AG Twin Brook BDC 10-Q12 Nov 192019 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 12, 2019
Cover [Abstract]
Entity Registrant Name	AG Twin Brook BDC, Inc.
Entity Central Index Key	0001666384
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		1,460,000
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Address, State or Province	NY

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 05, 2019
Investments at fair value:
Non-controlled/non-affiliated investments at fair value (amortized cost of $ 22,253 and $0, respectively)	$ 22,253	$ 0
Non-controlled/affiliated investments at fair value (amortized cost of $581 and $0, respectively)	581	0
Cash	18,859	1
Deferred offering costs	513	377
Prepaid expenses	282	444
Deferred financing costs	170	0
Interest receivable	69	0
Total assets	42,727	822
Liabilities
Revolving credit facility	12,500	0
Due to affiliate	1,060	861
Organizational costs payable to affiliate	342	271
Accrued expenses and other liabilities payable to affiliate	245	0
Deferred income	27	0
Interest payable	23	0
Management fees payable	8	0
Total liabilities	14,205	1,132
Commitments and contingencies (Note 7)
Net assets (deficit)
Common shares $0.001 par value, 100,000,000 and 1,000 shares authorized, respectively; 1,460,000 and 1,000 shares issued and outstanding, respectively	1	0
Additional paid-in-capital	29,199	1
Total distributable earnings (loss)	(678)	(311)
Total net assets (deficit)	28,522	(310)
Total liabilities and net assets	$ 42,727	$ 822
Net asset (deficit) value per share (in dollars per share)	$ 19.54	$ (309.52)

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 05, 2019
Assets
Non-controlled/non-affiliated investments at fair value, amortized cost	$ 22,253	$ 0
Non-controlled or affiliated investments at fair value, amortized cost	$ 581	$ 0
Net assets (deficit)
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	1,000
Common stock, shares issued (in shares)	1,460,000	1,000
Common stock, shares outstanding (in shares)	1,460,000	1,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands		3 Months Ended	5 Months Ended
		Sep. 30, 2019	Sep. 30, 2019
Investment income from non-controlled, non affiliated investments:
Interest		$ 125	$ 125
Other		83	83
Total investment income from non-controlled, non-affiliated investments		208	208
Total investment income		208	208
Expenses
Audit fees		137	137
Insurance fees		122	163
Offering costs		103	103
Administrative fees	[1]	101	101
Directors' fees		45	73
Organizational costs		32	342
Interest		30	30
Other		19	19
Professional fees		12	12
Management fees		8	8
Total gross expenses		609	988
Less waivers:
Administrative fees waived	[1]	(101)	(101)
Total net expenses		508	887
Net investment income (loss)		(300)	(679)
Net realized and gain (loss)
Net realized gain (loss) from non-controlled, non-affiliated investments		1	1
Total net realized gains (loss)		1	1
Net increase (decrease) in net assets resulting from operations		$ (299)	$ (678)
Net investment income (loss) per share - basic and diluted (in dollars per share)		$ (0.46)	$ (1.68)
Earnings (loss) per common share - basic and diluted (in dollars per share)		$ (0.46)	$ (1.68)
Weighted average shares outstanding - basic and diluted (in shares)		648,984	403,591

[1]	Refer to Note 6 - Agreements and Related Party Transactions.

