Redwood Enhanced Income 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 14, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Entity File Number	814-01508
Entity Registrant Name	REDWOOD ENHANCED INCOME CORP.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	88-0824777
Entity Address, Address Line One	250 West 55th Street
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address State Or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	212
Local Phone Number	970-1400
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		14,439,103
Entity Central Index Key	0001870267
Document Fiscal Period Focus	Q2
No Trading Symbol Flag	true
Amendment Flag	false

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Assets
Non-controlled/non-affiliated investments, at fair value	$ 373,144		$ 272,731
Cash and cash equivalents	2,246		2,536
Restricted cash	113		757
Derivatives, at fair value	484		375
Interest receivable	5,336		3,592
Deferred debt issuance costs	1,699		2,092
Prepaid expenses and other assets	69		317
Total assets	383,091		282,400
Liabilities
Debt	182,034		121,738
Incentive fees payable	191
Interest and other debt related payables	137		309
Distributions payable	5,458		6,094
Payable for investments purchased	1,583		15,466
Management fees payable	612		511
Accrued expenses and other liabilities	565		475
Total liabilities	190,580		144,593
Commitments and contingencies (Note 8)
Net assets	192,511		137,807
Composition of net assets applicable to common shareholders
Common stock, $0.001 par value, (1,000,000,000 shares authorized, 14,362,829 and 10,224,654 shares issued and outstanding, respectively)	14		10
Paid-in capital in excess of par	208,920		151,392
Distributable earnings (deficit)	(16,423)		(13,595)
Total net assets	192,511		137,807
Total liabilities and net assets	$ 383,091		$ 282,400
Shares outstanding	14,362,829		10,224,654
Net asset value per share	$ 13.40		$ 13.48
Investments-non-controlled/non-affiliated
Assets
Non-controlled/non-affiliated investments, at fair value	$ 351,180	[1]	$ 272,731
Investments, non-controlled/affiliated
Assets
Non-controlled/non-affiliated investments, at fair value	$ 21,964
[1] Redwood Enhanced Income Corp.

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	14,362,829	10,224,654
Common stock, shares outstanding	14,362,829	10,224,654
Investments-non-controlled/non-affiliated
Cost	$ 370,608	$ 286,760
Investments, non-controlled/affiliated
Cost	$ 22,153	$ 0

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Investment income:
Total investment income	$ 12,158	$ 2,770	$ 2,770	$ 21,736
Operating expenses:
Interest and other debt expenses	3,434	456	456	6,356
Organization expenses			660
Management fees	711	251	251	1,305
Administrative expenses	47	39	39	91
Professional fees	88	176	223	165
Directors' fees	57	56	113	113
Custody and transfer agent fees	20	10	10	40
Incentive fees	191			553
Other operating expenses	110	18	26	201
Total operating expenses, before expense reimbursement and waiver	4,658	1,006	1,778	8,824
Expense reimbursement	(99)			(165)
Organization expenses waiver			(660)
Total operating expenses, net of expense reimbursement and waiver	4,559	1,006	1,118	8,659
Net investment income (loss)	7,599	1,764	1,652	13,077
Net realized and unrealized gain (loss) on derivatives	319	(171)	(171)	208
Realized and unrealized gain (loss):
Realized losses (gains)			27	(142)
Foreign currency debt	5		0	96
Net realized gain (loss)	(1,466)	27	27	(46)
Change in unrealized losses (gains)			(7,438)	(5,453)
Foreign currency investments	(28)	14	14	(133)
Foreign currency debt	(2)		0	(166)
Net change in net unrealized appreciation (depreciation)	(5,380)	(7,424)	(7,424)	(5,752)
Net realized and unrealized gain (loss)	(6,527)	(7,568)	(7,568)	(5,590)
Net increase (decrease) in net assets from operations	$ 1,072	$ (5,804)	$ (5,916)	$ 7,487
Net investment income (loss) per share, Basic	$ 0.55	$ 0.41	$ 0.38	$ 1.02
Net investment income (loss) per share, Diluted	0.55	0.41	0.38	1.02
Earnings (loss) per share, Basic	0.08	(1.34)	(1.37)	0.59
Earnings (loss) per share, Diluted	$ 0.08	$ (1.34)	$ (1.37)	$ 0.59
Weighted average shares outstanding - Basic	13,911,578	4,325,696	4,325,696	12,760,590
Weighted average shares outstanding - Diluted	13,911,578	4,325,696	4,325,696	12,760,590
Investment, non-controlled/non-affiliated
Investment income:
Interest income, excluding payment-in-kind ("PIK")	$ 10,911	$ 2,334	$ 2,334	$ 20,234
PIK income	174	38	38	397
Other income	535	398	398	567
Total investment income	11,620	2,770	2,770	21,198
Realized and unrealized gain (loss):
Realized losses (gains)	(1,471)	27	27	(142)
Change in unrealized losses (gains)	(5,161)	$ (7,438)	$ (7,438)	(5,264)
Investments, non-controlled/affiliated
Investment income:
Interest income, excluding payment-in-kind ("PIK")	538			538
Total investment income	538			538
Realized and unrealized gain (loss):
Change in unrealized losses (gains)	$ (189)			$ (189)

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended	10 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 175,218	$ (62)	$ 50	$ 137,807	$ 50
Beginning balance (in shares)				10,224,654
Issuance of common stock	20,784	94,575	94,575	$ 55,544
Common stock issued from reinvestment of distributions	895			1,988
Distributions to shareholders	(5,458)	0		(10,315)
Net investment income	7,599	1,764	1,652	13,077
Net realized and unrealized gain (loss) on derivatives	319	(171)		208	(171)
Net realized gain (loss)	(1,466)	27	27	(46)
Net unrealized gain (loss)	(5,380)	(7,424)	(7,424)	(5,752)
Ending balance	$ 192,511	$ 88,709	$ 88,709	$ 192,511	$ 137,807
Ending balance (in shares)	14,362,829	6,308,333	6,308,333	14,362,829	10,224,654
Common Shares
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 13			$ 10
Beginning balance (in shares)	12,781,489	3,333	3,333	10,224,654	3,333
Issuance of common stock	$ 1	$ 6	$ 6	$ 4
Issuance of common stock (in shares)	1,516,047	6,305,000	6,305,000	3,991,830
Common stock issued from reinvestment of distributions (in shares)	65,293			146,345
Ending balance	$ 14	$ 6	$ 6	$ 14	$ 10
Ending balance (in shares)	14,362,829	6,308,333	6,308,333	14,362,829	10,224,654
Paid-in-Capital in Excess of Par Value
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 187,242	$ 50	$ 50	$ 151,392	$ 50
Issuance of common stock	20,783	94,569	94,569	55,540
Common stock issued from reinvestment of distributions	895			1,988
Ending balance	208,920	94,619	94,619	208,920	151,392
Distributable Earnings (Loss)
Investment Company, Net Assets [Roll Forward]
Beginning balance	(12,037)	(112)		(13,595)
Distributions to shareholders	(5,458)			(10,315)
Net investment income	7,599	1,764	1,652	13,077
Net realized and unrealized gain (loss) on derivatives	319	(171)		208	(171)
Net realized gain (loss)	(1,466)	27	27	(46)
Net unrealized gain (loss)	(5,380)	(7,424)	(7,424)	(5,752)
Ending balance	$ (16,423)	$ (5,916)	$ (5,916)	$ (16,423)	$ (13,595)

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	4 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023
Operating activities
Net increase (decrease) in net assets resulting from operations	$ (5,916)	$ 7,487
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of investments	(200,206)	(135,605)
Proceeds from disposition of investments	2,886	31,982
Net realized (gain) loss on investments	(27)	142
Net realized (gain) loss on foreign currency debt	0	(96)
Change in net unrealized (appreciation)/depreciation of investments	7,438	5,453
Change in net unrealized (appreciation)/depreciation of foreign currency investments	(14)	133
Change in net unrealized (appreciation)/depreciation of foreign currency debt	0	166
Net amortization of investment discounts and premiums	(390)	(2,122)
Amortization of deferred debt issuance costs	89	468
Interest paid in kind	(38)	(397)
Changes in assets and liabilities:
Decrease (increase) in derivatives, at fair value	171	(109)
Decrease (increase) in interest receivable	(3,955)	(1,744)
Decrease (increase) in prepaid expenses and other assets	(3,117)	248
Increase (decrease) in incentive fees payable	0	191
Increase (decrease) in interest and other debt related payables	226	(172)
Increase (decrease) in payable for investments purchased	65,933	(13,883)
Increase (decrease) in management fees payable	251	101
Increase (decrease) in accrued expenses and other liabilities	81	90
Net cash provided by (used in) operating activities	(136,588)	(107,667)
Financing activities
Proceeds from shares of common stock sold	94,575	55,544
Debt borrowings	98,650	146,757
Debt repayments	(32,650)	(86,531)
Distribution paid	0	(8,962)
Deferred debt issuance costs paid	(1,912)	(75)
Net cash provided by (used in) financing activities	158,663	106,733
Net increase (decrease) in cash and cash equivalents and restricted cash	22,075	(934)
Cash and cash equivalents and restricted cash at beginning of period	50	3,293
Cash and cash equivalents and restricted cash at end of period	22,125	2,359
Supplemental cash flow information
Interest and other debt expenses paid	203	6,060
Upfront fees paid	725
Other financing fees paid	600	75
Reinvestment of stockholder distributions	$ 0	$ 1,988

