Brightwood Capital Corp I 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 11, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	814-01563
Entity Registrant Name	BRIGHTWOOD CAPITAL CORPORATION I
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	88-1977273
Entity Address State Or Province	NY
Entity Address, Address Line One	810 Seventh Avenue
Entity Address, Address Line Two	26th Floor
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10019
City Area Code	646
Local Phone Number	957-9525
Title of 12(b) Security	None
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,787,609
Entity Central Index Key	0001895316
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
No Trading Symbol Flag	true

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITES - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Investments,
Non-controlled,non-affiliate company investments, at fair value (amortized cost of $324,962 and $221,657, respectively)	[1]	$ 328,779	$ 222,800
Assets
Cash and cash equivalents	[1]	87,065	83,904
Interest and paydown receivable	[1]	3,092	1,955
Deferred financing costs	[1]	1,577	712
Total assets	[1]	420,513	309,371
Liabilities
Line of credit payable	[1]	200,000	100,000
Loans payable	[1]		53,803
Interest payable on line of credit	[1]	2,278	173
Interest payable on loans	[1]		500
Due to affiliates	[1]	465	125
Management fees payable	[1]	819	421
Distributions payable	[1]	0	1,212
Directors' fees payable	[1]	120	120
Accounts payable and accrued expenses	[1]	550	523
Total liabilities	[1]	204,232	156,877
Commitments and contingencies	[1]
Net Assets
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 20,787,609 and 15,150,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	[1]	208	152
Paid-in-capital in excess of par value	[1]	207,208	151,274
Total distributable earnings (loss)	[1]	8,865	1,068
Total net assets	[1]	216,281	152,494
Total liabilities and net assets	[1]	$ 420,513	$ 309,371
Net asset value per share	[1]	$ 10.40	$ 10.07
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITES
Non-controlled, non-affiliate company investments amortized cost	$ 324,962	$ 221,657
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	20,787,609	15,150,000
Common stock, shares outstanding	20,787,609	15,150,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2023
Non-controlled/non-affiliate company investments:
Interest income	[1]	$ 9,138	$ 16,702
Dividend income	[1]	2	2
Total investment income	[1]	9,140	16,704
Expenses:
Interest expense on line of credit	[1]	2,307	3,588
Management fees	[1]	819	1,527
Overhead expenses	[1]	366	456
Professional fees	[1]	184	431
Other general and administrative expenses	[1]	177	284
Amortization of deferred financing costs	[1]	144	234
Administration fees	[1]	130	185
Directors' fees	[1]	75	150
Interest expense on loans	[1]	39	378
Custody fees	[1]	37	70
Total expenses	[1]	4,278	7,303
Net investment income (loss)	[1]	4,862	9,401
Realized and unrealized gain (loss) on investments:
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments	[1]	1,059	2,674
Total net realized and unrealized gain (loss) on investments	[1]	1,059	2,674
Net increase (decrease) in net assets resulting from operations	[1]	$ 5,921	$ 12,075
Per share data:
Net investment income (loss) per share	[1]	$ 0.24	$ 0.50
Net increase (decrease) in net assets resulting from operations per share - basic	[1]	0.29	0.64
Net increase (decrease) in net assets resulting from operations per share - diluted	[1]	$ 0.29	$ 0.64
Weighted average shares outstanding - basic	[1]	20,580,522	18,770,348
Weighted average shares outstanding - diluted	[1]	20,580,522	18,770,348
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2023
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)	[1]	$ 4,862	$ 9,401
Net change in unrealized appreciation (depreciation) on investments	[1]	1,059	2,674
Net Income (Loss)	[1]	5,921	12,075
Shareholder distributions:
Distributions of investment income	[1]	(4,278)	(4,278)
Net increase (decrease) in net assets resulting from shareholder distributions	[1]	(4,278)	(4,278)
Capital share transactions:
Issuance of common shares, net	[1]	0	50,500
Reinvestments of Stockholder Distributions	[1]	4,278	5,490
Net increase in net assets resulting from capital share transactions	[1]	4,278	55,990
Total increase in net assets	[1]	5,921	63,787
Net assets, at beginning of period	[1]	210,360	152,494
Net assets, at end of period	[1]	$ 216,281	$ 216,281
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Jun. 30, 2023		Dec. 31, 2022
Cash flows from operating activities:
Net increase in net assets resulting from operations		$ 5,921	[1]	$ 12,075	[1]	$ 2,280
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments and drawdowns	[1]			(116,443)
Proceeds from principal repayments of investments and sales of investments and paydowns	[1]			13,824
Amortization of premium/accretion of discount, net	[1]			(682)
Interest income paid in kind		0		(4)	[1]
Net change in unrealized (appreciation) depreciation on investments	[1]	(1,059)		(2,674)
Amortization of deferred financing costs		144		234	[1]
Changes in operating assets and liabilities:
(Increase) decrease in interest and paydown receivable	[1]			(1,136)
Increase (decrease) in payable to affiliates	[1]			340
Increase (decrease) in interest payable on line of credit	[1]			2,105
Increase (decrease) in interest payable on loans	[1]			(500)
Increase (decrease) in management fees payable	[1]			398
Increase (decrease) in accounts payable and accrued expenses	[1]			26
Net cash provided by (used in) operating activities	[1]			(92,437)
Cash flows from financing activities:
Proceeds from issuance of common shares	[1]			50,500
Proceeds from line of credit payable	[1]			218,000
Repayments on line of credit payable	[1]			(118,000)
Proceeds from loans payable	[1]			18,525
Repayments on loans payable	[1]			(72,328)
Deferred financing costs paid	[1]			(1,099)
Net cash provided by (used in) financing activities	[1]			95,598
Net increase (decrease) in cash and cash equivalents	[1]			3,161
Cash and cash equivalents, beginning of period	[1]			83,904
Cash and cash equivalents, end of period	[1]	$ 87,065		87,065		$ 83,904
Supplemental disclosure of cash flow Information:
Cash paid during the period for interest expense on line of credit	[1]			1,483
Cash paid during the period for interest on loans	[1]			878
Supplemental disclosure of non-cash financing activities:
Issuance of common shares pursuant to dividend reinvestment plan	[1]			$ 5,490
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

