Lafayette Square Empire BDC 10-Q 8 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 08, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Securities Act File Number	814-01427
Entity Registrant Name	LAFAYETTE SQUARE USA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2807075
Entity Address, Address Line One	175 SW 7th St
Entity Address, Address Line Two	Unit 1911
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33130
City Area Code	786
Local Phone Number	753-7096
Title of 12(g) Security	Common Stock, par value $0.001 per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,068,112
Entity Central Key	0001849089
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Assets
Investments, at fair value	$ 170,278	[1],[2],[3],[4]	$ 84,343	[5],[6],[7],[8]
Cash and cash equivalents	82,219		20,687
Deferred financing costs	1,240		306
Deferred offering costs	0		151
Interest receivable	707		90
Other assets	115		0
Total assets	254,559		105,577
Liabilities
Amount outstanding	31,000		0
Secured borrowings (see Note 5)	23,400		31,500
Distributions payable	2,614		0
Accounts payable and accrued expenses	1,495		1,135
Due to affiliate	941		120
Incentive fee payable (see Note 6)	535		0
Management fee payable (see Note 6)	431		167
Administrative services fee payable (see Note 6)	251		550
Interest and financing payable	148		323
Total liabilities	60,815		33,795
Commitments and Contingencies (See Note 7)
Net assets
Preferred stock, par value $0.001 per share (50,000,000 shares authorized, 0 shares issued and outstanding as of September 30, 2023 and December 31, 2022)	0		0
Common stock, par value $0.001 per share (450,000,000 shares authorized, 13,068,112 and 4,916,554 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	13		5
Paid-in capital in excess of par	193,462		72,610
Distributable earnings (losses)	269		(833)
Total net assets	193,744		71,782
Total liabilities and net assets	$ 254,559		$ 105,577
Net asset value per common share (in dollar per share)	$ 14.83		$ 14.60
Non-controlled/Non-affiliate Investments
Assets
Investments, at fair value	$ 143,295	[1],[2],[3],[4]	$ 63,636	[5],[6],[7],[8]
Non-controlled/Affiliate Investments
Assets
Investments, at fair value	$ 26,983		$ 20,707
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Amortized Cost	$ 169,680	[1],[2],[3],[4]	$ 84,545	[5],[6],[7],[8]
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated Entity [Member]		Affiliated Entity [Member]
Preferred stock par value (in dollar per shares)	$ 0.001		$ 0.001
Preferred stock shares authorized (in shares)	50,000,000		50,000,000
Preferred stock shares issued (in shares)	0		0
Preferred stock shares outstanding (in shares)	0		0
Common stock par value (in dollar per shares)	$ 0.001		$ 0.001
Common stock shares authorized (in shares)	450,000,000		450,000,000
Common stock shares issued (in shares)	13,068,112		4,916,554
Common stock shares outstanding (in shares)	13,068,112		4,916,554
Non-controlled/Non-affiliate Investments
Amortized Cost	$ 142,543	[1],[2],[3],[4]	$ 63,838	[5],[6],[7],[8]
Non-controlled/Affiliate Investments
Amortized Cost	$ 27,137		$ 20,707
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment Income:
Interest from cash and cash equivalents	$ 724,000	$ 0	$ 1,269,000	$ 0
Total investment income	5,741,000	1,277,000	13,331,000	1,298,000
Expenses:
General and administrative expenses	601,000	383,000	1,922,000	659,000
Interest and financing expenses (see Note 5)	307,000	261,000	1,193,000	356,000
Management fee (see Note 6)	431,000	108,000	1,035,000	110,000
Administrative services fee (see Note 6)	251,000	145,000	600,000	157,000
Organizational costs (See Note 2)	46,000	0	332,000	22,000
Incentive fee (see Note 6)	535,000	0	1,050,000	0
Professional fees	449,000	163,000	851,000	275,000
Directors' fees	80,000	80,000	240,000	96,000
Offering expenses	0	77,000	151,000	80,000
Total expenses, before expense support reimbursement	2,700,000	1,217,000	7,374,000	1,755,000
Expense support reimbursement (see Note 6)	123,000	(225,000)	452,000	(452,000)
Total expenses, including expenses support reimbursement	2,823,000	992,000	7,826,000	1,303,000
Net investment income (loss)	2,918,000	285,000	5,505,000	(5,000)
Net change in unrealized gains (losses) on investments:
Total net change in unrealized gains (losses) on investments	558,000	(505,000)	800,000	(376,000)
Net increase (decrease) in net assets resulting from operations	$ 3,476,000	$ (220,000)	$ 6,305,000	$ (381,000)
Weighted average common shares outstanding, basic (in shares)	13,053,832	2,098,009	10,254,893	733,084
Weighted average common shares outstanding, diluted (in shares)	13,053,832	2,098,009	10,254,893	733,084
Net investment income (loss) per common share (basic) (in dollar per share)	$ 0.22	$ 0.14	$ 0.54	$ (0.01)
Net investment income (loss) per common share (diluted) (in dollar per share)	0.22	0.14	0.54	(0.01)
Earnings (loss) per common share basic (in dollar per share)	0.27	(0.10)	0.61	(0.52)
Earnings (loss) per common share diluted (in dollar per share)	$ 0.27	$ (0.10)	$ 0.61	$ (0.52)
Non-controlled/Non-affiliate Investments
Investment Income:
Cash	$ 4,139,000	$ 1,197,000	$ 9,784,000	$ 1,218,000
Fee income	18,000	80,000	28,000	80,000
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	767,000	(505,000)	954,000	(376,000)
Non-controlled/Affiliate Investments
Investment Income:
Cash	860,000		2,250,000	0
Fee income	0		0	0
Interest from cash and cash equivalents	724,000	0	1,269,000	0
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	$ (209,000)		$ (154,000)	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)				4,916,554
Beginning balance	$ 192,442	$ 25,541		$ 71,782	$ (504)
Issuance of common stock (in shares)				8,091,531
Issuance of common stock	0	26,206		$ 119,972	52,412
Reinvestment of stockholder distributions	440			888	0
Net increase in net assets from capital transactions	440			120,860
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	2,918	285		5,505	(5)
Net realized gain (loss)	0
Net change in unrealized gain (losses)	558	(505)		800	(376)
Total increase (decrease)	3,476	$ 25,986		6,305	$ 52,031
Distributable earnings	(2,614)			(5,203)
Total distributions to stockholders	(2,614)			(5,203)
Total increase (decrease) in net assets	$ 1,302			$ 121,962
Ending balance (in shares)	13,068,112	3,537,828		13,068,112	3,537,828
Ending balance	$ 193,744	$ 51,527		$ 193,744	$ 51,527
Common Stock
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	13,038,253	1,747,783		4,916,554	700
Beginning balance	$ 13	$ 2	[1]	$ 5	$ 0	[1]
Issuance of common stock (in shares)	0	1,790,045		8,091,531	3,537,128
Issuance of common stock	$ 0	$ 2	[1]	$ 8	$ 4	[1]
Reinvestment of stockholder distributions (in shares)	29,859			60,027
Net increase in net assets from capital transactions (in shares)	29,859			8,151,558
Net increase in net assets from capital transactions	$ 0			$ 8
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease) (in shares)	0	1,790,045		0	3,537,128
Total increase (decrease)	$ 0	$ 2	[1]	$ 0	$ 4	[1]
Total increase (decrease) in net assets (in shares)	29,859			8,151,558
Total increase (decrease) in net assets	$ 0			$ 8
Ending balance (in shares)	13,068,112	3,537,828		13,068,112	3,537,828
Ending balance	$ 13	$ 4	[1]	$ 13	$ 4	[1]
Paid in Capital Excess of Par
Investment Company, Net Assets [Roll Forward]
Beginning balance	193,022	26,215		72,610	11
Issuance of common stock	0	26,204		119,964	52,408
Reinvestment of stockholder distributions	440			888
Net increase in net assets from capital transactions	440			120,852
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease)	0	26,204		0	52,408
Total increase (decrease) in net assets	440			120,852
Ending balance	193,462	52,419		193,462	52,419
Distributable Earnings (Losses)
Investment Company, Net Assets [Roll Forward]
Beginning balance	(593)	(676)		(833)	(515)
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	2,918	285		5,505	(5)
Net change in unrealized gain (losses)	558	(505)		800	(376)
Total increase (decrease)	3,476	(220)		6,305	(381)
Distributable earnings	(2,614)			(5,203)
Total distributions to stockholders	(2,614)			(5,203)
Total increase (decrease) in net assets	862			1,102
Ending balance	$ 269	$ (896)		$ 269	$ (896)
[1]Less than $1 as of December 31, 2021.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 6,305	$ (381)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net change in unrealized (gain) loss on investments	(800)	376
Purchases of investments	(86,060)	(48,767)
Net accretion of discount on investments	(290)	(66)
Proceeds from sales and repayments of investments	1,215	324
Amortization of deferred financing costs	294	144
Changes in operating assets and liabilities:
Interest receivable	(617)	(18)
Deferred offering costs	151	43
Other assets	(115)	1
Accounts payable and accrued expenses	360	0
Management fee payable	264	0
Incentive fee payable	535	0
Administrative services fee payable	(299)	145
Interest and financing payable	(175)	20
Due to affiliate	821	322
Net cash provided by (used in) operating activities	(78,411)	(47,857)
Cash flows from financing activities
Proceeds from issuance of shares of common stock	119,972	52,412
Distributions paid	(1,701)	0
Proceeds from secured borrowings	77,448	37,500
Repayments of secured borrowings	(85,548)	(20,000)
Proceeds from SBA-guaranteed debentures	31,000	0
Deferred financing costs paid	(1,228)	(470)
Net cash provided by (used in) financing activities	139,943	69,442
Net increase (decrease) in cash and cash equivalents	61,532	21,585
Cash and cash equivalents at beginning of period	20,687	8
Cash and cash equivalents at end of period	82,219	21,593
Supplemental information:
Interest expense paid	644	175
Shares issued from dividend reinvestment plan	888	0
Accrual for deferred financing costs	$ 1,240	$ 306

