Brightwood Capital Corp I 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 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		30,978,861
Entity Central Index Key	0001895316
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
No Trading Symbol Flag	true

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Investments,
Non-controlled,non-affiliate company investments, at fair value (amortized cost of $376,381 and $221,657, respectively)		$ 380,839	$ 222,800	[1]
Assets
Cash and cash equivalents		63,344	83,904	[1]
Interest and paydown receivable		3,571	1,955	[1]
Deferred financing costs		1,431	712	[1]
Total assets		449,185	309,371	[1]
Liabilities
Line of credit payable		170,000	100,000	[1]
Loans payable	[1]		53,803
Interest payable on line of credit		2,918	173	[1]
Interest payable on loans	[1]		500
Due to affiliates		168	125	[1]
Management fees payable (See Note 3)		870	421	[1]
Distributions payable		0	1,212	[1]
Directors' fees payable (See Note 3)		165	120	[1]
Accounts payable and accrued expenses		674	523	[1]
Total liabilities		174,795	156,877	[1]
Commitments and contingencies				[1]
Net Assets (See Note 8)
Common stock, par value $0.01 per share, 100,000,000 shares authorized, 26,123,092 and 15,150,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		261	152	[1]
Paid-in-capital in excess of par value		262,644	151,274	[1]
Total distributable earnings (loss)		11,485	1,068	[1]
Total net assets		274,390	152,494	[1]
Total liabilities and net assets		$ 449,185	$ 309,371	[1]
Net asset value per share (See Note 9)		$ 10.50	$ 10.07	[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.

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
Non-controlled, non-affiliate company investments amortized cost	$ 376,381	$ 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	26,123,092	15,150,000
Common stock, shares outstanding	26,123,092	15,150,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022
Non-controlled/non-affiliate company investments:
Interest income		$ 11,695	$ 69	[1]	$ 28,397	$ 69	[1]
Dividend income		3			5
Other Income		141			141
Total investment income		11,839	69	[1]	28,543	69	[1]
Expenses:
Interest expense on line of credit		3,216			6,804
Management fees		870	11	[1]	2,397	11	[1]
Organizational expenses	[1]		154			399
Overhead expenses		168			624
Professional fees		159	265	[1]	590	265	[1]
Other general and administrative expenses		177	267	[1]	461	267	[1]
Amortization of deferred financing costs		146			380
Administration fees		50	46	[1]	235	46	[1]
Directors' fees		75	30	[1]	225	30	[1]
Interest expense on loans					378
Custody fees		11			81
Total expenses		4,872	773	[1]	12,175	1,018	[1]
Net investment income (loss)		6,967	(704)	[1]	16,368	(949)	[1]
Realized and unrealized gain (loss) on investments:
Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliate company investments		642			3,316
Total net realized and unrealized gain (loss) on investments		642			3,316
Net increase (decrease) in net assets resulting from operations		$ 7,609	$ (704)	[1]	$ 19,684	$ (949)	[1]
Per share data:
Net investment income (loss) per share		$ 0.30	$ (0.07)	[1]	$ 0.80	$ (0.09)	[1]
Net increase (decrease) in net assets resulting from operations per share - basic		0.32	(0.07)	[1]	0.96	(0.09)	[1]
Net increase (decrease) in net assets resulting from operations per share - diluted		$ 0.32	$ (0.07)	[1]	$ 0.96	$ (0.09)	[1]
Weighted average shares outstanding - basic		23,455,350	10,100,000	[1]	20,608,534	10,100,000	[1]
Weighted average shares outstanding - diluted		23,455,350	10,100,000	[1]	20,608,534	10,100,000	[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.

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022
Increase (decrease) in net assets resulting from operations:
Net investment income (loss)		$ 6,967	$ (704)	[1]	$ 16,368		$ (949)	[1]
Net change in unrealized appreciation (depreciation) on investments		642			3,316
Net increase (decrease) in net assets resulting from operations		7,609	(704)	[1]	19,684		(949)	[1]
Shareholder distributions:
Distributions of investment income		(4,989)			(9,267)
Net increase (decrease) in net assets resulting from shareholder distributions		(4,989)			(9,267)
Capital share transactions:
Issuance of common shares, net		50,500	100,990	[1]	101,000		101,000	[1]
Reinvestments of stockholder distributions		4,989			10,479
Offering cost	[1]		(74)				(74)
Net increase in net assets resulting from capital share transactions		55,489	100,916	[1]	111,479		100,926	[1]
Total increase in net assets		58,109	$ 100,212	[1]	121,896		99,977	[1]
Net assets, at beginning of period		216,281			152,494	[1]	$ 0	[1]
Net assets, at end of period		$ 274,390			$ 274,390
[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 CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended			12 Months Ended
		Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations		$ 7,609	$ (704)	[1]	$ 19,684	$ (949)	[1]	$ 2,280
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities
Purchase of investments and drawdowns					(179,211)	(54,000)	[1]
Proceeds from principal repayments of investments and sales of investments and paydowns					25,788	337	[1]
Amortization of premium/accretion of discount, net					(1,296)	(8)	[1]
Interest income paid in kind		0	0		(4)	0
Net change in unrealized (appreciation) depreciation on investments		(642)			(3,316)
Amortization of deferred financing costs		146			380
Changes in operating assets and liabilities:
(Increase) decrease in interest and paydown receivable					(1,616)	(348)	[1]
Increase (decrease) in payable to affiliates					43	240	[1]
Increase (decrease) in accrued organizational expenses	[1]					363
Increase (decrease) in interest payable on line of credit					2,745
Increase (decrease) in interest payable on loans					(500)
Increase (decrease) in management fees payable					449	11	[1]
Increase (decrease) in Directors' fees payable					45	30	[1]
Increase (decrease) in accounts payable and accrued expenses					151	311	[1]
Net cash provided by (used in) operating activities					(136,658)	(54,013)	[1]
Cash flows from financing activities:
Proceeds from issuance of common shares					101,000	101,000	[1]
Proceeds from line of credit payable					253,000
Repayments on line of credit payable					(183,000)
Proceeds from loans payable					18,525
Repayments on loans payable					(72,328)
Deferred financing costs paid					(1,099)
Offering cost	[1]					(74)
Net cash provided by (used in) financing activities					116,098	100,926	[1]
Net increase (decrease) in cash and cash equivalents					(20,560)	46,913	[1]
Cash and cash equivalents, beginning of period					83,904	0	[1]	0	[1]
Cash and cash equivalents, end of period		$ 63,344	$ 46,913	[1]	63,344	$ 46,913	[1]	$ 83,904
Supplemental disclosure of cash flow information:
Cash paid during the period for interest expense on line of credit					4,059
Cash paid during the period for interest on loans					878
Supplemental disclosure of non-cash financing activities:
Issuance of common shares pursuant to dividend reinvestment plan					$ 10,479