CONSOLIDATED SCHEDULE OF INVEST

CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 324,962	$ 221,657
Fair Value	[1]	$ 328,779	$ 222,800
% of Net Assets		152%	146.10%
Total investments and cash equivalents for amortized cost		$ 325,234
Total investments and cash equivalents for fair value		$ 329,051
% of total investments and cash equivalents		152.10%
Liabilities in Excess of Other Assets		$ (112,770)
% of Liabilities in Excess of Other Assets		(52.10%)
Total net assets	[1]	$ 216,281	$ 152,494
% Total net assets		100%	100%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Delayed Draw Term Loan, Due 4/26/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6%
Interest Rate		11.33%
Maturity Date		Apr. 26, 2029
Par Amount		$ 952
Amortized Cost		912
Fair Value		$ 912
% of Net Assets		0.40%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver, Due 4/26/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6%
Interest Rate		11.34%
Maturity Date		Apr. 26, 2029
Par Amount		$ 132
Amortized Cost		92
Fair Value		$ 92
% of Net Assets		0%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Senior Secured First Lien Term Loan, Due 4/26/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6%
Interest Rate		11.34%
Maturity Date		Apr. 26, 2029
Par Amount		$ 7,000
Amortized Cost		6,830
Fair Value		$ 6,830
% of Net Assets		3.20%
Investment, Identifier [Axis]: B2B Industrial Products, LLC Senior Secured Term Loan Due Three ,10/7/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Prime Rate [Member]
Spread Above Reference Rate		5.75%
Interest Rate		14%
Maturity Date		Oct. 07, 2026
Par Amount		$ 5,512
Amortized Cost		5,274
Fair Value		$ 5,511
% of Net Assets		2.50%
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due 10/7/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Prime Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		5.75%	6.75%
Interest Rate		14%	11.41%
Maturity Date		Oct. 07, 2026	Oct. 07, 2026
Par Amount		$ 489	$ 8,960
Amortized Cost		480	8,520
Fair Value		$ 489	$ 8,520
% of Net Assets		0.20%	5.60%
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due, Two 10/7/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.75%	5.75%
Interest Rate		11.95%	13.25%
Maturity Date		Oct. 07, 2026	Oct. 07, 2026
Par Amount		$ 8,915	$ 5,540
Amortized Cost		8,535	5,265
Fair Value		$ 8,915	$ 5,265
% of Net Assets		4.10%	3.40%
Investment, Identifier [Axis]: BCVD Holdings, LLC, Equity Investments, Business Services, Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]			Investment
Investment, Industry Sector [Extensible Enumeration]			Business Services
Investment, Type [Extensible Enumeration]			Equity investments
Par Amount			$ 250
Amortized Cost			250
Fair Value			$ 250
% of Net Assets			0.20%
Investment, Identifier [Axis]: BCVD Holdings, LLC-Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services
Investment, Type [Extensible Enumeration]		Equity investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Par Amount		$ 250
Amortized Cost		250
Fair Value		$ 290
% of Net Assets		0.20%
Investment, Identifier [Axis]: CDM Fitness Holdings, LLC-Senior Secured First Lien Term Loan Due 6/17/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%
Minimum interest rate		11.89%
Maximum interest rate		11.91%
Maturity Date		Jun. 17, 2026
Par Amount		$ 24,939
Amortized Cost		24,453
Fair Value		$ 24,291
% of Net Assets		11.20%
Investment, Identifier [Axis]: Derm Holdings LLC, Equity Investment, Healthcare, Class A Preferred Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Equity investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Par Amount		$ 527
Amortized Cost		3,500
Fair Value		$ 3,500
% of Net Assets		1.60%
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Delayed Draw Term Loan Due 10/7/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Franchising
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.50%
Interest Rate		11.52%	6.50%
Maturity Date		Oct. 07, 2028	Oct. 07, 2028
Par Amount		$ 152
Amortized Cost		(51)	$ (114)
Fair Value		$ 152	$ (114)
% of Net Assets		0.10%	(0.10%)
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Revolver Due 10/7/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Franchising
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.50%
Minimum interest rate			11.05%
Maximum interest rate		11.16%	11.08%
Maturity Date		Oct. 07, 2028	Oct. 07, 2028
Par Amount		$ 67	$ 67
Amortized Cost		56	55
Fair Value		$ 67	$ 55
% of Net Assets		0%	0%
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Senior Secured First Lien Term Loan Due 10/7/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Franchising
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6%	6.50%
Interest Rate		10.86%	11.08%
Maturity Date		Oct. 07, 2028	Oct. 07, 2028
Par Amount		$ 13,705	$ 13,774
Amortized Cost		13,403	13,441
Fair Value		$ 13,705	$ 13,441
% of Net Assets		6.30%	8.80%
Investment, Identifier [Axis]: Essence Communications Inc.-Revolver Due 11/25/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications	Technology & Telecommunications
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.75%	6.75%
Interest Rate			6.75%
Minimum interest rate		12.08%
Maximum interest rate		12.29%
Maturity Date		Nov. 25, 2027	Nov. 25, 2027
Par Amount		$ 6,500
Amortized Cost		(6,324)	$ (196)
Fair Value		$ (6,500)	$ (196)
% of Net Assets		3%	(0.10%)
Investment, Identifier [Axis]: Essence Communications Inc.-Senior Secured First Lien Term Loan Due 11/25/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications	Technology & Telecommunications
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.75%	6.75%
Interest Rate		11.95%	11.37%
Maturity Date		Nov. 25, 2027	Nov. 25, 2027
Par Amount		$ 11,414	$ 11,471
Amortized Cost		11,213	11,246
Fair Value		$ 11,414	$ 11,246
% of Net Assets		5.30%	7.40%
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Delayed Draw Term Loan Due 3/22/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%
Interest Rate		6.25%
Maturity Date		Mar. 22, 2028
Amortized Cost		$ 10
% of Net Assets		0%
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Revolver Due 3/22/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%
Interest Rate		11.64%
Maturity Date		Mar. 22, 2028
Par Amount		$ 162
Amortized Cost		(147)
Fair Value		$ 162
% of Net Assets		0.10%
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Senior Secured First Lien Term Loan Due 3/22/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%
Interest Rate		11.64%
Maturity Date		Mar. 22, 2028
Par Amount		$ 13,345
Amortized Cost		13,093
Fair Value		$ 13,345
% of Net Assets		6.20%
Investment, Identifier [Axis]: First American Government Obligations Fund, Class X-Money Market
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Cash Equivalents	Cash Equivalents
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Interest Rate		5.01%	4.08%
Par Amount		$ 272	$ 4,164
Cash equivalents for amortized cost		272	4,164
Cash equivalents for fair value		$ 272	$ 4,164
% of cash equivalents		0.10%	2.70%
Investment, Identifier [Axis]: IAM Acquisition LLC-Senior Secured First Lien Term Loan Due 6/10/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Transportation & Logistics	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		5.50%	5.50%
Interest Rate		11%	10.25%
Maturity Date		Jun. 10, 2027	Jun. 10, 2027
Par Amount		$ 9,925	$ 9,975
Amortized Cost		9,925	9,975
Fair Value		$ 9,925	$ 9,975
% of Net Assets		4.60%	6.50%
Investment, Identifier [Axis]: Javelin Acquisition Vehicle, LLC-Senior Secured Term Loan Due 11/3/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.84%	7.12%
Interest Rate		11.95%	11.45%
Maturity Date		Nov. 03, 2026	Nov. 03, 2026
Par Amount		$ 16,915	$ 19,950
Amortized Cost		16,555	19,462
Fair Value		$ 16,915	$ 19,462
% of Net Assets		7.80%	12.80%
Investment, Identifier [Axis]: John C. Cassidy Air Conditioning, Inc.-Senior Secured Term Loan Due 12/23/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6%	6%
Interest Rate		11.39%	10.53%
Maturity Date		Dec. 23, 2026	Dec. 23, 2026
Par Amount		$ 5,074	$ 5,100
Amortized Cost		5,042	5,063
Fair Value		$ 5,074	$ 5,100
% of Net Assets		2.30%	3.30%
Investment, Identifier [Axis]: KKSP Precision Machining LLC-Senior Secured First Lien Term Loan Due 6/23/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.50%
Interest Rate		11.99%	11.29%
Maturity Date		Jun. 23, 2027	Jun. 23, 2027
Par Amount		$ 4,951	$ 4,975
Amortized Cost		4,863	4,877
Fair Value		$ 4,951	$ 4,976
% of Net Assets		2.30%	3.30%
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Delayed Draw Term Loan Due 2/23/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		7%
Minimum interest rate		12.25%
Maximum interest rate		12.33%
Maturity Date		Feb. 23, 2028
Par Amount		$ 499
Amortized Cost		(487)
Fair Value		$ (499)
% of Net Assets		0.20%
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Revolver Due 2/23/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		7%
Minimum interest rate		12.20%
Maximum interest rate		12.33%
Maturity Date		Feb. 23, 2028
Par Amount		$ 500
Amortized Cost		(491)
Fair Value		$ (500)
% of Net Assets		0.20%
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Senior Secured First Lien Term Loan Due 2/23/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		7%
Interest Rate		12.18%
Maturity Date		Feb. 23, 2028
Par Amount		$ 18,952
Amortized Cost		18,500
Fair Value		$ 18,952
% of Net Assets		8.80%
Investment, Identifier [Axis]: North Acquisition LLC-Senior Secured First Lien Term Loan Due 7/27/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications	Technology & Telecommunications
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.75%	6.75%
Interest Rate		12.09%	11.06%
Maturity Date		Jul. 27, 2027	Jul. 27, 2027
Par Amount		$ 24,250	$ 19,950
Amortized Cost		23,923	19,573
Fair Value		$ 24,250	$ 19,950
% of Net Assets		11.20%	13.10%
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc. - Senior Secured First Lien Term Loan 10/01/2023
CONSOLIDATED SCHEDULE OF INVESTMENTS
Par Amount			$ 16,253
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Delayed Draw Term Loan Due 10/30/2025
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Franchising
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.25%
Interest Rate		6.50%	6.25%
Maturity Date		Oct. 30, 2025	Oct. 30, 2025
Amortized Cost		$ 52	$ (63)
Fair Value			$ (63)
% of Net Assets		0%	0%
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Revolver Due '10/30/2025
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Franchising
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.50%
Minimum interest rate		11.27%	10.56%
Maximum interest rate		11.67%	11.13%
Maturity Date		Oct. 30, 2025	Oct. 30, 2025
Par Amount		$ 826	$ 495
Amortized Cost		808	474
Fair Value		$ 826	$ 474
% of Net Assets		0.40%	0.30%
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Senior Secured First Lien Term Loan Due 10/30/2025
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Franchising	Franchising
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.25%
Interest Rate		11.44%	10.31%
Maturity Date		Oct. 30, 2025	Oct. 30, 2025
Par Amount		$ 16,131	$ 16,212
Amortized Cost		15,862	15,903
Fair Value		$ 16,131	$ 15,903
% of Net Assets		7.50%	10.40%
Investment, Identifier [Axis]: OPCO Borrower LLC-Revolver Due 8/19/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare	Healthcare
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.50%
Interest Rate		6.50%	10.87%
Maturity Date		Aug. 19, 2027	Aug. 19, 2027
Par Amount			$ 250
Amortized Cost		$ (11)	244
Fair Value			$ 250
% of Net Assets		0%	0.10%
Investment, Identifier [Axis]: OPCO Borrower LLC-Senior Secured First Lien Term Loan Due 8/19/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare	Healthcare
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%	6.50%
Interest Rate		11.84%	11.18%
Maturity Date		Aug. 19, 2027	Aug. 19, 2027
Par Amount		$ 22,016	$ 13,664
Amortized Cost		21,918	13,597
Fair Value		$ 22,016	$ 13,664
% of Net Assets		10.20%	9%
Investment, Identifier [Axis]: Shiftkey, LLC-Senior Secured First Lien Term Loan Due 6/21/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications	Healthcare
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		5.75%	5.75%
Interest Rate		11.25%	10.59%
Maturity Date		Jun. 21, 2027	Jun. 21, 2027
Par Amount		$ 9,900	$ 9,950
Amortized Cost		9,817	9,856
Fair Value		$ 9,900	$ 9,950
% of Net Assets		4.60%	6.50%
Investment, Identifier [Axis]: VHL Logistics, Inc.-Revolver Due 12/13/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.25%
Interest Rate		6.25%	6.25%
Maturity Date		Dec. 13, 2028	Dec. 13, 2028
Amortized Cost		$ 11	$ (12)
Fair Value			$ (12)
% of Net Assets		0%	0%
Investment, Identifier [Axis]: VHL Logistics, Inc.-Senior Secured First Lien Term Loan Due 10/01/2023
CONSOLIDATED SCHEDULE OF INVESTMENTS
Par Amount			$ 20,000
Investment, Identifier [Axis]: VHL Logistics, Inc.-Senior Secured First Lien Term Loan Due 12/13/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.25%
Interest Rate		11.62%	11.07%
Maturity Date		Dec. 13, 2028	Dec. 13, 2028
Par Amount		$ 22,387	$ 22,500
Amortized Cost		21,873	21,942
Fair Value		$ 22,387	$ 21,942
% of Net Assets		10.40%	14.40%
Investment, Identifier [Axis]: Vehicle Management Services LLC-Senior Secured First Lien Term Loan Due 7/26/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Transportation & Logistics	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.25%
Interest Rate		11.58%	10.56%
Maturity Date		Jul. 26, 2027	Jul. 26, 2027
Par Amount		$ 24,809	$ 14,950
Amortized Cost		24,726	14,856
Fair Value		$ 24,003	$ 14,950
% of Net Assets		11.10%	9.80%
Investment, Identifier [Axis]: Veradata Holdings, LLC-Delayed Draw Term Loan Due 11/1/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.75%
Interest Rate		11.45%	6.75%
Maturity Date		Nov. 01, 2028	Nov. 01, 2028
Par Amount		$ 750
Amortized Cost		(735)	$ (7)
Fair Value		$ 750	$ (7)
% of Net Assets		0.30%	0%
Investment, Identifier [Axis]: Veradata Holdings, LLC-Revolver Due 11/1/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.75%
Interest Rate		6.25%	6.75%
Maturity Date		Nov. 01, 2028	Nov. 01, 2028
Amortized Cost		$ 4	$ (5)
Fair Value			$ (5)
% of Net Assets		0%	0%
Investment, Identifier [Axis]: Veradata Holdings, LLC-Senior Secured First Lien Term Loan Due 11/1/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Business Services	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.75%
Interest Rate		11.51%	10.99%
Maturity Date		Nov. 01, 2028	Nov. 01, 2028
Par Amount		$ 15,920	$ 18,750
Amortized Cost		15,627	18,385
Fair Value		$ 15,920	$ 18,385
% of Net Assets		7.40%	12.10%
Investment, Identifier [Axis]: Voice Comm, LLC-Senior Secured First Lien Term Loan Due 7/13/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.75%	6.75%
Interest Rate		11.93%	11.17%
Maturity Date		Jul. 13, 2027	Jul. 13, 2027
Par Amount		$ 19,001	$ 19,500
Amortized Cost		18,681	19,132
Fair Value		$ 19,001	$ 19,501
% of Net Assets		8.80%	12.80%
Investment, Identifier [Axis]: YWNA Finco LLC-Senior Secured Term Loan Due 8/18/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment	Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare	Business Services
Investment, Type [Extensible Enumeration]		Debt investments	Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.25%	6.25%
Interest Rate		11.45%	10.69%
Maturity Date		Aug. 18, 2027	Aug. 18, 2027
Par Amount		$ 9,812	$ 9,938
Amortized Cost		9,812	9,938
Fair Value		$ 9,812	$ 9,938
% of Net Assets		4.50%	6.50%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Class A Membership Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Equity investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Par Amount		$ 7
Amortized Cost		1,000
Fair Value		$ 1,000
% of Net Assets		0.50%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Revolver, Due 6/30/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%
Interest Rate		6.50%
Maturity Date		Jun. 30, 2028
Amortized Cost		$ (10)
Fair Value		$ (10)
% of Net Assets		0%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Senior Secured First Lien Term Loan, Due 6/30/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Healthcare
Investment, Type [Extensible Enumeration]		Debt investments
Investment, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Spread Above Reference Rate		6.50%
Interest Rate		11.82%
Maturity Date		Jun. 30, 2028
Par Amount		$ 10,000
Amortized Cost		9,802
Fair Value		$ 9,802
% of Net Assets		4.50%
Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		$ 83,962	$ 138,240
Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		73,753	29,696
Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		66,071	23,864
Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		71,065	31,000
Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		33,928
Debt investments
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		323,989	222,550
Equity investments
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		4,790	250
Cash Equivalents
CONSOLIDATED SCHEDULE OF INVESTMENTS
Cash equivalents for amortized cost		272
Cash equivalents for fair value		$ 272
% of cash equivalents		0.10%
Cash Equivalents | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS
Cash equivalents for fair value			4,164
Investment
CONSOLIDATED SCHEDULE OF INVESTMENTS
Liabilities in Excess of Other Assets			$ (74,470)
% of Liabilities in Excess of Other Assets			(48.80%)
Investment | Debt investments
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 320,212	$ 221,407
Fair Value		$ 323,989	$ 222,550
% of Net Assets		149.70%	145.90%
Investment | Debt investments | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 81,761	$ 137,391
Fair Value		$ 83,672	$ 137,990
% of Net Assets		38.60%	90.50%
Investment | Debt investments | Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 72,853	$ 29,696
Fair Value		$ 73,753	$ 29,696
% of Net Assets		34.10%	19.40%
Investment | Debt investments | Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 60,989	$ 23,697
Fair Value		$ 61,571	$ 23,864
% of Net Assets		28.40%	15.60%
Investment | Debt investments | Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 69,958	$ 30,623
Fair Value		$ 71,065	$ 31,000
% of Net Assets		32.90%	20.40%
Investment | Debt investments | Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 34,651
Fair Value		$ 33,928
% of Net Assets		15.70%
Investment | Equity investments
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 4,750	$ 250
Fair Value		$ 4,790	$ 250
% of Net Assets		2.30%	0.20%
Investment | Cash Equivalents
CONSOLIDATED SCHEDULE OF INVESTMENTS
% of cash equivalents			2.70%
Total investments and cash equivalents for amortized cost			$ 225,821
Total investments and cash equivalents for fair value			$ 226,964
% of total investments and cash equivalents			148.80%
Investment | Cash Equivalents | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS
Cash equivalents for amortized cost			$ 4,164
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

CONSOLIDATED SCHEDULE OF INVE_2

CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS
Net Assets	[1]	$ 216,281	$ 210,360	$ 152,494
Prime rate
CONSOLIDATED SCHEDULE OF INVESTMENTS
Interest Rate		8.25%
1M S
CONSOLIDATED SCHEDULE OF INVESTMENTS
Interest Rate		5.14%		4.36%
3M S
CONSOLIDATED SCHEDULE OF INVESTMENTS
Interest Rate		5.27%		4.59%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Principal Business and Organiza

Principal Business and Organization	6 Months Ended
	Jun. 30, 2023
Principal Business and Organization
Principal Business and Organization	1. Brightwood Capital Corporation I (the “Company”) was formed as a Maryland corporation on November 15, 2021. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 Act, as amended (the “1940 Act”). In addition, for US federal income tax purposes, the Company has elected to be treated, and to comply with the requirements to qualify annually, as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended. BCCI SPV-1, LLC (“SPV-1”) is a Delaware limited liability company that was formed on March 15, 2023. The Company has 100% ownership of SPV-1 and consolidates the results of SPV-1 in its consolidated financial statements. The Company is managed by Brightwood Capital Advisors, LLC (the “Investment Adviser”), an investment adviser that is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. The Investment Adviser provides portfolio management services to the Company, pursuant to an investment advisory agreement, including investigating, analyzing, structuring, and negotiating potential investments, monitoring the performance of portfolio companies and determining when to dispose of the Company’s investments. A team of the Investment Adviser’s investment committee servicing the Company (the “Investment Committee”) will evaluate and approve all of the Company’s investments, subject to the oversight of the Board of Directors (the “Board”). The Board consists of five directors, three of whom are independent. The Company’s investment objective is to achieve risk-adjusted returns via current income and, to a lesser extent, capital appreciation. The Company will focus on lending to middle market companies and will primarily invest in portfolio companies in the form of first lien senior secured loans (including any related warrants or other equity securities of such portfolio companies). These senior secured loans typically provide for cash interest and amortization payments throughout the life of the loan. Brightwood generally obtains security interests in the assets of its portfolio companies that serve as collateral in support of the repayment of these loans. The Company conducts private offerings of its common stock, par value $0.01 per share (“Common Stock”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended. Under the terms of the subscription agreements, investors are required to fund drawdowns to purchase shares of Common Stock up to the amount of their respective capital commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors.

