Lafayette Square Empire BDC 10-Q10 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 10, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		22,458,336
Current Fiscal Year End Date	--12-31
Entity Central Key	0001849089
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Assets
Investments, at fair value	$ 331,407	[1],[2],[3],[4],[5]	$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Cash and cash equivalents	73,235		109,771
Deferred financing costs	1,212		1,094
Interest receivable	1,054		961
Other assets	421		407
Total assets	407,329		385,826
Liabilities
Secured borrowings (see Note 5)	38,400		27,500
SBA-guaranteed debentures (see Note 5)	36,960		31,000
Distributions payable	6,475		3,937
Accounts payable and accrued expenses	947		1,277
Administrative services fee payable (see Note 6)	500		885
Interest and financing payable	141		695
Management fee payable (see Note 6)	742		605
Incentive fee payable (see Note 6)	1,169		565
Due to affiliate	157		123
Total liabilities	85,491		66,587
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 March 31, 2024 and December 31, 2023)	0		0
Common stock, par value $0.001 per share ($450,000,000 shares authorized, $21,584,341 and $21,502,768 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	22		22
Paid-in capital in excess of par	318,883		317,677
Distributable earnings (losses)	2,933		1,540
Total net assets	321,838		319,239
Total liabilities and net assets	$ 407,329		$ 385,826
Net asset value per common share (in dollar per share)	$ 14.91		$ 14.85
Non-controlled/non-affiliated investments
Assets
Investments, at fair value	$ 304,114	[1],[2],[3],[4],[5]	$ 246,342	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Non-controlled/affiliated investments
Assets
Investments, at fair value	$ 27,293	[1],[2],[3],[4],[5],[16],[17],[18],[19],[20]	$ 27,251

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments."

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Amortized Cost	$ 328,108	[1],[2],[3],[4],[5]	$ 271,523	[6],[7],[8],[9],[10]
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)	21,584,341		21,502,768
Common stock shares outstanding (in shares)	21,584,341		21,502,768
Fair Value	$ 331,407	[1],[2],[3],[4],[5]	$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Non-controlled/non-affiliated investments
Amortized Cost	301,084	[1],[2],[3],[4],[5]	244,442	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Fair Value	304,114	[1],[2],[3],[4],[5]	246,342	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Non-controlled/affiliated investments
Amortized Cost	27,024	[1],[2],[3],[4],[5]	27,081
Fair Value	$ 27,293	[1],[2],[3],[4],[5],[16],[17],[18],[19],[20]	$ 27,251

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments."

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Income:
Interest from cash and cash equivalents	$ 936	$ 250
Total investment income	10,765	3,256
Expenses:
Incentive fee (see Note 6)	1,169	196
Interest and financing expenses (see Note 5)	922	338
Management fee (see Note 6)	742	256
Administrative services fee (see Note 6)	506	177
General and administrative expenses	330	643
Professional fees	208	143
Legal fees	85	0
Placement fees	84	0
Directors' fees	80	80
Organizational costs (See Note 2)	0	234
Offering expenses	0	76
Total expenses	4,126	2,143
Net investment income (loss)	6,639	1,113
Net change in unrealized gains (losses) on investments:
Total net change in unrealized gains (losses) on investments	1,229	78
Net increase (decrease) in net assets resulting from operations	$ 7,868	$ 1,191
Weighted average common shares outstanding, basic (in shares)	21,581,652	6,782,444
Weighted average common shares outstanding, diluted (in shares)	21,581,652	6,782,444
Net investment income (loss) per common share (basic) (in dollar per share)	$ 0.31	$ 0.16
Net investment income (loss) per common share (diluted) (in dollar per share)	0.31	0.16
Earnings (loss) per common share basic (in dollar per share)	0.36	0.18
Earnings (loss) per common share diluted (in dollar per share)	$ 0.36	$ 0.18
Non-controlled/non-affiliated investments
Investment Income:
Cash	$ 8,793	$ 2,339
Fee income	213	5
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	1,130	(49)
Non-controlled/affiliated investments
Investment Income:
Cash	823	662
Interest from cash and cash equivalents	936	250
Net change in unrealized gains (losses) on investments:
Net change in unrealized gains (losses) on investments in non-controlled/non-affiliated investments	$ 99	$ 127

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	21,502,768
Beginning balance	$ 319,239	$ 71,782
Issuance of common stock (in shares)		3,698,988
Issuance of common stock		$ 54,875
Reinvestment of stockholder distributions	1,206	0
Net increase in net assets from capital transactions	1,206	54,875
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	6,639	1,113
Net change in unrealized gain (losses)	1,229	78
Total increase (decrease) in net assets from operations	7,868	$ 56,066
Distributable earnings	(6,475)
Distributions To Stockholders	(6,475)
Total increase (decrease) in net assets	$ 2,599
Ending balance (in shares)	21,584,341	8,615,542
Ending balance	$ 321,838	$ 127,848
Common Stock
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)	21,502,768	4,916,554
Beginning balance	$ 22	$ 5
Issuance of common stock (in shares)		3,698,988
Issuance of common stock		$ 4
Reinvestment of stockholder distributions (in shares)	81,573
Net increase in net assets from capital transactions (in shares)	81,573	3,698,988
Net increase in net assets from capital transactions	$ 0	$ 4
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease) in net assets from operations (in shares)	0	3,698,988
Total increase (decrease) in net assets from operations	$ 0	$ 4
Total increase (decrease) in net assets (in shares)	81,573
Total increase (decrease) in net assets	$ 0
Ending balance (in shares)	21,584,341	8,615,542
Ending balance	$ 22	$ 9
Paid in Capital Excess of Par
Investment Company, Net Assets [Roll Forward]
Beginning balance	317,677	72,610
Issuance of common stock		54,871
Reinvestment of stockholder distributions	1,206
Net increase in net assets from capital transactions	1,206	54,871
Net increase (decrease) in net assets resulting from operations:
Total increase (decrease) in net assets from operations	0	54,871
Total increase (decrease) in net assets	1,206
Ending balance	318,883	127,481
Distributable Earnings (Losses)
Investment Company, Net Assets [Roll Forward]
Beginning balance	1,540	(833)
Net increase (decrease) in net assets resulting from operations:
Net investment income (loss)	6,639	1,113
Net change in unrealized gain (losses)	1,229	78
Total increase (decrease) in net assets from operations	7,868	1,191
Distributable earnings	(6,475)
Distributions To Stockholders	(6,475)
Total increase (decrease) in net assets	1,393
Ending balance	$ 2,933	$ 358

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 7,868	$ 1,191
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	(1,229)	(78)
Purchases of investments	(59,744)	(29,372)
Net accretion of discount on investments	(244)	(80)
Proceeds from sales and repayments of investments	3,403	331
Amortization of deferred financing costs	185	69
Changes in operating assets and liabilities:
Interest receivable	(93)	(130)
Deferred offering costs	0	77
Other assets	(14)	0
Accounts payable and accrued expenses	(330)	688
Management fee payable	137	89
Incentive fee payable	604	196
Administrative services fee payable	(385)	(373)
Interest and financing payable	(554)	(216)
Due to affiliate	34	202
Net cash provided by (used in) operating activities	(50,362)	(27,406)
Cash flows from financing activities
Proceeds from issuance of shares of common stock	0	54,875
Distributions paid	(2,731)	0
Proceeds from secured borrowings	38,400	40,048
Repayments of secured borrowings	(27,500)	(31,500)
Proceeds from SBA-guaranteed debentures	5,960	0
Deferred financing costs paid	(303)	0
Net cash provided by (used in) financing activities	13,826	63,423
Net increase (decrease) in cash and cash equivalents	(36,536)	36,017
Cash and cash equivalents at beginning of period	109,771	20,687
Cash and cash equivalents at end of period	73,235	56,704
Supplemental information:
Interest expense paid	1,328	549
Shares issued from dividend reinvestment plan	1,206	0
Accrual for deferred financing costs	$ 1,212	$ 237

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($) $ in Thousands

Mar. 31, 2024

Dec. 31, 2023

[35],[36]

Dec. 31, 2022

Amortized Cost

$ 328,108

[1],[2],[3],[4],[5]

$ 271,523

[6],[7],[8],[9],[10]

Fair Value

$ 331,407

[1],[2],[3],[4],[5]

273,593

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

103.10%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

85.50%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Commercial Services & Supplies

Amortized Cost

$ 63,280

45,747

Fair Value

63,542

45,828

Construction & Engineering

Amortized Cost

57,059

57,458

Fair Value

57,915

58,360

Environmental & Facilities Services

Amortized Cost

9,791

9,795

Fair Value

10,098

9,922

Health Care Equipment & Services

Amortized Cost

8,166

8,175

Fair Value

8,455

8,391

Health Care Providers & Services

Amortized Cost

17,704

7,840

Fair Value

17,903

7,940

Health Care Services

Amortized Cost

13,749

13,773

Fair Value

13,873

13,773

Hotels, Restaurants & Leisure

Amortized Cost

1,899

1,994

Fair Value

1,899

2,000

IT Services

Amortized Cost

3,385

3,380

Fair Value

3,425

Leisure Facilities

Amortized Cost

33,383

33,439

Fair Value

33,674

33,789

Media

Amortized Cost

28,096

28,467

Fair Value

28,221

28,594

Professional Services

Amortized Cost

34,197

34,254

Fair Value

34,514

34,254

Real Estate Management & Development

Amortized Cost

4,956

2,952

Fair Value

4,956

2,970

Restaurants

Amortized Cost

9,137

8,683

Fair Value

9,251

8,722

Specialized Consumer Services

Amortized Cost

15,542

15,566

Fair Value

15,775

15,625

Consumer Discretionary

Amortized Cost

15,511

Fair Value

15,531

Food Retail

Amortized Cost

Fair Value

Industrials

Amortized Cost

12,253

Fair Value

12,375

Non-controlled/non-affiliated investments

Amortized Cost

301,084

[1],[2],[3],[4],[5]

244,442

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 304,114

[1],[2],[3],[4],[5]

246,342

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

94.50%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

77%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Commercial Services & Supplies

Amortized Cost

$ 36,256

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

18,666

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 36,249

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

18,577

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

11.20%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

5.80%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Construction & Engineering

Amortized Cost

$ 57,059

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

57,458

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 57,915

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

58,360

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

18.10%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

18.30%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Environmental & Facilities Services

Amortized Cost

$ 9,791

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

9,795

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 10,098

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

9,922

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

3.10%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

3.10%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Health Care Equipment & Services

Amortized Cost

$ 8,166

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

8,175

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 8,455

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

8,391

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

2.60%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

2.60%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Health Care Providers & Services

Amortized Cost

$ 17,704

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

7,840

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 17,903

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

7,940

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

5.60%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

2.50%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Health Care Services

Amortized Cost

$ 13,749

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

13,773

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 13,873

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

13,773

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

4.30%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

4.30%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Hotels, Restaurants & Leisure

Amortized Cost

$ 1,899

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

1,994

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 1,899

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

2,000

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

0.60%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

0.60%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | IT Services

Amortized Cost

$ 3,385

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

3,380

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 3,425

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

3,425

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

1.10%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

1.10%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Leisure Facilities

Amortized Cost

$ 33,383

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

33,439

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 33,674

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

33,789

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

10.50%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

10.60%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Media

Amortized Cost

$ 28,096

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

28,467

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 28,221

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

28,594

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

8.80%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

8.90%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Professional Services

Amortized Cost

$ 34,197

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

34,254

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 34,514

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

34,254

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

10.70%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

10.70%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Real Estate Management & Development

Amortized Cost

$ 4,956

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

2,952

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 4,956

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

2,970

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

1.50%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

0.90%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Restaurants

Amortized Cost

$ 9,137

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

8,683

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 9,251

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

8,722

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

2.90%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

2.70%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Specialized Consumer Services

Amortized Cost

$ 15,542

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

15,566

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Fair Value

$ 15,775

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

15,625

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

Percentages of Net Assets

4.90%

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

4.90%

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

Non-controlled/non-affiliated investments | Consumer Discretionary

Amortized Cost

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 15,511

Fair Value

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 15,531

Percentages of Net Assets

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

4.80%

Non-controlled/non-affiliated investments | Industrials

Amortized Cost

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 12,253

Fair Value

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 12,375

Percentages of Net Assets

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

3.80%

Non-controlled/affiliated investments

Amortized Cost

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

27,081

Fair Value

27,251

[6],[7],[8],[9],[10]

$ 20,707

Percentages of Net Assets

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

8.50%

Non-controlled/affiliated investments | Commercial Services & Supplies

Amortized Cost

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

27,081

Fair Value

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]

27,251

Percentages of Net Assets

[6],[7],[8],[9],[10],[11],[12],[13],[14],[15],[23],[24]

8.50%

Non-controlled/affiliated investments

Amortized Cost

$ 27,024

[1],[2],[3],[4],[5]

27,081

Fair Value

$ 27,293

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

27,251

Percentages of Net Assets

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

8.60%

Non-controlled/affiliated investments | Commercial Services & Supplies

Amortized Cost

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 27,024

Fair Value

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 27,293

Percentages of Net Assets

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

8.60%

Controlled/affiliated investments

Amortized Cost

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 0

Fair Value

$ 0

[1],[2],[3],[4],[5]

Percentages of Net Assets

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

Controlled/affiliated investments | Food Retail

Amortized Cost

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 0

Fair Value

[1],[2],[3],[4],[5],[17],[18],[19],[20],[22]

$ 0

Percentages of Net Assets

[1],[2],[3],[4],[5],[16],[17],[18],[19],[20],[21],[22]

Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28]

[29],[30],[31],[32]

Interest Rate

12.61%

[25],[26],[27],[28]

12.61%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

1,900,000

[25],[26],[27],[28],[33],[34]

2,000,000

[29],[30],[31],[32]

Amortized Cost

$ 1,899

[25],[26],[27],[28]

1,994

[29],[30],[31],[32]

Fair Value

$ 1,899

[25],[26],[27],[28]

2,000

[29],[30],[31],[32]

Percentages of Net Assets

0.60%

[16],[21],[25],[26],[27],[28]

0.60%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

6.45%

[25],[26],[27],[28],[37],[38],[39],[40]

6.50%

[29],[30],[31],[32],[41],[42],[43],[44]

Interest Rate

[25],[26],[27],[28],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Amortized Cost

$ (56)

[25],[26],[27],[28],[37],[38],[39],[40]

(59)

[29],[30],[31],[32],[41],[42],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[37],[38],[39],[40]

[23],[24],[29],[30],[31],[32],[41],[42],[43],[44]

Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

6.45%

[25],[26],[27],[28],[37],[38]

6.45%

[29],[30],[31],[32],[41],[42]

Interest Rate

12.01%

[25],[26],[27],[28],[37],[38]

12.06%

[29],[30],[31],[32],[41],[42]

Par Amount/Shares (in shares)

15,775,000

[25],[26],[27],[28],[33],[34],[37],[38]

15,814,000

[29],[30],[31],[32],[41],[42]

Amortized Cost

$ 15,598

[25],[26],[27],[28],[37],[38]

15,625

[29],[30],[31],[32],[41],[42]

Fair Value

$ 15,775

[25],[26],[27],[28],[37],[38]

15,625

[29],[30],[31],[32],[41],[42]

Percentages of Net Assets

4.90%

[16],[21],[25],[26],[27],[28],[37],[38]

4.90%

[23],[24],[29],[30],[31],[32],[41],[42]

Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Interest Rate

12.32%

[25],[26],[27],[28],[37],[38],[39],[40]

12.35%

[29],[30],[31],[32],[41],[42],[43],[44]

Par Amount/Shares (in shares)

892,000

[25],[26],[27],[28],[33],[34],[37],[38],[39],[40]

446,000

[29],[30],[31],[32],[41],[42],[43],[44]