Schedule of Investments

Schedule of Investments - USD ($)	6 Months Ended		10 Months Ended
	Jun. 30, 2023		Dec. 31, 2022
Schedule of Investments
Fair Value	$ 373,144,000		$ 272,731,000
Cash and cash equivalents, Cost	2,246,000		2,536,000
Cash and cash equivalents, Fair Value	$ 2,246,000		$ 2,536,000
Cash and cash equivalents, Percentage of Net Assets	1.17%		1.84%
Restricted cash, Cost	$ 113,000		$ 757,000
Restricted cash, Fair Value	$ 113,000		$ 757,000
Restricted cash, Percentage of Net Assets	0.06%		0.55%
Cash and Cash Equivalents and Restricted Cash, Cost	$ 2,359,000		$ 3,293,000
Cash and Cash Equivalents and Restricted Cash, Fair Value	$ 2,359,000		$ 3,293,000
Cash and Cash Equivalents and Restricted Cash, Percentage of Net Assets	1.23%		2.39%
Investments, Cash and Cash Equivalents and Restricted Cash, Cost	$ 395,120,000		$ 290,053,000
Investments, Cash and Cash Equivalents and Restricted Cash, Fair Value	$ 375,503,000		$ 276,024,000
Investments, Cash and Cash Equivalents and Restricted Cash, Percentage of Net Assets	195.05%		200.29%
Derivative Asset	$ 484,000		$ 375,000
Qualifying Assets Required Of Acquiree At Time Of Acquisition Of Total Assets Percentage	70%		70%
Cash and Cash equivalents average yield term			P1Y
Cash and Cash equivalents yield percentage	5.20%		1.50%
Aggregate acquisitions of investments	$ 135,605,000		$ 314,042,000
Aggregate dispositions of investments	$ 31,982,000		$ 29,674,000
Non-qualifying assets as percentage of total assets	23.69%		26.80%
Total value of restricted securities	$ 113,000		$ 757
Percentage of restricted investment of total cash and investments	0%		0.30%
Interest Rate Swap
Schedule of Investments
Derivative Asset, Notional Amount	$ 12,000,000		$ 12,000,000
Derivative Asset	484,000		375,000
First Lien Term Loan | Retail
Schedule of Investments
Cost			18,244,000
Fair Value			$ 16,987,000
Percentage of Net Assets			12.33%
Corporate Bond
Schedule of Investments
Fair Value	104,968,000		$ 65,814,000
Investment, non-controlled/non-affiliated
Schedule of Investments
Cost	370,608,000		286,760,000
Fair Value	$ 351,180,000	[1]	$ 272,731,000
Percentage of Net Assets	182.41%		197.90%
Investment, non-controlled/non-affiliated | First Lien Term Loan
Schedule of Investments
Cost	$ 280,415,000		$ 217,811,000
Fair Value	$ 268,176,000		$ 206,917,000
Percentage of Net Assets	139.29%		150.14%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Beverage, Food, & Tobacco
Schedule of Investments
Cost	$ 9,416,000		$ 9,502,000
Fair Value	$ 7,923,000		$ 8,913,000
Percentage of Net Assets	4.12%		6.47%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Construction & Building
Schedule of Investments
Cost	$ 24,132,000		$ 23,923,000
Fair Value	$ 24,557,000		$ 23,486,000
Percentage of Net Assets	12.75%		17.04%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Consumer Goods: Durable
Schedule of Investments
Cost	$ 12,730,000		$ 22,026,000
Fair Value	$ 9,909,000		$ 20,891,000
Percentage of Net Assets	5.15%		15.16%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Consumer Goods: Non-Durable
Schedule of Investments
Cost	$ 23,533,000		$ 23,703,000
Fair Value	$ 23,567,000		$ 22,668,000
Percentage of Net Assets	12.24%		16.45%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Environmental Industries
Schedule of Investments
Cost	$ 8,374,000
Fair Value	$ 8,376,000
Percentage of Net Assets	4.35%
Investment, non-controlled/non-affiliated | First Lien Term Loan | FIRE: Insurance
Schedule of Investments
Cost	$ 18,964,000
Fair Value	$ 19,220,000
Percentage of Net Assets	9.98%
Investment, non-controlled/non-affiliated | First Lien Term Loan | FIRE: Real Estate
Schedule of Investments
Cost	$ 15,601,000		$ 16,412,000
Fair Value	$ 15,021,000		$ 15,674,000
Percentage of Net Assets	7.80%		11.37%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Healthcare & Pharmaceuticals
Schedule of Investments
Cost	$ 33,842,000		$ 34,087,000
Fair Value	$ 32,805,000		$ 33,625,000
Percentage of Net Assets	17.04%		24.40%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Hotel, Gaming and Leisure
Schedule of Investments
Cost	$ 9,727,000
Fair Value	$ 9,886,000
Percentage of Net Assets	5.14%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Retail
Schedule of Investments
Cost	$ 18,253,000
Fair Value	$ 16,172,000
Percentage of Net Assets	8.40%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Services: Business
Schedule of Investments
Cost	$ 23,984,000		$ 12,329,000
Fair Value	$ 22,821,000		$ 11,909,000
Percentage of Net Assets	11.85%		8.64%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Services: Consumer
Schedule of Investments
Cost	$ 21,739,000		$ 18,496,000
Fair Value	$ 21,576,000		$ 18,980,000
Percentage of Net Assets	11.21%		13.77%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Software
Schedule of Investments
Cost	$ 4,939,000		$ 10,685,000
Fair Value	$ 3,415,000		$ 7,754,000
Percentage of Net Assets	1.77%		5.63%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Technology Enabled Services
Schedule of Investments
Cost	$ 31,090,000		$ 8,945,000
Fair Value	$ 28,350,000		$ 6,069,000
Percentage of Net Assets	14.73%		4.40%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Transportation: Consumer
Schedule of Investments
Cost	$ 17,286,000		$ 12,704,000
Fair Value	$ 16,927,000		$ 12,515,000
Percentage of Net Assets	8.79%		9.08%
Investment, non-controlled/non-affiliated | First Lien Term Loan | Wholesale
Schedule of Investments
Cost	$ 6,805,000		$ 6,755,000
Fair Value	$ 7,651,000		$ 7,446,000
Percentage of Net Assets	3.97%		5.40%
Investment, non-controlled/non-affiliated | Corporate Bond
Schedule of Investments
Cost	$ 90,193,000		$ 68,949,000
Fair Value	$ 83,004,000		$ 65,814,000
Percentage of Net Assets	43.12%		47.76%
Investment, non-controlled/non-affiliated | Corporate Bond | Construction & Building
Schedule of Investments
Cost	$ 12,802,000
Fair Value	$ 12,596,000
Percentage of Net Assets	6.54%
Investment, non-controlled/non-affiliated | Corporate Bond | Capital Equipment
Schedule of Investments
Cost	$ 5,554,000		$ 4,291,000
Fair Value	$ 5,306,000		$ 3,895,000
Percentage of Net Assets	2.76%		2.83%
Investment, non-controlled/non-affiliated | Corporate Bond | Chemicals, Plastics, & Rubber
Schedule of Investments
Cost	$ 4,952,000		$ 4,909,000
Fair Value	$ 4,958,000		$ 5,048,000
Percentage of Net Assets	2.58%		3.66%
Investment, non-controlled/non-affiliated | Corporate Bond | Environmental Industries
Schedule of Investments
Cost	$ 12,936,000		$ 12,681,000
Fair Value	$ 12,987,000		$ 13,040,000
Percentage of Net Assets	6.75%		9.46%
Investment, non-controlled/non-affiliated | Corporate Bond | Retail
Schedule of Investments
Cost	$ 18,479,000		$ 18,182,000
Fair Value	$ 15,904,000		$ 16,512,000
Percentage of Net Assets	8.26%		11.98%
Investment, non-controlled/non-affiliated | Corporate Bond | Services: Business
Schedule of Investments
Cost	$ 9,951,000		$ 9,842,000
Fair Value	$ 5,842,000		$ 8,942,000
Percentage of Net Assets	3.03%		6.49%
Investment, non-controlled/non-affiliated | Corporate Bond | Services: Consumer
Schedule of Investments
Cost	$ 10,816,000		$ 4,377,000
Fair Value	$ 10,795,000		$ 3,812,000
Percentage of Net Assets	5.61%		2.77%
Investment, non-controlled/non-affiliated | Corporate Bond | Software
Schedule of Investments
Cost	$ 14,703,000		$ 14,667,000
Fair Value	$ 14,616,000		$ 14,565,000
Percentage of Net Assets	7.59%		10.57%
Investments, non-controlled/affiliated
Schedule of Investments
Cost	$ 22,153,000		$ 0
Fair Value	$ 21,964,000
Percentage of Net Assets	11.41%
Investments, non-controlled/affiliated | TPC Group Inc
Schedule of Investments
Fair Value	$ 21,964,000
Investments, non-controlled/affiliated | Corporate Bond
Schedule of Investments
Cost	22,153,000
Fair Value	$ 21,964,000
Percentage of Net Assets	11.41%
Investments, non-controlled/affiliated | Corporate Bond | Chemicals, Plastics, & Rubber
Schedule of Investments
Cost	$ 22,153,000
Fair Value	$ 21,964,000
Percentage of Net Assets	11.41%
Investment, Identifier [Axis]: Amer Sports Holding Oy (fka Mascot Bidco Oy) (Finland), First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]			Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]			rweic:AmerSportsHoldingOyfkaMascotBidcoOyFinlandMember
Investment, Type [Extensible Enumeration]			First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]			Consumer Goods: Non-Durable
Investment, Variable Interest Rate, Type [Extensible Enumeration]			rweic:ThreeMonthEURIBORMember
Floor			0%
Interest Rate			4.50%
Maturity Date			Mar. 30, 2026
Par Amount /Shares			$ 5,140,000
Cost			4,694,000
Fair Value			$ 5,070,000
Percentage of Net Assets			3.68%
Investment, Significant Unobservable Input [true false]			false
Investment, Restriction Status [true false]			true
Investment, Identifier [Axis]: Aptos Canada, Inc., Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:AptosCanadaInc.Member		rweic:AptosCanadaInc.Member
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Software		Software
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthLIBORMember		rweic:OneMonthLIBORMember
Floor	1%		1%
Interest Rate	7.50%		7.50%
Maturity Date	Mar. 02, 2027		Mar. 04, 2027
Par Amount /Shares	$ 15,000,000		$ 15,000,000
Cost	14,703,000		14,667,000
Fair Value	$ 14,616,000		$ 14,565,000
Percentage of Net Assets	7.59%		10.57%
Investment, Significant Unobservable Input [true false]	true		true
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: At Home Group, Inc., Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:AtHomeGroupInc.Member		rweic:AtHomeGroupInc.Member
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]			Retail
Interest Rate	4.88%		4.88%
Maturity Date	Jul. 15, 2028		Jul. 15, 2028
Par Amount /Shares	$ 8,418,000		$ 8,418,000
Cost	6,765,000		6,641,000
Fair Value	$ 4,251,000		$ 5,941,000
Percentage of Net Assets	2.21%		4.31%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: At Home Group, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:AtHomeGroupInc.Member		rweic:AtHomeGroupInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Retail		Retail
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.50%		0.50%
Interest Rate	4.25%		4.25%
Maturity Date	Jul. 24, 2028		Jul. 24, 2028
Par Amount /Shares	$ 5,726,000		$ 5,755,000
Cost	4,688,000		4,642,000
Fair Value	$ 3,595,000		$ 4,507,000
Percentage of Net Assets	1.87%		3.27%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Athena Holdco S.A.S. First Lien Term Loan One
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Athena Holdco S.A.S.
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	FIRE: Insurance
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0%
Interest Rate	6.50%
Maturity Date	Apr. 18, 2030
Par Amount /Shares	$ 17,900,000
Cost	19,031,000
Fair Value	$ 19,253,000
Percentage of Net Assets	10%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Athena Holdco S.A.S. First Lien Term Loan Two
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Athena Holdco S.A.S.
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	FIRE: Insurance
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0%
Interest Rate	6.50%
Maturity Date	Apr. 18, 2030
Par Amount /Shares	$ 2,100,000
Cost	(67,000)
Fair Value	$ (33,000)
Percentage of Net Assets	(0.02%)
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Atlas Purchaser, Inc, First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:AtlasPurchaserIncMember		rweic:AtlasPurchaserIncMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Software		Software
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.75%		0.75%
Interest Rate	5.25%		5.25%
Maturity Date	May 08, 2028		May 08, 2028
Par Amount /Shares	$ 5,177,000		$ 11,113,000
Cost	4,939,000		10,685,000
Fair Value	$ 3,415,000		$ 7,754,000
Percentage of Net Assets	1.77%		5.63%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Bioceres Crop Solutions Corp. (Argentina), Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:BioceresCropSolutionsCorp.ArgentinaMember		rweic:BioceresCropSolutionsCorp.ArgentinaMember
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Environmental Industries		Environmental Industries
Interest Rate	5%		5%
Interest rate - PIK	4%		4%
Maturity Date	Aug. 05, 2026		Aug. 05, 2026
Par Amount /Shares	$ 12,936,000		$ 12,681,000
Cost	12,936,000		12,681,000
Fair Value	$ 12,987,000		$ 13,040,000
Percentage of Net Assets	6.75%		9.46%
Investment, Significant Unobservable Input [true false]	true		true
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Boardriders, Inc, First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:BoardridersIncMember		rweic:BoardridersIncMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Consumer Goods: Non-Durable		Consumer Goods: Non-Durable
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	1%		1%
Interest Rate	6.50%		6.50%
Interest rate - PIK	1.50%		1.50%
Maturity Date	Apr. 23, 2024		Apr. 23, 2024
Par Amount /Shares	$ 10,096,000		$ 10,070,000
Cost	9,825,000		9,640,000
Fair Value	$ 9,895,000		$ 8,623,000
Percentage of Net Assets	5.14%		6.26%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Brand Industrial Services, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:BrandIndustrialServicesInc.Member		rweic:BrandIndustrialServicesInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Construction & Building		Construction & Building
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	1%		1%
Interest Rate	4.25%		4.25%
Maturity Date	Jun. 21, 2024		Jun. 21, 2024
Par Amount /Shares	$ 13,029,000		$ 13,098,000
Cost	12,441,000		12,225,000
Fair Value	$ 12,847,000		$ 11,690,000
Percentage of Net Assets	6.67%		8.48%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Carlson Travel, Inc., Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:CarlsonTravelInc.Member		rweic:CarlsonTravelInc.Member
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Services: Business		Services: Business
Interest Rate	8.50%		8.50%
Maturity Date	Nov. 19, 2026		Nov. 19, 2026
Par Amount /Shares	$ 10,646,000		$ 10,610,000
Cost	9,951,000		9,842,000
Fair Value	$ 5,842,000		$ 8,942,000
Percentage of Net Assets	3.03%		6.49%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Claire's Stores, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:ClairesStoresInc.Member		rweic:ClairesStoresInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Retail		Retail
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthLIBORMember		rweic:OneMonthLIBORMember
Interest Rate	6.50%		6.50%
Maturity Date	Dec. 18, 2026		Dec. 18, 2026
Par Amount /Shares	$ 13,821,000		$ 13,893,000
Cost	13,565,000		13,602,000
Fair Value	$ 12,577,000		$ 12,480,000
Percentage of Net Assets	6.53%		9.06%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Covetrus, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:CovetrusInc.Member		rweic:CovetrusInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Healthcare & Pharmaceuticals		Healthcare & Pharmaceuticals
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember		rweic:ThreeMonthSOFRMember
Floor	0.50%		0.50%
Interest Rate	5%		5%
Maturity Date	Oct. 13, 2029		Oct. 13, 2029
Par Amount /Shares	$ 15,461,000		$ 15,500,000
Cost	14,585,000		14,578,000
Fair Value	$ 14,366,000		$ 14,485,000
Percentage of Net Assets	7.46%		10.51%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Delivery Hero Germany GmbH First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:DeliveryHeroGermanyGmbhMember		rweic:DeliveryHeroGermanyGmbhMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Services: Consumer		Services: Consumer
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember		rweic:ThreeMonthSOFRMember
Floor	0.50%		0.50%
Interest Rate	5.75%		5.75%
Maturity Date	Aug. 12, 2027		Jul. 09, 2027
Par Amount /Shares	$ 9,663,000		$ 9,712,000
Cost	9,239,000		9,241,000
Fair Value	$ 9,558,000		$ 9,315,000
Percentage of Net Assets	4.97%		6.76%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Electronics For Imaging, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:ElectronicsForImagingInc.Member		rweic:ElectronicsForImagingInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Technology Enabled Services		Technology Enabled Services
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0%		0%
Interest Rate	5%		5%
Maturity Date	Jul. 23, 2026		Jul. 23, 2026
Par Amount /Shares	$ 9,091,000		$ 9,154,000
Cost	8,911,000		8,945,000
Fair Value	$ 6,136,000		$ 6,069,000
Percentage of Net Assets	3.19%		4.40%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Farfetch US Holdings Inc. (United Kingdom), First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:FarfetchUSHoldingsInc.UnitedKingdomMember		rweic:FarfetchUSHoldingsInc.UnitedKingdomMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Consumer Goods: Non-Durable		Consumer Goods: Non-Durable
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember		rweic:ThreeMonthSOFRMember
Floor	0.50%		0.50%
Interest Rate	6.35%		6.25%
Maturity Date	Oct. 20, 2027		Oct. 20, 2027
Par Amount /Shares	$ 9,950,000		$ 10,000,000
Cost	9,376,000		9,369,000
Fair Value	$ 9,303,000		$ 8,975,000
Percentage of Net Assets	4.83%		6.51%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Gannett Fleming, Inc First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Gannett Fleming, Inc		Gannett Fleming, Inc
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Construction & Building		Construction & Building
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember		rweic:ThreeMonthSOFRMember
Floor	1%		1%
Interest Rate	6.60%		6.60%
Maturity Date	Dec. 20, 2028		Dec. 20, 2028
Par Amount /Shares	$ 8,593,000		$ 8,636,000
Cost	8,364,000		8,388,000
Fair Value	$ 8,400,000		$ 8,420,000
Percentage of Net Assets	4.36%		6.11%
Investment, Significant Unobservable Input [true false]	true		true
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Gannett Fleming, Inc. Revolver
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:GannettFlemingInc.RevolverMember		Gannett Fleming, Inc
Investment, Type [Extensible Enumeration]	First Lien Senior Secured Loans Revolver [Member]		First Lien Senior Secured Loans Revolver [Member]
Investment, Industry Sector [Extensible Enumeration]	Construction & Building		Construction & Building
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember		rweic:ThreeMonthSOFRMember
Floor	1%		1%
Interest Rate	6.60%		6.60%
Maturity Date	Dec. 20, 2028		Dec. 20, 2028
Par Amount /Shares	$ 1,364,000		$ 1,364,000
Fair Value	$ (31,000)		$ (34,000)
Percentage of Net Assets	(0.02%)		(0.02%)
Investment, Significant Unobservable Input [true false]	true		true
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Guitar Center, Inc., Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:GuitarCenterInc.Member		rweic:GuitarCenterInc.Member
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Retail		Retail
Interest Rate	8.50%		8.50%
Maturity Date	Jan. 15, 2026		Jan. 15, 2026
Par Amount /Shares	$ 12,770,000		$ 12,770,000
Cost	11,714,000		11,541,000
Fair Value	$ 11,653,000		$ 10,571,000
Percentage of Net Assets	6.05%		7.67%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Hornblower Holdings, LP, First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:HornblowerHoldingsLPMember		rweic:HornblowerHoldingsLPMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Transportation: Consumer		Transportation: Consumer
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	1%		1%
Interest Rate	8.13%		8.13%
Maturity Date	Nov. 10, 2025		Nov. 10, 2025
Par Amount /Shares	$ 17,098,000		$ 12,515,000
Cost	17,286,000		12,704,000
Fair Value	$ 16,927,000		$ 12,515,000
Percentage of Net Assets	8.79%		9.08%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Houghton Mifflin Harcourt Co First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:HoughtonMifflinHarcourtCoMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Services: Consumer
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthSOFRMember
Floor	1%
Interest Rate	8%
Maturity Date	Apr. 07, 2028
Par Amount /Shares	$ 12,500,000
Cost	12,500,000
Fair Value	$ 12,018,000
Percentage of Net Assets	6.24%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Inotiv, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:InotivInc.Member		rweic:InotivInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Healthcare & Pharmaceuticals		Healthcare & Pharmaceuticals
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:SixMonthLIBORMember		rweic:SixMonthLIBORMember
Floor	1%		1%
Interest Rate	6.50%		6.25%
Interest rate - PIK	0.25%
Maturity Date	Nov. 05, 2026		Nov. 05, 2026
Par Amount /Shares	$ 11,928,000		$ 11,922,000
Cost	11,806,000		11,778,000
Fair Value	$ 11,451,000		$ 11,386,000
Percentage of Net Assets	5.95%		8.26%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Interest Rate Swap Maturity Date June 17, 2027 Derivatives
Schedule of Investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthUsdLIBORBBAMember		rweic:ThreeMonthUsdLIBORBBAMember
Securities Borrowed, Counterparty Name [Extensible Enumeration]	rweic:GoldmanSachsAndCo.LLCMember		rweic:GoldmanSachsAndCo.LLCMember
Derivative, Swaption Interest Rate	3.5461%		3.5461%
Derivative, Maturity Date	Jun. 17, 2027		Jun. 17, 2027
Derivative Asset, Notional Amount	$ 7,000,000		$ 7,000,000
Derivative Asset	$ 217,000		$ 153,000
Investment, Identifier [Axis]: Interest Rate Swap, Maturity Date July 7, 2027, Derivatives
Schedule of Investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthUsdLIBORBBAMember		rweic:ThreeMonthUsdLIBORBBAMember
Securities Borrowed, Counterparty Name [Extensible Enumeration]	rweic:GoldmanSachsAndCo.LLCMember		rweic:GoldmanSachsAndCo.LLCMember
Derivative, Swaption Interest Rate	2.8601%		2.8601%
Derivative, Maturity Date	Jul. 07, 2027		Jul. 07, 2027
Derivative Asset, Notional Amount	$ 5,000,000		$ 5,000,000
Derivative Asset	$ 267,000		$ 222,000
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC (Delayed Draw Loan) First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Ironhorse Purchaser, LLC
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Environmental Industries
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	1%
Interest Rate	6.76%
Maturity Date	Sep. 30, 2027
Par Amount /Shares	$ 1,000,000
Cost	(23,000)
Fair Value	$ (23,000)
Percentage of Net Assets	(0.01%)
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Ironhorse Purchaser, LLC
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Environmental Industries
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	1%
Interest Rate	6.76%
Maturity Date	Sep. 30, 2027
Par Amount /Shares	$ 7,960,000
Cost	7,775,000
Fair Value	$ 7,777,000
Percentage of Net Assets	4.04%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Ironhorse Purchaser, LLC Revolver
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Ironhorse Purchaser, LLC
Investment, Type [Extensible Enumeration]	First Lien Senior Secured Loans Revolver [Member]
Investment, Industry Sector [Extensible Enumeration]	Environmental Industries
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	1%
Interest Rate	6.76%
Maturity Date	Sep. 30, 2027
Par Amount /Shares	$ 1,000,000
Cost	622,000
Fair Value	$ 622,000
Percentage of Net Assets	0.32%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: JPW Industries Holding Corporation, Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:JpwIndustriesHoldingCorporationMember		rweic:JpwIndustriesHoldingCorporationMember
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Capital Equipment		Capital Equipment
Interest Rate	9%		9%
Maturity Date	Oct. 01, 2024		Oct. 01, 2024
Par Amount /Shares	$ 5,860,000		$ 4,520,000
Cost	5,554,000		4,291,000
Fair Value	$ 5,306,000		$ 3,895,000
Percentage of Net Assets	2.76%		2.83%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: LSB Industries, Inc., Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:LsbIndustriesInc.Member		rweic:LsbIndustriesInc.Member
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Chemicals, Plastics, & Rubber		Chemicals, Plastics, & Rubber
Interest Rate	6.25%		6.25%
Maturity Date	Oct. 15, 2028		Oct. 15, 2028
Par Amount /Shares	$ 5,540,000		$ 5,540,000
Cost	4,952,000		4,909,000
Fair Value	$ 4,958,000		$ 5,048,000
Percentage of Net Assets	2.58%		3.66%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: MB2 Dental Solutions, LLC First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	MB2 Dental Solutions, LLC [Member]
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Healthcare & Pharmaceuticals
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthSOFRMember
Floor	1%
Interest Rate	6.50%
Maturity Date	Jan. 29, 2027
Par Amount /Shares	$ 10,000,000
Cost	(285,000)
Fair Value	$ (284,000)
Percentage of Net Assets	(0.15%)
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: MoneyGram International Inc Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:MoneygramInternationalIncMember
Investment, Type [Extensible Enumeration]	Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Services: Consumer
Interest Rate	9%
Maturity Date	Jun. 01, 2030
Par Amount /Shares	$ 7,721,000
Cost	6,419,000
Fair Value	$ 6,775,000
Percentage of Net Assets	3.52%
Investment, Significant Unobservable Input [true false]	false
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: New AMI I (Associated Materials) First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:NewAmiIAssociatedMaterialsMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Construction & Building
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0.50%
Interest Rate	6%
Maturity Date	Mar. 08, 2029
Par Amount /Shares	$ 3,980,000
Cost	3,327,000
Fair Value	$ 3,341,000
Percentage of Net Assets	1.74%
Investment, Significant Unobservable Input [true false]	false
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: New AMI I T/L, First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]			Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]			rweic:NewAmiITLMember
Investment, Type [Extensible Enumeration]			First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]			Construction & Building
Investment, Variable Interest Rate, Type [Extensible Enumeration]			rweic:ThreeMonthSOFRMember
Floor			0.50%
Interest Rate			6%
Maturity Date			Mar. 08, 2029
Par Amount /Shares			$ 4,000,000
Cost			3,310,000
Fair Value			$ 3,410,000
Percentage of Net Assets			2.47%
Investment, Significant Unobservable Input [true false]			false
Investment, Restriction Status [true false]			true
Investment, Identifier [Axis]: PDS Holdco Inc. (Delayed Draw Loan) First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:PDSHoldcoInc.Member		rweic:PDSHoldcoInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Healthcare & Pharmaceuticals		Healthcare & Pharmaceuticals
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.75%		0.75%
Interest Rate	4.50%		4.50%
Maturity Date	Aug. 18, 2028		Aug. 18, 2028
Par Amount /Shares	$ 743,000		$ 747,000
Cost	679,000		679,000
Fair Value	$ 639,000		$ 681,000
Percentage of Net Assets	0.33%		0.50%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: PDS Holdco Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:PDSHoldcoInc.Member		rweic:PDSHoldcoInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Healthcare & Pharmaceuticals		Healthcare & Pharmaceuticals
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.75%		0.75%
Interest Rate	4.50%		4.50%
Maturity Date	Aug. 18, 2028		Aug. 18, 2028
Par Amount /Shares	$ 7,719,000		$ 7,758,000
Cost	7,057,000		7,052,000
Fair Value	$ 6,633,000		$ 7,073,000
Percentage of Net Assets	3.45%		5.13%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC (Delayed Draw Loan) First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	PT Intermediate Holdings III, LLC
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Services: Business
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0.75%
Interest Rate	6.65%
Maturity Date	Nov. 01, 2028
Par Amount /Shares	$ 5,000,000
Cost	(35,000)
Fair Value	$ (88,000)
Percentage of Net Assets	(0.05%)
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: PT Intermediate Holdings III, LLC First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	PT Intermediate Holdings III, LLC
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Services: Business
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0.75%
Interest Rate	6.65%
Maturity Date	Nov. 01, 2028
Par Amount /Shares	$ 9,975,000
Cost	9,836,000
Fair Value	$ 9,801,000
Percentage of Net Assets	5.09%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Parfums Holding Company, Inc. First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:ParfumsHoldingCompanyInc.Member
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Consumer Goods: Non-Durable
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthSOFRMember
Floor	1.50%
Interest Rate	6.11%
Maturity Date	Jun. 30, 2026
Par Amount /Shares	$ 4,596,000
Cost	4,332,000
Fair Value	$ 4,369,000
Percentage of Net Assets	2.27%
Investment, Significant Unobservable Input [true false]	false
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Peloton Interactive, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]			Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]			rweic:PelotonInteractiveInc.Member
Investment, Type [Extensible Enumeration]			First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]			Consumer Goods: Durable
Investment, Variable Interest Rate, Type [Extensible Enumeration]			rweic:SixMonthSofrMember
Floor			0.50%
Interest Rate			7%
Maturity Date			May 25, 2027
Par Amount /Shares			$ 9,681,000
Cost			9,282,000
Fair Value			$ 9,496,000
Percentage of Net Assets			6.89%
Investment, Significant Unobservable Input [true false]			false
Investment, Restriction Status [true false]			true
Investment, Identifier [Axis]: Pennsylvania Real Estate Investment Trust, First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Pennsylvania Real Estate Investment Trust		Pennsylvania Real Estate Investment Trust
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	FIRE: Real Estate		FIRE: Real Estate
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthLIBORMember		rweic:OneMonthLIBORMember
Floor	0.50%		0.50%
Interest Rate	5.74%		5.74%
Maturity Date	Dec. 10, 2023		Dec. 10, 2023
Par Amount /Shares	$ 14,456,000		$ 15,700,000
Cost	14,352,000		15,454,000
Fair Value	$ 13,938,000		$ 14,934,000
Percentage of Net Assets	7.24%		10.83%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Pennsylvania Real Estate Investment Trust, Revolver
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	Pennsylvania Real Estate Investment Trust		Pennsylvania Real Estate Investment Trust
Investment, Type [Extensible Enumeration]	First Lien Senior Secured Loans Revolver [Member]		First Lien Senior Secured Loans Revolver [Member]
Investment, Industry Sector [Extensible Enumeration]	FIRE: Real Estate		FIRE: Real Estate
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthLIBORMember		rweic:OneMonthLIBORMember
Floor	0.50%		0.50%
Interest Rate	3.50%		3.50%
Maturity Date	Dec. 10, 2023		Dec. 10, 2023
Par Amount /Shares	$ 6,142,000		$ 6,142,000
Cost	1,249,000		958,000
Fair Value	$ 1,083,000		$ 740,000
Percentage of Net Assets	0.56%		0.54%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Planet US Buyer LLC (Wood Mackenzie) First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:PlanetUsBuyerLlcWoodMackenzieMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Technology Enabled Services
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0.75%
Interest Rate	6.75%
Maturity Date	Jan. 30, 2030
Par Amount /Shares	$ 22,875,000
Cost	22,230,000
Fair Value	$ 22,263,000
Percentage of Net Assets	11.56%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Planet US Buyer LLC (Wood Mackenzie) Revolver
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:PlanetUsBuyerLlcWoodMackenzieMember
Investment, Type [Extensible Enumeration]	First Lien Senior Secured Loans Revolver [Member]
Investment, Industry Sector [Extensible Enumeration]	Technology Enabled Services
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthSOFRMember
Floor	0.75%
Interest Rate	6.75%
Maturity Date	Jan. 30, 2030
Par Amount /Shares	$ 1,835,000
Cost	(51,000)
Fair Value	$ (49,000)
Percentage of Net Assets	(0.02%)
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: S&S Holdings, LLC, First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:SSHoldingsLLCMember		rweic:SSHoldingsLLCMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Services: Business		Services: Business
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.50%		0.50%
Interest Rate	5%		5%
Maturity Date	Mar. 11, 2028		Mar. 11, 2028
Par Amount /Shares	$ 15,093,000		$ 13,171,000
Cost	14,183,000		12,329,000
Fair Value	$ 13,108,000		$ 11,909,000
Percentage of Net Assets	6.81%		8.64%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: SVP Singer Holdings Inc. First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:SvpSingerHoldingsIncMember		rweic:SvpSingerHoldingsIncMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Consumer Goods: Durable		Consumer Goods: Durable
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.75%		0.75%
Interest Rate	6.75%		6.75%
Maturity Date	Jul. 28, 2028		Jul. 28, 2028
Par Amount /Shares	$ 13,390,000		$ 13,459,000
Cost	12,730,000		12,744,000
Fair Value	$ 9,909,000		$ 11,395,000
Percentage of Net Assets	5.15%		8.27%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Spring Education Group, Inc., First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]			Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]			rweic:SpringEducationGroupInc.Member
Investment, Type [Extensible Enumeration]			First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]			Services: Consumer
Investment, Variable Interest Rate, Type [Extensible Enumeration]			rweic:ThreeMonthLIBORMember
Interest Rate			4%
Maturity Date			Jul. 30, 2025
Par Amount /Shares			$ 9,922,000
Cost			9,255,000
Fair Value			$ 9,665,000
Percentage of Net Assets			7.01%
Investment, Significant Unobservable Input [true false]			false
Investment, Restriction Status [true false]			true
Investment, Identifier [Axis]: Stonemor, Inc., Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:StonemorInc.Member		rweic:StonemorInc.Member
Investment, Type [Extensible Enumeration]	Corporate Bond		Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Services: Consumer		Services: Consumer
Interest Rate	8.50%		8.50%
Maturity Date	May 15, 2029		May 15, 2029
Par Amount /Shares	$ 4,732,000		$ 4,732,000
Cost	4,397,000		4,377,000
Fair Value	$ 4,020,000		$ 3,812,000
Percentage of Net Assets	2.09%		2.77%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: TPC Group Inc. Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investments, non-controlled/affiliated
Investment, Issuer Name [Extensible Enumeration]	TPC Group Inc
Investment, Type [Extensible Enumeration]	Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Chemicals, Plastics, & Rubber
Interest Rate	13%
Maturity Date	Dec. 16, 2027
Par Amount /Shares	$ 22,023,000
Cost	22,153,000
Fair Value	$ 21,964,000
Percentage of Net Assets	11.41%
Investment, Significant Unobservable Input [true false]	false
Investment, Identifier [Axis]: Unique Bidco AB (Sweden), First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:UniqueBidcoABSwedenMember		rweic:UniqueBidcoABSwedenMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Wholesale		Wholesale
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthEURIBORMember		rweic:ThreeMonthEURIBORMember
Floor	0%		0%
Interest Rate	5.25%		5.25%
Maturity Date	Mar. 11, 2029		Mar. 11, 2029
Par Amount /Shares	$ 7,420,000		$ 7,420,000
Cost	6,805,000		6,755,000
Fair Value	$ 7,651,000		$ 7,446,000
Percentage of Net Assets	3.97%		5.40%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Wellful Inc. First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated		Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:WellfulIncMember		rweic:WellfulIncMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]		First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Beverage, Food, & Tobacco		Beverage, Food, & Tobacco
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:ThreeMonthLIBORMember		rweic:ThreeMonthLIBORMember
Floor	0.75%		0.75%
Interest Rate	6.25%		6.25%
Maturity Date	Apr. 21, 2027		Apr. 21, 2027
Par Amount /Shares	$ 9,762,000		$ 9,889,000
Cost	9,416,000		9,502,000
Fair Value	$ 7,923,000		$ 8,913,000
Percentage of Net Assets	4.12%		6.47%
Investment, Significant Unobservable Input [true false]	false		false
Investment, Restriction Status [true false]	true		true
Investment, Identifier [Axis]: Werner FinCo LP Corporate Bond
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:WernerFincoLpMember
Investment, Type [Extensible Enumeration]	Corporate Bond
Investment, Industry Sector [Extensible Enumeration]	Construction & Building
Interest Rate	11.50%
Maturity Date	Jun. 15, 2028
Par Amount /Shares	$ 12,944,000
Cost	12,802,000
Fair Value	$ 12,596,000
Percentage of Net Assets	6.54%
Investment, Significant Unobservable Input [true false]	false
Investment, Restriction Status [true false]	true
Investment, Identifier [Axis]: Xponential Fitness LLC First Lien Term Loan
Schedule of Investments
Investment, Issuer Affiliation [Extensible Enumeration]	Investment, non-controlled/non-affiliated
Investment, Issuer Name [Extensible Enumeration]	rweic:XponentialFitnessLlcMember
Investment, Type [Extensible Enumeration]	First Lien Term Loan [Member]
Investment, Industry Sector [Extensible Enumeration]	Hotel, Gaming and Leisure
Investment, Variable Interest Rate, Type [Extensible Enumeration]	rweic:OneMonthLIBORMember
Floor	1%
Interest Rate	6.50%
Maturity Date	Feb. 28, 2025
Par Amount /Shares	$ 9,960,000
Cost	9,727,000
Fair Value	$ 9,886,000
Percentage of Net Assets	5.14%
Investment, Significant Unobservable Input [true false]	true
Investment, Restriction Status [true false]	true
[1] Redwood Enhanced Income Corp.