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. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiary, SPV-1, which is a special purpose vehicle used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts. Cash and cash equivalents Cash and cash equivalents consists of demand deposits held at U.S. Bank National Association, headquartered in Minneapolis, MN and City National Bank, headquartered in Los Angeles, CA. Some of these deposits invest in short-term investments, which consist of commercial paper, money market instruments and/or other short-term debt obligations. These balances are insured by the Federal Deposit Insurance Corporation up to $250. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk on its cash and cash equivalents. All cash and cash equivalents balances are maintained with high credit quality financial institutions. Investment Valuation The Company’s investments will be valued at fair value. The Investment Adviser, designated by the Board as a valuation designee, will determine the fair value of the assets on at least a quarterly basis in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820. In accordance with Rule 2a-5 of the 1940 Act, the Company’s Board has designated the Investment Adviser as the Company’s “valuation designee.” The Company’s Board and the audit committee of the Board, which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Investments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Level 2 Level 3 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Investment 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 the investment. The Investment Adviser assesses the levels of the investments at each measurement date in accordance with the Company’s accounting policy. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for investments for the three and six months ended June 30, 2023. Investments for which prices are not observable are generally private investments in the equity and debt securities of operating companies. Fair value of private investments is based on Level 3 inputs and determined by reference to public market or private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. Enterprise values of the underlying portfolio companies are completed to compute the fair value for each class of security owned by the Company. Generally, these enterprise valuations are derived by multiplying a key performance metric of the investee company’s asset (e.g., EBITDA) by the relevant valuation multiple observed for comparable companies or transactions, adjusted by management for differences between the investment and the referenced comparable. If the enterprise value of private investments held cannot be valued by reference to observable valuation measures for comparable companies, then the primary analytical method used to estimate the fair value of such private investments is the discounted cash flow method. A sensitivity analysis is applied to the estimated future cash flows using various factors depending on investment, including assumed growth rate (in cash flows), capitalization rates (for determining terminal values) and appropriate discount rates to determine a range of reasonable values. The valuation based on the inputs determined to be the most probable is used as the fair value of the investment. The fair value of the Company’s investments in debt securities is further estimated using recently executed transactions, market price quotations and traded yields of corporate transactions (all when observable). When observable data is not available, fair value is estimated based on analysis of the collateral, cash flow models with yield curve analysis, seniority of the debt, enterprise value relative to debt levels, projected financial condition and operating results, payment history and ability to generate sufficient cash flows to make payments when due, and prepayment penalties. Investments in the equity and debt securities of portfolio companies may also be valued at cost for a period of time after acquisition as the best indicator of fair value. The determination of fair value using these methodologies takes into account a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of judgment by the Investment Adviser. Since the Company is under no compulsion to dispose of its investments, which are made with a view to a holding period of two years or more, the estimated values, as determined above, may not reflect amounts that could be realized upon immediate sale nor amounts that ultimately may be realized. As a result of the inherent uncertainty of the valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material. Organization and Offering Costs The Company has agreed to repay the Investment Adviser for initial organization costs and offering costs incurred prior to the commencement of its operations. Organization costs include costs relating to the formation and organization of the Company. These costs are expensed as incurred in the Consolidated Statement of Operations. Costs associated with the Company’s private offering of shares are charged to paid-in-capital upon the sale of such shares. Revenue Recognition Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company does not accrue as a receivable interest on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. As of June 30, 2023, no loans have been placed on non-accrual status by the Company. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns such amounts. For the three and six months ended June 30, 2023, the Company did not recognize any structuring or other upfront fee revenue. Certain investments have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that are added to the loan principal of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest is generally reversed through interest income, respectively, when an investment is placed on non-accrual status. For the three and six months ended June 30, 2023, zero and $4 PIK, respectively, has been recorded. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized. Expenses The Company is responsible for base management fees, investment expenses, legal expenses, auditing fees and other expenses related to the Company’s operations. The Company will pay Brightwood Capital Advisors, LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator (the “Administration Agreement”), including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer and their respective staffs. The Administrator will be reimbursed for certain expenses it incurs on the Company’s behalf. Deferred Financing Costs Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s line of credit. These costs are deferred and amortized over the life of the related debt instrument and are included in amortization of deferred financing costs on the Consolidated Statement of Operations. Unamortized deferred financing costs are presented on the Consolidated Statement of Assets and Liabilities as an asset. Income Taxes Following its election to be regulated as a BDC under the 1940 Act, the Company elected to be treated as a RIC and will file its tax return for the year ending December 31, 2022, as a RIC. 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 distributions. Rather, any tax liability related to income distributed by the Company represents obligations of the Company’s shareholders and will not be reflected on the Consolidated Statement of Assets and Liabilities of the Company. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the current year, (ii) 98.2% of its capital gains in excess of capital losses for the current year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis. A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses). If our expenses in a given year exceed our investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years and such net operating losses do not pass through to its stockholders. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC’s investment company taxable income, but may carry forward such losses, and use them to offset capital gains, indefinitely. Due to these limits on the deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to its stockholders even if such income is greater than the aggregate net income we actually earned during those years. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company accounts for income taxes in conformity with ASC 740 — Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. There were no material uncertain tax positions for the year ended December 31, 2022. The 2022 tax year remain subject to examination by U.S. federal and state tax authorities. Dividends and Distributions Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by the Investment Adviser. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements.

Agreements and Related Party Tr

Agreements and Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Agreements and Related Party Transactions
Agreements and Related Party Transactions	3. Administration Agreement The Company entered into an administration agreement with the Administrator on July 26, 2022. Pursuant to the Administration Agreement, the Company intends to reimburse the Administrator for certain expenses and the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the Administration Agreement. Reimbursements under the Administration Agreement are expected to be made quarterly in arrears. For the three and six months ended June 30, 2023, the Company incurred expenses of $366 and $456, respectively, in overhead expenses, which are included in the consolidated statements of operations, for costs and expenses reimbursable to the Investment Adviser under the terms of the Administration Agreement. In addition to overhead expenses, the payable balances may include other operating expenses paid by the Administrator on behalf of the Company. As of June 30, 2023 and December 31, 2022, $465 and $125, respectively, was payable to the Administrator. Investment Advisory Agreement The Company entered into an investment advisory agreement (the “Investment Advisory Agreement”) with the Investment Adviser on July 26, 2022. Pursuant to the Investment Advisory Agreement, the Company agrees to pay as compensation for the investment advisory and management services provided by the Investment Adviser a base management fee (“Base Management Fee”). The Base Management Fee is calculated as follows: (a) if the aggregate capital commitment of investors is less than or equal to $350,000, an annual rate equal to 0.80% of the fair value of the average gross assets of the Company associated with such capital commitment and (b) if the aggregate Investors’ capital commitment is greater than $350,000, an annual rate equal to 0.70% of the fair value of the average gross assets of the Company associated with such capital commitment in excess of $350,000. The Base Management Fee shall be payable quarterly in arrears. The Base Management Fee shall be calculated based on the fair value of the average value of the gross assets of the Company at the end of the two most recently completed calendar quarters. Such amount shall be appropriately adjusted (based on the actual number of days elapsed relative to the total number of days in such calendar quarter) for any share issuances or repurchases during a calendar quarter. The Base Management Fee for any partial month or quarter shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such partial month or quarter relative to the total number of days in such month or quarter). For the three and six months ended June 30, 2023, the Investment Adviser earned a base management fee of $819 and $1,527, respectively. As of June 30, 2023 and December 31, 2022, base management fees of $819 and $421, respectively, were payable. Further pursuant to the Investment Advisory Agreement, the Company intends to reimburse the Investment Adviser for the third party costs the Investment Adviser incurs on the Company’s behalf in connection with the formation and the initial closing of the private offering of the Company’s Common Stock. On June 30, 2022, Sengal Selassie, the Chief Executive Officer and Chairman of the Board purchased 1,000 shares of Common Stock, for an aggregate purchase price of $10. On September 30, 2022, the Investment Adviser purchased 99,000 shares of Common Stock for an aggregate offering price of $990, pursuant to a capital drawdown notice. On November 10, 2022, the Investment Adviser purchased 50,000 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. On January 30, 2023, the Investment Adviser purchased 50,505 shares of Common Stock for an aggregate offering price of $500, pursuant to a capital drawdown notice. Sengal Selassie, as an individual, and the Investment Adviser jointly made a capital commitment to the Company equal to one percent (1%) of the total capital commitments. Directors’ Fees Each of the Company’s Independent Directors will receive an annual retainer fee of $50, payable once per year. In addition, each of the Independent Directors will receive a fee of $10 for each regularly scheduled quarterly Board meeting in which they participate and $10 for each special Board meeting in which they participate. Independent Directors will also be reimbursed for all reasonable out-of-pocket expenses incurred in connection with participating in each Board meeting. With respect to each Audit Committee meeting not held concurrently with a Board meeting, Independent Directors will be reimbursed for all reasonable out-of-pocket expenses incurred in connection with participating in such Audit Committee meeting. In addition, the chairman of the Audit Committee, the chairman of the Nominating and Corporate Governance Committee, and the chairman of the Valuation Committee will each receive annual retainers of $10. For the three months and six months ended June 30, 2023, the Company incurred directors’ fees of $75 and $150, respectively. As of June 30, 2023 and December 31, 2022, directors’ fees of $120 and $120, respectively, were payable. Exemptive Relief As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. In an order dated August 22, 2022, the SEC granted exemptive relief permitting the Company, subject to the satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of its Investment Adviser. The Company is currently investing contemporaneously with other investment vehicles managed by Brightwood (the “Other Investing Funds”). Accordingly, the Company and the Other Investing Funds are allocated investment opportunities in accordance with Brightwood’s Allocation of Investment Opportunities Policy, which requires investment opportunities to be allocated to the funds in a manner that is fair and equitable to all funds over time. Under such policy, Brightwood will generally determine the allocation of an investment opportunity by considering each fund’s purchasing capacity, whether the investment opportunity is eligible for the relevant fund(s), and the target investment size with respect to each fund based on a variety of factors, including, but not limited to, each fund’s EBITDA focus, industry diversification requirements, leverage considerations, and investment ratings of the investment. Other For the six months ended June 30, 2023, Brightwood Loan Services LLC served as administrative agent for the following investments: Essence Communications Inc., IAM Acquisition LLC, Medical Management Holdings, LLC, John C. Cassidy Air Conditioning, Inc., KKSP Precision Machining LLC, North Acquisition LLC, OPCO Borrower LLC, Vehicle Management Services LLC, Veradata Holdings, LLC, VHL Logistics, Inc., Voice Comm, LLC and YNWA Finco LLC.