Amortized Cost

$ 861

[25],[26],[27],[28],[37],[38],[39],[40]

413

[29],[30],[31],[32],[41],[42],[43],[44]

Fair Value

$ 892

[25],[26],[27],[28],[37],[38],[39],[40]

446

[29],[30],[31],[32],[41],[42],[43],[44]

Percentages of Net Assets

0.30%

[16],[21],[25],[26],[27],[28],[37],[38],[39],[40]

0.10%

[23],[24],[29],[30],[31],[32],[41],[42],[43],[44]

Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Interest Rate

[25],[26],[27],[28],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Amortized Cost

$ (5)

[25],[26],[27],[28],[37],[38],[39],[40]

(6)

[29],[30],[31],[32],[41],[42],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[37],[38],[39],[40]

[29],[30],[31],[32],[41],[42],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[37],[38],[39],[40]

[23],[24],[29],[30],[31],[32],[41],[42],[43],[44]

Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 3

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[37],[38]

[29],[30],[31],[32],[41],[42]

Interest Rate

12.32%

[25],[26],[27],[28],[37],[38]

12.35%

[29],[30],[31],[32],[41],[42]

Par Amount/Shares (in shares)

8,359,000

[25],[26],[27],[28],[33],[34],[37],[38]

8,359,000

[29],[30],[31],[32],[41],[42]

Amortized Cost

$ 8,281

[25],[26],[27],[28],[37],[38]

8,276

[29],[30],[31],[32],[41],[42]

Fair Value

$ 8,359

[25],[26],[27],[28],[37],[38]

8,276

[29],[30],[31],[32],[41],[42]

Percentages of Net Assets

2.60%

[16],[21],[25],[26],[27],[28],[37],[38]

2.60%

[23],[24],[29],[30],[31],[32],[41],[42]

Investment, Identifier [Axis]: Critical Nurse Staffing, LLC, First lien senior secured loan

Investment, Basis Spread, Variable Rate

6.50%

[25],[26],[27],[28],[37],[38]

6.50%

[29],[30],[31],[32],[41],[42]

Interest Rate

11.92%

[25],[26],[27],[28],[37],[38]

12.04%

[29],[30],[31],[32],[41],[42]

Par Amount/Shares (in shares)

13,873,000

[25],[26],[27],[28],[33],[34],[37],[38]

13,908,000

[29],[30],[31],[32],[41],[42]

Amortized Cost

$ 13,749

[25],[26],[27],[28],[37],[38]

13,773

[29],[30],[31],[32],[41],[42]

Fair Value

$ 13,873

[25],[26],[27],[28],[37],[38]

13,773

[29],[30],[31],[32],[41],[42]

Percentages of Net Assets

4.30%

[16],[21],[25],[26],[27],[28],[37],[38]

4.30%

[23],[24],[29],[30],[31],[32],[41],[42]

Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28]

6.50%

[29],[30],[31],[32]

Interest Rate

12.56%

[25],[26],[27],[28]

12.11%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

32,056,000

[25],[26],[27],[28],[33],[34]

32,137,000

[29],[30],[31],[32]

Amortized Cost

$ 31,767

[25],[26],[27],[28]

31,825

[29],[30],[31],[32]

Fair Value

$ 32,055

[25],[26],[27],[28]

32,137

[29],[30],[31],[32]

Percentages of Net Assets

10%

[16],[21],[25],[26],[27],[28]

10.10%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[39],[40]

6.50%

[29],[30],[31],[32],[43],[44]

Interest Rate

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[39],[40]

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ (36)

[25],[26],[27],[28],[39],[40]

(38)

[29],[30],[31],[32],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: Dance Nation Topco LLC, Preferred Equity

Par Amount/Shares (in shares)

1,652,200

[33],[34]

1,652,200

Amortized Cost

$ 1,652

1,652

Fair Value

$ 1,619

1,652

Percentages of Net Assets

0.50%

[16],[21]

0.50%

[23],[24]

Investment, Identifier [Axis]: Dartpoints Operating Company, LLC, First lien senior secured loan

Investment, Basis Spread, Variable Rate

9.36%

[25],[26],[27],[28],[37],[38],[45],[46]

9.38%

[29],[30],[31],[32],[41],[42],[47],[48]

Interest Rate

14.79%

[25],[26],[27],[28],[37],[38],[45],[46]

14.87%

[29],[30],[31],[32],[41],[42],[47],[48]

Par Amount/Shares (in shares)

3,425,000

[25],[26],[27],[28],[33],[34],[37],[38],[45],[46]

3,425,000

[29],[30],[31],[32],[41],[42],[47],[48]

Amortized Cost

$ 3,385

[25],[26],[27],[28],[37],[38],[45],[46]

3,380

[29],[30],[31],[32],[41],[42],[47],[48]

Fair Value

$ 3,425

[25],[26],[27],[28],[37],[38],[45],[46]

3,425

[29],[30],[31],[32],[41],[42],[47],[48]

Percentages of Net Assets

1.10%

[16],[21],[25],[26],[27],[28],[37],[38],[45],[46]

1.10%

[23],[24],[29],[30],[31],[32],[41],[42],[47],[48]

Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

7.95%

[25],[26],[27],[28]

7.95%

[29],[30],[31],[32]

Interest Rate

13.44%

[25],[26],[27],[28]

13.49%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

7,596,000

[25],[26],[27],[28],[33],[34]

7,694,000

[29],[30],[31],[32]

Amortized Cost

$ 7,565

[25],[26],[27],[28]

7,662

[29],[30],[31],[32]

Fair Value

$ 7,596

[25],[26],[27],[28]

7,694

[29],[30],[31],[32]

Percentages of Net Assets

2.40%

[16],[21],[25],[26],[27],[28]

2.40%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

7.95%

[25],[26],[27],[28]

7.95%

[29],[30],[31],[32]

Interest Rate

13.44%

[25],[26],[27],[28]

13.49%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

20,625,000

[25],[26],[27],[28],[33],[34]

20,900,000

[29],[30],[31],[32]

Amortized Cost

$ 20,531

[25],[26],[27],[28]

20,805

[29],[30],[31],[32]

Fair Value

$ 20,625

[25],[26],[27],[28]

20,900

[29],[30],[31],[32]

Percentages of Net Assets

6.40%

[16],[21],[25],[26],[27],[28]

6.50%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: GK9 Global Companies, LLC

Fair Value

$ 22,293

22,350

16,076

Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

8.75%

[25],[26],[27],[28],[37],[38]

9.25%

[29],[30],[31],[32],[41],[42]

Interest Rate

14.31%

[25],[26],[27],[28],[37],[38]

14.86%

[29],[30],[31],[32],[41],[42]

Par Amount/Shares (in shares)

18,877,000

[25],[26],[27],[28],[33],[34],[37],[38]

18,925,000

[29],[30],[31],[32],[41],[42]

Amortized Cost

$ 18,746

[25],[26],[27],[28],[37],[38]

18,794

[29],[30],[31],[32],[41],[42]

Fair Value

$ 18,877

[25],[26],[27],[28],[37],[38]

18,925

[29],[30],[31],[32],[41],[42]

Percentages of Net Assets

5.90%

[16],[21],[25],[26],[27],[28],[37],[38]

5.90%

[23],[24],[29],[30],[31],[32],[41],[42]

Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

8.75%

[25],[26],[27],[28],[37],[38],[39],[40]

9.25%

[29],[30],[31],[32],[41],[42],[43],[44]

Interest Rate

14.31%

[25],[26],[27],[28],[37],[38],[39],[40]

14.86%

[29],[30],[31],[32],[41],[42],[43],[44]

Par Amount/Shares (in shares)

3,416,000

[25],[26],[27],[28],[33],[34],[37],[38],[39],[40]

3,425,000

[29],[30],[31],[32],[41],[42],[43],[44]

Amortized Cost

$ 3,397

[25],[26],[27],[28],[37],[38],[39],[40]

3,406

[29],[30],[31],[32],[41],[42],[43],[44]

Fair Value

$ 3,416

[25],[26],[27],[28],[37],[38],[39],[40]

3,425

[29],[30],[31],[32],[41],[42],[43],[44]

Percentages of Net Assets

1.10%

[16],[21],[25],[26],[27],[28],[37],[38],[39],[40]

1.10%

[23],[24],[29],[30],[31],[32],[41],[42],[43],[44]

Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

6.75%

[25],[26],[27],[28]

6.75%

[29],[30],[31],[32]

Interest Rate

12.23%

[25],[26],[27],[28]

12.27%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

13,105,000

[25],[26],[27],[28],[33],[34]

13,138,000

[29],[30],[31],[32]

Amortized Cost

$ 12,770

[25],[26],[27],[28]

12,780

[29],[30],[31],[32]

Fair Value

$ 13,105

[25],[26],[27],[28]

13,138

[29],[30],[31],[32]

Percentages of Net Assets

4.10%

[16],[21],[25],[26],[27],[28]

4.10%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

6.25%

[25],[26],[27],[28],[39],[40]

6.25%

[29],[30],[31],[32],[43],[44]

Interest Rate

11.71%

[25],[26],[27],[28],[39],[40]

11.76%

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

2,197,000

[25],[26],[27],[28],[33],[34],[39],[40]

1,447,000

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ 2,088

[25],[26],[27],[28],[39],[40]

1,331

[29],[30],[31],[32],[43],[44]

Fair Value

$ 2,197

[25],[26],[27],[28],[39],[40]

1,447

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

0.70%

[16],[21],[25],[26],[27],[28],[39],[40]

0.50%

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: IVM GK9 Holdings LLC

Fair Value

$ 5,000

4,901

$ 4,631

Investment, Identifier [Axis]: IVM GK9 Holdings LLC, Equity

Par Amount/Shares (in shares)

14,969

[33],[34],[37],[38]

14,969

[41],[42]

Amortized Cost

$ 4,881

[37],[38]

4,881

[41],[42]

Fair Value

$ 5,000

[37],[38]

4,901

[41],[42]

Percentages of Net Assets

1.60%

[16],[21],[37],[38]

1.50%

[23],[24],[41],[42]

Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

6.50%

[25],[26],[27],[28],[39],[40]

6.50%

[29],[30],[31],[32],[43],[44]

Interest Rate

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[39],[40]

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ (118)

[25],[26],[27],[28],[39],[40]

(127)

[29],[30],[31],[32],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

6.50%

[25],[26],[27],[28]

6.50%

[29],[30],[31],[32]

Interest Rate

12.06%

[25],[26],[27],[28]

12.14%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

10,098,000

[25],[26],[27],[28],[33],[34]

10,123,000

[29],[30],[31],[32]

Amortized Cost

$ 9,909

[25],[26],[27],[28]

9,922

[29],[30],[31],[32]

Fair Value

$ 10,098

[25],[26],[27],[28]

9,922

[29],[30],[31],[32]

Percentages of Net Assets

3.10%

[16],[21],[25],[26],[27],[28]

3.10%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: M&S Acquisition Corporation, First lien senior secured loan

Investment, Basis Spread, Variable Rate

6.50%

[25],[26],[27],[28],[37],[38]

6.50%

[29],[30],[31],[32],[41],[42]

Interest Rate

12.06%

[25],[26],[27],[28],[37],[38]

12.11%

[29],[30],[31],[32],[41],[42]

Par Amount/Shares (in shares)

34,514,000

[25],[26],[27],[28],[33],[34],[37],[38]

34,600,000

[29],[30],[31],[32],[41],[42]

Amortized Cost

$ 34,197

[25],[26],[27],[28],[37],[38]

34,254

[29],[30],[31],[32],[41],[42]

Fair Value

$ 34,514

[25],[26],[27],[28],[37],[38]

34,254

[29],[30],[31],[32],[41],[42]

Percentages of Net Assets

10.70%

[16],[21],[25],[26],[27],[28],[37],[38]

10.70%

[23],[24],[29],[30],[31],[32],[41],[42]

Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

5.75%

[25],[26],[27],[28],[39],[40]

5.75%

[29],[30],[31],[32],[43],[44]

Interest Rate

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[39],[40]

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ (127)

[25],[26],[27],[28],[39],[40]

(134)

[29],[30],[31],[32],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

5.75%

[25],[26],[27],[28],[39],[40]

5.75%

[29],[30],[31],[32],[43],[44]

Interest Rate

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[39],[40]

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ (78)

[25],[26],[27],[28],[39],[40]

(82)

[29],[30],[31],[32],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 3

Investment, Basis Spread, Variable Rate

5.75%

[25],[26],[27],[28]

5.75%

[29],[30],[31],[32]

Interest Rate

11.09%

[25],[26],[27],[28]

11.14%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

8,455,000

[25],[26],[27],[28],[33],[34]

8,476,000

[29],[30],[31],[32]

Amortized Cost

$ 8,371

[25],[26],[27],[28]

8,391

[29],[30],[31],[32]

Fair Value

$ 8,455

[25],[26],[27],[28]

8,391

[29],[30],[31],[32]

Percentages of Net Assets

2.60%

[16],[21],[25],[26],[27],[28]

2.60%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Med Learning Group, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28]

6.50%

Interest Rate

[25],[26],[27],[28]

11.81%

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34]

15,688,000

Amortized Cost

[25],[26],[27],[28]

$ 15,532

Fair Value

[25],[26],[27],[28]

$ 15,531

Percentages of Net Assets

[16],[21],[25],[26],[27],[28]

4.80%

Investment, Identifier [Axis]: Med Learning Group, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[39],[40]

6.50%

Interest Rate

[25],[26],[27],[28],[39],[40]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[39],[40]

Amortized Cost

[25],[26],[27],[28],[39],[40]

$ (21)

Fair Value

[25],[26],[27],[28],[39],[40]

$ 0

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

Investment, Identifier [Axis]: Neighborhood Grocery Catalyst Fund LLC

Fair Value

$ 0

Investment, Identifier [Axis]: Neighborhood Grocery Catalyst Fund LLC, Equity

Par Amount/Shares (in shares)

[33],[34],[39],[40]

Amortized Cost

[39],[40]

$ 0

Fair Value

[39],[40]

$ 0

Percentages of Net Assets

[16],[21],[39],[40]

Investment, Identifier [Axis]: Rotolo Consultants, Inc., First lien senior secured loan

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28]

6.95%

Interest Rate

12.55%

[25],[26],[27],[28]

7.45%

[29],[30],[31],[32]

13.10%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

20,436,000

[25],[26],[27],[28],[33],[34]

3,174,000

[29],[30],[31],[32]

Amortized Cost

$ 20,312

[25],[26],[27],[28]

3,133

[29],[30],[31],[32]

Fair Value

$ 20,360

[25],[26],[27],[28]

3,166

[29],[30],[31],[32]

Percentages of Net Assets

6.30%

[16],[21],[25],[26],[27],[28]

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Salt Dental Collective LLC, First lien senior secured loan

Investment, Basis Spread, Variable Rate

6.75%

[25],[26],[27],[28]

7.50%

[29],[30],[31],[32]

Interest Rate

12.18%

[25],[26],[27],[28]

12.96%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

17,903,000

[25],[26],[27],[28],[33],[34]

7,940,000

[29],[30],[31],[32]

Amortized Cost

$ 17,704

[25],[26],[27],[28]

7,840

[29],[30],[31],[32]

Fair Value

$ 17,903

[25],[26],[27],[28]

7,940

[29],[30],[31],[32]

Percentages of Net Assets

5.60%

[16],[21],[25],[26],[27],[28]

2.50%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

8.75%

[25],[26],[27],[28]

8.75%

[29],[30],[31],[32],[43],[44]

Interest Rate

14.31%

[25],[26],[27],[28]

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

2,000,000

[25],[26],[27],[28],[33],[34]

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ 1,983

[25],[26],[27],[28]

(18)

[29],[30],[31],[32],[43],[44]

Fair Value

$ 1,983

[25],[26],[27],[28]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

0.60%

[16],[21],[25],[26],[27],[28]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

