2023 Q4 Form 10-Q Financial Statement

#000121390023085238 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $29.82M $14.80M
YoY Change 41.63%
Cost Of Revenue $14.04M $13.70M
YoY Change
Gross Profit $15.78M $15.08M
YoY Change
Gross Profit Margin 52.93% 101.83%
Selling, General & Admin $675.5K $546.2K
YoY Change
% of Gross Profit 4.28% 3.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $394.0K $14.24M
YoY Change 45.78%
Operating Profit $15.39M $830.9K
YoY Change -108.73%
Interest Expense $6.563M $11.50M
YoY Change 63.92%
% of Operating Profit 42.64% 1384.05%
Other Income/Expense, Net
YoY Change
Pretax Income $21.95M $33.85M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings $21.95M $33.85M
YoY Change -601.11%
Net Earnings / Revenue 73.61% 228.68%
Basic Earnings Per Share $1.30
Diluted Earnings Per Share $0.67 $1.30
COMMON SHARES
Basic Shares Outstanding 26.67M shares 25.79M shares 23.06M shares
Diluted Shares Outstanding 26.02M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.117M $3.411M
YoY Change
Cash & Equivalents $2.117M $3.411M $1.651M
Short-Term Investments
Other Short-Term Assets $30.10K $620.2K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.609M $12.54M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.109B $1.105B
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.117B $1.112B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $4.609M $12.54M
Total Long-Term Assets $1.117B $1.112B
Total Assets $1.122B $1.125B $1.057B
YoY Change 6.09% 10.28% -13.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.71M $35.23M
YoY Change
Accrued Expenses $1.068M $901.1K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.03M $45.39M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $641.8M $632.5M
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $641.8M $632.5M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.03M $45.39M
Total Long-Term Liabilities $641.8M $632.5M
Total Liabilities $659.9M $677.9M $694.0M
YoY Change -4.92% 4.94% -9.22%
SHAREHOLDERS EQUITY
Retained Earnings -$58.73M -$66.41M -$110.5M
YoY Change -46.85% -22.84% -1475.21%
Common Stock $520.7M $26.67K $24.29K
YoY Change 2143805.01% 14.08% 7.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $462.0M $446.9M $363.4M
YoY Change
Total Liabilities & Shareholders Equity $1.122B $1.125B $1.057B
YoY Change 6.09% 10.28% -13.13%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income $21.95M $33.85M
YoY Change -601.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $3.407M $16.14M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.700M -14.38M
YoY Change
NET CHANGE
Cash From Operating Activities 3.407M 16.14M
Cash From Investing Activities
Cash From Financing Activities -4.700M -14.38M
Net Change In Cash -1.294M 1.760M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $3.407M $16.14M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q3 cik0001794776 Total Increase Decrease In Net Assets
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cik0001794776 Total Increase Decrease In Net Assets
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us-gaap Proceeds From Sale Of Short Term Investments
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OtherAmortizationOfDeferredCharges
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
21880 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Payable For Investment Purchased
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Increase Decrease In Other Accrued Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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ProceedsFromLinesOfCredit
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us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
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RepaymentsOfLinesOfCredit
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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cik0001794776 Distributions Declared During The Period
DistributionsDeclaredDuringThePeriod
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cik0001794776 Distributions Declared During The Period
DistributionsDeclaredDuringThePeriod
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cik0001794776 Reinvestment Of Distributions During The Period
ReinvestmentOfDistributionsDuringThePeriod
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cik0001794776 Reinvestment Of Distributions During The Period
ReinvestmentOfDistributionsDuringThePeriod
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cik0001794776 Distributions Payable
DistributionsPayable
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Use of Estimates</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.</p>
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Indemnifications</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the normal course of business, the Company enters into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these arrangements cannot be known; however, the Company expects any risk of loss to be remote.</p>
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.90 pure
us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
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us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
0.982 pure
us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
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us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest and Dividend Income Recognition</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest income is recorded on the accrual basis and includes amortization of premiums or accretion of discounts. Discounts and premiums to par value on securities purchased are accreted and amortized, respectively, into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of premiums or accretion of discounts, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees, paydown gains/losses and unamortized discounts are recorded as interest income in the current period.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities and money market funds is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.</p>
CY2023Q3 us-gaap Investment Interest Rate
InvestmentInterestRate
0.02 pure
us-gaap Property Management Fee Percent Fee
PropertyManagementFeePercentFee
0.0175 pure
us-gaap Incentive Fee Description
IncentiveFeeDescription
The Company will pay the Investment Advisor an Income Incentive Fee with respect to its “adjusted net investment income” in each calendar quarter as follows:   ● no Income Incentive Fee in any calendar quarter in which the Company’s “adjusted net investment income” does not exceed an amount equal to a “hurdle rate” of 1.5% per quarter (6% annualized) of the Company’s total net assets at the end of that quarter (the “Hurdle Amount”);   ● 100% of the Company’s “adjusted net investment income” with respect to that portion of such “adjusted net investment income,” if any, that exceeds the Hurdle Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 1.6875% by the Company’s total net asset value for the immediately preceding calendar quarter. The Catch-Up Amount is intended to provide the Investment Advisor with an incentive fee of 12.5% on all of the Company’s “adjusted net investment income” when the Company’s “adjusted net investment income” reaches the Catch-Up Amount in any calendar quarter; and   ● for any calendar quarter in which the Company’s “adjusted net investment income” exceeds the Catch-Up Amount, the Income Incentive Fee shall equal 12.5% of the amount of the Company’s “adjusted net investment income” for the calendar quarter.