Consolidated Schedule of Invest

Consolidated Schedule of Investments (Unaudited) $ in Thousands	5 Months Ended
	Sep. 30, 2019USD ($)
Investments [Abstract]
Amortized cost	$ 22,834	[1]
Fair value	$ 22,834	[2],[3]
Percentage of net assets	80.06%
Non-controlled/affiliated Investments [Member] \| Multisector holdings [Member]
Investments [Abstract]
Amortized cost	$ 581	[1]
Fair value	$ 581	[2],[3]
Percentage of net assets	2.04%
Non-controlled/affiliated Investments [Member] \| Multisector holdings [Member] \| Twin Brook Equity Holdings, LLC [Member] \| Equity Membership [Member]
Investments [Abstract]
Amortized cost	$ 581	[1],[4]
Fair value	$ 581	[2],[3],[4]
Percentage of net assets	2.04%	[4]
Non-controlled/affiliated Investments [Member] \| Multisector holdings [Member] \| Twin Brook Equity Holdings, LLC [Member] \| Equity Membership [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	0.59%	[4]
Non-controlled/Non-affiliated Senior Secured Debt [Member]
Investments [Abstract]
Principal/par amount	$ 30,318
Amortized cost	22,253	[1]
Fair value	$ 22,253	[2],[3]
Percentage of net assets	78.02%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Chemicals [Member]
Investments [Abstract]
Principal/par amount	$ 3,192
Amortized cost	2,426	[1]
Fair value	$ 2,426	[2],[3]
Percentage of net assets	8.51%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Chemicals [Member] \| Revolution Plastics Buyer LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Aug. 15, 2025	[5],[6]
Principal/par amount	$ 704	[5],[6]
Amortized cost	(14)	[1],[5],[6]
Fair value	$ (14)	[2],[3],[5],[6]
Percentage of net assets	(0.05%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Chemicals [Member] \| Revolution Plastics Buyer LLC [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.00%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Chemicals [Member] \| Revolution Plastics Buyer LLC [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Aug. 15, 2025	[6],[7]
Principal/par amount	$ 2,488	[6],[7]
Amortized cost	2,440	[1],[6],[7]
Fair value	$ 2,440	[2],[3],[6],[7]
Percentage of net assets	8.56%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Chemicals [Member] \| Revolution Plastics Buyer LLC [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.00%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member]
Investments [Abstract]
Principal/par amount	$ 3,929
Amortized cost	3,392	[1]
Fair value	$ 3,392	[2],[3]
Percentage of net assets	11.89%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member] \| BRTS Holdings, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Sep. 6, 2022	[6],[7],[8]
Principal/par amount	$ 588	[6],[7],[8]
Amortized cost	269	[1],[6],[7],[8]
Fair value	$ 269	[2],[3],[6],[7],[8]
Percentage of net assets	0.94%	[6],[7],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member] \| BRTS Holdings, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.75%	[6],[7],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member] \| BRTS Holdings, LLC [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 6, 2022	[6],[7]
Principal/par amount	$ 3,165	[6],[7]
Amortized cost	3,125	[1],[6],[7]
Fair value	$ 3,125	[2],[3],[6],[7]
Percentage of net assets	10.96%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member] \| BRTS Holdings, LLC [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.75%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member] \| BRTS Holdings, LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 6, 2022	[5],[6]
Principal/par amount	$ 176	[5],[6]
Amortized cost	(2)	[1],[5],[6]
Fair value	$ (2)	[2],[3],[5],[6]
Percentage of net assets	(0.01%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Commercial Services and Supplies [Member] \| BRTS Holdings, LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.75%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member]
Investments [Abstract]
Principal/par amount	$ 3,623
Amortized cost	2,872	[1]
Fair value	$ 2,872	[2],[3]
Percentage of net assets	10.07%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Jansy Packaging, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Sep. 30, 2022	[6],[8]
Principal/par amount	$ 706	[6],[8]
Amortized cost	388	[1],[6],[8]
Fair value	$ 388	[2],[3],[6],[8]
Percentage of net assets	1.36%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Jansy Packaging, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	4.75%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Jansy Packaging, LLC [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 30, 2022	[6],[8]
Principal/par amount	$ 1,115	[6],[8]
Amortized cost	1,101	[1],[6],[8]
Fair value	$ 1,101	[2],[3],[6],[8]
Percentage of net assets	3.86%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Jansy Packaging, LLC [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	4.75%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Viking Target, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Aug. 9, 2024	[6],[7],[9]
Principal/par amount	$ 535	[6],[7],[9]
Amortized cost	135	[1],[6],[7],[9]
Fair value	$ 135	[2],[3],[6],[7],[9]
Percentage of net assets	0.47%	[6],[7],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Viking Target, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.25%	[6],[7],[9]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Viking Target, LLC [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Aug. 9, 2024	[6],[7]
Principal/par amount	$ 1,267	[6],[7]
Amortized cost	1,248	[1],[6],[7]
Fair value	$ 1,248	[2],[3],[6],[7]
Percentage of net assets	4.38%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Containers and Packaging [Member] \| Viking Target, LLC [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.25%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Diversified Consumer Services [Member]
Investments [Abstract]
Principal/par amount	$ 2,932
Amortized cost	2,653	[1]
Fair value	$ 2,653	[2],[3]
Percentage of net assets	9.30%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Diversified Consumer Services [Member] \| NSG Buyer, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Sep. 30, 2024	[6],[10]
Principal/par amount	$ 294	[6],[10]
Amortized cost	41	[1],[6],[10]
Fair value	$ 41	[2],[3],[6],[10]
Percentage of net assets	0.14%	[6],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Diversified Consumer Services [Member] \| NSG Buyer, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.75%	[6],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Diversified Consumer Services [Member] \| NSG Buyer, Inc. [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 30, 2025	[6],[10]
Principal/par amount	$ 2,638	[6],[10]
Amortized cost	2,612	[1],[6],[10]
Fair value	$ 2,612	[2],[3],[6],[10]
Percentage of net assets	9.16%	[6],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Diversified Consumer Services [Member] \| NSG Buyer, Inc. [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.75%	[6],[10]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Sep. 11, 2021	[6],[8]
Principal/par amount	$ 469	[6],[8]
Amortized cost	113	[1],[6],[8]
Fair value	$ 113	[2],[3],[6],[8]
Percentage of net assets	0.40%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	4.75%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 11, 2021	[6],[8]
Principal/par amount	$ 2,165	[6],[8]
Amortized cost	2,143	[1],[6],[8]
Fair value	$ 2,143	[2],[3],[6],[8]
Percentage of net assets	7.51%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	4.75%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 11, 2021	[6],[8]
Principal/par amount	$ 2,927	[6],[8]
Amortized cost	271	[1],[6],[8]
Fair value	$ 271	[2],[3],[6],[8]
Percentage of net assets	0.95%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	4.75%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member]
Investments [Abstract]
Principal/par amount	$ 7,834
Amortized cost	3,852	[1]
Fair value	$ 3,852	[2],[3]
Percentage of net assets	13.51%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Aug. 30, 2024	[6],[7]
Principal/par amount	$ 235	[6],[7]
Amortized cost	31	[1],[6],[7]
Fair value	$ 31	[2],[3],[6],[7]
Percentage of net assets	0.11%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.50%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Aug. 30, 2024	[6],[7]
Principal/par amount	$ 1,334	[6],[7]
Amortized cost	1,308	[1],[6],[7]
Fair value	$ 1,308	[2],[3],[6],[7]
Percentage of net assets	4.59%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.50%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member]
Investments [Abstract]
Maturity date	Aug. 30, 2024	[5],[6]
Principal/par amount	$ 704	[5],[6]
Amortized cost	(14)	[1],[5],[6]
Fair value	$ (14)	[2],[3],[5],[6]
Percentage of net assets	(0.05%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Health Care Providers and Services [Member] \| Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.50%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Machinery [Member] \| Industrial Dynamics Company, Ltd. [Member]
Investments [Abstract]
Principal/par amount	$ 1,182
Amortized cost	925	[1]
Fair value	$ 925	[2],[3]
Percentage of net assets	3.24%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Machinery [Member] \| Industrial Dynamics Company, Ltd. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Aug. 20, 2024	[5],[6]
Principal/par amount	$ 234	[5],[6]
Amortized cost	(4)	[1],[5],[6]
Fair value	$ (4)	[2],[3],[5],[6]
Percentage of net assets	(0.01%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Machinery [Member] \| Industrial Dynamics Company, Ltd. [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	6.25%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Machinery [Member] \| Industrial Dynamics Company, Ltd. [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Aug. 20, 2024	[6],[8]
Principal/par amount	$ 948	[6],[8]
Amortized cost	929	[1],[6],[8]
Fair value	$ 929	[2],[3],[6],[8]
Percentage of net assets	3.25%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Machinery [Member] \| Industrial Dynamics Company, Ltd. [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	6.25%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Metals and Mining [Member]
Investments [Abstract]
Principal/par amount	$ 1,753
Amortized cost	1,423	[1]
Fair value	$ 1,423	[2],[3]
Percentage of net assets	4.99%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Metals and Mining [Member] \| Copperweld Group, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Sep. 27, 2024	[5],[6]
Principal/par amount	$ 294	[5],[6]
Amortized cost	(6)	[1],[5],[6]
Fair value	$ (6)	[2],[3],[5],[6]
Percentage of net assets	(0.02%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Metals and Mining [Member] \| Copperweld Group, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	6.00%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Metals and Mining [Member] \| Copperweld Group, Inc. [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 27, 2024	[6],[8]
Principal/par amount	$ 1,459	[6],[8]
Amortized cost	1,429	[1],[6],[8]
Fair value	$ 1,429	[2],[3],[6],[8]
Percentage of net assets	5.01%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Metals and Mining [Member] \| Copperweld Group, Inc. [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	6.00%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Professional Services [Member]
Investments [Abstract]
Principal/par amount	$ 3,132
Amortized cost	2,381	[1]
Fair value	$ 2,381	[2],[3]
Percentage of net assets	8.34%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Professional Services [Member] \| Quantum Spatial, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Sep. 5, 2024	[5],[6]
Principal/par amount	$ 704	[5],[6]
Amortized cost	(10)	[1],[5],[6]
Fair value	$ (10)	[2],[3],[5],[6]
Percentage of net assets	(0.04%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Professional Services [Member] \| Quantum Spatial, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.25%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Professional Services [Member] \| Quantum Spatial, Inc. [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Sep. 5, 2024	[6],[8]
Principal/par amount	$ 2,428	[6],[8]
Amortized cost	2,391	[1],[6],[8]
Fair value	$ 2,391	[2],[3],[6],[8]
Percentage of net assets	8.38%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Professional Services [Member] \| Quantum Spatial, Inc. [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.25%	[6],[8]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Software [Member] \| Affinitiv, Inc. [Member]
Investments [Abstract]
Principal/par amount	$ 2,741
Amortized cost	2,329	[1]
Fair value	$ 2,329	[2],[3]
Percentage of net assets	8.17%
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Software [Member] \| Affinitiv, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Investments [Abstract]
Maturity date	Aug. 26, 2024	[5],[6]
Principal/par amount	$ 372	[5],[6]
Amortized cost	(5)	[1],[5],[6]
Fair value	$ (5)	[2],[3],[5],[6]
Percentage of net assets	(0.02%)	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Software [Member] \| Affinitiv, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.25%	[5],[6]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Software [Member] \| Affinitiv, Inc. [Member] \| First Lien Senior Secured Term Loan [Member]
Investments [Abstract]
Maturity date	Aug. 26, 2024	[6],[7]
Principal/par amount	$ 2,369	[6],[7]
Amortized cost	2,334	[1],[6],[7]
Fair value	$ 2,334	[2],[3],[6],[7]
Percentage of net assets	8.19%	[6],[7]
Non-controlled/Non-affiliated Senior Secured Debt [Member] \| Software [Member] \| Affinitiv, Inc. [Member] \| First Lien Senior Secured Term Loan [Member] \| LIBOR [Member]
Investments [Abstract]
Interest rate	5.25%	[6],[7]

[1]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[2]	Unless otherwise indicated, all investments are considered Level 3 investments.
[3]	Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.
[4]	As a pratical expedient, the Company uses net asset value ("NAV") to determine the fair value of this investment. Consistent with FASB guidance under ASC 820, these investments are excluded from the hierarchical levels. This represents an investment in an affiliated fund.
[5]	Represents revolvers and delayed draw term loans where the entire balance is unfunded as of September 30, 2019. The negative fair value is a result of the commitment being valued below par. Refer to Note 7 for further information.
[6]	The interest rate on the principal balance outstanding for all floating rate loans is indexed to LIBOR and/or an alternate base rate (e.g. prime rate), which typically resets semiannually, quarterly, or monthly at the borrower's option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these loans, we have provided the applicable margin over LIBOR based on each respective credit agreement.
[7]	The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2019 was 2.09%.
[8]	The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2019 was 2.02%.
[9]	The interest rate on these loans is subject to 2 month LIBOR, which as of September 30, 2019 was 2.07%.
[10]	The interest rate on these loans is subject to the Prime Rate, which as of September 30, 2019 was 5.00%.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Unaudited) (Parenthetical)	5 Months Ended
	Sep. 30, 2019
LIBOR [Member] \| 2.02% Interest Rate [Member]
Investments [Abstract]
Interest rate	2.02%
Variable rate	1 month
LIBOR [Member] \| 2.07% Interest Rate [Member]
Investments [Abstract]
Interest rate	2.07%
Variable rate	2 months
LIBOR [Member] \| 2.09% Interest Rate [Member]
Investments [Abstract]
Interest rate	2.09%
Variable rate	3 months
Prime Rate [Member]
Investments [Abstract]
Interest rate	5.00%