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($) $ in Thousands		Sep. 30, 2023		Dec. 31, 2022		Dec. 31, 2021
Amortized Cost		$ 169,680	[1],[2],[3],[4]	$ 84,545	[5],[6],[7],[8]
Fair Value		$ 170,278	[1],[2],[3],[4]	$ 84,343	[5],[6],[7],[8]
Percentages of Net Assets		87.80%	[1],[2],[3],[4]	117.50%	[5],[6],[7],[8]
Commercial Services & Supplies
Amortized Cost		$ 46,019		$ 39,024
Fair Value		45,625		38,647
Construction & Engineering
Amortized Cost		50,374		20,012
Fair Value		51,059		20,012
Event Management
Amortized Cost		33,507
Fair Value		33,547
Health Care Providers & Services
Amortized Cost		7,853
Fair Value		7,960
Hotels, Restaurants & Leisure
Amortized Cost		3,487
Fair Value		3,500
IT Services
Amortized Cost		3,376
Fair Value		3,425
Media
Amortized Cost		25,064		25,509
Fair Value		25,162		25,684
Non-controlled/Non-affiliate Investments
Amortized Cost		142,543	[1],[2],[3],[4]	63,838	[5],[6],[7],[8]
Fair Value		$ 143,295	[1],[2],[3],[4]	$ 63,636	[5],[6],[7],[8]
Percentages of Net Assets		73.80%	[1],[2],[3],[4]	88.70%	[5],[6],[7],[8]
Non-controlled/Non-affiliate Investments | Commercial Services & Supplies
Amortized Cost		$ 18,882	[1],[2],[3],[4]	$ 18,317	[5],[6],[7],[8]
Fair Value		$ 18,642	[1],[2],[3],[4]	$ 17,940	[5],[6],[7],[8]
Percentages of Net Assets		9.60%	[1],[2],[3],[4]	25%	[5],[6],[7],[8]
Non-controlled/Non-affiliate Investments | Construction & Engineering
Amortized Cost		$ 50,374	[1],[2],[3],[4]	$ 20,012	[5],[6],[7],[8]
Fair Value		$ 51,059	[1],[2],[3],[4]	$ 20,012	[5],[6],[7],[8]
Percentages of Net Assets		26.20%	[1],[2],[3],[4]	27.90%	[5],[6],[7],[8]
Non-controlled/Non-affiliate Investments | Event Management
Amortized Cost	[1],[2],[3],[4]	$ 33,507
Fair Value	[1],[2],[3],[4]	$ 33,547
Percentages of Net Assets	[1],[2],[3],[4]	17.40%
Non-controlled/Non-affiliate Investments | Media
Amortized Cost		$ 25,064	[1],[2],[3],[4]	$ 25,509	[5],[6],[7],[8]
Fair Value		$ 25,162	[1],[2],[3],[4]	$ 25,684	[5],[6],[7],[8]
Percentages of Net Assets		12.90%	[1],[2],[3],[4]	35.80%	[5],[6],[7],[8]
Non-controlled/affiliated investments
Amortized Cost		$ 27,137	[1],[2],[3],[4],[9]	$ 20,707	[5],[6],[7],[8]
Fair Value		$ 26,983	[1],[2],[3],[4],[9]	$ 20,707	[5],[6],[7],[8]	$ 0
Percentages of Net Assets		14%	[1],[2],[3],[4],[9]	28.80%	[5],[6],[7],[8]
Non-controlled/affiliated investments | Commercial Services & Supplies
Amortized Cost		$ 27,137	[1],[2],[3],[4],[9]	$ 20,707	[5],[6],[7],[8]
Fair Value		$ 26,983	[1],[2],[3],[4],[9]	$ 20,707	[5],[6],[7],[8]
Percentages of Net Assets		14%	[1],[2],[3],[4],[9]	28.80%	[5],[6],[7],[8]
Non-controlled/affiliated investments | Health Care Providers & Services
Amortized Cost	[1],[2],[3],[4]	$ 7,853
Fair Value	[1],[2],[3],[4]	$ 7,960
Percentages of Net Assets	[1],[2],[3],[4]	4.10%
Non-controlled/affiliated investments | Hotels, Restaurants & Leisure
Amortized Cost	[1],[2],[3],[4]	$ 3,487
Fair Value	[1],[2],[3],[4]	$ 3,500
Percentages of Net Assets	[1],[2],[3],[4]	1.80%
Non-controlled/affiliated investments | IT Services
Amortized Cost	[1],[2],[3],[4]	$ 3,376
Fair Value	[1],[2],[3],[4]	$ 3,425
Percentages of Net Assets	[1],[2],[3],[4]	1.80%
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan
Reference Rate and Spread	[10],[11]	7%
Interest Rate	[10],[11]	12.51%
Par Amount/Shares (in shares)	[10],[11],[12]	3,500,000
Amortized Cost	[10],[11]	$ 3,487
Fair Value	[10],[11]	$ 3,500
Percentages of Net Assets	[10],[11]	1.80%
Investment, Identifier [Axis]: Dance Nation Holdings , First lien senior secured loan 1
Reference Rate and Spread	[10],[11]	6.50%
Interest Rate	[10],[11]	12.15%
Par Amount/Shares (in shares)	[10],[11],[12]	32,217,000
Amortized Cost	[10],[11]	$ 31,895
Fair Value	[10],[11]	$ 31,895
Percentages of Net Assets	[10],[11]	16.50%
Investment, Identifier [Axis]: Dance Nation Holdings , First lien senior secured loan 2
Reference Rate and Spread	[10],[11],[13]	6.50%
Interest Rate	[10],[11],[13]	12.15%
Par Amount/Shares (in shares)	[10],[11],[12],[13]	0
Amortized Cost	[10],[11],[13]	$ (40)
Fair Value	[10],[11],[13]	$ 0
Percentages of Net Assets	[10],[11],[13]	0%
Investment, Identifier [Axis]: Dance Nation Topco LLC , Preferred Equity
Par Amount/Shares (in shares)	[12]	1,652,200
Amortized Cost		$ 1,652
Fair Value		$ 1,652
Percentages of Net Assets		0.90%
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC
Reference Rate and Spread	[10],[11],[14]	9.39%
Interest Rate	[10],[11],[14]	14.74%
Par Amount/Shares (in shares)	[10],[11],[12],[14]	3,425,000
Amortized Cost	[10],[11],[14]	$ 3,376
Fair Value	[10],[11],[14]	$ 3,425
Percentages of Net Assets	[10],[11],[14]	1.80%
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 1
Reference Rate and Spread		7.95%	[10],[11]	8.45%	[15],[16],[17]
Interest Rate		13.52%	[10],[11]	12.86%	[15],[16],[17]
Par Amount/Shares (in shares)		4,155,000	[10],[11],[12]	4,234,000	[15],[16],[17],[18]
Amortized Cost		$ 4,123	[10],[11]	$ 4,191	[15],[16],[17]
Fair Value		$ 4,150	[10],[11]	$ 4,234	[15],[16],[17]
Percentages of Net Assets		2.10%	[10],[11]	5.90%	[15],[16],[17]
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 2
Reference Rate and Spread		7.95%	[10],[11]	8.45%	[15],[16],[17]
Interest Rate		13.52%	[10],[11]	13.18%	[15],[16],[17]
Par Amount/Shares (in shares)		21,038,000	[10],[11],[12]	21,450,000	[15],[16],[17],[18]
Amortized Cost		$ 20,941	[10],[11]	$ 21,318	[15],[16],[17]
Fair Value		$ 21,012	[10],[11]	$ 21,450	[15],[16],[17]
Percentages of Net Assets		10.80%	[10],[11]	29.90%	[15],[16],[17]
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 1
Reference Rate and Spread		8.95%	[9],[10],[11]	9.50%	[15],[16],[17]
Interest Rate		14.60%	[9],[10],[11]	14.34%	[15],[16],[17]
Par Amount/Shares (in shares)		18,973,000	[9],[10],[11],[12]	16,272,000	[15],[16],[17],[18]
Amortized Cost		$ 18,842	[9],[10],[11]	$ 16,112	[15],[16],[17]
Fair Value		$ 18,831	[9],[10],[11]	$ 16,112	[15],[16],[17]
Percentages of Net Assets		9.70%	[9],[10],[11]	22.40%	[15],[16],[17]
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 2
Reference Rate and Spread		8.95%	[9],[10],[11],[13]	9.50%	[15],[16],[17],[19]
Interest Rate		14.60%	[9],[10],[11],[13]	14.34%	[15],[16],[17],[19]
Par Amount/Shares (in shares)		3,433,000	[9],[10],[11],[12],[13]	0	[15],[16],[17],[18],[19]
Amortized Cost		$ 3,414	[9],[10],[11],[13]	$ (36)	[15],[16],[17],[19]
Fair Value		$ 3,393	[9],[10],[11],[13]	$ (36)	[15],[16],[17],[19]
Percentages of Net Assets		1.80%	[9],[10],[11],[13]	(0.10%)	[15],[16],[17],[19]
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan
Reference Rate and Spread	[10],[11]	6.75%
Interest Rate	[10],[11]	12.17%
Par Amount/Shares (in shares)	[10],[11],[12]	8,159,000
Amortized Cost	[10],[11]	$ 7,934
Fair Value	[10],[11]	$ 8,159
Percentages of Net Assets	[10],[11]	4.20%
Investment, Identifier [Axis]: IVM GK9 Holdings LLC
Fair Value		$ 26,983		$ 20,707		$ 0
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, , Equity
Par Amount/Shares (in shares)	[16],[18]			4,750
Amortized Cost	[16]			$ 4,631
Fair Value	[16]			$ 4,631
Percentages of Net Assets	[16]			6.50%
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, LLC, , Equity
Par Amount/Shares (in shares)	[9],[12]	14,364
Amortized Cost	[9]	$ 4,881
Fair Value	[9]	$ 4,759
Percentages of Net Assets	[9]	2.50%
Investment, Identifier [Axis]: Rotolo Consultants, Inc.
Amortized Cost	[5],[6],[7],[8]			$ 3,158
Fair Value	[5],[6],[7],[8]			$ 3,160
Percentages of Net Assets	[5],[6],[7],[8]			4.40%
Investment, Identifier [Axis]: Rotolo Consultants, Inc., , First lien senior secured loan
Reference Rate and Spread		7%	[10],[11]	7.50%	[15],[16],[17]
Interest Rate		12.68%	[10],[11]	12.23%	[15],[16],[17]
Par Amount/Shares (in shares)		3,183,000	[10],[11],[12]	3,209,000	[15],[16],[17],[18]
Amortized Cost		$ 3,142	[10],[11]	$ 3,158	[15],[16],[17]
Fair Value		$ 3,143	[10],[11]	$ 3,160	[15],[16],[17]
Percentages of Net Assets		1.60%	[10],[11]	4.40%	[15],[16],[17]
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 1
Reference Rate and Spread		7%	[10],[11]	7.50%	[15],[16],[17]
Interest Rate		12.65%	[10],[11]	12.34%	[15],[16],[17]
Par Amount/Shares (in shares)		22,343,000	[10],[11],[12]	20,000	[15],[16],[17],[18]
Amortized Cost		$ 22,156	[10],[11]	$ 20,049	[15],[16],[17]
Fair Value		$ 22,343	[10],[11]	$ 20,049	[15],[16],[17]
Percentages of Net Assets		11.50%	[10],[11]	27.90%	[15],[16],[17]
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 2
Reference Rate and Spread		7%	[10],[11],[13]	7.50%	[15],[16],[17],[19]
Interest Rate		12.65%	[10],[11],[13]	12.34%	[15],[16],[17],[19]
Par Amount/Shares (in shares)		0	[10],[11],[12],[13]	0	[15],[16],[17],[18],[19]
Amortized Cost		$ (32)	[10],[11],[13]	$ (37)	[15],[16],[17],[19]
Fair Value		$ 0	[10],[11],[13]	$ (37)	[15],[16],[17],[19]
Percentages of Net Assets		0%	[10],[11],[13]	(0.10%)	[15],[16],[17],[19]
Investment, Identifier [Axis]: Salt Dental Collective LLC
Reference Rate and Spread	[10],[11]	7.50%
Interest Rate	[10],[11]	12.92%
Par Amount/Shares (in shares)	[10],[11],[12]	7,960,000
Amortized Cost	[10],[11]	$ 7,853
Fair Value	[10],[11]	$ 7,960
Percentages of Net Assets	[10],[11]	4.10%
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan 1
Reference Rate and Spread	[10],[11]	5.50%
Interest Rate	[10],[11]	10.93%
Par Amount/Shares (in shares)	[10],[11],[12]	10,925,000
Amortized Cost	[10],[11]	$ 10,829
Fair Value	[10],[11]	$ 10,897
Percentages of Net Assets	[10],[11]	5.60%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1
Reference Rate and Spread	[10],[11]	6.25%
Interest Rate	[10],[11]	11.77%
Par Amount/Shares (in shares)	[10],[11],[12]	6,078,000
Amortized Cost	[10],[11]	$ 5,979
Fair Value	[10],[11]	$ 6,078
Percentages of Net Assets	[10],[11]	3.10%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2
Reference Rate and Spread	[10],[11],[13]	6.25%
Interest Rate	[10],[11],[13]	11.67%
Par Amount/Shares (in shares)	[10],[11],[12],[13]	3,582,000
Amortized Cost	[10],[11],[13]	$ 3,516
Fair Value	[10],[11],[13]	$ 3,582
Percentages of Net Assets	[10],[11],[13]	1.80%
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 3
Reference Rate and Spread	[10],[11],[13]	6.25%
Interest Rate	[10],[11],[13]	11.80%
Par Amount/Shares (in shares)	[10],[11],[12],[13]	0
Amortized Cost	[10],[11],[13]	$ (8)
Fair Value	[10],[11],[13]	$ 0
Percentages of Net Assets	[10],[11],[13]	0%
Investment, Identifier [Axis]: ZWR Holdings, Inc.
Amortized Cost	[5],[6],[7],[8]			$ 15,159
Fair Value	[5],[6],[7],[8]			$ 14,780
Percentages of Net Assets	[5],[6],[7],[8]			20.60%
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Subordinated debt
Reference Rate and Spread		10%		10%	[16]
Interest Rate		14%		14%	[16]
PIK interest rate		14%		14%	[16]
Par Amount/Shares (in shares)		1,826,000	[12]	1,694,000	[16],[18]
Amortized Cost		$ 1,826		$ 1,693	[16]
Fair Value		$ 1,686		$ 1,556	[16]
Percentages of Net Assets		0.90%		2.20%	[16]
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Warrants
Par Amount/Shares (in shares)		24,953	[12]	24,953	[16],[18]
Fair Value		$ 0		$ 0	[16]
Percentages of Net Assets		0%		0%	[16]
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 1
Reference Rate and Spread	[15],[16],[17],[19]			6.45%
Interest Rate	[15],[16],[17],[19]			11.13%
Par Amount/Shares (in shares)	[15],[16],[17],[18],[19]			3,442,000
Amortized Cost	[15],[16],[17],[19]			$ 3,422
Fair Value	[15],[16],[17],[19]			$ 3,334
Percentages of Net Assets	[15],[16],[17],[19]			4.60%
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 2
Reference Rate and Spread	[15],[16],[17]			6.45%
Interest Rate	[15],[16],[17]			11.18%
Par Amount/Shares (in shares)	[15],[16],[17],[18]			10,105,000
Amortized Cost	[15],[16],[17]			$ 10,044
Fair Value	[15],[16],[17]			$ 9,890
Percentages of Net Assets	[15],[16],[17]			13.80%
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 1
Reference Rate and Spread	[10],[11],[13]	6.45%
Interest Rate	[10],[11],[13]	12.13%
Par Amount/Shares (in shares)	[10],[11],[12],[13]	3,954,000
Amortized Cost	[10],[11],[13]	$ 3,948
Fair Value	[10],[11],[13]	$ 3,897
Percentages of Net Assets	[10],[11],[13]	2%
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 2
Reference Rate and Spread	[10],[11]	6.45%
Interest Rate	[10],[11]	12.13%
Par Amount/Shares (in shares)	[10],[11],[12]	10,028,000
Amortized Cost	[10],[11]	$ 9,966
Fair Value	[10],[11]	$ 9,916
Percentages of Net Assets	[10],[11]	5.10%
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".[9]Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2023, the Company did not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owned 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2023, the Company’s non-controlled/affiliated investments were as follows:[10]Loan includes interest rate floor feature.[11]Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2023. As of September 30, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.27% and 30-day SOFR at 5.32%.[12]The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.[13]Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of September 30, 2023:[14]The Company categorized its unitranche loan as First Lien Senior Secured Loan. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss.[15]Loan includes interest rate floor feature.[16]Unless otherwise indicated, all investments are "restricted securities" as defined in the Securities Act of 1933.[17]Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR, SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. As of December 31, 2022, the reference rates for our variable rate loans were the 90-day LIBOR at 4.77% and SOFR at 4.30%.[18]The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments.[19]Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022:

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		9 Months Ended			12 Months Ended
		Sep. 30, 2023		Sep. 30, 2022	Dec. 31, 2022		Dec. 31, 2021
Total net assets		$ 193,744		$ 51,527	$ 71,782		$ (504)
Unfunded Commitment		14,362			12,995
Fair Value		170,278	[1],[2],[3],[4]		84,343	[5],[6],[7],[8]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[5],[6],[7],[8]	84,343
Fair value, ending balance		$ 170,278	[1],[2],[3],[4]		$ 84,343	[5],[6],[7],[8]
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan
Reference Rate and Spread	[9],[10]	7%
Fair Value	[9],[10]	$ 3,500
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	$ 3,500
Investment, Identifier [Axis]: Dance Nation Holdings , First lien senior secured loan 1
Reference Rate and Spread	[9],[10]	6.50%
Fair Value	[9],[10]	$ 31,895
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	$ 31,895
Investment, Identifier [Axis]: Dance Nation Holdings , First lien senior secured loan 2
Reference Rate and Spread	[9],[10],[11]	6.50%
Fair Value	[9],[10],[11]	$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10],[11]	0
Investment, Identifier [Axis]: Dance Nation Topco LLC , Preferred Equity
Fair Value		1,652
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		$ 1,652
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC
Reference Rate and Spread	[9],[10],[12]	9.39%
Fair Value	[9],[10],[12]	$ 3,425
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10],[12]	$ 3,425
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 1
Reference Rate and Spread		7.95%	[9],[10]		8.45%	[13],[14],[15]
Fair Value		$ 4,150	[9],[10]		$ 4,234	[13],[14],[15]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15]	4,234
Fair value, ending balance		$ 4,150	[9],[10]		$ 4,234	[13],[14],[15]
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, , First lien senior secured loan 2
Reference Rate and Spread		7.95%	[9],[10]		8.45%	[13],[14],[15]
Fair Value		$ 21,012	[9],[10]		$ 21,450	[13],[14],[15]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15]	21,450
Fair value, ending balance		$ 21,012	[9],[10]		$ 21,450	[13],[14],[15]
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 1
Reference Rate and Spread		8.95%	[9],[10],[16]		9.50%	[13],[14],[15]
Fair Value		$ 18,831	[9],[10],[16]		$ 16,112	[13],[14],[15]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15]	16,112
Fair value, ending balance		$ 18,831	[9],[10],[16]		$ 16,112	[13],[14],[15]
Investment, Identifier [Axis]: GK9 Global Companies, LLC, , First lien senior secured loan 2
Reference Rate and Spread		8.95%	[9],[10],[11],[16]		9.50%	[13],[14],[15],[17]
Fair Value		$ 3,393	[9],[10],[11],[16]		$ (36)	[13],[14],[15],[17]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15],[17]	(36)
Fair value, ending balance		$ 3,393	[9],[10],[11],[16]		(36)	[13],[14],[15],[17]
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan
Reference Rate and Spread	[9],[10]	6.75%
Fair Value	[9],[10]	$ 8,159
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	8,159
Investment, Identifier [Axis]: IVM GK9 Holdings LLC
Fair Value		26,983			20,707		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		20,707		0	0
Gross Additions		6,663			20,707
Gross Reductions		(233)			0
Change in Unrealized Gains (Losses)		(154)			0
Fair value, ending balance		26,983			20,707
Investment Income		2,250			600
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, , Equity
Fair Value	[14]				4,631
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[14]	4,631
Fair value, ending balance	[14]				4,631
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, LLC, , Equity
Fair Value	[16]	4,759
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[16]	4,759
Investment, Identifier [Axis]: Rotolo Consultants, Inc.
Fair Value	[5],[6],[7],[8]				3,160
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[5],[6],[7],[8]	$ 3,160
Fair value, ending balance	[5],[6],[7],[8]				$ 3,160
Investment, Identifier [Axis]: Rotolo Consultants, Inc., , First lien senior secured loan
Reference Rate and Spread		7%	[9],[10]		7.50%	[13],[14],[15]
Fair Value		$ 3,143	[9],[10]		$ 3,160	[13],[14],[15]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15]	3,160
Fair value, ending balance		$ 3,143	[9],[10]		$ 3,160	[13],[14],[15]
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 1
Reference Rate and Spread		7%	[9],[10]		7.50%	[13],[14],[15]
Fair Value		$ 22,343	[9],[10]		$ 20,049	[13],[14],[15]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15]	20,049
Fair value, ending balance		$ 22,343	[9],[10]		$ 20,049	[13],[14],[15]
Investment, Identifier [Axis]: SYNERGI, LLC, , First lien senior secured loan 2
Reference Rate and Spread		7%	[9],[10],[11]		7.50%	[13],[14],[15],[17]
Fair Value		$ 0	[9],[10],[11]		$ (37)	[13],[14],[15],[17]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15],[17]	(37)
Fair value, ending balance		$ 0	[9],[10],[11]		(37)	[13],[14],[15],[17]
Investment, Identifier [Axis]: Salt Dental Collective LLC
Reference Rate and Spread	[9],[10]	7.50%
Fair Value	[9],[10]	$ 7,960
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	$ 7,960
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan 1
Reference Rate and Spread	[9],[10]	5.50%
Fair Value	[9],[10]	$ 10,897
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	$ 10,897
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1
Reference Rate and Spread	[9],[10]	6.25%
Fair Value	[9],[10]	$ 6,078
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	$ 6,078
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2
Reference Rate and Spread	[9],[10],[11]	6.25%
Fair Value	[9],[10],[11]	$ 3,582
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10],[11]	$ 3,582
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 3
Reference Rate and Spread	[9],[10],[11]	6.25%
Fair Value	[9],[10],[11]	$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10],[11]	0
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans
Unfunded Commitment		14,362			12,995
Investment, Identifier [Axis]: ZWR Holdings, Inc.
Fair Value	[5],[6],[7],[8]				14,780
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[5],[6],[7],[8]	$ 14,780
Fair value, ending balance	[5],[6],[7],[8]				$ 14,780
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Subordinated debt
Reference Rate and Spread		10%			10%	[14]
Fair Value		$ 1,686			$ 1,556	[14]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[14]	1,556
Fair value, ending balance		1,686			1,556	[14]
Investment, Identifier [Axis]: ZWR Holdings, Inc., , Warrants
Fair Value		0			0	[14]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[14]	0
Fair value, ending balance		0			$ 0	[14]
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 1
Reference Rate and Spread	[13],[14],[15],[17]				6.45%
Fair Value	[13],[14],[15],[17]				$ 3,334
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15],[17]	3,334
Fair value, ending balance	[13],[14],[15],[17]				$ 3,334
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 2
Reference Rate and Spread	[13],[14],[15]				6.45%
Fair Value	[13],[14],[15]				$ 9,890
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[13],[14],[15]	$ 9,890
Fair value, ending balance	[13],[14],[15]				9,890
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 1
Reference Rate and Spread	[9],[10],[11]	6.45%
Fair Value	[9],[10],[11]	$ 3,897
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10],[11]	$ 3,897
Investment, Identifier [Axis]: Zero Waste Recycling LLC., First lien senior secured loan 2
Reference Rate and Spread	[9],[10]	6.45%
Fair Value	[9],[10]	$ 9,916
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[9],[10]	9,916
Non-controlled/affiliated investments
Fair Value		26,983	[1],[2],[3],[4],[16]		20,707	[5],[6],[7],[8]	$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		20,707	[5],[6],[7],[8]	$ 0	0
Gross Additions		6,663			20,707
Gross Reductions		(233)			0
Change in Unrealized Gains (Losses)		(154)			0
Fair value, ending balance		26,983	[1],[2],[3],[4],[16]		20,707	[5],[6],[7],[8]
Investment Income		2,250			600
Line of Credit
Unfunded Commitment		14,362			12,995
Fair Value		(28)			(109)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		(109)
Fair value, ending balance		$ (28)			$ (109)
Delayed Draw Term Loan | Zero Waste Recycling LLC. First Lien Debt | Line of Credit
Unused Fee Rate		0.50%
Unfunded Commitment		$ 1,141
Fair Value		(13)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		$ (13)
Delayed Draw Term Loan | GK9 Global Companies, LLC | Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 1,940			$ 7,563
Fair Value		(15)			(36)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		(36)
Fair value, ending balance		$ (15)			$ (36)
Delayed Draw Term Loan | Trillion Group , LLC | Line of Credit
Unused Fee Rate		1%
Unfunded Commitment		$ 3,000
Fair Value		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		0
Delayed Draw Term Loan | ZWR Holdings, Inc. | Line of Credit
Unused Fee Rate					0.50%
Unfunded Commitment					$ 1,682
Fair Value					(36)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		$ (36)
Fair value, ending balance					$ (36)
Revolving Credit Facility | Synergi, LLC | Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 3,750			$ 3,750
Fair Value		0			(37)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		(37)
Fair value, ending balance		$ 0			$ (37)
Revolving Credit Facility | Dance Nation Holdings LLC | Line of Credit
Unused Fee Rate		0.50%
Unfunded Commitment		$ 4,131
Fair Value		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		$ 0
Revolving Credit Facility | Trillion Group , LLC | Line of Credit
Unused Fee Rate		0.50%
Unfunded Commitment		$ 400
Fair Value		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		$ 0
90 Days London Interbank Offered Rate (LIBOR)
Reference Rate and Spread					4.77%
90 Days Secured Overnight Financing Rate (SOFR)
Reference Rate and Spread		5.27%			4.30%
30 Days Secured Overnight Financing Rate (SOFR)
Reference Rate and Spread		5.32%
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".[9]Loan includes interest rate floor feature.[10]Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the Secured Overnight Financing Rate ("SOFR" or "S") or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of September 30, 2023. As of September 30, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.27% and 30-day SOFR at 5.32%.[11]Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of September 30, 2023:[12]The Company categorized its unitranche loan as First Lien Senior Secured Loan. The First Lien Senior Secured Loan is comprised of two components: a first out tranche (“First Out”) and last out tranche (“Last Out”). The Company syndicates the First Out tranche and retains the Last Out tranche. The First Out and Last Out tranches have the same maturity date. Interest disclosed reflects the contractual rate of First Lien Senior Secured Loan. The First Out tranche has priority as to the Last Out tranche with respect to payments of principal, interest and any amounts due thereunder. The Company may be entitled to receive additional interest as a result of the Agreement Among Lenders (“AAL”) entered into with the First Out lender. In exchange for the higher interest rate, the Last Out portion is at a greater risk of loss.[13]Loan includes interest rate floor feature.[14]Unless otherwise indicated, all investments are "restricted securities" as defined in the Securities Act of 1933.[15]Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either LIBOR, SOFR or an alternate base rate (commonly based on the Federal Funds Rate or the U.S. Prime Rate), which generally resets quarterly. For each such loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2022. As of December 31, 2022, the reference rates for our variable rate loans were the 90-day LIBOR at 4.77% and SOFR at 4.30%.[16]Under the 1940 Act, the Company would be deemed to “control” a portfolio company if the Company owned more than 25% of its outstanding voting securities and/or held the power to exercise control over the management or policies of the portfolio company. As of September 30, 2023, the Company did not “control” any of these portfolio companies. Under the 1940 Act, the Company would be deemed an “affiliated person” of a portfolio company if the Company owned 5% or more of the portfolio company’s outstanding voting securities. As of September 30, 2023, the Company’s non-controlled/affiliated investments were as follows:[17]Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may earn unused commitment fees. Negative cost and fair value, if any, results from unamortized fees, which are capitalized to the cost of the investment. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. See below for more information on the Company’s unfunded commitments as of December 31, 2022:

Organization

Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Lafayette Square USA, Inc. (the “Company,” which term refers to either Lafayette Square USA, Inc. or Lafayette Square USA, Inc. together with its consolidated subsidiaries, as the context may require) is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). On May 16, 2022, Lafayette Square Empire BDC, Inc. filed with the Secretary of State of the State of Delaware a Certificate of Amendment to its Certificate of Incorporation to change its corporate name from “Lafayette Square Empire BDC, Inc.” to “Lafayette Square USA, Inc.,” effective May 16, 2022. In addition, for U.S. federal income tax purposes, the Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for the tax periods ending December 31, 2021 and December 31, 2022. 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”) for the tax period ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. The Company is externally managed by LS BDC Adviser, LLC (the “Adviser”) pursuant to an investment advisory and management agreement between the Company and the Adviser, dated August 7, 2023 (and as may be amended, the “Investment Advisory Agreement”). The Adviser is a subsidiary of Lafayette Square Holding Company, LLC (together with its controlled subsidiaries, including the Adviser and LS Administration, LLC, “Lafayette Square”). The Company invests in businesses that are primarily domiciled, headquartered and/or have a significant operating presence in each of the ten regions below, with a goal to invest at least 5% of its assets in each region over time. However, the Company anticipates that it could take time to invest substantially all of the capital it expects to raise in a geographically diverse manner due to general market conditions, the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies, and the potential for allocations to other affiliated investment vehicles which focus their investments on a specific region. As a result, at any point in time, the Company may have a disproportionate amount of investments in certain regions, and there can be no assurance that the Company will achieve geographic diversification across all ten regions. • Cascade Region: Alaska, Idaho, Oregon and Washington • Empire Region: New York, New Jersey, Connecticut and Pennsylvania • Far West Region: California, Hawaii and Nevada • Four Corners Region: Arizona, Colorado, New Mexico and Utah • Great Lakes Region: Illinois, Indiana, Michigan, Minnesota, Ohio and Wisconsin • Gulf Coast Region: Arkansas, Louisiana, Oklahoma and Texas • Mid-Atlantic Region: Delaware, Kentucky, Maryland, North Carolina, South Carolina, Tennessee, Virginia and West Virginia and the District of Columbia • Northeast Region: Maine, Massachusetts, New Hampshire, Rhode Island and Vermont • Plains Region: Iowa, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming • Southeast Region: Alabama, Georgia, Florida, Mississippi and the territory of Puerto Rico The Company’s investment objective is to generate favorable risk-adjusted returns, including current income and capital appreciation, from directly originated investments in middle market companies. The Company invests primarily in first and second lien loans and, to a lesser extent, in subordinated and mezzanine loans and equity and equity-like securities, including common stock, preferred stock and warrants. The Company defines middle market companies as those with annual revenues between $10 million and $1 billion, and annual earnings before interest, taxes, depreciation, and amortization (“EBITDA”) of between $10 million and $100 million, although the Company may invest in larger or smaller companies. The Company also may purchase interests in loans, corporate bonds or other instruments through secondary market transactions. The Company formed two wholly owned subsidiaries, LS BDC Holdings, LLC and LS BDC Holdings (DN), LLC , both Delaware limited liability companies, to hold certain equity or equity-like investments in portfolio companies. Additionally, the Company has formed a wholly owned subsidiary, Lafayette Square SBIC, LP (“SBIC LP”), a small business investment company (“SBIC”) licensed by the U.S. Small Business Administration (the "SBA"), to invest in eligible “small businesses” as defined by the SBA. SBIC LP received its SBIC license on February 1, 2023 (made effective as of January 27, 2023). SBA regulations currently permit SBIC LP to borrow up to $175.0 million in SBA-guaranteed debentures with at least $87.5 million in regulatory capital (as defined in the SBA regulations). The Company consolidates its wholly owned subsidiaries in these consolidated financial statements from the date of each subsidiary’s formation. All significant intercompany transactions and balances have been eliminated in such consolidation.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its consolidated financial statements. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting Standards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company deposits its cash in a financial institution and, at times, such deposits may exceed the Federal Deposit Insurance Corporation insurance limits. As of September 30, 2023 and December 31, 2022, the Company held $82,219 and $20,687 in cash and cash equivalents, respectively, of which no cash was restricted. Of the total cash and cash equivalents balance, $82,219 and $20,682 were held in an interest bearing account with U.S. Bank National Association as of September 30, 2023 and December 31, 2022, respectively. For the three and nine months ended September 30, 2023 the Company earned $724 and $1,269, respectively, in interest on cash and cash equivalents balances, and the balance is included under Interest from cash and cash equivalents in Consolidated Statements of Operations. No interest was earned on cash balances for the three and nine months ended September 30, 2022. Organization and Offering Costs Organization costs consist of costs incurred to establish the Company and enable it to do business legally. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of the common stock of the Company. The Company’s initial organizational costs incurred were expensed, and initial offering costs are being amortized over one year. The Company may incur organization and offering expenses of up to $1 million in connection with the formation of the Company and the offering of shares of its common stock, including the out-of-pocket expenses of the Adviser and its agents and affiliates. The Company reimburses the Adviser for the organization and offering costs it incurs on the Company’s behalf. If actual organization and offering costs incurred exceed $1 million, the Adviser or its affiliates will bear the excess costs. As of September 30, 2023, the Company has incurred $804 (since inception) of organization and offering costs. Deferred Financing Costs Deferred financing costs, incurred in connection with any credit facility and SBA-guaranteed debentures (see Note 5) are deferred and amortized over the life of the respective credit facility and SBA-guaranteed debentures. Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Revenue Recognition Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Investment Income Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method or straight-line interest method, as applicable, and adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company collects such amount. Original Issue Discount Discounts to par on portfolio securities are accreted into income over the tenor of the instrument. Any remaining discount is accreted into income upon prepayment or redemption of the instrument. The Company then amortizes such amounts using the effective interest method as interest income over the expected life of the investment. PIK Interest The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income. This affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Fee Income Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned. Non-accrual loans A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, future payments are likely to remain current. Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company is deemed to "control" a portfolio company if it owns more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. Such investments in portfolio companies that the Company "controls" are referred to as "Control Investments." Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of a portfolio company if it owns between 5% and 25% of the portfolio company's outstanding voting securities or the Company is under common control with such portfolio company. We refer to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments or Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments." Fair Value of Financial Instruments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the 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 in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act (the "Valuation Rule"), which established an updated regulatory framework for determining fair value in good faith for purposes of the 1940 Act. Pursuant to the Valuation Rule, which became effective on September 8, 2022 (the "SEC Compliance Date"), the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. Income Taxes The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax periods ended December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax period ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. As a RIC, the Company would intend to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. The Company may be subject to regular federal and state corporate income tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Company elects to recognize upon RIC election or when recognized over the next five taxable years. The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement. The Company accounts for income taxes in conformity with ASC Topic 740 - Income Taxes (“ASC Topic 740”). ASC Topic 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. ASC Topic 740 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense or tax benefit in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. There were no material unrecognized net tax benefits or unrecognized net tax liabilities related to uncertain income tax positions as of and through September 30, 2023. Distributions Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company will authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act). Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements.

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Investments	Investments The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments). as of September 30, 2023 and December 31, 2022. September 30, 2023 Amortized Cost Fair Value First lien senior secured loans $ 161,321 95.0 % $ 162,181 95.2 % Equity 4,881 2.9 % 4,759 2.8 % Subordinated debt 1,826 1.1 % 1,686 1.0 % Preferred equity 1,652 1.0 % 1,652 1.0 % Warrants — — % — — % Total $ 169,680 100.0 % $ 170,278 100.0 % December 31, 2022 Amortized Cost Fair Value First lien senior secured loans $ 78,221 92.5 % $ 78,156 92.7 % Equity 4,631 5.5 % 4,631 5.5 % Subordinated debt 1,693 2.0 % 1,556 1.8 % Warrants — — % — — % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of September 30, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business: September 30, 2023 Amortized Cost Fair Value Mid-Atlantic $ 41,351 24.4 % $ 41,342 24.3 % Far West Region 33,507 19.7 % 33,547 19.7 % Gulf Coast 31,582 18.6 % 31,730 18.6 % Southeast 27,137 16.0 % 26,983 15.8 % Great Lakes 18,763 11.1 % 19,056 11.2 % Four Corners 9,487 5.6 % 9,660 5.7 % Cascade 7,853 4.6 % 7,960 4.7 % Total $ 169,680 100.0 % $ 170,278 100.0 % December 31, 2022 Amortized Cost Fair Value Mid-Atlantic $ 35,171 41.6 % $ 34,792 41.3 % Gulf Coast 28,667 33.9 % 28,844 34.1 % Southeast 20,707 24.5 % 20,707 24.6 % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of September 30, 2023 and December 31, 2022. September 30, 2023 Amortized Cost Fair Value Construction & Engineering $ 50,374 29.7 % $ 51,059 29.9 % Commercial Services & Supplies 46,019 27.1 % 45,625 26.8 % Event Management 33,507 19.7 % 33,547 19.7 % Media 25,064 14.8 % 25,162 14.8 % Health Care Providers & Services 7,853 4.6 % 7,960 4.7 % Hotels, Restaurants & Leisure 3,487 2.1 % 3,500 2.1 % IT Services 3,376 2.0 % 3,425 2.0 % Total $ 169,680 100.0 % $ 170,278 100.0 % December 31, 2022 Amortized Cost Fair Value Commercial Services & Supplies $ 39,024 46.2 % $ 38,647 45.8 % Media 25,509 30.2 % 25,684 30.5 % Construction & Engineering 20,012 23.6 % 20,012 23.7 % Total $ 84,545 100.0 % $ 84,343 100.0 %

