First Eagle Private Credit Fund 10-Q 10 Aug 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2023	Aug. 09, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	First Eagle Private Credit Fund
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	814-01642
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-6975595
Entity Address, Address Line One	500 Boylston Street
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	10167
Entity Central Index Key	0001890107
City Area Code	212
Local Phone Number	698-3300
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		2,056,000

Consolidated Statement of Asset

Consolidated Statement of Assets and Liabilities (unaudited)	Jun. 30, 2023 USD ($) $ / shares
ASSETS
Cash and cash equivalents	$ 100,000
Total assets	100,000
LIABILITIES
Organization costs payable	918,297
Trustees' fees payable	86,250
Accrued professional fees	56,000
Accrued expenses and other liabilities	76,385
Total liabilities	1,258,181
Commitments and contingencies (Note 5)
NET ASSETS
Common shares, par value $0.001 (unlimited shares authorized, 4,000 shares issued and outstanding)	4
Paid-in capital in excess of par value	99,996
Distributable earnings (accumulated losses)	(1,258,181)
Total net assets	$ (1,158,181)
Net asset value per share | $ / shares	$ 289.55
Affiliated Entity [Member]
LIABILITIES
Due to affiliates	$ 121,249

Consolidated Statement of Ass_2

Consolidated Statement of Assets and Liabilities (unaudited) (Parenthetical) shares in Thousands	Jun. 30, 2023 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, par value | $ / shares	$ 0.001
Common stock, Authorized
Common stock, Issued	4,000
Common stock, Outstanding	4,000

Consolidated Statement of Opera

Consolidated Statement of Operations (unaudited)	3 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Expenses:
Organization costs	$ 1,039,546
Trustees' fees	86,250
Professional fees	56,000
Other general and administrative expenses	76,385
Total expenses	1,258,181
Net investment income (loss)	(1,258,181)
Net increase (decrease) in net assets resulting from operations	$ (1,258,181)
Per share information - basic and diluted:
Net investment income (loss) per share (basic) | $ / shares	$ (314.55)
Net investment income (loss) per share (diluted) | $ / shares	(314.55)
Earnings per share (basic) | $ / shares	(314.55)
Earnings per share (diluted) | $ / shares	$ (314.55)
Weighted average shares outstanding (basic) | shares	4,000
Weighted average shares outstanding (diluted) | shares	4,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Net Assets (unaudited)	3 Months Ended
	Jun. 30, 2023 USD ($) shares
Balance, December 31, 2022	$ 0
Operations:
Net investment income (loss)	(1,258,181)
Net increase (decrease) in net assets resulting from operations	(1,258,181)
Capital Share Transactions:
Issuance of shares, Par value	100,000
Net increase (decrease) for the period	(1,158,181)
Balance, June 30, 2023	$ (1,158,181)
Common Shares
Capital Share Transactions:
Issuance of shares | shares	4,000
Issuance of shares, Par value	$ 4
Net increase (decrease) for the period, Shares | shares	4,000
Net increase (decrease) for the period	$ 4
Balance, June 30, 2023, Shares | shares	4,000
Balance, June 30, 2023	$ 4
Paid-in-Capital in Excess of Par Value
Capital Share Transactions:
Issuance of shares, Par value	99,996
Net increase (decrease) for the period	99,996
Balance, June 30, 2023	99,996
Accumulated Earnings (Loss), Net of Distributions
Operations:
Net investment income (loss)	(1,258,181)
Net increase (decrease) in net assets resulting from operations	(1,258,181)
Capital Share Transactions:
Net increase (decrease) for the period	(1,258,181)
Balance, June 30, 2023	$ (1,258,181)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	3 Months Ended
	Jun. 30, 2023 USD ($)
Cash flow from operating activities
Net increase (decrease) in net assets resulting from operations	$ (1,258,181)
Increase (decrease) in operating liabilities:
Organization costs payable	918,297
Due to Affiliates	121,249
Trustees' fees payable	86,250
Accrued professional fees	56,000
Accrued expenses and other liabilities	76,385
Net cash provided by (used in) operating activities	0
Cash flow from financing activities
Proceeds from issuance of shares	100,000
Net cash provided by (used in) financing activities	100,000
Net increase in cash and cash equivalents	100,000
Cash and cash equivalents, beginning of period	0
Cash and cash equivalents, end of period	$ 100,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,258,181)	$ 0