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Jun. 30, 2023
Organization and Nature of Operations
Organization and Nature of Operations	1. Organization and Nature of Operations Redwood Enhanced Income Corp. (the “Company,” “we” or “our”), a Maryland corporation incorporated on June 21, 2021, is an externally managed, non-diversified closed-end investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company will elect to be treated for federal income tax purposes, and intends to qualify annually thereafter, as a regulated investment company (“RIC”) as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. Redwood Capital Management, LLC (the “Adviser”) is our investment adviser, effective March 31, 2022, pursuant to an investment advisory agreement entered into between the Company and the Adviser. On September 30, 2022, the Company and the Adviser entered into an Amended and Restated Investment Advisory Agreement (the “Investment Advisory Agreement”). Redwood Capital Management, LLC, as our administrator (the “Administrator”), provides, among other things, administrative services and facilities to the Company pursuant to an administration agreement (the “Administration Agreement”) entered into between the Company and the Administrator. Furthermore, the Administrator offers to provide, on our behalf, managerial assistance to those portfolio companies, or an affiliate thereof to which we are required to provide such assistance. Our investment objective is to seek current income as well as capital appreciation, while emphasizing the preservation of capital. The Company’s focus is fixed income investments, primarily in the senior layers of the capital structure of leveraged companies. These investments primarily consist of loans and bonds, sourced either through direct investments, the syndicated market or through trading in the secondary market. In connection with the Company’s debt investments, the Company may also receive equity interests such as options, warrants or other instruments as additional consideration. The Company generally expects to invest in middle market companies, which the Adviser considers to be companies with annual earnings before interest, taxes, depreciation and amortization (EBITDA) of between $50 million and $300 million. The Company may also invest in smaller or larger companies if an attractive opportunity presents itself, particularly during periods of market dislocation. The companies in which the Company intends to invest typically are highly leveraged, and, in most cases, not rated by national rating agencies. If such companies were rated, the Adviser believes that they would typically receive a rating below investment grade (between BB and CCC under the Standard & Poor’s system) from the national securities rating organizations. Securities rated below investment grade are often referred to as “leveraged loans” or “high yield” securities or “junk bonds” and are often higher risk and have speculative characteristics as compared to investment grade debt instruments.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The following is a summary of the significant accounting and reporting policies used in preparing the unaudited interim financial statements. Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. The Company is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the FASB ASC Topic 946, Financial Services – Investment Companies The Company’s first fiscal period ended on December 31, 2022. 2. Summary of Significant Accounting Policies (Continued) Use of Estimates The preparation of the unaudited interim financial statements in conformity with U.S. 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 unaudited interim financial statements, as well as the reported amounts of revenues and expenses during the reporting period presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material. Cash and Cash Equivalents The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents. The Company maintains its cash in a bank account, which, at times, may exceed federally insured limits. As of both June 30, 2023 and December 31, 2022, our cash balance exceeded federally insured limits. The Adviser continuously monitors the performance of the bank where the account is held in order to manage any risk associated with such account. Cash and cash equivalents are carried at cost, which approximates fair value. Cash and cash equivalents held as of June 30, 2023 and December 31, 2022 were $2,246 and $2,536, respectively. Restricted Cash Restricted cash represents cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with ASC 230 , Statement of Cash Flows restricted cash included $113 and $757 , respectively, held with Investment Transactions Investments are recognized when the Company assumes an obligation to acquire a financial instrument and the risks for gains and losses related to that instrument. Investments are derecognized when the Company assumes an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, the Company records all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Statements of Assets and Liabilities. Unsettled Purchases and Sales of Investments Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction. Investment Classification In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliated Investments” are investments in those companies that are “Affiliated Persons” of the Company other than Control Investments. “Non-Controlled/Non-Affiliated Investments” are those that are neither Control Investments nor Affiliated Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, Affiliated Investments that are not otherwise Control Investments are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and/or investments under common control and, the Company does not have the power to exercise control over the management or policies of such portfolio company. ​ 2. Summary of Significant Accounting Policies (Continued) Fair Value Measurements The Company follows guidance in ASC 820, Fair Value Measurement ASC 820 classifies the inputs used to measure these fair values into the following hierarchy: ● Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. ● Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. ● Level 3: Unobservable inputs for the asset or liability. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the unaudited interim financial statements may differ materially from the values that would be received upon an actual disposition of such investments. Investment Valuation Process The Adviser, as the Company’s valuation designee (the “Valuation Designee”), undertakes a multi-step valuation process under the supervision of the Board. In calculating the value of the Company’s total assets, the Adviser values investments for which market quotations are readily available at such market quotations if they are deemed to represent fair value. Debt and equity securities that are not publicly traded, whose market price is not readily available or whose market quotations are not deemed to represent fair value are valued at fair value as determined in good faith by the Valuation Designee, under the direction of our Board of Directors. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a “fire sale” by a distressed seller. When market quotations are not readily available, the Valuation Designee seeks to obtain fair values from independent pricing services or at bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. ​ If the Valuation Designee has a bona fide reason to believe that any such market quotes or values from independent pricing services or broker/dealers does not reflect the fair value of an investment, a fair value may be determined for such investments by the Valuation Designee in accordance with the Company’s valuation procedures. At least once annually, the Adviser will utilize an independent third-party valuation firm to assist in determining fair value of each such investment. ​ Derivative Instruments The Company recognizes all derivative instruments as assets or liabilities at fair value in its unaudited interim financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings. 2. Summary of Significant Accounting Policies (Continued) Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads. Offsetting Assets and Liabilities The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements. Valuation of Other Financial Assets and Financial Liabilities ASC 825, Financial Instruments Realized Gains or Losses Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date. Investment Income Recognition The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At that point, the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized. Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment. Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned. 2. Summary of Significant Accounting Policies (Continued) Foreign Currency Investments The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect at June 30, 2023 and December 31, 2022, respectively, and reported in U.S. dollars. Purchases and sales of investments and revenue and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in realized and unrealized gain (loss) on foreign currency investments, in the Statements of Operations. Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies, securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government. Expenses Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis. As noted in Note 6, certain expenses of the Company are subject to a cap as agreed with the Adviser. Organization and Offering Costs The Adviser has agreed to reimburse the Company organization and offering costs in an amount not to exceed $1,000. Organization and offering costs will only be borne by the Company if such expense exceeds $1,000, at which time, costs associated with the organization of the Company will be expensed as incurred. Costs associated with the offering of shares of the Company will be charged to the paid-in-capital upon the sale of shares. For both the three months ended June 30, 2023, and for the period from April 1, 2022 (commencement of operations) through June 30, 2022, the Adviser incurred organization expenses on behalf of the Company of $0. For the six months ended June 30, 2023, and for the period from March 14, 2022 (inception) through June 30, 2022, the Adviser incurred organization expenses on behalf of the Company of $0 and $660, respectively. Deferred Financing Costs and Debt Issuance Costs Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security. Distributions Distributions to common shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors and depends on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the shareholder's tax basis in its shares. These book/tax differences are either temporary or permanent in nature. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company's annual RIC tax return. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. The Company intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and may carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company's distributions will be reported to shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods. 2. Summary of Significant Accounting Policies (Continued) The Company has a dividend reinvestment plan that provides for reinvestment of all cash distributions declared by the Board of Directors unless a shareholder elects to "opt out" of the plan. As a result, if the Board of Directors declares a cash distribution, then the shareholders who have not "opted out" of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. Shareholders who receive distributions in the form of shares of common stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions and, for this purpose, shareholders receiving distributions in the form of stock will generally be treated as receiving distributions equal to the fair market value of the stock received through the plan; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. Federal and State Income Taxes We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company (among other requirements) intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions, if any, paid to shareholders may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file Form 1099s for the tax year ending December 31, 2023. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from U.S. GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax differences are reclassified to paid-in capital. If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gain net income for the one-year period ending on October 31 of such calendar year, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income. If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years. We follow ASC 740, Income Taxes Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited interim financial statements. In March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2. Summary of Significant Accounting Policies (Continued) 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued Accounting Standards Update 2022-06, Reference Rate Reform SEC Disclosure Update and Simplification In December 2020, the SEC adopted Rule 2a-5. The rule establishes a consistent, principles-based framework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith. Effective September 30, 2022, the Company has designated Redwood Capital Management, LLC as the Company’s Valuation Designee to perform the fair value determinations relating to all of its investments, subject to the oversight of the Board.

