Rule ID: DQC.US.0246
Status: Final
Release date: October 7, 2026
Effective date: March 1, 2027

Purpose:

The purpose of Rule DQC.US.0246 is to validate the use of key-value pairs within the InvestmentIdentifierAxis dimension on a Schedule of Investments (SOI). When filers use the pipe-delimited format (SecurityName|KEY1=value1 KEY2=value2 ...) on the InvestmentIdentifierAxis, this rule ensures the format is correct, keys are valid, values are valid, required keys are present, and the security name portion is unique.

Secondly the rule ensures that all required extensible enumeration elements, such as InvestmentIndustrySectorExtensibleEnumeration, are properly reported in the Schedule of Investments (SOI). This rule validates that investments disclosed on the InvestmentIdentifierAxis include the necessary extensible enumeration values to identify key attributes, such as the industry sector or other relevant classifications. By enforcing the inclusion of these elements, the rule ensures accurate, complete, and consistent tagging of investment data, preventing omissions that could lead to incomplete or unclear financial disclosures.

The extensible enumerations can be identified either by defining a key value pair or by directly reporting the corresponding extensible enumeration concept in the Schedule of Investments.

Conditions:

The rule consists of five assertions:

Fires when the security name (the portion before the | character) is not unique across all InvestmentIdentifierAxis dimension members that use the key format. Each security title must be unique for each investment identifier.

Fires when a key used in the KEY=value pairs is not one of the approved keys. The approved keys are:

Fires when the same key appears more than once in the key-value pairs for a single security. Each key must be unique within a given dimension member value.

Fires when a key value does not match the allowed values defined for that key. The allowed values are determined by the domain members associated with each key.

Fires when one or more required keys are missing from the key-value pairs. The required keys are: AFF, ISS, and TYP. And either one of GEO or IND must be present.

The InvestmentIdentifierAxis dimension uses a structured key-value format to identify attributes of securities on a Schedule of Investments. This format follows the pattern:

SecurityName|AFF=value GEO=value IND=value ISS=value TYP=value

For example:

Mood Media Borrower, LLC, Debt investments, First Lien Term Loan|ISS=Mood_Media_Borrower_LLC TYP=Debtinvestments STY=First_Lien_Term_Loan GEO=US

Without validation, filers may use incorrect keys, invalid values, duplicate keys, or omit required keys, leading to inconsistent and unreliable data. This rule ensures the key-value format is properly structured and contains valid information.

The filing has used InvestmentIdentifierAxis dimension with keys to identify the attributes of the security. The value of the InvestmentIdentifierAxis dimension is required to be unique for each investment identifier. When using a key the security title before the | character must be unique. The following duplicate values have been identified for the InvestmentIdentifierAxis dimension: Mood Media Borrower, LLC. Please ensure that the value of the InvestmentIdentifierAxis dimension title is unique for each investment identifier.

Rule Element Id: 10948
Rule version: 29.0.0RC1

The filing has used InvestmentIdentifierAxis dimension with keys to identify the attributes of the security. The following key(s) have been identified as not being valid for the InvestmentIdentifierAxis for the security Mood Media Borrower, LLC with the non standard keys: STY. Please ensure that the keys used are valid for the InvestmentIdentifierAxis dimension.

Rule Element Id: 10949
Rule version: 29.0.0RC1

The filing has used InvestmentIdentifierAxis dimension with keys to identify the attributes of the security. The following key(s) have been identified as being duplicated for the InvestmentIdentifierAxis for the security Mood Media Borrower, LLC with the duplicated keys: GEO. Please ensure that the keys used are unique for the InvestmentIdentifierAxis dimension.

Rule Element Id: 10950
Rule version: 29.0.0RC1

The filing has used InvestmentIdentifierAxis dimension with keys to identify the attributes of the security. The following key(s) have invalid values for the InvestmentIdentifierAxis for the security Mood Media Borrower, LLC with the invalid key values: GEO=INVALID. Please ensure the keys used are valid for the InvestmentIdentifierAxis dimension.

Rule Element Id: 10951
Rule version: 29.0.0RC1

The filing has used InvestmentIdentifierAxis dimension with keys to identify the attributes of the security. The following required key(s) have been identified as missing for the InvestmentIdentifierAxis for the security Mood Media Borrower, LLC with the missing keys: AFF, TYP. Please ensure that the required keys are present for the InvestmentIdentifierAxis dimension.

Rule Element Id: 10952
Rule version: 29.0.0RC1

The filer has reported a schedule of investments and has provided a value of 17,105,928 for the InvestmentOwnedAtCost concept. This is for the investment Mad View Place, LLC. The filer has not reported a value for the InvestmentIndustrySectorExtensibleEnumeration concept on this axis. The values reported for the InvestmentIndustrySectorExtensibleEnumeration concept should be reported to identify the industry that this investment is in. Please ensure that these values are reported for each investment on the InvestmentIdentifierAxis.