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

Organization

Organization	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization First Eagle Private Credit Fund (together with its subsidiaries, “the “Company”), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, the Company expects to elect to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and expects to qualify as a RIC annually thereafter. The Company is externally managed by First Eagle Investment Management, LLC (“FEIM” or the “Adviser”). The Adviser oversees the management of the Company’s activities and supervises the activities of First Eagle Alternative Credit, LLC (“FEAC” or the “Subadviser”, and together with the Adviser, the "Advisers"). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator. The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. The Company seeks to meet its objectives by focusing on private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured cash flow loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, “Private Credit”). Under normal circumstances, the Company will invest at least 80 % of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will be used to ramp up the portfolio upon receipt of subscriptions and may also be used for the purposes of maintaining liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns. The Company intends to offer and sell its common shares of beneficial interest, par value $ 0.001 per share (the "Common Shares") in a continuous private placement (the “Private Offering”) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), and Regulation D promulgated thereunder. The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) (the “Initial Closing”) of the Private Offering. Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 shares of the Company’s common shares of beneficial interest at $ 25.00 per share. On April 28, 2023, our sole shareholder approved the adoption of a leverage threshold to permit the Company to issue multiple classes of indebtedness and one class of stock senior to the common shares if the Company’s asset coverage, as defined in the 1940 Act, would at least equal 150 % immediately after each such issuance, pursuant to Section 61(a)(2) of the 1940 Act, and such election became effective the following day. On June 1, 2023, the Company created a wholly-owned subsidiary, First Eagle Private Credit Fund SPV, LLC, for purposes of entering into a senior secured revolving credit facility. As of June 30, 2023, the Company had not yet completed its Initial Drawdown (as defined below) and had no portfolio investments. The Company expects to commence its loan origination and investment activities with the Initial Drawdown. Refer to "Note 7. Subsequent Events" for additional details.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies Basis of Presentation The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal period will end on December 31, 2023. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period's results of operations are not necessarily indicative of the operating results to be expected for the period ending December 31, 2022. The Company had no net assets as of December 31, 2022, made no investments as of June 30, 2023 and had no net increase (decrease) in net assets resulting from operations during the three months ended June 30, 2022. As a result, comparative consolidated statements of assets and liabilities, consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented. As an emerging growth company, we intend to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Consolidation As provided under ASC Topic 946, Financial Services – Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company. Use of Estimates The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates could differ from those estimates and such differences could be material. Cash Cash consists of demand deposits. Cash is carried at cost which approximates fair value. The Company's cash is held with a financial institution. Organization and Offering Expenses Organization and offering costs will only be borne by the Company if the Company completes its Initial Closing and issues shares to investors following its first capital call (the “Initial Drawdown”). The Company will be obligated to reimburse the Advisers for such advanced expenses or make payments directly for invoices not yet paid by the Advisers upon the commencement of operations subsequent to the Initial Drawdown ("Commencement of Operations"). Costs associated with the organization of the Company are expensed as incurred as the Commencement of Operations is probable as of June 30, 2023, although has not occurred as of June 30, 2023. These expenses consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of common shares of the Company will be capitalized as deferred offering costs upon Commencement of Operations, and amortized over a twelve-month period from the later of Commencement of Operations or the date of occurrence. As of June 30, 2023, the Company did not have any capitalized deferred offering expenses reflected on the Statement of Assets and Liabilities. Refer to “Note 5. Commitments and Contingencies” and "Note 7. Subsequent Events" for additional details. Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses, and (ii) its net tax-exempt interest income. In addition, based on the excise tax distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98 % of its ordinary income for the calendar year, (2) 98.2 % of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Related Party Transactions	Note 3. Related Party Transactions Investment Advisory Agreement On March 29, 2023, the Company’s Board of Trustees (the "Board") unanimously approved an investment advisory agreement (the “Advisory Agreement”) and a subadvisory agreement (the “Subadvisory Agreement"), each of which became effective on March 30, 2023. Under the terms of the Advisory Agreement, the Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. The subadvisory fee payable to FEAC will be paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees will begin to accrue upon the Commencement of Operations. Base Management Fee The management fee will be calculated at an annual rate of 1.25 % of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For services rendered under the Advisory Agreement, the management fee will be payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated. For these purposes, “net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company has operations, net assets will be measured as the beginning net assets as of the Initial Closing. Incentive Fees The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below: (i) Incentive Fee Based on Income The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns. “Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediate preceding quarter, is compared to a “hurdle rate” of return of 1.25 % per quarter ( 5.0 % annualized). The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: • No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25 % per quarter ( 5.0 % annualized); • 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43 % ( 5.72 % annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43 %) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5 % of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43 % in any calendar quarter; and • 12.5 % of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% ( 5.72 % annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are payable to the Adviser. (ii) Incentive Fee on Capital Gains The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5 % of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP. Fee Waiver For the six months following the Commencement of Operations, the Advisers have agreed to waive all management fees (including incentive fees) and subadvisory fees payable to them under the Advisory Agreement and Subadvisory Agreement (the “Advisory Fee Waiver”). The Advisory Fee Waiver is not revocable during its term and amounts waived pursuant to the Advisory Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC. Administration Agreement The Company has also entered into an Administration Agreement with FEAC (the “Administrator”). Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the U.S. Securities and Exchange Commission ("SEC"). In addition, the Administrator assists in determining and publishing the Company’s net asset value ("NAV"), oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Company’s shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator for overhead in performance by the Administrator of its duties under the Administration Agreement and the Subadvisory Agreement, including facilities, office equipment, technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company’s Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement, non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement will begin to accrue upon the Commencement of Operations.