Fair Value Measurements of Inve

Fair Value Measurements of Investments	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements of Investments	Fair Value Measurements of Investments FASB ASC 820, Fair Value Measurement (“ASC 820”), clarifies the definition of fair value as the amount that would be received in the sale of an asset or paid in the transfer of a liability in an orderly transaction between market participants at the measurement date. Where available, the Company uses quoted market prices based on the last sales price on the measurement date. In accordance with Topic 820, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). To the extent that fair value is based on inputs that are less observable, the determination of fair value requires a significant amount of management judgment. The three-tier hierarchy of inputs is summarized below. Level 1 - Quoted prices are available in active markets/exchanges for identical investments as of the reporting date. Level 2 - Pricing inputs are observable inputs including, but not limited to, prices quoted for similar assets or liabilities in active markets/exchanges or prices quoted for identical or similar assets or liabilities in markets that are not active, and fair value is determined through the use of models or other valuation methodologies. Level 3 - Pricing inputs are unobservable for the investment and include activities where there is little, if any, market activity for the investment. The inputs into determination of fair value require significant management judgment and estimation. The inputs used by management in estimating the fair value of Level 3 investments may include valuations and other reporting provided by representatives of the portfolio companies, original transaction prices, recent transactions for identical or similar instruments, and comparisons to fair values of comparable investments, and may include adjustments to reflect illiquidity or non-transferability. The Adviser has policies with respect to its investments, which may assist the Adviser in assessing the quality of information provided by, or on behalf of, each portfolio investment and in determining whether such information continues to be provided by a reliable source or whether further investigation is necessary. Any such investigation, as applicable, may or may not require the Adviser to forego its normal reliance on the value supplied by, or on behalf of, such portfolio investment and to independently determine the fair value of the Company’s interest in such portfolio investments, consistent with the Adviser’s valuation procedures. The Company has engaged an independent third-party valuation provider, which performs valuation procedures to arrive at estimated valuation ranges of the investments on a quarterly basis. Investments that have been completed within the past three months are fair valued approximating cost unless there has been a material event since the completion date. If there has been a material event or material information that was not known as of the close of the transaction, the independent third-party valuation provider provides an independent valuation range. The types of valuation methodologies employed by the third-party valuation provider include discounted cash flow, recent financing and enterprise value valuation methodologies. Pursuant to the Valuation Rule, which became effective on the SEC Compliance Date, the Board has chosen to designate the Adviser as the Company's valuation designee to perform fair value determinations relating to the value of the assets for which market quotations are not readily available, subject to the Board's oversight. The Company’s investments and borrowings are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments and borrowings are traded. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The availability of valuation techniques and observable inputs can vary from security to security and is affected by a wide variety of factors including the type of security, whether the security is new and not yet established in the marketplace, and other characteristics particular to the transaction. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics and other factors. The use of these valuation models requires significant estimation and judgment by the Adviser. While the Company believes its valuation methods are appropriate, other market participants may value identical assets differently than the Company at the measurement date. The methods used by the Company may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. The Company may also have risk associated with its concentration of investments in certain geographic regions and industries. 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. Those estimated values do not necessarily represent the amounts that may be ultimately realized due to the occurrence of future circumstances that cannot be reasonably determined. Accordingly, the degree of judgment exercised by the Adviser in determining fair value is greatest for securities categorized in Level 3. The determination of what constitutes “observable” requires significant judgment by the Adviser. The Adviser considers observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary. Such observable data may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy where the fair value measurement falls (in its entirety) is based on the lowest level input that is significant to the fair value measurement. The categorization of an investment within the hierarchy is based upon the pricing transparency of the investment, and observability of prices and inputs may be reduced for many investments. This condition could cause the investment to be reclassified to a lower level within the fair value hierarchy. The consolidated financial statements include portfolio investments at fair value of $170,278 and $84,343 as of September 30, 2023 and December 31, 2022, respectively. The fair value of the Company's portfolio investments was determined in good faith by the Company’s Board. Because of the inherent uncertainty of valuation, the determined values may differ significantly from the values that would have been used had a liquid market existed for the investments as of September 30, 2023 and December 31, 2022. The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of September 30, 2023 and December 31, 2022. September 30, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 162,181 $ 162,181 Subordinated debt — — 1,686 1,686 Equity — — 4,759 4,759 Preferred equity — — 1,652 1,652 Warrants — — — — Total Investments $ — $ — $ 170,278 $ 170,278 December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 78,156 $ 78,156 Subordinated debt — — 1,556 1,556 Equity — — 4,631 4,631 Warrants — — — — Total Investments $ — $ — $ 84,343 $ 84,343 The carrying value of the Credit Facility and SBA-guaranteed debentures approximates fair value as of September 30, 2023, and is considered Level 3. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 2023: For the nine months ended September 30, 2023 Investments First Lien Senior Secured Loans Subordinated Equity Preferred Warrants Total Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ — $ 84,343 Purchases of investments and other adjustments to cost 84,026 132 250 1,652 — 86,060 Proceeds from sales and repayments of investments (1,215) — — — — (1,215) Net realized gain (loss) — — — — — — Net accretion of discount on investments 290 — — — 290 Net change in unrealized gain (loss) on investments 924 (2) (122) — — 800 Balance as of September 30, 2023 $ 162,181 $ 1,686 $ 4,759 $ 1,652 $ — $ 170,278 For the nine months ended September 30, 2023 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on September 30, 2023 was $800 as shown on the Consolidated Statements of Operations. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 2022: For the nine months ended September 30, 2022 Investments First Lien Senior Secured Loans Subordinated Equity Warrants Total Balance as of December 31, 2021 $ — $ — $ — $ — $ — Purchases of investments and other adjustments to cost 47,115 1,652 — — 48,767 Proceeds from sales and repayments of investments (324) — — — (324) Net realized gain (loss) — — — — — Net accretion of discount on investments 66 — — — 66 Net change in unrealized gain (loss) on investments (264) (112) — — (376) Balance as of September 30, 2022 $ 46,593 $ 1,540 $ — $ — $ 48,133 For the nine months ended September 30, 2022 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on September 30, 2022 was $(376) as shown on the Consolidated Statements of Operations. Purchases of investments and other adjustments to costs include purchases of new investments at cost, accretion/amortization of income from discount/premium on debt securities and PIK. Reclassifications impacting Level 3 of the fair value hierarchy are reported as transfers in or out of Level 3 as of the beginning of the period which the reclassifications occur. There were no transfers between Levels 1, 2 and 3 during the nine months ended September 30, 2023. Significant Unobservable Inputs ASC Topic 820 requires disclosure of quantitative information about the significant unobservable inputs used in the valuation of assets and liabilities classified as Level 3 within the fair value hierarchy. The table below is not intended to be all-inclusive, but rather to provide information on significant unobservable inputs and valuation techniques used by the Company. The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 30, 2023 and December 31, 2022. Range Fair Value, as of September 30, 2023 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 118,627 Discounted Cash Flow Discount Rate 12.3% 10.4% 14.6% First lien senior secured loans 43,554 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,686 Discounted Cash Flow Discount Rate 16.5% 16.0% 17.0% Equity 4,759 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,652 Cost Cost N/A N/A N/A Warrants — Comparable Multiples EV/EBITDA 8.3x 8.0x 8.5x Total Level 3 Assets $ 170,278 Range Fair Value, as of December 31, 2022 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 78,156 Discounted Cash Flow Discount Rate 12.8% 10.9% 14.7% Subordinated debt 1,556 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 4,631 Comparable Multiples EV/EBITDA 8.0x 8.0x 8.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 84,343 The significant unobservable input used in the income approach of fair value measurement of the Company’s investments is the discount rate used to discount the estimated future cash flows received from the underlying investment, which include both future principal and interest payments. Increases (decreases) in the discount rate would result in a decrease (increase) in the fair value estimate of the investment. Included in the consideration and selection of discount rates are the following factors: risk of default, rating of the investment and comparable investments, and call provisions.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt As a BDC, we are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to shares of our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150%, subject to receipt of certain approvals and compliance with certain disclosure requirements, immediately after each such issuance. Section 61(a) of the 1940 Act reduces the asset coverage requirements applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. In April 2021, our Board and initial stockholder approved the reduced asset coverage ratio. The reduced asset coverage requirements permit us to increase the maximum amount of leverage that we are permitted to incur by reducing the asset coverage requirements applicable to us from 200% to 150%. As defined in the 1940 Act, asset coverage of 150% means that for every $100 of net assets we hold, we may raise $200 from borrowing and issuing senior securities as compared to $100 from borrowing and issuing senior securities for every $100 of net assets under 200% asset coverage requirement. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. Credit Facilities Subscription Facility On February 2, 2022, the Company entered into a revolving credit agreement with Sumitomo Mitsui Banking Corporation, which was amended on June 28, 2022, December 21, 2022 and August 7, 2023 (and as may be further amended, modified or supplemented, the “Subscription Facility”). The Subscription Facility allows the Company to borrow up to $38.4 million, subject to certain restrictions, including availability under a borrowing base based upon unused capital commitments made by investors in the Company. The amount of permissible borrowings under the Subscription Facility may be increased to up to $1 billion with the consent of the lenders. The Subscription Facility matures on February 2, 2024 and bears interest at an annual rate of: (i) with respect to reference rate loans, a reference rate for the period plus a margin equal to 1.80% (the "Applicable Margin") and (ii) with respect to alternative rate loans, the greatest of (a) the administrative agent's prime rate, (b) Term SOFR with a one-month term plus the Applicable Margin and (c) the federal funds rate plus 0.50%. Subject to certain exceptions, the Subscription Facility is secured by a first lien security interest in the Company’s unfunded investor equity capital commitments. The Subscription Facility includes customary covenants, certain limitations on the incurrence of additional indebtedness and liens, and other maintenance covenants, as well as usual and customary events of default for senior secured revolving credit facilities of this nature. As of September 30, 2023 and December 31, 2022, the Company had $23.4 million and $31.5 million, respectively, in outstanding borrowings from the Subscription Facility. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Subscription Facility for the three and nine months ended September 30, 2023 and September 30, 2022: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Interest expense 76 178 375 182 Non-usage fee (1) 22 14 64 30 Amortization of financing costs 97 69 266 144 Weighted average stated interest rate 7.49 % 4.15 % 7.17 % 4.17 % Weighted average outstanding balance (2) $ 4,028 $ 16,924 $ 6,991 $ 16,926 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. SBA Debentures SBIC LP is able to borrow funds from the SBA against its regulatory capital (which approximates equity capital in SBIC LP) that is paid in and is subject to customary regulatory requirements, including, but not limited to, periodic examination by the SBA. As of September 30, 2023, we funded SBIC LP with $42.0 million of regulatory capital, and have $31.0 million in SBA-guaranteed debentures outstanding. SBA debentures are non-recourse to us, and have a 10-year maturity, and may be prepaid at any time without penalty. The interest rate of SBA debentures is fixed at the time of issuance, often referred to as pooling, at a market-driven spread over 10-year U.S. Treasury Notes. SBA current regulations limit the amount that SBIC LP may borrow to a maximum of $175.0 million, which is up to twice its potential regulatory capital. The SBA-guaranteed debentures incurred an upfront commitment fee of 1.00% on the total commitment amount and a 2.435% issuance discount on drawdowns, which are amortized over the life of the SBA-guaranteed debentures. In addition, an annual fee of 0.047% is charged on the SBA-guaranteed debentures which are amortized over the period. The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2023: Issuance Date Maturity Date Debenture Amount Purchase Date Interest Rate SBA Annual Charge September 15, 2023 September 15, 2033 $ 7,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2023: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Interest expense 84 — 84 — Non-usage fee (1) — — — — Amortization of financing costs 28 — 28 — Weighted average stated interest rate 6.10 % — % 6.10 % — % Weighted average outstanding balance (2) $ 5,391 $ — $ 1,817 $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the SBA-guaranteed debentures. (2) The Company's initial borrowing occurred on September 15, 2023. Repurchase Obligations In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie US Trading LLC (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (the “Macquarie Transaction”). The Company entered into a repurchase agreement on March 15, 2023 which was collateralized by the Company’s term loan to Synergi, LLC. Interest under this Repurchase Obligations was calculated as (a) the product of the funded amount of the loan and (b) the product of (i) the number of days the loan is outstanding (subject to number of minimum days per the agreement) and (ii) daily fee rate. The Company maintained effective control over the security because it is entitled and obligated to repurchase the security before its maturity. Therefore, the repurchase agreement was treated as a secured borrowing and not a sale. On June 2, 2023 the Company repurchased its obligation under the repurchase agreement. As of September 30, 2023, there was no outstanding loan and interest payable balance to Macquarie. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Repurchase Obligation for the three and nine months ended September 30, 2023 and September 30, 2022: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Interest expense — — 376 — Weighted average stated interest rate — % — % 8.67 % — % Weighted average outstanding balance $ — $ — $ 5,801 $ — The facilities of the Company consist of the following: September 30, 2023 December 31, 2022 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 23,400 $ 15,000 $ 38,400 $ 31,500 $ 6,900 SBA-guaranteed debentures 36,960 31,000 5,960 — — — Total $ 75,360 $ 54,400 $ 20,960 $ 38,400 $ 31,500 $ 6,900