Investments

Investments	6 Months Ended
	Jun. 30, 2023
Investments
Investments	3. Investments Investments may be categorized based on the types of inputs used in valuing such investments. The level in the U.S. GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period. At June 30, 2023, the Company’s investments were categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements June 30, 2023 ​ Level 1 Level 2 (1) ​ Level 3 ​ Total Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First lien term loan (2) ​ $ — ​ $ 177,581 ​ $ 88,970 ​ $ 266,551 Corporate bond ​ ​ — ​ ​ 77,365 ​ ​ 27,603 ​ ​ 104,968 Revolver ​ ​ — ​ ​ 1,083 ​ ​ 542 ​ ​ 1,625 Total investments ​ $ — ​ $ 256,029 ​ $ 117,115 ​ $ 373,144 Derivatives ​ $ — ​ $ 484 ​ $ — ​ $ 484 Cash and cash equivalents ​ $ 2,246 ​ $ — ​ $ — ​ $ 2,246 Restricted cash ​ $ 113 ​ $ — ​ $ — ​ $ 113 ​ At December 31, 2022, the Company’s investments were categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements December 31, 2022 ​ Level 1 Level 2 (1) ​ Level 3 ​ Total Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First lien term loan (2) ​ $ — ​ $ 197,791 ​ $ 8,420 ​ $ 206,211 Revolver ​ ​ — ​ ​ 740 ​ ​ (34) ​ ​ 706 Corporate bond ​ ​ — ​ ​ 38,209 ​ ​ 27,605 ​ ​ 65,814 Total investments ​ $ — ​ $ 236,740 ​ $ 35,991 ​ $ 272,731 Derivatives ​ $ — ​ $ 375 ​ $ — ​ $ 375 Cash and cash equivalents ​ $ 2,536 ​ $ — ​ $ — ​ $ 2,536 Restricted cash ​ $ 757 ​ $ — ​ $ — ​ $ 757 (1) Fair value based upon quoted prices in inactive markets or quotes for comparable investments. (2) Includes senior secured loans. ​ ​ ​ ​ ​ 3. Investments (Continued) Unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Range ​ Weighted ​ ​ Fair Value Valuation Technique ​ Unobservable Input Low High Average ​ Corporate bond $ 14,616 ​ Yield analysis Market yield 12.84% ​ 13.97% ​ 13.40% ​ ​ ​ ​ ​ EV market multiple analysis ​ EBITDA multiple ​ 11.50x ​ 12.50x ​ 12.00x ​ Corporate bond ​ 12,987 ​ Yield analysis ​ Market yield ​ 9.70% ​ 9.70% ​ 9.70% ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Volatility ​ 10.00% ​ 10.00% ​ 10.00% ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Term ​ 3.11 Years ​ 3.11 Years ​ 3.11 Years ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Risk Free Rate ​ 4.50% ​ 4.50% ​ 4.50% ​ First lien term loan ​ 41,483 ​ Yield analysis ​ Market yield ​ 9.33% ​ 12.26% ​ 10.93% ​ ​ ​ ​ EV market multiple analysis EBITDA multiple 12.75x ​ 15.75x ​ 14.18x ​ First lien term loan ​ 18,286 Yield analysis Market yield 10.25% ​ 13.35% ​ 11.89% ​ First lien term loan ​ 29,201 Recent transactions Transaction price NA ​ NA ​ NA ​ Revolver ​ (80) Yield analysis Market yield 10.25% ​ 12.26% ​ 11.32% ​ Revolver ​ 622 Recent transactions Transaction price NA ​ NA ​ NA ​ Total $ 117,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Range ​ Weighted ​ ​ Fair Value Valuation Technique Unobservable Input Low High Average ​ Corporate bond ​ $ 13,040 ​ Yield analysis Market yield 18.48% ​ 18.48% ​ 18.48% ​ ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Volatility ​ 55.00% ​ 65.00% ​ 60.00% ​ ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Term ​ 3.5 Years ​ 4.5 Years ​ 4.0 Years ​ ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Risk free rate ​ 4.05% ​ 4.16% ​ 4.11% ​ Corporate bond ​ ​ 14,565 ​ Yield analysis Market yield 12.84% ​ 13.97% ​ 13.40% ​ ​ ​ ​ ​ EV market multiple analysis EBITDA multiple (1) 11.50x ​ 12.50x ​ 12.00x ​ First lien term loan ​ ​ 8,386 Recent transactions Transaction price NA ​ NA ​ NA ​ Total ​ $ 35,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The selected EV / LTM EBITDA was 12.00 x multiple, representing a 27.6% discount from the Adjusted Mean LTM EBITDA multiple. Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows: ​ Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Decrease Increase Yield Decrease Increase ​ ​ 3. Investments (Continued) Changes in investments categorized as Level 3 for the three and six months ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2023 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ 57,950 ​ $ 27,255 ​ $ 31 ​ $ 85,236 Net realized and unrealized gains (losses) ​ ​ (113) ​ ​ 204 ​ ​ 7 ​ ​ 98 Acquisitions (1) ​ ​ 31,259 ​ ​ 144 ​ ​ 504 ​ ​ 31,907 Dispositions (2) ​ ​ (126) ​ ​ — ​ ​ — ​ ​ (126) Ending balance ​ $ 88,970 ​ $ 27,603 ​ $ 542 ​ $ 117,115 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ 2 ​ $ 204 ​ $ 7 ​ $ 213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2023 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ 8,420 ​ $ 27,605 ​ $ (34) ​ $ 35,991 Net realized and unrealized gains (losses) ​ ​ (111) ​ ​ (293) ​ ​ 5 ​ ​ (399) Acquisitions (1) ​ ​ 80,865 ​ ​ 291 ​ ​ 1,071 ​ ​ 82,227 Dispositions (2) ​ ​ (204) ​ ​ — ​ ​ (500) ​ ​ (704) Ending balance ​ $ 88,970 ​ $ 27,603 ​ $ 542 ​ $ 117,115 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ (116) ​ $ (293) ​ $ 5 ​ $ (404) (1) (2) Changes in investments categorized as Level 3 for the period from April 1, 2022 (commencement of operations) through June 30, 2022 and March 14, 2022 (inception) through June 30, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — Net realized and unrealized gains (losses) ​ ​ — ​ ​ (15) ​ ​ — ​ ​ (15) Acquisitions (1) ​ ​ — ​ ​ 14,640 ​ ​ — ​ ​ 14,640 Dispositions ​ ​ — ​ ​ — ​ ​ — ​ ​ — Ending balance ​ $ — ​ $ 14,625 ​ $ — ​ $ 14,625 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ — ​ $ (15) ​ $ — ​ $ (15) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period from March 14, 2022 (inception) through June 30, 2022 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — Net realized and unrealized gains (losses) ​ ​ — ​ ​ (15) ​ ​ — ​ ​ (15) Acquisitions (1) ​ ​ — ​ ​ 14,640 ​ ​ — ​ ​ 14,640 Dispositions ​ ​ — ​ ​ — ​ ​ — ​ ​ — Ending balance ​ $ — ​ $ 14,625 ​ $ — ​ $ 14,625 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ — ​ $ (15) ​ $ — ​ $ (15) (1)

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments
Derivative Instruments	4. Derivative Instruments The Company enters into interest rate swap contracts from time to time to help mitigate the impact that an adverse change in interest rates would have on the value of the Company’s fixed rate investments. As of June 30, 2023, the counterparty to these interest rate swap contracts was Goldman Sachs & Co. LLC. ​ Certain information related to the Company’s derivative instruments as of June 30, 2023 and December 31, 2022 are presented in the following location in the Statements of Assets and Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 Derivative Instrument ​ Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Statement Location Interest rate swap ​ $ 7,000 ​ 6/17/2027 ​ $ 217 ​ $ — ​ Derivatives, at fair value Interest rate swap ​ $ 5,000 ​ 7/7/2027 ​ $ 267 ​ $ — ​ Derivatives, at fair value Total ​ $ 12,000 ​ ​ ​ $ 484 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Derivative Instrument ​ Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Statement Location Interest rate swap ​ $ 7,000 ​ 6/17/2027 ​ $ 153 ​ $ — ​ Derivatives, at fair value Interest rate swap ​ $ 5,000 ​ 7/7/2027 ​ $ 222 ​ $ — ​ Derivatives, at fair value Total ​ $ 12,000 ​ ​ ​ $ 375 ​ $ — ​ ​ ​ Net realized gain (loss) on derivative instruments recognized by the Company for the three and six months ended June 30, 2023 is presented in the following location in the Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the Three Months Ended June 30, 2023 ​ For the Six Months Ended June 30, 2023 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ 36 ​ $ 99 Total ​ ​ ​ $ 36 ​ $ 99 ​ Net realized gain (loss) on derivative instruments recognized by the Company for the period from April 1, 2022 (commencement of operations) through June 30, 2022 and March 14, 2022 (inception) through June 30, 2022 is presented in the following location in the Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ — ​ $ — Total ​ ​ ​ $ — ​ $ — ​ Net unrealized gain (loss) on derivative instruments recognized by the Company for the three and six months ended June 30, 2023 is presented in the following location in the Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the Three Months Ended June 30, 2023 ​ For the Six Months Ended June 30, 2023 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ 283 ​ $ 109 Total ​ ​ ​ $ 283 ​ $ 109 ​ ​ ​ ​ ​ 4. Derivative Instruments (Continued) Net unrealized gain (loss) on derivative instruments recognized by the Company for the period from April 1, 2022 (commencement of operations) through June 30, 2022 and March 14, 2022 (inception) through June 30, 2022 is presented in the following location in the Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ (171) ​ $ (171) Total ​ ​ ​ $ (171) ​ $ (171) ​

Transactions with Affiliated Co

Transactions with Affiliated Companies	6 Months Ended
	Jun. 30, 2023
Transactions with Affiliated Companies
Transactions with Affiliated Companies	​ ​ 5. Transactions with Affiliated Companies An affiliated company is a company in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and/or investments under common control and, the Company does not have the power to exercise control over the management or policies of such portfolio company. A controlled affiliated company is a company in which the Company, either directly or through one or more controlled companies has an ownership interest of more than 25% of its voting securities. Please see the Company’s Schedule of Investments for the type of investment, principal amount, interest rate including the spread, and the maturity date. Transactions related to the Company’s investments with affiliates for the six months ended June 30, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portfolio Company ​ Fair value at December 31, 2022 ​ Transfers in (out) ​ Purchases (cost) ​ Sales and paydowns ​ PIK interest (cost) ​ Amortization ​ Net realized gain (loss) ​ Net unrealized gain (loss) ​ Fair value at June 30, 2023 Non-controlled affiliated company investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPC Group Inc. ​ $ — ​ $ — ​ $ 22,153 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (189) ​ $ 21,964 ​ ​ ​ — ​ ​ — ​ ​ 22,153 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (189) ​ ​ 21,964 Total non-controlled affiliated company investments ​ $ — ​ $ — ​ $ 22,153 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (189) ​ $ 21,964 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ ​ 2023 ​ 2022 Portfolio Company ​ Interest Income ​ Dividend Income ​ Fee Income ​ Interest Income ​ Dividend Income ​ Fee Income Non-controlled affiliated company investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPC Group Inc. ​ $ 538 ​ $ — ​ $ — ​ $ n/a ​ $ n/a ​ $ n/a ​ ​ ​ 538 ​ ​ — ​ ​ — ​ ​ n/a ​ ​ n/a ​ ​ n/a Total non-controlled affiliated company investments ​ $ 538 ​ $ — ​ $ — ​ $ n/a ​ $ n/a ​ $ n/a ​