8.75%

[25],[26],[27],[28]

8.75%

[29],[30],[31],[32]

Interest Rate

14.31%

[25],[26],[27],[28]

14.36%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

3,000,000

[25],[26],[27],[28],[33],[34]

3,000,000

[29],[30],[31],[32]

Amortized Cost

$ 2,973

[25],[26],[27],[28]

2,970

[29],[30],[31],[32]

Fair Value

$ 2,973

[25],[26],[27],[28]

2,970

[29],[30],[31],[32]

Percentages of Net Assets

0.90%

[16],[21],[25],[26],[27],[28]

0.90%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

7.50%

[25],[26],[27],[28]

7.50%

[29],[30],[31],[32]

Interest Rate

13.06%

[25],[26],[27],[28]

13.11%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

19,980,000

[25],[26],[27],[28],[33],[34]

22,286,000

[29],[30],[31],[32]

Amortized Cost

$ 19,829

[25],[26],[27],[28]

22,110

[29],[30],[31],[32]

Fair Value

$ 19,980

[25],[26],[27],[28]

22,286

[29],[30],[31],[32]

Percentages of Net Assets

6.20%

[16],[21],[25],[26],[27],[28]

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

7.50%

[25],[26],[27],[28],[39],[40]

7.50%

[29],[30],[31],[32],[43],[44]

Interest Rate

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[33],[34],[39],[40]

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ (28)

[25],[26],[27],[28],[39],[40]

(30)

[29],[30],[31],[32],[43],[44]

Fair Value

$ 0

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan

Investment, Basis Spread, Variable Rate

5.50%

[25],[26],[27],[28]

5.50%

[29],[30],[31],[32]

Interest Rate

10.94%

[25],[26],[27],[28]

10.97%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

10,870,000

[25],[26],[27],[28],[33],[34]

10,897,000

[29],[30],[31],[32]

Amortized Cost

$ 10,796

[25],[26],[27],[28]

10,813

[29],[30],[31],[32]

Fair Value

$ 10,870

[25],[26],[27],[28]

10,870

[29],[30],[31],[32]

Percentages of Net Assets

3.40%

[16],[21],[25],[26],[27],[28]

3.40%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

6.25%

[25],[26],[27],[28]

6.25%

[29],[30],[31],[32]

Interest Rate

11.72%

[25],[26],[27],[28]

11.78%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

6,051,000

[25],[26],[27],[28],[33],[34]

6,066,000

[29],[30],[31],[32]

Amortized Cost

$ 5,962

[25],[26],[27],[28]

5,972

[29],[30],[31],[32]

Fair Value

$ 6,051

[25],[26],[27],[28]

6,066

[29],[30],[31],[32]

Percentages of Net Assets

1.90%

[16],[21],[25],[26],[27],[28]

1.90%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

6.25%

[25],[26],[27],[28],[39],[40]

6.25%

[29],[30],[31],[32],[43],[44]

Interest Rate

11.73%

[25],[26],[27],[28],[39],[40]

11.80%

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

5,682,000

[25],[26],[27],[28],[33],[34],[39],[40]

4,498,000

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ 5,619

[25],[26],[27],[28],[39],[40]

4,435

[29],[30],[31],[32],[43],[44]

Fair Value

$ 5,682

[25],[26],[27],[28],[39],[40]

4,498

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

1.80%

[16],[21],[25],[26],[27],[28],[39],[40]

1.40%

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 3

Investment, Basis Spread, Variable Rate

6.25%

[25],[26],[27],[28],[39],[40]

6.25%

[29],[30],[31],[32],[43],[44]

Interest Rate

11.70%

[25],[26],[27],[28],[39],[40]

11.75%

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

30,000

[25],[26],[27],[28],[33],[34],[39],[40]

55,000

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ 23

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Fair Value

$ 30

[25],[26],[27],[28],[39],[40]

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28],[39],[40]

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: ZWR Holdings, Inc., Subordinated debt

Investment, Basis Spread, Variable Rate

10%

Interest Rate

14%

PIK interest rate

14%

10%

Par Amount/Shares (in shares)

1,920,000

[33],[34]

1,872,000

Amortized Cost

$ 1,920

1,872

Fair Value

$ 1,831

1,753

Percentages of Net Assets

0.60%

[16],[21]

0.50%

[23],[24]

Investment, Identifier [Axis]: ZWR Holdings, Inc., Warrants

Par Amount/Shares (in shares)

24,953

[33],[34]

24,953

Fair Value

$ 0

Percentages of Net Assets

[16],[21]

[23],[24]

Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[39],[40]

6.45%

Interest Rate

12.05%

[25],[26],[27],[28],[39],[40]

6.45%

[29],[30],[31],[32],[43],[44]

12.10%

[29],[30],[31],[32],[43],[44]

Par Amount/Shares (in shares)

4,248,000

[25],[26],[27],[28],[33],[34],[39],[40]

3,878,000

[29],[30],[31],[32],[43],[44]

Amortized Cost

$ 4,273

[25],[26],[27],[28],[39],[40]

3,887

[29],[30],[31],[32],[43],[44]

Fair Value

$ 4,248

[25],[26],[27],[28],[39],[40]

3,859

[29],[30],[31],[32],[43],[44]

Percentages of Net Assets

1.30%

[16],[21],[25],[26],[27],[28],[39],[40]

1.20%

[23],[24],[29],[30],[31],[32],[43],[44]

Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28]

6.45%

Interest Rate

12.05%

[25],[26],[27],[28]

6.45%

[29],[30],[31],[32]

12.10%

[29],[30],[31],[32]

Par Amount/Shares (in shares)

9,810,000

[25],[26],[27],[28],[33],[34]

9,835,000

[29],[30],[31],[32]

Amortized Cost

$ 9,751

[25],[26],[27],[28]

9,774

[29],[30],[31],[32]

Fair Value

$ 9,810

[25],[26],[27],[28]

$ 9,799

[29],[30],[31],[32]

Percentages of Net Assets

[16],[21],[25],[26],[27],[28]

3.10%

[23],[24],[29],[30],[31],[32]

Investment, Identifier [Axis]: truCurrent LLC, First lien senior secured loan 1

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28],[39],[40]

7.25%

Interest Rate

[25],[26],[27],[28],[39],[40]

Par Amount/Shares (in shares)

[25],[26],[27],[28],[39],[40]

Amortized Cost

[25],[26],[27],[28],[39],[40]

$ (122)

Fair Value

[25],[26],[27],[28],[39],[40]

$ 0

Percentages of Net Assets

[25],[26],[27],[28],[39],[40]

Investment, Identifier [Axis]: truCurrent LLC, First lien senior secured loan 2

Investment, Basis Spread, Variable Rate

[25],[26],[27],[28]

7.25%

Interest Rate

[25],[26],[27],[28]

12.55%

Par Amount/Shares (in shares)

[25],[26],[27],[28]

12,500,000

Amortized Cost

[25],[26],[27],[28]

$ 12,375

Fair Value

[25],[26],[27],[28]

$ 12,375

Percentages of Net Assets

[25],[26],[27],[28]