Related Party Agreements and Tr

Related Party Agreements and Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Agreements and Transactions	Related Party Agreements and Transactions Investment Advisory Agreement Under the Investment Advisory Agreement, the Adviser manages the day-to-day operations of, and provides investment advisory services to the Company. The Board approved the Investment Advisory Agreement on April 26 2021 and approved its renewal on June 23, 2023. The Adviser is a registered investment adviser with the SEC. The Adviser receives fees for providing services, consisting of two components, a base management fee and an incentive fee. Base Management Fee: The base management fee (“Management Fee”) is payable quarterly in arrears beginning in the period during the Initial Drawdown at an annual rate of (i) prior to a Liquidity Event, 0.75%, and (ii) following a Liquidity Event, 1.0%, in each case of the average value of our gross assets (gross assets equal the total assets of the Company as set forth on the Company’s Consolidated Statements of Assets and Liabilities) at the end of the two most recently completed calendar quarters. No Management Fee is charged on committed but undrawn capital commitments. We define a “Liquidity Event” as the earliest to occur of: (1) a quotation or listing of our common stock on a national securities exchange, including an initial public offering or (2) a Sale Transaction. A “Sale Transaction” means (a) the sale of all or substantially all of our capital stock or assets to, or another liquidity event with, another entity or (b) a transaction or series of transactions, including by way of merger, consolidation, recapitalization, reorganization, or sale of stock in each case for consideration of either cash and/or publicly listed securities of the acquirer. Potential acquirers could include entities that are not BDCs that are advised by the Adviser or its affiliates. For the three and nine months ended September 30, 2023, the Company incurred Management Fee expense of $431 and $1,035, respectively. For the three and nine months ended September 30, 2022, the Company incurred Management Fee expense of $108 and $110, respectively. As of September 30, 2023 and December 31, 2022, $431 and $167, respectively, remained payable. Incentive Fee: The Company also pays the Adviser an incentive fee consisting of two parts: (i) an incentive fee based on pre-incentive fee net investment income (the “Income-Based Fee”), and (ii) the capital gains component of the incentive fee (the “Capital Gains Fee”) of which is described in more detail below. The Income-Based Fee, is based on Pre-Incentive Fee Net Investment Income Returns and is determined and payable in arrears as of the end of each calendar year. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the Management Fee, expenses payable under the Administration Agreement), and any interest expense or fees on any credit facilities or outstanding debt and distributions paid on any issued and outstanding preferred shares, but excluding the incentive fee. Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a “hurdle rate” of return of 1.25% per quarter (5.0% annualized). Prior to a Liquidity Event, we pay the Adviser the Income-Based Fee as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.47% (5.88% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.47%) as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 15% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and • 15% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 15% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. Following a Liquidity Event, we will pay the Adviser the Income-Based Fee as follows: • no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.47% (5.88% annualized). The “catch-up” is meant to provide the Adviser with approximately 17.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.47% in any calendar quarter; and • 17.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.47% (5.88% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 17.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser. For the three and nine months ended September 30, 2023, the Company incurred Income-Based Fee of $535 and $1,050, respectively. For the three and nine months ended September 30, 2022, the Company did not incur any Income-Based Fee. As of September 30, 2023 and December 31, 2022, $535 and $0, respectively, remained payable. The second part of the incentive fee, the Capital Gains Fee, is determined and payable in arrears as of the end of each calendar year (or at the time of a Liquidity Event). The Capital Gains Fee is equal to 15% of (1) realized capital gains less (2) realized capital losses, less unrealized capital losses on a cumulative basis from inception through the day before the Liquidity Event, less the aggregate amount of any previously paid Capital Gains Fee. Prior to a Liquidity Event, the Capital Gains Fee equals: • 15% of cumulative realized capital gains less all realized capital losses and unrealized capital depreciation on a cumulative basis from inception through the end of such calendar year (or upon a Liquidity Event), less the aggregate amount of any previously paid Capital Gains Fee as calculated in accordance with GAAP. Following a Liquidity Event, the amount payable equals: • 17.5% of cumulative realized capital gains from inception through the end of such calendar 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 Gains Fee as calculated in accordance with GAAP. If a Liquidity Event occurs on a date other than the first day of a fiscal year, the Capital Gains Fee will be calculated as of the day before the Liquidity Event, with such Capital Gains Fee paid to the Adviser annually following the end of the fiscal year in which the Liquidity Event occurred. Solely for purposes of calculating the Capital Gains Fee after a Liquidity Event, the Company will be deemed to have previously paid a Capital Gains Fee prior to a Liquidity Event equal to the product obtained by multiplying (a) the actual aggregate amount of previously paid Capital Gains Fee for all periods prior to a Liquidity Event by (b) the percentage obtained by dividing (x) 17.5% by (y) 15%. Each year, the Capital Gains Fee is calculated net of the aggregate amount of any previously paid Capital Gains Fee for all prior periods. We will accrue, but will not pay, a Capital Gains Fee with respect to unrealized appreciation because a Capital Gains Fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. In no event will the Capital Gains Fee payable pursuant to the Investment Advisory Agreement exceed the amount permitted by the Investment Advisers Act of 1940, as amended (the “Advisers Act”), including Section 205 thereof. For the purpose of computing the Capital Gains Fee, the calculation methodology looks through derivative financial instruments or swaps as if we owned the reference assets directly. For the three and nine months ended September 30, 2023 and September 30, 2022, there were no Capital Gains Fees incurred. Administration Agreement Pursuant to the administration agreement between the Company and LS Administration, LLC (the “Administration Agreement”), LS Administration, LLC (the “Administrator”) furnishes the Company with office space, office services, and equipment. Under the Administration Agreement, our Administrator performs or oversees the performance of our required administrative services, which include providing assistance in accounting, legal, compliance, operations, technology, internal audit, and investor relations, and loan agency services (including any third party service providers related to the foregoing) and being responsible for the financial records that we are required to maintain and preparing reports to our stockholders and reports filed with the SEC. In addition, our Administrator assists us in determining and publishing our net asset value, overseeing the preparation and filing of our tax returns and the printing and disseminating reports to our stockholders, assessing our internal controls under the Sarbanes-Oxley Act, and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others. Payments under the Administration Agreement are equal to an amount that reimburses our Administrator for its costs and expenses. This includes an allocable portion of expenses incurred by our Administrator in performing its obligations under the Administration Agreement and our allocable portion of the compensation paid to our Chief Compliance Officer and Chief Financial Officer and their respective staffs. The Administration Agreement may be terminated by either party without penalty upon 60 days’ written notice to the other party. Additionally, we ultimately bear the costs of any sub-administration agreements that our Administrator may enter into. Our Administrator reserves the right to waive all or part of any reimbursements due from us at its sole discretion. The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, our Administrator and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it will be entitled to indemnification from us for any damages, liabilities, costs, and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of our Administrator’s services under the Administration Agreement or otherwise as administrator for us. For the three and nine months ended September 30, 2023, the Administrator incurred $251 and $600, respectively, in fees under the Administrative Agreement. For the three and nine months ended September 30, 2022, the Administrator incurred $145 and $157, respectively, in fees under the Administrative Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of September 30, 2023 and December 31, 2022, $251 and $550, respectively, were unpaid and included in administrative services fee payable in the accompanying Consolidated Statements of Assets and Liabilities. No administrative services fee was charged to the Company prior to the Company’s commencement of operations. Additionally, pursuant to a sub-administration agreement with SS&C Technologies, Inc. (“SS&C”), SS&C performs certain of the Company’s required administrative services, which include providing assistance in accounting, legal, compliance, operations, investor relations and technology, being responsible for the financial records that the Company is required to maintain and preparing reports to the Company’s stockholders and reports filed with the SEC. SS&C is also reimbursed for certain expenses it incurs on our behalf. Our Administrator and Adviser have entered into staffing agreements with affiliates of Lafayette Square pursuant to which such Lafayette Square affiliates agree to provide our Administrator and Adviser with access to certain legal, operations, financial, compliance, accounting, internal audit (in their role of performing our Sarbanes-Oxley Act internal control assessment), clerical and administrative personnel. Affiliated transactions The Adviser’s investment allocation policy seeks to ensure allocation of investment opportunities on a fair and equitable basis over time between the Company and other funds or investment vehicles managed by the Adviser or its affiliates. It is expected that the Company may have overlapping investment strategies with such affiliated funds and/or investment vehicles, but there are prohibitions under the 1940 Act from participating in certain transactions with such affiliates without prior approval of the directors who are not interested persons, and in some cases, the prior approval of the SEC. As a result, the Company, the Adviser and certain of their affiliates applied for, and have been granted, exemptive relief by the SEC for the Company to co-invest with other funds or investment vehicles managed by the Adviser or certain of its affiliates, in a manner consistent with the requirements of the Company’s organizational documents and investment strategy as well as applicable laws and regulations and the Adviser’s fiduciary duties. As a result of such exemptive relief, there could be significant overlap in the Company’s investment portfolio and the investment portfolios of such other affiliated entities that avail themselves of such exemptive relief and that have an investment objective similar to the Company. In addition, any transaction fees (including break-up or commitment fees, but excluding transaction fees contemplated by Section 17(e) or 57(k) of the 1940 Act, as applicable, which are retained by the Adviser, to the extent permitted by applicable law) received in connection with a co-investment transaction among the Company and its affiliated entities are distributed to the participating entities (including the Company) on a pro rata basis based on the amounts they invested or committed, as the case may be, in such transaction. Due to Affiliate The Administrator pays for certain unaffiliated third-party expenses incurred by the Company. These expenses are not marked-up and represent the same amount the Company would have paid had the Company paid the expenses directly. After the commencement of operations these expenses are reimbursed on an ongoing basis. As of September 30, 2023 and December 31, 2022, $941 and $120, respectively, were included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities for reimbursable expenses, that were paid by the Administrator on behalf of the Company. Expense Support and Conditional Reimbursement Agreement On December 30, 2021, the Company entered into an expense support and conditional reimbursement agreement (the "Expense Support Agreement") with the Adviser. The Adviser may elect to pay certain Company expenses on the Company’s behalf (each, an “Expense Payment”); provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates. Following any calendar quarter in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company’s shareholders based on distributions declared with respect to record dates occurring in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating Funds”), the Company shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed. Any payments required to be made by the Company are referred to herein as a “Reimbursement Payment.” “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above). The Company’s obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the applicable calendar quarter, except to the extent the Adviser has waived its right to receive such payment for the applicable quarter. The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception: For the Period Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payments June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 225 June 30, 2023 — (329) (329) September 30, 2023 — (123) (123) Total $ 452 $ (452) $ —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of September 30, 2023 and December 31, 2022, the Company was not subject to any legal proceedings, although the Company may, from time to time, be involved in litigation arising out of operations in the normal course of business or otherwise. The Company has and may in the future become obligated to fund commitments such as delayed draw commitments. As of September 30, 2023 and December 31, 2022, the fair value of unfunded commitments held by the Company was $(28) and $(109), respectively, as shown on the Consolidated Schedule of Investments. The Company had the following unfunded commitments to fund delayed draw loans as of the indicated dates: September 30, 2023 December 31, 2022 Unfunded delayed draw and revolving senior secured loans $ 14,362 $ 12,995 Total unfunded commitments $ 14,362 $ 12,995

Directors Fees

Directors Fees	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Directors Fees	Directors Fees As of June 27, 2022, in connection with the conversion of Lafayette Square Empire BDC, LLC to Lafayette Square USA, Inc., the independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit Committee receives an additional annual fee of $20 (prorated for any partial year). Prior to that, independent directors received an annual fee of $10 (prorated for any partial year). We are also authorized to pay the reasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her duties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on the same day as any regular meeting of the Board). For the fiscal year December 31, 2023, independent directors fees will be paid in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. As of September 30, 2023, the Company had not issued any common stock to our directors as compensation for their services.

Share Data and Distributions

Share Data and Distributions	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Share Data and Distributions	Share Data and Distributions Earnings per Share The following table sets forth the computation of basic and diluted earnings per share; for the three and nine months ended September 30, 2023 and September 30, 2022: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 3,476 $ (220) $ 6,305 $ (381) Weighted average common shares outstanding 13,053,832 2,098,009 10,254,893 733,084 Earnings (loss) per common share (basic and diluted): $ 0.27 $ (0.10) $ 0.61 $ (0.52) Capital Activity The Company is authorized to issue 50,000,000 shares of preferred stock at a par value of $0.001 per share and 450,000,000 shares of common stock at a par value of $0.001 per share. The Company has entered into subscription agreements in which investors have made capital commitments to purchase shares of the Company's common stock (the “Subscription Agreements”) with several investors, providing for the private placement of the Company’s common stock. Under the terms of the Subscription Agreements, investors are required to fund drawdowns to purchase the Company’s common stock at a price per share equal to the most recent NAV per share as determined by the Board (subject to the adjustment to the extent required by Section 23 of the 1940 Act) up to the amount of their respective capital subscriptions on an as-needed basis as determined by the Company with a minimum of ten business days prior notice. As of September 30, 2023 and December 31, 2022, the Company had closed capital commitments totaling $370.5 million and $196.6 million, respectively, for the private placement of the Company's common stock, of which $177.7 million and $73.9 million, respectively, were unfunded. Share Issuance Date Shares Issued Amount January 26, 2023 2,510,396 $ 37,129 March 28, 2023 1,188,592 17,746 June 27, 2023 4,392,543 65,097 Total 8,091,531 $ 119,972 Distributions Distributions to common stockholders are recorded on the ex-dividend date. The Company intends to elect to be taxed as a RIC under the Code for its taxable year ending December 31, 2023, and for future taxable years. The Company will be required to distribute dividends each tax year as a RIC to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, in order to be eligible for tax benefits allowed to a RIC under Subchapter M of the Code. The Company anticipates paying out as a distribution all or substantially all of those amounts. The amount to be paid out as a dividend is determined by the Board and is based on management’s estimate of the Company’s annual taxable income. Net realized capital gains, if any, may be distributed to stockholders or retained for reinvestment. The Company has adopted the DRIP that provides for the automatic reinvestment of all cash distributions declared by the Board of Directors, unless a stockholder elects to “opt out” of the DRIP. As a result, if the Board of Directors declares a cash distribution, then the stockholders who have not “opted out” of the DRIP will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. The Company reserves the right to use primarily newly issued shares to implement the DRIP, whether the shares are trading at a price per share at or above NAV. NAV is determined as of the latest available quarter end before such distribution. However, the Company reserves the right to purchase shares in the open market in connection with the implementation of the DRIP. In the event the price per share is trading at a discount to NAV, the Company intends to purchase shares in the open market rather than issue new shares. The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP: Date Declared Record Date Payment Date Amount Per Share April 21, 2023 April 21, 2023 May 15, 2023 $0.15 June 23, 2023 June 23, 2023 August 14, 2023 $0.15 September 29, 2023 September 29, 2023 November 13, 2023 $0.20

Tax Matters

Tax Matters	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Tax Matters	Tax Matters The Company is subject to the U.S. federal income tax rules and filing requirements. The Company is expected to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company intends to elect to be treated, and qualify annually thereafter, as a RIC under Subchapter M of the Code. As a result, the Company generally does not expect to be subject to U.S. federal income taxes. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of September 30, 2023. In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators. The Company adopted a tax year-end of December 31. The Company's taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income earned in each period and carried forward for distribution in the following period may be different than this estimate. As of September 30, 2023, the Company had a $110 short-term limited capital loss carryforward from its prior C-corporation tax year end that can be used to offset future capital gains for 5 years and expires on December 31, 2027. For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. The tax character of distributions paid for the period ended September 30, 2023 was as follows (in thousands): For the nine For the year ended December 31, 2022 Ordinary Income $ 5,203 $ — Long-term Capital Gain $ — $ — Return of Capital $ — $ — The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes (in thousands): September 30, 2023 December 31, 2022 Tax cost $ 169,680 $ 84,545 Gross unrealized appreciation $ 993 $ 177 Gross unrealized depreciation (395) (379) Net unrealized investment appreciation / (depreciation) on investments $ 598 $ (202) The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax periods ended December 31, 2021 and December 31, 2022. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting and tax purposes. Components of the Company’s deferred tax assets and liabilities as of December 31, 2022 are as follows: For the year ended December 31, 2022 Deferred tax assets: Net operating loss carryforward $ 101 Capital loss carryforward 28 Net unrealized loss on investments 51 Organizational costs 31 Valuation allowance (211) Total deferred tax assets — Deferred tax liabilities: Total deferred tax liabilities — Net deferred tax assets and liabilities $ — The Company’s income tax provision consists of the following as of December 31, 2022: For the year ended December 31, 2022 Current tax (expense)/benefit: Federal $ — State and Local — Total current tax (expense)/benefit — Deferred tax (expense)/benefit: Federal 175 State and Local 36 Valuation allowance (211) Total deferred tax (expense)/benefit — Total income tax (expense)/benefit $ — Total income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory income tax rate of 21% to net increase (decrease) in net assets from operations for the year ended December 31, 2022, as follows: For the year ended December 31, 2022 Income tax benefit at federal statutory rate (21%) $ 100 State and local income tax benefit (net of federal detriment) 21 Prior year net operating loss carryforward 97 Organizational costs 33 Permanent differences (40) Valuation allowance (211) Total income tax (expense)/benefits $ — At December 31, 2022, the Company determined a valuation allowance was required. The Company’s assessment considered, among other matters, the nature, frequency and severity of current and cumulative losses, the duration of statutory carryforward periods and the associated risk that operating loss and capital loss carryforwards are limited or are likely to expire unused, and unrealized gains and losses on investments. Through the consideration of these factors, the Company determined that it is more likely than not that the Company’s net deferred tax asset would not be realized. As a result, the Company recorded a full valuation allowance with respect to its deferred tax asset for the year ended December 31, 2022. From time to time, the Company may modify its estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance as new information becomes available. Modifications to the Company’s estimates or assumptions regarding its deferred tax liability and/or asset balances and any applicable valuation allowance, changes in generally accepted accounting principles or related guidance or interpretations thereof, limitations imposed on or expirations of the Company’s net operating losses and capital loss carryovers (if any) and changes in applicable tax law could result in increases or decreases in the Company’s NAV per share, which could be material. As of December 31, 2022, the Company had a net operating loss carryforward for federal income tax purposes of $397. This net operating loss may be carried forward indefinitely but would not be useable to offset income in taxable years in which the Company qualifies as a RIC. As of December 31, 2022, the Company had a short term capital loss carryforward of $111.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Financial Highlights	Financial Highlights Below is the schedule of financial highlights of the Company for the nine months ended September 30, 2023 and September 30, 2022: Per Common Share Data: (1) For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Net asset value, beginning of period $ 14.60 $ (720.91) Net investment income (loss) 0.54 (0.01) Net realized and unrealized gain (loss) 0.07 (0.51) Net increase (decrease) in net assets resulting from operations 0.61 (0.52) Initial issuance of Common Stock — — Effect of offering price of subscriptions (2) 0.12 735.99 Distributions declared (0.50) — Net asset value, end of period $ 14.83 $ 14.56 Total return based on NAV (3) 1.58 % (102.02) % Common shares outstanding, end of period 13,068,112 3,537,828 Weighted average shares outstanding 10,254,893 733,084 Net assets, end of period $ 193,744 $ 51,527 Ratio/Supplemental data (4) : Ratio of net investment income (loss) to average net assets 5.21 % (0.80) % Ratio of expenses to average net assets 6.96 % 9.95 % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets 3.97 % 7.90 % Weighted average debt outstanding (5) $ 14,609 $ 16,926 Total debt outstanding $ 54,400 $ 17,500 Asset coverage ratio per unit $ 4,561 $ 3,944 Portfolio turnover — % N/A (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through September 30, 2023 and September 30, 2022. (2) Increase (decrease) is due to the offering price of subscriptions during the period (See note 9). (3) Total return is based upon the change in net asset value per share between the opening and ending net assets per share and the issuance of common stock in the period. Total return is not annualized. (4) Annualized, except for organizational expenses, which are non-recurring. (5) The Company's initial borrowing occurred on June 29, 2022.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company's management evaluated subsequent events through the date of issuance of the consolidated financial statements. Other than the subsequent event disclosed below, there have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the consolidated financial statements. On November 6, 2023, the Company closed an additional $6.6 million in capital commitments increasing the total closed commitments to $377.0 million as of the date of this Report.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 3,476	$ (220)	$ 6,305	$ (381)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