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets (Unaudited) - USD ($) $ in Thousands	3 Months Ended	5 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$ (300)	$ (679)
Net realized gain (loss) on investments	1	1
Net increase (decrease) in net assets resulting from operations	(299)	(678)
Capital share transactions
Issuance of common shares	29,200	29,201
Return of common shares	(1)	(1)
Net increase in net assets resulting from capital share transactions	29,199	29,200
Total increase in net assets	28,900	28,522
Net assets (deficit), at beginning of period	(378)	0
Net assets, at end of period	$ 28,522	$ 28,522
Capital share activity
Shares sold (in shares)	1,460,000	1,461,000
Shares returned (in shares)	(1,000)	(1,000)
Net increase in shares outstanding (in shares)	1,459,000	1,460,000

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) $ in Thousands	5 Months Ended
	Sep. 30, 2019USD ($)
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ (678)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:
Net realized (gain) loss	(1)
Net accretion on debt instruments	(5)
Purchases and drawdowns of investments	(22,975)
Proceeds from sales and paydowns of investments	147
Amortization of deferred financing costs	8
Change in operating asset and liabilities:
(Increase) decrease in deferred offering costs	(513)
(Increase) decrease in prepaid expenses	(282)
(Increase) decrease in interest receivable	(69)
Increase (decrease) in due to affiliate	1,060
Increase (decrease) in organizational costs payable to affiliate	342
Increase (decrease) in accrued expenses and other liabilities payable to affiliate	245
Increase (decrease) in deferred income	27
Increase (decrease) in interest payable	23
Increase (decrease) in management fees payable	8
Net cash used in operating activities	(22,663)
Cash flows from financing activities
Proceeds from issuance of common shares	29,200
Borrowings on revolving credit facility	13,000
Payments on revolving credit facility	(500)
Payments for deferred financing costs	(178)
Net cash provided by financing activities	41,522
Net change in cash	18,859
Cash
Cash, beginning of period	0
Cash, end of period	18,859
Supplemental and non-cash Information
Non-cash return of common shares	$ 1

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2019
Organization [Abstract]
Organization	Note 1. Organization AG Twin Brook BDC, Inc. (the “Company”), formerly known as 1889 BDC, Inc., is a Delaware corporation which was formed on February 4, 2016. The Company has elected to be regulated as a Business Development Company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for tax purposes, the Company intends to elect to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company seeks to provide risk-adjusted returns and current income to investors by investing primarily in senior secured debt of middle market companies. The Company may also invest opportunistically in other debt instruments, such as senior secured stretch and unitranche facilities, second lien debt, mezzanine loans, related equity securities, as well as select other subordinated instruments either directly or through acquisitions in the secondary market. AG Twin Brook Manager, LLC (the “Advisor”), a wholly-owned subsidiary of Angelo, Gordon & Co., L.P. (“Angelo Gordon”), serves as the investment adviser of the Company. The Advisor is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940. Twin Brook Capital Partners, LLC (“TBCP”) is an affiliate of Angelo Gordon and provides collateral agent, administrative and other services with respect to certain investments held by the Company. Twin Brook Capital Servicer, LLC (“TBCS”) is an affiliate of Angelo Gordon and provides loan servicing with respect to certain investments held by the Company. The Company conducts private offerings (each, a “Private Offering”), where investors make a capital commitment to purchase shares of the Company’s common stock pursuant to a subscription agreement entered into with the Company. Investors will be required to make capital contributions to purchase shares of the Company’s common stock each time the Company delivers a drawdown notice. The initial closing of the Private Offering occurred on July 19, 2019 (the “Initial Closing”), and additional closings of the Private Offering are expected to occur from time to time as determined by the Company. Upon the earlier to occur of (i) a Qualified IPO (as defined below), and (ii) the five year anniversary of the Initial Closing, investors will be released from any further obligation to purchase additional shares, subject to certain exceptions. A “Qualified IPO” is an initial public offering (“IPO”) of the Company’s common stock that results in an unaffiliated public float of at least the lower of (A) $60 million and (B) 17.5% of the aggregate capital commitments received prior to the date of such initial public offering. The Company commenced its loan origination and investment activities with the initial drawdown from investors in the Private Offering on July 29, 2019 (the commencement of operations). The Company made its first portfolio company investment in August 2019.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2019
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Accounting The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31. As a result, no comparative period of time information is presented. Principles of Consolidation The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp. The Company consolidates subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure. Investment Related Transactions, Revenue Recognition and Expenses Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations. Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned . Investments at Fair Value The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Company’s Board of Directors (the “Board”), and the Advisor in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy. The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Advisor’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Board. • The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties. When determining the fair value of Level 3 investments, the Company may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value. The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Company may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Company generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Company’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Company. As part of the risk management process, the Company reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Company believes does not reflect fair value. In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date. Organizational Costs Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. Offering Costs Initial offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. Deferred Financing Costs Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s revolving credit facility. Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the Company paid approximately $0.2 million of financing costs, of which approximately $8,000 have been amortized and included in “Interest” expense on the consolidated statement of operations. Deferred Income Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the Company received approximately $30,000 of agent fees, of which approximately $3,000 have been amortized and included in “Other” income on the consolidated statement of operations. Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to elect to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the company qualifies as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes was incurred through September 30, 2019. Distributions Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders. Recent Accounting Pronouncements In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework (“ASU 2018-13”) – Changes to the Disclosure Requirements for Fair Value Measurement. The updated guidance modifies the disclosure requirements for fair value measurement by removing or modifying certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those years, with early adoption permitted. Management does not expect the adoption of this guidance to have a material effect on the consolidated financial statements.

Investments

Investments	9 Months Ended
Investments	Sep. 30, 2019
Investments [Abstract]
Investments	Note 3. Investments Under the 1940 Act, the Company is required to separately identify non-controlled investments where it owns 5% or more of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “affiliated” companies. In addition, under the 1940 Act, the Company is required to separately identify investments where it owns more than 25% of a portfolio company’s outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company as investments in “controlled” companies. Under the 1940 Act, "non-affiliated investments" are defined as investments that are neither controlled investments nor affiliated investments. Detailed information with respect to the Company’s non-controlled, non-affiliated; non-controlled, affiliated; and controlled affiliated investments is contained in the accompanying consolidated financial statements, including the consolidated schedule of investments. The information in the tables below is presented on an aggregate portfolio basis, without regard to whether they are non-controlled, non-affiliated; non-controlled, affiliated; or controlled affiliated investments. Investments at fair value and amortized cost consisted of the following as of September 30, 2019: September 30, 2019 (Amounts in thousands) Amortized Cost Fair Value First lien senior secured debt $ 22,253 $ 22,253 Investment in affiliated fund 581 581 Total investments $ 22,834 $ 22,834 The industry composition of investments based on fair value as of September 30, 2019 was as follows: September 30, 2019 Chemicals 10.6 % Commercial services and supplies 14.9 % Containers and packaging 12.6 % Diversified consumer services 11.6 % Health care providers and services 16.9 % Machinery 4.1 % Metals and mining 6.2 % Multisector holdings 2.5 % Professional services 10.4 % Software 10.2 % Total 100.0 % Investments held as of September 30, 2019 were based solely in the United States.

Fair Value of Investments

Fair Value of Investments	9 Months Ended
Fair Value of Investments	Sep. 30, 2019
Fair Value of Investments [Abstract]
Fair Value of Investments	Note 4. Fair Value of Investments Fair Value Disclosures The following table presents the fair value hierarchy of investments as of September 30, 2019: Assets at Fair Value as of September 30, 2019 (Amounts in thousands) Level 1 Level 2 Level 3 Total First lien senior secured debt $ - $ - $ 22,253 $ 22,253 Total $ - $ - $ 22,253 $ 22,253 Investments measured at net asset value (1) 581 Total investments, at fair value $ 22,834 (1) The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of September 30, 2019, and for the period from May 6, 2019 (inception) to September 30, 2019: Level 3 Assets at Fair Value for the Period from May 6, 2019 (Inception) to September 30, 2019* (Amounts in thousands) Balance 5/6/2019 Purchases and Drawdowns Sales and Paydowns Other** Realized Gains/ (Losses) Balance 9/30/2019 Change in Unrealized Appreciation/ Depreciation for Level 3 Assets Still Held as of 9/30/2019 First lien senior secured debt $ - $ 22,394 $ (147 ) $ 5 $ 1 $ 22,253 $ - Total $ - $ 22,394 $ (147 ) $ 5 $ 1 $ 22,253 $ - * Gains and losses are included in their respective captions in the consolidated statement of operations. ** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable. The Company’s Level 3 investments as of September 30, 2019 have been valued using recent transactions. As such, no unobservable inputs have been developed by the Company.