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Share Repurchase Program	Note 4. Share Repurchase Program Beginning no later than the first full calendar quarter after the first anniversary of the Initial Closing, and at the discretion of the Board, the Company intends to commence a share repurchase program in which it intends to offer to repurchase, in each quarter, up to 5 % of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. The Board may amend or suspend the share repurchase program if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company's liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares. Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98 % of such NAV (an “Early Repurchase Deduction”). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5. Commitments and Contingencies The Adviser and Subadviser have agreed to bear all of the Company’s expenses and costs, including organization and offering costs, through the Commencement of Operations. The Company will be obligated to reimburse the Adviser and Subadviser for such advanced expenses upon the Commencement of Operations. Total costs of $ 1,258,181 , composed of $ 1,039,546 in organization costs, $ 86,250 in trustee's fees, $ 56,000 in professional fees and $ 76,385 in other general and administrative expenses, have been recognized in the Statement of Operations for the period ended June 30, 2023 as the expenses were determined to be probably and reasonably estimable as of June 30, 2023. Total costs incurred through June 30, 2023 for offering costs of $ 695,903 , , which has not occurred as of June 30, 2023 and therefore is not reflected on the Statement of Assets and Liabilities as of June 30, 2023. From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company's rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.

Net Assets

Net Assets	3 Months Ended
	Jun. 30, 2023
Schedule of Investments [Abstract]
Net Assets	Note 6. Net Assets In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares. On April 28, 2023, the Adviser purchased 4,000 common shares of beneficial interest at $ 25.00 per share. As of June 30, 2023, the Company has received capital commitments totaling $ 152,600,000 , of which $ 152,600,000 remains unfunded.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of June 30, 2023 except as discussed below. Pursuant to a capital drawdown notice to its investors, the Company issued and sold 2,052,000 Common Shares on July 10, 2023 for an aggregate offering price of $ 51,300,000 . After the capital drawdown, the Company had $ 101,300,000 in unfunded commitments. The Company commenced its loan origination and investment activities on July 10, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal period will end on December 31, 2023. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period's results of operations are not necessarily indicative of the operating results to be expected for the period ending December 31, 2022. The Company had no net assets as of December 31, 2022, made no investments as of June 30, 2023 and had no net increase (decrease) in net assets resulting from operations during the three months ended June 30, 2022. As a result, comparative consolidated statements of assets and liabilities, consolidated statements of operations, consolidated statements of changes in net assets and consolidated statements of cash flows are not presented. As an emerging growth company, we intend to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.
Consolidation	Consolidation As provided under ASC Topic 946, Financial Services – Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.
Use of Estimates	Use of Estimates The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such estimates could differ from those estimates and such differences could be material.
Cash	Cash Cash consists of demand deposits. Cash is carried at cost which approximates fair value. The Company's cash is held with a financial institution.
Organization and Offering Expenses	Organization and Offering Expenses Organization and offering costs will only be borne by the Company if the Company completes its Initial Closing and issues shares to investors following its first capital call (the “Initial Drawdown”). The Company will be obligated to reimburse the Advisers for such advanced expenses or make payments directly for invoices not yet paid by the Advisers upon the commencement of operations subsequent to the Initial Drawdown ("Commencement of Operations"). Costs associated with the organization of the Company are expensed as incurred as the Commencement of Operations is probable as of June 30, 2023, although has not occurred as of June 30, 2023. These expenses consist primarily of legal fees and other costs of organizing the Company. Costs associated with the offering of common shares of the Company will be capitalized as deferred offering costs upon Commencement of Operations, and amortized over a twelve-month period from the later of Commencement of Operations or the date of occurrence. As of June 30, 2023, the Company did not have any capitalized deferred offering expenses reflected on the Statement of Assets and Liabilities. Refer to “Note 5. Commitments and Contingencies” and "Note 7. Subsequent Events" for additional details.
Income Taxes	Income Taxes The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually thereafter. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statement of the Company. The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof. To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90 % of the sum of (i) its “investment company taxable income” for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses, and (ii) its net tax-exempt interest income. In addition, based on the excise tax distribution requirements, the Company is subject to a 4 % nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98 % of its ordinary income for the calendar year, (2) 98.2 % of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed.