N-2

N-2 - $ / shares	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cover [Abstract]
Entity Central Index Key	0001849089
Amendment Flag	false
Securities Act File Number	814-01427
Document Type	10-Q
Entity Registrant Name	LAFAYETTE SQUARE USA, INC.
Entity Address, Address Line One	175 SW 7th St
Entity Address, Address Line Two	Unit 1911
Entity Address, City or Town	Miami
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33130
City Area Code	786
Local Phone Number	753-7096
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Other Annual Expenses [Abstract]
Management Fee not based on Net Assets, Note [Text Block]	Directors Fees As of June 27, 2022, in connection with the conversion of Lafayette Square Empire BDC, LLC to Lafayette Square USA, Inc., the independent directors receive an annual fee of $100 (prorated for any partial year). In addition, the chair of the Audit Committee receives an additional annual fee of $20 (prorated for any partial year). Prior to that, independent directors received an annual fee of $10 (prorated for any partial year). We are also authorized to pay the reasonable out-of-pocket expenses for each independent director incurred in connection with the fulfillment of his or her duties as independent directors (provided that such compensation will only be paid if the committee meeting is not held on the same day as any regular meeting of the Board). For the fiscal year December 31, 2023, independent directors fees will be paid in the form of our common stock issued at a price per share equal to the greater of NAV or the market price at the time of payment. As of September 30, 2023, the Company had not issued any common stock to our directors as compensation for their services.
Financial Highlights [Abstract]
Senior Securities Coverage per Unit	$ 4,561		$ 3,944
General Description of Registrant [Abstract]
NAV Per Share	$ 14.83	$ 14.60	$ 14.56	$ (720.91)

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Accounting, Policy	The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its consolidated financial statements. The Company is an investment company and accordingly applies specific accounting and financial reporting requirements under Accounting Standards Codification, as issued by the Financial Accounting Standards Board (“ASC”) Topic 946—Financial Services—Investment Companies (“Topic 946”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and pursuant to Articles 6, 10 and 12 of Regulation S-X.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company deposits its cash in a financial institution and, at times, such deposits may exceed the Federal Deposit Insurance Corporation insurance limits.
Organization and Offering Costs	Organization and Offering Costs Organization costs consist of costs incurred to establish the Company and enable it to do business legally. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering of the common stock of the Company. The Company’s initial organizational costs incurred were expensed, and initial offering costs are being amortized over one year.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs, incurred in connection with any credit facility and SBA-guaranteed debentures (see Note 5) are deferred and amortized over the life of the respective credit facility and SBA-guaranteed debentures.
Indemnifications	Indemnifications In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote.
Revenue Recognition	Revenue Recognition Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the amortized cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in fair value of investments that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Investment Income Interest income, including amortization of premium and accretion of discount, is recorded on the accrual basis to the extent that such amounts are collected. The Company records amortized or accreted discounts or premiums as interest income using the effective interest method or straight-line interest method, as applicable, and adjusted only for material amendments or prepayments. Dividend income, which represents dividends from equity investments and distributions from subsidiaries, if any, is recognized on an accrual basis to the extent that the Company collects such amount. Original Issue Discount Discounts to par on portfolio securities are accreted into income over the tenor of the instrument. Any remaining discount is accreted into income upon prepayment or redemption of the instrument. The Company then amortizes such amounts using the effective interest method as interest income over the expected life of the investment. PIK Interest The Company may, from time to time, hold loans in its portfolio that contain a payment-in-kind ("PIK") interest provision. PIK interest, computed at the contractual rate specified in each loan agreement, is periodically added to the principal balance of the loan, rather than being paid to the Company in cash, and is recorded as interest income. Thus, the actual collection of PIK interest in cash may be deferred until the time of debt principal repayment. PIK interest, which is a non-cash source of income at the time of recognition, is included in the Company’s taxable income. This affects the amount the Company would be required to distribute to its stockholders to maintain its tax treatment as a RIC for federal income tax purposes, even though the Company has not yet collected the cash. Fee Income Origination fees received are recorded as deferred income and recognized as investment income over the term of the loan. Upon prepayment of a loan, any unamortized origination fees are recorded as investment income. The Company receives certain fees from portfolio companies, which are non-recurring in nature. Such fees include loan prepayment penalties, structuring fees, covenant waiver fees and loan amendment fees, which are recorded as investment income when earned. Non-accrual loans A loan can be left on accrual status during the period the Company is pursuing repayment of the loan. Management reviews all loans that become 90 days or more past due on principal and interest, or when there is reasonable doubt that principal or interest will be collected, for possible placement on non-accrual status. When a loan is placed on non-accrual status, unpaid interest credited to income is reversed. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date such loan is placed on non-accrual status. Interest payments received on non-accrual loans are recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid, and, in management’s judgment, future payments are likely to remain current.
Investment Classification	Investment Classification The Company classifies its investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, the Company is deemed to "control" a portfolio company if it owns more than 25% of its outstanding voting securities and/or had the power to exercise control over the management or policies of such portfolio company. Such investments in portfolio companies that the Company "controls" are referred to as "Control Investments." Under the 1940 Act, the Company is deemed to be an "Affiliated Person" of a portfolio company if it owns between 5% and 25% of the portfolio company's outstanding voting securities or the Company is under common control with such portfolio company. We refer to such investments in Affiliated Persons as "Affiliated Investments." Investments which are neither Control Investments or Affiliated Investments are referred to as "Non-Controlled/Non-Affiliated investments."
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies fair value to all of its financial instruments in accordance with ASC Topic 820—Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the 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 in determining fair value is greatest for financial instruments classified as Level 3. Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies.
Income Taxes	Income Taxes The Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for U.S. federal income tax purposes, for the tax periods ended December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax period ending December 31, 2023, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. In order to qualify and be subject to tax as a RIC, among other things, the Company is required to meet certain source of income and asset diversification requirements and timely distribute dividends for U.S. federal income tax purposes to its stockholders of an amount generally at least equal to 90% of its investment company taxable income, as defined by the Code and determined without regard to any deduction for dividends paid, for each tax year. As a RIC, the Company would intend to make the requisite distributions to its stockholders, which will generally relieve the Company from U.S. federal income taxes with respect to all income distributed to its stockholders. The Company may be subject to regular federal and state corporate income tax on any net built-in gains with respect to certain of its assets (i.e., the excess of the aggregate gains, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Company elects to recognize upon RIC election or when recognized over the next five taxable years. The Company is subject to a nondeductible 4% U.S. federal excise tax on its undistributed income, unless it timely distributes (or is deemed to have timely distributed) an amount equal to the sum of (1) 98% of ordinary income for each calendar year, (2) 98.2% of the amount by which capital gains exceeds capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year, and (3) any income and gains recognized, but not distributed, from the previous years. While the Company intends to distribute any income and capital gains to avoid imposition of this 4% U.S. federal excise tax, it may not be successful in avoiding entirely the imposition of this tax. In that case, the Company will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.
Distributions	Distributions Distributions to common stockholders are recorded on the record date. Subject to the discretion of and as determined by the Board, the Company will authorize and declare ordinary cash distributions based on a formula approved by the Board on a quarterly basis. The amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed to shareholders at least annually, although the Company can retain such capital gains for investment in its discretion. The Company has adopted a dividend reinvestment plan (the “DRIP”) that provides for reinvestment of any distributions the Company declares in cash on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes and the Company declares a cash distribution, then stockholders who have not “opted out” of the DRIP will have their cash distribution automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Shares issued under the DRIP will be issued at a price per share equal to the most recent net asset value (“NAV”) per share as determined by the Board (subject to adjustment to the extent required by Section 23 of the 1940 Act).
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on the Company’s consolidated financial statements.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Schedule of Investments [Abstract]
Schedule of Investments	The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments). as of September 30, 2023 and December 31, 2022. September 30, 2023 Amortized Cost Fair Value First lien senior secured loans $ 161,321 95.0 % $ 162,181 95.2 % Equity 4,881 2.9 % 4,759 2.8 % Subordinated debt 1,826 1.1 % 1,686 1.0 % Preferred equity 1,652 1.0 % 1,652 1.0 % Warrants — — % — — % Total $ 169,680 100.0 % $ 170,278 100.0 % December 31, 2022 Amortized Cost Fair Value First lien senior secured loans $ 78,221 92.5 % $ 78,156 92.7 % Equity 4,631 5.5 % 4,631 5.5 % Subordinated debt 1,693 2.0 % 1,556 1.8 % Warrants — — % — — % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of September 30, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business: September 30, 2023 Amortized Cost Fair Value Mid-Atlantic $ 41,351 24.4 % $ 41,342 24.3 % Far West Region 33,507 19.7 % 33,547 19.7 % Gulf Coast 31,582 18.6 % 31,730 18.6 % Southeast 27,137 16.0 % 26,983 15.8 % Great Lakes 18,763 11.1 % 19,056 11.2 % Four Corners 9,487 5.6 % 9,660 5.7 % Cascade 7,853 4.6 % 7,960 4.7 % Total $ 169,680 100.0 % $ 170,278 100.0 % December 31, 2022 Amortized Cost Fair Value Mid-Atlantic $ 35,171 41.6 % $ 34,792 41.3 % Gulf Coast 28,667 33.9 % 28,844 34.1 % Southeast 20,707 24.5 % 20,707 24.6 % Total $ 84,545 100.0 % $ 84,343 100.0 % The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments) as of September 30, 2023 and December 31, 2022. September 30, 2023 Amortized Cost Fair Value Construction & Engineering $ 50,374 29.7 % $ 51,059 29.9 % Commercial Services & Supplies 46,019 27.1 % 45,625 26.8 % Event Management 33,507 19.7 % 33,547 19.7 % Media 25,064 14.8 % 25,162 14.8 % Health Care Providers & Services 7,853 4.6 % 7,960 4.7 % Hotels, Restaurants & Leisure 3,487 2.1 % 3,500 2.1 % IT Services 3,376 2.0 % 3,425 2.0 % Total $ 169,680 100.0 % $ 170,278 100.0 % December 31, 2022 Amortized Cost Fair Value Commercial Services & Supplies $ 39,024 46.2 % $ 38,647 45.8 % Media 25,509 30.2 % 25,684 30.5 % Construction & Engineering 20,012 23.6 % 20,012 23.7 % Total $ 84,545 100.0 % $ 84,343 100.0 %

Fair Value Measurements of In_2

Fair Value Measurements of Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements of Investments, by Major Class	The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of September 30, 2023 and December 31, 2022. September 30, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 162,181 $ 162,181 Subordinated debt — — 1,686 1,686 Equity — — 4,759 4,759 Preferred equity — — 1,652 1,652 Warrants — — — — Total Investments $ — $ — $ 170,278 $ 170,278 December 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 78,156 $ 78,156 Subordinated debt — — 1,556 1,556 Equity — — 4,631 4,631 Warrants — — — — Total Investments $ — $ — $ 84,343 $ 84,343
Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 2023: For the nine months ended September 30, 2023 Investments First Lien Senior Secured Loans Subordinated Equity Preferred Warrants Total Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ — $ 84,343 Purchases of investments and other adjustments to cost 84,026 132 250 1,652 — 86,060 Proceeds from sales and repayments of investments (1,215) — — — — (1,215) Net realized gain (loss) — — — — — — Net accretion of discount on investments 290 — — — 290 Net change in unrealized gain (loss) on investments 924 (2) (122) — — 800 Balance as of September 30, 2023 $ 162,181 $ 1,686 $ 4,759 $ 1,652 $ — $ 170,278 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 2022: For the nine months ended September 30, 2022 Investments First Lien Senior Secured Loans Subordinated Equity Warrants Total Balance as of December 31, 2021 $ — $ — $ — $ — $ — Purchases of investments and other adjustments to cost 47,115 1,652 — — 48,767 Proceeds from sales and repayments of investments (324) — — — (324) Net realized gain (loss) — — — — — Net accretion of discount on investments 66 — — — 66 Net change in unrealized gain (loss) on investments (264) (112) — — (376) Balance as of September 30, 2022 $ 46,593 $ 1,540 $ — $ — $ 48,133
Schedule of Fair Value Measurement Inputs and Valuation Techniques	The tables below summarize the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of September 30, 2023 and December 31, 2022. Range Fair Value, as of September 30, 2023 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 118,627 Discounted Cash Flow Discount Rate 12.3% 10.4% 14.6% First lien senior secured loans 43,554 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,686 Discounted Cash Flow Discount Rate 16.5% 16.0% 17.0% Equity 4,759 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,652 Cost Cost N/A N/A N/A Warrants — Comparable Multiples EV/EBITDA 8.3x 8.0x 8.5x Total Level 3 Assets $ 170,278 Range Fair Value, as of December 31, 2022 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 78,156 Discounted Cash Flow Discount Rate 12.8% 10.9% 14.7% Subordinated debt 1,556 Discounted Cash Flow Discount Rate 16.3% 16.0% 16.5% Equity 4,631 Comparable Multiples EV/EBITDA 8.0x 8.0x 8.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 84,343

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Subscription Facility for the three and nine months ended September 30, 2023 and September 30, 2022: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Interest expense 76 178 375 182 Non-usage fee (1) 22 14 64 30 Amortization of financing costs 97 69 266 144 Weighted average stated interest rate 7.49 % 4.15 % 7.17 % 4.17 % Weighted average outstanding balance (2) $ 4,028 $ 16,924 $ 6,991 $ 16,926 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. (2) The Company's initial borrowing occurred on June 29, 2022. The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three and nine months ended September 30, 2023: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Interest expense 84 — 84 — Non-usage fee (1) — — — — Amortization of financing costs 28 — 28 — Weighted average stated interest rate 6.10 % — % 6.10 % — % Weighted average outstanding balance (2) $ 5,391 $ — $ 1,817 $ — (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the SBA-guaranteed debentures. (2) The Company's initial borrowing occurred on September 15, 2023. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Repurchase Obligation for the three and nine months ended September 30, 2023 and September 30, 2022: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Interest expense — — 376 — Weighted average stated interest rate — % — % 8.67 % — % Weighted average outstanding balance $ — $ — $ 5,801 $ —
Schedule of Line of Credit Facilities	The following table summarizes the Company’s SBA-guaranteed debentures as of September 30, 2023: Issuance Date Maturity Date Debenture Amount Purchase Date Interest Rate SBA Annual Charge September 15, 2023 September 15, 2033 $ 7,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% September 15, 2023 September 15, 2033 $ 6,000 September 15, 2033 6.04% 0.05% The facilities of the Company consist of the following: September 30, 2023 December 31, 2022 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 23,400 $ 15,000 $ 38,400 $ 31,500 $ 6,900 SBA-guaranteed debentures 36,960 31,000 5,960 — — — Total $ 75,360 $ 54,400 $ 20,960 $ 38,400 $ 31,500 $ 6,900