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
Revolving Credit Facility	Sep. 30, 2019
Revolving Credit Facility [Abstract]
Revolving Credit Facility	Note 5. Revolving Credit Facility In accordance with the 1940 Act, the Company can borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 200% after such borrowings, subject to certain limitations. As of September 30, 2019, the company’s asset coverage was 328.2%. On August 019, the Company entered into a revolving credit facility (the “Subscription Facility”) with Wells Fargo Bank, National Association (the “Lender”). The Subscription Facility enables the Company to request loans from the Lender up to a maximum commitment of $50 million. The borrowings under the Subscription Facility are collateralized by the eligible unfunded capital commitments of investors in the Company. The total amount available under the Subscription Facility may be reduced as a result of decreases in the unfunded capital commitments of investors in the Company as well as other provisions of the Subscription Facility. Borrowings under the Subscription Facility bear interest at either (i) LIBOR plus the applicable margin of 1.50%, if the borrowing is a LIBOR Rate Loan or (ii) the Prime Rate plus the applicable margin of 0.50%, if the borrowing is a Reference Rate Loan. As of September 30, 2019, the outstanding borrowings under the Subscription Facility bear interest at an all-in rate of 5.50%. In addition, the Company pays an unused commitment fee of 0.20% per annum on the daily unused commitments of the Lender. The maturity date of the Subscription Facility is . The Subscription Facility contains representations, warranties, covenants, including financial covenants, events of default and indemnities that are customary for agreements of this type. As of September 30, 2019, the Company is in compliance in all material respects with such covenants. Debt obligations consisted of the following as of September 30, 2019: As of September 30, 2019 (Amounts in thousands) Aggregate Principal Amount Committed Principal Amount Outstanding Principal Amount Available (1) Carrying Value Subscription facility $ 50,000 $ 12,500 $ 12,300 $ 12,500 Total debt $ 50,000 $ 12,500 $ 12,300 $ 12,500 (1) The amount available reflects any limitations related to the Subscription Facility’s borrowing base. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the components of interest expense were as follows: (Amounts in thousands) Three Months Ended September 30, 2019 Period from May 6, 2019 (Inception) to September 30, 2019 Interest expense $ 22 $ 22 Amortization of deferred financing costs 8 8 Total interest expense $ 30 $ 30 Average interest rate 5.50 % 5.50 % Average daily borrowings $ 685 $ 426

Agreements and Related Party Tr

Agreements and Related Party Transactions	9 Months Ended
Agreements and Related Party Transactions	Sep. 30, 2019
Agreements and Related Party Transactions [Abstract]
Agreements and Related Party Transactions	Note 6. Agreements and Related Party Transactions Administration Agreement On June 26, 2019, the Company entered into an Administration Agreement (the “Administration Agreement”) with Angelo Gordon (the “Administrator”). Under the terms of the Administration Agreement, the Administrator performs, or oversees the performance of, required administrative services, which include providing office space, equipment and office services, maintaining financial records, preparing reports to shareholders and reports filed with the SEC, and managing the payment of expenses and the performance of administrative and professional services rendered by others. The Company reimburses the Administrator for services performed for it pursuant to the terms of the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to an affiliate or to a third party and the Company will reimburse the Administrator for any services performed for it by such affiliate or third party. Unless earlier terminated as described below, the Administration Agreement will remain in effect until June 26, 2021 and from year to year thereafter if approved annually by the vote of the Board of Directors of the Company and the vote of a majority of the Company’s Independent Directors. The Administration Agreement may be terminated by either party without penalty upon not less than 60 days’ written notice to the other. No person who is an officer, director, or employee of the Administrator or its affiliates and who serves as a director of the Company receives any compensation from the Company for his or her services as a director. However, the Company reimburses the Administrator (or its affiliates) for an allocable portion of the compensation paid by the Administrator or its affiliates to the Company’s officers who provide operational and administrative services, as well as their respective staffs and other professionals who provide services to the Company, who assist with the preparation, coordination and administration of the foregoing or provide other “back office” or “middle office” financial or operational services to the Company (based on the percentage of time those individuals devote, on an estimated basis, to the business and affairs of the Company). Directors who are not affiliated with the Administrator receive compensation for their services and reimbursement of expenses incurred to attend meetings. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the Administrator had the option to charge approximately $0.1 million for certain costs and expenses allocable to the Company under the terms of the Administration Agreement, all of which were waived and borne by the Administrator for this period. Investment Management Agreement On June 26, 2019, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with the Advisor. Under the terms of the Investment Management Agreement, the Advisor is responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring the Company’s investments and monitoring the Company’s investments and portfolio companies on an ongoing basis. Unless earlier terminated as described below, the Investment Management Agreement will remain in effect until June 26, 2021 and from year to year thereafter if approved annually by (a) the vote of the Board of Directors of the Company or by the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Company’s Independent Directors. The Investment Management Agreement will automatically terminate in the event of assignment. The Investment Management Agreement may be terminated without penalty upon not less than 60 days’ written notice by the vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company’s Directors or by the Advisor. From time to time, the Advisor may pay amounts owed by the Company to third-party providers of goods or services and the Company will subsequently reimburse the Advisor for such amounts paid on its behalf. Amounts payable to the Advisor are settled in the normal course of business without formal payment terms. The Investment Management Agreement also provides that the Company reimburses the Advisor for certain organizational costs incurred prior to the commencement of the Company’s operations, and for certain offering costs. The Company has agreed to repay the Advisor for initial organizational costs and offering costs up to a maximum of $1.25 million, with the Advisor bearing any organizational and offering costs in excess of such amount. As of September 30, 2019, the Company has approximately $1.6 million payable to Angelo Gordon for organizational, offering, and operating costs, as well as other prepaid expenses, which is included in "Due to affiliate", "Organizational costs payable to affiliate" and "Accrued expenses and other liabilities payable to affiliate" on the consolidated statement of assets and liabilities. Under the terms of the Investment Management Agreement, the Company will pay the Advisor a base management fee and may also pay to it certain incentive fees. The cost of both the base management fee and the incentive fee will ultimately be borne by the Company’s shareholders. The base management fee is calculated at an annual rate of 0.60% of the Company’s gross assets, excluding cash and cash equivalents. For services rendered under the Investment Management Agreement, the base management fee is payable quarterly in arrears. The base management fee is calculated based on the average value of the Company’s gross assets (excluding cash and cash equivalents) at the end of the two most recently completed calendar quarters, and appropriately adjusted for any share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be appropriately pro-rated. For purposes of the Investment Management Agreement, cash equivalents means U.S. government securities and commercial paper instruments maturing within one year of purchase. Upon the occurrence of a Qualified IPO, the base management fee will be calculated at an annual rate of 1.25% of the Company’s gross assets, excluding cash and cash equivalents. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, base management fees payable by the Company to the Advisor were approximately $8,000. Pursuant to the Investment Management Agreement, the Advisor is entitled to an incentive fee (“Incentive Fee”), which consists of two components; an incentive fee based on income and an incentive fee based on capital gains. The first part, the income incentive fee, will be calculated and payable quarterly in arrears and equals (a) 100% of the excess of the Company’s pre-incentive fee net investment income for the immediately preceding calendar quarter, over a preferred return of 1.00% per quarter (4% annualized) (the “Hurdle”), until the Advisor has received a “catch-up” equal to 16.75% of the pre-incentive fee net investment income for the current quarter; and (b) 16.75% of all remaining pre-incentive fee net investment income above the “catch-up.” The second part, the capital gains incentive fee, will be determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Management Agreement), and equals 16.75% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of the fiscal year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fees (the “Cumulative Capital Gains”). There were no incentive fees for the period from May 6, 2019 (inception) to September 30, 2019. Affiliated Transactions The Company may be prohibited under the 1940 Act from participating in certain transactions with its affiliates without prior approval of the Company’s Independent Directors, and in some cases, the prior approval of the SEC. The Company intends to rely on exemptive relief that has been granted by the SEC to the Company, the Advisor, and Angelo Gordon to permit the Company to co-invest with other funds managed by the Advisor or Angelo Gordon, in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to such exemptive relief, the Company is generally permitted to co-invest with certain of its affiliates if a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Independent Directors make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transaction, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies, and (3) the investment by its affiliates would not disadvantage the Company, and the Company’s participation would not be on a basis different from or less advantageous than that on which its affiliates are investing. In certain situations where co-investment with one or more funds managed by Angelo Gordon is not permitted or appropriate, Angelo Gordon will need to decide which funds will proceed with the investment. Angelo Gordon will make these determinations based on its policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds over time and in a manner that is consistent with applicable laws, rules and regulations. Investment in Affiliated Fund The Company's investments in affiliates for the period from May 6, 2019 (inception) to September 30, 2019 were as follows: (Amounts in thousands) Fair Value as of May 6, 2019 Gross Additions Gross Reductions Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value as of September 30, 2019 Dividend, Interest, PIK and Other Income Non-controlled/affiliated investments Twin Brook Equity Holdings, LLC $ - $ 581 $ - $ - $ - $ 581 $ - Total non-controlled/affiliated investments $ - $ 581 $ - $ - $ - $ 581 $ -