Organization (Additional Inform

Organization (Additional Information) (Details)	3 Months Ended
	Jun. 30, 2023 $ / shares shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of net assets plus borrowings for investment purposes	80%
Common stock, par value	$ 0.001
Common shares of beneficial interest per share	$ 25
Asset coverage	150%
Adviser purchased common shares | shares	4,000

Significant Accounting Polici_3

Significant Accounting Policies (Additional Information) (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Net assets	$ (1,158,181)		$ 0
Investments	0
Net increase (decrease) in net assets resulting from operations	$ (1,258,181)	$ 0
Nondeductible federal excise tax on undistributed earnings	4%
Minimum ordinary income distribution percentage	98%
Minimum capital gain distribution percentage	98.20%
Minimum [Member]
Significant Accounting Policies [Line Items]
Investment company taxable income percentage	90%

Related Party Transactions (Add

Related Party Transactions (Additional Information) (Details)	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Base management fee percentage	1.25%
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.25%
Catch-up provision percentage of pre incentive net investment income annualized			5%
Incentive fee based on income description	100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the “catch-up”. The “catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and•12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are payable to the Adviser.
Percentage of incentive fee on capital gains	12.50%
Adviser [Member]
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis	12.50%
Maximum [Member] | Incentive Fee on Ordinary Income
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis		1.25%
Catch-up provision percentage of pre incentive net investment income annualized	5%
Maximum [Member] | Adviser [Member]
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.43%
Minimum [Member] | Incentive Fee on Ordinary Income
Related Party Transaction [Line Items]
Catch-up provision percentage of pre incentive net investment income on quarterly basis	1.43%
Catch-up provision percentage of pre incentive net investment income annualized	5.72%

Share Repurchase Program - Addi

Share Repurchase Program - Additional Information (Details)	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Maximum percentage of common shares outstanding intends to offer to repurchase	5%
Percentage of common shares repurchased at net asset value	98%
Minimum holding period	1 year

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	3 Months Ended
	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Total costs	$ 1,258,181
Organization costs	1,039,546
Trustee's Fees	86,250
Professional fees	56,000
Other general and administrative expenses	76,385
Offering costs	$ 695,903

Net Assets (Additional Informat

Net Assets (Additional Information) (Details) - USD ($)		3 Months Ended
	Apr. 28, 2023	Jun. 30, 2023
Schedule of Investments [Line Items]
Common stock, par value		$ 0.001
Capital commitments total		$ 152,600,000
Remain unfunded		$ 152,600,000
Common Shares
Schedule of Investments [Line Items]
Adviser purchased common shares	4,000	4,000
Common stock, par value	$ 25

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member]	Jul. 10, 2023 USD ($) shares
Subsequent Event [Line Items]
Number of shares issued and sold | shares	2,052,000
Aggregate offering price	$ 51,300,000
Unfunded Commitments	$ 101,300,000