Related Party Agreements and _2

Related Party Agreements and Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents a summary of Expense Payments and the related Reimbursement Payments since the Company's inception: For the Period Ended Expense Payments by Adviser Reimbursement Payments to Adviser Unreimbursed Expense Payments June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 225 June 30, 2023 — (329) (329) September 30, 2023 — (123) (123) Total $ 452 $ (452) $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	The Company had the following unfunded commitments to fund delayed draw loans as of the indicated dates: September 30, 2023 December 31, 2022 Unfunded delayed draw and revolving senior secured loans $ 14,362 $ 12,995 Total unfunded commitments $ 14,362 $ 12,995

Share Data and Distributions (T

Share Data and Distributions (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share; for the three and nine months ended September 30, 2023 and September 30, 2022: For the three months ended September 30, 2023 For the three months ended September 30, 2022 For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 3,476 $ (220) $ 6,305 $ (381) Weighted average common shares outstanding 13,053,832 2,098,009 10,254,893 733,084 Earnings (loss) per common share (basic and diluted): $ 0.27 $ (0.10) $ 0.61 $ (0.52)
Schedule of Share Issuances	Share Issuance Date Shares Issued Amount January 26, 2023 2,510,396 $ 37,129 March 28, 2023 1,188,592 17,746 June 27, 2023 4,392,543 65,097 Total 8,091,531 $ 119,972
Schedule of Dividends Declared	The following table summarizes the distributions declared on shares of the Company’s common stock and shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP: Date Declared Record Date Payment Date Amount Per Share April 21, 2023 April 21, 2023 May 15, 2023 $0.15 June 23, 2023 June 23, 2023 August 14, 2023 $0.15 September 29, 2023 September 29, 2023 November 13, 2023 $0.20

Tax Matters (Tables)

Tax Matters (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Tax Character Of Distributions Paid to Shareholders	The tax character of distributions paid for the period ended September 30, 2023 was as follows (in thousands): For the nine For the year ended December 31, 2022 Ordinary Income $ 5,203 $ — Long-term Capital Gain $ — $ — Return of Capital $ — $ —
Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis	The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes (in thousands): September 30, 2023 December 31, 2022 Tax cost $ 169,680 $ 84,545 Gross unrealized appreciation $ 993 $ 177 Gross unrealized depreciation (395) (379) Net unrealized investment appreciation / (depreciation) on investments $ 598 $ (202)
Schedule of Deferred Tax Assets and Liabilities	Components of the Company’s deferred tax assets and liabilities as of December 31, 2022 are as follows: For the year ended December 31, 2022 Deferred tax assets: Net operating loss carryforward $ 101 Capital loss carryforward 28 Net unrealized loss on investments 51 Organizational costs 31 Valuation allowance (211) Total deferred tax assets — Deferred tax liabilities: Total deferred tax liabilities — Net deferred tax assets and liabilities $ —
Schedule of Components of Income Tax Provision	The Company’s income tax provision consists of the following as of December 31, 2022: For the year ended December 31, 2022 Current tax (expense)/benefit: Federal $ — State and Local — Total current tax (expense)/benefit — Deferred tax (expense)/benefit: Federal 175 State and Local 36 Valuation allowance (211) Total deferred tax (expense)/benefit — Total income tax (expense)/benefit $ —
Schedule of Effective Income Tax Rate Reconciliation	Total income tax (expense) benefit for the Company differs from the amount computed by applying the federal statutory income tax rate of 21% to net increase (decrease) in net assets from operations for the year ended December 31, 2022, as follows: For the year ended December 31, 2022 Income tax benefit at federal statutory rate (21%) $ 100 State and local income tax benefit (net of federal detriment) 21 Prior year net operating loss carryforward 97 Organizational costs 33 Permanent differences (40) Valuation allowance (211) Total income tax (expense)/benefits $ —

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Company [Abstract]
Schedule of Financial Highlights	Below is the schedule of financial highlights of the Company for the nine months ended September 30, 2023 and September 30, 2022: Per Common Share Data: (1) For the nine months ended September 30, 2023 For the nine months ended September 30, 2022 Net asset value, beginning of period $ 14.60 $ (720.91) Net investment income (loss) 0.54 (0.01) Net realized and unrealized gain (loss) 0.07 (0.51) Net increase (decrease) in net assets resulting from operations 0.61 (0.52) Initial issuance of Common Stock — — Effect of offering price of subscriptions (2) 0.12 735.99 Distributions declared (0.50) — Net asset value, end of period $ 14.83 $ 14.56 Total return based on NAV (3) 1.58 % (102.02) % Common shares outstanding, end of period 13,068,112 3,537,828 Weighted average shares outstanding 10,254,893 733,084 Net assets, end of period $ 193,744 $ 51,527 Ratio/Supplemental data (4) : Ratio of net investment income (loss) to average net assets 5.21 % (0.80) % Ratio of expenses to average net assets 6.96 % 9.95 % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets 3.97 % 7.90 % Weighted average debt outstanding (5) $ 14,609 $ 16,926 Total debt outstanding $ 54,400 $ 17,500 Asset coverage ratio per unit $ 4,561 $ 3,944 Portfolio turnover — % N/A (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through September 30, 2023 and September 30, 2022. (2) Increase (decrease) is due to the offering price of subscriptions during the period (See note 9). (3) Total return is based upon the change in net asset value per share between the opening and ending net assets per share and the issuance of common stock in the period. Total return is not annualized. (4) Annualized, except for organizational expenses, which are non-recurring. (5) The Company's initial borrowing occurred on June 29, 2022.

Organization (Details)

Organization (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) subsidiary region	Jan. 27, 2023 USD ($)
Schedule of Investments [Line Items]
Number of regions | region	10
Number of wholly owned subsidiaries formed | subsidiary	2
SBA Debentures | SBIC LP
Schedule of Investments [Line Items]
SBIC available long-term capital	$ 175	$ 175
SBA Debenture Regulatory Capital | SBIC LP
Schedule of Investments [Line Items]
SBIC available long-term capital		$ 87.5
Minimum
Schedule of Investments [Line Items]
Investment goal as a percentage of assets in each region	5%
Minimum | Middle Market Companies
Schedule of Investments [Line Items]
Investments, annual revenues	$ 10
Investment annual EBITDA	10
Maximum | Middle Market Companies
Schedule of Investments [Line Items]
Investments, annual revenues	1,000
Investment annual EBITDA	$ 100

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)	3 Months Ended		9 Months Ended		17 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 82,219,000		$ 82,219,000		$ 82,219,000	$ 20,687,000
Interest from cash and cash equivalents	724,000	$ 0	1,269,000	$ 0
Offering costs, threshold amount for reimbursement, value	1,000,000		1,000,000		1,000,000
Deferred offering costs since inception					804,000
Interest-Bearing Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 82,219,000		$ 82,219,000		$ 82,219,000	$ 20,682,000

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2023		Dec. 31, 2022
Schedule of Investments [Line Items]
Amortized Cost	$ 169,680	[1],[2],[3],[4]	$ 84,545	[5],[6],[7],[8]
Fair Value	170,278	[1],[2],[3],[4]	84,343	[5],[6],[7],[8]
Commercial Services & Supplies
Schedule of Investments [Line Items]
Amortized Cost	46,019		39,024
Fair Value	45,625		38,647
Event Management
Schedule of Investments [Line Items]
Amortized Cost	33,507
Fair Value	33,547
Media
Schedule of Investments [Line Items]
Amortized Cost	25,064		25,509
Fair Value	25,162		25,684
Construction & Engineering
Schedule of Investments [Line Items]
Amortized Cost	50,374		20,012
Fair Value	51,059		20,012
Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Amortized Cost	3,487
Fair Value	3,500
Health Care Providers & Services
Schedule of Investments [Line Items]
Amortized Cost	7,853
Fair Value	7,960
IT Services
Schedule of Investments [Line Items]
Amortized Cost	3,376
Fair Value	3,425
Mid-Atlantic
Schedule of Investments [Line Items]
Amortized Cost	41,351		35,171
Fair Value	41,342		34,792
Far West Region
Schedule of Investments [Line Items]
Amortized Cost	33,507
Fair Value	33,547
Gulf Coast
Schedule of Investments [Line Items]
Amortized Cost	31,582		28,667
Fair Value	31,730		28,844
Southeast
Schedule of Investments [Line Items]
Amortized Cost	27,137		20,707
Fair Value	26,983		$ 20,707
Great Lakes
Schedule of Investments [Line Items]
Amortized Cost	18,763
Fair Value	19,056
Four Corners
Schedule of Investments [Line Items]
Amortized Cost	9,487
Fair Value	9,660
Cascade
Schedule of Investments [Line Items]
Amortized Cost	7,853
Fair Value	$ 7,960
Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%		100%
Amortized Cost | Investment Type Concentration Risk | Commercial Services & Supplies
Schedule of Investments [Line Items]
Concentration risk, percentage	27.10%		46.20%
Amortized Cost | Investment Type Concentration Risk | Event Management
Schedule of Investments [Line Items]
Concentration risk, percentage	19.70%
Amortized Cost | Investment Type Concentration Risk | Media
Schedule of Investments [Line Items]
Concentration risk, percentage	14.80%		30.20%
Amortized Cost | Investment Type Concentration Risk | Construction & Engineering
Schedule of Investments [Line Items]
Concentration risk, percentage	29.70%		23.60%
Amortized Cost | Investment Type Concentration Risk | Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Concentration risk, percentage	2.10%
Amortized Cost | Investment Type Concentration Risk | Health Care Providers & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	4.60%
Amortized Cost | Investment Type Concentration Risk | IT Services
Schedule of Investments [Line Items]
Concentration risk, percentage	2%
Amortized Cost | Geographic Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%		100%
Amortized Cost | Geographic Concentration Risk | Mid-Atlantic
Schedule of Investments [Line Items]
Concentration risk, percentage	24.40%		41.60%
Amortized Cost | Geographic Concentration Risk | Far West Region
Schedule of Investments [Line Items]
Concentration risk, percentage	19.70%
Amortized Cost | Geographic Concentration Risk | Gulf Coast
Schedule of Investments [Line Items]
Concentration risk, percentage	18.60%		33.90%
Amortized Cost | Geographic Concentration Risk | Southeast
Schedule of Investments [Line Items]
Concentration risk, percentage	16%		24.50%
Amortized Cost | Geographic Concentration Risk | Great Lakes
Schedule of Investments [Line Items]
Concentration risk, percentage	11.10%
Amortized Cost | Geographic Concentration Risk | Four Corners
Schedule of Investments [Line Items]
Concentration risk, percentage	5.60%
Amortized Cost | Geographic Concentration Risk | Cascade
Schedule of Investments [Line Items]
Concentration risk, percentage	4.60%
Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%		100%
Fair Value | Investment Type Concentration Risk | Commercial Services & Supplies
Schedule of Investments [Line Items]
Concentration risk, percentage	26.80%		45.80%
Fair Value | Investment Type Concentration Risk | Event Management
Schedule of Investments [Line Items]
Concentration risk, percentage	19.70%
Fair Value | Investment Type Concentration Risk | Media
Schedule of Investments [Line Items]
Concentration risk, percentage	14.80%		30.50%
Fair Value | Investment Type Concentration Risk | Construction & Engineering
Schedule of Investments [Line Items]
Concentration risk, percentage	29.90%		23.70%
Fair Value | Investment Type Concentration Risk | Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Concentration risk, percentage	2.10%
Fair Value | Investment Type Concentration Risk | Health Care Providers & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	4.70%
Fair Value | Investment Type Concentration Risk | IT Services
Schedule of Investments [Line Items]
Concentration risk, percentage	2%
Fair Value | Geographic Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%		100%
Fair Value | Geographic Concentration Risk | Mid-Atlantic
Schedule of Investments [Line Items]
Concentration risk, percentage	24.30%		41.30%
Fair Value | Geographic Concentration Risk | Far West Region
Schedule of Investments [Line Items]
Concentration risk, percentage	19.70%
Fair Value | Geographic Concentration Risk | Gulf Coast
Schedule of Investments [Line Items]
Concentration risk, percentage	18.60%		34.10%
Fair Value | Geographic Concentration Risk | Southeast
Schedule of Investments [Line Items]
Concentration risk, percentage	15.80%		24.60%
Fair Value | Geographic Concentration Risk | Great Lakes
Schedule of Investments [Line Items]
Concentration risk, percentage	11.20%
Fair Value | Geographic Concentration Risk | Four Corners
Schedule of Investments [Line Items]
Concentration risk, percentage	5.70%
Fair Value | Geographic Concentration Risk | Cascade
Schedule of Investments [Line Items]
Concentration risk, percentage	4.70%
First lien senior secured loans
Schedule of Investments [Line Items]
Amortized Cost	$ 161,321		$ 78,221
Fair Value	$ 162,181		$ 78,156
First lien senior secured loans | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	95%		92.50%
First lien senior secured loans | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	95.20%		92.70%
Equity
Schedule of Investments [Line Items]
Amortized Cost	$ 4,881		$ 4,631
Fair Value	$ 4,759		$ 4,631
Equity | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	2.90%		5.50%
Equity | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	2.80%		5.50%
Subordinated debt
Schedule of Investments [Line Items]
Amortized Cost	$ 1,826		$ 1,693
Fair Value	$ 1,686		$ 1,556
Subordinated debt | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1.10%		2%
Subordinated debt | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1%		1.80%
Preferred equity
Schedule of Investments [Line Items]
Amortized Cost	$ 1,652
Fair Value	$ 1,652
Preferred equity | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1%
Preferred equity | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1%
Warrants
Schedule of Investments [Line Items]
Amortized Cost	$ 0		$ 0
Fair Value	$ 0		$ 0
Warrants | Amortized Cost | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0%		0%
Warrants | Fair Value | Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0%		0%
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Fair Value Measurements of In_3

Fair Value Measurements of Investments - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023		Sep. 30, 2022	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 170,278	[1],[2],[3],[4]		$ 84,343	[5],[6],[7],[8]
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	170,278			$ 84,343
Level 3 | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net change in unrealized gain (loss)	$ 800		$ (376)
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Fair Value Measurements of In_4

Fair Value Measurements of Investments - Schedule of Fair Value Measurements of Investments, by Major Class (Details) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 170,278	[1],[2],[3],[4]	$ 84,343	[5],[6],[7],[8]
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	162,181		78,156
Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,686		1,556
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,759		4,631
Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,652
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 1 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Level 1 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 2 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0
Level 2 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	170,278		84,343
Level 3 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	162,181		78,156
Level 3 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,686		1,556
Level 3 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,759		4,631
Level 3 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,652
Level 3 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0		$ 0
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Fair Value Measurements of In_5

Fair Value Measurements of Investments - Schedule of Investment Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 84,343	$ 0
Purchases of investments and other adjustments to cost	86,060	48,767
Proceeds from sales and repayments of investments	(1,215)	(324)
Net accretion of discount on investments	290	66
Ending balance	170,278	48,133
Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	800	(376)
First lien senior secured loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	78,156	0
Purchases of investments and other adjustments to cost	84,026	47,115
Proceeds from sales and repayments of investments	(1,215)	(324)
Net accretion of discount on investments	290	66
Ending balance	162,181	46,593
First lien senior secured loans | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
First lien senior secured loans | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	924	(264)
Subordinated debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,556	0
Purchases of investments and other adjustments to cost	132	1,652
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments	0	0
Ending balance	1,686	1,540
Subordinated debt | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Subordinated debt | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	(2)	(112)
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,631	0
Purchases of investments and other adjustments to cost	250	0
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments	0	0
Ending balance	4,759	0
Equity | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Equity | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	(122)	0
Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Purchases of investments and other adjustments to cost	1,652
Proceeds from sales and repayments of investments	0
Net accretion of discount on investments	0
Ending balance	1,652
Preferred equity | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0
Preferred equity | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0
Warrants
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0	0
Purchases of investments and other adjustments to cost	0	0
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments		0
Ending balance	0	0
Warrants | Debt And Equity Securities Realized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	0	0
Warrants | Debt And Equity Securities Unrealized Gain (Loss)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Net realized gain (loss) and net change in unrealized gain (loss) on investments	$ 0	$ 0