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7. Commitments and Contingencies Commitments The Company’s investment portfolio may contain debt investments that are in the form of revolving lines of credit and unfunded delayed draw commitments, which require the Company to provide funding when requested by portfolio companies in accordance with As of September 30, 2019, the Company had the following outstanding commitments to fund investments in current portfolio companies: Portfolio Company Investment September 30, 2019 (Amounts in thousands) Affinitiv, Inc First lien senior secured revolving loan $ 372 BRTS Holdings, LLC First lien senior secured delayed draw term loan 176 BRTS Holdings, LLC First lien senior secured revolving loan 312 Copperweld Group, Inc. First lien senior secured revolving loan 294 Industrial Dynamics Company, Ltd. First lien senior secured revolving loan 234 Jansy Packaging, LLC First lien senior secured revolving loan 309 NSG Buyer, Inc. First lien senior secured revolving loan 250 Quantum Spatial, Inc. First lien senior secured revolving loan 704 Revolution Plastics Buyer LLC First lien senior secured revolving loan 704 SCP Eye Care Services LLC First lien senior secured delayed draw term loan 2,626 SCP Eye Care Services LLC First lien senior secured revolving loan 352 Silver Falls MSO, LLC First lien senior secured delayed draw term loan 704 Silver Falls MSO, LLC First lien senior secured revolving loan 199 Viking Target, LLC First lien senior secured revolving loan 392 Total unfunded portfolio company commitments $ 7,628 Investor Commitments As of September 30, 2019, the Company had $146.0 million in total capital commitments from investors ($116.8 million undrawn). These undrawn capital commitments will no longer remain in effect following the completion of a Qualified IPO. Subsequent to September 30, 2019, the Company entered into $70.0 million of Subscriptions Agreements, of which $14.0 million has been drawn, which increased the capital commitments to $216.0 million ($172.8 million undrawn). Other Commitments and Contingencies From time to time, the Company may become a party to certain legal proceedings during the normal course of business. As of September 30, 2019, management was not aware of any material pending or threatened litigation.

Net Assets

Net Assets	9 Months Ended
Net Assets	Sep. 30, 2019
Net Assets [Abstract]
Net Assets	Note 8. Net Assets Subscriptions and Drawdowns In connection with its formation, the Company has the authority to issue 100,000,000 common shares at $0.001 per share. The Company has entered into subscription agreements with investors providing for the private placement of the Company’s common shares. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase the Company’s common shares up to the amount of their respective capital commitment on an as-needed basis each time the Advisor delivers a drawdown notice to such investors. Since the commencement of operations, the Advisor delivered the following capital call notices to investors: Capital Drawdown Notice Date Common Share Issuance Date Number of Common Shares Aggregate Offering Price ($ in millions) July 22, 2019 July 29, 2019 912,500 $ 18.25 September 12, 2019 September 26, 2019 547,500 $ 10.95 Total 1,460,000 $ 29.20 The Board may set the per-share price at or above the net asset value per share. The common shares issued on September 26, 2019 were issued above net asset value per share at an offering price of $20.00 per share. During the three months ended September 30, 2019, the Advisor returned the 1,000 shares that it acquired in order to provide seed capital to the Company as a non-cash transaction.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note 9. Earnings Per Share The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019: (Amounts in thousands, except share and per share amounts) Three Months Ended Period from May 6, 2019 (Inception) to September 30, 2019 Increase (decrease) in net assets resulting from operations $ (299 ) $ (678 ) Weighted average shares of common stock outstanding - basic and diluted 648,984 403,591 Earnings (loss) per common share - basic and diluted $ (0.46 ) $ (1.68 )