[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 (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 376,381	$ 221,657
Fair Value	$ 380,839	$ 222,800	[1]
% of Net Assets	138.80%	146.10%
Total investments and cash equivalents for amortized cost	$ 377,408	$ 225,821
Total investments and cash equivalents for fair value	$ 381,866	$ 226,964
% of total investments and cash equivalents	139.20%	148.80%
Liabilities in Excess of Other Assets	$ (107,476)	$ (74,470)
% of Liabilities in Excess of Other Assets	(39.20%)	(48.80%)
Total net assets	$ 274,390	$ 152,494	[1]
% Total net assets	100%	100%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Delayed Draw Term Loan, Due 4/26/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%
Minimum interest rate	11.47%
Maximum interest rate	11.50%
Maturity Date	Apr. 26, 2029
Par Amount	$ 6,738
Amortized Cost	6,476
Fair Value	$ 6,738
% of Net Assets	2.50%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver, Due 4/26/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	6%
Maturity Date	Apr. 26, 2029
Amortized Cost	$ (38)
% of Net Assets	0%
Investment, Identifier [Axis]: Athlete Buyer, LLC, Senior Secured First Lien Term Loan, Due 4/26/2029
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.49%
Maturity Date	Apr. 26, 2029
Par Amount	$ 6,983
Amortized Cost	6,821
Fair Value	$ 6,983
% of Net Assets	2.50%
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due 10/7/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%	6.75%
Interest Rate	12.27%	11.41%
Maturity Date	Oct. 07, 2026	Oct. 07, 2026
Par Amount	$ 8,893	$ 8,960
Amortized Cost	8,543	8,520
Fair Value	$ 8,893	$ 8,520
% of Net Assets	3.20%	5.60%
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due, Two 10/7/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%	5.75%
Interest Rate	14.25%	13.25%
Maturity Date	Oct. 07, 2026	Oct. 07, 2026
Par Amount	$ 5,987	$ 5,540
Amortized Cost	5,759	5,265
Fair Value	$ 5,987	$ 5,265
% of Net Assets	2.20%	3.40%
Investment, Identifier [Axis]: BCVD Holdings, LLC, Equity Investments, Business Services, Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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 (UNAUDITED)
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	$ 288
% of Net Assets	0.10%
Investment, Identifier [Axis]: CDM Fitness Holdings, LLC-Senior Secured First Lien Term Loan Due 6/17/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%
Interest Rate	12.04%
Maturity Date	Jun. 17, 2026
Par Amount	$ 24,939
Amortized Cost	24,495
Fair Value	$ 24,578
% of Net Assets	9%
Investment, Identifier [Axis]: Derm Holdings LLC, Equity Investment, Healthcare, Class A Preferred Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Healthcare
Investment, Type [Extensible Enumeration]	Equity investments
Par Amount	$ 527
Amortized Cost	3,500
Fair Value	$ 3,500
% of Net Assets	1.30%
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Delayed Draw Term Loan Due 10/7/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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		6.50%
Minimum interest rate	11.02%
Maximum interest rate	11.43%
Maturity Date	Oct. 07, 2028	Oct. 07, 2028
Par Amount	$ 434
Amortized Cost	(345)	$ (114)
Fair Value	$ 434	$ (114)
% of Net Assets	0.20%	(0.10%)
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Revolver Due 10/7/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.39%
Minimum interest rate		11.05%
Maximum interest rate		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 (UNAUDITED)
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	11.39%	11.08%
Maturity Date	Oct. 07, 2028	Oct. 07, 2028
Par Amount	$ 13,670	$ 13,774
Amortized Cost	13,383	13,441
Fair Value	$ 13,670	$ 13,441
% of Net Assets	5%	8.80%
Investment, Identifier [Axis]: Elevator Intermediate Holdings, Inc, Delayed Draw Term Loan, Due 8/25/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	6.50%
Interest Rate	6.50%
Maturity Date	Aug. 25, 2028
Amortized Cost	$ (11)
Fair Value	$ (11)
% of Net Assets	0%
Investment, Identifier [Axis]: Elevator Intermediate Holdings, Inc, Revolver, Due 8/25/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	6.50%
Interest Rate	6.50%
Maturity Date	Aug. 25, 2028
Amortized Cost	$ (20)
Fair Value	$ (20)
% of Net Assets	0%
Investment, Identifier [Axis]: Elevator Intermediate Holdings, Inc, Senior Secured First Lien Term Loan, Due 8/25/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	6.50%
Interest Rate	12.04%
Maturity Date	Aug. 25, 2028
Par Amount	$ 22,000
Amortized Cost	21,515
Fair Value	$ 21,515
% of Net Assets	7.80%
Investment, Identifier [Axis]: Essence Communications Inc, Revolver, Due 11/25/2024
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Technology & Telecommunications
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	6.75%
Minimum interest rate	12.18%
Maximum interest rate	12.29%
Maturity Date	Nov. 25, 2024
Par Amount	$ 2,885
Amortized Cost	(2,770)
Fair Value	$ (2,885)
% of Net Assets	1.10%
Investment, Identifier [Axis]: Essence Communications Inc.-Revolver Due 11/25/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]		Investment
Investment, Industry Sector [Extensible Enumeration]		Technology & Telecommunications
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		6.75%
Interest Rate		6.75%
Maturity Date		Nov. 25, 2027
Amortized Cost		$ (196)
Fair Value		$ (196)
% of Net Assets		(0.10%)
Investment, Identifier [Axis]: Essence Communications Inc.-Senior Secured First Lien Term Loan Due 11/25/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	12.17%	11.37%
Maturity Date	Nov. 25, 2027	Nov. 25, 2027
Par Amount	$ 11,385	$ 11,471
Amortized Cost	11,196	11,246
Fair Value	$ 11,385	$ 11,246
% of Net Assets	4.10%	7.40%
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Delayed Draw Term Loan Due 3/22/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	$ 9
% of Net Assets	0%
Investment, Identifier [Axis]: Firebirds Buyer, LLC-Revolver Due 3/22/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.79%
Maturity Date	Mar. 22, 2028
Par Amount	$ 162
Amortized Cost	(148)
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 (UNAUDITED)
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	11.79%
Maturity Date	Mar. 22, 2028
Par Amount	$ 13,311
Amortized Cost	13,073
Fair Value	$ 13,311
% of Net Assets	4.90%
Investment, Identifier [Axis]: First American Government Obligations Fund, Class X-Money Market
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment	Investment
Investment, Industry Sector [Extensible Enumeration]	Healthcare
Investment, Type [Extensible Enumeration]	Cash Equivalents	Cash Equivalents
Interest Rate	5.26%	4.08%
Par Amount	$ 1,027	$ 4,164
Cash equivalents for amortized cost	1,027	4,164
Cash equivalents for fair value	$ 1,027	$ 4,164
% of cash equivalents	0.40%	2.70%
Investment, Identifier [Axis]: IAM Acquisition LLC-Senior Secured First Lien Term Loan Due 6/10/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.17%	10.25%
Maturity Date	Jun. 10, 2027	Jun. 10, 2027
Par Amount	$ 9,900	$ 9,975
Amortized Cost	9,900	9,975
Fair Value	$ 9,900	$ 9,975
% of Net Assets	3.60%	6.50%