Investment Portfolio

Investment Portfolio	6 Months Ended
	Jun. 30, 2023
Investment Portfolio
Investment Portfolio	4. The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured First Lien Term Loan ​ $ 264,508 ​ $ 266,822 81.1 % Senior Secured Term Loan ​ ​ 45,699 ​ 46,717 14.2 % Delayed Draw Term Loan ​ ​ 2,123 ​ 2,313 0.7 % Revolver ​ ​ 7,882 ​ 8,137 2.5 % Class A Preferred Units ​ ​ 3,500 ​ 3,500 1.1 % Class A Units ​ ​ 250 ​ 290 0.1 % Class A Membership Units ​ ​ 1,000 ​ ​ 1,000 0.3 % ​ ​ $ 324,962 ​ $ 328,779 ​ 100.0 % (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. The following table summarizes the composition of the Company’s investment portfolio at cost and fair value as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 172,783 ​ $ 173,883 78.0 % Senior Secured Term Loan ​ 48,248 ​ 48,285 21.7 % Delayed Draw Term Loan(2) ​ (184) ​ (184) (0.1) % Revolver ​ 560 ​ 566 0.3 % Class A Units ​ 250 ​ 250 0.1 % Total ​ $ 221,657 ​ $ 222,800 100.0 % (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. (2) The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. The Company does not “control” and is not an “affiliate” of any of its portfolio companies, each as defined in the 1940 Act. In general, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned 25% or more of its voting securities and would be an “affiliate” of a portfolio company if it owned 5% or more of its voting securities. The Company’s investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments in such industries as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 Industry Classification ​ ​ Percentage ​ ​ Fair Value ​ of Portfolio ​ Business Services ​ $ 83,962 25.6 % Healthcare ​ ​ 66,071 20.1 % Franchising ​ ​ 73,753 22.4 % Technology & Telecommunications ​ ​ 71,065 21.6 % Transportation & Logistics ​ ​ 33,928 10.3 % ​ ​ $ 328,779 ​ 100.0 % ​ The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments in such industries as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Percentage Industry Classification ​ Fair Value ​ of Portfolio Business Services ​ $ 138,240 62.1 % Technology & Telecommunications ​ 31,000 13.9 % Franchising ​ 29,696 13.3 % Healthcare ​ 23,864 10.7 % Total ​ $ 222,800 100.0 % ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2023
Fair Value of Financial Instruments
Fair Value of Financial Instruments	5. Fair Value of Financial Instruments ​ Under existing accounting guidance, fair value is defined as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. This accounting guidance emphasizes valuation techniques that maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. The Investment Adviser classifies the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance: Level 1 Level 2 Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. As of June 30, 2023, the Company’s investments were categorized as follows in the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 266,822 ​ $ — ​ $ — ​ $ 266,822 Senior Secured Term Loan ​ ​ 46,717 ​ ​ — ​ ​ — ​ ​ 46,717 Delayed Draw Term Loan ​ ​ 2,313 ​ ​ — ​ ​ — ​ ​ 2,313 Revolver ​ ​ 8,137 ​ ​ — ​ ​ — ​ ​ 8,137 Class A Preferred Units ​ ​ 3,500 ​ ​ — ​ ​ — ​ ​ 3,500 Class A Units ​ ​ 290 ​ ​ — ​ ​ — ​ ​ 290 Class A Membership Units ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Total Investments ​ ​ 328,779 ​ ​ — ​ ​ — ​ ​ 328,779 Cash Equivalents ​ ​ 272 ​ ​ 272 ​ ​ — ​ ​ — Total Investments and cash equivalents ​ $ 329,051 ​ $ 272 ​ $ — ​ $ 328,779 ​ On June 30, 2023, the Investment Adviser valued some of the Company’s investments by using the acquisition price of those investments. As of December 31, 2022, the Company’s investments were categorized as follows in the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 Description Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 173,883 ​ $ — ​ $ — ​ $ 173,883 Senior Secured Term Loan ​ 48,285 ​ — ​ — ​ 48,285 Delayed Draw Term Loan (1) ​ (184) ​ — ​ — ​ (184) Revolver ​ 566 ​ — ​ — ​ 566 Class A Units ​ 250 ​ — ​ — ​ 250 Total investments ​ 222,800 ​ — ​ — ​ 222,800 Cash equivalents ​ 4,164 ​ 4,164 ​ — ​ — Total investments and cash equivalents ​ $ 226,964 ​ $ 4,164 ​ $ — ​ $ 222,800 (1) The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan. On December 31, 2022, the Investment Adviser valued some of the Company’s investments by using the acquisition price of those investments. The following is a reconciliation for the six months ended June 30, 2023, of investments for which significant unobservable inputs (Level 3) were used in determining fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Period ended June 30, 2023 ​ ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Secured ​ Delayed ​ ​ ​ ​ ​ Class A ​ Class A ​ ​ ​ ​ Lien Term ​ Term ​ Draw ​ ​ ​ Class A ​ Preferred ​ Membership ​ ​ ​ Loan Loan Term Loan Revolver Units Units Units Total Fair value at beginning of period ​ 173,883 ​ 48,285 ​ (184) ​ 566 ​ 250 ​ — ​ — ​ 222,800 Purchases ​ 101,267 ​ 480 ​ 2,275 ​ 7,921 ​ — ​ 3,500 ​ 1,000 ​ 116,443 Accretion of discount (amortization of premium) ​ 389 ​ 229 ​ 34 ​ 30 ​ — ​ — ​ — ​ 682 Sales and repayments ​ (9,934) ​ (3,259) ​ (1) ​ (630) ​ — ​ — ​ — ​ (13,824) Unrealized gain (loss) ​ 1,213 ​ 982 ​ 189 ​ 250 ​ 40 ​ — ​ — ​ 2,674 Paid in-kind interest ​ 4 ​ — ​ — ​ — ​ — ​ — ​ — ​ 4 Net transfers in or out of Level 3 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Fair value at end of period ​ 266,822 ​ 46,717 ​ 2,313 ​ 8,137 ​ 290 ​ 3,500 ​ 1,000 ​ 328,779 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date ​ 1,213 ​ 982 ​ 189 ​ 250 ​ 40 ​ — ​ — ​ 2,674 ​ There were no transfers of investments into or out of Level 1, 2, or 3 in the fair value hierarchy during the three and six months ended June 30, 2023. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of June 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Low High ​ Debt investments $ 323,989 Discounted Cash Flows Discount Rate 8.73 % 18.14 % ​ ​ ​ ​ ​ Enterprise Value ​ EBITDA Multiple ​ 4.50x ​ 13.50x ​ ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Equity investments ​ ​ 4,790 ​ Discounted Cash Flows ​ Discount Rate ​ 15.50 % 16.50 % ​ ​ ​ ​ ​ Enterprise Value ​ EBITDA Multiple ​ 9.00x ​ 14.50x ​ ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Total investments $ 328,779 ​ * In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortization. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of December 31, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Low High Debt investments ​ $ 222,550 Discounted Cash Flows Discount Rate 9.32 % 11.99 % ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Equity investments ​ 250 Recent Acquisitions N/A N/A N/A ​ Total investments ​ $ 222,800 ​ * In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2023
Borrowings
Borrowings	6. 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%. As of June 30, 2023 and December 31, 2022, the Company’s asset coverage was 208% and 252%, respectively. As of June 30, 2023 and December 31, 2022, the Company was in compliance with the terms and covenants of its borrowings. CNB Revolving Credit Facility : Costs incurred in connection with obtaining the CNB Revolving Credit Facility have been recorded as deferred financing costs and are being amortized over the life of the facility. As of June 30, 2023 and December 31, 2022, the unamortized deferred financing costs related to the facility was $534 and $712, respectively, and was showing as an asset on the Consolidated Statement of Assets and Liabilities. As of June 30, 2023 and December 31, 2022, there was zero undrawn portion on the line of credit provided by City National Bank. As of June 30, 2023 and December 31, 2022, the total outstanding balance under the credit agreement was $100,000 and this carrying value approximates fair value. BCCI SPV-1 Credit Facility : Initial facility amount committed is $100,000 and may be increased up to a total maximum facility amount of $350,000 until Commitment Terminal Date upon request, subject to availability under the borrowing base. The maturity date is 24 months after the last day of the Revolving Period. Revolving Period means the period commencing on the effective date and ending on Commitment Termination Date. Commitment Termination Date is the earliest of (a) March 30, 2026, (b) the end of the Investment Period of the Company and (c) the occurrence of an event of default (unless otherwise waived in writing by the administrative agent). Costs incurred in connection with obtaining the BCCI SPV-1 Credit Facility have been recorded as deferred financing costs and are being amortized over the life of the facility. As of June 30, 2023, the unamortized deferred financing costs related to the facility was $1,043, and was showing as an asset on the Consolidated Statement of Assets and Liabilities. As of June 30, 2023, there was no undrawn portion on the line of credit provided under this credit facility. As of June 30, 2023, the total outstanding balance under the credit agreement was $100,000, and this carrying value approximates fair value. As of June 30, 2023 and December 31, 2022, the interest payable on line of credit related to CNB Revolving Credit Facility and BCCI SPV-1 Credit Facility was $2,278 and $173, respectively. The following table shows the expenses incurred by the Company related to CNB Revolving Credit Facility and BCCI SPV-1 Credit Facility for the three months and six months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2023 ​ Interest expense on line of credit ​ $ 2,307 ​ Amortization of deferred financing costs ​ $ 144 ​ Weighted average interest rate ​ ​ 7.66 % ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, 2023 ​ Interest expense on line of credit ​ $ 3,588 ​ Amortization of deferred financing costs ​ $ 234 ​ Weighted average interest rate ​ ​ 7.38 % ​ Loans Payable : The Company agrees to pay Macquarie a fee, which equals to (a) the product of the funded amount of the loan and (b) the product of (i) the number of days the loan is outstanding (subject to number of minimum days per the agreement) and (ii) daily fee rate. For the three and six months ended June 30, 2023, the Company incurred fees of $39 and $378, respectively, which are shown as interest expense on loans on the Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, zero and $500, respectively, was payable to Macquarie. Principal payments due to Macquarie are recognized within the loan payable balance on the Consolidated Statements of Assets and Liabilities. As of June 30, 2023 and December 31, 2022, the Company had a loan payable balance of zero and $53,803, respectively, to Macquarie. No loans were held as collateral against the loan payable to Macquarie as of June 30, 2023. ​ The following table shows the loans held as collateral against the loan payable to Macquarie as of December 31, 2022, as well as the applicable trigger date and fee rate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Macquarie ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ accrued as ​ ​ Par ​ Purchase ​ Trigger ​ Purchase ​ Period (# of ​ Daily Fee ​ of Investment Name ​ Amount ​ Date ​ Date ​ Price ​ Days) ​ (BPS) ​ 12.31.22 Veradata Holdings, LLC - Senior Secured First Lien Term Loan ​ $ 18,750 ​ 1-Nov-22 ​ 10-Jan-23 98.0 % 70 0.00021257 ​ $ 238 North Haven USHC Acquisition, Inc. - Senior Secured First Lien Term Loan ​ $ 16,253 ​ 10-Nov-22 ​ 10-Jan-23 98.0 % 61 0.00021665 ​ $ 179 VHL Logistics, Inc. - Senior Secured First Lien Term Loan ​ $ 20,000 ​ 13-Dec-22 ​ 10-Jan-23 97.5 % 45 (Min days used) 0.00022317 ​ $ 83 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	7. In the normal course of business, the Company may enter into contracts that provide a variety of general indemnifications. Any exposure to the Company under these arrangements could involve future claims that may be made against the Company. Currently, no such claims exist, and accordingly, the Company has not accrued any liability in connection with such indemnifications. The Company’s investment portfolio may contain investments that are in the form of lines of credit or unfunded commitments, which require the Company to provide funding when requested by portfolio companies in accordance with the terms of the underlying agreements. Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any. The Company intends to use cash on hand, short term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of June 30, 2023 and December 31, 2022, refer to the table below and the Consolidated Schedules of Investments. The following table details the Company’s unfunded commitments as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment Athlete Buyer, LLC Delayed Draw Term Loan ​ $ 1,940 Athlete Buyer, LLC Revolver ​ ​ 1,520 ESN Venture Holdings, LLC Delayed Draw Term Loan ​ ​ 4,574 ESN Venture Holdings, LLC Revolver ​ ​ 433 Essence Communications Inc. Revolver ​ ​ 3,500 Firebirds Buyer, LLC Delayed Draw Term Loan ​ ​ 811 Firebirds Buyer, LLC Revolver ​ ​ 649 North Haven USHC Acquisition, Inc. Delayed Draw Term Loan ​ ​ 6,605 North Haven USHC Acquisition, Inc. Revolver ​ ​ 275 OPCO Borrower LLC Revolver ​ ​ 2,500 Veradata Holdings, LLC Revolver ​ ​ 250 VHL Logistics, Inc. Revolver ​ ​ 500 Zavation Medical Products, LLC Revolver ​ ​ 500 Total Unfunded Commitments ​ $ 24,057 ​ The following table details the Company’s unfunded commitments as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment ESN Venture Holdings, LLC Delayed Draw Term Loan ​ $ 4,726 ESN Venture Holdings, LLC Revolver ​ 433 Essence Communications Inc. Revolver ​ 10,000 North Haven USHC Acquisition, Inc. Delayed Draw Term Loan ​ 6,606 North Haven USHC Acquisition, Inc. Revolver ​ 606 OPCO Borrower LLC Revolver ​ 1,000 Veradata Holdings, LLC Delayed Draw Term Loan ​ 750 Veradata Holdings, LLC Revolver ​ 250 VHL Logistics, Inc. Revolver ​ 500 Total Unfunded Commitments ​ $ 24,871 ​

Net Assets

Net Assets	6 Months Ended
	Jun. 30, 2023
Net Assets
Net Assets	8. In connection with its formation, the Company has the authority to issue 100,000,000 shares of common stock, $0.01 par value per share (“Common Stock”). On June 30, 2022, Sengal Selassie purchased 1,000 shares of Common Stock, for an aggregate purchase price of $10. On September 16, 2022, the Company entered into subscription agreements with investors providing for the private placement of the Company’s Common Stock. Under the terms of the subscription agreements, the investors made a capital commitment in an aggregate amount equal to $353,500, $3,500 of which was from the Investment Adviser. The investors are required to fund drawdowns to purchase the Company’s Common Stock up to the amount of their respective capital commitment on an as-needed basis each time the Company delivers a drawdown notice to its investors. On September 26, 2022, the Company issued and sold 10,000,000 shares of Common Stock for an aggregate offering price of $100,000, pursuant to a capital drawdown notice to its investors. On September 30, 2022, the Investment Adviser purchased 99,000 shares of Common Stock for an aggregate offering price of $990, pursuant to a capital drawdown notice. On November 10, 2022, the Company issued and sold 5,050,000 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. On January 30, 2023, the Company issued and sold 5,101,010 shares of Common Stock for an aggregate offering price of $50,500, pursuant to a capital drawdown notice to its investors, $500 of which was from the Investment Adviser. As of June 30, 2023 and December 31, 2022, the unfunded capital commitment from the investors was $151,500 and $202,000, of which $1,500 and $2,000, respectively, was from the Investment Adviser. The following table summarizes the distributions declared on shares of the Company’s common stock since the initial funding on September 26, 2022. Stockholders of record as of each respective record date were entitled to receive the distribution: ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Declared Record Date Payment Date Amount per Share 12/30/2022 12/30/2022 1/27/2023 ​ $ 0.08 5/23/2023 5/26/2023 6/9/2023 ​ $ 0.21 ​ On both payment dates above, all of the Company’s stockholders had their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