Financial Highlights

Financial Highlights	9 Months Ended
Financial Highlights	Sep. 30, 2019
Financial Highlights [Abstract]
Financial Highlights	Note 10. Financial Highlights The following are financial highlights for a common share outstanding during the period from May 6, 2019 (inception) to September 30, 2019: (Amounts in thousands, except share and per share amounts) Period from May 6, 2019 Per share data: Net asset value, beginning of period $ - Net investment income (loss) (1) (1.68 ) Net realized and unrealized gain (loss) on investments (1) - Total from operations (1.68 ) Impact of issuance of common stock 21.22 Total increase in net assets 19.54 Net asset value, end of period $ 19.54 Shares outstanding, end of period 1,460,000 Total return (2) (2.3 )% Ratios / supplemental data Ratio of gross expenses to average net assets (3)(4)(5) 7.7 % Ratio of net expenses to average net assets (3)(4)(6) 6.9 % Ratio of net investment income to average net assets (3)(4) (5.3 )% Net assets, end of period $ 28,522 Weighted-average shares outstanding 403,591 Total capital commitments, end of period $ 146,000 Ratio of total contributed capital to total committed capital, end of period 20.0 % Portfolio turnover rate (7) 1.3 % Asset coverage ratio (8) 328.2 % (1) The per share data was derived using the weighted average shares outstanding during the period. (2) Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019. (3) Not annualized. (4) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period, beginning with the first capital call on July 29, 2019. (5) Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator. (6) Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator. (7) Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported. (8) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The Company’s management evaluated subsequent events through the date of issuance of these consolidated financial statements. Other than those previously disclosed, there have been no subsequent events that occurred that would require disclosure in, or would be required to be recognized in, these consolidated financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2019
Significant Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company’s consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. These consolidated financial statements reflect adjustments that in the opinion of management are necessary for the fair statement of the financial position and results of operations for the periods presented herein and are not necessarily indicative of the full fiscal year. The Company commenced operations on July 29, 2019 and its fiscal year ends on December 31. As a result, no comparative period of time information is presented.
Principles of Consolidation	Principles of Consolidation The Company conducts certain of its activities through its wholly-owned subsidiaries Twin Brook Capital Funding XVIII, LLC and Twin Brook Equity XVIII Corp. The Company consolidates subsidiaries that are controlled by the Company. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash	Cash Cash is comprised of cash on deposit with major financial institutions. The Company places its cash with high credit quality institutions to minimize credit risk exposure.
Investment Related Transactions, Revenue Recognition and Expenses	Investment Related Transactions, Revenue Recognition and Expenses Investment transactions and the related revenue and expenses are recorded on a trade-date basis. Realized gains and losses on investment transactions are determined using the specific identification method. All costs associated with consummated investments are included in the cost of such investments. Broken deal expenses incurred in connection with investment transactions which are not successfully consummated are expensed as a component of “Other” expense on the consolidated statement of operations. Interest income and interest expense are recognized on an accrual basis. Interest income on debt instruments is accrued and recognized for those issuers who are currently paying in full or expected to pay in full. For those issuers who are in default or expected to default, interest is not accrued and is only recognized when received. Interest income and expense include discounts accreted and premiums amortized on certain debt instruments as determined in good faith by the Company and calculated using the effective interest method. Loan origination fees, original issue discounts and market discounts or premiums are capitalized as part of the underlying cost of the investments and accreted or amortized over the life of the investment as interest income. Paydown gains and losses on investments in debt instruments are reported in “Interest” income on the consolidated statement of operations. Interest received in-kind, computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment and reported as “Interest” income on the consolidated statement of operations. The Company records dividend income from private securities pursuant to the terms of the respective investments. The Company may earn various fees during the life of the loans. Such fees include, but are not limited to, syndication, commitment, administration, prepayment and amendment fees, some of which are paid to the Company on an ongoing basis. These fees and any other income are recognized as earned .
Investments at Fair Value	Investments at Fair Value The Company applies Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurements (“ASC 820”), as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, interest rates, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement; however, the determination of what constitutes “observable” requires significant judgment by the Company. The Company considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Company’s perceived risk of that instrument. The availability of observable inputs can vary from product to product and is affected by a wide variety of factors, including for example, the type of product, whether the product is new and not yet established in the marketplace, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company, the Company’s Board of Directors (the “Board”), and the Advisor in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. Investments in investment funds are valued at fair value. Fair values are generally determined utilizing the NAV supplied by, or on behalf of, management of each investment fund, which is net of management and incentive fees or allocations charged by the investment fund, if applicable, and is in accordance with the “practical expedient”, as defined by FASB Accounting Standards Update (“ASU”) 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share. NAVs received by, or on behalf of, management of each investment fund are based on the fair value of the investment funds’ underlying investments in accordance with policies established by management of each investment fund, as described in each of their financial statements and offering memorandum. Investments which are valued using NAV as a practical expedient are excluded from the above hierarchy. The Board oversees and supervises a multi-step valuation process, which includes, among other procedures, the following: • The valuation process begins with each investment being initially valued by the investment professionals responsible for the portfolio investment in conjunction with the portfolio management team. • The Advisor’s management reviews the preliminary valuations with the investment professionals. Agreed upon valuation recommendations are presented to the Board. • The Board reviews the recommended valuations and determines the fair value of each investment; valuations that are not based on readily available market quotations are valued in good faith, based on, among other things, the input of the Advisor and, where applicable, other third parties. When determining the fair value of Level 3 investments, the Company may take into account the following factors, where relevant: recent transactions, the enterprise value of the underlying company, the nature and realizable value of any collateral, the underlying company’s ability to make payments and its earnings and discounted cash flows, the markets in which the underlying company does business, financial covenants, the seniority of the financial instrument in the capital structure of the company, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”). The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value. The Company’s investments trade infrequently and when they are traded, the price may be unobservable, and as a result, multiple external pricing sources may not be available. In such instances, the Company may use an internal pricing model as either a corroborating or sole data point in determining the price. Pricing models take into account the contractual terms of the financial instrument, as well as relevant inputs, including where applicable, equity prices, interest rate yield curves, credit curves, correlation, and the creditworthiness of the counterparty. The Company generally engages third party firm(s) to assist in validating certain financial instruments where multiple external prices cannot be obtained. The third party firm(s) either independently determine prices or assess the reasonableness of the Company’s prices. The analyses provided by such third party firm(s) are reviewed and considered by the Company. As part of the risk management process, the Company reviews and analyzes the prices obtained from external pricing sources to evaluate their reliability and accuracy, which includes identifying and excluding vendor prices and broker quotations that the Company believes does not reflect fair value. In addition, the Advisor’s valuation committee meets regularly and engages in ongoing reviews of the valuation processes and procedures including reviews of methodology, ongoing accuracy, source quality and independence. Such reviews include, but are not limited to, comparison of current vendor prices and broker quotations against ongoing daily trading activity, vendor due diligence, and back testing. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the assumptions are set to reflect those that the Company believes market participants would use in pricing the asset or liability at the measurement date.
Organizational Costs	Organizational Costs Organizational costs to establish the Company are charged to expense as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.
Offering Costs	Offering Costs Initial offering costs in connection with the offering of common shares of the Company are capitalized as a deferred charge and amortized to expense on a straight-line basis over 12 months from the commencement of operations. These expenses consist primarily of legal fees and other costs incurred with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs consist of financing costs incurred in connection with obtaining the Company’s revolving credit facility. Such financing costs are capitalized and amortized over the life of the facility utilizing the straight-line method. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the Company paid approximately $0.2 million of financing costs, of which approximately $8,000 have been amortized and included in “Interest” expense on the consolidated statement of operations.
Deferred Income	Deferred Income Deferred income consists of annual administrative agent fees received in connection with the servicing of certain loan investments. Such fees are deferred when received and recognized as earned over the applicable period. For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the Company received approximately $30,000 of agent fees, of which approximately $3,000 have been amortized and included in “Other” income on the consolidated statement of operations.
Income Taxes	Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to elect to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Company generally will not have to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes timely to its shareholders as dividends. To the extent the company qualifies as a RIC, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. The Company will generally be subject to 4% non-deductible U.S. federal excise tax on certain undistributed income or gains in respect of any calendar year, unless it distributes annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ending on October 31 in such calendar year and (iii) any net ordinary income and capital gain net income recognized, but not distributed, in preceding years. The Company, at its discretion, may carry forward taxable income for distribution in the following taxable year and pay the applicable U.S. federal excise tax. The Company conducts certain of its activities through its wholly-owned subsidiary, Twin Brook Equity XVIII Corp., a Delaware C corporation. Twin Brook Equity XVIII Corp. is treated as a corporation for United States federal income tax purposes and is subject to U.S. federal, state or local income tax. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. There were no tax penalties, and no interest associated with income taxes was incurred through September 30, 2019.
Distributions	Distributions Distributions to common stockholders are recorded on the record date. The amount to be distributed, if any, is determined by the Board each quarter. The Company intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment, incur a corporate-level tax on such capital gains, and elect to treat such capital gains as deemed distributions to stockholders.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework (“ASU 2018-13”) – Changes to the Disclosure Requirements for Fair Value Measurement. The updated guidance modifies the disclosure requirements for fair value measurement by removing or modifying certain disclosures. ASU 2018-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those years, with early adoption permitted. Management does not expect the adoption of this guidance to have a material effect on the consolidated financial statements.

Investments (Tables)

Investments (Tables)	9 Months Ended
Investments (Tables)	Sep. 30, 2019
Investments [Abstract]
Investments at Fair Value and Amortized Cost	Investments at fair value and amortized cost consisted of the following as of September 30, 2019: September 30, 2019 (Amounts in thousands) Amortized Cost Fair Value First lien senior secured debt $ 22,253 $ 22,253 Investment in affiliated fund 581 581 Total investments $ 22,834 $ 22,834
Composition of Investments	The industry composition of investments based on fair value as of September 30, 2019 was as follows: September 30, 2019 Chemicals 10.6 % Commercial services and supplies 14.9 % Containers and packaging 12.6 % Diversified consumer services 11.6 % Health care providers and services 16.9 % Machinery 4.1 % Metals and mining 6.2 % Multisector holdings 2.5 % Professional services 10.4 % Software 10.2 % Total 100.0 %

Fair Value of Investments (Tabl

Fair Value of Investments (Tables)	9 Months Ended
Fair Value of Investments (Tables)	Sep. 30, 2019
Fair Value of Investments [Abstract]
Assets at Fair Value	The following table presents the fair value hierarchy of investments as of September 30, 2019: Assets at Fair Value as of September 30, 2019 (Amounts in thousands) Level 1 Level 2 Level 3 Total First lien senior secured debt $ - $ - $ 22,253 $ 22,253 Total $ - $ - $ 22,253 $ 22,253 Investments measured at net asset value (1) 581 Total investments, at fair value $ 22,834 (1)
Changes within Level 3	The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value as of September 30, 2019, and for the period from May 6, 2019 (inception) to September 30, 2019: Level 3 Assets at Fair Value for the Period from May 6, 2019 (Inception) to September 30, 2019* (Amounts in thousands) Balance 5/6/2019 Purchases and Drawdowns Sales and Paydowns Other** Realized Gains/ (Losses) Balance 9/30/2019 Change in Unrealized Appreciation/ Depreciation for Level 3 Assets Still Held as of 9/30/2019 First lien senior secured debt $ - $ 22,394 $ (147 ) $ 5 $ 1 $ 22,253 $ - Total $ - $ 22,394 $ (147 ) $ 5 $ 1 $ 22,253 $ - * Gains and losses are included in their respective captions in the consolidated statement of operations. ** Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Revolving Credit Facility (Tabl

Revolving Credit Facility (Tables)	9 Months Ended
Revolving Credit Facility (Tables)	Sep. 30, 2019
Revolving Credit Facility [Abstract]
Debt Obligations	Debt obligations consisted of the following as of September 30, 2019: As of September 30, 2019 (Amounts in thousands) Aggregate Principal Amount Committed Principal Amount Outstanding Principal Amount Available (1) Carrying Value Subscription facility $ 50,000 $ 12,500 $ 12,300 $ 12,500 Total debt $ 50,000 $ 12,500 $ 12,300 $ 12,500 (1) The amount available reflects any limitations related to the Subscription Facility’s borrowing base.
Components of Interest Expense	For the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019, the components of interest expense were as follows: (Amounts in thousands) Three Months Ended September 30, 2019 Period from May 6, 2019 (Inception) to September 30, 2019 Interest expense $ 22 $ 22 Amortization of deferred financing costs 8 8 Total interest expense $ 30 $ 30 Average interest rate 5.50 % 5.50 % Average daily borrowings $ 685 $ 426