3.80%

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." Percentage is based on net assets of $321,838 as of March 31, 2024. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Percentage is based on net assets of $321,838 as of March 31, 2024. 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 of Investments." Percentage is based on net assets of $319,239 as of December 31, 2023. Percentage is based on net assets of $$319,239 as of December 31, 2023. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. 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 March 31, 2024. As of March 31, 2024, the reference rates for our variable rate loans were the 90-day SOFR at 5.30% and 30-day SOFR at 5.33%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. 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 March 31, 2024. As of March 31, 2024, the reference rates for our variable rate loans were the 90-day SOFR at 5.30% and 30-day SOFR at 5.33%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the 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, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the 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, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. The total funded par amount is presented for debt investments, while the number of shares or units owned is presented for equity investments. Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). Position or portion thereof is an unfunded loan or equity 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 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 March 31, 2024: Position or portion thereof is an unfunded loan or equity 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 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 March 31, 2024: Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). 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, 2023: 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, 2023: 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 over 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 tranche is at a greater risk of loss. 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 over 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 tranche is at a greater risk of loss. 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 and Last Out tranche. 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 over 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 AAL entered into with the First Out lender. In exchange for the higher interest rate, the Last Out tranche is at a greater risk of loss. 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 and Last Out tranche. 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 over 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 AAL entered into with the First Out lender. In exchange for the higher interest rate, the Last Out tranche is at a greater risk of loss.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		3 Months Ended			12 Months Ended
		Mar. 31, 2024		Mar. 31, 2023	Dec. 31, 2023		Dec. 31, 2022
Total net assets		$ 321,838		$ 127,848	$ 319,239		$ 71,782
Unfunded Commitment		111,014			73,977
Fair Value		331,407	[1],[2],[3],[4],[5]		273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]	273,593
Fair value, ending balance		$ 331,407	[1],[2],[3],[4],[5]		$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Investment, Identifier [Axis]: Aetius Holdings, LLC, First lien senior secured loan
Investment, Basis Spread, Variable Rate		7%	[16],[17],[18],[19]		7%	[20],[21],[22],[23]
Fair Value		$ 1,899	[16],[17],[18],[19]		$ 2,000	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	2,000
Fair value, ending balance		$ 1,899	[16],[17],[18],[19]		$ 2,000	[20],[21],[22],[23]
Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		6.45%	[16],[17],[18],[19],[24],[25],[26],[27]		6.50%	[20],[21],[22],[23],[28],[29],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[24],[25],[26],[27]		$ 0	[20],[21],[22],[23],[28],[29],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29],[30],[31]	0
Fair value, ending balance		$ 0	[16],[17],[18],[19],[24],[25],[26],[27]		$ 0	[20],[21],[22],[23],[28],[29],[30],[31]
Investment, Identifier [Axis]: Best Friends Pet Care Holdings Inc., First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		6.45%	[16],[17],[18],[19],[24],[25]		6.45%	[20],[21],[22],[23],[28],[29]
Fair Value		$ 15,775	[16],[17],[18],[19],[24],[25]		$ 15,625	[20],[21],[22],[23],[28],[29]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29]	15,625
Fair value, ending balance		$ 15,775	[16],[17],[18],[19],[24],[25]		$ 15,625	[20],[21],[22],[23],[28],[29]
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		7%	[16],[17],[18],[19],[24],[25],[26],[27]		7%	[20],[21],[22],[23],[28],[29],[30],[31]
Fair Value		$ 892	[16],[17],[18],[19],[24],[25],[26],[27]		$ 446	[20],[21],[22],[23],[28],[29],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29],[30],[31]	446
Fair value, ending balance		$ 892	[16],[17],[18],[19],[24],[25],[26],[27]		$ 446	[20],[21],[22],[23],[28],[29],[30],[31]
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		7%	[16],[17],[18],[19],[24],[25],[26],[27]		7%	[20],[21],[22],[23],[28],[29],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[24],[25],[26],[27]		$ 0	[20],[21],[22],[23],[28],[29],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29],[30],[31]	0
Fair value, ending balance		$ 0	[16],[17],[18],[19],[24],[25],[26],[27]		$ 0	[20],[21],[22],[23],[28],[29],[30],[31]
Investment, Identifier [Axis]: Café Zupas, L.C, First lien senior secured loan 3
Investment, Basis Spread, Variable Rate		7%	[16],[17],[18],[19],[24],[25]		7%	[20],[21],[22],[23],[28],[29]
Fair Value		$ 8,359	[16],[17],[18],[19],[24],[25]		$ 8,276	[20],[21],[22],[23],[28],[29]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29]	8,276
Fair value, ending balance		$ 8,359	[16],[17],[18],[19],[24],[25]		$ 8,276	[20],[21],[22],[23],[28],[29]
Investment, Identifier [Axis]: Critical Nurse Staffing, LLC, First lien senior secured loan
Investment, Basis Spread, Variable Rate		6.50%	[16],[17],[18],[19],[24],[25]		6.50%	[20],[21],[22],[23],[28],[29]
Fair Value		$ 13,873	[16],[17],[18],[19],[24],[25]		$ 13,773	[20],[21],[22],[23],[28],[29]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29]	13,773
Fair value, ending balance		$ 13,873	[16],[17],[18],[19],[24],[25]		$ 13,773	[20],[21],[22],[23],[28],[29]
Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		7%	[16],[17],[18],[19]		6.50%	[20],[21],[22],[23]
Fair Value		$ 32,055	[16],[17],[18],[19]		$ 32,137	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	32,137
Fair value, ending balance		$ 32,055	[16],[17],[18],[19]		$ 32,137	[20],[21],[22],[23]
Investment, Identifier [Axis]: Dance Nation Holdings LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		7%	[16],[17],[18],[19],[26],[27]		6.50%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	0
Fair value, ending balance		0	[16],[17],[18],[19],[26],[27]		0	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: Dance Nation Topco LLC, Preferred Equity
Fair Value		1,619			1,652
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		1,652
Fair value, ending balance		$ 1,619			$ 1,652
Investment, Identifier [Axis]: Dartpoints Operating Company, LLC, First lien senior secured loan
Investment, Basis Spread, Variable Rate		9.36%	[16],[17],[18],[19],[24],[25],[32],[33]		9.38%	[20],[21],[22],[23],[28],[29],[34],[35]
Fair Value		$ 3,425	[16],[17],[18],[19],[24],[25],[32],[33]		$ 3,425	[20],[21],[22],[23],[28],[29],[34],[35]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29],[34],[35]	3,425
Fair value, ending balance		$ 3,425	[16],[17],[18],[19],[24],[25],[32],[33]		$ 3,425	[20],[21],[22],[23],[28],[29],[34],[35]
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		7.95%	[16],[17],[18],[19]		7.95%	[20],[21],[22],[23]
Fair Value		$ 7,596	[16],[17],[18],[19]		$ 7,694	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	7,694
Fair value, ending balance		$ 7,596	[16],[17],[18],[19]		$ 7,694	[20],[21],[22],[23]
Investment, Identifier [Axis]: Direct Digital Holdings, LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		7.95%	[16],[17],[18],[19]		7.95%	[20],[21],[22],[23]
Fair Value		$ 20,625	[16],[17],[18],[19]		$ 20,900	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	20,900
Fair value, ending balance		20,625	[16],[17],[18],[19]		20,900	[20],[21],[22],[23]
Investment, Identifier [Axis]: GK9 Global Companies, LLC
Fair Value		22,293			22,350		16,076
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		22,350		16,076	16,076
Gross Additions		0			6,413
Gross Reductions		(57)			(289)
Change in Unrealized Gains (Losses)		0			150
Fair value, ending balance		22,293			22,350
Investment Income		$ 823			$ 3,127
Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		8.75%	[16],[17],[18],[19],[24],[25]		9.25%	[20],[21],[22],[23],[28],[29]
Fair Value		$ 18,877	[16],[17],[18],[19],[24],[25]		$ 18,925	[20],[21],[22],[23],[28],[29]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29]	18,925
Fair value, ending balance		$ 18,877	[16],[17],[18],[19],[24],[25]		$ 18,925	[20],[21],[22],[23],[28],[29]
Investment, Identifier [Axis]: GK9 Global Companies, LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		8.75%	[16],[17],[18],[19],[24],[25],[26],[27]		9.25%	[20],[21],[22],[23],[28],[29],[30],[31]
Fair Value		$ 3,416	[16],[17],[18],[19],[24],[25],[26],[27]		$ 3,425	[20],[21],[22],[23],[28],[29],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29],[30],[31]	3,425
Fair value, ending balance		$ 3,416	[16],[17],[18],[19],[24],[25],[26],[27]		$ 3,425	[20],[21],[22],[23],[28],[29],[30],[31]
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		6.75%	[16],[17],[18],[19]		6.75%	[20],[21],[22],[23]
Fair Value		$ 13,105	[16],[17],[18],[19]		$ 13,138	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	13,138
Fair value, ending balance		$ 13,105	[16],[17],[18],[19]		$ 13,138	[20],[21],[22],[23]
Investment, Identifier [Axis]: H.W. Lochner, Inc., First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		6.25%	[16],[17],[18],[19],[26],[27]		6.25%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 2,197	[16],[17],[18],[19],[26],[27]		$ 1,447	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	1,447
Fair value, ending balance		2,197	[16],[17],[18],[19],[26],[27]		1,447	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: IVM GK9 Holdings LLC
Fair Value		5,000			4,901		4,631
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		4,901		4,631	4,631
Gross Additions		0			250
Gross Reductions		0			0
Change in Unrealized Gains (Losses)		99			20
Fair value, ending balance		5,000			4,901
Investment Income		0			0
Investment, Identifier [Axis]: IVM GK9 Holdings LLC, Equity
Fair Value		5,000	[24],[25]		4,901	[28],[29]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[28],[29]	4,901
Fair value, ending balance		$ 5,000	[24],[25]		$ 4,901	[28],[29]
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		6.50%	[16],[17],[18],[19],[26],[27]		6.50%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	0
Fair value, ending balance		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		6.50%	[16],[17],[18],[19]		6.50%	[20],[21],[22],[23]
Fair Value		$ 10,098	[16],[17],[18],[19]		$ 9,922	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	9,922
Fair value, ending balance		$ 10,098	[16],[17],[18],[19]		$ 9,922	[20],[21],[22],[23]
Investment, Identifier [Axis]: M&S Acquisition Corporation, First lien senior secured loan
Investment, Basis Spread, Variable Rate		6.50%	[16],[17],[18],[19],[24],[25]		6.50%	[20],[21],[22],[23],[28],[29]
Fair Value		$ 34,514	[16],[17],[18],[19],[24],[25]		$ 34,254	[20],[21],[22],[23],[28],[29]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[28],[29]	34,254
Fair value, ending balance		$ 34,514	[16],[17],[18],[19],[24],[25]		$ 34,254	[20],[21],[22],[23],[28],[29]
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		5.75%	[16],[17],[18],[19],[26],[27]		5.75%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	0
Fair value, ending balance		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		5.75%	[16],[17],[18],[19],[26],[27]		5.75%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	0
Fair value, ending balance		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: MSPB MSO, LLC, First lien senior secured loan 3
Investment, Basis Spread, Variable Rate		5.75%	[16],[17],[18],[19]		5.75%	[20],[21],[22],[23]
Fair Value		$ 8,455	[16],[17],[18],[19]		$ 8,391	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	8,391
Fair value, ending balance		$ 8,455	[16],[17],[18],[19]		8,391	[20],[21],[22],[23]
Investment, Identifier [Axis]: Med Learning Group, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19]	6.50%
Fair Value	[16],[17],[18],[19]	$ 15,531
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[16],[17],[18],[19]	$ 15,531
Investment, Identifier [Axis]: Med Learning Group, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19],[26],[27]	6.50%
Fair Value	[16],[17],[18],[19],[26],[27]	$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[16],[17],[18],[19],[26],[27]	0
Investment, Identifier [Axis]: Neighborhood Grocery Catalyst Fund LLC
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Change in Unrealized Gains (Losses)		0
Fair value, ending balance		0			0
Investment Income		0
Investment, Identifier [Axis]: Neighborhood Grocery Catalyst Fund LLC, Equity
Fair Value	[26],[27]	0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[26],[27]	$ 0
Investment, Identifier [Axis]: Rotolo Consultants, Inc., First lien senior secured loan
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19]	6.95%
Fair Value		$ 20,360	[16],[17],[18],[19]		3,166	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	3,166
Fair value, ending balance		$ 20,360	[16],[17],[18],[19]		$ 3,166	[20],[21],[22],[23]
Investment, Identifier [Axis]: Salt Dental Collective LLC, First lien senior secured loan
Investment, Basis Spread, Variable Rate		6.75%	[16],[17],[18],[19]		7.50%	[20],[21],[22],[23]
Fair Value		$ 17,903	[16],[17],[18],[19]		$ 7,940	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	7,940
Fair value, ending balance		$ 17,903	[16],[17],[18],[19]		$ 7,940	[20],[21],[22],[23]
Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		8.75%	[16],[17],[18],[19]		8.75%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 1,983	[16],[17],[18],[19]		$ 0	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	0
Fair value, ending balance		$ 1,983	[16],[17],[18],[19]		$ 0	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: Standard Real Estate Investments LP, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		8.75%	[16],[17],[18],[19]		8.75%	[20],[21],[22],[23]
Fair Value		$ 2,973	[16],[17],[18],[19]		$ 2,970	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	2,970
Fair value, ending balance		$ 2,973	[16],[17],[18],[19]		$ 2,970	[20],[21],[22],[23]
Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		7.50%	[16],[17],[18],[19]		7.50%	[20],[21],[22],[23]
Fair Value		$ 19,980	[16],[17],[18],[19]		$ 22,286	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	22,286
Fair value, ending balance		$ 19,980	[16],[17],[18],[19]		$ 22,286	[20],[21],[22],[23]
Investment, Identifier [Axis]: Synergi, LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		7.50%	[16],[17],[18],[19],[26],[27]		7.50%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	0
Fair value, ending balance		$ 0	[16],[17],[18],[19],[26],[27]		$ 0	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: TCFIII Owl Buyer LLC, First lien senior secured loan
Investment, Basis Spread, Variable Rate		5.50%	[16],[17],[18],[19]		5.50%	[20],[21],[22],[23]
Fair Value		$ 10,870	[16],[17],[18],[19]		$ 10,870	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	10,870
Fair value, ending balance		$ 10,870	[16],[17],[18],[19]		$ 10,870	[20],[21],[22],[23]
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate		6.25%	[16],[17],[18],[19]		6.25%	[20],[21],[22],[23]
Fair Value		$ 6,051	[16],[17],[18],[19]		$ 6,066	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	6,066
Fair value, ending balance		$ 6,051	[16],[17],[18],[19]		$ 6,066	[20],[21],[22],[23]
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate		6.25%	[16],[17],[18],[19],[26],[27]		6.25%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 5,682	[16],[17],[18],[19],[26],[27]		$ 4,498	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	4,498
Fair value, ending balance		$ 5,682	[16],[17],[18],[19],[26],[27]		$ 4,498	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: Trilon Group, LLC, First lien senior secured loan 3
Investment, Basis Spread, Variable Rate		6.25%	[16],[17],[18],[19],[26],[27]		6.25%	[20],[21],[22],[23],[30],[31]
Fair Value		$ 30	[16],[17],[18],[19],[26],[27]		$ 55	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	55
Fair value, ending balance		30	[16],[17],[18],[19],[26],[27]		55	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans
Unfunded Commitment		98,514			73,977
Investment, Identifier [Axis]: Unfunded equity
Unfunded Commitment		$ 12,500			0
Investment, Identifier [Axis]: ZWR Holdings, Inc., Subordinated debt
Investment, Basis Spread, Variable Rate		10%
Fair Value		$ 1,831			1,753
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		1,753
Fair value, ending balance		1,831			1,753
Investment, Identifier [Axis]: ZWR Holdings, Inc., Warrants
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			0
Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19],[26],[27]	6.45%
Fair Value		$ 4,248	[16],[17],[18],[19],[26],[27]		3,859	[20],[21],[22],[23],[30],[31]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23],[30],[31]	3,859
Fair value, ending balance		$ 4,248	[16],[17],[18],[19],[26],[27]		3,859	[20],[21],[22],[23],[30],[31]
Investment, Identifier [Axis]: Zero Waste Recycling LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19]	6.45%
Fair Value		$ 9,810	[16],[17],[18],[19]		9,799	[20],[21],[22],[23]
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance	[20],[21],[22],[23]	9,799
Fair value, ending balance		$ 9,810	[16],[17],[18],[19]		9,799	[20],[21],[22],[23]
Investment, Identifier [Axis]: truCurrent LLC, First lien senior secured loan 1
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19],[26],[27]	7.25%
Fair Value	[16],[17],[18],[19],[26],[27]	$ 0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[16],[17],[18],[19],[26],[27]	$ 0
Investment, Identifier [Axis]: truCurrent LLC, First lien senior secured loan 2
Investment, Basis Spread, Variable Rate	[16],[17],[18],[19]	7.25%
Fair Value	[16],[17],[18],[19]	$ 12,375
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance	[16],[17],[18],[19]	12,375
Non-controlled/affiliated investments
Fair Value					27,251	[6],[8],[10],[12],[14]	$ 20,707
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		27,251	[6],[8],[10],[12],[14]	20,707	20,707
Gross Additions					6,663
Gross Reductions					(289)
Change in Unrealized Gains (Losses)					170
Fair value, ending balance	[6],[8],[10],[12],[14]				27,251
Investment Income					3,127
Non-controlled/affiliated investments
Fair Value		27,293	[1],[2],[3],[4],[5],[36],[37],[38],[39],[40]		27,251
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		27,251
Gross Additions		0
Gross Reductions		(57)
Change in Unrealized Gains (Losses)		99		$ 127
Fair value, ending balance		27,293	[1],[2],[3],[4],[5],[36],[37],[38],[39],[40]		27,251
Investment Income		823
Controlled/affiliated investments
Fair Value		0	[1],[2],[3],[4],[5]		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Gross Additions		0
Gross Reductions		0
Change in Unrealized Gains (Losses)		0
Fair value, ending balance		0	[1],[2],[3],[4],[5]		0
Investment Income		0
Line of Credit
Unfunded Commitment		111,014			73,977
Fair Value		0			(4)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		(4)
Fair value, ending balance		$ 0			$ (4)
Neighborhood Grocery Catalyst Fund LLC \| Equity Based Debt
Unused Fee Rate		0%
Unfunded Commitment		$ 12,500
Fair Value		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		$ 0
Delayed Draw Term Loan \| Zero Waste Recycling LLC \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 761			$ 1,141
Fair Value		0			(4)
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		(4)
Fair value, ending balance		$ 0			$ (4)
Delayed Draw Term Loan \| Ironhorse Purchaser, LLC \| Line of Credit
Unused Fee Rate		1%			1%
Unfunded Commitment		$ 6,377			$ 6,377
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Delayed Draw Term Loan \| GK9 Global Companies, LLC \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 1,940			$ 1,940
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Delayed Draw Term Loan \| Café Zupas, L.C \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 2,452			$ 2,898
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Delayed Draw Term Loan \| Med Learning Group LLC \| Line of Credit
Unused Fee Rate		1%			0%
Unfunded Commitment		$ 4,281			$ 2,000
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Delayed Draw Term Loan \| Best Friends Pet Care Holdings Inc. \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 11,186			$ 11,186
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Delayed Draw Term Loan \| MSPB MSO, LLC \| Line of Credit
Unused Fee Rate		0.38%			0.38%
Unfunded Commitment		$ 27,548			$ 27,548
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Delayed Draw Term Loan \| truCurrent LLC \| Line of Credit
Unused Fee Rate		0.50%
Unfunded Commitment		$ 25,000
Fair Value		0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, ending balance		$ 0
Delayed Draw Term Loan \| Trilon Group, LLC \| Line of Credit
Unused Fee Rate		1%			1%
Unfunded Commitment		$ 882			$ 2,075
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Revolver \| Zero Waste Recycling LLC \| Line of Credit
Unused Fee Rate					0.50%
Revolver \| H.W. Lochner, Inc. \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 803			$ 1,553
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Revolver \| Synergi, LLC \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 3,750			$ 3,750
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Revolver \| Café Zupas, L.C \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 557			$ 557
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Revolver \| Dance Nation Holdings LLC \| Line of Credit
Unused Fee Rate		0.50%			0.50%
Unfunded Commitment		$ 4,131			$ 4,131
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
Revolver \| MSPB MSO, LLC \| Line of Credit
Unused Fee Rate		0.38%			0.38%
Unfunded Commitment		$ 8,476			$ 8,476
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			0
Revolver \| Trilon Group, LLC \| Line of Credit
Unused Fee Rate		0.50%
Unfunded Commitment		$ 370			345
Fair Value		0			0
Investments in and Advances to Affiliates, at Fair Value [Roll Forward]
Fair value, beginning balance		0
Fair value, ending balance		$ 0			$ 0
90 Days Secured Overnight Financing Rate (SOFR)
Investment, Basis Spread, Variable Rate		5.30%			5.36%
30 Days Secured Overnight Financing Rate (SOFR)
Investment, Basis Spread, Variable Rate		5.33%			5.34%
Minimum
Investment, interest rate, floor		1%			1%
Maximum
Investment, interest rate, floor		2.50%			2.50%

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." 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 of Investments." Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. 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 March 31, 2024. As of March 31, 2024, the reference rates for our variable rate loans were the 90-day SOFR at 5.30% and 30-day SOFR at 5.33%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. 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 March 31, 2024. As of March 31, 2024, the reference rates for our variable rate loans were the 90-day SOFR at 5.30% and 30-day SOFR at 5.33%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the 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, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. Loan includes interest rate floor feature, which generally ranges from 1.00% to 2.50%. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to the 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, 2023. As of December 31, 2023, the reference rates for our variable rate loans were the 90-day SOFR at 5.36% and 30-day SOFR at 5.34%. Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). Position or portion thereof is an unfunded loan or equity 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 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 March 31, 2024: Position or portion thereof is an unfunded loan or equity 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 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 March 31, 2024: Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). Investments, or portion thereof, held by the SBIC subsidiary (as defined in Note 1). 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, 2023: 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, 2023: 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 over 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 tranche is at a greater risk of loss. 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 over 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 tranche is at a greater risk of loss. 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 and Last Out tranche. 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 over 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 AAL entered into with the First Out lender. In exchange for the higher interest rate, the Last Out tranche is at a greater risk of loss. 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 and Last Out tranche. 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 over 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 AAL entered into with the First Out lender. In exchange for the higher interest rate, the Last Out tranche is at a greater risk of loss. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments."