Net Change in Net Assets Result

Net Change in Net Assets Resulting from Operations per Share	6 Months Ended
	Jun. 30, 2023
Net Change in Net Assets Resulting from Operations per Share
Net Change in Net Assets Resulting from Operations per Share	9. In accordance with the provisions of ASC Topic 260 — Earnings per Share (“ASC 260”), basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following table sets forth the computation of the weighted average basic and diluted loss per common share from operations for the following period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, 2023 ​ June 30, 2023 ​ Net increase in net assets resulting from operations ​ $ 5,921 ​ $ 12,075 ​ Weighted average shares of common stock outstanding—basic and diluted ​ ​ 20,580,522 (1) 18,770,348 (2) Net change in net assets resulting from operations per share—basic and diluted ​ $ 0.29 ​ $ 0.64 ​ (1) The weighted average shares outstanding for the three months ended June 30, 2023, are based on the average of outstanding shares as of March 31, 2023 and June 30, 2023. (2) The weighted average shares outstanding for the six months ended June 30, 2023, are based on the average of outstanding shares as of December 31, 2022, March 31, 2023 and June 30, 2023.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	10. Income Taxes The Company elected to be treated as a RIC under Subchapter M of the Code. As a RIC, the Company will not be taxed on any investment company taxable income or capital gains which it distributes to stockholders. The Company intends to distribute all of its investment company taxable income and capital gains annually. Accordingly, no provision for federal income tax has been made in the consolidated financial statements. Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. federal tax regulations, which may differ from amounts in accordance with U.S. GAAP and those differences could be material. These book-to-tax differences are either temporary or permanent in nature. Reclassifications due to permanent book-to-tax differences have no impact on net assets. The tax character of distributions for the year ended December 31, 2022 was as follows: ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 Distributions paid from: ​ Ordinary income ​ $ 1,137 Long term capital gain ​ — 2023 deferred income ​ 75 Total distributions paid ​ $ 1,212 ​ The components of accumulated earnings (losses) on a tax basis for the year ended December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 Undistributed net investment income (loss) ​ $ (75) Accumulated net realized gain (loss) ​ — Net Unrealized Investment Appreciation (Depreciation) ​ 1,143 Total accumulated earnings ​ $ 1,068 ​ The Company’s aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2022 Tax Cost of Investments ​ $ 221,657 Gross unrealized appreciation ​ $ 1,143 Gross unrealized depreciation ​ — Net Unrealized Investment Appreciation (Depreciation) ​ $ 1,143 ​ The following reconciles net increase in net assets resulting from operations to taxable income: ​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 Net increase in net assets resulting from operations ​ $ 2,280 Net change in unrealized (appreciation) depreciation on investments ​ (1,143) Permanent book income and tax income differences ​ — Temporary book income and tax income differences ​ — Taxable income ​ $ 1,137 ​ Note, taxable income is an estimate and is not fully determined until the Company’s tax return is filed. Taxable income generally differs from net increase (decrease) in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. ASC Topic 740, “Accounting for Uncertainty in Income Taxes” (“ASC 740”) provides guidance on the accounting for and disclosure of uncertainty in tax position. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Based on its analysis of its tax position for all open tax years (the current and prior years, as applicable), the Company has concluded that it does not have any uncertain tax positions that met the recognition or measurement criteria of ASC 740. 2022 tax year remains subject to examination and adjustment by tax authorities.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2023
Financial Highlights
Financial Highlights	11. Financial Highlights The following is a schedule of financial highlights of the Company for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ ​ Per Share Data: (1) ​ ​ ​ ​ Net asset value, beginning of period ​ $ 10.07 ​ Results of operations (2) ​ ​ Net investment income(loss) ​ 0.50 ​ Net change in unrealized appreciation (depreciation) ​ 0.14 ​ Net increase (decrease) in net assets resulting from operations ​ 0.64 ​ Stockholder distributions from income ​ ​ (0.21) ​ Capital share transactions ​ ​ Issuance of common shares (3) ​ (0.09) ​ Reinvestment of stockholder distributions ​ (0.01) ​ Net increase (decrease) in net assets resulting from capital share transactions ​ (0.10) ​ Net asset value, end of period ​ $ 10.40 ​ Shares outstanding, end of period ​ 20,787,609 ​ Total return (4) ​ 3.28 % Ratio/Supplemental Data: ​ ​ Net assets, end of period ​ $ 216,281 ​ Ratio of net investment income to average net assets (5) ​ 9.10 % Ratio of operating expenses to average net assets (5) ​ 6.69 % Portfolio turnover (6) ​ 4.47 % Asset coverage ratio (7) ​ 208 % (1) Per share data may be rounded in order to recompute the ending net asset value per share. (2) The per share data was derived by using the weighted average shares outstanding during the period. (3) The issuance of Common Stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Stock in the Company’s continuous offering. The issuance of Common Stock at a price that is lower than the net asset value per share results in an decrease in net asset value per share. (4) The total return for the six months ended June 30, 2023 was calculated by taking the net asset value per share as of December 31, 2022, adding the cash distributions per share which were declared during the period and dividing the total by the net asset value per share on June 30, 2023. (5) Weighted average net assets are used for this calculation. Ratios for the period are annualized except for organization expenses. (6) Portfolio turnover for the period is not annualized. (7) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period .

Share Transactions

Share Transactions	6 Months Ended
	Jun. 30, 2023
Share Transactions
Share Transactions	12. Share Transactions The following table summarizes the total shares issued for the three months and six months ended June 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ Six Months Ended June 30, 2023 ​ Shares Amount Shares Amount Balance at beginning of period 20,373,434 ​ $ 203,212 ​ 15,150,000 ​ $ 151,500 Issuance of common shares — ​ ​ — ​ 5,101,010 ​ 50,500 Reinvestments of stockholder distributions 414,175 ​ ​ 4,278 ​ 536,599 ​ 5,490 Balance at end of period 20,787,609 ​ $ 207,490 ​ 20,787,609 ​ $ 207,490 ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	13. Subsequent Events The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q or would be required to be recognized in the consolidated financial statements as of June 30, 2023 and for the six months ended June 30, 2023.

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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), for interim financial information and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiary, SPV-1, which is a special purpose vehicle used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Many of the amounts have been rounded, and all amounts are in thousands, except share and per share amounts.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consists of demand deposits held at U.S. Bank National Association, headquartered in Minneapolis, MN and City National Bank, headquartered in Los Angeles, CA. Some of these deposits invest in short-term investments, which consist of commercial paper, money market instruments and/or other short-term debt obligations. These balances are insured by the Federal Deposit Insurance Corporation up to $250. At times, these balances may exceed federally insured limits and this potentially subjects the Company to a concentration of credit risk. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant risk on its cash and cash equivalents. All cash and cash equivalents balances are maintained with high credit quality financial institutions.
Investment Valuation	Investment Valuation The Company’s investments will be valued at fair value. The Investment Adviser, designated by the Board as a valuation designee, will determine the fair value of the assets on at least a quarterly basis in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820. In accordance with Rule 2a-5 of the 1940 Act, the Company’s Board has designated the Investment Adviser as the Company’s “valuation designee.” The Company’s Board and the audit committee of the Board, which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Investments measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 Level 2 Level 3 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Investment 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 the investment. The Investment Adviser assesses the levels of the investments at each measurement date in accordance with the Company’s accounting policy. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for investments for the three and six months ended June 30, 2023. Investments for which prices are not observable are generally private investments in the equity and debt securities of operating companies. Fair value of private investments is based on Level 3 inputs and determined by reference to public market or private transactions or valuations for comparable companies or assets in the relevant asset class when such amounts are available. Enterprise values of the underlying portfolio companies are completed to compute the fair value for each class of security owned by the Company. Generally, these enterprise valuations are derived by multiplying a key performance metric of the investee company’s asset (e.g., EBITDA) by the relevant valuation multiple observed for comparable companies or transactions, adjusted by management for differences between the investment and the referenced comparable. If the enterprise value of private investments held cannot be valued by reference to observable valuation measures for comparable companies, then the primary analytical method used to estimate the fair value of such private investments is the discounted cash flow method. A sensitivity analysis is applied to the estimated future cash flows using various factors depending on investment, including assumed growth rate (in cash flows), capitalization rates (for determining terminal values) and appropriate discount rates to determine a range of reasonable values. The valuation based on the inputs determined to be the most probable is used as the fair value of the investment. The fair value of the Company’s investments in debt securities is further estimated using recently executed transactions, market price quotations and traded yields of corporate transactions (all when observable). When observable data is not available, fair value is estimated based on analysis of the collateral, cash flow models with yield curve analysis, seniority of the debt, enterprise value relative to debt levels, projected financial condition and operating results, payment history and ability to generate sufficient cash flows to make payments when due, and prepayment penalties. Investments in the equity and debt securities of portfolio companies may also be valued at cost for a period of time after acquisition as the best indicator of fair value. The determination of fair value using these methodologies takes into account a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance and financing transactions subsequent to the acquisition of the investment. These valuation methodologies involve a significant degree of judgment by the Investment Adviser. Since the Company is under no compulsion to dispose of its investments, which are made with a view to a holding period of two years or more, the estimated values, as determined above, may not reflect amounts that could be realized upon immediate sale nor amounts that ultimately may be realized. As a result of the inherent uncertainty of the valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material.
Organization and Offering Costs	Organization and Offering Costs The Company has agreed to repay the Investment Adviser for initial organization costs and offering costs incurred prior to the commencement of its operations. Organization costs include costs relating to the formation and organization of the Company. These costs are expensed as incurred in the Consolidated Statement of Operations. Costs associated with the Company’s private offering of shares are charged to paid-in-capital upon the sale of such shares.
Revenue Recognition	Revenue Recognition Security transactions are accounted for on the trade date. The Company records interest income on an accrual basis to the extent that it expects to collect such amounts. The Company does not accrue as a receivable interest on loans and securities if it has reason to doubt its ability to collect such income. The Company’s policy is to place investments on non-accrual status when there is reasonable doubt that interest income will be collected. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. If there is reasonable doubt that the Company will receive any previously accrued interest, then the accrued interest will be written-off. Payments received on non-accrual investments may be recognized as income or applied to principal depending upon the collectability of the remaining principal and interest. Non-accrual investments may be restored to accrual status when principal and interest become current and are likely to remain current based on the Company’s judgment. As of June 30, 2023, no loans have been placed on non-accrual status by the Company. Loan origination fees, original issue discount and market discount are capitalized and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. Structuring and other non-recurring upfront fees are recorded as fee income when earned. The Company records prepayment premiums on loans and securities as fee income when it earns such amounts. For the three and six months ended June 30, 2023, the Company did not recognize any structuring or other upfront fee revenue. Certain investments have contractual payment-in-kind (“PIK”) interest. PIK represents accrued interest that are added to the loan principal of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or upon being called by the issuer. PIK is recorded as interest income, as applicable. If at any point the Company believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. Accrued PIK interest is generally reversed through interest income, respectively, when an investment is placed on non-accrual status. For the three and six months ended June 30, 2023, zero and $4 PIK, respectively, has been recorded.
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation	Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation Gains or losses on the sale of investments are calculated by using the specific identification method. The Company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses when gains or losses are realized.
Expenses	Expenses The Company is responsible for base management fees, investment expenses, legal expenses, auditing fees and other expenses related to the Company’s operations. The Company will pay Brightwood Capital Advisors, LLC (the “Administrator”) the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the administration agreement between the Company and the Administrator (the “Administration Agreement”), including the Company’s allocable portion of the cost of its Chief Financial Officer and Chief Compliance Officer and their respective staffs. The Administrator will be reimbursed for certain expenses it incurs on the Company’s behalf.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent fees and other direct incremental costs incurred in connection with the Company’s line of credit. These costs are deferred and amortized over the life of the related debt instrument and are included in amortization of deferred financing costs on the Consolidated Statement of Operations. Unamortized deferred financing costs are presented on the Consolidated Statement of Assets and Liabilities as an asset.
Income Taxes	Income Taxes Following its election to be regulated as a BDC under the 1940 Act, the Company elected to be treated as a RIC and will file its tax return for the year ending December 31, 2022, as a RIC. 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 distributions. Rather, any tax liability related to income distributed by the Company represents obligations of the Company’s shareholders and will not be reflected on the Consolidated Statement of Assets and Liabilities of the Company. To qualify as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess of its realized net short-term capital gains over its realized net long-term capital losses. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the current year, (ii) 98.2% of its capital gains in excess of capital losses for the current year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion, may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. The Company accrues excise tax on estimated undistributed taxable income as required on a quarterly basis. A RIC is limited in its ability to deduct expenses in excess of its “investment company taxable income” (which is, generally, ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses). If our expenses in a given year exceed our investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to carry forward net operating losses to subsequent years and such net operating losses do not pass through to its stockholders. In addition, expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset the RIC’s investment company taxable income, but may carry forward such losses, and use them to offset capital gains, indefinitely. Due to these limits on the deductibility of expenses and net capital losses, we may for tax purposes have aggregate taxable income for several years that we are required to distribute and that is taxable to its stockholders even if such income is greater than the aggregate net income we actually earned during those years. The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof. The Company accounts for income taxes in conformity with ASC 740 — Income Taxes (“ASC 740”). ASC 740 provides guidelines for how uncertain tax positions should be recognized, measured, presented and disclosed in consolidated financial statements. There were no material uncertain tax positions for the year ended December 31, 2022. The 2022 tax year remain subject to examination by U.S. federal and state tax authorities.
Dividends and Distributions	Dividends and Distributions Dividends and distributions to common stockholders are recorded on the record date. The amount to be paid out as a dividend is determined by the Board each quarter and is generally based upon the earnings estimated by the Investment Adviser. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s Board authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (Topic 820),” which clarifies that a contractual sale restriction prohibiting the sale of an equity security is a characteristic of the reporting entity holding the equity security and is not included in the equity security’s unit of account. Accordingly, an entity should not consider the contractual sale restriction when measuring the equity security’s fair value. In addition, ASU No. 2022-03 prohibits an entity from recognizing a contractual sale restriction as a separate unit of account. ASU No. 2022-03’s amendments are effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU No. 2022-03 on its consolidated financial statements.

