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v3.24.2.u1

Borrowings (Details) - USD ($) |  | 6 Months Ended | 12 Months Ended |
--- | --- | --- | --- | ---
May 23, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 18, 2023
Borrowings [Line Items] |  |  |  |  |
Borrowing rate |  | 150.00% |  |  |
Borrowings [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Asset coverage ratio |  | 167.00% |  |  |
Debt instrument, description |  | Under the BoA Credit Facility, the Lenders have agreed to extend credit to PS BDC Funding in an aggregate amount up to the Commitment (as defined in the Credit Agreement) amount. The Commitment amount for the BoA Credit Facility was $200.0 million as of the closing date of the Credit Agreement, increased to $400.0 million on the one-month anniversary of the closing date, further increased to $475.0 million on October 12, 2020, further increased to $725.0 million on September 29, 2021, and decreased to $525.0 million on June 13, 2024. |  |  |
CLO Transaction [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Debt instrument, description |  | (i) $232 million of Class A Notes (the “Class A Notes”); (ii) $58.0 million Class B-1 Notes, (the “Class B-1 Notes”); and (iii) $10 million of Class B-2 Notes (the “Class B-2 Notes” and, together with the Class A Notes and the Class B-1 Notes, the “Secured Notes”). |  |  |
Debt securitization | $ 400,500,000 |  |  |  |
BoA Credit Facility [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Debt instrument, description |  | The base rate loans will bear interest at the base rate plus 1.40%, and the SOFR loans will bear interest at 1-month SOFR plus 1.40% or 3-month SOFR plus 1.45%. The “base rate” will be equal to the highest of (a) the federal funds rate plus 0.50%, (b) the prime rate, and (c) 1-month or 3-month SOFR plus 0.10%. The Credit Agreement includes fallback language in the event that SOFR becomes unavailable. Interest pursuant to base rate loans is payable quarterly in arrears, and interest pursuant to SOFR loans is payable either quarterly or monthly, as specified by the Borrowers in a loan notice pertaining thereto. The Credit Agreement requires the payment of a commitment fee of 0.50% for unused Commitments until the four-month anniversary of the Second Amendment to the Credit Agreement. Thereafter, the commitment fee is 0.50% on unused Commitments up to 30% of the BoA Credit Facility, and 1.30% on unused Commitments in excess of 30% of the BoA Credit Facility. Such fee is payable quarterly in arrears. The advance rate for PS BDC Funding’s Eligible Collateral Assets ranges from 40% for Second Lien Bank Loans to 70% for First Lien Bank Loans that are B Assets to 100% for Cash (excluding Excluded Amounts) (as each such term is defined in the Credit Agreement). |  |  |
Financing costs |  | $ 3,900,000 |  | $ 739,000 |
Accrued interest |  | 517,000 |  | 2,200,000 |
Average debt outstanding |  | $ 570,400,000 | $ 500,900,000 |  |
BoA Credit Facility [Member] | Borrowings [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Debt instrument, description |  | On March 29, 2024, the Company entered into a fourth amendment to the BoA Credit Facility to, among other things: (i) extend the facility maturity date from February 18, 2025 to February 18, 2028; (ii) update arrangements for the calculation of the fee on unused commitments from 1.30% to a range from 0.50% to 1.40%, depending on the amount of commitments utilized, and (iii) payment of an extension fee. |  |  |
WF Credit Facility [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Accrued interest |  | $ 2,700,000 |  | 2,600,000 |
Average debt outstanding |  | 136,300,000 | $ 127,900,000 |  |
Deferred financing costs |  | $ 2,200,000 |  | $ 2,500,000 |
WF Credit Facility [Member] | Borrowings [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Debt instrument, description |  | Broadly Syndicated Loans or Middle Market Loans and will bear interest at Daily Simple SOFR, or base rate (to the extent Daily Simple SOFR is unavailable), plus 2.50%, with an interest rate floor of 0.0%. The “base rate” will be equal to the highest of (a) the federal funds rate plus 0.50% and (b) the prime rate. The Loan Agreement includes fallback language in the event that Daily Simple SOFR becomes unavailable. Interest is payable quarterly, as determined by the WFB as the administrative agent. Following an amendment to the WF Credit Facility on October 13, 2021, the Loan Agreement requires the payment of a non-usage fee of (x) during the first thirteen months following the closing of the WF Credit Facility, 0.50% multiplied by daily unused Facility Amounts, (y) between thirteen and sixteen months following the closing of the WF Credit Facility, 0.50% multiplied by the lesser of (1) daily unused Facility Amounts and (2) 50% of the Facility Amount plus 2.00% multiplied by the greater of (i) the difference between the daily unused Facility Amount and 50% of the Facility Amount and (ii) zero and, (z) thereafter, 0.50% multiplied by the lesser of (1) daily unused Facility Amounts and (2) 20% of the Facility Amount plus 2.00% multiplied by the greater of (i) the difference between the daily unused Facility Amount and 20% of the Facility Amount and (ii) zero. Such fee is payable quarterly in arrears. The WF Credit Facility includes the option to downsize the facility by paying a Commitment Reduction Fee. The Fee is equal to 2.00% of the facility reduction amount prior to the one-year anniversary of the WF Credit Facility Fourth Amendment, and 1.00% thereafter. The applicable percentage for the advance rate on PS BDC Funding II’s Eligible Loans ranges from 67.5% for Middle Market Loans to 70% for Broadly Syndicated Loans (as each such term is defined in the Loan Agreement). |  |  |
Prior to April 10, 2023 [Member] | WF Credit Facility [Member] | Borrowings [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Debt instrument, description |  | Broadly Syndicated Loans or Middle Market loans and were eurocurrency rate loans unless such rate was unavailable, in which case the loans were base rate loans until such rate was available. Broadly Syndicated Loans bore interest at the LIBOR or base rate, as applicable, plus 1.85%, and Middle Market Loans bore interest at LIBOR or base rate, as applicable, plus 2.35%. The “base rate” was equal to the highest of (a) the federal funds rate plus 0.50% and (b) the prime rate. On April 10, 2023, the Company entered into an amendment to the WF Credit Facility that, among other things: (i) transferred and assigned U.S. Bank’s rights and obligations as collateral agent and as a secured party to U.S. Bank Trust Company, National Association, (ii) referenced SOFR instead of LIBOR and (iii) removed LIBOR transition language. |  |  |
Minimum [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Credit facility amount |  |  |  |  | $ 150,000,000
Maximum [Member] |  |  |  |  |
Borrowings [Line Items] |  |  |  |  |
Credit facility amount |  |  |  |  | $ 175,000,000

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