Fees, Expenses, Agreements and

Fees, Expenses, Agreements and Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Fees, Expenses, Agreements and Related Party Transactions
Fees, Expenses, Agreements and Related Party Transactions	6. Fees, Expenses, Agreements and Related Party Transactions Investment Advisory Agreement The Company entered into the Investment Advisory Agreement with the Adviser, effective as of March 31, 2022, in accordance with the 1940 Act. On September 30, 2022, the Company and the Adviser entered into an Amended and Restated Investment Advisory Agreement (the “Investment Advisory Agreement”). For these services, the Company pays (1) a management fee equal to a percentage of the value of the Company’s Weighted Average Net Asset Value (defined below) and (2) an incentive fee based on the Company’s performance. Base Management Fee The Base Management Fee shall be calculated at a quarterly rate equal to 0.375% (i.e., 1.50% annually) of the Company’s Weighted Average Net Asset Value for the quarter; provided that the quarterly base management fee will be decreased to 0.25% (i.e., 1.00% annually) of the value of the Company’s Weighted Average Net Asset Value during any extension of the period in which the Company may complete a listing of shares of the Company’s common stock on a national securities exchange or a merger or other transaction in which investors receive cash or shares of a publicly-listed issuer. “Weighted Average Net Asset Value” means, at the time of any calculation, the weighted average shares outstanding multiplied by the average of the beginning net asset value per share and ending net asset value per share (prior to management and incentive fees) of a period of time. For the three months ended June 30, 2023 and for the period from April 1, 2022 (commencement of operations) through June 30, 2022, the Company incurred $711 and $251, respectively, in base management fees. For the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022, the Company incurred $1,305 and $251, respectively, in base management fees. 6. Fees, Expenses, Agreements and Related Party Transactions (Continued) Incentive Fee The incentive fee payable under the Investment Advisory Agreement has two parts, as follows: One part is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income for the immediately preceding calendar quarter. For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income, including any other fees (other than fees for providing managerial assistance) such as amendment, commitment, origination, prepayment penalties, structuring, diligence and consulting fees or other fees received from portfolio companies, accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management fee, any expenses payable under the Administration Agreement, and any interest expense or amendment fees under any credit facility and distributions paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as OID, PIK interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-Incentive Fee Net Investment Income, expressed as a percentage of the value of the Company’s net assets at the end of the immediately preceding calendar quarter, is compared to a hurdle. The Company will pay the Adviser an incentive fee with respect to Pre-Incentive Fee Net Investment Income in each calendar quarter as follows: (1) No incentive fee in any calendar quarter in which Pre-Incentive Fee Net Investment Income does not exceed the hurdle rate of one and a half percent ( 1.50% ) per quarter ( 6.00% annualized); (2) One hundred percent ( 100% ) of Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than the percentage at which amounts payable to the Adviser pursuant to the income incentive fee equal fifteen percent ( 15% ) of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. This portion of the Pre-Incentive Fee Net Investment Income (which exceeds the hurdle rate but is less than 1.76% ) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with 15% of the Company’s Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply; and (3) Fifteen percent ( 15% ) of the amount of Pre-Incentive Fee Net Investment Income, if any, that exceeds 1.76% in any calendar quarter ( 7.04% annualized). These calculations will be pro-rated for any period of less than a full calendar quarter and will be adjusted for share issuances or repurchases during the relevant quarter, if applicable, or upon termination of the Investment Advisory Agreement, as of the termination date, and will equal 15% of the Company’s realized capital gains, if any, on a cumulative basis from inception through the end of each 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 gain incentive fees. Under U.S. GAAP, the Company will be required to accrue a capital gains incentive fee based upon net realized capital gains and net unrealized capital appreciation and depreciation on investments held at the end of each period. In calculating the capital gains incentive fee accrual, the Company will consider the cumulative aggregate unrealized capital appreciation in the calculation, as a capital gains incentive fee would be payable if such unrealized capital appreciation were realized, even though such unrealized capital appreciation will not be permitted to be considered in calculating the fee actually payable under the Investment Advisory Agreement. This accrual is calculated using the aggregate cumulative realized capital gains and losses and cumulative unrealized capital appreciation or depreciation. If such amount is positive at the end of a period, then the Company will record a capital gains incentive fee equal to 15% of such amount, less the aggregate amount of actual capital gains related incentive fees paid or accrued in all prior years. If such amount is negative, then there is either no accrual for such year or a reduction in prior accruals for changes in net unrealized capital appreciation and depreciation. There can be no assurance that such unrealized capital appreciation will be realized in the future. Incentive Fee Cap No incentive fee will be paid to the Adviser to the extent that, after such payment, the cumulative income-based incentive fees and capital gains-based incentive fees paid to date would be greater than fifteen percent (15%) of the Company’s Cumulative Pre-Incentive Fee Net Income since the date of its election to become a BDC (the “Incentive Fee Cap”). “Cumulative Pre-Incentive Fee Net Income” is equal to the sum of (a) Pre-Incentive Fee Net Investment Income for each period since the date of the Company’s election to become a BDC and (b) cumulative aggregate realized capital gains, cumulative aggregate realized capital losses, cumulative aggregate unrealized capital depreciation and cumulative aggregate unrealized capital appreciation, in each case, since the date of the Company’s election to become a BDC. If, for any relevant period, the Incentive Fee Cap calculation results in the Company paying less than the amount of the income-based incentive fee and the capital gains-based incentive fee as calculated above, then the difference between (a) such amount and (b) the Incentive Fee Cap will not be paid by the Company, and will not be received 6. Fees, Expenses, Agreements and Related Party Transactions (Continued) by the Adviser, either at the end of such relevant period or at the end of any future period. For the three months ended June 30, 2023 and for the period from April 1, 2022 (commencement of operations) through June 30, 2022, the Company incurred $191 and $0, respectively, in incentive fees. For the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022, the Company incurred $553 and $0, respectively, in incentive fees. Administration Agreement The Company entered into the Administration Agreement with the Administrator pursuant to which the Administrator will furnish the Company with office facilities, equipment and clerical, bookkeeping and record keeping services. Under the Administration Agreement, the Administrator will perform or oversee the performance of the Company’s required administrative services, which will include, among other activities, being responsible for the financial records the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the SEC. In addition, the Administrator will assist the Company in determining and publishing its net asset value, oversee the preparation and filing of the Company’s tax returns and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to it by others. For providing these services, facilities and personnel, the Company may reimburse the Administrator for its allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including fees of the U.S. Bancorp Fund Services, LLC (the “Sub-Administrator”), rent, technology systems (including subscription fees and other costs and expenses related to Bloomberg Professional Services and the Adviser’s third-party Order Management System), insurance and the Company’s allocable portion of the cost of compensation and related expenses of its Chief Compliance Officer and Chief Financial Officer and their respective staffs. The Administrator also will offer on the Company’s behalf managerial assistance to portfolio companies to which the Company will be required to offer such assistance. To the extent that the Administrator outsources any of its functions, the Company will pay the fees associated with such functions on a direct basis without profit to the Administrator. Sub-Administration Agreement The Administrator entered into a sub-administration agreement with the Sub-Administrator, pursuant to which the Administrator delegated certain administrative functions to the Sub-Administrator (the “Sub-Administration Agreement”). Other Expenses Subject to the payment of certain organization and offering expenses by the Adviser, the Company will bear all other direct or indirect costs and expenses of its organization, operations and transactions, including operating costs, Company-level tax returns, legal and other customary investment related expenses. Common expenses frequently will be incurred on behalf of the Company and one or more of the Adviser’s other clients. The Adviser will seek to allocate those common expenses among the Company and such other clients in a manner that is fair and reasonable over time, and the Adviser may bear certain expenses directly that otherwise are not allocated to the Company or to its other clients. To address potential conflicts of interest, the Adviser has adopted and implemented policies and procedures for the allocation of common expenses. The Adviser, for instance, will allocate expenses to clients, including the Company, in accordance with the client’s arrangements with the Adviser. In addition, the Adviser may use a variety of methods to allocate common expenses, including methods based on assets under management, relative use of a product or service, the nature or source of a product or service, the relative benefits derived by the Company and its other clients from a product or service, size of the Company’s or the other client’s investment, or other relevant factors. Expense allocations may, at times, depend on subjective determinations by the Adviser. Allocations of common expenses by the Adviser to the Company will be subject to the review and approval of the Company’s Board of Directors. The Adviser has agreed to limit, indefinitely, the amount of “Specified Expenses” (defined below) borne by the Company to an amount not to exceed 0.25% per annum of the greater of (i) the Company’s aggregate capital commitments (the “Expense Cap”) 6. Fees, Expenses, Agreements and Related Party Transactions (Continued) leverage arrangements, (vi) brokerage commissions, expenses related to litigation and potential litigation, and (vii) extraordinary expenses not incurred in the ordinary course of the Company’s business, including such expenses as approved by the Board of Directors, including a majority of the Independent Directors. The Expense Cap is based on the greater of (i) the Company’s aggregate Capital Commitments, without reduction for contributed capital or Capital Commitments no longer available to be called by the Company, and (ii) the Company’s net assets, in each case as calculated at the end of a calendar year. In any year, to the extent that Specified Expenses exceed the Expense Cap, the Adviser will promptly waive fees or reimburse the Company for expenses necessary to eliminate such excess. For the Company’s first year of operations, the Specified Expenses were annualized and to the extent such annualized Specified Expenses exceeded the Expense Cap for such period on an annualized basis, the Adviser promptly waived fees or reimbursed the Company for expenses necessary to eliminate such excess. Such waivers are not subject to future reimbursement by the Company. For the three months ended June 30, 2023 and for the period from April 1, 2022 (commencement of operations) through June 30, 2022, the Adviser reimbursed the Company $99 and $0, respectively, for the annualized expenses in excess of the cap. For the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022, the Adviser reimbursed the Company $165 and $0, respectively, for the annualized expenses in excess of the cap.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt
Debt	7. Debt ​ On April 6, 2022, the Company entered into a Senior Secured Revolving Credit Agreement (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Company, the lenders party thereto from time to time and ING Capital LLC (“ING”), as Administrative Agent (in such capacity, the “Administrative Agent”). The Credit Agreement had an initial multicurrency revolving loan commitment of $85,000, with uncommitted capacity to increase the revolving loan commitments up to $500,000 in the form of dollar commitments or multicurrency commitments. On May 13, 2022, the Company entered into an Incremental Commitment and Assumption Agreement and First Amendment to Senior Secured Revolving Credit Agreement by and among the Company, the lenders party thereto, the assuming lenders party thereto and the Administrative Agent, pursuant to which, among other things, the Company amended the Credit Agreement to increase its revolving loan commitments thereunder to $145,000, with $100,000 in the form of multicurrency commitments and $45,000 in the form of dollar commitments. The Credit Agreement permits the Company to use up to $25,000 of multicurrency commitments to incur letters of credit. On August 26, 2022, the Company entered into an Incremental Commitment and Assumption Agreement (the “Incremental Agreement”), which supplements the Senior Secured Revolving Credit Agreement, dated as of April 6, 2022 (as amended, restated, supplemented and otherwise modified to date, including by the Incremental Agreement, the “Credit Agreement”), among the Company, as borrower, ING as Administrative Agent and the lenders party thereto. Pursuant to the Incremental Agreement, among other changes, the total commitments under the Credit Agreement increased from $145,000 to $250,000, consisting of an increase in dollar commitments from $45,000 to $140,000 and of multicurrency commitments from $100,000 to $110,000. In connection with such increase, the Company paid the lenders providing commitments certain fees. The Credit Agreement subjects all borrowings to a borrowing base calculated based on certain undrawn subscriptions of the Company and underlying portfolio investments. Subject to the conditions to borrowing, until the Credit Agreement termination date three years after the effective of the Agreement (unless earlier terminated), the Credit Agreement permits the borrowing of revolving loans denominated in (i) U.S. Dollars up to the amount of dollar commitments and (ii) U.S. Dollars, Canadian Dollars, Euros, Pound Sterling and/or other agreed foreign currencies up to the amount of multicurrency commitments. After the Credit Agreement termination date, the Credit Agreement requires mandatory prepayments upon the occurrence of certain events with a final maturity date one year after the revolver termination date (unless earlier terminated). Unless borrowed in the Alternate Base Rate (as defined in the Credit Agreement), borrowings in: (i) U.S. Dollars have an interest rate of Adjusted Term SOFR (as defined in the Credit Agreement) plus 2.375%, with a SOFR adjustment of 0.10% for an interest period of one month and 0.15% for an interest period of three months, (ii) Canadian Dollars have an interest rate of the Adjusted Eurocurrency Rate (as defined in the Credit Agreement) plus 2.375%, (iii) Euros have an interest rate of the Adjusted Eurocurrency Rate (as defined in the Credit Agreement) plus 2.375%, and (iv) Pound Sterling have an interest rate of Daily Simple RFR (as defined in the Credit Agreement) plus 2.375%, with a credit spread adjustment of 0.0326%. Borrowings based on the alternate base have an applicable margin of 1.375%. The Credit Agreement includes a commitment fee for unused commitments thereunder of (i) during the first six months following the effective date of the Credit Agreement, 0.375% per annum and (ii) thereafter until the revolver termination date, (x) 0.75% per annum if the daily used amount of the commitments thereunder is less than or equal to 35% of the commitments and (y) 0.50% per annum if the daily used amount of the commitments thereunder is greater than 35% of the commitments, as well as certain other fees as agreed among the Company, the Administrative Agent and the lenders. The Credit Agreement includes the following financial covenants: (i) a minimum shareholders equity financial covenant that requires the Company to maintain a minimum shareholders’ equity as of the last day of any fiscal quarter of at least $40,740 plus 50% 7. Debt (Continued) of the net proceeds of sales of certain equity interests after the effective date of the Credit Agreement, (ii) an obligors’ net worth financial covenant that requires the obligors’ net worth to be no less than the minimum shareholders’ equity minus 50% of the lesser of (x) the aggregate investment in Financing Subsidiaries (as defined therein) and (y) 25% of the Company’s capital commitments, (iii) an asset coverage ratio financial covenant that requires the asset coverage ratio to be no less than 150% at any time (after giving effect to exemptive orders specified therein), and (iv) a interest coverage ratio financial covenant that requires the interest coverage ratio as of the last day of any fiscal quarter to be no less than 2.00:1.00. The Credit Agreement also includes other affirmative and negative covenants, including without limitation covenants that restrict certain indebtedness, liens, investments, restricted payments and transactions with affiliates. The Company’s obligations to the lenders under the Credit Agreement are secured by a first priority security interest in substantially all of the Company’s assets. The Credit Agreement contains customary events of default for similar financing transactions. Upon the occurrence and during the continuation of an event of default, ING may terminate the commitments and declare the outstanding advances and all other obligations under the Credit Agreement immediately due and payable. As of June 30, 2023 and December 31, 2022, the Company was in compliance with all covenants and other requirements of the Credit Agreement. The following table summarizes the average and maximum debt outstanding, and the interest and debt issuance cost for the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2023 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Average debt outstanding ​ $ 157,845 ​ ​ $ 32,057 ​ Maximum amount of debt outstanding ​ 190,702 ​ ​ 66,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average annualized interest cost (1) ​ ​ 7.42 % ​ ​ 4.58 % Annualized amortized debt issuance cost ​ 0.59 % ​ 1.11 % Total annualized interest cost ​ $ 8.01 % ​ $ 5.69 % (1) Includes the stated interest expense and commitment fees on the unused portion of the Credit Agreement. Commitment fees for the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022 were $6 and $76 , respectively. ​ During the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022, there was maximum of $190,702 and $66,000, respectively, of debt outstanding under the Credit Agreement, with a weighted-average interest rate, excluding amortized debt issuance cost of 7.42% and 4.58%, respectively. Outstanding debt is carried at amortized cost in the Statements of Assets and Liabilities. As of both the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022, the estimated fair value of the outstanding debt approximated its carrying value. Total expenses related to debt for the three and six months ended June 30, 2023 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2023 ​ For the Six Months Ended June 30, 2023 Interest expense ​ $ 3,194 ​ ​ $ 5,888 Amortization of deferred debt issuance costs ​ 240 ​ ​ 468 Total ​ $ 3,434 ​ ​ $ 6,356 ​ Total expenses related to debt for the period from April 1, 2022 (commencement of operations) through June 30, 2022 and for the period from March 14, 2022 (inception) through June 30, 2022 included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Interest expense ​ $ 367 ​ ​ $ 367 Amortization of deferred debt issuance costs ​ 89 ​ ​ 89 Total ​ $ 456 ​ ​ $ 456 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	8. Commitments and Contingencies The Company conducts business with brokers and dealers that are primarily headquartered in New York and are members of the major securities exchanges. Banking activities are conducted with U.S. Bancorp, headquartered in the Minneapolis, Minnesota. In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote. The Schedules of Investments includes certain revolving loan facilities and other commitments with unfunded balances at June 30, 2023 and December 31, 2022 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments—non-controlled/non-affiliated Commitment Type Commitment Expiration Date Unfunded Commitment at June 30, 2023 Unfunded Commitment at December 31, 2022 Athena Holdco S.A.S. ​ Delayed Draw ​ 4/18/2030 ​ $ 2,300 ​ $ — Gannett Fleming, Inc. ​ Revolver ​ 12/20/2028 ​ ​ 1,364 ​ ​ 1,364 Ironhorse Purchaser, LLC ​ Delayed Draw ​ 9/30/2027 ​ ​ 1,000 ​ ​ — Ironhorse Purchaser, LLC ​ Revolver ​ 9/30/2027 ​ ​ 355 ​ ​ — MB2 Dental Solutions, LLC ​ Delayed Draw ​ 1/29/2027 ​ ​ 10,000 ​ ​ — Pennsylvania Real Estate Investment Trust ​ Revolver ​ 12/10/2023 ​ ​ 4,843 ​ ​ 5,080 Planet US Buyer LLC (Wood Mackenzie) ​ Revolver ​ 1/30/2030 ​ ​ 1,835 ​ ​ — PT Intermediate Holdings III, LLC ​ Delayed Draw ​ 11/1/2028 ​ ​ 5,000 ​ ​ — Total Unfunded Commitments ​ ​ ​ ​ ​ $ 26,697 ​ $ 6,444 ​ The Company has various commitments to fund various revolving and delayed draw senior secured loans on behalf of certain portfolio companies. ​ As of December 31, 2022, the Company had the following unfunded commitments to its portfolio companies: ​ ​ ​ ​ ​ ​ ​ Investments—non-controlled/non-affiliated Commitment Type Unfunded Commitment as of December 31, 2022 Athena Holdco S.A.S. (1) ​ Term Loan ​ € 10,070 Athena Holdco S.A.S. (2) ​ Delayed Draw Term Loan ​ ​ 1,180 Total Unfunded Commitments ​ ​ ​ € 11,250 (1) Subsequent to December 31, 2022 the term loan commitment was increased by €7.8 million, the total commitment is now €17.9 million. (2) Subsequent to December 31, 2022 the delayed draw term loan commitment was increased by €0.9 million, the total commitment is now €2.1 million. ​ The unfunded revolver obligations may or may not be funded to the borrowing party in the future but the entire amount was eligible for funding to the borrowers as of December 31, 2022, subject to the terms of each loan’s respective credit agreements which includes borrowing covenants that need to be met prior to funding. The Company’s commitment to fund term loans and delayed draw loans is triggered upon the satisfaction of certain pre-negotiated terms and conditions which can include covenants to maintain specified leverage levels and other related borrowing base covenants. For commitments to fund delayed draw loans with performance thresholds, borrowers are required to meet certain performance requirements before the Company is obligated to fulfill these commitments.

Other Related Party Transaction

Other Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Other Related Party Transactions
Other Related Party Transactions	9. Other Related Party Transactions The Company, the Administrator, the Adviser and affiliates may be considered related parties. From time to time, the Adviser advances payments to third parties on behalf of the Company and receives reimbursement from the Company. At June 30, 2023 and December 31, 2022, there were $165 and $0, respectively, reimbursable by the Adviser to the Company. Pursuant to the Administration Agreement, the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the three months ended June 30, 2023 and for the period from April 1, 2022 9. Other Related Party Transactions (Continued) (commencement of operations) through June 30, 2022, no such costs were allocated to the Company. For both the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022, no such costs were allocated to the Company. The Adviser has agreed to pay organization costs in an amount not to exceed $1,000 on behalf of the Company. Organization and offering costs will only be borne by the Company if such costs exceeds $1,000, at which time costs associated with the organization of the Company will be expensed On April 1, 2022, the Company entered into a facility agreement with certain affiliates of the Adviser to acquire its initial portfolio investments by purchasing certain investments owned and held by such affiliates. The Company paid $71 in consideration to acquire the portfolio. As discussed in the definitive proxy statement of the Company, filed with the SEC on September 19, 2022 (the “Proxy Statement”), the Company held a special meeting of shareholders (the “Special Meeting”) to approve an amended and restated Investment Advisory Agreement. The Company’s shareholders approved the Investment Advisory Agreement at the Special Meeting. The Investment Advisory Agreement provides for the quarterly base management fee, described in Note 6. Previously, the base management fee was calculated based on the value of the Company’s net assets excluding cash and cash equivalents at the end of the two most recently completed calendar quarters. The Adviser reduced the Base Management Fee for the quarter ended September 30, 2022 for the difference in the base management fee charged for the period ended June 30, 2022 and the base management fee that would have been charged under the amended and restated Investment Advisory Agreement for such period. The amount of the reduction was $15.