Organization

Organization	3 Months Ended
Organization	Mar. 31, 2024
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 investment company that has elected to be regulated as a business development company (“BDC”) under 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 years ending December 31, 2021 and December 31, 2022. The Company intends to elect to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) for the tax year ended 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 Adviser pursuant to an investment advisory and management agreement between the Company and the Adviser, dated June 23, 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 (each, a "Target Region"), with a goal to invest at least 5% of its assets in each Target 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 Target Regions, and there can be no assurance that the Company will achieve geographic diversification across all ten Target 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 has formed wholly-owned subsidiaries, LS BDC Holdings, LLC and LS BDC Holdings (DN), LLC, each of which is a Delaware limited liability company, to hold certain equity or equity-like investments in portfolio companies to which the Company has also made loans. In addition, LS BDC Holdings (NGCF), LLC, a wholly-owned subsidiary of the Company, co-owns and co-manages NGCF Manager LLC (the "NGCF Manager") with the affiliate of a third-party investor. The NGCF Manager manages Neighborhood Grocery Catalyst Fund LLC (“NGCF”), a private real estate investment vehicle, whose investment strategy focuses on necessity-based, ecommerce-resistant, and well-located neighborhood shopping centers anchored by omni-channel grocers serving the essential needs of diverse communities. Additionally, the Company 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	3 Months Ended
Significant Accounting Policies	Mar. 31, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation 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. Certain reclassifications have been made to certain prior period balances to conform with current presentation. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 20, 2024. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period. 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 March 31, 2024 and December 31, 2023, the Company held $73,235 and $109,771 in cash and cash equivalents, respectively, of which no cash or cash equivalent was restricted. Of the total cash and cash equivalents balance, $73,235 and $109,771 were held in an interest bearing account with U.S. Bank National Association as of March 31, 2024 and December 31, 2023, respectively. For the three months ended March 31, 2024 and March 31, 2023 the Company earned $936 and $250, respectively, in interest on cash and cash equivalents balances, and the balance is included under Interest from cash and cash equivalents in the Consolidated Statements of Operations. 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 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 March 31, 2024, the Company 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 using specific identification method 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 more than 5% of the portfolio company's outstanding voting securities or the Company is under common control with such portfolio company. The Company 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. 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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee (“Valuation Designee”) for the Company to perform the fair value determination relating to all Company investments, subject to the oversight of the Board. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s Board-approved policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources. The Adviser has established a valuation committee (the “Valuation Committee”) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Valuation Committee and the performance of functions required to determine the fair value of the Company’s investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used. Income Taxes The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax year ending 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 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 March 31, 2024. 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 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. March 31, 2024 Amortized Cost Fair Value First lien senior secured loans $ 319,655 97.4 % $ 322,957 97.4 % Subordinated debt 1,920 0.6 % 1,831 0.6 % Preferred equity 1,652 0.5 % 1,619 0.5 % Equity 4,881 1.5 % 5,000 1.5 % Warrants — — % — — % Total $ 328,108 100.0 % $ 331,407 100.0 % December 31, 2023 Amortized Cost Fair Value First lien senior secured loans $ 263,118 96.9 % $ 265,287 97.0 % Equity 4,881 1.8 % 4,901 1.8 % Subordinated debt 1,872 0.7 % 1,753 0.6 % Preferred equity 1,652 0.6 % 1,652 0.6 % Warrants — — % — — % Total $ 271,523 100.0 % $ 273,593 100.0 % 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 March 31, 2024 and December 31, 2023. 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: March 31, 2024 Amortized Cost Fair Value Far West $ 72,536 22.1 % $ 73,144 22.1 % Gulf Coast 61,584 18.8 % 62,104 18.7 % Mid-Atlantic 49,897 15.2 % 50,143 15.2 % Four Corners 34,490 10.5 % 34,887 10.5 % Empire 31,053 9.5 % 31,306 9.4 % Southeast 35,190 10.7 % 35,748 10.8 % Great Lakes 25,654 7.8 % 26,172 7.9 % Cascade 17,704 5.4 % 17,903 5.4 % Total $ 328,108 100.0 % $ 331,407 100.0 % December 31, 2023 Amortized Cost Fair Value Far West $ 70,645 26.0 % $ 71,013 26.0 % Gulf Coast 44,775 16.5 % 45,107 16.5 % Mid-Atlantic 39,607 14.6 % 39,697 14.5 % Southeast 35,256 13.0 % 35,642 13.0 % Four Corners 32,910 12.1 % 33,114 12.1 % Great Lakes 24,924 9.2 % 25,455 9.3 % Empire 15,566 5.7 % 15,625 5.7 % Cascade 7,840 2.9 % 7,940 2.9 % Total $ 271,523 100.0 % $ 273,593 100.0 % 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 March 31, 2024 and December 31, 2023. March 31, 2024 Amortized Cost Fair Value Commercial Services & Supplies $ 63,280 19.3 % $ 63,542 19.2 % Construction & Engineering 57,059 17.4 % 57,915 17.4 % Professional Services 34,197 10.4 % 34,514 10.4 % Leisure Facilities 33,383 10.2 % 33,674 10.2 % Media 28,096 8.6 % 28,221 8.5 % Health Care Providers & Services 17,704 5.4 % 17,903 5.4 % Specialized Consumer Services 15,542 4.7 % 15,775 4.8 % Consumer Discretionary 15,511 4.7 % 15,531 4.7 % Health Care Services 13,749 4.2 % 13,873 4.2 % Industrials 12,253 3.7 % 12,375 3.7 % Environmental & Facilities Services 9,791 3.0 % 10,098 3.0 % Restaurants 9,137 2.8 % 9,251 2.8 % Health Care Equipment & Services 8,166 2.5 % 8,455 2.6 % Real Estate Management & Development 4,956 1.5 % 4,956 1.5 % IT Services 3,385 1.0 % 3,425 1.0 % Hotels, Restaurants & Leisure 1,899 0.6 % 1,899 0.6 % Food Retail — — % — — % Total $ 328,108 100.0 % $ 331,407 100.0 % December 31, 2023 Amortized Cost Fair Value Construction & Engineering $ 57,458 21.3 % $ 58,360 21.2 % Commercial Services & Supplies 45,747 16.8 % 45,828 16.8 % Professional Services 34,254 12.6 % 34,254 12.5 % Leisure Facilities 33,439 12.3 % 33,789 12.4 % Media 28,467 10.5 % 28,594 10.5 % Specialized Consumer Services 15,566 5.7 % 15,625 5.7 % Health Care Services 13,773 5.1 % 13,773 5.0 % Environmental & Facilities Services 9,795 3.6 % 9,922 3.6 % Restaurants 8,683 3.2 % 8,722 3.2 % Health Care Equipment & Services 8,175 3.0 % 8,391 3.1 % Health Care Providers & Services 7,840 2.9 % 7,940 2.9 % IT Services 3,380 1.2 % 3,425 1.3 % Real Estate Management & Development 2,952 1.1 % 2,970 1.1 % Hotels, Restaurants & Leisure 1,994 0.7 % 2,000 0.7 % Total $ 271,523 100.0 % $ 273,593 100.0 %

Fair Value Measurements of Inve

Fair Value Measurements of Investments	3 Months Ended
Fair Value Measurements of Investments	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements of Investments	Fair Value Measurement of Investments ASC Topic 820 defines 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 ASC 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 illiquid investments on a quarterly basis (other than immaterial investments, which are internally valued quarterly unless otherwise deemed appropriate by the Valuation Committee, and subsequently corroborated by an independent valuation firm on an annual 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 Rule 2a-5 under the 1940 Act, the Board has chosen to designate the Adviser as the 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 $331,407 and $273,593 as of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023. The following tables present fair value measurements of investments, by major class according to the fair value hierarchy as of March 31, 2024 and December 31, 2023. March 31, 2024 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 322,957 $ 322,957 Subordinated debt — — 1,831 1,831 Preferred equity — — 1,619 1,619 Equity — — 5,000 5,000 Warrants — — — — Total Investments $ — $ — $ 331,407 $ 331,407 December 31, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 265,287 $ 265,287 Equity — — 4,901 4,901 Subordinated debt — — 1,753 1,753 Preferred equity — — 1,652 1,652 Warrants — — — — Total Investments $ — $ — $ 273,593 $ 273,593 The carrying value of the Credit Facility and SBA-guaranteed debentures approximates fair value as of March 31, 2024 and December 31, 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 three months ended March 31, 2024 and March 31, 2023. For the three months ended Investments First Lien Senior Secured Loans Subordinated Equity Preferred Warrants Total Balance as of December 31, 2023 $ 265,287 $ 1,753 $ 4,901 $ 1,652 $ — $ 273,593 Purchases of investments and other adjustments to cost 59,696 48 — — — 59,744 Proceeds from sales and repayments of investments (3,403) — — — — (3,403) Net realized gain (loss) — — — — — — Net accretion of discount on investments 244 — — — 244 Net change in unrealized gain (loss) on investments 1,133 30 99 (33) — 1,229 Balance as of March 31, 2024 $ 322,957 $ 1,831 $ 5,000 $ 1,619 $ — $ 331,407 For the three months ended Investments First Lien Senior Secured Loans Subordinated Equity Warrants Total Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ 84,343 Purchases of investments and other adjustments to cost 29,079 43 250 — 29,372 Proceeds from sales and repayments of investments (331) — — — (331) Net realized gain (loss) — — — — — Net accretion of discount on investments 80 — — — 80 Net change in unrealized gain (loss) on investments (29) (12) 119 — 78 Balance as of March 31, 2023 $ 106,955 $ 1,587 $ 5,000 $ — $ 113,542 For the three months ended March 31, 2024 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on March 31, 2024 was $1,229 as shown on the Consolidated Statements of Operations. For the three months ended March 31, 2023 the net change in unrealized gain (loss) on investments attributable to Level 3 investments still held on March 31, 2023 was $78 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 three months ended March 31, 2024 and March 31, 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 March 31, 2024 and December 31, 2023. Range Fair Value, as of March 31, 2024 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 288,195 Discounted Cash Flow Discount Rate 11.2% 9.5% 13.7% First lien senior secured loans 34,762 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,831 Discounted Cash Flow Discount Rate 15.8% 15.3% 16.3% Equity 5,000 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,619 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 331,407 Range Fair Value, as of December 31, 2023 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 169,630 Discounted Cash Flow Discount Rate 11.5% 9.9% 14.1% First lien senior secured loans 95,657 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,753 Discounted Cash Flow Discount Rate 16.3% 15.8% 16.8% Equity 4,901 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,652 Comparable Multiples EV/EBITDA 6.3x 6.0x 6.5x Warrants — Comparable Multiples EV/EBITDA 8.5x 8.3x 8.8x Total Level 3 Assets $ 273,593 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. The significant unobservable inputs used in the market approach of fair value measurement of the Company’s investments are the market multiples of EBITDA or revenue of the comparable guideline public companies. The Company selects a population of public companies for each investment with similar operations and attributes of the portfolio company. Using these guideline public company data, a range of multiples of enterprise value to EBITDA or revenue is calculated. The Company selects percentages from the range of multiples for purposes of determining the portfolio company’s estimated enterprise value based on such multiple and generally the latest twelve months EBITDA or revenue of the portfolio company (or other meaningful measure). Increases (decreases) in the multiple will result in an increase (decrease) in enterprise value, resulting in an increase (decrease) in the fair value estimate of the investment.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
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. As of March 31, 2024 and December 31, 2023, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 527.1% and 645.7%. The following table summarizes the interest expense, non-usage fees and amortization of financing costs incurred on the Company's total debt for the three months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ 721 $ 247 Non-usage fee (1) 16 22 Amortization of financing costs 185 69 Weighted average stated interest rate 6.48 % 7.05 % Weighted average outstanding balance $ 44,738 $ 14,209 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. Credit Facilities Subscription Facility On February 2, 2022, the Company entered into a subscription-based credit agreement with Sumitomo Mitsui Banking Corporation, which was amended on June 28, 2022, December 21, 2022, and February 1, 2024 (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 that is 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 May 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 2.50% (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 credit facilities of this nature. As of March 31, 2024 and December 31, 2023, the Company had $38.4 million and $27.5 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 months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ 239 $ 166 Non-usage fee (1) 16 22 Amortization of financing costs 143 69 Weighted average stated interest rate 7.59 % 6.46 % Weighted average outstanding balance $ 12,624 $ 10,422 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. 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 March 31, 2024 and December 31, 2023, the Company funded SBIC LP with $82.5 million and $82.5 million, respectively, of regulatory capital, and have $37.0 million and $31.0 million, respectively, in SBA-guaranteed debentures outstanding. SBA debentures are non-recourse to us, 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. Current SBA 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 March 31, 2024: Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge September 15, 2023 March 1, 2034 $ 31,000 5.04% 0.047% March 15, 2024 September 1, 2034 $ 5,960 5.83% 0.047% The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ 482 $ — Non-usage fee (1) — — Amortization of financing costs 42 — Weighted average stated interest rate 6.04 % — % Weighted average outstanding balance (2) $ 32,114 $ — (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 under the SBA Debentures program 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 (any such obligation, a “Repurchase Obligation”) at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold. 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 Obligation 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 March 31, 2024 and December 31, 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 months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ — $ 81 Non-usage fee — — Amortization of financing costs — — Weighted average stated interest rate — % 8.67 % Weighted average outstanding balance (1) $ — $ 3,787 (1) The Company's initial borrowing occurred on March 15, 2023. The facilities of the Company consist of the following: March 31, 2024 December 31, 2023 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 38,400 $ — $ 38,400 $ 27,500 $ 10,900 SBA-guaranteed debentures 36,960 36,960 — 36,960 31,000 5,960 Total $ 75,360 $ 75,360 $ — $ 75,360 $ 58,500 $ 16,860

Related Party Agreements and Tr

Related Party Agreements and Transactions	3 Months Ended
Related Party Agreements and Transactions	Mar. 31, 2024
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 months ended March 31, 2024 and March 31, 2023, the Company incurred Management Fee expense of $742 and $256, respectively. As of March 31, 2024 and December 31, 2023, $742 and $605, respectively, remained payable as shown on the Consolidated Statements of Assets and Liabilities. 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 months ended March 31, 2024 and March 31, 2023, the Company incurred Income-Based Fee of $1,169 and $196, respectively. As of March 31, 2024 and December 31, 2023, $1,169 and $565, respectively, remained payable as shown on the Consolidated Statements of Assets and Liabilities. 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 months ended March 31, 2024 and March 31, 2023, 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. Such payments include the Company's allocable portion of (i) the expenses incurred by our Administrator in performing its obligations under the Administration Agreement, (ii) the compensation paid to our Chief Compliance Officer and Chief Financial Officer and their respective staffs, and (iii) the cost of providing managerial assistance upon request to portfolio companies. 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 months ended March 31, 2024 and March 31, 2023, the Company incurred $506 and $177, respectively, in fees under the Administrative Agreement. These fees are included in administrative service fees in the accompanying Consolidated Statements of Operations. As of March 31, 2024 and December 31, 2023, $500 and $885, 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. The Company, the Adviser and certain of their affiliates 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 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 March 31, 2024 and December 31, 2023, $157 and $123, respectively, were included in the Due to Affiliate line item in the Consolidated Statements of Assets and Liabilities for reimbursable expenses 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 will 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 Payable June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 452 June 30, 2023 — (329) 123 September 30, 2023 — (123) — Total $ 452 $ (452) $ — During the year ended December 31, 2023, the obligation to repay became due and the Company fully repaid its Expense Reimbursement obligation of $452, so that as of December 31, 2023, the Company has extinguished all such obligations to the Adviser.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of March 31, 2024, 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 revolving credit facilities, bridge financing commitments or delayed draw commitments. As of March 31, 2024 and December 31, 2023 the fair value of unfunded commitments held by the Company was $0 and $(4), respectively, as shown on the Consolidated Schedule of Investments. The Company had the following unfunded commitments to fund investments as of the indicated dates: Par Value as of Par Value as of March 31, 2024 December 31, 2023 Unfunded delayed draw and revolving senior secured loans $ 98,514 $ 73,977 Unfunded equity 12,500 — Total unfunded commitments $ 111,014 $ 73,977

Directors Fees

Directors Fees	3 Months Ended
Directors Fees	Mar. 31, 2024
Other Income and Expenses [Abstract]
Directors Fees	Directors Fees Our 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). 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 three months ended March 31, 2024 and 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, if any, at the time of payment. As of March 31, 2024, the Company had not yet issued any common stock to our directors as compensation for their services. On April 29, 2024, the Company issued common stock to our directors as compensation for their services for the fiscal year ended December 31,2023.