Investment, Identifier [Axis]: Javelin Acquisition Vehicle, LLC-Senior Secured Term Loan Due 11/3/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	7.37%	7.12%
Interest Rate		11.45%
Minimum interest rate	12.69%
Maximum interest rate	12.72%
Maturity Date	Nov. 03, 2026	Nov. 03, 2026
Par Amount	$ 22,245	$ 19,950
Amortized Cost	21,766	19,462
Fair Value	$ 22,245	$ 19,462
% of Net Assets	8.10%	12.80%
Investment, Identifier [Axis]: John C. Cassidy Air Conditioning, Inc.-Senior Secured Term Loan Due 12/23/2026
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.64%	10.53%
Maturity Date	Dec. 23, 2026	Dec. 23, 2026
Par Amount	$ 5,062	$ 5,100
Amortized Cost	5,032	5,063
Fair Value	$ 5,062	$ 5,100
% of Net Assets	1.80%	3.30%
Investment, Identifier [Axis]: KKSP Precision Machining LLC-Senior Secured First Lien Term Loan Due 6/23/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	12.05%	11.29%
Maturity Date	Jun. 23, 2027	Jun. 23, 2027
Par Amount	$ 4,938	$ 4,975
Amortized Cost	4,857	4,877
Fair Value	$ 4,938	$ 4,976
% of Net Assets	1.80%	3.30%
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Delayed Draw Term Loan Due 2/23/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	7.25%
Minimum interest rate	12.88%
Maximum interest rate	12.89%
Maturity Date	Feb. 23, 2028
Par Amount	$ 497
Amortized Cost	(486)
Fair Value	$ (497)
% 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 (UNAUDITED)
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	7.25%
Minimum interest rate	12.82%
Maximum interest rate	12.89%
Maturity Date	Feb. 23, 2028
Par Amount	$ 20,774
Amortized Cost	20,309
Fair Value	$ 20,774
% of Net Assets	7.60%
Investment, Identifier [Axis]: North Acquisition LLC-Senior Secured First Lien Term Loan Due 7/27/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	12.37%	11.06%
Maturity Date	Jul. 27, 2027	Jul. 27, 2027
Par Amount	$ 24,250	$ 19,950
Amortized Cost	23,943	19,573
Fair Value	$ 23,942	$ 19,950
% of Net Assets	8.70%	13.10%
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc. - Senior Secured First Lien Term Loan 10/01/2023
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Par Amount		$ 16,253
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Delayed Draw Term Loan Due 10/30/2025
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	6.25%	6.25%
Maturity Date	Oct. 30, 2025	Oct. 30, 2025
Amortized Cost	$ 46	$ (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 (UNAUDITED)
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	11.41%	10.56%
Maximum interest rate	12%	11.13%
Maturity Date	Oct. 30, 2025	Oct. 30, 2025
Par Amount	$ 1,101	$ 495
Amortized Cost	1,085	474
Fair Value	$ 1,101	$ 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 (UNAUDITED)
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	$ 16,090	$ 16,212
Amortized Cost	15,851	15,903
Fair Value	$ 16,090	$ 15,903
% of Net Assets	5.90%	10.40%
Investment, Identifier [Axis]: OPCO Borrower LLC-Revolver Due 8/19/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	$ (10)	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 (UNAUDITED)
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	11.99%	11.18%
Maturity Date	Aug. 19, 2027	Aug. 19, 2027
Par Amount	$ 21,200	$ 13,664
Amortized Cost	21,112	13,597
Fair Value	$ 21,200	$ 13,664
% of Net Assets	7.70%	9%
Investment, Identifier [Axis]: Sandlot Buyer, LLC, Senior Secured Term Loan, Due 9/19/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%
Interest Rate	11.52%
Maturity Date	Sep. 19, 2028
Par Amount	$ 25,000
Amortized Cost	24,269
Fair Value	$ 24,269
% of Net Assets	8.80%
Investment, Identifier [Axis]: Shiftkey, LLC-Senior Secured First Lien Term Loan Due 6/21/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.40%	10.59%
Maturity Date	Jun. 21, 2027	Jun. 21, 2027
Par Amount	$ 9,875	$ 9,950
Amortized Cost	9,797	9,856
Fair Value	$ 9,875	$ 9,950
% of Net Assets	3.60%	6.50%
Investment, Identifier [Axis]: VHL Logistics, Inc.-Revolver Due 12/13/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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 (UNAUDITED)
Par Amount		$ 20,000
Investment, Identifier [Axis]: VHL Logistics, Inc.-Senior Secured First Lien Term Loan Due 12/13/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	$ 17,388	$ 22,500
Amortized Cost	17,006	21,942
Fair Value	$ 17,388	$ 21,942
% of Net Assets	6.30%	14.40%
Investment, Identifier [Axis]: Vehicle Management Services LLC-Senior Secured First Lien Term Loan Due 7/26/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.86%	10.56%
Maturity Date	Jul. 26, 2027	Jul. 26, 2027
Par Amount	$ 24,747	$ 14,950
Amortized Cost	24,668	14,856
Fair Value	$ 24,747	$ 14,950
% of Net Assets	9%	9.80%
Investment, Identifier [Axis]: Veradata Holdings, LLC-Delayed Draw Term Loan Due 11/1/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%	6.75%
Interest Rate	12.17%	6.75%
Maturity Date	Nov. 01, 2028	Nov. 01, 2028
Par Amount	$ 750
Amortized Cost	(736)	$ (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 (UNAUDITED)
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%	6.75%
Interest Rate	6.75%	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 (UNAUDITED)
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%	6.75%
Interest Rate	12.18%	10.99%
Maturity Date	Nov. 01, 2028	Nov. 01, 2028
Par Amount	$ 18,609	$ 18,750
Amortized Cost	18,331	18,385
Fair Value	$ 18,609	$ 18,385
% of Net Assets	6.80%	12.10%
Investment, Identifier [Axis]: Voice Comm, LLC-Senior Secured First Lien Term Loan Due 7/13/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	12.17%	11.17%
Maturity Date	Jul. 13, 2027	Jul. 13, 2027
Par Amount	$ 18,750	$ 19,500
Amortized Cost	18,454	19,132
Fair Value	$ 18,604	$ 19,501
% of Net Assets	6.80%	12.80%
Investment, Identifier [Axis]: YWNA Finco LLC-Senior Secured Term Loan Due 8/18/2027
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	11.68%	10.69%
Maturity Date	Aug. 18, 2027	Aug. 18, 2027
Par Amount	$ 9,750	$ 9,938
Amortized Cost	9,750	9,938
Fair Value	$ 9,438	$ 9,938
% of Net Assets	3.40%	6.50%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Class A Membership Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Investment, Issuer Affiliation [Extensible Enumeration]	Investment
Investment, Industry Sector [Extensible Enumeration]	Healthcare
Investment, Type [Extensible Enumeration]	Equity investments
Par Amount	$ 7
Amortized Cost	1,000
Fair Value	$ 1,000
% of Net Assets	0.40%
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Revolver, Due 6/30/2028
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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%
Minimum interest rate	11.99%
Maximum interest rate	12.01%
Maturity Date	Jun. 30, 2028
Par Amount	$ 70
Amortized Cost	61
Fair Value	$ 70
% 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 (UNAUDITED)
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	12.01%
Maturity Date	Jun. 30, 2028
Par Amount	$ 9,975
Amortized Cost	9,787
Fair Value	$ 9,975
% of Net Assets	3.60%
Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 114,303	$ 138,240
Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	90,723	29,696
Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	74,475	23,864
Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	66,691	31,000
Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	34,647
Debt investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	376,051	222,550
Equity investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	4,788	250
Cash Equivalents
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Cash equivalents for amortized cost	1,027	4,164
Cash equivalents for fair value	$ 1,027	$ 4,164
% of cash equivalents	0.40%	2.70%
Investment | Debt investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 371,631	$ 221,407
Fair Value	$ 376,051	$ 222,550
% of Net Assets	137%	145.90%
Investment | Debt investments | Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 111,726	$ 137,391
Fair Value	$ 114,015	$ 137,990
% of Net Assets	41.50%	90.50%
Investment | Debt investments | Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 73,413	$ 29,696
Fair Value	$ 74,475	$ 29,696
% of Net Assets	27.30%	19.40%
Investment | Debt investments | Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 85,764	$ 23,697
Fair Value	$ 86,223	$ 23,864
% of Net Assets	31.30%	15.60%
Investment | Debt investments | Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 66,160	$ 30,623
Fair Value	$ 66,691	$ 31,000
% of Net Assets	24.30%	20.40%
Investment | Debt investments | Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 34,568
Fair Value	$ 34,647
% of Net Assets	12.60%
Investment | Equity investments
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 4,750	$ 250
Fair Value	$ 4,788	$ 250
% of Net Assets	1.80%	0.20%
[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 (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022		Dec. 31, 2021	[1]
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Net Assets	$ 274,390	$ 216,281	$ 152,494	[1]	$ 0
Prime rate
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Interest Rate	8.50%
1M S
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Interest Rate	5.32%		4.36%
3M S
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 Statements 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 September 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, amendment and other non-recurring upfront fees are recorded as other fee income when earned. The Company records prepayment premiums on loans and securities as other fee income when it earns such amounts. For the three and nine months ended September 30, 2023, $41 amendment fee income and $100 prepayment premiums have been recorded, all of which are included in other income in the consolidated statements of operations. For the three and nine months ended September 30, 2022, the Company did not recognize any structuring, amendment, other non-recurring upfront fee revenue or prepayment premiums. 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 nine months ended September 30, 2023, zero and $4 PIK, respectively, has been recorded. For the three and nine months ended September 30, 2022, no PIK interest 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 Statements of Operations. Unamortized deferred financing costs are presented on the Consolidated Statements 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 Statements 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	9 Months Ended
	Sep. 30, 2023
Agreements and Related Party Transactions
Agreements and Related Party Transactions	3. Administration Agreement The Company entered into an administration agreement (the “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 nine months ended September 30, 2023, the Company incurred expenses of $168 and $624, 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 September 30, 2023 and December 31, 2022, $168 and $125, respectively, was payable to the Administrator. For the three and nine months ended September 30, 2022, the Company incurred expenses of $329 and $603, respectively, for costs and expenses reimbursable to the Investment Adviser under the terms of the Administration Agreement. 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 nine months ended September 30, 2023, the Investment Adviser earned a base management fee of $870 and $2,397, respectively. For the three and nine months ended September 30, 2022, the Investment Adviser earned a base management fee of $11. As of September 30, 2023 and December 31, 2022, base management fees of $870 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. On September 26, 2023, the Investment Adviser purchased 48,077 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 and nine months ended September 30, 2023, the Company incurred directors’ fees of $75 and $225, respectively. For the three and nine months ended September 30, 2022, the Company incurred directors’ fees of $30. As of September 30, 2023 and December 31, 2022, directors’ fees of $165 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 nine months ended September 30, 2023, Brightwood Loan Services LLC served as administrative agent for the following investments: Elevator Intermediate Holdings, Inc., 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	9 Months Ended
	Sep. 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 September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 268,647 ​ $ 287,484 75.5 % Senior Secured Term Loan ​ ​ 90,970 ​ ​ 75,894 19.9 % Delayed Draw Term Loan ​ ​ 7,977 ​ ​ 8,408 2.2 % Revolver ​ ​ 4,037 ​ ​ 4,265 1.1 % Class A Preferred Units ​ ​ 3,500 ​ ​ 3,500 0.9 % Class A Membership Units ​ ​ 1,000 ​ ​ 1,000 0.3 % Class A Units ​ ​ 250 ​ ​ 288 0.1 % ​ ​ $ 376,381 ​ $ 380,839 ​ 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 September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 Industry Classification ​ ​ Percentage ​ ​ Fair Value ​ of Portfolio ​ Business Services ​ $ 114,303 30.0 % Healthcare ​ ​ 90,723 23.8 % Franchising ​ ​ 74,475 19.6 % Technology & Telecommunications ​ ​ 66,691 17.5 % Transportation & Logistics ​ ​ 34,647 9.1 % Total ​ $ 380,839 ​ 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	9 Months Ended