Shareholders' Equity and Divide

Shareholders' Equity and Dividends	6 Months Ended
	Jun. 30, 2023
Shareholders' Equity and Dividends
Shareholders' Equity and Dividends	10. Shareholders’ Equity and Dividends As of both June 30, 2023 and December 31, 2022, the Company had received $316,000 of equity commitments to purchase shares of the Company’s common stock. As of June 30, 2023 and December 31, 2022, $205,400 and $149,855 (65.0% and 47.4% of total commitments), respectively, had been called. Dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering annual taxable income available for distribution to shareholders and the amount of taxable income carried over from the prior year for distribution in the current year. The Company has adopted a dividend reinvestment plan that provides for reinvestment of all cash distributions declared by the Board of Directors, unless a shareholder elects to “opt out” of the plan. As a result, if the Board of Directors declares a cash distribution, then the shareholders who have not “opted out” of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. The shares distributed by the Transfer Agent in the Company’s dividend reinvestment plan are through newly issued shares. The following table summarizes the Company’s dividends declared and paid as of June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Declared ​ Record Date Payment Date Type Amount Per Share Total Amount March 13, 2023 ​ March 31, 2023 ​ April 28, 2023 ​ Regular ​ $ 0.38 ​ $ 4,857 June 15, 2023 ​ June 30, 2023 ​ July 27, 2023 ​ Regular ​ $ 0.38 ​ $ 5,458 ​ ​ ​ ​ ​ ​ ​ ​ $ 0.76 ​ $ 10,315 ​ The Company had no dividends declared and paid

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2023
Financial Highlights
Financial Highlights	11. Financial Highlights The financial highlights below show the Company’s results of operations for the six months ended June 30, 2023 and for the period from April 1, 2022 (commencement of operations) through June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2023 ​ ​ For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ Per share NAV at beginning of period ​ $ 13.48 ​ ​ $ 15.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment operations: ​ ​ ​ ​ ​ ​ ​ ​ Net investment income (1) ​ ​ 1.02 ​ ​ ​ 0.41 ​ Net realized and unrealized gain (loss) ​ ​ (0.43) ​ ​ ​ (1.35) ​ Net increase (decrease) in net assets from operations ​ ​ 0.59 ​ ​ ​ (0.94) ​ Distributions declared from net investment income ​ ​ (0.76) ​ ​ ​ — ​ Issuance of shares (2) ​ ​ 0.09 ​ ​ ​ — ​ Total increase (decrease) in net assets ​ ​ (0.08) ​ ​ ​ (0.94) ​ Per share NAV at end of period ​ $ 13.40 ​ ​ ​ 14.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total return based on net asset value (3) ​ ​ 4.38 % ​ ​ (6.27) % ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares outstanding at end of period ​ ​ 14,362,829 ​ ​ ​ 6,308,333 ​ Ratios to average net asset value: (4) ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ ​ 15.18 % ​ ​ 9.00 % Expenses before incentive fee (5) ​ ​ 9.67 % ​ ​ 6.18 % Expenses after incentive fee (6) ​ ​ 9.99 % ​ ​ 6.18 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending net asset value ​ $ 13.40 ​ ​ $ 14.06 ​ Portfolio turnover rate ​ 10.02 % ​ 1.52 % Weighted-average debt outstanding ​ $ 157,845 ​ ​ $ 32,057 ​ Weighted-average interest rate on debt (7) ​ 7.42 % ​ 4.58 % Weighted-average number of shares of common stock ​ 12,760,590 ​ ​ 4,325,696 ​ Weighted-average debt per share ​ $ 12.37 ​ ​ $ 5.08 ​ Asset coverage ratio (8) ​ ​ 205.8 % ​ ​ 234.4 % (1) Per share changes in net asset value are computed based on the weighted average of shares outstanding during the time such activity occurred. (2) Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (3) Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share from investment operations during the period divided by the beginning net asset value per share at the beginning of the period. (4) Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses and non-recurring income. Weighted average net assets were calculated based on considering the capital call activity during the period. (5) Includes all Company expenses, including interest and other debt costs prior to contractual expense reimbursement by the Investment Advisor. (6) Includes incentive fees and all Company expenses including interest and other debt costs prior to contractual expense reimbursement by the Investment Advisor. (7) Excludes amortized debt issuance cost. (8) In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. Activity incurred prior to the commencement of operations, April 1, 2022, was not considered to compute the ratios.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	12. Subsequent Events Management has evaluated subsequent events through and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the interim financial statements. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. The Company is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the FASB ASC Topic 946, Financial Services – Investment Companies The Company’s first fiscal period ended on December 31, 2022.
Use of Estimates	Use of Estimates The preparation of the unaudited interim financial statements in conformity with U.S. 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 unaudited interim financial statements, as well as the reported amounts of revenues and expenses during the reporting period presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company defines cash equivalents as securities that are readily convertible into known amounts of cash and near maturity that present insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents. The Company maintains its cash in a bank account, which, at times, may exceed federally insured limits. As of both June 30, 2023 and December 31, 2022, our cash balance exceeded federally insured limits. The Adviser continuously monitors the performance of the bank where the account is held in order to manage any risk associated with such account. Cash and cash equivalents are carried at cost, which approximates fair value. Cash and cash equivalents held as of June 30, 2023 and December 31, 2022 were $2,246 and $2,536, respectively.
Restricted Cash	Restricted Cash Restricted cash represents cash held by our counterparty as collateral against our derivative instruments until such contracts mature or are settled upon per agreement of buyer and seller of the contract. In accordance with ASC 230 , Statement of Cash Flows restricted cash included $113 and $757 , respectively, held with
Investment Transactions	Investment Transactions Investments are recognized when the Company assumes an obligation to acquire a financial instrument and the risks for gains and losses related to that instrument. Investments are derecognized when the Company assumes an obligation to sell a financial instrument and forego the risks for gains or losses related to that instrument. Specifically, the Company records all security transactions on a trade date basis. Amounts for investments recognized or derecognized but not yet settled are reported as a receivable for investments sold and a payable for investments purchased, respectively, in the Statements of Assets and Liabilities.
Unsettled Purchases and Sales of Investments	Unsettled Purchases and Sales of Investments Investment transactions are recorded based on the trade date of the transaction. As a result, unsettled purchases and sales are recorded as payables and receivables from unsettled transactions, respectively. While purchases and sales of the Company’s syndicated senior secured loans generally settle on a T+7 basis, the settlement period will sometimes extend past the scheduled settlement. In such cases, the Company generally is contractually owed and recognizes interest income equal to the applicable margin (“spread”) beginning on the T+7 date. Such income is accrued as interest receivable and is collected upon settlement of the investment transaction.
Investment Classification	Investment Classification In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Control Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliated Investments” are investments in those companies that are “Affiliated Persons” of the Company other than Control Investments. “Non-Controlled/Non-Affiliated Investments” are those that are neither Control Investments nor Affiliated Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, Affiliated Investments that are not otherwise Control Investments are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and/or investments under common control and, the Company does not have the power to exercise control over the management or policies of such portfolio company.
Fair Value Measurements	Fair Value Measurements The Company follows guidance in ASC 820, Fair Value Measurement ASC 820 classifies the inputs used to measure these fair values into the following hierarchy: ● Level 1: Quoted prices in active markets for identical assets or liabilities, accessible by us at the measurement date. ● Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices. ● Level 3: Unobservable inputs for the asset or liability. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level of input that is significant to the fair value measurement. The Adviser’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the unaudited interim financial statements may differ materially from the values that would be received upon an actual disposition of such investments.
Investment Valuation Process	Investment Valuation Process The Adviser, as the Company’s valuation designee (the “Valuation Designee”), undertakes a multi-step valuation process under the supervision of the Board. In calculating the value of the Company’s total assets, the Adviser values investments for which market quotations are readily available at such market quotations if they are deemed to represent fair value. Debt and equity securities that are not publicly traded, whose market price is not readily available or whose market quotations are not deemed to represent fair value are valued at fair value as determined in good faith by the Valuation Designee, under the direction of our Board of Directors. Market quotations may be deemed not to represent fair value in certain circumstances where the Adviser reasonably believes that facts and circumstances applicable to an issuer, a seller or purchaser or the market for a particular security causes current market quotes not to reflect the fair value of the security. Examples of these events could include cases in which material events are announced after the close of the market on which a security is primarily traded, when a security trades infrequently causing a quoted purchase or sale price to become stale or in the event of a “fire sale” by a distressed seller. When market quotations are not readily available, the Valuation Designee seeks to obtain fair values from independent pricing services or at bid prices obtained from at least two brokers or dealers, if available, or otherwise from a principal market maker or a primary market dealer. ​ If the Valuation Designee has a bona fide reason to believe that any such market quotes or values from independent pricing services or broker/dealers does not reflect the fair value of an investment, a fair value may be determined for such investments by the Valuation Designee in accordance with the Company’s valuation procedures. At least once annually, the Adviser will utilize an independent third-party valuation firm to assist in determining fair value of each such investment.
Derivative Instruments	Derivative Instruments The Company recognizes all derivative instruments as assets or liabilities at fair value in its unaudited interim financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value and realized gains or losses through current period earnings. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management process. The derivatives may require the Company to pay or receive an upfront fee or premium. These upfront fees or premiums are carried forward as cost or proceeds to the derivatives. Exchange-traded derivatives which include put and call options are valued based on the last reported sales price on the date of valuation. Over-the-counter (“OTC”) derivatives, including credit default swaps, are valued by the Adviser using quotations from counterparties. In instances where models are used, the value of the OTC derivative is derived from the contractual terms of, and specific risks inherent in, the instrument as well as the availability and reliability of observable inputs, such as credit spreads.
Offsetting Assets and Liabilities	Offsetting Assets and Liabilities The Company has elected not to offset cash collateral against the fair value of derivative contracts. The fair values of these derivatives are presented on a gross basis, even when derivatives are subject to master netting agreements.
Valuation of Other Financial Assets and Financial Liabilities	Valuation of Other Financial Assets and Financial Liabilities ASC 825, Financial Instruments
Realized Gains or Losses	Realized Gains or Losses Security transactions are accounted for on a trade date basis. Realized gains or losses on investments are calculated by using the specific identification method. Securities that have been called by the issuer are recorded at the call price on the call effective date.
Investment Income Recognition	Investment Income Recognition The Company records interest and dividend income, adjusted for amortization of premium and accretion of discount, on an accrual basis. Some of our loans and other investments, including certain preferred equity investments, may have contractual payment-in-kind (“PIK”) interest or dividends. PIK income computed at the contractual rate is accrued into income and reflected as receivable up to the capitalization date. PIK investments offer issuers the option at each payment date of making payments in cash or in additional securities. When additional securities are received, they typically have the same terms, including maturity dates and interest rates as the original securities issued. On these payment dates, the Company capitalizes the accrued interest or dividends receivable (reflecting such amounts as the basis in the additional securities received). PIK generally becomes due at maturity of the investment or upon the investment being called by the issuer. At that point, the Company believes PIK is not fully expected to be realized, the PIK investment will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest or dividends are reversed from the related receivable through interest or dividend income, respectively. The Company does not reverse previously capitalized PIK interest or dividends. Upon capitalization, PIK is subject to the fair value estimates associated with their related investments. PIK investments on non-accrual status are restored to accrual status if the Company believes that PIK is expected to be realized. Investments that are expected to pay regularly scheduled interest and/or dividends in cash are generally placed on non-accrual status when principal or interest/dividend cash payments are past due 30 days or more and/or when it is no longer probable that principal or interest/dividend cash payments will be collected. Such non-accrual investments are restored to accrual status if past due principal and interest or dividends are paid in cash, and in management’s judgment, are likely to continue timely payment of their remaining interest or dividend obligations. Interest or dividend cash payments received on non-accrual designated investments may be recognized as income or applied to principal depending upon management’s judgment. Loan origination fees, original issue discount (“OID”), and market discounts are capitalized and accreted into interest income over the respective terms of the applicable loans using the effective interest method or straight-line, as applicable. Upon the prepayment of a loan, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income. Other income generally includes amendment fees, bridge fees, and structuring fees which are recorded when earned.
Foreign Currency Investments	Foreign Currency Investments The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Such positions are converted at the respective closing foreign exchange rates in effect at June 30, 2023 and December 31, 2022, respectively, and reported in U.S. dollars. Purchases and sales of investments and revenue and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in realized and unrealized gain (loss) on foreign currency investments, in the Statements of Operations. Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. Government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies, securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. Government.
Expenses	Expenses Expenses include management fees, performance-based incentive fees, interest expense, insurance expenses, administrative service fees, legal fees, directors’ fees, audit and tax service expenses, third-party valuation fees and other general and administrative expenses. Expenses are recognized on an accrual basis. As noted in Note 6, certain expenses of the Company are subject to a cap as agreed with the Adviser.
Organization and Offering Costs	Organization and Offering Costs The Adviser has agreed to reimburse the Company organization and offering costs in an amount not to exceed $1,000. Organization and offering costs will only be borne by the Company if such expense exceeds $1,000, at which time, costs associated with the organization of the Company will be expensed as incurred. Costs associated with the offering of shares of the Company will be charged to the paid-in-capital upon the sale of shares. For both the three months ended June 30, 2023, and for the period from April 1, 2022 (commencement of operations) through June 30, 2022, the Adviser incurred organization expenses on behalf of the Company of $0. For the six months ended June 30, 2023, and for the period from March 14, 2022 (inception) through June 30, 2022, the Adviser incurred organization expenses on behalf of the Company of $0 and $660, respectively.
Deferred Financing Costs and Debt Issuance Costs	Deferred Financing Costs and Debt Issuance Costs Deferred financing and debt issuance costs represent fees and other direct incremental costs incurred in connection with the Company’s borrowings. These expenses are deferred and amortized into interest expense over the life of the related debt instrument using the straight-line method. Deferred financing costs related to revolving credit facilities are presented separately as an asset on the Company’s Statements of Assets and Liabilities. Debt issuance costs related to any issuance of installment debt or notes are presented net against the outstanding debt balance of the related security.
Distributions	Distributions Distributions to common shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board of Directors and depends on the Company’s earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such factors as the Board may deem relevant from time to time. Distributions from net investment income and net realized capital gains are determined in accordance with U.S. federal income tax regulations, which may differ from those amounts determined in accordance with U.S. GAAP. The Company may pay distributions in excess of its taxable net investment income. This excess would be a tax-free return of capital in the period and reduce the shareholder's tax basis in its shares. These book/tax differences are either temporary or permanent in nature. Temporary and permanent differences are primarily attributable to differences in the tax treatment of certain loans and the tax characterization of income and non-deductible expenses. These differences are generally determined in conjunction with the preparation of the Company's annual RIC tax return. To the extent these differences are permanent, they are charged or credited to paid-in capital in excess of par or distributable earnings, as appropriate, in the period that the differences arise. The Company intends to timely distribute to its shareholders substantially all of its annual taxable income for each year, except that the Company may retain certain net capital gains for reinvestment and may carry forward taxable income for distribution in the following year and pay any applicable tax. The specific tax characteristics of the Company's distributions will be reported to shareholders after the end of the calendar year. All distributions will be subject to available funds, and no assurance can be given that the Company will be able to declare such distributions in future periods. The Company has a dividend reinvestment plan that provides for reinvestment of all cash distributions declared by the Board of Directors unless a shareholder elects to "opt out" of the plan. As a result, if the Board of Directors declares a cash distribution, then the shareholders who have not "opted out" of the dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of common stock, rather than receiving the cash distribution. Shareholders who receive distributions in the form of shares of common stock will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions and, for this purpose, shareholders receiving distributions in the form of stock will generally be treated as receiving distributions equal to the fair market value of the stock received through the plan; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes.
Federal and State Income Taxes	Federal and State Income Taxes We have elected to be treated as a RIC under the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company (among other requirements) intends to make the requisite distributions to its shareholders, which will generally relieve the Company from corporate-level income taxes. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital, or a combination thereof. The tax character of distributions, if any, paid to shareholders may include return of capital, however, the exact amount cannot be determined at this point. The final determination of the tax character of distributions will not be made until we file Form 1099s for the tax year ending December 31, 2023. The character of income and gains that we will distribute is determined in accordance with income tax regulations that may differ from U.S. GAAP. Book and tax basis differences relating to shareholder dividend and distributions and other permanent book and tax differences are reclassified to paid-in capital. If we do not distribute (or are not deemed to have distributed) at least 98% of our annual ordinary income and 98.2% of our capital gain net income for the one-year period ending on October 31 of such calendar year, we will generally be required to pay excise tax equal to 4% of the amount by which 98% of our annual ordinary income and 98.2% of our capital gains exceed the distributions from such taxable income for the year. To the extent that we determine that our estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such taxable income, we accrue excise taxes, if any, on estimated undistributed taxable income. If we fail to satisfy the annual distribution requirement or otherwise fail to qualify as a RIC in any taxable year, we would be subject to tax on all of our taxable income at regular corporate rates. Distribution would generally be taxable to our individual and other non-corporate taxable shareholders as ordinary dividend income eligible for the reduced maximum rate applicable to qualified dividend income to the extent of our current and accumulated earnings and profits provided certain holding period and other requirements are met. Subject to certain limitation under the Code, corporate distributions would be eligible for the dividend-received deduction. To qualify again to be taxed as a RIC in a subsequent year, we would be required to distribute to our shareholders our accumulated earnings and profits attributable to non-RIC years. In addition, if we failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, we would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if we had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a period of five years. We follow ASC 740, Income Taxes
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the FASB. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited interim financial statements. In March 2020, the FASB issued Accounting Standards Update, 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. In December 2022, the FASB issued Accounting Standards Update 2022-06, Reference Rate Reform SEC Disclosure Update and Simplification In December 2020, the SEC adopted Rule 2a-5. The rule establishes a consistent, principles-based framework for boards of directors to use in creating their own specific processes in order to determine fair values in good faith. Effective September 30, 2022, the Company has designated Redwood Capital Management, LLC as the Company’s Valuation Designee to perform the fair value determinations relating to all of its investments, subject to the oversight of the Board.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Investments
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements June 30, 2023 ​ Level 1 Level 2 (1) ​ Level 3 ​ Total Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First lien term loan (2) ​ $ — ​ $ 177,581 ​ $ 88,970 ​ $ 266,551 Corporate bond ​ ​ — ​ ​ 77,365 ​ ​ 27,603 ​ ​ 104,968 Revolver ​ ​ — ​ ​ 1,083 ​ ​ 542 ​ ​ 1,625 Total investments ​ $ — ​ $ 256,029 ​ $ 117,115 ​ $ 373,144 Derivatives ​ $ — ​ $ 484 ​ $ — ​ $ 484 Cash and cash equivalents ​ $ 2,246 ​ $ — ​ $ — ​ $ 2,246 Restricted cash ​ $ 113 ​ $ — ​ $ — ​ $ 113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements December 31, 2022 ​ Level 1 Level 2 (1) ​ Level 3 ​ Total Investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First lien term loan (2) ​ $ — ​ $ 197,791 ​ $ 8,420 ​ $ 206,211 Revolver ​ ​ — ​ ​ 740 ​ ​ (34) ​ ​ 706 Corporate bond ​ ​ — ​ ​ 38,209 ​ ​ 27,605 ​ ​ 65,814 Total investments ​ $ — ​ $ 236,740 ​ $ 35,991 ​ $ 272,731 Derivatives ​ $ — ​ $ 375 ​ $ — ​ $ 375 Cash and cash equivalents ​ $ 2,536 ​ $ — ​ $ — ​ $ 2,536 Restricted cash ​ $ 757 ​ $ — ​ $ — ​ $ 757 (1) Fair value based upon quoted prices in inactive markets or quotes for comparable investments. (2) Includes senior secured loans.
Schedule of unobservable inputs used in the fair value measurement of Level 3 investments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Range ​ Weighted ​ ​ Fair Value Valuation Technique ​ Unobservable Input Low High Average ​ Corporate bond $ 14,616 ​ Yield analysis Market yield 12.84% ​ 13.97% ​ 13.40% ​ ​ ​ ​ ​ EV market multiple analysis ​ EBITDA multiple ​ 11.50x ​ 12.50x ​ 12.00x ​ Corporate bond ​ 12,987 ​ Yield analysis ​ Market yield ​ 9.70% ​ 9.70% ​ 9.70% ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Volatility ​ 10.00% ​ 10.00% ​ 10.00% ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Term ​ 3.11 Years ​ 3.11 Years ​ 3.11 Years ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Risk Free Rate ​ 4.50% ​ 4.50% ​ 4.50% ​ First lien term loan ​ 41,483 ​ Yield analysis ​ Market yield ​ 9.33% ​ 12.26% ​ 10.93% ​ ​ ​ ​ EV market multiple analysis EBITDA multiple 12.75x ​ 15.75x ​ 14.18x ​ First lien term loan ​ 18,286 Yield analysis Market yield 10.25% ​ 13.35% ​ 11.89% ​ First lien term loan ​ 29,201 Recent transactions Transaction price NA ​ NA ​ NA ​ Revolver ​ (80) Yield analysis Market yield 10.25% ​ 12.26% ​ 11.32% ​ Revolver ​ 622 Recent transactions Transaction price NA ​ NA ​ NA ​ Total $ 117,115 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Range ​ Weighted ​ ​ Fair Value Valuation Technique Unobservable Input Low High Average ​ Corporate bond ​ $ 13,040 ​ Yield analysis Market yield 18.48% ​ 18.48% ​ 18.48% ​ ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Volatility ​ 55.00% ​ 65.00% ​ 60.00% ​ ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Term ​ 3.5 Years ​ 4.5 Years ​ 4.0 Years ​ ​ ​ ​ ​ ​ Black Scholes Option Pricing Model ​ Risk free rate ​ 4.05% ​ 4.16% ​ 4.11% ​ Corporate bond ​ ​ 14,565 ​ Yield analysis Market yield 12.84% ​ 13.97% ​ 13.40% ​ ​ ​ ​ ​ EV market multiple analysis EBITDA multiple (1) 11.50x ​ 12.50x ​ 12.00x ​ First lien term loan ​ ​ 8,386 Recent transactions Transaction price NA ​ NA ​ NA ​ Total ​ $ 35,991 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The selected EV / LTM EBITDA was 12.00 x multiple, representing a 27.6% discount from the Adjusted Mean LTM EBITDA multiple.
Schedule of change to the value of an investment due to change in an unobservable input	​ Input Impact to Value if Input Increases Impact to Value if Input Decreases Discount rate Decrease Increase Revenue multiples Increase Decrease EBITDA multiples Increase Decrease Book value multiples Increase Decrease Implied volatility Increase Decrease Term Decrease Increase Yield Decrease Increase ​
Schedule of changes in investments categorized as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2023 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ 57,950 ​ $ 27,255 ​ $ 31 ​ $ 85,236 Net realized and unrealized gains (losses) ​ ​ (113) ​ ​ 204 ​ ​ 7 ​ ​ 98 Acquisitions (1) ​ ​ 31,259 ​ ​ 144 ​ ​ 504 ​ ​ 31,907 Dispositions (2) ​ ​ (126) ​ ​ — ​ ​ — ​ ​ (126) Ending balance ​ $ 88,970 ​ $ 27,603 ​ $ 542 ​ $ 117,115 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ 2 ​ $ 204 ​ $ 7 ​ $ 213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2023 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ 8,420 ​ $ 27,605 ​ $ (34) ​ $ 35,991 Net realized and unrealized gains (losses) ​ ​ (111) ​ ​ (293) ​ ​ 5 ​ ​ (399) Acquisitions (1) ​ ​ 80,865 ​ ​ 291 ​ ​ 1,071 ​ ​ 82,227 Dispositions (2) ​ ​ (204) ​ ​ — ​ ​ (500) ​ ​ (704) Ending balance ​ $ 88,970 ​ $ 27,603 ​ $ 542 ​ $ 117,115 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ (116) ​ $ (293) ​ $ 5 ​ $ (404) (1) (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — Net realized and unrealized gains (losses) ​ ​ — ​ ​ (15) ​ ​ — ​ ​ (15) Acquisitions (1) ​ ​ — ​ ​ 14,640 ​ ​ — ​ ​ 14,640 Dispositions ​ ​ — ​ ​ — ​ ​ — ​ ​ — Ending balance ​ $ — ​ $ 14,625 ​ $ — ​ $ 14,625 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ — ​ $ (15) ​ $ — ​ $ (15) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period from March 14, 2022 (inception) through June 30, 2022 ​ First Lien Term Loan Corporate Bond Revolver ​ Total Investments Beginning balance ​ $ — ​ $ — ​ $ — ​ $ — Net realized and unrealized gains (losses) ​ ​ — ​ ​ (15) ​ ​ — ​ ​ (15) Acquisitions (1) ​ ​ — ​ ​ 14,640 ​ ​ — ​ ​ 14,640 Dispositions ​ ​ — ​ ​ — ​ ​ — ​ ​ — Ending balance ​ $ — ​ $ 14,625 ​ $ — ​ $ 14,625 Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above) ​ $ — ​ $ (15) ​ $ — ​ $ (15) (1)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments
Schedule of fair value of derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 Derivative Instrument ​ Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Statement Location Interest rate swap ​ $ 7,000 ​ 6/17/2027 ​ $ 217 ​ $ — ​ Derivatives, at fair value Interest rate swap ​ $ 5,000 ​ 7/7/2027 ​ $ 267 ​ $ — ​ Derivatives, at fair value Total ​ $ 12,000 ​ ​ ​ $ 484 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Derivative Instrument ​ Notional Amount Maturity Date Gross Amount of Recognized Assets Gross Amount of Recognized Liabilities Statement Location Interest rate swap ​ $ 7,000 ​ 6/17/2027 ​ $ 153 ​ $ — ​ Derivatives, at fair value Interest rate swap ​ $ 5,000 ​ 7/7/2027 ​ $ 222 ​ $ — ​ Derivatives, at fair value Total ​ $ 12,000 ​ ​ ​ $ 375 ​ $ — ​ ​
Schedule of derivative instruments net realized gain (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the Three Months Ended June 30, 2023 ​ For the Six Months Ended June 30, 2023 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ 36 ​ $ 99 Total ​ ​ ​ $ 36 ​ $ 99 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ — ​ $ — Total ​ ​ ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the Three Months Ended June 30, 2023 ​ For the Six Months Ended June 30, 2023 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ 283 ​ $ 109 Total ​ ​ ​ $ 283 ​ $ 109 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative Instrument Statement Location For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Interest rate swaps ​ Net realized and unrealized gain (loss) on derivatives ​ $ (171) ​ $ (171) Total ​ ​ ​ $ (171) ​ $ (171)