Share Data and Distributions

Share Data and Distributions	3 Months Ended
Share Data and Distributions	Mar. 31, 2024
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 months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 7,868 $ 1,191 Weighted average common shares outstanding 21,581,652 6,782,444 Earnings (loss) per common share (basic and diluted): $ 0.36 $ 0.18 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 March 31, 2024 and December 31, 2023, the Company had closed capital commitments totaling $390.0 million and $377.0 million, respectively, for the private placement of the Company's common stock, of which $73.4 million and $60.3 million, respectively, were uncalled. Share Issuance Date Shares Issued Amount Average Offering Price per Share January 26, 2023 2,510,396 $ 37,129 $ 14.79 March 28, 2023 1,188,592 17,746 14.93 Total 3,698,988 $ 54,875 $ 14.84 For the three months ended March 31, 2024, the Company did not drawdown any capital from its investors. Distributions Distributions to common stockholders are recorded on the ex-dividend date. The Company elected to be taxed as a RIC under the Code for its taxable year ending December 31, 2023, and for future taxable years. As a RIC, the Company is 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. For the three months ended March 31, 2023 there were no distributions declared on shares of the Company’s common stock or shares distributed pursuant to the DRIP to stockholders who had not opted out of the DRIP. For the three months ended March 31, 2024 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 Amount Per Share DRIP Shares Issued March 26, 2024 March 22, 2024 May 6, 2024 $6,475 $0.30 —

Tax Matters

Tax Matters	3 Months Ended
Tax Matters	Mar. 31, 2024
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 expects to have minimal or no income subject to tax and therefore no provision has been included for taxes due. The Company has elected to be treated, and intends to 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 March 31, 2024 and December 31, 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 March 31, 2024, the Company had a $111 short-term limited capital loss carryforward from its prior C-corporation tax year end that it can use to offset future capital gains for 5.0 years. Such loss carryforwards expires on December 31, 2027. For U.S. federal income tax purposes, distributions paid to stockholders are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid for the three months ended March 31, 2024, and for the year ended December 31, 2023, were as follows: For the three months ended For the year ended Ordinary Income $ 6,475 $ 9,139 Long-term Capital Gain $ — $ — Return of Capital $ — $ — As of March 31, 2024 and December 31, 2023, the tax cost and estimated gross unrealized appreciation/(depreciation) from investments for federal income tax purposes are as follows. March 31, 2024 December 31, 2023 Tax cost $ 328,108 $ 271,522 Gross unrealized appreciation $ 3,447 $ 2,217 Gross unrealized depreciation (148) (147) Net unrealized investment appreciation / (depreciation) on investments $ 3,299 $ 2,070

Financial Highlights

Financial Highlights	3 Months Ended
Financial Highlights	Mar. 31, 2024
Investment Company [Abstract]
Financial Highlights	Financial Highlights Below is the schedule of financial highlights of the Company for the three months ended March 31, 2024 and March 31, 2023: Per Common Share Data: (1) For the three months ended For the three months ended Net asset value, beginning of period $ 14.85 $ 14.60 Net investment income (loss) 0.31 0.16 Net realized and unrealized gain (loss) 0.05 0.02 Net increase (decrease) in net assets resulting from operations 0.36 0.18 Initial issuance of Common Stock — — Effect of offering price of subscriptions (2) — 0.06 Distributions declared (0.30) — Net asset value, end of period $ 14.91 $ 14.84 Total return based on NAV (3) 2.41 % 1.64 % Common shares outstanding, end of period 21,584,341 8,615,542 Weighted average shares outstanding 21,581,652 6,782,444 Net assets, end of period $ 321,838 $ 127,848 Ratio/Supplemental data (4) : Ratio of net investment income (loss) to average net assets 8.33 % 6.04 % Ratio of expenses to average net assets 5.18 % 7.19 % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets 1.62 % 3.99 % Weighted average debt outstanding $ 44,738 $ 14,209 Total debt outstanding $ 75,360 $ 40,048 Asset coverage ratio 527.1 % 419.2 % Portfolio turnover — % — % (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through March 31, 2024 and March 31, 2023. (2) Increase (decrease) was due to the offering price of subscriptions during the period (See note 9). (3) Total return was 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.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
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 events 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 April 29, 2024, pursuant to a drawdown notice previously delivered to investors, the Company sold approximately $0.73 million shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), for an aggregate offering price of approximately $11.0 million. On May 1, 2024, the Company fully repaid its outstanding balance on the Subscription Facility in the amount of $38.4 million. As of this Report, there is no outstanding balance on the Subscription Facility. On May 1, 2024, the Company entered into repurchase agreements with Macquarie US Trading LLC ("Macquarie") collateralized by the Company’s term loans to Salt Dental Collective, LLC and Med Learning Group, LLC. Interest under these Repurchase Obligations (as defined hereinafter) will be 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 maintains effective control over the securities because it is entitled and obligated to repurchase the securities before their respective maturity dates. Therefore, the repurchase agreements are treated as secured borrowings and not sales. As of the date of issuance, the Company has a repurchase obligation loan payable balance of $20.4 million to Macquarie.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net increase (decrease) in net assets resulting from operations	$ 7,868	$ 1,191

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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	3 Months Ended
N-2 - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
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 Our 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). 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 three months ended March 31, 2024 and 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, if any, at the time of payment. As of March 31, 2024, the Company had not yet issued any common stock to our directors as compensation for their services. On April 29, 2024, the Company issued common stock to our directors as compensation for their services for the fiscal year ended December 31,2023.
General Description of Registrant [Abstract]
NAV Per Share	$ 14.91	$ 14.85	$ 14.84	$ 14.60

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation 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. Certain reclassifications have been made to certain prior period balances to conform with current presentation. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes related thereto for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 20, 2024. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the full fiscal year, any other interim period or any future year or period.
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents
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 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 March 31, 2024, the Company incurred $804 (since inception) of organization and offering costs.
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 using specific identification method 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
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. 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. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act and ASC Topic 820. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee (“Valuation Designee”) for the Company to perform the fair value determination relating to all Company investments, subject to the oversight of the Board. The Adviser may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s Board-approved policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Company investments. The Valuation Designee may value Company portfolio securities for which market quotations are not readily available and other Company assets utilizing inputs from pricing sources, quotation reporting systems, valuation agents and other third-party sources. The Adviser has established a valuation committee (the “Valuation Committee”) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern activities of the Valuation Committee and the performance of functions required to determine the fair value of the Company’s investments in good faith. These functions include periodically assessing and managing material risks associated with fair value determinations, selecting, applying, reviewing, and testing fair value methodologies, monitoring for circumstances that may necessitate the use of fair value, and overseeing and evaluating pricing services used. In accordance with ASC 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 illiquid investments on a quarterly basis (other than immaterial investments, which are internally valued quarterly unless otherwise deemed appropriate by the Valuation Committee, and subsequently corroborated by an independent valuation firm on an annual 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 Rule 2a-5 under the 1940 Act, the Board has chosen to designate the Adviser as the 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.
Income Taxes	Income Taxes The Company intends to elect to be treated as a RIC under Subchapter M of the Code for the tax year ending 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 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 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. March 31, 2024 Amortized Cost Fair Value First lien senior secured loans $ 319,655 97.4 % $ 322,957 97.4 % Subordinated debt 1,920 0.6 % 1,831 0.6 % Preferred equity 1,652 0.5 % 1,619 0.5 % Equity 4,881 1.5 % 5,000 1.5 % Warrants — — % — — % Total $ 328,108 100.0 % $ 331,407 100.0 % December 31, 2023 Amortized Cost Fair Value First lien senior secured loans $ 263,118 96.9 % $ 265,287 97.0 % Equity 4,881 1.8 % 4,901 1.8 % Subordinated debt 1,872 0.7 % 1,753 0.6 % Preferred equity 1,652 0.6 % 1,652 0.6 % Warrants — — % — — % Total $ 271,523 100.0 % $ 273,593 100.0 % 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 March 31, 2024 and December 31, 2023. 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: March 31, 2024 Amortized Cost Fair Value Far West $ 72,536 22.1 % $ 73,144 22.1 % Gulf Coast 61,584 18.8 % 62,104 18.7 % Mid-Atlantic 49,897 15.2 % 50,143 15.2 % Four Corners 34,490 10.5 % 34,887 10.5 % Empire 31,053 9.5 % 31,306 9.4 % Southeast 35,190 10.7 % 35,748 10.8 % Great Lakes 25,654 7.8 % 26,172 7.9 % Cascade 17,704 5.4 % 17,903 5.4 % Total $ 328,108 100.0 % $ 331,407 100.0 % December 31, 2023 Amortized Cost Fair Value Far West $ 70,645 26.0 % $ 71,013 26.0 % Gulf Coast 44,775 16.5 % 45,107 16.5 % Mid-Atlantic 39,607 14.6 % 39,697 14.5 % Southeast 35,256 13.0 % 35,642 13.0 % Four Corners 32,910 12.1 % 33,114 12.1 % Great Lakes 24,924 9.2 % 25,455 9.3 % Empire 15,566 5.7 % 15,625 5.7 % Cascade 7,840 2.9 % 7,940 2.9 % Total $ 271,523 100.0 % $ 273,593 100.0 % 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 March 31, 2024 and December 31, 2023. March 31, 2024 Amortized Cost Fair Value Commercial Services & Supplies $ 63,280 19.3 % $ 63,542 19.2 % Construction & Engineering 57,059 17.4 % 57,915 17.4 % Professional Services 34,197 10.4 % 34,514 10.4 % Leisure Facilities 33,383 10.2 % 33,674 10.2 % Media 28,096 8.6 % 28,221 8.5 % Health Care Providers & Services 17,704 5.4 % 17,903 5.4 % Specialized Consumer Services 15,542 4.7 % 15,775 4.8 % Consumer Discretionary 15,511 4.7 % 15,531 4.7 % Health Care Services 13,749 4.2 % 13,873 4.2 % Industrials 12,253 3.7 % 12,375 3.7 % Environmental & Facilities Services 9,791 3.0 % 10,098 3.0 % Restaurants 9,137 2.8 % 9,251 2.8 % Health Care Equipment & Services 8,166 2.5 % 8,455 2.6 % Real Estate Management & Development 4,956 1.5 % 4,956 1.5 % IT Services 3,385 1.0 % 3,425 1.0 % Hotels, Restaurants & Leisure 1,899 0.6 % 1,899 0.6 % Food Retail — — % — — % Total $ 328,108 100.0 % $ 331,407 100.0 % December 31, 2023 Amortized Cost Fair Value Construction & Engineering $ 57,458 21.3 % $ 58,360 21.2 % Commercial Services & Supplies 45,747 16.8 % 45,828 16.8 % Professional Services 34,254 12.6 % 34,254 12.5 % Leisure Facilities 33,439 12.3 % 33,789 12.4 % Media 28,467 10.5 % 28,594 10.5 % Specialized Consumer Services 15,566 5.7 % 15,625 5.7 % Health Care Services 13,773 5.1 % 13,773 5.0 % Environmental & Facilities Services 9,795 3.6 % 9,922 3.6 % Restaurants 8,683 3.2 % 8,722 3.2 % Health Care Equipment & Services 8,175 3.0 % 8,391 3.1 % Health Care Providers & Services 7,840 2.9 % 7,940 2.9 % IT Services 3,380 1.2 % 3,425 1.3 % Real Estate Management & Development 2,952 1.1 % 2,970 1.1 % Hotels, Restaurants & Leisure 1,994 0.7 % 2,000 0.7 % Total $ 271,523 100.0 % $ 273,593 100.0 %

Fair Value Measurements of In_2

Fair Value Measurements of Investments (Tables)	3 Months Ended
Fair Value Measurements of Investments (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023. March 31, 2024 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 322,957 $ 322,957 Subordinated debt — — 1,831 1,831 Preferred equity — — 1,619 1,619 Equity — — 5,000 5,000 Warrants — — — — Total Investments $ — $ — $ 331,407 $ 331,407 December 31, 2023 Fair Value Measurements Level 1 Level 2 Level 3 Total First lien senior secured loans $ — $ — $ 265,287 $ 265,287 Equity — — 4,901 4,901 Subordinated debt — — 1,753 1,753 Preferred equity — — 1,652 1,652 Warrants — — — — Total Investments $ — $ — $ 273,593 $ 273,593
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 three months ended March 31, 2024 and March 31, 2023. For the three months ended Investments First Lien Senior Secured Loans Subordinated Equity Preferred Warrants Total Balance as of December 31, 2023 $ 265,287 $ 1,753 $ 4,901 $ 1,652 $ — $ 273,593 Purchases of investments and other adjustments to cost 59,696 48 — — — 59,744 Proceeds from sales and repayments of investments (3,403) — — — — (3,403) Net realized gain (loss) — — — — — — Net accretion of discount on investments 244 — — — 244 Net change in unrealized gain (loss) on investments 1,133 30 99 (33) — 1,229 Balance as of March 31, 2024 $ 322,957 $ 1,831 $ 5,000 $ 1,619 $ — $ 331,407 For the three months ended Investments First Lien Senior Secured Loans Subordinated Equity Warrants Total Balance as of December 31, 2022 $ 78,156 $ 1,556 $ 4,631 $ — $ 84,343 Purchases of investments and other adjustments to cost 29,079 43 250 — 29,372 Proceeds from sales and repayments of investments (331) — — — (331) Net realized gain (loss) — — — — — Net accretion of discount on investments 80 — — — 80 Net change in unrealized gain (loss) on investments (29) (12) 119 — 78 Balance as of March 31, 2023 $ 106,955 $ 1,587 $ 5,000 $ — $ 113,542
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 March 31, 2024 and December 31, 2023. Range Fair Value, as of March 31, 2024 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 288,195 Discounted Cash Flow Discount Rate 11.2% 9.5% 13.7% First lien senior secured loans 34,762 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,831 Discounted Cash Flow Discount Rate 15.8% 15.3% 16.3% Equity 5,000 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,619 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Warrants — Comparable Multiples EV/EBITDA 8.8x 8.5x 9.0x Total Level 3 Assets $ 331,407 Range Fair Value, as of December 31, 2023 Valuation Unobservable Weighted Minimum Maximum Assets: First lien senior secured loans $ 169,630 Discounted Cash Flow Discount Rate 11.5% 9.9% 14.1% First lien senior secured loans 95,657 Amortized Cost Cost N/A N/A N/A Subordinated debt 1,753 Discounted Cash Flow Discount Rate 16.3% 15.8% 16.8% Equity 4,901 Comparable Multiples EV/EBITDA 6.8x 6.5x 7.0x Preferred equity 1,652 Comparable Multiples EV/EBITDA 6.3x 6.0x 6.5x Warrants — Comparable Multiples EV/EBITDA 8.5x 8.3x 8.8x Total Level 3 Assets $ 273,593

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
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 Company's total debt for the three months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ 721 $ 247 Non-usage fee (1) 16 22 Amortization of financing costs 185 69 Weighted average stated interest rate 6.48 % 7.05 % Weighted average outstanding balance $ 44,738 $ 14,209 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of 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 months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ 239 $ 166 Non-usage fee (1) 16 22 Amortization of financing costs 143 69 Weighted average stated interest rate 7.59 % 6.46 % Weighted average outstanding balance $ 12,624 $ 10,422 (1) Non-usage fee includes the portion of the facility agent fee applicable to the undrawn portion of the Subscription Facility. The following table summarizes the interest expense and amortization of financing costs incurred on the SBA-guaranteed debentures for the three months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ 482 $ — Non-usage fee (1) — — Amortization of financing costs 42 — Weighted average stated interest rate 6.04 % — % Weighted average outstanding balance (2) $ 32,114 $ — (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 under the SBA Debentures program 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 months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Interest expense $ — $ 81 Non-usage fee — — Amortization of financing costs — — Weighted average stated interest rate — % 8.67 % Weighted average outstanding balance (1) $ — $ 3,787 (1) The Company's initial borrowing occurred on March 15, 2023.
Schedule of Line of Credit Facilities	The following table summarizes the Company’s SBA-guaranteed debentures as of March 31, 2024: Issuance Date Maturity Date Debenture Amount Interest Rate SBA Annual Charge September 15, 2023 March 1, 2034 $ 31,000 5.04% 0.047% March 15, 2024 September 1, 2034 $ 5,960 5.83% 0.047% The facilities of the Company consist of the following: March 31, 2024 December 31, 2023 Aggregate Principal Unused Aggregate Principal Unused Subscription Facility $ 38,400 $ 38,400 $ — $ 38,400 $ 27,500 $ 10,900 SBA-guaranteed debentures 36,960 36,960 — 36,960 31,000 5,960 Total $ 75,360 $ 75,360 $ — $ 75,360 $ 58,500 $ 16,860