Agreements and Related Party _2

Agreements and Related Party Transactions (Tables)	9 Months Ended
Agreements and Related Party Transactions (Tables)	Sep. 30, 2019
Agreements and Related Party Transactions [Abstract]
Investments in Affiliates	The Company's investments in affiliates for the period from May 6, 2019 (inception) to September 30, 2019 were as follows: (Amounts in thousands) Fair Value as of May 6, 2019 Gross Additions Gross Reductions Net Realized Gain (Loss) Net Change in Unrealized Appreciation (Depreciation) Fair Value as of September 30, 2019 Dividend, Interest, PIK and Other Income Non-controlled/affiliated investments Twin Brook Equity Holdings, LLC $ - $ 581 $ - $ - $ - $ 581 $ - Total non-controlled/affiliated investments $ - $ 581 $ - $ - $ - $ 581 $ -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2019
Commitments and Contingencies [Abstract]
Outstanding Commitments to Fund Investments	As of September 30, 2019, the Company had the following outstanding commitments to fund investments in current portfolio companies: Portfolio Company Investment September 30, 2019 (Amounts in thousands) Affinitiv, Inc First lien senior secured revolving loan $ 372 BRTS Holdings, LLC First lien senior secured delayed draw term loan 176 BRTS Holdings, LLC First lien senior secured revolving loan 312 Copperweld Group, Inc. First lien senior secured revolving loan 294 Industrial Dynamics Company, Ltd. First lien senior secured revolving loan 234 Jansy Packaging, LLC First lien senior secured revolving loan 309 NSG Buyer, Inc. First lien senior secured revolving loan 250 Quantum Spatial, Inc. First lien senior secured revolving loan 704 Revolution Plastics Buyer LLC First lien senior secured revolving loan 704 SCP Eye Care Services LLC First lien senior secured delayed draw term loan 2,626 SCP Eye Care Services LLC First lien senior secured revolving loan 352 Silver Falls MSO, LLC First lien senior secured delayed draw term loan 704 Silver Falls MSO, LLC First lien senior secured revolving loan 199 Viking Target, LLC First lien senior secured revolving loan 392 Total unfunded portfolio company commitments $ 7,628

Net Assets (Tables)

Net Assets (Tables)	9 Months Ended
Net Assets (Tables)	Sep. 30, 2019
Net Assets [Abstract]
Capital Call Notices	Since the commencement of operations, the Advisor delivered the following capital call notices to investors: Capital Drawdown Notice Date Common Share Issuance Date Number of Common Shares Aggregate Offering Price ($ in millions) July 22, 2019 July 29, 2019 912,500 $ 18.25 September 12, 2019 September 26, 2019 547,500 $ 10.95 Total 1,460,000 $ 29.20

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) per Common Share	The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended September 30, 2019 and for the period from May 6, 2019 (inception) to September 30, 2019: (Amounts in thousands, except share and per share amounts) Three Months Ended Period from May 6, 2019 (Inception) to September 30, 2019 Increase (decrease) in net assets resulting from operations $ (299 ) $ (678 ) Weighted average shares of common stock outstanding - basic and diluted 648,984 403,591 Earnings (loss) per common share - basic and diluted $ (0.46 ) $ (1.68 )

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
Financial Highlights (Tables)	Sep. 30, 2019
Financial Highlights [Abstract]
Financial Highlights	The following are financial highlights for a common share outstanding during the period from May 6, 2019 (inception) to September 30, 2019: (Amounts in thousands, except share and per share amounts) Period from May 6, 2019 Per share data: Net asset value, beginning of period $ - Net investment income (loss) (1) (1.68 ) Net realized and unrealized gain (loss) on investments (1) - Total from operations (1.68 ) Impact of issuance of common stock 21.22 Total increase in net assets 19.54 Net asset value, end of period $ 19.54 Shares outstanding, end of period 1,460,000 Total return (2) (2.3 )% Ratios / supplemental data Ratio of gross expenses to average net assets (3)(4)(5) 7.7 % Ratio of net expenses to average net assets (3)(4)(6) 6.9 % Ratio of net investment income to average net assets (3)(4) (5.3 )% Net assets, end of period $ 28,522 Weighted-average shares outstanding 403,591 Total capital commitments, end of period $ 146,000 Ratio of total contributed capital to total committed capital, end of period 20.0 % Portfolio turnover rate (7) 1.3 % Asset coverage ratio (8) 328.2 % (1) The per share data was derived using the weighted average shares outstanding during the period. (2) Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019. (3) Not annualized. (4) Average net assets are computed using the average balance of net assets at the end of each month of the reporting period, beginning with the first capital call on July 29, 2019. (5) Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator. (6) Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator. (7) Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported. (8) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Organization (Details)

Organization (Details) - USD ($) $ in Thousands	3 Months Ended	5 Months Ended
Organization (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019
Initial Public Offering [Abstract]
Common stock value, for Qualified IPO	$ 29,200	$ 29,201
Capital commitments percentage, for Qualified IPO		20.00%
IPO [Member]
Initial Public Offering [Abstract]
Obligation period to purchase additional shares for investors		5 years
Common stock value, for Qualified IPO		$ 60,000
Capital commitments percentage, for Qualified IPO		17.50%

Significant Accounting Polici_3

Significant Accounting Policies (Details) $ in Thousands	3 Months Ended	5 Months Ended
Significant Accounting Policies (Details) $ in Thousands	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Deferred Financing Costs [Abstract]
Payments for deferred financing costs	$ 200	$ 178
Amortization of deferred financing costs	8	8
Deferred Income [Abstract]
Received agent fees	30	30
Amortization of Agent Fees	3	$ 3
Income Taxes [Abstract]
Percentage of U.S. federal excise tax		4.00%
Percentage of net ordinary income		98.00%
Percentage capital gain net income		98.20%
Tax penalties and interest		$ 0
Accrued Income taxes	$ 14	$ 14

Investments (Details)

Investments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost	$ 22,834	[1]
Fair value	$ 22,834	[2],[3]
Composition of Investments [Abstract]
Total	100.00%
First-Lien Senior Secured Debt [Member]
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost	$ 22,253
Fair value	22,253
Investment in Affiliated Fund [Member]
Investments at Fair Value and Amortized Cost [Abstract]
Amortized cost	581
Fair value	$ 581
Chemicals [Member]
Composition of Investments [Abstract]
Total	10.60%
Commercial Service and Packaging [Member]
Composition of Investments [Abstract]
Total	14.90%
Containers & Packaging [Member]
Composition of Investments [Abstract]
Total	12.60%
Diversified Consumer Services [Member]
Composition of Investments [Abstract]
Total	11.60%
Health Care Providers & Services [Member]
Composition of Investments [Abstract]
Total	16.90%
Machinery [Member]
Composition of Investments [Abstract]
Total	4.10%
Metals and Mining [Member]
Composition of Investments [Abstract]
Total	6.20%
Multisector holdings [Member]
Composition of Investments [Abstract]
Total	2.50%
Professional Services [Member]
Composition of Investments [Abstract]
Total	10.40%
Software [Member]
Composition of Investments [Abstract]
Total	10.20%

[1]	The amortized cost represents the original cost adjusted for the amortization of discounts and premiums, as applicable, on debt investments using the effective interest method.
[2]	Unless otherwise indicated, all investments are considered Level 3 investments.
[3]	Unless otherwise indicated, all investments represent co-investments made with the Company's affiliates in accordance with the terms of the exemptive relief that the Company received from the U.S. Securities and Exchange Commission. Refer to Note 6 for further information.

Fair Value of Investments (Deta

Fair Value of Investments (Details) $ in Thousands	Sep. 30, 2019USD ($)
Assets, Fair Value Disclosure [Abstract]
Assets	$ 22,253
Investments measured at net asset value	581	[1]
Total investments, at fair value	22,834
First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	22,253
Level 1 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	0
Level 1 [Member] \| First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	0
Level 2 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	0
Level 2 [Member] \| First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	0
Level 3 [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	22,253
Level 3 [Member] \| First Lien Senior Secured Debt [Member]
Assets, Fair Value Disclosure [Abstract]
Assets	$ 22,253

[1]	Certain investments that are measured at fair value using NAV have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the Consolidated Statements of Assets and Liabilities.

Fair Value of Investments, Chan

Fair Value of Investments, Changes within Level 3 (Details) - Level 3 [Member] $ in Thousands	5 Months Ended
	Sep. 30, 2019USD ($)	[1]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	$ 0
Purchases and drawdown	22,394
Sales and Paydowns	(147)
Other	5	[2]
Realized Gains/ (Losses)	1
Balance	22,253
Change in Unrealized Appreciation/ Depreciation for Level 3 Assets Still Held	0
First Lien Senior Secured Debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance	0
Purchases and drawdown	22,394
Sales and Paydowns	(147)
Other	5	[2]
Realized Gains/ (Losses)	1
Balance	22,253
Change in Unrealized Appreciation/ Depreciation for Level 3 Assets Still Held	$ 0

[1]	Gains and losses are included in their respective captions in the consolidated statement of operations.
[2]	Includes accretion, paydown gains/(losses) and interest received in-kind on debt instruments, where applicable.

