Invalid Subtotals in Schedule of Investments

Rule function

Purpose:

The purpose of this rule is to ensure that the fair value of investments reported for broader categories (e.g., by industry, geography, or security type) is greater than or equal to the fair value reported for more specific categories that include additional dimensions. This rule checks for consistency in the reporting of Business Development Company (BDC) subtotals to prevent errors caused by incorrect use of dimensions. Specifically, it ensures that the aggregate value for a broader category (e.g., EquitySecuritiesByIndustryAxis) is not less than the value reported for subsets of that category with additional dimensions. The rule checks the following dimensions:

• EquitySecuritiesByIndustryAxis
• InvestmentTypeAxis
• InvestmentIssuerAffiliationAxis
• InvestmentIssuerNameAxis
• StatementGeographicalAxis

Conditions:

The rule will run on all filings that include investment disclosures.

Problem solved by the rule

The problem solved by this rule is ensuring the consistency and accuracy of reported Business Development Company (BDC) investment subtotals in financial filings. This issue can arise from misreporting or incorrect use of dimensions, leading to inconsistencies in the reported data. The rule ensures that the aggregate value for a broader category is greater than or equal to the value reported for subsets with more specific dimensions, maintaining logical and accurate financial reporting.

Example rule message

Example Rule Message # 1

The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 2,036,000. This concept is used to report the fair value of investments for the us-gaap:EquityMember industry. The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 2,037,000 that includes the member us-gaap:EquityMember but also has additional members. This value is used to report the fair value of investments for the following dimensions us-gaap:EquitySecuritiesByIndustryAxis=us-gaap:EquityMember, us-gaap:FairValueByFairValueHierarchyLevelAxis=us-gaap:FairValueInputsLevel3Member. The value representing the fair value of investments in the us-gaap:EquityMember industry is less than the value reported for the value 2,037,000 which is a subset of this industry. The value reported for the industry in aggregate should be more than or equal to the value reported for of 2,037,000. Please ensure that appropriate dimensions have been used to report these values.

Concept : us-gaap:InvestmentOwnedAtFairValue
Value: 2,037,000
Period: 2022-12-31
Dimensions: us-gaap:EquitySecuritiesByIndustryAxis=us-gaap:EquityMember, us-gaap:FairValueByFairValueHierarchyLevelAxis=us-gaap:FairValueInputsLevel3Member

Rule Element ID: 10722
Rule version: 27.0.0RC1

Example Rule Message # 2

The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 254,954,000. This concept is used to report the fair value of investments for the abc:FirstLienSecuredDebtMember investment type. The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 260,956,000 that includes the member abc:FirstLienSecuredDebtMember but also has additional members. This value is used to report the fair value of investments for the following dimensions us-gaap:InvestmentIssuerAffiliationAxis=us-gaap:InvestmentUnaffiliatedIssuerMember, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember. The value representing the fair value of investments in the abc:FirstLienSecuredDebtMember investment type is less than the value reported for the value 260,956,000 which is a subset of this investment type. The value reported for the investment type in aggregate should be more than or equal to the value reported for of 260,956,000. Please ensure that appropriate dimensions have been used to report these values.

Concept : us-gaap:InvestmentOwnedAtFairValue
Value: 260,956,000
Period: 2023-12-31
Dimensions: us-gaap:InvestmentIssuerAffiliationAxis=us-gaap:InvestmentUnaffiliatedIssuerMember, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember

Rule Element ID: 10723
Rule version: 27.0.0RC1

Example Rule Message # 3

The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 254,954,000. This concept is used to report the fair value of investments for the us-gaap:InvestmentUnaffiliatedIssuerMember affiliation. The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 260,956,000 that includes the member us-gaap:InvestmentUnaffiliatedIssuerMember but also has additional members. This value is used to report the fair value of investments for the following dimensions us-gaap:InvestmentIssuerAffiliationAxis=us-gaap:InvestmentUnaffiliatedIssuerMember, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember. The value representing the fair value of investments in the us-gaap:InvestmentUnaffiliatedIssuerMember affiliation is less than the value reported for the value 260,956,000 which is a subset of this affiliation. The value reported for the affiliation in aggregate should be more than or equal to the value reported for of 260,956,000. Please ensure that appropriate dimensions have been used to report these values.

Concept : us-gaap:InvestmentOwnedAtFairValue
Value: 260,956,000
Period: 2023-12-31
Dimensions: us-gaap:InvestmentIssuerAffiliationAxis=us-gaap:InvestmentUnaffiliatedIssuerMember, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember

Rule Element ID: 10724
Rule version: 27.0.0RC1

Example Rule Message # 4

The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 254,954,000. This concept is used to report the fair value of investments for the us-gaap:InvestmentUnaffiliatedIssuerMember issuer name. The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 260,956,000 that includes the member us-gaap:InvestmentUnaffiliatedIssuerMember but also has additional members. This value is used to report the fair value of investments for the following dimensions us-gaap:InvestmentIssuerNameAxis=us-gaap:InvestmentUnaffiliatedIssuerMember, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember. The value representing the fair value of investments in the us-gaap:InvestmentUnaffiliatedIssuerMember issuer name is less than the value reported for the value 260,956,000 which is a subset of this issuer name. The value reported for the issuer name in aggregate should be more than or equal to the value reported for of 260,956,000. Please ensure that appropriate dimensions have been used to report these values.

Concept : us-gaap:InvestmentOwnedAtFairValue
Value: 260,956,000
Period: 2023-12-31
Dimensions: us-gaap:InvestmentIssuerNameAxis=us-gaap:InvestmentUnaffiliatedIssuerMember, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember

Rule Element ID: 10725
Rule version: 27.0.0RC1

Example Rule Message # 5

The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 254,954,000. This concept is used to report the fair value of investments for the us-gaap:US geography. The filer has reported a value for the concept InvestmentOwnedAtFairValue with a value of 260,956,000 that includes the member us-gaap:US but also has additional members. This value is used to report the fair value of investments for the following dimensions us-gaap:StatementGeographicalAxis=us-gaap:US, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember. The value representing the fair value of investments in the us-gaap:US geography is less than the value reported for the value 260,956,000 which is a subset of this geography. The value reported for the geography in aggregate should be more than or equal to the value reported for of 260,956,000 . Please ensure that appropriate dimensions have been used to report these values.

Concept : us-gaap:InvestmentOwnedAtFairValue
Value: 260,956,000
Period: 2023-12-31
Dimensions: us-gaap:StatementGeographicalAxis=us-gaap:US, us-gaap:InvestmentTypeAxis=abc:FirstLienSecuredDebtMember

Rule Element ID: 10725
Rule version: 27.0.0RC1

For Developers

The Global Rule Logic document contains general guidelines for implementation of rules.

The rule message template contains text and parametric reference to arguments of the rule operation, using the syntax ${parameter} to indicate that insertion of a parameter’s value is to occur.

Rule element ID index

The rule element id is used to identify unique elements or combinations of elements tested in the rule.