	Sep. 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 September 30, 2023, the Company’s investments were categorized as follows in the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 287,484 ​ $ — ​ $ — ​ $ 287,484 Senior Secured Term Loan ​ ​ 75,894 ​ ​ — ​ ​ — ​ ​ 75,894 Delayed Draw Term Loan ​ ​ 8,408 ​ ​ — ​ ​ — ​ ​ 8,408 Revolver ​ ​ 4,265 ​ ​ — ​ ​ — ​ ​ 4,265 Class A Preferred Units ​ ​ 3,500 ​ ​ — ​ ​ — ​ ​ 3,500 Class A Units ​ ​ 288 ​ ​ — ​ ​ — ​ ​ 288 Class A Membership Units ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Total Investments ​ ​ 380,839 ​ ​ — ​ ​ — ​ ​ 380,839 Cash Equivalents ​ ​ 1,027 ​ ​ 1,027 ​ ​ — ​ ​ — Total Investments and cash equivalents ​ $ 381,866 ​ $ 1,027 ​ $ — ​ $ 380,839 ​ On September 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 nine months ended September 30, 2023, of investments for which significant unobservable inputs (Level 3) were used in determining fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the nine months ended September 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 ​ ​ 127,019 ​ ​ 30,506 ​ ​ 8,109 ​ ​ 9,077 ​ ​ — ​ ​ 3,500 ​ ​ 1,000 ​ ​ 179,211 Accretion of discount (amortization of premium) ​ ​ 773 ​ ​ 344 ​ ​ 71 ​ ​ 108 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,296 Sales and repayments ​ ​ (16,079) ​ ​ (3,980) ​ ​ (20) ​ ​ (5,709) ​ ​ — ​ ​ — ​ ​ — ​ ​ (25,788) Unrealized gain (loss) ​ ​ 1,884 ​ ​ 739 ​ ​ 432 ​ ​ 223 ​ ​ 38 ​ ​ — ​ ​ — ​ ​ 3,316 Paid in-kind interest ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4 Net transfers in or out of Level 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value at end of period ​ $ 287,484 ​ $ 75,894 ​ $ 8,408 ​ $ 4,265 ​ $ 288 ​ $ 3,500 ​ $ 1,000 ​ $ 380,839 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 ​ $ 1,884 ​ $ 739 ​ $ 432 ​ $ 223 ​ $ 38 ​ $ — ​ $ — ​ $ 3,316 ​ There were no transfers of investments into or out of Level 1, 2, or 3 in the fair value hierarchy during the three and nine months ended September 30, 2023. The following is a reconciliation for the nine months ended September 30, 2022, of investment for which significant unobservable inputs (Level 3) were used in determining fair value : ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, 2022 ​ ​ Senior Secured Loans-First Lien Fair value at beginning of Period ​ $ — Purchases ​ ​ 54,000 Accretion of discount (amortization of premium) ​ 8 Sales and repayments ​ (337) Net transfer in or out of Level 3 ​ — Fair value at end of period ​ $ 53,671 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 ​ $ — ​ There were no transfers of investments into or out of Level 1, 2, or 3 in the fair value hierarchy during the three and nine months ended September 30, 2022. The valuation techniques and significant unobservable inputs used in Level 3 fair value measurements as of September 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Low High ​ Debt investments $ 376,051 Discounted Cash Flows Discount Rate 7.77 % 14.06 % ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Equity investments ​ ​ 4,788 ​ Enterprise Value ​ EBITDA Multiple ​ 9.25x ​ 15.00x ​ ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Total investments $ 380,839 ​ * 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	9 Months Ended
	Sep. 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 September 30, 2023 and December 31, 2022, the Company’s asset coverage was 261% and 252%, respectively. As of September 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 September 30, 2023 and December 31, 2022, the unamortized deferred financing costs related to the facility was $443 and $712, respectively, and was showing as an asset on the Consolidated Statements of Assets and Liabilities. As of September 30, 2023 and December 31, 2022, there was $30,000 and $0 undrawn portion, respectively, on the line of credit provided by City National Bank. As of September 30, 2023 and December 31, 2022, the total outstanding balance under the credit agreement was $70,000 and $100,000, respectively and this carrying value approximates fair value. BCCI SPV-1 Credit Facility : administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. SPV-1 is consolidated into the Company’s financial statements and no gain or loss is recognized from transfer of assets to and from SPV-1. This credit facility is secured by collateral consisting primarily of loans in the Company’s investment portfolio. 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 September 30, 2023, the unamortized deferred financing costs related to the facility was $988, and was showing as an asset on the Consolidated Statements of Assets and Liabilities. As of September 30, 2023, there was no undrawn portion on the line of credit provided under this credit facility. As of September 30, 2023, the total outstanding balance under the credit agreement was $100,000, and this carrying value approximates fair value. As of September 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 $2,918 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 nine months ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, 2023 ​ Interest expense on line of credit ​ $ 3,216 ​ Amortization of deferred financing costs ​ $ 146 ​ Weighted average interest rate ​ ​ 7.90 % ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30, 2023 ​ Interest expense on line of credit ​ $ 6,804 ​ Amortization of deferred financing costs ​ $ 380 ​ Weighted average interest rate ​ ​ 7.55 % ​ 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 nine months ended September 30, 2023, the Company incurred fees of $0 and $378, respectively, which are shown as interest expense on loans on the Consolidated Statements of Operations. As of September 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 September, 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 September 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	9 Months Ended
	Sep. 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 Statements 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 September 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 September 30, 2023: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment Athlete Buyer, LLC Delayed Draw Term Loan ​ $ 3,345 Athlete Buyer, LLC Delayed Draw Term Loan ​ ​ 6,248 Athlete Buyer, LLC ​ Revolver ​ ​ 1,652 Elevator Intermediate Holdings, Inc. ​ Delayed Draw Term Loan ​ ​ 1,000 Elevator Intermediate Holdings, Inc. ​ Revolver ​ ​ 1,000 ESN Venture Holdings, LLC Delayed Draw Term Loan ​ ​ 4,290 ESN Venture Holdings, LLC Revolver ​ ​ 433 Essence Communications Inc. Revolver ​ ​ 7,115 Firebirds Buyer, LLC Delayed Draw Term Loan ​ ​ 811 Firebirds Buyer, LLC Revolver ​ ​ 649 North Haven USHC Acquisition, Inc. Delayed Draw Term Loan ​ ​ 6,606 OPCO Borrower LLC Revolver ​ ​ 2,500 Veradata Holdings, LLC Revolver ​ ​ 250 VHL Logistics, Inc. Revolver ​ ​ 500 Zavation Medical Products, LLC Revolver ​ ​ 430 Total Unfunded Commitments ​ $ 36,829 ​ 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	9 Months Ended
	Sep. 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. On September 26, 2023, the Company issued and sold 4,855,769 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 September 30, 2023 and December 31, 2022, the unfunded capital commitment from the investors was $101,000 and $202,000, of which $1,000 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 8/28/2023 ​ 8/31/2023 ​ 9/14/2023 ​ $ 0.24 ​ On all 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	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 2022 ​ Net increase (decrease) in net assets resulting from operations ​ $ 7,609 ​ $ (704) ​ $ 19,684 ​ $ (949) ​ Weighted average shares of common stock outstanding—basic and diluted ​ ​ 23,455,350 (1) ​ 10,100,000 (2) 20,608,534 (3) ​ 10,100,000 (2) Net change in net assets resulting from operations per share—basic and diluted ​ $ 0.32 ​ $ (0.07) ​ $ 0.96 ​ $ (0.09) ​ (1) The weighted average shares outstanding for the three months ended September 30, 2023, are based on the average of outstanding shares as of June 30, 2023 and September 30, 2023. (2) The weighted average shares outstanding for the three and nine months ended September 30, 2022, are based on the assumption that the number of shares issued in the Formation Transactions and Offering in June and September 2022 ( 10,100,000 shares of Common Stock) had been issued on January 1, 2022. (3) The weighted average shares outstanding for the nine months ended September 30, 2023, are based on the average of outstanding shares as of December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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. The 2022 tax year remains subject to examination and adjustment by tax authorities.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2023
