Compared against all funds.
1Y return
+0.6%
8th pctile · behind most peersas of 2026-03-26
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$279.5M
as of 2026-03-26
Net expenses
8.96%
74th pctile · pricier than median
Repurchase
5% Quarterly tender offers intended, but the program has not commenced; the Advisor anticipates recommending commencement i
1 of 293 peers matchLevel 3
100%
76th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)8.96%
Minus interest on borrowings, the cost of portfolio leverage5.84%
Minus incentive fees accrued this period, which vary with returns1.22%
Ongoing cost, determined from the filings1.72%
Ongoing cost is about 1.7% a year. The 1.25% management fee worked out to 0.9% of net assets, and administration, audit, legal, trustee and other operating items added about 0.8%. Excluded are 5.8% of interest on borrowings and 1.2% of incentive fees. Startup organizational costs added 0.2% in the period and do not repeat.
Sales loadnone
Total drag per year1.72%
This is the cost for class I common shares (only class outstanding). It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
The figure above is the ongoing cost. For the period the filing covers it was 1.90%, including 0.18% of one-time costs that will not repeat.
Based on Six months ended June 30, 2026 (interim 10-Q), expense dollars annualized and divided by average net assets of about $241.5 million, which is what the.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income over a 1.5% quarterly hurdle (6.0% annualized) with 100% catch-up to 1.71%, plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually; no incentive fee was incurred in 2025.) apply only to returns earned. How this is calculated
Against all funds
Total drag
36th pctile · cheaper than most
1Y return
8th 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 Six months ended June 30, 2026 (interim 10-Q), expense dollars annualized and divided by average net assets of about $241.5 million, which is what the filing's own 2.91% six-month financing cost ratio implies against $7,048k of interest expense. The FY2025 annual report was not used as the base because it covers a stub period from February 5, 2025 with a tiny asset base and $4.4 million of organizational costs, producing a 20.07% expense ratio that is not representative. Organizational cost is shown as the period figure, not annualized, consistent with the filing's own footnote..
Open the filing on sec.gov (0001193125-26-126670)Size and leverage
Net assets$279.5M?
Borrowings$235.2M?
Leveragedebt to equity0.84x?
Asset coverage219.00%?
Investments held23?
Started2025-02-05?
What the manager charges
Management feeof gross assets1.25%?
The same fee against your equitybecause it is charged on borrowed assets too2.30%
Performance feeQuarterly income incentive fee: none below a 1.5% per quarter hurdle (6.0% annualized); 100% catch-up between 1.5% and 1.71% per quarter; 12.5% of net investment income above 1.71% per quarter (6.86% annualized). Annual capital gains incentive fee: 12.5% of cumulative realized capital gains net of all realized losses and unrealized depreciation, less previously paid capital gains fees.?
Hurdle6.00%?
High water markYes?
Adviser is subsidising costsNo?
Getting your money back
Repurchase offersQuarterly tender offers intended, but the program has not commenced; the Advisor anticipates recommending commencement in the first calendar quarter of 2027?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
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
Largest position16.20%?
Floating rate100.00%?
Priced by the managerno market price available100.00%?
MostlyCapital Markets?
Who is involved
AdviserTCW PT Management Company LLC (sub-adviser: PNC Steel City Advisors, LLC)?
AuditorDeloitte & Touche LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- The share repurchase program has not commenced; the Advisor anticipates recommending commencement to the Board in the first calendar quarter of 2027.
- A new Asset Based Credit Facility was entered on January 23, 2026 with a $450 million delayed draw term loan and a $25 million revolver; $5.3 million of financing costs were paid.
- On July 1, 2026 the company received $99.2 million of capital call proceeds for 4,972,035 shares and entered a repurchase transaction with Barclays that settled July 24, 2026 with a principal amount of $345.6 million.
- The management fee base is described as average net assets in the Form 10-K business section but as average gross assets, defined as amortized cost of portfolio investments excluding cash, in the financial statement notes.
- Unfunded portfolio commitments versus undrawn investor commitments: 92,596 thousand unfunded to borrowers; 297,427 thousand undrawn investor commitments USD thousands (Revolver and delayed draw obligations must be fundable on demand; here they are covered several times over by uncalled capital plus credit facility capacity.)
- Credit facility capacity and utilization: 675,000 thousand total commitments; 235,185 thousand drawn; 136,070 thousand available USD thousands (Shows leverage headroom and the cost base behind the 5.8% interest drag that is excluded from the ownership cost figure.)
- Asset Based Credit Facility terms and upfront cost: 450,000 thousand delayed draw term loan maturing 2036 plus 25,000 thousand revolver maturing 2029; 5,293 thousand of financing costs paid USD thousands (A ten year term facility fixes the leverage structure, and the $5.3 million of upfront cost is amortized into interest expense rather than shown as a fee.)
- Large Treasury bill position matched by an equal payable: 345,692 thousand of short-term investments against a 345,692 thousand payable for short-term investments purchased USD thousands (This financed Treasury position roughly doubles reported total assets without adding net exposure, so any cost ratio measured against total assets would be misleading.)
- Organizational and offering cost cap: 10 basis points of aggregate capital commitments basis points (Caps the one-off startup burden on shareholders; $4,783 thousand has been incurred since inception against $576 million of commitments.)
- Capital gains incentive fee accrued on unrealized gains: 307 USD thousands accrued for the six months ended June 30, 2026 (The accrual assumes a hypothetical liquidation, so reported net asset value carries a fee liability that may never become payable, and it is contingent on performance rather than a fixed cost of ownership.)
- Interest rate sensitivity of net investment income: plus 2,296 thousand for a 100 basis point rise; minus 2,296 thousand for a 100 basis point fall USD thousands per year (All debt investments float and part of the book is debt financed, so investor income moves with short rates even though the cost of ownership does not.)
- Post period capital call and share issuance: 99,222 thousand received for 4,972,035 common shares on July 1, 2026 USD thousands (Shares outstanding rose from 14.0 million to 19.0 million after the reporting date, so fixed operating costs are being spread over a larger base and the reported cost ratio should fall further.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 3 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Structure
Tax reporting form1099
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.
2025-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
No repurchase offer filings on record yet.
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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.