Fair Value Measurements of In_6

Fair Value Measurements of Investments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) $ in Thousands	Sep. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 170,278	[1],[2],[3],[4]	$ 84,343	[5],[6],[7],[8]
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	162,181		78,156
Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,686		1,556
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	4,759		4,631
Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,652
Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	170,278		84,343
Level 3 | First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	162,181		78,156
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 118,627		$ 78,156
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.123		0.128
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.104		0.109
Level 3 | First lien senior secured loans | Discount Rate | Discounted Cash Flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.146		0.147
Level 3 | First lien senior secured loans | Cost | Amortized Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 43,554
Level 3 | Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,686		$ 1,556
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,686		$ 1,556
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.165		0.163
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.160		0.160
Level 3 | Subordinated debt | Discount Rate | Discounted Cash Flow | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	0.170		0.165
Level 3 | Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,759		$ 4,631
Level 3 | Equity | EV/EBITDA | Comparable Multiples
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 4,759		$ 4,631
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	6.8		8
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	6.5		8
Level 3 | Equity | EV/EBITDA | Comparable Multiples | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	7		8
Level 3 | Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,652
Level 3 | Preferred equity | Cost | Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,652
Level 3 | Warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0		$ 0
Level 3 | Warrants | EV/EBITDA | Comparable Multiples
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0		$ 0
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Weighted Average Mean
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	8.3		8.8
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	8		8.5
Level 3 | Warrants | EV/EBITDA | Comparable Multiples | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned, fair value, measurement input	8.5		9
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		9 Months Ended
	Feb. 02, 2022	Sep. 30, 2023	Feb. 02, 2024	Jan. 27, 2023	Dec. 31, 2022	Sep. 30, 2022	Apr. 30, 2021	Mar. 31, 2021
Line of Credit Facility [Line Items]
Asset coverage ratio		150%					150%	200%
Asset coverage ratio of 150% borrowing increase amount		$ 200
Asset coverage ratio of 200% borrowing increase amount		100
Total debt outstanding		54,400,000				$ 17,500,000
Amount outstanding		31,000,000			$ 0
Lafayette Square | SBIC LP
Line of Credit Facility [Line Items]
Committed capital		42,000,000
SBA Debentures | SBIC LP
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		175,000,000		$ 175,000,000
Amount outstanding		$ 31,000,000
Debt instrument, term		10 years
Commitment fee percentage		1%
Discount percentage		2.435%
Annual fee percentage		0.047%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 75,360,000			38,400,000
Total debt outstanding		54,400,000			31,500,000
Revolving Credit Facility | Subscription Facility | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 38,400,000	38,400,000			38,400,000
Total debt outstanding		23,400,000			31,500,000
Revolving Credit Facility | Subscription Facility | Line of Credit | Forecast
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 1,000,000,000
Revolving Credit Facility | Subscription Facility | Line of Credit | Margin Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.80%
Revolving Credit Facility | Subscription Facility | Line of Credit | Federal Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolving Credit Facility | SBA Debentures | Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		36,960,000			0
Total debt outstanding		$ 31,000,000			$ 0
Revolving Credit Facility | Repurchase Obligation | Line of Credit
Line of Credit Facility [Line Items]
Reverse repurchase agreement, maximum period for repurchase		90 days

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subscription Facility
Line of Credit Facility [Line Items]
Interest expense	$ 76	$ 178	$ 375	$ 182
Non-usage fee	22	14	64	30
Amortization of deferred financing costs	$ 97	$ 69	$ 266	$ 144
Weighted average stated interest rate	7.49%	4.15%	7.17%	4.17%
Weighted average outstanding balance	$ 4,028	$ 16,924	$ 6,991	$ 16,926
Repurchase Obligation
Line of Credit Facility [Line Items]
Interest expense	$ 0	$ 0	$ 376	$ 0
Weighted average stated interest rate	0%	0%	8.67%	0%
Weighted average outstanding balance	$ 0	$ 0	$ 5,801	$ 0

Debt - Guaranteed Debentures (D

Debt - Guaranteed Debentures (Details) - SBIC LP	Sep. 15, 2023 USD ($) Rate
SBA Debenture One
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity | $	$ 7,000,000
Interest rate | Rate	6.04%
SBA Annual Charge	0.05%
SBA Debenture Two
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity | $	$ 6,000,000
Interest rate | Rate	6.04%
SBA Annual Charge	0.05%
SBA Debenture Three
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity | $	$ 6,000,000
Interest rate | Rate	6.04%
SBA Annual Charge	0.05%
SBA Debenture Four
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity | $	$ 6,000,000
Interest rate | Rate	6.04%
SBA Annual Charge	0.05%
SBA Debenture Five
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity | $	$ 6,000,000
Interest rate | Rate	6.04%
SBA Annual Charge	0.05%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense and Amortization of Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
SBA Debentures
Line of Credit Facility [Line Items]
Interest expense	$ 84	$ 0	$ 84	$ 0
Non-usage fee	0	0	0	0
Amortization of deferred financing costs	$ 28	$ 0	$ 28	$ 0
Weighted average stated interest rate	6.10%	0%	6.10%	0%
Weighted average outstanding balance	$ 5,391	$ 0	$ 1,817	$ 0
Repurchase Obligation
Line of Credit Facility [Line Items]
Interest expense	$ 0	$ 0	$ 376	$ 0
Weighted average stated interest rate	0%	0%	8.67%	0%
Weighted average outstanding balance	$ 0	$ 0	$ 5,801	$ 0

Debt - Schedule of Line of Cred

Debt - Schedule of Line of Credit Facilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Feb. 02, 2022
Line of Credit Facility [Line Items]
Principal Amount Outstanding	$ 54,400,000		$ 17,500,000
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	75,360,000	$ 38,400,000
Principal Amount Outstanding	54,400,000	31,500,000
Unused Portion	20,960,000	6,900,000
Revolving Credit Facility | Subscription Facility | Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	38,400,000	38,400,000		$ 38,400,000
Principal Amount Outstanding	23,400,000	31,500,000
Unused Portion	15,000,000	6,900,000
Revolving Credit Facility | SBA Debentures | Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	36,960,000	0
Principal Amount Outstanding	31,000,000	0
Unused Portion	$ 5,960,000	$ 0

Related Party Agreements and _3

Related Party Agreements and Transactions - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) component calendarQuarter	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) component calendarQuarter	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Management fee	$ 431	$ 108	$ 1,035	$ 110
Management fee payable	431		431		$ 167
Incentive fee	535	0	1,050	0
Incentive fee payable	535		535		0
Administrative fee	251	145	600	157
Due to affiliate	941		941		120
Unreimbursed expense payments liability	123,000		123,000		0
Related Party
Related Party Transaction [Line Items]
Incentive fee	535		1,050
Incentive fee payable	535		535		0
Due to affiliate	$ 941		$ 941		120
Investment Advisory Agreement | Related Party
Related Party Transaction [Line Items]
Adviser fees, number of components | component	2		2
Base management fee annual rate, number of most recently completed calendar quarters | calendarQuarter	2		2
Management fee	$ 431	108	$ 1,035	110
Management fee payable	$ 431		$ 431		167
Advisor incentive fee, number of parts | component	2		2
Investment Advisory Agreement | Related Party | Minimum
Related Party Transaction [Line Items]
Management and service fees, incentive rate			0.75%
Investment Advisory Agreement | Related Party | Maximum
Related Party Transaction [Line Items]
Management and service fees, incentive rate			1%
Pre-Incentive Fee Net Investment Income Quarterly Returns | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			1.25%
Pre-Incentive Fee Net Investment Income Annual Returns | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			5%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Payment Percentage | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			100%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Quarterly Threshold Percentage | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			1.47%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Annualized Threshold Percentage | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			5.88%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			15%
Investment Advisory Agreement Pre Liquidity Event Incentive Rate Pre Incentive Fee Net Investment Income Exceeds Catch Up Maximum Threshold | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			17.50%
Investment Advisory Agreement Incentive Rate Pre Liquidity Event Incentive Fee Capital Gains | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			15%
Investment Advisory Agreement Incentive Rate Pre Liquidity Event Incentive Fee Capital Gains | Related Party
Related Party Transaction [Line Items]
Management and service fees, incentive rate			17.50%
Administration Agreement | Related Party
Related Party Transaction [Line Items]
Number of days written notice			60 days
Administrative fee	$ 251	$ 145	$ 600	$ 157
Administrative fee payable	$ 251		$ 251		$ 550
Expense Support And Conditional Reimbursement Agreement | Related Party
Related Party Transaction [Line Items]
Payment term, expense payments			45 days
Excess operating funds Payments, expense payments period			3 years

Related Party Disclosures - Exp

Related Party Disclosures - Expense Payments and Related Reimbursement Payments (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended		9 Months Ended		13 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Related Party Transactions [Abstract]
Expense Payments by Adviser	$ 0	$ 0	$ 225	$ 227					$ 452
Reimbursement Payments to Adviser	(123)	(329)	0	0	$ (123)	$ 225	$ (452)	$ 452	(452)
Unreimbursed Expense Payments	$ (123)	$ (329)	$ 225	$ 227					$ 0

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Other Commitments [Line Items]
Fair Value	$ 170,278	[1],[2],[3],[4]	$ 84,343	[5],[6],[7],[8]
Line of Credit
Other Commitments [Line Items]
Fair Value	$ (28)		$ (109)
[1]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[2]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[3]Percentage is based on net assets of $193,744 as of September 30, 2023.[4]Unless otherwise indicated, all investments are considered Level 3 investments. The fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Value Measurement".[5]All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to confirm to the current year.[6]All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940.[7]Percentage is based on net assets of $71,782 as of December 31, 2022.[8]Unless otherwise indicated, all investments are considered Level 3 investments and the fair value of the investment was determined using significant unobservable inputs. See Note 4 "Fair Market Measurement".

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Unfunded Commitment	$ 14,362	$ 12,995
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans
Other Commitments [Line Items]
Unfunded Commitment	$ 14,362	$ 12,995

Directors Fees (Details)

Directors Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 27, 2022
Schedule of Investments [Line Items]
Directors' fees	$ 80	$ 80	$ 240	$ 96
Independent Director
Schedule of Investments [Line Items]
Directors' fees authorized					$ 100
Audit Committee
Schedule of Investments [Line Items]
Directors' fees authorized					20
Director
Schedule of Investments [Line Items]
Directors' fees authorized					$ 10

Share Data and Distributions -

Share Data and Distributions - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings (loss) per common share (basic and diluted):
Net increase (decrease) in net assets resulting from operations	$ 3,476	$ (220)	$ 6,305	$ (381)
Weighted average common shares outstanding, basic (in shares)	13,053,832	2,098,009	10,254,893	733,084
Weighted average common shares outstanding, diluted (in shares)	13,053,832	2,098,009	10,254,893	733,084
Earnings (loss) per common share basic (in dollar per share)	$ 0.27	$ (0.10)	$ 0.61	$ (0.52)
Earnings (loss) per common share diluted (in dollar per share)	$ 0.27	$ (0.10)	$ 0.61	$ (0.52)

Share Data and Distributions _2

Share Data and Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Preferred stock shares authorized (in shares)		50,000,000	50,000,000
Preferred stock par value (in dollar per shares)		$ 0.001	$ 0.001
Common stock shares authorized (in shares)		450,000,000	450,000,000
Common stock par value (in dollar per shares)		$ 0.001	$ 0.001
Common Stock | Private Placement
Subsidiary, Sale of Stock [Line Items]
Committed capital		$ 370.5	$ 196.6
Unfunded capital commitments	$ 73.9	$ 177.7

Share Data and Distributions _3

Share Data and Distributions - Schedule of Share Issuance (Details) - USD ($) $ in Thousands				3 Months Ended		9 Months Ended
	Jun. 27, 2023	Mar. 28, 2023	Jan. 26, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Shares issued (in shares)	4,392,543	1,188,592	2,510,396			8,091,531
Shares issued, value	$ 65,097	$ 17,746	$ 37,129	$ 0	$ 26,206	$ 119,972	$ 52,412

Share Data and Distributions _4

Share Data and Distributions - Schedule of Dividends Declared (Details) - $ / shares	Sep. 29, 2023	Jun. 23, 2023	Apr. 21, 2023
Equity [Abstract]
Dividends payable, amount per share (in dollar per share)	$ 0.20	$ 0.15	$ 0.15
Dividends declared (in dollar per share)	$ 0.20	$ 0.15	$ 0.15

Tax Matters- Narrative (Details

Tax Matters- Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Short term capital loss carryforward	$ 110	$ 111
Capital gains offset expiration period	5 years
Net operating loss carryforward for federal income tax		$ 397

Tax Matters - Schedule of Tax C

Tax Matters - Schedule of Tax Character Of Distributions Paid to Shareholders (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary Income	$ 5,203	$ 0
Long-term Capital Gain	0	0
Return of Capital	$ 0	$ 0

Tax Matters - Schedule of Accum

Tax Matters - Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax cost	$ 169,680	$ 84,545
Gross unrealized appreciation	993	177
Gross unrealized depreciation	(395)	(379)
Net unrealized investment appreciation / (depreciation) on investments	$ 598	$ (202)

Tax Matters - Schedule of Defer

Tax Matters - Schedule of Deferred Tax Assets and Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Deferred tax assets:
Net operating loss carryforward	$ 101
Capital loss carryforward	28
Net unrealized loss on investments	51
Organizational costs	31
Valuation allowance	(211)
Total deferred tax assets	0
Deferred tax liabilities:
Total deferred tax liabilities	0
Net deferred tax assets and liabilities	$ 0

Tax Matters - Schedule of Compo

Tax Matters - Schedule of Components of Income Tax (Expense) Benefit (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Current tax (expense)/benefit:
Federal	$ 0
State and Local	0
Total current tax (expense)/benefit	0
Deferred tax (expense)/benefit:
Federal	175
State and Local	36
Valuation allowance	(211)
Total deferred tax (expense)/benefit	0
Total income tax (expense)/benefit	$ 0

Tax Matters- Schedule of Effect

Tax Matters- Schedule of Effective Income Tax Rate Reconciliation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
Income tax benefit at federal statutory rate (21%)	$ 100
State and local income tax benefit (net of federal detriment)	21
Prior year net operating loss carryforward	97
Organizational costs	33
Permanent differences	(40)
Valuation allowance	(211)
Total income tax (expense)/benefit	$ 0

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollar per share)			$ 14.60	$ (720.91)
Net investment income (loss) (in dollar per share)			0.54	(0.01)
Net realized and unrealized gain (loss) (in dollar per share)			0.07	(0.51)
Net increase (decrease) in net assets resulting from operations (in dollar per share)			0.61	(0.52)
Initial issuance of Common Stock (in dollar per share)			0	0
Effect of offering price of subscriptions (in dollar per share)			0.12	735.99
Distributions declared (in dollar per share)			(0.50)	0
Net asset value, end of period (in dollar per share)	$ 14.83	$ 14.56	$ 14.83	$ 14.56
Total return based on NAV			1.58%	(102.02%)
Common shares outstanding, end of period (in shares)	13,068,112	3,537,828	13,068,112	3,537,828		4,916,554
Weighted average common shares outstanding, basic (in shares)	13,053,832	2,098,009	10,254,893	733,084
Weighted average common shares outstanding, diluted (in shares)	13,053,832	2,098,009	10,254,893	733,084
Net assets, end of period	$ 193,744	$ 51,527	$ 193,744	$ 51,527	$ 192,442	$ 71,782	$ 25,541	$ (504)
Ratio/Supplemental data:
Ratio of net investment income (loss) to average net assets			5.21%	(0.80%)
Ratio of expenses to average net assets			6.96%	9.95%
Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets			3.97%	7.90%
Weighted average debt outstanding			$ 14,609	$ 16,926
Total debt outstanding	$ 54,400	$ 17,500	$ 54,400	$ 17,500
Asset coverage ratio per unit (in dollar per share)	$ 4,561	$ 3,944	$ 4,561	$ 3,944
Portfolio turnover			0%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Nov. 10, 2023	Nov. 06, 2023	Oct. 20, 2023	Nov. 08, 2023	Sep. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Amount outstanding					$ 31,000,000	$ 0
Subsequent Event
Subsequent Event [Line Items]
Additional capital commitments obtained		$ 6,600,000
Committed capital	$ 377,000,000
Subsequent Event | Revolving Credit Facility | Subscription Facility | Line of Credit
Subsequent Event [Line Items]
Repayments of line of credit			$ 23,400,000
Amount outstanding				$ 0