Financial Highlights
Financial Highlights	11. Financial Highlights The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2023 and September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2023 2022 (8) ​ Per share data: (1) ​ ​ ​ ​ ​ ​ ​ Net asset value, beginning of period ​ $ 10.07 ​ $ 10.00 ​ Results of operations (2) ​ ​ ​ ​ ​ Net investment income (loss) ​ 0.80 ​ ​ (0.09) ​ Net change in unrealized appreciation (depreciation) ​ 0.16 ​ ​ — ​ Net increase (decrease) in net assets resulting from operations (2) ​ 0.96 ​ ​ (0.09) ​ Stockholder distributions from income ​ ​ (0.45) ​ ​ — ​ Capital share transactions ​ — ​ ​ — ​ Issuance of common shares (3) ​ (0.07) ​ ​ — ​ Reinvestment of stockholder distributions ​ (0.01) ​ ​ — ​ Offering cost ​ ​ — ​ ​ (0.01) ​ Net increase (decrease) in net assets resulting from capital share transactions ​ (0.08) ​ ​ (0.01) ​ Net asset value, end of period ​ $ 10.50 ​ $ 9.90 ​ Shares outstanding, end of period ​ 26,123,092 ​ ​ 10,100,000 ​ Total return (4) ​ 4.27 % ​ (1.00) % Ratio/Supplemental data: ​ ​ ​ ​ ​ Net assets, end of period ​ $ 274,390 ​ $ 99,977 ​ Ratio of net investment income to average net assets (5) ​ 9.46 % ​ (1.13) % Ratio of operating expenses to average net assets (5) ​ 6.88 % ​ (1.23) % Portfolio turnover (6) ​ ​ 7.74 % ​ 0.63 % Asset coverage ratio (7) ​ 261 % ​ N/A ​ (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 nine months ended September 30, 2023 was calculated by taking the increase of net asset value per share from December 31, 2022 to September 30, 2023, adding the cash distributions per share which were declared during the period and dividing the total by the net asset value per share on December 31, 2022. (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. (8) For the period from September 26, 2022 (Commencement of Operations) through September 30, 2022.

Share Transactions

Share Transactions	9 Months Ended
	Sep. 30, 2023
Share Transactions
Share Transactions	12. Share Transactions The following table summarizes the total shares issued for the three months and nine months ended September 30, 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ Shares Amount Shares Amount Shares Amount Shares Amount Balance at beginning of period 20,787,609 ​ $ 207,490 ​ 1,000 ​ $ 10 ​ 15,150,000 ​ $ 151,500 ​ — ​ $ — Issuance of common shares 4,855,769 ​ ​ 50,500 ​ 10,099,000 ​ ​ 100,990 ​ 9,956,779 ​ 101,000 ​ 10,100,000 ​ ​ 101,000 Reinvestments of stockholder distributions 479,714 ​ ​ 4,989 ​ — ​ ​ — ​ 1,016,313 ​ 10,479 ​ — ​ ​ — Balance at end of period 26,123,092 ​ $ 262,979 ​ 10,100,000 ​ $ 101,000 ​ 26,123,092 ​ $ 262,979 ​ 10,100,000 ​ $ 101,000 ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events
Subsequent Events	13. Subsequent Events On October 4, 2023, SPV-1, entered into a first amendment to credit agreement and joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The facility amount committed increased to $155,000 which is reallocated among KeyBank National Association, Live Oak Bank, First Foundation Bank and First-Citizens Bank & Trust Company. On October 24, 2023, the Company delivered capital call notices to the investors to issue and sell 4,855,769 shares of Common Stock for an aggregate offering price of $50,500. This capital call was received on November 7, 2023. On October 31, 2023, SPV-1, entered into a joinder agreement, with the Investment Adviser as the servicer, SPV-1 as the borrower, the financial institutions from time to time party hereto as lenders, KeyBank National Association as the administrative agent and syndication agent, U.S. Bank National Association as the collateral custodian and U.S. Bank Trust Company, National Association as the paying agent. The commitment with respect to the new lender, Optum Bank, Inc., is $20,000. This increased the facility amount committed to $175,000.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 Statements 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 September 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, amendment and other non-recurring upfront fees are recorded as other fee income when earned. The Company records prepayment premiums on loans and securities as other fee income when it earns such amounts. For the three and nine months ended September 30, 2023, $41 amendment fee income and $100 prepayment premiums have been recorded, all of which are included in other income in the consolidated statements of operations. For the three and nine months ended September 30, 2022, the Company did not recognize any structuring, amendment, other non-recurring upfront fee revenue or prepayment premiums. 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 nine months ended September 30, 2023, zero and $4 PIK, respectively, has been recorded. For the three and nine months ended September 30, 2022, no PIK interest 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 Statements of Operations. Unamortized deferred financing costs are presented on the Consolidated Statements 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 Statements 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)	9 Months Ended
	Sep. 30, 2023
Investment Portfolio
Summary of the composition of investment portfolio at cost and fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ ​ Amortized ​ ​ ​ ​ Percentage ​ ​ Cost (1) Fair Value of Portfolio Senior Secured First Lien Term Loan ​ $ 268,647 ​ $ 287,484 75.5 % Senior Secured Term Loan ​ ​ 90,970 ​ ​ 75,894 19.9 % Delayed Draw Term Loan ​ ​ 7,977 ​ ​ 8,408 2.2 % Revolver ​ ​ 4,037 ​ ​ 4,265 1.1 % Class A Preferred Units ​ ​ 3,500 ​ ​ 3,500 0.9 % Class A Membership Units ​ ​ 1,000 ​ ​ 1,000 0.3 % Class A Units ​ ​ 250 ​ ​ 288 0.1 % ​ ​ $ 376,381 ​ $ 380,839 ​ 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 September 30, 2023 Industry Classification ​ ​ Percentage ​ ​ Fair Value ​ of Portfolio ​ Business Services ​ $ 114,303 30.0 % Healthcare ​ ​ 90,723 23.8 % Franchising ​ ​ 74,475 19.6 % Technology & Telecommunications ​ ​ 66,691 17.5 % Transportation & Logistics ​ ​ 34,647 9.1 % Total ​ $ 380,839 ​ 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)	9 Months Ended
	Sep. 30, 2023
Fair Value of Financial Instruments