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) - USD ($) $ in Thousands		3 Months Ended	5 Months Ended
		Sep. 30, 2019	Sep. 30, 2019	Jun. 05, 2019
Revolving Credit Facility [Abstract]
Percentage of asset coverage	[1]	328.20%	328.20%
Line of Credit [Abstract]
Aggregate principal amount committed		$ 50,000	$ 50,000
Principal amount outstanding		12,500	12,500	$ 0
Principal amount available	[2]	12,300	12,300
Carrying value		12,500	12,500
Interest Expense [Abstract]
Interest expense		22	22
Amortization of deferred financing costs		8	8
Total interest expense		$ 30	$ 30
Average interest rate		5.50%	5.50%
Average daily borrowings		$ 685	$ 426
Prime Rate [Member]
Line of Credit [Abstract]
Interest rate			5.00%
Subscription Facility [Member]
Line of Credit [Abstract]
Aggregate principal amount committed		50,000	$ 50,000
Principal amount outstanding		12,500	12,500
Principal amount available	[2]	12,300	12,300
Carrying value		$ 12,500	$ 12,500
Outstanding borrowings percentage		5.50%	5.50%
Unused commitment fee percentage		0.20%
Maturity date		Aug. 12, 2022
Subscription Facility [Member] \| LIBOR [Member]
Line of Credit [Abstract]
Interest rate		1.50%
Subscription Facility [Member] \| Prime Rate [Member]
Line of Credit [Abstract]
Interest rate		0.50%

[1]	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.
[2]	The amount available reflects any limitations related to the Subscription Facility's borrowing base.

Agreements and Related Party _3

Agreements and Related Party Transactions (Details) $ in Thousands	3 Months Ended	5 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Administration Agreement [Member] \| Minimum [Member]
Transactions with Related Party [Abstract]
Agreement termination period, without penalty	60 days
Administration Agreement [Member] \| Maximum [Member]
Transactions with Related Party [Abstract]
Organizational, offering and other prepaid expenses payable	$ 1,250	$ 1,250
Investment Management Agreement [Member]
Transactions with Related Party [Abstract]
Percentage of base management fee on gross assets	0.60%
Percentage of base management fee upon occurrence of qualified IPO	1.25%
Management fee paid	$ 8	8
Percentage of excess pre-incentive fee net investment income for immediate preceding calendar quarter	100.00%
Percentage of preferred return per quarter	1.00%
Percentage of preferred return annualized	4.00%
Percentage of income incentive fee payable quarterly	16.75%
Percentage of capital gains incentive fee payable at the end of each fiscal year	16.75%
Incentive fees		0
Investment Management Agreement [Member] \| Accrued Expenses and Other Liabilities Payable to Affiliate [Member]
Transactions with Related Party [Abstract]
Organizational, offering and other prepaid expenses payable	$ 1,600	$ 1,600
Investment Management Agreement [Member] \| Minimum [Member]
Transactions with Related Party [Abstract]
Agreement termination period, without penalty	60 days

Agreements and Related Party _4

Agreements and Related Party Transactions, Investment in Affiliated Fund (Details) $ in Thousands	5 Months Ended
	Sep. 30, 2019USD ($)
Non-controlled/affiliated investments [Roll Forward]
Fair Value	$ 0
Gross Additions	581
Gross Reductions	0
Net Realized Gain (Loss)	0
Net Change in Unrealized Appreciation (Depreciation)	0
Fair Value	581
Dividend, Interest, PIK and Other Income	0
Twin Brook Equity Holdings, LLC [Member]
Non-controlled/affiliated investments [Roll Forward]
Fair Value	0
Gross Additions	581
Gross Reductions	0
Net Realized Gain (Loss)	0
Net Change in Unrealized Appreciation (Depreciation)	0
Fair Value	581
Dividend, Interest, PIK and Other Income	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	5 Months Ended
	Nov. 14, 2019	Sep. 30, 2019	Sep. 30, 2019
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		$ 7,628	$ 7,628
Investor Commitments [Abstract]
Total capital commitments		146,000	146,000
Undrawn capital commitments		116,800	116,800
Subsequent Event [Member]
Investor Commitments [Abstract]
Total capital commitments	$ 216,000
Undrawn capital commitments	172,800
Drawn capital	14,000
Amount of subscription agreement	$ 70,000
Affinitiv, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		372	372
BRTS Holdings, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		312	312
BRTS Holdings, LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		176	176
Copperweld Group, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		294	294
Industrial Dynamics Company, Ltd. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		234	234
Jansy Packaging, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		309	309
NSG Buyer, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		250	250
Quantum Spatial, Inc. [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		704	704
Revolution Plastics Buyer LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		704	704
SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		352	352
SCP Eye Care Services LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		2,626	2,626
Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		199	199
Silver Falls MSO, LLC [Member] \| First Lien Senior Secured Delayed Draw Term Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		704	704
Viking Target, LLC [Member] \| First Lien Senior Secured Revolving Loan [Member]
Outstanding Commitments [Abstract]
Total unfunded portfolio company commitments		$ 392	$ 392

Net Assets (Details)

Net Assets (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	5 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jun. 05, 2019
Net Assets [Abstract]
Common stock, shares authorized (in shares)	100,000,000	100,000,000	1,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Capital Call Notices to Investors [Abstract]
Number of common shares issued (in shares)	1,460,000	1,461,000
Aggregate offering price	$ 29,200	$ 29,201
Private Placement [Member]
Capital Call Notices to Investors [Abstract]
Number of common shares issued (in shares)	1,460,000
Aggregate offering price	$ 29,200
Private Placement [Member] \| July, 22, 2019 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date	Jul. 22, 2019
Common share issuance date	Jul. 29, 2019
Number of common shares issued (in shares)	912,500
Aggregate offering price	$ 18,250
Private Placement [Member] \| September 12, 2019 [Member]
Capital Call Notices to Investors [Abstract]
Capital drawdown notice date	Sep. 12, 2019
Common share issuance date	Sep. 26, 2019
Number of common shares issued (in shares)	547,500
Aggregate offering price	$ 10,950

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	5 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Earnings Per Share [Abstract]
Increase (decrease) in net assets resulting from operations	$ (299)	$ (678)
Weighted average shares of common stock outstanding - basic and diluted (in shares)	648,984	403,591
Earnings (loss) per common share - basic and diluted (in dollars per share)	$ (0.46)	$ (1.68)

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	5 Months Ended
		Sep. 30, 2019	Sep. 30, 2019	Jul. 29, 2019	Jun. 30, 2019	May 05, 2019
Financial Highlights [Abstract]
Offering price per share (in dollars per share)				$ 20
Per share data [Roll Forward]
Net asset value, beginning of period (in dollars per share)			$ 0
Net investment income (loss) (in dollars per share)	[1]		(1.68)
Net realized and unrealized gain (loss) on investments (in dollars per share)	[1]		0
Total from operations (in dollars per share)			(1.68)
Impact of issuance of common stock (in dollars per share)			21.22
Total increase in net assets (in dollars per share)			19.54
Net asset value, end of period (in dollars per share)		$ 19.54	$ 19.54
Shares outstanding, end of period (in shares)		1,460,000	1,460,000
Total return	[2]		(2.30%)
Ratios / supplemental data [Abstract]
Ratio of gross expenses to average net assets	[3],[4],[5]		7.70%
Ratio of total expenses to average net assets	[3],[4],[6]		6.90%
Ratio of net investment income to average net assets	[3],[4]		(5.30%)
Net assets, end of period		$ 28,522	$ 28,522		$ (378)	$ 0
Weighted-average shares outstanding (in shares)			403,591
Total capital commitments, end of period		$ 146,000	$ 146,000
Ratio of total contributed capital to total committed capital, end of period			20.00%
Portfolio turnover rate	[7]		1.30%
Asset coverage ratio	[8]	328.20%	328.20%

[1]	The per share data was derived using the weighted average shares outstanding during the period.
[2]	Total return is calculated as the change in net asset value ("NAV") per share during the period, plus distributions per share, if any, divided by the offering price of $20.00 per share on the initial capital call from investors on July 29, 2019.
[3]	Average net assets are computed using the average balance of net assets at the end of each month of the reporting period, beginning with the first capital call on July 29, 2019.
[4]	Not annualized.
[5]	Ratio of gross expenses to average net assets is computed using expenses before waivers from the Administrator.
[6]	Ratio of net expenses to average net assets is computed using total expenses net of waivers from the Administrator.
[7]	Portfolio turnover rate is calculated using the lesser of total sales or total purchases over the average of the investments at fair value for the periods reported.
[8]	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.