Transactions with Affiliated _2

Transactions with Affiliated Companies (Tables)	6 Months Ended
	Jun. 30, 2023
Transactions with Affiliated Companies
Schedule of transactions with affiliated companies	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Portfolio Company ​ Fair value at December 31, 2022 ​ Transfers in (out) ​ Purchases (cost) ​ Sales and paydowns ​ PIK interest (cost) ​ Amortization ​ Net realized gain (loss) ​ Net unrealized gain (loss) ​ Fair value at June 30, 2023 Non-controlled affiliated company investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPC Group Inc. ​ $ — ​ $ — ​ $ 22,153 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (189) ​ $ 21,964 ​ ​ ​ — ​ ​ — ​ ​ 22,153 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (189) ​ ​ 21,964 Total non-controlled affiliated company investments ​ $ — ​ $ — ​ $ 22,153 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (189) ​ $ 21,964 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended June 30, ​ ​ 2023 ​ 2022 Portfolio Company ​ Interest Income ​ Dividend Income ​ Fee Income ​ Interest Income ​ Dividend Income ​ Fee Income Non-controlled affiliated company investment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TPC Group Inc. ​ $ 538 ​ $ — ​ $ — ​ $ n/a ​ $ n/a ​ $ n/a ​ ​ ​ 538 ​ ​ — ​ ​ — ​ ​ n/a ​ ​ n/a ​ ​ n/a Total non-controlled affiliated company investments ​ $ 538 ​ $ — ​ $ — ​ $ n/a ​ $ n/a ​ $ n/a

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt
Schedule of the average and maximum debt outstanding, and the interest and debt issuance cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2023 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Average debt outstanding ​ $ 157,845 ​ ​ $ 32,057 ​ Maximum amount of debt outstanding ​ 190,702 ​ ​ 66,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average annualized interest cost (1) ​ ​ 7.42 % ​ ​ 4.58 % Annualized amortized debt issuance cost ​ 0.59 % ​ 1.11 % Total annualized interest cost ​ $ 8.01 % ​ $ 5.69 % (1) Includes the stated interest expense and commitment fees on the unused portion of the Credit Agreement. Commitment fees for the six months ended June 30, 2023 and for the period from March 14, 2022 (inception) through June 30, 2022 were $6 and $76 , respectively.
Schedule of total expenses related to debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, 2023 ​ For the Six Months Ended June 30, 2023 Interest expense ​ $ 3,194 ​ ​ $ 5,888 Amortization of deferred debt issuance costs ​ 240 ​ ​ 468 Total ​ $ 3,434 ​ ​ $ 6,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ For the period from March 14, 2022 (inception) through June 30, 2022 Interest expense ​ $ 367 ​ ​ $ 367 Amortization of deferred debt issuance costs ​ 89 ​ ​ 89 Total ​ $ 456 ​ ​ $ 456

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Summary of unfunded commitments under revolving loan facilities and other commitments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments—non-controlled/non-affiliated Commitment Type Commitment Expiration Date Unfunded Commitment at June 30, 2023 Unfunded Commitment at December 31, 2022 Athena Holdco S.A.S. ​ Delayed Draw ​ 4/18/2030 ​ $ 2,300 ​ $ — Gannett Fleming, Inc. ​ Revolver ​ 12/20/2028 ​ ​ 1,364 ​ ​ 1,364 Ironhorse Purchaser, LLC ​ Delayed Draw ​ 9/30/2027 ​ ​ 1,000 ​ ​ — Ironhorse Purchaser, LLC ​ Revolver ​ 9/30/2027 ​ ​ 355 ​ ​ — MB2 Dental Solutions, LLC ​ Delayed Draw ​ 1/29/2027 ​ ​ 10,000 ​ ​ — Pennsylvania Real Estate Investment Trust ​ Revolver ​ 12/10/2023 ​ ​ 4,843 ​ ​ 5,080 Planet US Buyer LLC (Wood Mackenzie) ​ Revolver ​ 1/30/2030 ​ ​ 1,835 ​ ​ — PT Intermediate Holdings III, LLC ​ Delayed Draw ​ 11/1/2028 ​ ​ 5,000 ​ ​ — Total Unfunded Commitments ​ ​ ​ ​ ​ $ 26,697 ​ $ 6,444 ​ ​ ​ ​ ​ ​ ​ Investments—non-controlled/non-affiliated Commitment Type Unfunded Commitment as of December 31, 2022 Athena Holdco S.A.S. (1) ​ Term Loan ​ € 10,070 Athena Holdco S.A.S. (2) ​ Delayed Draw Term Loan ​ ​ 1,180 Total Unfunded Commitments ​ ​ ​ € 11,250 (1) Subsequent to December 31, 2022 the term loan commitment was increased by €7.8 million, the total commitment is now €17.9 million. (2) Subsequent to December 31, 2022 the delayed draw term loan commitment was increased by €0.9 million, the total commitment is now €2.1 million.

Shareholders' Equity and Divi_2

Shareholders' Equity and Dividends (Tables)	6 Months Ended
	Jun. 30, 2023
Shareholders' Equity and Dividends
Schedule of dividends declared and paid	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Declared ​ Record Date Payment Date Type Amount Per Share Total Amount March 13, 2023 ​ March 31, 2023 ​ April 28, 2023 ​ Regular ​ $ 0.38 ​ $ 4,857 June 15, 2023 ​ June 30, 2023 ​ July 27, 2023 ​ Regular ​ $ 0.38 ​ $ 5,458 ​ ​ ​ ​ ​ ​ ​ ​ $ 0.76 ​ $ 10,315

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Highlights
Schedule of financial highlights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, 2023 ​ ​ For the period from April 1, 2022 (commencement of operations) through June 30, 2022 ​ Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ Per share NAV at beginning of period ​ $ 13.48 ​ ​ $ 15.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment operations: ​ ​ ​ ​ ​ ​ ​ ​ Net investment income (1) ​ ​ 1.02 ​ ​ ​ 0.41 ​ Net realized and unrealized gain (loss) ​ ​ (0.43) ​ ​ ​ (1.35) ​ Net increase (decrease) in net assets from operations ​ ​ 0.59 ​ ​ ​ (0.94) ​ Distributions declared from net investment income ​ ​ (0.76) ​ ​ ​ — ​ Issuance of shares (2) ​ ​ 0.09 ​ ​ ​ — ​ Total increase (decrease) in net assets ​ ​ (0.08) ​ ​ ​ (0.94) ​ Per share NAV at end of period ​ $ 13.40 ​ ​ ​ 14.06 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total return based on net asset value (3) ​ ​ 4.38 % ​ ​ (6.27) % ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares outstanding at end of period ​ ​ 14,362,829 ​ ​ ​ 6,308,333 ​ Ratios to average net asset value: (4) ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ ​ 15.18 % ​ ​ 9.00 % Expenses before incentive fee (5) ​ ​ 9.67 % ​ ​ 6.18 % Expenses after incentive fee (6) ​ ​ 9.99 % ​ ​ 6.18 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ending net asset value ​ $ 13.40 ​ ​ $ 14.06 ​ Portfolio turnover rate ​ 10.02 % ​ 1.52 % Weighted-average debt outstanding ​ $ 157,845 ​ ​ $ 32,057 ​ Weighted-average interest rate on debt (7) ​ 7.42 % ​ 4.58 % Weighted-average number of shares of common stock ​ 12,760,590 ​ ​ 4,325,696 ​ Weighted-average debt per share ​ $ 12.37 ​ ​ $ 5.08 ​ Asset coverage ratio (8) ​ ​ 205.8 % ​ ​ 234.4 % (1) Per share changes in net asset value are computed based on the weighted average of shares outstanding during the time such activity occurred. (2) Includes the impact of different amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date. (3) Not annualized for periods less than one year. Total return based on net asset value equals the change in net asset value per share from investment operations during the period divided by the beginning net asset value per share at the beginning of the period. (4) Annualized for periods less than one year except for incentive fees and other certain non-recurring expenses and non-recurring income. Weighted average net assets were calculated based on considering the capital call activity during the period. (5) Includes all Company expenses, including interest and other debt costs prior to contractual expense reimbursement by the Investment Advisor. (6) Includes incentive fees and all Company expenses including interest and other debt costs prior to contractual expense reimbursement by the Investment Advisor. (7) Excludes amortized debt issuance cost. (8) In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing.

Organization and Nature of Op_2

Organization and Nature of Operations (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Minimum
Organization and Nature of Operations
Earnings before interest ,tax , depreciation and amortization in middle market companies	$ 50
Maximum
Organization and Nature of Operations
Earnings before interest ,tax , depreciation and amortization in middle market companies	$ 300

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Cash and cash equivalents	$ 2,246			$ 2,246	$ 2,536
Restricted cash held as collateral for interest rate swaps	113			113	$ 757
Advisor
Summary of Significant Accounting Policies
Payment of organization cost	0	$ 0	$ 660	0
Minimum | Less Than or Equal to $1000
Summary of Significant Accounting Policies
Organizational costs limit agreed to pay by related party	1,000			1,000
Maximum | More Than $1000
Summary of Significant Accounting Policies
Organizational costs limit agreed to pay by related party	$ 1,000			$ 1,000

Investments - Fair Value Measur

Investments - Fair Value Measurements of Company's Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments
Fair Value	$ 373,144	$ 272,731
Derivatives	484	375
Cash and cash equivalents	2,246	2,536
Restricted cash	113	757
Level 1
Investments
Cash and cash equivalents	2,246	2,536
Restricted cash	113	757
Level 2
Investments
Fair Value	256,029	236,740
Derivatives	484	375
Level 3
Investments
Fair Value	117,115	35,991
First Lien Term Loan
Investments
Fair Value	266,551	206,211
First Lien Term Loan | Level 2
Investments
Fair Value	177,581	197,791
First Lien Term Loan | Level 3
Investments
Fair Value	88,970	8,420
Corporate Bond
Investments
Fair Value	104,968	65,814
Corporate Bond | Level 2
Investments
Fair Value	77,365	38,209
Corporate Bond | Level 3
Investments
Fair Value	27,603	27,605
Revolver
Investments
Fair Value	1,625	706
Revolver | Level 2
Investments
Fair Value	1,083	740
Revolver | Level 3
Investments
Fair Value	$ 542	$ (34)