Investment Portfolio (Tables)

Investment Portfolio (Tables)	6 Months Ended
	Jun. 30, 2023
Investment Portfolio
Summary of the composition of investment portfolio at cost and fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ Amortized Cost (1) Fair Value Percentage of Portfolio Senior Secured First Lien Term Loan ​ $ 264,508 ​ $ 266,822 81.1 % Senior Secured Term Loan ​ ​ 45,699 ​ 46,717 14.2 % Delayed Draw Term Loan ​ ​ 2,123 ​ 2,313 0.7 % Revolver ​ ​ 7,882 ​ 8,137 2.5 % Class A Preferred Units ​ ​ 3,500 ​ 3,500 1.1 % Class A Units ​ ​ 250 ​ 290 0.1 % Class A Membership Units ​ ​ 1,000 ​ ​ 1,000 0.3 % ​ ​ $ 324,962 ​ $ 328,779 ​ 100.0 % (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 172,783 ​ $ 173,883 78.0 % Senior Secured Term Loan ​ 48,248 ​ 48,285 21.7 % Delayed Draw Term Loan(2) ​ (184) ​ (184) (0.1) % Revolver ​ 560 ​ 566 0.3 % Class A Units ​ 250 ​ 250 0.1 % Total ​ $ 221,657 ​ $ 222,800 100.0 % (1) Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on investments. (2) The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
Summary of investments by industry classification and enumerates the percentage, by fair value, of the total portfolio investments.	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 Industry Classification ​ ​ Percentage ​ ​ Fair Value ​ of Portfolio ​ Business Services ​ $ 83,962 25.6 % Healthcare ​ ​ 66,071 20.1 % Franchising ​ ​ 73,753 22.4 % Technology & Telecommunications ​ ​ 71,065 21.6 % Transportation & Logistics ​ ​ 33,928 10.3 % ​ ​ $ 328,779 ​ 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ Percentage Industry Classification ​ Fair Value ​ of Portfolio Business Services ​ $ 138,240 62.1 % Technology & Telecommunications ​ 31,000 13.9 % Franchising ​ 29,696 13.3 % Healthcare ​ 23,864 10.7 % Total ​ $ 222,800 100.0 %

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value of Financial Instruments
Summary of investments categorized in the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2023 ​ Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 266,822 ​ $ — ​ $ — ​ $ 266,822 Senior Secured Term Loan ​ ​ 46,717 ​ ​ — ​ ​ — ​ ​ 46,717 Delayed Draw Term Loan ​ ​ 2,313 ​ ​ — ​ ​ — ​ ​ 2,313 Revolver ​ ​ 8,137 ​ ​ — ​ ​ — ​ ​ 8,137 Class A Preferred Units ​ ​ 3,500 ​ ​ — ​ ​ — ​ ​ 3,500 Class A Units ​ ​ 290 ​ ​ — ​ ​ — ​ ​ 290 Class A Membership Units ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Total Investments ​ ​ 328,779 ​ ​ — ​ ​ — ​ ​ 328,779 Cash Equivalents ​ ​ 272 ​ ​ 272 ​ ​ — ​ ​ — Total Investments and cash equivalents ​ $ 329,051 ​ $ 272 ​ $ — ​ $ 328,779 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 Description Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 173,883 ​ $ — ​ $ — ​ $ 173,883 Senior Secured Term Loan ​ 48,285 ​ — ​ — ​ 48,285 Delayed Draw Term Loan (1) ​ (184) ​ — ​ — ​ (184) Revolver ​ 566 ​ — ​ — ​ 566 Class A Units ​ 250 ​ — ​ — ​ 250 Total investments ​ 222,800 ​ — ​ — ​ 222,800 Cash equivalents ​ 4,164 ​ 4,164 ​ — ​ — Total investments and cash equivalents ​ $ 226,964 ​ $ 4,164 ​ $ — ​ $ 222,800 (1) The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.
Summary of reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Period ended June 30, 2023 ​ ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ Senior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First ​ Secured ​ Delayed ​ ​ ​ ​ ​ Class A ​ Class A ​ ​ ​ ​ Lien Term ​ Term ​ Draw ​ ​ ​ Class A ​ Preferred ​ Membership ​ ​ ​ Loan Loan Term Loan Revolver Units Units Units Total Fair value at beginning of period ​ 173,883 ​ 48,285 ​ (184) ​ 566 ​ 250 ​ — ​ — ​ 222,800 Purchases ​ 101,267 ​ 480 ​ 2,275 ​ 7,921 ​ — ​ 3,500 ​ 1,000 ​ 116,443 Accretion of discount (amortization of premium) ​ 389 ​ 229 ​ 34 ​ 30 ​ — ​ — ​ — ​ 682 Sales and repayments ​ (9,934) ​ (3,259) ​ (1) ​ (630) ​ — ​ — ​ — ​ (13,824) Unrealized gain (loss) ​ 1,213 ​ 982 ​ 189 ​ 250 ​ 40 ​ — ​ — ​ 2,674 Paid in-kind interest ​ 4 ​ — ​ — ​ — ​ — ​ — ​ — ​ 4 Net transfers in or out of Level 3 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — Fair value at end of period ​ 266,822 ​ 46,717 ​ 2,313 ​ 8,137 ​ 290 ​ 3,500 ​ 1,000 ​ 328,779 The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date ​ 1,213 ​ 982 ​ 189 ​ 250 ​ 40 ​ — ​ — ​ 2,674
Summary of valuation techniques and significant unobservable inputs used in Level 3 fair value measurements	The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of June 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Low High ​ Debt investments $ 323,989 Discounted Cash Flows Discount Rate 8.73 % 18.14 % ​ ​ ​ ​ ​ Enterprise Value ​ EBITDA Multiple ​ 4.50x ​ 13.50x ​ ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Equity investments ​ ​ 4,790 ​ Discounted Cash Flows ​ Discount Rate ​ 15.50 % 16.50 % ​ ​ ​ ​ ​ Enterprise Value ​ EBITDA Multiple ​ 9.00x ​ 14.50x ​ ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Total investments $ 328,779 ​ * In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments. EBITDA means Earnings Before Interest, Taxes, Depreciation and Amortization. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of December 31, 2022, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Low High Debt investments ​ $ 222,550 Discounted Cash Flows Discount Rate 9.32 % 11.99 % ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Equity investments ​ 250 Recent Acquisitions N/A N/A N/A ​ Total investments ​ $ 222,800 ​ * In determining certain of these inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments.

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2023
Borrowings
Schedule of expenses incurred by the Company related to CNB Revolving Credit Facility and BCCI SPV-1 Credit Facility	​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ June 30, 2023 ​ Interest expense on line of credit ​ $ 2,307 ​ Amortization of deferred financing costs ​ $ 144 ​ Weighted average interest rate ​ ​ 7.66 % ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ June 30, 2023 ​ Interest expense on line of credit ​ $ 3,588 ​ Amortization of deferred financing costs ​ $ 234 ​ Weighted average interest rate ​ ​ 7.38 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fees to ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Macquarie ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Settlement ​ ​ ​ accrued as ​ ​ Par ​ Purchase ​ Trigger ​ Purchase ​ Period (# of ​ Daily Fee ​ of Investment Name ​ Amount ​ Date ​ Date ​ Price ​ Days) ​ (BPS) ​ 12.31.22 Veradata Holdings, LLC - Senior Secured First Lien Term Loan ​ $ 18,750 ​ 1-Nov-22 ​ 10-Jan-23 98.0 % 70 0.00021257 ​ $ 238 North Haven USHC Acquisition, Inc. - Senior Secured First Lien Term Loan ​ $ 16,253 ​ 10-Nov-22 ​ 10-Jan-23 98.0 % 61 0.00021665 ​ $ 179 VHL Logistics, Inc. - Senior Secured First Lien Term Loan ​ $ 20,000 ​ 13-Dec-22 ​ 10-Jan-23 97.5 % 45 (Min days used) 0.00022317 ​ $ 83

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Summary of unfunded commitments	The following table details the Company’s unfunded commitments as of June 30, 2023: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment Athlete Buyer, LLC Delayed Draw Term Loan ​ $ 1,940 Athlete Buyer, LLC Revolver ​ ​ 1,520 ESN Venture Holdings, LLC Delayed Draw Term Loan ​ ​ 4,574 ESN Venture Holdings, LLC Revolver ​ ​ 433 Essence Communications Inc. Revolver ​ ​ 3,500 Firebirds Buyer, LLC Delayed Draw Term Loan ​ ​ 811 Firebirds Buyer, LLC Revolver ​ ​ 649 North Haven USHC Acquisition, Inc. Delayed Draw Term Loan ​ ​ 6,605 North Haven USHC Acquisition, Inc. Revolver ​ ​ 275 OPCO Borrower LLC Revolver ​ ​ 2,500 Veradata Holdings, LLC Revolver ​ ​ 250 VHL Logistics, Inc. Revolver ​ ​ 500 Zavation Medical Products, LLC Revolver ​ ​ 500 Total Unfunded Commitments ​ $ 24,057 ​ The following table details the Company’s unfunded commitments as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment ESN Venture Holdings, LLC Delayed Draw Term Loan ​ $ 4,726 ESN Venture Holdings, LLC Revolver ​ 433 Essence Communications Inc. Revolver ​ 10,000 North Haven USHC Acquisition, Inc. Delayed Draw Term Loan ​ 6,606 North Haven USHC Acquisition, Inc. Revolver ​ 606 OPCO Borrower LLC Revolver ​ 1,000 Veradata Holdings, LLC Delayed Draw Term Loan ​ 750 Veradata Holdings, LLC Revolver ​ 250 VHL Logistics, Inc. Revolver ​ 500 Total Unfunded Commitments ​ $ 24,871

Net Assets (Tables)

Net Assets (Tables)	6 Months Ended
	Jun. 30, 2023
Net Assets
Summary of distributions declared on shares of the Company's common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Date Declared Record Date Payment Date Amount per Share 12/30/2022 12/30/2022 1/27/2023 ​ $ 0.08 5/23/2023 5/26/2023 6/9/2023 ​ $ 0.21 ​

Net Change in Net Assets Resu_2

Net Change in Net Assets Resulting from Operations per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Net Change in Net Assets Resulting from Operations per Share
Summary of computation of the weighted average basic and diluted loss per common share from operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, 2023 ​ June 30, 2023 ​ Net increase in net assets resulting from operations ​ $ 5,921 ​ $ 12,075 ​ Weighted average shares of common stock outstanding—basic and diluted ​ ​ 20,580,522 (1) 18,770,348 (2) Net change in net assets resulting from operations per share—basic and diluted ​ $ 0.29 ​ $ 0.64 ​ (1) The weighted average shares outstanding for the three months ended June 30, 2023, are based on the average of outstanding shares as of March 31, 2023 and June 30, 2023. (2) The weighted average shares outstanding for the six months ended June 30, 2023, are based on the average of outstanding shares as of December 31, 2022, March 31, 2023 and June 30, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
Income Taxes
Schedule of tax character of distributions	​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 Distributions paid from: ​ Ordinary income ​ $ 1,137 Long term capital gain ​ — 2023 deferred income ​ 75 Total distributions paid ​ $ 1,212
Schedule of components of accumulated earnings (losses) on a tax basis	​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 Undistributed net investment income (loss) ​ $ (75) Accumulated net realized gain (loss) ​ — Net Unrealized Investment Appreciation (Depreciation) ​ 1,143 Total accumulated earnings ​ $ 1,068
Schedule of aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes	​ ​ ​ ​ ​ ​ As of ​ ​ December 31, 2022 Tax Cost of Investments ​ $ 221,657 Gross unrealized appreciation ​ $ 1,143 Gross unrealized depreciation ​ — Net Unrealized Investment Appreciation (Depreciation) ​ $ 1,143
Schedule of reconciliation of net increase in net assets resulting from operations to taxable income	​ ​ ​ ​ ​ ​ For the Year Ended ​ ​ December 31, 2022 Net increase in net assets resulting from operations ​ $ 2,280 Net change in unrealized (appreciation) depreciation on investments ​ (1,143) Permanent book income and tax income differences ​ — Temporary book income and tax income differences ​ — Taxable income ​ $ 1,137

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Highlights
Schedule of financial highlights	​ ​ ​ ​ ​ Six Months Ended June 30, 2023 ​ ​ Per Share Data: (1) ​ ​ ​ ​ Net asset value, beginning of period ​ $ 10.07 ​ Results of operations (2) ​ ​ Net investment income(loss) ​ 0.50 ​ Net change in unrealized appreciation (depreciation) ​ 0.14 ​ Net increase (decrease) in net assets resulting from operations ​ 0.64 ​ Stockholder distributions from income ​ ​ (0.21) ​ Capital share transactions ​ ​ Issuance of common shares (3) ​ (0.09) ​ Reinvestment of stockholder distributions ​ (0.01) ​ Net increase (decrease) in net assets resulting from capital share transactions ​ (0.10) ​ Net asset value, end of period ​ $ 10.40 ​ Shares outstanding, end of period ​ 20,787,609 ​ Total return (4) ​ 3.28 % Ratio/Supplemental Data: ​ ​ Net assets, end of period ​ $ 216,281 ​ Ratio of net investment income to average net assets (5) ​ 9.10 % Ratio of operating expenses to average net assets (5) ​ 6.69 % Portfolio turnover (6) ​ 4.47 % Asset coverage ratio (7) ​ 208 % (1) Per share data may be rounded in order to recompute the ending net asset value per share. (2) The per share data was derived by using the weighted average shares outstanding during the period. (3) The issuance of Common Stock on a per share basis reflects the incremental net asset value changes as a result of the issuance of Common Stock in the Company’s continuous offering. The issuance of Common Stock at a price that is lower than the net asset value per share results in an decrease in net asset value per share. (4) The total return for the six months ended June 30, 2023 was calculated by taking the net asset value per share as of December 31, 2022, adding the cash distributions per share which were declared during the period and dividing the total by the net asset value per share on June 30, 2023. (5) Weighted average net assets are used for this calculation. Ratios for the period are annualized except for organization expenses. (6) Portfolio turnover for the period is not annualized. (7) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period .