Summary of investments categorized in the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 ​ Fair Value Level 1 Level 2 Level 3 Senior Secured First Lien Term Loan ​ $ 287,484 ​ $ — ​ $ — ​ $ 287,484 Senior Secured Term Loan ​ ​ 75,894 ​ ​ — ​ ​ — ​ ​ 75,894 Delayed Draw Term Loan ​ ​ 8,408 ​ ​ — ​ ​ — ​ ​ 8,408 Revolver ​ ​ 4,265 ​ ​ — ​ ​ — ​ ​ 4,265 Class A Preferred Units ​ ​ 3,500 ​ ​ — ​ ​ — ​ ​ 3,500 Class A Units ​ ​ 288 ​ ​ — ​ ​ — ​ ​ 288 Class A Membership Units ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Total Investments ​ ​ 380,839 ​ ​ — ​ ​ — ​ ​ 380,839 Cash Equivalents ​ ​ 1,027 ​ ​ 1,027 ​ ​ — ​ ​ — Total Investments and cash equivalents ​ $ 381,866 ​ $ 1,027 ​ $ — ​ $ 380,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 nine months ended September 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 ​ ​ 127,019 ​ ​ 30,506 ​ ​ 8,109 ​ ​ 9,077 ​ ​ — ​ ​ 3,500 ​ ​ 1,000 ​ ​ 179,211 Accretion of discount (amortization of premium) ​ ​ 773 ​ ​ 344 ​ ​ 71 ​ ​ 108 ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,296 Sales and repayments ​ ​ (16,079) ​ ​ (3,980) ​ ​ (20) ​ ​ (5,709) ​ ​ — ​ ​ — ​ ​ — ​ ​ (25,788) Unrealized gain (loss) ​ ​ 1,884 ​ ​ 739 ​ ​ 432 ​ ​ 223 ​ ​ 38 ​ ​ — ​ ​ — ​ ​ 3,316 Paid in-kind interest ​ ​ 4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4 Net transfers in or out of Level 3 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Fair value at end of period ​ $ 287,484 ​ $ 75,894 ​ $ 8,408 ​ $ 4,265 ​ $ 288 ​ $ 3,500 ​ $ 1,000 ​ $ 380,839 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 ​ $ 1,884 ​ $ 739 ​ $ 432 ​ $ 223 ​ $ 38 ​ $ — ​ $ — ​ $ 3,316 ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, 2022 ​ ​ Senior Secured Loans-First Lien Fair value at beginning of Period ​ $ — Purchases ​ ​ 54,000 Accretion of discount (amortization of premium) ​ 8 Sales and repayments ​ (337) Net transfer in or out of Level 3 ​ — Fair value at end of period ​ $ 53,671 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 ​ $ —
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 September 30, 2023, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Investment Fair Value Valuation Technique Unobservable Inputs * Low High ​ Debt investments $ 376,051 Discounted Cash Flows Discount Rate 7.77 % 14.06 % ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Equity investments ​ ​ 4,788 ​ Enterprise Value ​ EBITDA Multiple ​ 9.25x ​ 15.00x ​ ​ ​ ​ ​ Recent Acquisitions N/A N/A N/A ​ Total investments $ 380,839 ​ * 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)	9 Months Ended
	Sep. 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 ​ ​ September 30, 2023 ​ Interest expense on line of credit ​ $ 3,216 ​ Amortization of deferred financing costs ​ $ 146 ​ Weighted average interest rate ​ ​ 7.90 % ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ ​ September 30, 2023 ​ Interest expense on line of credit ​ $ 6,804 ​ Amortization of deferred financing costs ​ $ 380 ​ Weighted average interest rate ​ ​ 7.55 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies
Summary of unfunded commitments	The following table details the Company’s unfunded commitments as of September 30, 2023: ​ ​ ​ ​ ​ ​ ​ Investments Asset Classification Unfunded Commitment Athlete Buyer, LLC Delayed Draw Term Loan ​ $ 3,345 Athlete Buyer, LLC Delayed Draw Term Loan ​ ​ 6,248 Athlete Buyer, LLC ​ Revolver ​ ​ 1,652 Elevator Intermediate Holdings, Inc. ​ Delayed Draw Term Loan ​ ​ 1,000 Elevator Intermediate Holdings, Inc. ​ Revolver ​ ​ 1,000 ESN Venture Holdings, LLC Delayed Draw Term Loan ​ ​ 4,290 ESN Venture Holdings, LLC Revolver ​ ​ 433 Essence Communications Inc. Revolver ​ ​ 7,115 Firebirds Buyer, LLC Delayed Draw Term Loan ​ ​ 811 Firebirds Buyer, LLC Revolver ​ ​ 649 North Haven USHC Acquisition, Inc. Delayed Draw Term Loan ​ ​ 6,606 OPCO Borrower LLC Revolver ​ ​ 2,500 Veradata Holdings, LLC Revolver ​ ​ 250 VHL Logistics, Inc. Revolver ​ ​ 500 Zavation Medical Products, LLC Revolver ​ ​ 430 Total Unfunded Commitments ​ $ 36,829 ​ 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)	9 Months Ended
	Sep. 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 8/28/2023 ​ 8/31/2023 ​ 9/14/2023 ​ $ 0.24 ​

Net Change in Net Assets Resu_2

Net Change in Net Assets Resulting from Operations per Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, ​ ​ ​ 2023 ​ 2022 ​ 2023 2022 ​ Net increase (decrease) in net assets resulting from operations ​ $ 7,609 ​ $ (704) ​ $ 19,684 ​ $ (949) ​ Weighted average shares of common stock outstanding—basic and diluted ​ ​ 23,455,350 (1) ​ 10,100,000 (2) 20,608,534 (3) ​ 10,100,000 (2) Net change in net assets resulting from operations per share—basic and diluted ​ $ 0.32 ​ $ (0.07) ​ $ 0.96 ​ $ (0.09) ​ (1) The weighted average shares outstanding for the three months ended September 30, 2023, are based on the average of outstanding shares as of June 30, 2023 and September 30, 2023. (2) The weighted average shares outstanding for the three and nine months ended September 30, 2022, are based on the assumption that the number of shares issued in the Formation Transactions and Offering in June and September 2022 ( 10,100,000 shares of Common Stock) had been issued on January 1, 2022. (3) The weighted average shares outstanding for the nine months ended September 30, 2023, are based on the average of outstanding shares as of December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2023
Financial Highlights
Schedule of financial highlights	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2023 2022 (8) ​ Per share data: (1) ​ ​ ​ ​ ​ ​ ​ Net asset value, beginning of period ​ $ 10.07 ​ $ 10.00 ​ Results of operations (2) ​ ​ ​ ​ ​ Net investment income (loss) ​ 0.80 ​ ​ (0.09) ​ Net change in unrealized appreciation (depreciation) ​ 0.16 ​ ​ — ​ Net increase (decrease) in net assets resulting from operations (2) ​ 0.96 ​ ​ (0.09) ​ Stockholder distributions from income ​ ​ (0.45) ​ ​ — ​ Capital share transactions ​ — ​ ​ — ​ Issuance of common shares (3) ​ (0.07) ​ ​ — ​ Reinvestment of stockholder distributions ​ (0.01) ​ ​ — ​ Offering cost ​ ​ — ​ ​ (0.01) ​ Net increase (decrease) in net assets resulting from capital share transactions ​ (0.08) ​ ​ (0.01) ​ Net asset value, end of period ​ $ 10.50 ​ $ 9.90 ​ Shares outstanding, end of period ​ 26,123,092 ​ ​ 10,100,000 ​ Total return (4) ​ 4.27 % ​ (1.00) % Ratio/Supplemental data: ​ ​ ​ ​ ​ Net assets, end of period ​ $ 274,390 ​ $ 99,977 ​ Ratio of net investment income to average net assets (5) ​ 9.46 % ​ (1.13) % Ratio of operating expenses to average net assets (5) ​ 6.88 % ​ (1.23) % Portfolio turnover (6) ​ ​ 7.74 % ​ 0.63 % Asset coverage ratio (7) ​ 261 % ​ N/A ​ (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 nine months ended September 30, 2023 was calculated by taking the increase of net asset value per share from December 31, 2022 to September 30, 2023, adding the cash distributions per share which were declared during the period and dividing the total by the net asset value per share on December 31, 2022. (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. (8) For the period from September 26, 2022 (Commencement of Operations) through September 30, 2022.