Investments - Quantitative Info

Investments - Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands	6 Months Ended	10 Months Ended
	Jun. 30, 2023 USD ($) Y	Dec. 31, 2022 USD ($) Y
Investments
Fair Value	$ 373,144	$ 272,731
Maximum
Investments
Valuation technique receiving a relative weight (as a percent)	100%
Minimum
Investments
Valuation technique receiving a relative weight (as a percent)	0%
Corporate Bond
Investments
Fair Value	$ 104,968	65,814
Level 3
Investments
Fair Value	117,115	$ 35,991
Level 3 | EV market multiple analysis | EBITDA multiple | Software
Investments
Multiplying factor for EV to LTM EBITDA		12%
Discount rate from Adjusted Mean LTM EBITDA multiple		27.60%
Level 3 | Corporate Bond
Investments
Fair Value	27,603	$ 27,605
Level 3 | Corporate Bond | Environmental Industries
Investments
Fair Value	12,987	13,040
Level 3 | Corporate Bond | Software
Investments
Fair Value	$ 14,616	$ 14,565
Level 3 | Corporate Bond | Yield analysis | Market yield | Maximum | Environmental Industries
Investments
Measurement inputs	0.0970	0.1848
Level 3 | Corporate Bond | Yield analysis | Market yield | Maximum | Software
Investments
Measurement inputs	0.1397	0.1397
Level 3 | Corporate Bond | Yield analysis | Market yield | Minimum | Environmental Industries
Investments
Measurement inputs	0.0970	0.1848
Level 3 | Corporate Bond | Yield analysis | Market yield | Minimum | Software
Investments
Measurement inputs	0.1284	0.1284
Level 3 | Corporate Bond | Yield analysis | Market yield | Weighted Average | Environmental Industries
Investments
Measurement inputs	0.0970	0.1848
Level 3 | Corporate Bond | Yield analysis | Market yield | Weighted Average | Software
Investments
Measurement inputs	0.1340	0.1340
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Volatility | Maximum | Environmental Industries
Investments
Measurement inputs	0.1000	0.6500
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Volatility | Minimum | Environmental Industries
Investments
Measurement inputs	0.1000	0.5500
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Volatility | Weighted Average | Environmental Industries
Investments
Measurement inputs	0.1000	0.6000
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Term | Maximum | Environmental Industries
Investments
Measurement inputs | Y	3.11	4.5
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Term | Minimum | Environmental Industries
Investments
Measurement inputs | Y	3.11	3.5
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Term | Weighted Average | Environmental Industries
Investments
Measurement inputs | Y	3.11	4
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Risk Free Rate | Maximum | Environmental Industries
Investments
Measurement inputs	0.0450	0.0416
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Risk Free Rate | Minimum | Environmental Industries
Investments
Measurement inputs	0.0450	0.0405
Level 3 | Corporate Bond | Black Scholes Option Pricing Model | Risk Free Rate | Weighted Average | Environmental Industries
Investments
Measurement inputs	0.0450	0.0411
Level 3 | Corporate Bond | EV market multiple analysis | EBITDA multiple | Maximum | Software
Investments
Measurement inputs	12.50	12.50
Level 3 | Corporate Bond | EV market multiple analysis | EBITDA multiple | Minimum | Software
Investments
Measurement inputs	11.50	11.50
Level 3 | Corporate Bond | EV market multiple analysis | EBITDA multiple | Weighted Average | Software
Investments
Measurement inputs	12	12
Level 3 | First Lien Term Bond
Investments
Fair Value		$ 8,386
Level 3 | First Lien Term Bond One
Investments
Fair Value	$ 41,483
Level 3 | First Lien Term Bond One | Yield analysis | Market yield | Maximum
Investments
Measurement inputs	0.1226
Level 3 | First Lien Term Bond One | Yield analysis | Market yield | Minimum
Investments
Measurement inputs	0.0933
Level 3 | First Lien Term Bond One | Yield analysis | Market yield | Weighted Average
Investments
Measurement inputs	0.1093
Level 3 | First Lien Term Bond One | EV market multiple analysis | EBITDA multiple | Maximum
Investments
Measurement inputs	15.75
Level 3 | First Lien Term Bond One | EV market multiple analysis | EBITDA multiple | Minimum
Investments
Measurement inputs	12.75
Level 3 | First Lien Term Bond One | EV market multiple analysis | EBITDA multiple | Weighted Average
Investments
Measurement inputs	14.18
Level 3 | First Lien Term Bond Two
Investments
Fair Value	$ 18,286
Level 3 | First Lien Term Bond Two | Yield analysis | Market yield | Maximum
Investments
Measurement inputs	0.1335
Level 3 | First Lien Term Bond Two | Yield analysis | Market yield | Minimum
Investments
Measurement inputs	0.1025
Level 3 | First Lien Term Bond Two | Yield analysis | Market yield | Weighted Average
Investments
Measurement inputs	0.1189
Level 3 | First Lien Term Bond Three
Investments
Fair Value	$ 29,201
Level 3 | Revolver One
Investments
Fair Value	$ (80)
Level 3 | Revolver One | Yield analysis | Market yield | Maximum
Investments
Measurement inputs	0.1226
Level 3 | Revolver One | Yield analysis | Market yield | Minimum
Investments
Measurement inputs	0.1025
Level 3 | Revolver One | Yield analysis | Market yield | Weighted Average
Investments
Measurement inputs	0.1132
Level 3 | Revolver Two
Investments
Fair Value	$ 622

Investments - Changes in Invest

Investments - Changes in Investments Categorized as Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Changes in investments categorized as Level 3
Beginning balance	$ 85,236			$ 35,991
Net realized and unrealized gain (loss)	$ 98	$ (15)	$ (15)	$ (399)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax
Acquisitions	$ 31,907	$ 14,640	$ 14,640	$ 82,227
Dispositions	(126)			(704)
Ending Balance	117,115	14,625	14,625	117,115
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above)	$ 213	$ (15)	$ (15)	$ (404)
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax	Realized and Unrealized Gain (Loss), Investment, Derivative, and Foreign Currency Transaction Price Change, Operating, before Tax
Corporate Bond
Changes in investments categorized as Level 3
Beginning balance	$ 27,255			$ 27,605
Net realized and unrealized gain (loss)	204	$ (15)	$ (15)	(293)
Acquisitions	144	14,640	14,640	291
Ending Balance	27,603	14,625	14,625	27,603
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above)	204	$ (15)	$ (15)	(293)
First Lien Term Bond
Changes in investments categorized as Level 3
Beginning balance	57,950			8,420
Net realized and unrealized gain (loss)	(113)			(111)
Acquisitions	31,259			80,865
Dispositions	(126)			(204)
Ending Balance	88,970			88,970
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above)	2			(116)
Revolver
Changes in investments categorized as Level 3
Beginning balance	31			(34)
Net realized and unrealized gain (loss)	7			5
Acquisitions	504			1,071
Dispositions				(500)
Ending Balance	542			542
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses above)	$ 7			$ 5

Derivative Instruments - Fair V

Derivative Instruments - Fair Value of Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative Instruments
Notional Amount	$ 12,000	$ 12,000
Gross Amount of Recognized Assets	484	375
Interest rate swap maturity date June 17 2027
Derivative Instruments
Notional Amount	7,000	7,000
Gross Amount of Recognized Assets	217	153
Interest rate swap maturity date July 7 2027
Derivative Instruments
Notional Amount	5,000	5,000
Gross Amount of Recognized Assets	$ 267	$ 222

Derivative Instruments - Net Re

Derivative Instruments - Net Realized and Unrealized Gain (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Derivative Instruments
Net realized and unrealized gain (loss) on derivatives	$ 319	$ (171)	$ (171)	$ 208
Interest Rate Swap
Derivative Instruments
Net realized gain (loss) from derivatives	36			99
Net realized and unrealized gain (loss) on derivatives	$ 283	$ (171)	$ (171)	$ 109

Transactions with Affiliated _3

Transactions with Affiliated Companies - Fair Value Roll Forward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Transactions with Affiliated Companies, Fair value Roll Forward
Investment Owned, Fair Value, Beginning Balance	$ 272,731
Investment Owned, Fair Value, Ending Balance	373,144
Investments, non-controlled/affiliated
Transactions with Affiliated Companies, Fair value Roll Forward
Purchases (cost)	22,153
Net unrealized gain (loss)	(189)
Investment Owned, Fair Value, Ending Balance	21,964
Investments, non-controlled/affiliated | TPC Group Inc
Transactions with Affiliated Companies, Fair value Roll Forward
Purchases (cost)	22,153
Net unrealized gain (loss)	(189)
Investment Owned, Fair Value, Ending Balance	$ 21,964

Transactions with Affiliated _4

Transactions with Affiliated Companies - Income Information (Details) - Investments, non-controlled/affiliated $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Transactions with Affiliated Companies
Interest Income	$ 538
TPC Group Inc
Transactions with Affiliated Companies
Interest Income	$ 538

Fees, Expenses, Agreements an_2

Fees, Expenses, Agreements and Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended			4 Months Ended	6 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Other Related Party Transactions
Quarterly base management fee percentage					0.375%
Annual base management fee percentage					1.50%
Management fees	$ 711		$ 251	$ 251	$ 1,305
Percentage of incentive fee on pre incentive fee net investment income					15%
Percentage of incentive fee payable on realized and unrealized capital gain or loss					15%
Incentive fees	191				$ 553
Expense reimbursement	99				$ 165
More than 1.5% Quarterly But Less Than 1.76% Quarterly
Other Related Party Transactions
Percentage of pre- incentive fee net investment income					100%
More than 1.76% Quarterly
Other Related Party Transactions
Quarterly base management fee percentage					1.76%
Annual base management fee percentage					7.04%
Percentage of pre- incentive fee net investment income					15%
More Than 15%
Other Related Party Transactions
Percentage of incentive fee payable					15%
Common stock on a national securities exchange or a merger or other transactions
Other Related Party Transactions
Annual base management fee percentage					1%
Percentage of decrease in base management fee					0.25%
Advisor
Other Related Party Transactions
Management fees	711		251	251	$ 1,305
Reduction of management fees		$ 15
Percentage of incentive fee on pre incentive fee net investment income					15%
Percentage of incentive fee payable on realized and unrealized capital gain or loss					15%
Incentive fees	191		0	0	$ 553
Expense reimbursement	$ 99		$ 0	$ 0	$ 165
Advisor | Maximum
Other Related Party Transactions
Percentage of specified expenses, maximum					0.25%
Advisor | Less Than or Equal to 1.5% Quarterly
Other Related Party Transactions
Quarterly percentage of pre incentive fee net investment income hurdle					1.50%
Annual percentage of pre-incentive fee net investment income hurdle					6%
Advisor | More than 1.5% Quarterly But Less Than 1.76% Quarterly
Other Related Party Transactions
Quarterly percentage of pre incentive fee net investment income hurdle					1.76%

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Apr. 06, 2022	Aug. 26, 2022	Aug. 25, 2022	May 13, 2022
Debt Instrument [Line Items]
Revolving loan commitment amount		$ 250,000	$ 145,000	$ 145,000
Unused commitment fees (Percentage)	1.375%
Minimum share holders equity to be be maintained	$ 40,740
Net proceeds of sales of certain equity interests (as a percent)	50%
Aggregate investment in Financing Subsidiaries (as a percent)	50%
Capital commitments (as a percent)	25%
Asset coverage ratio (as a percent)	150%
Interest coverage ratio	2
First 6 months following the effective Credit Agreement Date
Debt Instrument [Line Items]
Spread rate	0.375%
Debt Instrument, Basis Spread on Variable Rate	0.375%
Commitment usage less than or equal to 35% of commitment
Debt Instrument [Line Items]
Spread rate	0.75%
Debt Instrument, Basis Spread on Variable Rate	0.75%
Commitment usage greater than 35% of commitment
Debt Instrument [Line Items]
Spread rate	0.50%
Debt Instrument, Basis Spread on Variable Rate	0.50%
U.S. Dollars
Debt Instrument [Line Items]
Adjusted interest rate for the interest period of 1 month	0.15%
U.S. Dollars | One month interest period
Debt Instrument [Line Items]
Debt instrument interest term	1 month
U.S. Dollars | Three months interest period
Debt Instrument [Line Items]
Debt instrument interest term	3 months
Canadian Dollars
Debt Instrument [Line Items]
Adjusted interest rate for the interest period of 3 months	2.375%
SOFR | U.S. Dollars
Debt Instrument [Line Items]
Spread rate	0.10%
Debt Instrument, Basis Spread on Variable Rate	0.10%
Adjusted interest rate for the interest period of 3 months	2.375%
Adjusted Eurocurrency Rate | Euros
Debt Instrument [Line Items]
Adjusted interest rate for the interest period of 3 months	2.375%
Daily Simple RFR | Pound
Debt Instrument [Line Items]
Adjusted interest rate for the interest period of 3 months	2.375%
Credit spread adjustment interest rate	0.0326%
Minimum
Debt Instrument [Line Items]
Credit agreement termination period	1 year
Maximum
Debt Instrument [Line Items]
Credit agreement termination period	3 years
Multicurrency commitment
Debt Instrument [Line Items]
Revolving loan commitment amount	$ 85,000	110,000	100,000	100,000
Increase in Commitment				25,000
Dollar commitment
Debt Instrument [Line Items]
Revolving loan commitment amount		$ 140,000	$ 45,000	$ 45,000
Dollar commitment | Maximum
Debt Instrument [Line Items]
Increase in Commitment	$ 500,000

Debt - Average and Maximum Debt

Debt - Average and Maximum Debt Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Debt
Average debt outstanding	$ 32,057	$ 32,057	$ 157,845
Maximum amount of debt outstanding		$ 66,000	$ 190,702
Weighted average annualized interest cost		4.58%	7.42%
Annualized amortized debt issuance cost		1.11%	0.59%
Total annualized interest cost	5.69%	5.69%	8.01%
Commitment fees		$ 76	$ 6

Debt - Components of Total Inte

Debt - Components of Total Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Debt Instrument [Line Items]
Amortization of deferred debt issuance costs			$ 89	$ 468
Maximum amount of debt outstanding			$ 66,000	$ 190,702
Weighted-average interest rate, excluding amortized debt issuance cost	7.42%	4.58%	4.58%	7.42%
Senior Secured Revolving Credit Agreement
Debt Instrument [Line Items]
Interest expense	$ 3,194	$ 367	$ 367	$ 5,888
Amortization of deferred debt issuance costs	240	89	89	468
Total	$ 3,434	$ 456	456	6,356
Maximum amount of debt outstanding			$ 66,000	$ 190,702
Weighted-average interest rate, excluding amortized debt issuance cost	7.42%	4.58%	4.58%	7.42%

Commitments and Contingencies -

Commitments and Contingencies - Unfunded Balance of Certain Revolving Loan Facilities and Other Commitments (Details) - Investments-non-controlled/non-affiliated € in Thousands, $ in Thousands	Jan. 01, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)
Other Commitments [Line Items]
Total Unfunded Commitments		$ 26,697		$ 6,444
Athena Holdco S.A.S.
Other Commitments [Line Items]
Total Unfunded Commitments | €					€ 11,250
Term Loan | Athena Holdco S.A.S.
Other Commitments [Line Items]
Total Unfunded Commitments | €			€ 17,900		10,070
Increase in total commitment | €	€ 7,800
Revolver | Gannett Fleming, Inc
Other Commitments [Line Items]
Total Unfunded Commitments		1,364		1,364
Revolver | Ironhorse Purchaser, LLC
Other Commitments [Line Items]
Total Unfunded Commitments		355
Revolver | Pennsylvania Real Estate Investment Trust
Other Commitments [Line Items]
Total Unfunded Commitments		4,843		$ 5,080
Revolver | Planet US Buyer LLC
Other Commitments [Line Items]
Total Unfunded Commitments		1,835
Revolver | MB2 Dental Solutions, LLC
Other Commitments [Line Items]
Total Unfunded Commitments		10,000
Delayed Draw Term Loan | Ironhorse Purchaser, LLC
Other Commitments [Line Items]
Total Unfunded Commitments		1,000
Delayed Draw Term Loan | PT Intermediate Holdings III, LLC
Other Commitments [Line Items]
Total Unfunded Commitments		5,000
Delayed Draw Term Loan | Athena Holdco S.A.S.
Other Commitments [Line Items]
Total Unfunded Commitments		$ 2,300	€ 2,100		€ 1,180
Increase in total commitment | €	€ 900

Other Related Party Transacti_2

Other Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended			4 Months Ended	6 Months Ended	10 Months Ended
	Apr. 01, 2022	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Other Related Party Transactions
Investments						$ 135,605	$ 314,042
Less Than or Equal to $1000 | Minimum
Other Related Party Transactions
Organizational costs limit agreed to pay by related party		$ 1,000				1,000
More Than $1000 | Maximum
Other Related Party Transactions
Organizational costs limit agreed to pay by related party		1,000				1,000
Administrator or Affiliates
Other Related Party Transactions
Organization costs		0		$ 0	$ 0	0
Affiliates
Other Related Party Transactions
Investments	$ 71
Advisor
Other Related Party Transactions
Due to related parties		165				165	$ 0
Organization costs		$ 0		$ 0	$ 660	$ 0
Reduction of management fees			$ 15

Shareholders' Equity and Divi_3

Shareholders' Equity and Dividends (Details) - USD ($) $ in Thousands	6 Months Ended	10 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Shareholders' Equity and Dividends
Equity commitments received	$ 316,000	$ 316,000
Value of commitments called	$ 205,400	$ 149,855
Percentage of total commitments called	65%	47.40%

Shareholders' Equity and Divi_4

Shareholders' Equity and Dividends - Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 15, 2023	Mar. 13, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Dividends Payable [Line Items]
Amount Per Share				$ 0	$ 0.76
Total Amount			$ 5,458	$ 0	$ 10,315
Regular One
Dividends Payable [Line Items]
Amount Per Share		$ 0.38
Total Amount		$ 4,857
Regular Two
Dividends Payable [Line Items]
Amount Per Share	$ 0.38
Total Amount	$ 5,458

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Per Share Data:
Per share NAV at beginning of period		$ 15		$ 13.48
Net investment income		0.41		1.02
Net realized and unrealized gain (loss)		(1.35)		(0.43)
Net increase in net assets from operations		(0.94)		0.59
Distributions declared from net investment income		0		(0.76)
Issuance of shares				0.09
Total increase (decrease) in net assets		(0.94)		(0.08)
Per share NAV at end of period	$ 13.40	$ 14.06	$ 14.06	$ 13.40
Total return based on net asset value		(6.27%)		4.38%
Shares outstanding at end of period	14,362,829	6,308,333	6,308,333	14,362,829	10,224,654
Ratios to average net asset value:
Net investment income		9%		15.18%
Expenses before incentive fee		6.18%		9.67%
Expenses after incentive fee		6.18%		9.99%
Portfolio turnover rate		1.52%		10.02%
Weighted-average debt outstanding		$ 32,057	$ 32,057	$ 157,845
Weighted-average interest rate on debt	7.42%	4.58%	4.58%	7.42%
Weighted-average number of shares of common stock	13,911,578	4,325,696	4,325,696	12,760,590
Weighted-average debt per share		$ 5.08		$ 12.37
Asset coverage ratio		234.40%		205.80%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,072	$ (5,804)	$ (5,916)	$ 7,487

Insider Trading Arrangements

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