Share Transactions (Tables)

Share Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Share Transactions
Summary of total shares issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ Six Months Ended June 30, 2023 ​ Shares Amount Shares Amount Balance at beginning of period 20,373,434 ​ $ 203,212 ​ 15,150,000 ​ $ 151,500 Issuance of common shares — ​ ​ — ​ 5,101,010 ​ 50,500 Reinvestments of stockholder distributions 414,175 ​ ​ 4,278 ​ 536,599 ​ 5,490 Balance at end of period 20,787,609 ​ $ 207,490 ​ 20,787,609 ​ $ 207,490

Principal Business and Organi_2

Principal Business and Organization (Details)	Jun. 30, 2023 $ / shares	Mar. 15, 2023 director $ / shares	Dec. 31, 2022 $ / shares
Common stock, par value (in USD per share) | $ / shares	$ 0.01		$ 0.01
SPV-1
Ownership (as a percent)		100%
Number of directors | director		5
Number of independent directors | director		3
Common stock, par value (in USD per share) | $ / shares		$ 0.01

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Summary of Significant Accounting Policies
PIK interest recorded	$ 0	$ 4	[1]
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Agreements and Related Party _2

Agreements and Related Party Transactions - Administration Agreement (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Agreements and Related Party Transactions
Payable balances to Administrator	[1]	$ 465	$ 465	$ 125
Administration Agreement | Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Incurred expenses		366	456
Payable balances to Administrator		$ 465	$ 465	$ 125
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Agreements and Related Party _3

Agreements and Related Party Transactions - Investment Advisory Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands								3 Months Ended	6 Months Ended
		Jan. 30, 2023	Nov. 10, 2022	Sep. 30, 2022	Sep. 26, 2022	Jul. 26, 2022	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2023		Dec. 31, 2022
Agreements and Related Party Transactions
Base management fees	[1]							$ 819	$ 819		$ 421
Shares issued		5,101,010	5,050,000		10,000,000
Proceeds from issuance of common shares		$ 50,500	$ 50,500		$ 100,000				50,500	[1]
Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Shares issued				99,000
Proceeds from issuance of common shares		$ 500	$ 500	$ 990
Chief Executive Officer and Chairman Of The Board
Agreements and Related Party Transactions
Shares issued				1,000
Proceeds from issuance of common shares				$ 10
Management Fee | Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Base management fees								819	819		$ 421
Management Fee | Brightwood Capital Advisors, LLC | Aggregate capital commitment of investors is less than or equal to $350,000
Agreements and Related Party Transactions
Management fee threshold						$ 350,000
Management fee (as a percent)						0.80%
Management fees (as an amount)								$ 819	$ 1,527
Management Fee | Brightwood Capital Advisors, LLC | Aggregate Investors' capital commitment is greater than $350,000
Agreements and Related Party Transactions
Management fee threshold						$ 350,000
Management fee (as a percent)						0.70%
Management Fee | Chief Executive Officer and Chairman Of The Board
Agreements and Related Party Transactions
Shares issued		50,505	50,000	99,000,000			1,000
Share price							$ 10
Proceeds from issuance of common shares		$ 500	$ 500	$ 990
Capital commitment (as a percent)		1%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Agreements and Related Party _4

Agreements and Related Party Transactions - Directors' Fees (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Agreements and Related Party Transactions
Independent directors' annual retainer		$ 50	$ 50
Independent directors' fee for quarterly scheduled meeting		10	10
Independent directors' fee for special meeting		10	10
Committee chairman annual retainer		10	10
Directors' fees	[1]	75	150
Directors' fees payable	[1]	$ 120	$ 120	$ 120
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Investment Portfolio - Investme

Investment Portfolio - Investment Portfolio (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 324,962	$ 221,657
Fair Value	[1]	$ 328,779	$ 222,800
Percentage of portfolio		100%	100%
Senior Secured First Lien Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 264,508	$ 172,783
Fair Value		$ 266,822	$ 173,883
Percentage of portfolio		81.10%	78%
Senior Secured Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 45,699	$ 48,248
Fair Value		$ 46,717	$ 48,285
Percentage of portfolio		14.20%	21.70%
Delayed Draw Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 2,123	$ 184
Fair Value		$ 2,313	$ (184)
Percentage of portfolio		0.70%	(0.10%)
Revolver
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 7,882	$ 560
Fair Value		$ 8,137	$ 566
Percentage of portfolio		2.50%	0.30%
Class A Preferred Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 3,500
Fair Value		$ 3,500
Percentage of portfolio		1.10%
Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 250	$ 250
Fair Value		$ 290	$ 250
Percentage of portfolio		0.10%	0.10%
Class A Membership Units
CONSOLIDATED SCHEDULE OF INVESTMENTS
Amortized Cost		$ 1,000
Fair Value		$ 1,000
Percentage of portfolio		0.30%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Investment Portfolio - Invest_2

Investment Portfolio - Investment by Industry (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value	[1]	$ 328,779	$ 222,800
Percentage of portfolio		100%	100%
Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		$ 83,962	$ 138,240
Percentage of portfolio		25.60%	62.10%
Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		$ 66,071	$ 23,864
Percentage of portfolio		20.10%	10.70%
Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		$ 73,753	$ 29,696
Percentage of portfolio		22.40%	13.30%
Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		$ 71,065	$ 31,000
Percentage of portfolio		21.60%	13.90%
Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS
Fair Value		$ 33,928
Percentage of portfolio		10.30%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Investments	$ 328,779	$ 222,800
Cash Equivalents	272	4,164
Total Investments and cash equivalents	329,051	226,964
Senior Secured First Lien Term Loan
Fair Value of Financial Instruments
Investments	266,822	173,883
Senior Secured Term Loan
Fair Value of Financial Instruments
Investments	46,717	48,285
Delayed Draw Term Loan
Fair Value of Financial Instruments
Investments	2,313	(184)
Revolver
Fair Value of Financial Instruments
Investments	8,137	566
Class A Units
Fair Value of Financial Instruments
Investments	3,500	250
Class A Preferred Units
Fair Value of Financial Instruments
Investments	290
Class A Membership Units
Fair Value of Financial Instruments
Investments	1,000
Level 1
Fair Value of Financial Instruments
Cash Equivalents	272	4,164
Total Investments and cash equivalents	272	4,164
Level 3
Fair Value of Financial Instruments
Investments	328,779	222,800
Total Investments and cash equivalents	328,779	222,800
Level 3 | Senior Secured First Lien Term Loan
Fair Value of Financial Instruments
Investments	266,822	173,883
Level 3 | Senior Secured Term Loan
Fair Value of Financial Instruments
Investments	46,717	48,285
Level 3 | Delayed Draw Term Loan
Fair Value of Financial Instruments
Investments	2,313	(184)
Level 3 | Revolver
Fair Value of Financial Instruments
Investments	8,137	566
Level 3 | Class A Units
Fair Value of Financial Instruments
Investments	3,500	$ 250
Level 3 | Class A Preferred Units
Fair Value of Financial Instruments
Investments	290
Level 3 | Class A Membership Units
Fair Value of Financial Instruments
Investments	$ 1,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Significant Unobservable Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period	$ 222,800
Purchases	116,443
Accretion of discount (amortization of premium)	682	[1]
Sales and repayments	(13,824)
Unrealized gain (loss)	2,674
Paid in-kind interest	4
Fair value at end of period	328,779
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	2,674
Transfers of investments into or out of Level 1, 2, or 3	0
Senior Secured First Lien Term Loan
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period	173,883
Purchases	101,267
Accretion of discount (amortization of premium)	389
Sales and repayments	(9,934)
Unrealized gain (loss)	1,213
Paid in-kind interest	4
Fair value at end of period	266,822
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	1,213
Senior Secured Term Loan
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period	48,285
Purchases	480
Accretion of discount (amortization of premium)	229
Sales and repayments	(3,259)
Unrealized gain (loss)	982
Fair value at end of period	46,717
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	982
Delayed Draw Term Loan
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period	(184)
Purchases	2,275
Accretion of discount (amortization of premium)	34
Sales and repayments	(1)
Unrealized gain (loss)	189
Fair value at end of period	2,313
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	189
Revolver
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period	566
Purchases	7,921
Accretion of discount (amortization of premium)	30
Sales and repayments	(630)
Unrealized gain (loss)	250
Fair value at end of period	8,137
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	250
Class A Units
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Fair value at beginning of period	250
Unrealized gain (loss)	40
Fair value at end of period	290
The amount of total gains or losses for the period included in changes in net assets attributable to the change in unrealized gains or losses relating to investments still held at the reporting date	40
Class A Preferred Units
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Purchases	3,500
Fair value at end of period	3,500
Class A Membership Units
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Purchases	1,000
Fair value at end of period	$ 1,000
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Valuation Technique (Details) $ in Thousands		Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value of Financial Instruments
Fair Value	[1]	$ 328,779	$ 222,800
Debt investments
Fair Value of Financial Instruments
Fair Value		$ 323,989	$ 222,550
Debt investments | Discounted Cash Flows | Discount Rate | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input		0.0873	0.0932
Debt investments | Discounted Cash Flows | Discount Rate | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input		0.1814	0.1199
Debt investments | Enterprise Value | EBITDA Multiple | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input		4.50
Debt investments | Enterprise Value | EBITDA Multiple | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input		13.50
Equity investments
Fair Value of Financial Instruments
Fair Value		$ 4,790	$ 250
Equity investments | Discounted Cash Flows | Discount Rate | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input		0.1550
Equity investments | Enterprise Value | Discount Rate | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input		0.1650
Equity investments | Enterprise Value | EBITDA Multiple | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input		9
Equity investments | Enterprise Value | EBITDA Multiple | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input		14.50
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Borrowings - CNB Revolving Cred

Borrowings - CNB Revolving Credit Facility (Details) - USD ($) $ in Thousands			6 Months Ended	12 Months Ended
		Dec. 23, 2022	Jun. 30, 2023	Dec. 31, 2022
Borrowings
Asset coverage ratio			208%	252%
Deferred financing costs	[1]		$ 1,577	$ 712
Outstanding balance	[1]		200,000	100,000
CNB Revolving Credit Facility
Borrowings
Maximum principal amount		$ 100,000
Deferred financing costs			534	712
Drawn portion of line of credit			0	0
Outstanding balance			$ 100,000	$ 100,000
CNB Revolving Credit Facility | SOFR
Borrowings
Per cent added to variable rate		2.50%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Borrowings - BCCI SPV 1 Credit

Borrowings - BCCI SPV 1 Credit Facility (Details) - USD ($) $ in Thousands		Mar. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Borrowings
Deferred financing costs	[1]		$ 1,577	$ 712
Line of credit payable	[1]		200,000	100,000
Interest payable on line of credit	[1]		2,278	173
CNB Revolving Credit Facility
Borrowings
Interest payable on line of credit			2,278
BCCI SPV-1 Credit Facility
Borrowings
Interest payable on line of credit				$ 173
SPV-1 | Credit Facility
Borrowings
Amount initially committed		$ 100,000
Maximum principal amount		$ 350,000
Maturity date		24 months
Deferred financing costs			1,043
Undrawn portion of line of credit			0
Line of credit payable			$ 100,000
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Borrowings - Expenses (Details)

Borrowings - Expenses (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
		Jun. 30, 2023	Jun. 30, 2023
Borrowings
Interest expense on line of credit	[1]	$ 2,307	$ 3,588
Amortization of deferred financing costs		$ 144	$ 234	[1]
Weighted average interest rate		7.66%	7.38%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Borrowings - Loans Payable (Det

Borrowings - Loans Payable (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended
		Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Borrowings
Fees to Macquarie accrued as of 3/31/2023	[1]			$ 500
Loans payable to Macquarie	[1]			53,803
Investment, Identifier [Axis]: Athlete Buyer, LLC, Delayed Draw Term Loan, Due 4/26/2029
Borrowings
Par Amount		$ 952	$ 952
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver, Due 4/26/2029
Borrowings
Par Amount		132	132
Investment, Identifier [Axis]: Athlete Buyer, LLC, Senior Secured First Lien Term Loan, Due 4/26/2029
Borrowings
Par Amount		7,000	7,000
Investment, Identifier [Axis]: B2B Industrial Products, LLC Senior Secured Term Loan Due Three ,10/7/2026
Borrowings
Par Amount		5,512	5,512
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due 10/7/2026
Borrowings
Par Amount		489	489	8,960
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due, Two 10/7/2026
Borrowings
Par Amount		8,915	8,915	5,540
Investment, Identifier [Axis]: BCVD Holdings, LLC, Equity Investments, Business Services, Class A Units
Borrowings
Par Amount				250
Investment, Identifier [Axis]: BCVD Holdings, LLC-Class A Units
Borrowings
Par Amount		250	250
Investment, Identifier [Axis]: CDM Fitness Holdings, LLC-Senior Secured First Lien Term Loan Due 6/17/2026
Borrowings
Par Amount		24,939	24,939
Investment, Identifier [Axis]: Derm Holdings LLC, Equity Investment, Healthcare, Class A Preferred Units
Borrowings
Par Amount		527	527
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Delayed Draw Term Loan Due 10/7/2028
Borrowings
Par Amount		152	152
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Revolver Due 10/7/2028
Borrowings
Par Amount		67	67	67
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Senior Secured First Lien Term Loan Due 10/7/2028
Borrowings
Par Amount		13,705	13,705	13,774
Investment, Identifier [Axis]: Essence Communications Inc.-Revolver Due 11/25/2027
Borrowings
Par Amount		6,500	6,500
Investment, Identifier [Axis]: Essence Communications Inc.-Senior Secured First Lien Term Loan Due 11/25/2027
Borrowings
Par Amount		11,414	11,414	11,471
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Revolver Due 3/22/2028
Borrowings
Par Amount		162	162
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Senior Secured First Lien Term Loan Due 3/22/2028
Borrowings
Par Amount		13,345	13,345
Investment, Identifier [Axis]: First American Government Obligations Fund, Class X-Money Market
Borrowings
Par Amount		272	272	4,164
Investment, Identifier [Axis]: IAM Acquisition LLC-Senior Secured First Lien Term Loan Due 6/10/2027
Borrowings
Par Amount		9,925	9,925	9,975
Investment, Identifier [Axis]: Javelin Acquisition Vehicle, LLC-Senior Secured Term Loan Due 11/3/2026
Borrowings
Par Amount		16,915	16,915	19,950
Investment, Identifier [Axis]: John C. Cassidy Air Conditioning, Inc.-Senior Secured Term Loan Due 12/23/2026
Borrowings
Par Amount		5,074	5,074	5,100
Investment, Identifier [Axis]: KKSP Precision Machining LLC-Senior Secured First Lien Term Loan Due 6/23/2027
Borrowings
Par Amount		4,951	4,951	4,975
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Delayed Draw Term Loan Due 2/23/2028
Borrowings
Par Amount		499	499
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Revolver Due 2/23/2028
Borrowings
Par Amount		500	500
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Senior Secured First Lien Term Loan Due 2/23/2028
Borrowings
Par Amount		18,952	18,952
Investment, Identifier [Axis]: North Acquisition LLC-Senior Secured First Lien Term Loan Due 7/27/2027
Borrowings
Par Amount		24,250	24,250	19,950
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc. - Senior Secured First Lien Term Loan 10/01/2023
Borrowings
Fees to Macquarie accrued as of 3/31/2023				179
Par Amount				$ 16,253
Purchase Price				98%
Settlement Period (# of Days)				61 days
Daily Fee (BPS)				0.00022%
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Revolver Due '10/30/2025
Borrowings
Par Amount		826	826	$ 495
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Senior Secured First Lien Term Loan Due 10/30/2025
Borrowings
Par Amount		16,131	16,131	16,212
Investment, Identifier [Axis]: OPCO Borrower LLC-Revolver Due 8/19/2027
Borrowings
Par Amount				250
Investment, Identifier [Axis]: OPCO Borrower LLC-Senior Secured First Lien Term Loan Due 8/19/2027
Borrowings
Par Amount		22,016	22,016	13,664
Investment, Identifier [Axis]: Shiftkey, LLC-Senior Secured First Lien Term Loan Due 6/21/2027
Borrowings
Par Amount		9,900	9,900	9,950
Investment, Identifier [Axis]: VHL Logistics, Inc.-Senior Secured First Lien Term Loan Due 10/01/2023
Borrowings
Fees to Macquarie accrued as of 3/31/2023				83
Par Amount				$ 20,000
Purchase Price				97.50%
Daily Fee (BPS)				0.00022%
Investment, Identifier [Axis]: VHL Logistics, Inc.-Senior Secured First Lien Term Loan Due 12/13/2028
Borrowings
Par Amount		22,387	22,387	$ 22,500
Settlement Period (# of Days)				45 days
Investment, Identifier [Axis]: Vehicle Management Services LLC-Senior Secured First Lien Term Loan Due 7/26/2027
Borrowings
Par Amount		24,809	24,809	$ 14,950
Investment, Identifier [Axis]: Veradata Holdings, LLC-Delayed Draw Term Loan Due 11/1/2028
Borrowings
Par Amount		750	750
Investment, Identifier [Axis]: Veradata Holdings, LLC-Senior Secured First Lien Term Loan Due 11/1/2028
Borrowings
Fees to Macquarie accrued as of 3/31/2023				238
Par Amount		15,920	15,920	$ 18,750
Purchase Price				98%
Settlement Period (# of Days)				70 days
Daily Fee (BPS)				0.00021%
Investment, Identifier [Axis]: Voice Comm, LLC-Senior Secured First Lien Term Loan Due 7/13/2027
Borrowings
Par Amount		19,001	19,001	$ 19,500
Investment, Identifier [Axis]: YWNA Finco LLC-Senior Secured Term Loan Due 8/18/2027
Borrowings
Par Amount		9,812	9,812	9,938
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Class A Membership Units
Borrowings
Par Amount		7	7
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Senior Secured First Lien Term Loan, Due 6/30/2028
Borrowings
Par Amount		10,000	10,000
Loans payable to Macquarie
Borrowings
Loans payable to Macquarie fees charged to expense		39	378
Fees to Macquarie accrued as of 3/31/2023		0	0	500
Loans payable to Macquarie		$ 0	$ 0	$ 53,803
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Unfunded Commitment	$ 24,057	$ 24,871
Investment, Identifier [Axis]: Athlete Buyer, LLC, Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	1,940
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	1,520
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	4,574	4,726
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	433	433
Investment, Identifier [Axis]: Essence Communications Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment	3,500	10,000
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	811
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	649
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	6,605	6,606
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment	275	606
Investment, Identifier [Axis]: OPCO Borrower LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	2,500	1,000
Investment, Identifier [Axis]: VHL Logistics, Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment	500	500
Investment, Identifier [Axis]: Veradata Holdings, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment		750
Investment, Identifier [Axis]: Veradata Holdings, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	250	$ 250
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	$ 500

Net Assets (Details)

Net Assets (Details) - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended
	Jan. 30, 2023	Nov. 10, 2022	Sep. 30, 2022	Sep. 26, 2022	Jun. 30, 2023		Dec. 31, 2022	Sep. 16, 2022
Net Assets
Common stock, shares authorized					100,000,000		100,000,000
Common stock, par value (in USD per share)					$ 0.01		$ 0.01
Shares issued	5,101,010	5,050,000		10,000,000
Proceeds from issuance of common shares	$ 50,500	$ 50,500		$ 100,000	$ 50,500	[1]
Investors' capital commitment								$ 353,500
Unfunded investors capital commitment					151,500		$ 202,000
Brightwood Capital Advisors, LLC
Net Assets
Shares issued			99,000
Proceeds from issuance of common shares	$ 500	$ 500	$ 990
Investors' capital commitment								$ 3,500
Unfunded investors capital commitment					$ 1,500		$ 2,000
Chief Executive Officer and Chairman Of The Board
Net Assets
Shares issued			1,000
Proceeds from issuance of common shares			$ 10
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Net Assets - Distributions decl

Net Assets - Distributions declared on shares of Company's common stock (Details) - $ / shares	Jun. 09, 2023	Jan. 27, 2023
Net Assets
Date Declared	May 23, 2023	Dec. 30, 2022
Record Date	May 26, 2023	Dec. 30, 2022
Payment Date	Jun. 09, 2023	Jan. 27, 2023
Amount per Share	$ 0.21	$ 0.08

Net Change in Net Assets Resu_3

Net Change in Net Assets Resulting from Operations per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Jun. 30, 2023		Dec. 31, 2022
Net Change in Net Assets Resulting from Operations per Share
Net Income (Loss)		$ 5,921	[1]	$ 12,075	[1]	$ 2,280
Weighted average shares of common stock outstanding-basic	[1]	20,580,522		18,770,348
Weighted average shares of common stock outstanding- diluted	[1]	20,580,522		18,770,348
Net change in net assets resulting from operations per share-basic	[1]	$ 0.29		$ 0.64
Net change in net assets resulting from operations per share-diluted	[1]	$ 0.29		$ 0.64
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Income Taxes (Details)

Income Taxes (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Income Taxes
Provision for federal income tax	$ 0

Income Taxes - Tax character of

Income Taxes - Tax character of distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	[1]	Jun. 30, 2023	[1]	Dec. 31, 2022
Distributions paid from:
Ordinary income	$ 4,278		$ 4,278		$ 1,137
2023 deferred income					75
Total distributions paid					$ 1,212
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Income Taxes - Components of ac

Income Taxes - Components of accumulated earnings (losses) on a tax basis (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Income Taxes
Undistributed net investment income (loss)			$ (75)
Net Unrealized Investment Appreciation (Depreciation)			1,143
Total accumulated earnings	[1]	$ 8,865	$ 1,068
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Income Taxes - Aggregate unreal

Income Taxes - Aggregate unrealized appreciation and depreciation on investments based on cost for U.S. federal income tax purposes (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Income Taxes
Tax Cost of Investments	$ 221,657
Gross unrealized appreciation	1,143
Net Unrealized Investment Appreciation (Depreciation)	$ 1,143

Income Taxes - Reconcilation of

Income Taxes - Reconcilation of net increase in net assets resulting from operations to taxable income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	[1]	Jun. 30, 2023	[1]	Dec. 31, 2022
Income Taxes
Net Income (Loss)	$ 5,921		$ 12,075		$ 2,280
Net change in unrealized (appreciation) depreciation on investments					(1,143)
Taxable income					$ 1,137
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Financial Highlights (Details)

Financial Highlights (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended	12 Months Ended
		Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2023
Per Share Data:
Net asset value, beginning of period	[1]		$ 10.07
Results of operations
Net investment income (loss)	[1]	$ 0.24	0.50
Net change in unrealized appreciation (depreciation)			0.14
Net increase (decrease) in net assets resulting from operations			0.64
Stockholder distributions from income			(0.21)
Capital share transactions
Issuance of common shares			(0.09)
Reinvestment of stockholder distributions			(0.01)
Net increase (decrease) in net assets resulting from capital share transactions			(0.10)
Net asset value, end of period	[1]	$ 10.40	$ 10.40	$ 10.07
Shares outstanding, end of period		20,787,609	20,787,609
Total return			3.28%
Ratio/Supplemental Data:
Net assets, end of period	[1]	$ 216,281	$ 216,281	$ 152,494	$ 210,360
Ratio of net investment income to average net assets			9.10%
Ratio of operating expenses to average net assets			6.69%
Portfolio turnover			4.47%
Asset coverage ratio			208%	252%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Share Transactions - Summary of

Share Transactions - Summary of total shares issued (Details) - USD ($) $ in Thousands					3 Months Ended	6 Months Ended
		Jan. 30, 2023	Nov. 10, 2022	Sep. 26, 2022	Jun. 30, 2023	Jun. 30, 2023
Balance at beginning of period (in shares)						15,150,000
Net assets, at beginning of period	[1]				$ 210,360	$ 152,494
Issuance of common shares (in shares)		5,101,010	5,050,000	10,000,000
Issuance of common shares	[1]				0	50,500
Reinvestments of Stockholder Distributions	[1]				$ 4,278	$ 5,490
Balance at end of period (in shares)					20,787,609	20,787,609
Net assets, at end of period	[1]				$ 216,281	$ 216,281
Common Stock
Balance at beginning of period (in shares)					20,373,434	15,150,000
Net assets, at beginning of period					$ 203,212	$ 151,500
Issuance of common shares (in shares)						5,101,010
Issuance of common shares						$ 50,500
Reinvestments of stockholder distributions (in shares)					414,175	536,599
Reinvestments of Stockholder Distributions					$ 4,278	$ 5,490
Balance at end of period (in shares)					20,787,609	20,787,609
Net assets, at end of period					$ 207,490	$ 207,490
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023		Jun. 30, 2023		Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 5,921	[1]	$ 12,075	[1]	$ 2,280
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Insider Trading Arrangements

Insider Trading Arrangements	6 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