Concept : us-gaap:InvestmentOwnedAtCost Value: 17,105,928 Period: 2022-12-31 Dimensions: us-gaap:InvestmentIdentifierAxis= Mad View Place, LLC

Rule Element ID: 10730 Rule version: 27.0.0RC1

The filer has reported a schedule of investments and has provided a value of 28,842,742 for the InvestmentOwnedAtCost concept. This is for the investment ABC Factory, LLC. The filer has not reported a value for the InvestmentIssuerNameExtensibleEnumeration concept on this axis. The values reported for the InvestmentIssuerNameExtensibleEnumeration concept should be reported to identify the issuer name. Please ensure that these values are reported for each investment on the InvestmentIdentifierAxis.

Concept : us-gaap:InvestmentOwnedAtCost Value: 28,842,742 Period: 2023-06-30 Dimensions: us-gaap:InvestmentIdentifierAxis=ABC Factory, LLC

Rule Element ID: 10731 Rule version: 27.0.0RC1

The filer has reported a schedule of investments and has provided a value of 22,902,215 for the InvestmentOwnedAtCost concept. This is for the investment 100 Tyon DE LLC. The filer has not reported a value for the InvestmentTypeExtensibleEnumeration concept on this axis. The values reported for the InvestmentTypeExtensibleEnumeration concept should be reported to identify the investment type. Please ensure that these values are reported for each investment on the InvestmentIdentifierAxis.

Concept : us-gaap:InvestmentOwnedAtCost Value: 22,902,215 Period: 2022-12-31 Dimensions: us-gaap:InvestmentIdentifierAxis=100 Tyon DE LLC

Rule Element ID: 10732 Rule version: 27.0.0RC1

The filer has reported a schedule of investments and has provided a value of 18,288,969 for the InvestmentOwnedAtCost concept. This is for the investment LONGSUF Property LLC. The filer has not reported a value for the InvestmentIssuerGeographicRegionExtensibleEnumeration concept on this axis. The values reported for the InvestmentIssuerGeographicRegionExtensibleEnumeration concept should be reported to identify the geography that this investment is in. Please ensure that these values are reported for each investment on the InvestmentIdentifierAxis.

Concept : us-gaap:InvestmentOwnedAtCost Value: 18,288,969 Period: 2022-12-31 Dimensions: us-gaap:InvestmentIdentifierAxis=LONGSUF Property LLC

Rule Element ID: 10733 Rule version: 27.0.0RC1

"The filer has reported a schedule of investments and has provided a value of 17,105,928 for the InvestmentOwnedAtCost concept. This is for the investment Mad View Place, LLC. The filer has not reported a value for the InvestmentIssuerAffiliationExtensibleEnumeration concept on this axis. The values reported for the InvestmentIssuerAffiliationExtensibleEnumeration concept should be reported to identify the issuer affiliation that this investment has. Please ensure that these values are reported for each investment on the InvestmentIdentifierAxis.

The SEC has issued guidance on this issue called 'Incomplete and Inappropriate Tagging for Business Development Companies' Schedule of Investments which can be found as issue number two at https://www.sec.gov/newsroom/whats-new/2506-dqreminder-inappropriate-tagging-bdc-soi.

Concept : us-gaap:InvestmentOwnedAtCost
Value: 17,105,928
Period: 2022-12-31
Dimensions: us-gaap:InvestmentIdentifierAxis=Mad View Place, LLC

Rule Element ID: 10746 Rule version: 28.0.0RC1

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

The rule operates on all dimension members of InvestmentIdentifierAxis that contain both a | character and an = character, indicating the key-value format is in use.

Parsing Logic:

1. The dimension member value is split by | — the first segment is the security name, the second segment contains the key-value pairs.
2. Key-value pairs are cleaned by removing spaces around = signs, then split by spaces to extract individual KEY=value pairs.
3. Each pair is split by = to separate the key name from the key value.

Assertion 10948 compares the list of security names (segment before |) against its deduplicated set to detect duplicates.

Assertion 10949 compares the extracted key names against the approved key set defined in $APPROVED_KEYS.

Assertion 10950 checks whether the count of keys exceeds the count of unique keys for each security.

Assertion 10951 looks up each key-value pair in the $ALLOWED-KEYS_DICTIONARY constant to verify the value is valid for the given key.

Assertion 10952 computes the set difference between required keys (AFF, GEO, IND, ISS, TYP) and the keys present in the dimension member.

Filers should ensure that:

• Each security name (before the |) is unique across all InvestmentIdentifierAxis members.
• Only approved keys are used (AFF, GEB, GEO, IND, ISS, TYP, VRB).
• No key is repeated within a single dimension member.
• Key values match the allowed domain members for each key.
• All five required keys (AFF, GEO, IND, ISS, TYP) are present.

The rule was introduced for the 2026 US GAAP taxonomy versions and subsequent taxonomies.

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