Share Transactions (Tables)

Share Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Share Transactions
Summary of total shares issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ Shares Amount Shares Amount Shares Amount Shares Amount Balance at beginning of period 20,787,609 ​ $ 207,490 ​ 1,000 ​ $ 10 ​ 15,150,000 ​ $ 151,500 ​ — ​ $ — Issuance of common shares 4,855,769 ​ ​ 50,500 ​ 10,099,000 ​ ​ 100,990 ​ 9,956,779 ​ 101,000 ​ 10,100,000 ​ ​ 101,000 Reinvestments of stockholder distributions 479,714 ​ ​ 4,989 ​ — ​ ​ — ​ 1,016,313 ​ 10,479 ​ — ​ ​ — Balance at end of period 26,123,092 ​ $ 262,979 ​ 10,100,000 ​ $ 101,000 ​ 26,123,092 ​ $ 262,979 ​ 10,100,000 ​ $ 101,000 ​

Principal Business and Organi_2

Principal Business and Organization (Details)	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summary of Significant Accounting Policies
PIK interest recorded	$ 0	$ 0	$ 4	$ 0
Amendment Fee Income	41		41
Fee income from prepayment premiums on loans and securities	$ 100		$ 100

Agreements and Related Party _2

Agreements and Related Party Transactions - Administration Agreement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Agreements and Related Party Transactions
Payable balances to Administrator	$ 168		$ 168		$ 125	[1]
Administration Agreement | Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Incurred expenses	168		624
Payable balances to Administrator	$ 168		$ 168		$ 125
Reimbursable costs and expenses		$ 329		$ 603
[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		9 Months Ended
	Sep. 26, 2023	Jan. 30, 2023	Nov. 10, 2022	Sep. 30, 2022	Sep. 26, 2022	Jul. 26, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Agreements and Related Party Transactions
Base management fees								$ 870		$ 870			$ 421	[1]
Shares issued		5,101,010	5,050,000		10,000,000				10,099,000		10,100,000
Proceeds from issuance of common shares		$ 50,500	$ 50,500		$ 100,000					101,000	$ 101,000	[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	4,855,769			1,000
Proceeds from issuance of common shares	$ 50,500			$ 10
Management Fee | Brightwood Capital Advisors, LLC
Agreements and Related Party Transactions
Base management fees								870		870			$ 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)								$ 870	$ 11	$ 2,397	$ 11
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	48,077	50,505	50,000	99,000			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			9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]	Dec. 31, 2022	[1]
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	75	$ 30		225	$ 30
Directors' fees payable (See Note 3)	$ 165			$ 165			$ 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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 376,381	$ 221,657
Fair Value	$ 380,839	$ 222,800	[1]
Percentage of portfolio	100%	100%
Senior Secured First Lien Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 268,647	$ 172,783
Fair Value	$ 287,484	$ 173,883
Percentage of portfolio	75.50%	78%
Senior Secured Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 90,970	$ 48,248
Fair Value	$ 75,894	$ 48,285
Percentage of portfolio	19.90%	21.70%
Delayed Draw Term Loan
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 7,977	$ 184
Fair Value	$ 8,408	$ (184)
Percentage of portfolio	2.20%	(0.10%)
Revolver
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 4,037	$ 560
Fair Value	$ 4,265	$ 566
Percentage of portfolio	1.10%	0.30%
Class A Preferred Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 3,500
Fair Value	$ 3,500
Percentage of portfolio	0.90%
Class A Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Amortized Cost	$ 250	$ 250
Fair Value	$ 288	$ 250
Percentage of portfolio	0.10%	0.10%
Class A Membership Units
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 380,839	$ 222,800	[1]
Percentage of portfolio	100%	100%
Business Services
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 114,303	$ 138,240
Percentage of portfolio	30%	62.10%
Franchising
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 90,723	$ 29,696
Percentage of portfolio	23.80%	13.30%
Healthcare
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 74,475	$ 23,864
Percentage of portfolio	19.60%	10.70%
Technology & Telecommunications
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 66,691	$ 31,000
Percentage of portfolio	17.50%	13.90%
Transportation & Logistics
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
Fair Value	$ 34,647
Percentage of portfolio	9.10%
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Investments	$ 380,839	$ 222,800
Cash Equivalents	1,027	4,164
Total Investments and cash equivalents	381,866	226,964
Senior Secured First Lien Term Loan
Fair Value of Financial Instruments
Investments	287,484	173,883
Senior Secured Term Loan
Fair Value of Financial Instruments
Investments	75,894	48,285
Delayed Draw Term Loan
Fair Value of Financial Instruments
Investments	8,408	(184)
Revolver
Fair Value of Financial Instruments
Investments	4,265	566
Class A Units
Fair Value of Financial Instruments
Investments	3,500	250
Class A Preferred Units
Fair Value of Financial Instruments
Investments	288
Class A Membership Units
Fair Value of Financial Instruments
Investments	1,000
Level 1
Fair Value of Financial Instruments
Cash Equivalents	1,027	4,164
Total Investments and cash equivalents	1,027	4,164
Level 3
Fair Value of Financial Instruments
Investments	380,839	222,800
Total Investments and cash equivalents	380,839	222,800
Level 3 | