from banks and other financial institutions. The Fund may also gain leverage synthetically through swaps and other derivatives. The use of leverage to purchase additional securities creates an opportunity for increased common share dividends, but also creates risks for common shareholders, including increased variability of the Fund’s net income, distributions and/or net asset value in relation to market changes. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund’s portfolio will be magnified if the Fund uses leverage. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in the Fund’s net asset value, which will be borne entirely by the Fund’s common shareholders. To the extent that the Fund makes investments in Senior Loans or other debt instruments structured with Interest Rate floors, the Fund will not realize additional income if rates increase to levels below the Interest Rate floor but the Fund’s cost of financing is expected to increase, resulting in the potential for a decrease in the level of income available for dividends or distributions made by the Fund. If the Fund issues preferred shares and/or notes or engages in other borrowings, it will have to pay dividends on its shares or interest on its notes or borrowings, which will increase expenses and may reduce the Fund’s return. These dividend payments or interest expenses (which will be borne entirely by common shareholders) may be greater than the Fund’s return on the underlying investments. The Fund’s leveraging strategy may not be successful.
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Closed End Structure [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Closed‑End Structure; Market Discount from Net Asset Value. Shares of closed‑end investment companies that trade in a secondary market frequently trade at market prices that are lower than their net asset values. This is commonly referred to as “trading at a discount.” As a result, the Fund is designed primarily for long-term investors. Although the value of the Fund’s net assets is generally considered by market participants in determining whether to purchase or sell shares, whether an investor will realize gains or losses upon the sale of the shares will depend entirely upon whether the market price of the shares at the time of sale is above or below the investor’s purchase price for the shares. Because the market price of the shares will be determined by factors such as relative supply of and demand for the shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund cannot predict whether the shares will trade at, below or above net asset value. As with any security, complete loss of investment is possible.
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Seniors Loans [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Senior Loans. Senior Loans are subject to the risk of non‑payment of scheduled interest or principal. Such non‑payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the NAV of the Fund. There can be no assurance that the liquidation of any collateral securing a Senior Loan would satisfy the Borrower’s obligation in the event of non‑payment of scheduled interest or principal payments, or that the collateral could be readily liquidated. In the event of bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Senior Loan. The collateral securing a Senior Loan may lose all or substantially all of its value in the event of the bankruptcy or insolvency of a Borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the Borrower. There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the 1933 Act or registered under the Securities Exchange Act of 1934. As a result, the Adviser will rely primarily on its own evaluation of a Borrower’s credit quality, rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In general, the secondary trading market for Senior Loans is not well developed. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Senior Loans are generally not registered under the 1933 Act and often contain certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturity shown on the Consolidated Schedules of Investments. The Fund may acquire Senior Loans through assignments or participations. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser’s rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. In general, a participation is a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations typically include banks, broker-dealers and other financial and lending institutions. In purchasing participations, the Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the Borrower or the quality of the Senior Loan with respect to which they are buying a participation that the Fund would otherwise conduct if they were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Senior Loan. The Fund may also engage in direct origination of loans. In originating loans, the Fund relies on the Adviser’s proprietary sourcing channels, which targets large corporate and private sponsor-backed issuers. In determining whether to originate a loan, the Fund relies on the Adviser’s analysis of the creditworthiness of a borrower and/or any collateral for payment of interest and repayment of principal. The level of analytical sophistication necessary for conducting this analysis is high and the Adviser must rely more significantly on its own resources to conduct due diligence on borrowers than for secondary market debt purchases. The loans the Fund originates are generally Senior Loans, however the Fund is not limited in the type, amount or size of loans it may originate nor to a particular type of borrower. The Fund will earn origination and other types of borrower fees in connection with originating and structuring loans. Direct loans are not publicly traded and may not have a secondary market. Direct loans are subject to heightened liquidity risk and interest rate risk, and some direct loans may be deemed illiquid. The Fund may also face heightened competition for direct origination, which may result in the Fund being required to make lower yielding investments.
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Credit Risks [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Credit Risk. Credit risk is the risk that one or more debt securities in the Fund’s portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. While a senior position in the capital structure of a Borrower may provide some protection with respect to the Fund’s investments in Senior Loans, losses may still occur because the market value of Senior Loans is affected by the creditworthiness of Borrowers and by general economic and specific industry conditions. To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than a fund that invests in investment grade securities. The prices of lower grade securities are more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn, than are the prices of higher grade securities. In addition, the Fund may use credit derivatives that may expose it to additional risk in the event that the securities underlying the derivatives default.
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Prepayment Risks [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Prepayment Risk. During periods of declining interest rates, Borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, which may require the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund’s income and distributions to shareholders. This is known as prepayment or “call” risk. Below investment grade securities frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met (“Call Protection”). An issuer may redeem a below investment grade security if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Subordinated loans typically do not have Call Protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. Senior Loans are subject to prepayment risk and typically do not have Call Protection. The degree to which Borrowers prepay Senior Loans, whether as a contractual requirement or at their election, may be affected by general business conditions, the financial condition of the Borrower and competitive conditions among Senior Loan investors, among others. For these reasons, prepayments cannot be predicted with accuracy. Upon a prepayment, either in part or in full, the outstanding debt on which the Fund derives interest income will be reduced. The Fund may not be able to reinvest the proceeds received on terms as favorable as the prepaid loan.
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Interest Rate Risk [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Description of Registrant [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk [Text Block] | Interest Rate Risk. The market price of the Fund’s investments will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of fixed rate instruments generally rises. Conversely, during periods of rising interest rates, the market price of such instruments generally declines. The magnitude of these fluctuations in the market price of fixed rate credit instruments is generally greater for instruments with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. In addition, some credit instruments may allow an issuer to opt between LIBOR- or SOFR-based interest rates and interest rates based on bank prime rates, which may have an effect on the Fund’s net asset value. The Fund may utilize certain strategies, including investments in swaps, for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies, if utilized, will be successful.
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