Related Party Agreements and _2

Related Party Agreements and Transactions (Tables)	3 Months Ended
Related Party Agreements and Transactions (Tables)	Mar. 31, 2024
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 Payable June 30, 2022 $ 227 $ — $ 227 September 30, 2022 225 — 452 June 30, 2023 — (329) 123 September 30, 2023 — (123) — Total $ 452 $ (452) $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Unfunded Commitments	The Company had the following unfunded commitments to fund investments as of the indicated dates: Par Value as of Par Value as of March 31, 2024 December 31, 2023 Unfunded delayed draw and revolving senior secured loans $ 98,514 $ 73,977 Unfunded equity 12,500 — Total unfunded commitments $ 111,014 $ 73,977

Share Data and Distributions (T

Share Data and Distributions (Tables)	3 Months Ended
Share Data and Distributions (Tables)	Mar. 31, 2024
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 months ended March 31, 2024 and March 31, 2023: For the three months ended For the three months ended Earnings (loss) per common share (basic and diluted): Net increase (decrease) in net assets resulting from operations $ 7,868 $ 1,191 Weighted average common shares outstanding 21,581,652 6,782,444 Earnings (loss) per common share (basic and diluted): $ 0.36 $ 0.18
Schedule of Share Issuances	Share Issuance Date Shares Issued Amount Average Offering Price per Share January 26, 2023 2,510,396 $ 37,129 $ 14.79 March 28, 2023 1,188,592 17,746 14.93 Total 3,698,988 $ 54,875 $ 14.84
Schedule of Distributions Declared and Shares Distributed	For the three months ended March 31, 2024 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 Amount Per Share DRIP Shares Issued March 26, 2024 March 22, 2024 May 6, 2024 $6,475 $0.30 —

Tax Matters (Tables)

Tax Matters (Tables)	3 Months Ended
Tax Matters (Tables)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Tax Character Of Distributions Paid to Shareholders	The tax character of distributions paid for the three months ended March 31, 2024, and for the year ended December 31, 2023, were as follows: For the three months ended For the year ended Ordinary Income $ 6,475 $ 9,139 Long-term Capital Gain $ — $ — Return of Capital $ — $ —
Schedule of Accumulated Gains (Losses) as Calculated on Tax Basis	As of March 31, 2024 and December 31, 2023, the tax cost and estimated gross unrealized appreciation/(depreciation) from investments for federal income tax purposes are as follows. March 31, 2024 December 31, 2023 Tax cost $ 328,108 $ 271,522 Gross unrealized appreciation $ 3,447 $ 2,217 Gross unrealized depreciation (148) (147) Net unrealized investment appreciation / (depreciation) on investments $ 3,299 $ 2,070

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
Financial Highlights (Tables)	Mar. 31, 2024
Investment Company [Abstract]
Schedule of Financial Highlights	Below is the schedule of financial highlights of the Company for the three months ended March 31, 2024 and March 31, 2023: Per Common Share Data: (1) For the three months ended For the three months ended Net asset value, beginning of period $ 14.85 $ 14.60 Net investment income (loss) 0.31 0.16 Net realized and unrealized gain (loss) 0.05 0.02 Net increase (decrease) in net assets resulting from operations 0.36 0.18 Initial issuance of Common Stock — — Effect of offering price of subscriptions (2) — 0.06 Distributions declared (0.30) — Net asset value, end of period $ 14.91 $ 14.84 Total return based on NAV (3) 2.41 % 1.64 % Common shares outstanding, end of period 21,584,341 8,615,542 Weighted average shares outstanding 21,581,652 6,782,444 Net assets, end of period $ 321,838 $ 127,848 Ratio/Supplemental data (4) : Ratio of net investment income (loss) to average net assets 8.33 % 6.04 % Ratio of expenses to average net assets 5.18 % 7.19 % Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets 1.62 % 3.99 % Weighted average debt outstanding $ 44,738 $ 14,209 Total debt outstanding $ 75,360 $ 40,048 Asset coverage ratio 527.1 % 419.2 % Portfolio turnover — % — % (1) The per share data were derived by using the weighted average shares from the date of the first issuance of shares, through March 31, 2024 and March 31, 2023. (2) Increase (decrease) was due to the offering price of subscriptions during the period (See note 9). (3) Total return was 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.

Organization (Details)

Organization (Details)	3 Months Ended
Organization (Details)	Mar. 31, 2024 USD ($) region	Mar. 15, 2024 USD ($)	Sep. 15, 2023 USD ($)	Jan. 27, 2023 USD ($)
Schedule of Investments [Line Items]
Number of regions \| region	10
SBA-guaranteed debentures \| SBIC LP
Schedule of Investments [Line Items]
SBIC available long-term capital	$ 175,000,000	$ 5,960,000	$ 31,000,000	$ 175,000,000
SBA Debenture Regulatory Capital \| SBIC LP
Schedule of Investments [Line Items]
SBIC available long-term capital				$ 87,500,000
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	$ 10,000,000
Investment annual EBITDA	10,000,000
Maximum \| Middle Market Companies
Schedule of Investments [Line Items]
Investments, annual revenues	1,000,000,000
Investment annual EBITDA	$ 100,000,000

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		23 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 73,235		$ 73,235	$ 109,771
Interest from cash and cash equivalents	936	$ 250
Offering costs, threshold amount for reimbursement, value	1,000		1,000
Deferred offering costs since inception			804
Interest-Bearing Deposits
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 73,235		$ 73,235	$ 109,771

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost	$ 328,108	[1],[2],[3],[4],[5]	$ 271,523	[6],[7],[8],[9],[10]
Fair Value	331,407	[1],[2],[3],[4],[5]	273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Commercial Services & Supplies
Schedule of Investments [Line Items]
Amortized Cost	63,280		45,747
Fair Value	63,542		45,828
Construction & Engineering
Schedule of Investments [Line Items]
Amortized Cost	57,059		57,458
Fair Value	57,915		58,360
Professional Services
Schedule of Investments [Line Items]
Amortized Cost	34,197		34,254
Fair Value	34,514		34,254
Leisure Facilities
Schedule of Investments [Line Items]
Amortized Cost	33,383		33,439
Fair Value	33,674		33,789
Media
Schedule of Investments [Line Items]
Amortized Cost	28,096		28,467
Fair Value	28,221		28,594
Health Care Providers & Services
Schedule of Investments [Line Items]
Amortized Cost	17,704		7,840
Fair Value	17,903		7,940
Specialized Consumer Services
Schedule of Investments [Line Items]
Amortized Cost	15,542		15,566
Fair Value	15,775		15,625
Consumer Discretionary
Schedule of Investments [Line Items]
Amortized Cost	15,511
Fair Value	15,531
Health Care Services
Schedule of Investments [Line Items]
Amortized Cost	13,749		13,773
Fair Value	13,873		13,773
Industrials
Schedule of Investments [Line Items]
Amortized Cost	12,253
Fair Value	12,375
Environmental & Facilities Services
Schedule of Investments [Line Items]
Amortized Cost	9,791		9,795
Fair Value	10,098		9,922
Restaurants
Schedule of Investments [Line Items]
Amortized Cost	9,137		8,683
Fair Value	9,251		8,722
Health Care Equipment & Services
Schedule of Investments [Line Items]
Amortized Cost	8,166		8,175
Fair Value	8,455		8,391
Real Estate Management & Development
Schedule of Investments [Line Items]
Amortized Cost	4,956		2,952
Fair Value	4,956		2,970
IT Services
Schedule of Investments [Line Items]
Amortized Cost	3,385		3,380
Fair Value	3,425		3,425
Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Amortized Cost	1,899		1,994
Fair Value	1,899		2,000
Food Retail
Schedule of Investments [Line Items]
Amortized Cost	0
Fair Value	0
Far West
Schedule of Investments [Line Items]
Amortized Cost	72,536		70,645
Fair Value	73,144		71,013
Gulf Coast
Schedule of Investments [Line Items]
Amortized Cost	61,584		44,775
Fair Value	62,104		45,107
Mid-Atlantic
Schedule of Investments [Line Items]
Amortized Cost	49,897		39,607
Fair Value	50,143		39,697
Southeast
Schedule of Investments [Line Items]
Amortized Cost	35,190		35,256
Fair Value	35,748		35,642
Four Corners
Schedule of Investments [Line Items]
Amortized Cost	34,490		32,910
Fair Value	34,887		33,114
Great Lakes
Schedule of Investments [Line Items]
Amortized Cost	25,654		24,924
Fair Value	26,172		25,455
Empire
Schedule of Investments [Line Items]
Amortized Cost	31,053		15,566
Fair Value	31,306		15,625
Cascade
Schedule of Investments [Line Items]
Amortized Cost	17,704		7,840
Fair Value	$ 17,903		$ 7,940
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	19.30%		16.80%
Amortized Cost \| Investment Type Concentration Risk \| Construction & Engineering
Schedule of Investments [Line Items]
Concentration risk, percentage	17.40%		21.30%
Amortized Cost \| Investment Type Concentration Risk \| Professional Services
Schedule of Investments [Line Items]
Concentration risk, percentage	10.40%		12.60%
Amortized Cost \| Investment Type Concentration Risk \| Leisure Facilities
Schedule of Investments [Line Items]
Concentration risk, percentage	10.20%		12.30%
Amortized Cost \| Investment Type Concentration Risk \| Media
Schedule of Investments [Line Items]
Concentration risk, percentage	8.60%		10.50%
Amortized Cost \| Investment Type Concentration Risk \| Health Care Providers & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	5.40%		2.90%
Amortized Cost \| Investment Type Concentration Risk \| Specialized Consumer Services
Schedule of Investments [Line Items]
Concentration risk, percentage	4.70%		5.70%
Amortized Cost \| Investment Type Concentration Risk \| Consumer Discretionary
Schedule of Investments [Line Items]
Concentration risk, percentage	4.70%
Amortized Cost \| Investment Type Concentration Risk \| Health Care Services
Schedule of Investments [Line Items]
Concentration risk, percentage	4.20%		5.10%
Amortized Cost \| Investment Type Concentration Risk \| Industrials
Schedule of Investments [Line Items]
Concentration risk, percentage	3.70%
Amortized Cost \| Investment Type Concentration Risk \| Environmental & Facilities Services
Schedule of Investments [Line Items]
Concentration risk, percentage	3%		3.60%
Amortized Cost \| Investment Type Concentration Risk \| Restaurants
Schedule of Investments [Line Items]
Concentration risk, percentage	2.80%		3.20%
Amortized Cost \| Investment Type Concentration Risk \| Health Care Equipment & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	2.50%		3%
Amortized Cost \| Investment Type Concentration Risk \| Real Estate Management & Development
Schedule of Investments [Line Items]
Concentration risk, percentage	1.50%		1.10%
Amortized Cost \| Investment Type Concentration Risk \| IT Services
Schedule of Investments [Line Items]
Concentration risk, percentage	1%		1.20%
Amortized Cost \| Investment Type Concentration Risk \| Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Concentration risk, percentage	0.60%		0.70%
Amortized Cost \| Investment Type Concentration Risk \| Food Retail
Schedule of Investments [Line Items]
Concentration risk, percentage	0%
Amortized Cost \| Geographic Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%		100%
Amortized Cost \| Geographic Concentration Risk \| Far West
Schedule of Investments [Line Items]
Concentration risk, percentage	22.10%		26%
Amortized Cost \| Geographic Concentration Risk \| Gulf Coast
Schedule of Investments [Line Items]
Concentration risk, percentage	18.80%		16.50%
Amortized Cost \| Geographic Concentration Risk \| Mid-Atlantic
Schedule of Investments [Line Items]
Concentration risk, percentage	15.20%		14.60%
Amortized Cost \| Geographic Concentration Risk \| Southeast
Schedule of Investments [Line Items]
Concentration risk, percentage	10.70%		13%
Amortized Cost \| Geographic Concentration Risk \| Four Corners
Schedule of Investments [Line Items]
Concentration risk, percentage	10.50%		12.10%
Amortized Cost \| Geographic Concentration Risk \| Great Lakes
Schedule of Investments [Line Items]
Concentration risk, percentage	7.80%		9.20%
Amortized Cost \| Geographic Concentration Risk \| Empire
Schedule of Investments [Line Items]
Concentration risk, percentage	9.50%		5.70%
Amortized Cost \| Geographic Concentration Risk \| Cascade
Schedule of Investments [Line Items]
Concentration risk, percentage	5.40%		2.90%
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	19.20%		16.80%
Fair Value \| Investment Type Concentration Risk \| Construction & Engineering
Schedule of Investments [Line Items]
Concentration risk, percentage	17.40%		21.20%
Fair Value \| Investment Type Concentration Risk \| Professional Services
Schedule of Investments [Line Items]
Concentration risk, percentage	10.40%		12.50%
Fair Value \| Investment Type Concentration Risk \| Leisure Facilities
Schedule of Investments [Line Items]
Concentration risk, percentage	10.20%		12.40%
Fair Value \| Investment Type Concentration Risk \| Media
Schedule of Investments [Line Items]
Concentration risk, percentage	8.50%		10.50%
Fair Value \| Investment Type Concentration Risk \| Health Care Providers & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	5.40%		2.90%
Fair Value \| Investment Type Concentration Risk \| Specialized Consumer Services
Schedule of Investments [Line Items]
Concentration risk, percentage	4.80%		5.70%
Fair Value \| Investment Type Concentration Risk \| Consumer Discretionary
Schedule of Investments [Line Items]
Concentration risk, percentage	4.70%
Fair Value \| Investment Type Concentration Risk \| Health Care Services
Schedule of Investments [Line Items]
Concentration risk, percentage	4.20%		5%
Fair Value \| Investment Type Concentration Risk \| Industrials
Schedule of Investments [Line Items]
Concentration risk, percentage	3.70%
Fair Value \| Investment Type Concentration Risk \| Environmental & Facilities Services
Schedule of Investments [Line Items]
Concentration risk, percentage	3%		3.60%
Fair Value \| Investment Type Concentration Risk \| Restaurants
Schedule of Investments [Line Items]
Concentration risk, percentage	2.80%		3.20%
Fair Value \| Investment Type Concentration Risk \| Health Care Equipment & Services
Schedule of Investments [Line Items]
Concentration risk, percentage	2.60%		3.10%
Fair Value \| Investment Type Concentration Risk \| Real Estate Management & Development
Schedule of Investments [Line Items]
Concentration risk, percentage	1.50%		1.10%
Fair Value \| Investment Type Concentration Risk \| IT Services
Schedule of Investments [Line Items]
Concentration risk, percentage	1%		1.30%
Fair Value \| Investment Type Concentration Risk \| Hotels, Restaurants & Leisure
Schedule of Investments [Line Items]
Concentration risk, percentage	0.60%		0.70%
Fair Value \| Investment Type Concentration Risk \| Food Retail
Schedule of Investments [Line Items]
Concentration risk, percentage	0%
Fair Value \| Geographic Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	100%		100%
Fair Value \| Geographic Concentration Risk \| Far West
Schedule of Investments [Line Items]
Concentration risk, percentage	22.10%		26%
Fair Value \| Geographic Concentration Risk \| Gulf Coast
Schedule of Investments [Line Items]
Concentration risk, percentage	18.70%		16.50%
Fair Value \| Geographic Concentration Risk \| Mid-Atlantic
Schedule of Investments [Line Items]
Concentration risk, percentage	15.20%		14.50%
Fair Value \| Geographic Concentration Risk \| Southeast
Schedule of Investments [Line Items]
Concentration risk, percentage	10.80%		13%
Fair Value \| Geographic Concentration Risk \| Four Corners
Schedule of Investments [Line Items]
Concentration risk, percentage	10.50%		12.10%
Fair Value \| Geographic Concentration Risk \| Great Lakes
Schedule of Investments [Line Items]
Concentration risk, percentage	7.90%		9.30%
Fair Value \| Geographic Concentration Risk \| Empire
Schedule of Investments [Line Items]
Concentration risk, percentage	9.40%		5.70%
Fair Value \| Geographic Concentration Risk \| Cascade
Schedule of Investments [Line Items]
Concentration risk, percentage	5.40%		2.90%
First lien senior secured loans
Schedule of Investments [Line Items]
Amortized Cost	$ 319,655		$ 263,118
Fair Value	$ 322,957		$ 265,287
First lien senior secured loans \| Amortized Cost \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	97.40%		96.90%
First lien senior secured loans \| Fair Value \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	97.40%		97%
Subordinated debt
Schedule of Investments [Line Items]
Amortized Cost	$ 1,920		$ 1,872
Fair Value	$ 1,831		$ 1,753
Subordinated debt \| Amortized Cost \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0.60%		0.70%
Subordinated debt \| Fair Value \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0.60%		0.60%
Preferred equity
Schedule of Investments [Line Items]
Amortized Cost	$ 1,652		$ 1,652
Fair Value	$ 1,619		$ 1,652
Preferred equity \| Amortized Cost \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0.50%		0.60%
Preferred equity \| Fair Value \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	0.50%		0.60%
Equity
Schedule of Investments [Line Items]
Amortized Cost	$ 4,881		$ 4,881
Fair Value	$ 5,000		$ 4,901
Equity \| Amortized Cost \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1.50%		1.80%
Equity \| Fair Value \| Investment Type Concentration Risk
Schedule of Investments [Line Items]
Concentration risk, percentage	1.50%		1.80%
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 conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments."

