Compared against all funds.
1Y return
+7.1%
36th pctile · behind most peersas of 2026-03-04
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$220.9M
as of 2026-03-04
Net expenses
9.1%
77th pctile · pricier than median
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
97.3%
71th pctile · more model-priced than peersLast offer
no offer yet
11 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1% management fee)9.10%
Minus interest on borrowings, the cost of portfolio leverage6.19%
Minus incentive fees accrued this period, which vary with returns1.10%
Ongoing cost, determined from the filings1.79%
Investors pay a 1.0% management fee on net assets plus roughly 0.8% of fund-level operating costs such as audit, legal, administration and directors, for an ongoing cost near 1.8% of net assets. Borrowing interest of 6.2% and performance fees of 1.1% are excluded: one is matched by the assets it funds, the other depends on results.
Sales loadnone
Total drag per year1.79%
This is the cost for common Units (single class).
Based on fiscal year2025 annual (year ended 31 Dec 2025), audited 10-K; the filing's own ratios are annual, not annualized by us. Adjusted to remove 0.02% of n.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle (5% annualized) with 100% catch-up to 1.4286% quarterly, plus 12.5% of cumulative realized capital gains net of losses and depreciation) apply only to returns earned. Before waivers, the gross expense ratio is 9.12%. How this is calculated
Against all funds
Total drag
39th pctile · cheaper than most
1Y return
36th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover FY2025 annual (year ended 31 Dec 2025), audited 10-K; the filing's own ratios are annual, not annualized by us. Adjusted to remove 0.02% of non-repeating offering-cost amortization. The 30 Jun 2026 10-Q shows the same fee structure (1.00% management fee, same incentive terms) with a small temporary fee waiver and a larger asset base, so no persistent change was applied..
Open the filing on sec.gov (0001193125-26-091583)Size and leverage
Net assets$220.9M?
Borrowings$261.7M?
Leveragedebt to equity1.18x?
Asset coverage184.00%?
Investments held132?
Started2023-02-07?
What the manager charges
Management feeof net assets1.00%?
Performance feeTwo parts. Income: 12.5% of pre-incentive fee net investment income above a 1.25% quarterly hurdle (5% annualized), with a 100% catch-up between 1.25% and 1.4286% per quarter. Capital gains: 12.5% of cumulative realized capital gains, net of realized losses and unrealized depreciation, less prior capital gains fees paid, determined annually.?
Hurdle5.00%?
High water markNo?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Floating rate99.80%?
Not paying interestloans on non-accrual1.60%?
Priced by the managerno market price available97.30%?
MostlySoftware (18.7% of investments at fair value)?
Who is involved
AdviserMS Capital Partners Adviser Inc.?
AuditorDeloitte & Touche LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- Credit facility upsized from $400 million to $500 million on 15 January 2026 with no other terms changed; reinvestment period runs to 30 October 2028 and final maturity to 31 October 2030.
- One portfolio company (DCA Investment Holdings) was on non-accrual at 31 December 2025, at 1.6% of the portfolio at cost, and was restructured in June 2026 into DCA Buyer/DCA TopCo, producing a $1.2 million realized loss in Q2 2026.
- Unit repurchases began in 2026: 554,324 units at $19.63 for the quarter priced 31 March 2026 and 550,000 units at $19.52 for the quarter priced 30 June 2026, totaling $21.6 million, with all requests satisfied in full and none prorated.
- Percentage of debt investments carrying one or more financial covenants fell to 42.5% at 31 December 2025 from 56.3% a year earlier, then recovered to 55.9% at 30 June 2026.
- Unfunded portfolio commitments: 121,809,000 USD (Delayed draw and revolver commitments are contractual funding obligations that must be met from cash or credit facility capacity; at year end they were roughly six times the fund's unrestricted cash and short term investments.)
- Weighted average yield on debt investments at cost: 8.8 percent (Portfolio yield fell a full point year over year as base rates declined and existing loans repriced, which compresses the spread over the fund's 6.35% cost of borrowed money and therefore net investment income.)
- Weighted average borrower net leverage and interest coverage: 6.0x net leverage; 1.9x interest coverage (Borrower leverage of six times EBITDA with only 1.9 times interest coverage leaves limited cushion for earnings deterioration or a renewed rise in rates.)
- Share of debt investments with financial covenants: 42.5 percent (Financial maintenance covenants are the lender's early warning system; the share of the portfolio carrying them dropped sharply from 56.3% a year earlier, reducing the fund's ability to intervene before value erodes.)
- Cost of borrowed money: 6.35% stated rate; 6.77% effective percent (Interest is the single largest line in the expense table at 6.2% of net assets, so the spread between the 8.8% portfolio yield and this borrowing cost drives almost all of the fund's earnings.)
- Facility spread and reinvestment period: SOFR plus 1.90% (2.40% after reinvestment period); reinvestment ends 30 Oct 2028 (The margin steps up by 50 basis points once the reinvestment period ends, and the facility is the fund's only source of leverage, so renewal terms directly affect future net investment income.)
- Capital loss carryforwards: $942 thousand ($52 short term, $890 long term) USD thousands (Losses carried forward will offset future realized gains, which means those gains will not be distributed and will not trigger a capital gains incentive fee until the carryforward is used.)
- Undistributed taxable income carried into 2026: $84 thousand, all expected to be ordinary income USD thousands (A very thin spillover cushion means the distribution rate is closely tied to current period earnings rather than a reserve of prior income.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Valuation frequencyquarterly
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Offer dateOfferedRequestedAcceptedSource
2026-10-01···SC TO-I
2026-07-01···SC TO-I
2026-04-01···SC TO-I
2026-01-01···SC TO-I/A
2025-10-01···SC TO-I/A
2025-07-01···SC TO-I/A
2025-04-01···SC TO-I/A
2025-01-01···SC TO-I/A
2024-10-01···SC TO-I/A
2024-06-28···SC TO-I/A
2024-03-29···SC TO-I/A
2026-09-01SC TO-IIssuer tender offer2026-08-1110-QQuarterly report2026-07-29SC TO-I/AAmended issuer tender offer2026-06-01SC TO-IIssuer tender offer2026-05-1410-QQuarterly report2026-04-28SC TO-I/AAmended issuer tender offer2026-03-0410-KAnnual report2026-03-03SC TO-IIssuer tender offer2026-01-27SC TO-I/AAmended issuer tender offer2025-12-02SC TO-IIssuer tender offer2025-10-29SC TO-I/AAmended issuer tender offer2025-09-02SC TO-IIssuer tender offer2025-07-30SC TO-I/AAmended issuer tender offer2025-05-30SC TO-IIssuer tender offer2025-04-30SC TO-I/AAmended issuer tender offer2025-03-0510-KAnnual report2025-03-03SC TO-IIssuer tender offer2025-01-30SC TO-I/AAmended issuer tender offer2024-12-02SC TO-IIssuer tender offer2024-11-01SC TO-I/AAmended issuer tender offer2024-08-29SC TO-IIssuer tender offer2024-08-06SC TO-I/AAmended issuer tender offer2024-05-29SC TO-IIssuer tender offer2024-04-03SC TO-I/AAmended issuer tender offer2024-02-29SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.