us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.144 pure
cik0001794776 Investment Company Portfolio Turnover At Fair Value
InvestmentCompanyPortfolioTurnoverAtFairValue
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CY2022 us-gaap Investment Company Portfolio Turnover
InvestmentCompanyPortfolioTurnover
0.16 pure
CY2022 cik0001794776 Investment Company Portfolio Turnover At Fair Value
InvestmentCompanyPortfolioTurnoverAtFairValue
0.163 pure
CY2023Q3 us-gaap Investment Owned Percent Of Net Assets
InvestmentOwnedPercentOfNetAssets
0.129 pure
CY2022Q4 us-gaap Investment Owned Percent Of Net Assets
InvestmentOwnedPercentOfNetAssets
0.149 pure
CY2023Q3 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Redemption Restriction Percentage
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPercentage
1 pure
CY2022Q4 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Redemption Restriction Percentage
FairValueInvestmentsEntitiesThatCalculateNetAssetValuePerShareRedemptionRestrictionPercentage
1 pure
CY2023Q3 us-gaap Investments
Investments
1104712587 usd
CY2022Q4 us-gaap Investments
Investments
1017211732 usd
us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
1.50 pure
CY2022Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
1400000 usd
CY2022 us-gaap Line Of Credit Facility Increase Accrued Interest
LineOfCreditFacilityIncreaseAccruedInterest
584000 usd
CY2023Q3 us-gaap Line Of Credit Facility Fair Value Of Amount Outstanding
LineOfCreditFacilityFairValueOfAmountOutstanding
150000000 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
2379185 shares
cik0001794776 Aggregate Purchase Price
AggregatePurchasePrice
39300000 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
803456 shares
cik0001794776 Aggregate Purchase Price
AggregatePurchasePrice
15200000 usd
cik0001794776 Unfunded Commitments
UnfundedCommitments
5600000 usd
CY2022 cik0001794776 Unfunded Commitments
UnfundedCommitments
2600000 usd
cik0001794776 Unfunded Commitments
UnfundedCommitments
5567652 usd
CY2022 cik0001794776 Unfunded Commitments
UnfundedCommitments
2636943 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
373908767 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25359324 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22986437 shares
us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.232 pure
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
33853088 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6755673 usd
us-gaap Net Income Loss
NetIncomeLoss
85882073 usd
us-gaap Net Income Loss
NetIncomeLoss
-75518591 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26016761 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23214683 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25359324 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22986437 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.3
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.29
CY2022Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
14.96
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.06
us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
1.68
us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
1.25
cik0001794776 Net Realized And Unrealized Gain Loss On Investments
NetRealizedAndUnrealizedGainLossOnInvestments
1.74
cik0001794776 Net Realized And Unrealized Gain Loss On Investments
NetRealizedAndUnrealizedGainLossOnInvestments
-4.5
us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
3.42
us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
-3.25
us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
1.62
us-gaap Investment Company Distribution To Shareholders Per Share
InvestmentCompanyDistributionToShareholdersPerShare
0.81
us-gaap Investment Company Net Asset Value Per Share Period Increase Decrease
InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease
-1.62
us-gaap Investment Company Net Asset Value Per Share Period Increase Decrease
InvestmentCompanyNetAssetValuePerSharePeriodIncreaseDecrease
-0.81
CY2023Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
16.76
CY2022Q3 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
16
CY2023Q3 us-gaap Shares Outstanding
SharesOutstanding
26665813 shares
CY2022Q3 us-gaap Shares Outstanding
SharesOutstanding
23373787 shares
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
446859594 usd
us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.1669 pure
cik0001794776 Portfolio Turnover
PortfolioTurnover
0.19 pure
cik0001794776 Portfolio Turnover
PortfolioTurnover
0.21 pure
us-gaap Investment Company Expense Ratio Voluntary Fee Waiver
InvestmentCompanyExpenseRatioVoluntaryFeeWaiver
0.1318 pure
us-gaap Investment Company Expense Ratio Voluntary Fee Waiver
InvestmentCompanyExpenseRatioVoluntaryFeeWaiver
0.0708 pure
us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.1293 pure
us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0683 pure
us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
0.1359 pure
us-gaap Investment Company Investment Income Loss Ratio Before Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioBeforeIncentiveAllocation
0.0863 pure
us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
0.1384 pure
us-gaap Investment Company Investment Income Loss Ratio After Incentive Allocation
InvestmentCompanyInvestmentIncomeLossRatioAfterIncentiveAllocation
0.0888 pure
CY2023Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0.57
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
1.25
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23214683 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25359324 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26016761 shares
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
usd
cik0001794776 Increasedecrease In Directors Fee Payable
IncreasedecreaseInDirectorsFeePayable
usd
cik0001794776 Distributions Payable
DistributionsPayable
usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22986437 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23214683 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25359324 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26016761 shares
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.39
us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
cik0001794776 Return Of Capital
ReturnOfCapital
cik0001794776 Return Of Capital
ReturnOfCapital
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001794776

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0001213900-23-085238.txt Edgar Link pending
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cik0001794776-20230930.xsd Edgar Link pending
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