Fair Value Measurements of In_3

Fair Value Measurements of Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 331,407	[1],[2],[3],[4],[5]		$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Fair Value Recurring Basis Unobservable Input Reconciliation Asset Gain Loss, Statement Of Income, Extensible List, Not Disclosed Flag	Consolidated Statements of Operations		Consolidated Statements of Operations
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 331,407			$ 273,593
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)	$ 1,229		$ 78

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." 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 of Investments."

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	Mar. 31, 2024		Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 331,407	[1],[2],[3],[4],[5]	$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	322,957		265,287
Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,831		1,753
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,000		4,901
Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,619		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		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		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	331,407		273,593
Level 3 \| First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	322,957		265,287
Level 3 \| Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,831		1,753
Level 3 \| Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,000		4,901
Level 3 \| Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,619		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 conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." 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 of Investments."

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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 273,593	$ 84,343
Purchases of investments and other adjustments to cost	59,744	29,372
Proceeds from sales and repayments of investments	(3,403)	(331)
Net accretion of discount on investments	244	80
Ending balance	331,407	113,542
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	1,229	78
First lien senior secured loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	265,287	78,156
Purchases of investments and other adjustments to cost	59,696	29,079
Proceeds from sales and repayments of investments	(3,403)	(331)
Net accretion of discount on investments	244	80
Ending balance	322,957	106,955
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	1,133	(29)
Subordinated debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,753	1,556
Purchases of investments and other adjustments to cost	48	43
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments	0	0
Ending balance	1,831	1,587
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	30	(12)
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	4,901	4,631
Purchases of investments and other adjustments to cost	0	250
Proceeds from sales and repayments of investments	0	0
Net accretion of discount on investments	0	0
Ending balance	5,000	5,000
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	99	119
Preferred equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,652
Purchases of investments and other adjustments to cost	0
Proceeds from sales and repayments of investments	0
Net accretion of discount on investments	0
Ending balance	1,619
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	(33)
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	Mar. 31, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 331,407	[1],[2],[3],[4],[5]	$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	322,957		265,287
Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,831		1,753
Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	5,000		4,901
Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,619		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	331,407		273,593
Level 3 \| First lien senior secured loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	322,957		265,287
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	$ 288,195		$ 169,630
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	0.112		0.115
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	0.095		0.099
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	0.137		0.141
Level 3 \| First lien senior secured loans \| Comparable Multiples \| Amortized Cost
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 34,762		$ 95,657
Level 3 \| Subordinated debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	1,831		1,753
Level 3 \| Subordinated debt \| Discount Rate \| Discounted Cash Flow
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,831		$ 1,753
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	0.158		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	0.153		0.158
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	0.163		0.168
Level 3 \| Equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,000		$ 4,901
Level 3 \| Equity \| EV/EBITDA \| Comparable Multiples
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 5,000		$ 4,901
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		6.8
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		6.5
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		7
Level 3 \| Preferred equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,619		$ 1,652
Level 3 \| Preferred equity \| EV/EBITDA \| Comparable Multiples
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 1,619		$ 1,652
Level 3 \| Preferred 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		6.3
Level 3 \| Preferred 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		6
Level 3 \| Preferred 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		6.5
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	8.8		8.5
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	8.5		8.3
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	9		8.8

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." 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 of Investments."

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 02, 2022	Mar. 31, 2024	Dec. 31, 2023	May 02, 2024	Mar. 15, 2024	Sep. 15, 2023	Mar. 31, 2023	Jan. 27, 2023	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
Debt instrument, asset coverage ratio		527.10%	645.70%
Total debt outstanding		$ 75,360,000					$ 40,048,000
Line of credit		38,400,000	$ 27,500,000
Lafayette Square \| SBIC LP
Line of Credit Facility [Line Items]
Committed capital		82,500,000	82,500,000
SBA-guaranteed debentures \| SBIC LP
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 175,000,000			$ 5,960,000	$ 31,000,000		$ 175,000,000
Debt instrument, term		10 years
Commitment fee percentage		1%
Discount percentage		2.435%
Annual fee percentage		0.047%			0.047%	0.047%
SBA-guaranteed debentures \| Lafayette Square \| SBIC LP
Line of Credit Facility [Line Items]
Committed capital		$ 37,000,000	31,000,000
Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		75,360,000	75,360,000
Total debt outstanding		75,360,000	58,500,000
Revolver \| 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		38,400,000	27,500,000
Revolver \| Subscription Facility \| Line of Credit \| Margin Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.50%
Revolver \| Subscription Facility \| Line of Credit \| Federal Fund Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Revolver \| Subscription Facility \| Line of Credit \| Forecast
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity				$ 1,000,000,000
Revolver \| SBA-guaranteed debentures \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		36,960,000	36,960,000
Total debt outstanding		$ 36,960,000	$ 31,000,000
Revolver \| Repurchase Obligation \| Line of Credit
Line of Credit Facility [Line Items]
Reverse repurchase agreement, maximum period for repurchase		90 days

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense and Amortization of Financing Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit Facility [Line Items]
Interest expense	$ 721	$ 247
Non-usage fee	16	22
Amortization of financing costs	$ 185	$ 69
Weighted average stated interest rate	6.48%	7.05%
Weighted average outstanding balance	$ 44,738	$ 14,209
Subscription Facility
Line of Credit Facility [Line Items]
Interest expense	239	166
Non-usage fee	16	22
Amortization of financing costs	$ 143	$ 69
Weighted average stated interest rate	7.59%	6.46%
Weighted average outstanding balance	$ 12,624	$ 10,422
SBA-guaranteed debentures
Line of Credit Facility [Line Items]
Interest expense	482	0
Non-usage fee	0	0
Amortization of financing costs	$ 42	$ 0
Weighted average stated interest rate	6.04%	0%
Weighted average outstanding balance	$ 32,114	$ 0
Repurchase Obligation
Line of Credit Facility [Line Items]
Interest expense	0	81
Non-usage fee	0	0
Amortization of financing costs	$ 0	$ 0
Weighted average stated interest rate	0%	8.67%
Weighted average outstanding balance	$ 0	$ 3,787

Debt - Guaranteed Debentures (D

Debt - Guaranteed Debentures (Details) - SBIC LP - SBA-guaranteed debentures - USD ($)	Mar. 31, 2024	Mar. 15, 2024	Sep. 15, 2023	Jan. 27, 2023
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 175,000,000	$ 5,960,000	$ 31,000,000	$ 175,000,000
Interest rate		5.83%	5.04%
SBA Annual Charge	0.047%	0.047%	0.047%

Debt - Schedule of Line of Cred

Debt - Schedule of Line of Credit Facilities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Feb. 02, 2022
Line of Credit Facility [Line Items]
Principal Amount Outstanding	$ 75,360,000		$ 40,048,000
Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	75,360,000	$ 75,360,000
Principal Amount Outstanding	75,360,000	58,500,000
Unused Portion	0	16,860,000
Revolver \| 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	38,400,000	27,500,000
Unused Portion	0	10,900,000
Revolver \| SBA-guaranteed debentures \| Line of Credit
Line of Credit Facility [Line Items]
Aggregate Principal Amount Available	36,960,000	36,960,000
Principal Amount Outstanding	36,960,000	31,000,000
Unused Portion	$ 0	$ 5,960,000

Related Party Agreements and _3

Related Party Agreements and Transactions - Narrative (Details) $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended	16 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2024 USD ($) component calendarQuarter	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Management fee					$ 742	$ 256
Management fee payable					742		$ 605
Incentive fee					1,169	196
Incentive fee payable					1,169		565
Administrative fee					506	177
Due to affiliate					157		123
Expense support reimbursement	$ 123	$ 329	$ 0	$ 0				$ 452
Related Party
Related Party Transaction [Line Items]
Incentive fee					1,169	196
Incentive fee payable					1,169		565
Due to affiliate					$ 157		123
Expense support reimbursement							452
Investment Advisory Agreement \| Related Party
Related Party Transaction [Line Items]
Adviser fees, number of components \| component					2
Base management fee annual rate, number of most recently completed calendar quarters \| calendarQuarter					2
Management fee					$ 742	256
Management fee payable					$ 742		605
Advisor incentive fee, number of parts \| component					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					$ 506	$ 177
Administrative fee payable					$ 500		$ 885
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				16 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023
Related Party Transactions [Abstract]
Expense Payments by Adviser	$ 0	$ 0	$ 225	$ 227	$ 452
Reimbursement Payments to Adviser	(123)	(329)	0	0	(452)
Unreimbursed Expense Payable	$ 0	$ 123	$ 452	$ 227	$ 0

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Other Commitments [Line Items]
Fair Value	$ 331,407	[1],[2],[3],[4],[5]	$ 273,593	[6],[7],[8],[9],[10],[11],[12],[13],[14],[15]
Line of Credit
Other Commitments [Line Items]
Fair Value	$ 0		$ (4)

[1] All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the Investment Company Act of 1940 (the "1940 Act"). Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments are denominated in U.S. dollars unless otherwise noted. The prior year table has been modified to conform to the current year. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. All investments were qualifying assets as defined under Section 55(a) of the 1940 Act. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Except as noted by this footnote, all of the instruments on this table are subject to restrictions on resale. Industries are classified by The Global Industry Classification Standard ("GICS"). Industries are classified by The Global Industry Classification Standard ("GICS"). 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 of Investments." 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 of Investments."

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Unfunded Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Total unfunded commitments	$ 111,014	$ 73,977
Investment, Identifier [Axis]: Unfunded Delayed Draw and Revolving Senior Secured Loans
Other Commitments [Line Items]
Total unfunded commitments	98,514	73,977
Investment, Identifier [Axis]: Unfunded equity
Other Commitments [Line Items]
Total unfunded commitments	$ 12,500	$ 0

Directors Fees (Details)

Directors Fees (Details) - USD ($) $ in Thousands	3 Months Ended
Directors Fees (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Schedule of Investments [Line Items]
Directors' fees	$ 80	$ 80
Independent Director
Schedule of Investments [Line Items]
Directors' fees authorized	100
Audit Committee
Schedule of Investments [Line Items]
Directors' fees authorized	$ 20

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
	Mar. 31, 2024	Mar. 31, 2023
Earnings (loss) per common share (basic and diluted):
Net increase (decrease) in net assets resulting from operations	$ 7,868	$ 1,191
Weighted average common shares outstanding, basic (in shares)	21,581,652	6,782,444
Weighted average common shares outstanding, diluted (in shares)	21,581,652	6,782,444
Earnings (loss) per common share basic (in dollar per share)	$ 0.36	$ 0.18
Earnings (loss) per common share diluted (in dollar per share)	$ 0.36	$ 0.18

Share Data and Distributions _2

Share Data and Distributions - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
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	$ 390	$ 377
Uncalled capital commitments	$ 73.4	$ 60.3

Share Data and Distributions _3

Share Data and Distributions - Schedule of Share Issuance (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Mar. 28, 2023	Jan. 26, 2023	Mar. 31, 2023
Equity [Abstract]
Shares issued (in shares)	1,188,592	2,510,396	3,698,988
Amount	$ 17,746	$ 37,129	$ 54,875
Average Offering Price per Share (in dollars per share)	$ 14.93	$ 14.79	$ 14.84

Share Data and Distributions _4

Share Data and Distributions - Schedule of Distributions Declared and Shares Distributed (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 21, 2023	Mar. 31, 2024	Mar. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Amount		$ 1,206	$ 0
Stockholders not opted out of DRIP
Subsidiary, Sale of Stock [Line Items]
Amount	$ 6,475
Amount Per Share (in dollar per share)	$ 0.30
Amount Per Share (in dollar per share)	$ 0.30
DRIP Shares Issued (in shares)	0

Tax Matters- Narrative (Details

Tax Matters- Narrative (Details) $ in Thousands	3 Months Ended
Tax Matters- Narrative (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Capital loss carryforwards	$ 111
Capital gains offset expiration period	5 years

Tax Matters - Schedule of Tax C

Tax Matters - Schedule of Tax Character Of Distributions Paid to Shareholders (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Ordinary Income	$ 6,475	$ 9,139
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	Mar. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax cost	$ 328,108	$ 271,522
Gross unrealized appreciation	3,447	2,217
Gross unrealized depreciation	(148)	(147)
Net unrealized investment appreciation / (depreciation) on investments	$ 3,299	$ 2,070

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period (in dollar per share)	$ 14.85	$ 14.60
Net investment income (loss) (in dollar per share)	0.31	0.16
Net realized and unrealized gain (loss) (in dollar per share)	0.05	0.02
Net increase (decrease) in net assets resulting from operations (in dollar per share)	0.36	0.18
Initial issuance of Common Stock (in dollar per share)	0	0
Effect of offering price of subscriptions (in dollar per share)	0	0.06
Distributions declared (in dollar per share)	(0.30)	0
Net asset value, end of period (in dollar per share)	$ 14.91	$ 14.84
Total return based on NAV	2.41%	1.64%
Common shares outstanding, end of period (in shares)	21,584,341	8,615,542	21,502,768
Weighted average common shares outstanding, basic (in shares)	21,581,652	6,782,444
Weighted average common shares outstanding, diluted (in shares)	21,581,652	6,782,444
Net assets, end of period	$ 321,838	$ 127,848	$ 319,239	$ 71,782
Ratio/Supplemental data:
Ratio of net investment income (loss) to average net assets	8.33%	6.04%
Ratio of expenses to average net assets	5.18%	7.19%
Ratio of expenses (before management fees, incentive fees and interest and financing expenses) to average net assets	1.62%	3.99%
Weighted average debt outstanding	$ 44,738	$ 14,209
Total debt outstanding	$ 75,360	$ 40,048
Asset coverage ratio	527.10%	419.20%
Portfolio turnover	0%	0%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	May 01, 2024	Apr. 29, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock par value (in dollar per shares)			$ 0.001	$ 0.001
Subsequent Event \| Macquarie US Trading LLC
Subsequent Event [Line Items]
Loans payable	$ 20.4
Subsequent Event \| Revolver \| Subscription Facility \| Line of Credit
Subsequent Event [Line Items]
Repayments of line of credit	$ 38.4
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Number of shares sold (in shares)		730
Common stock par value (in dollar per shares)		$ 0.001
Sale of stock, proceeds received		$ 11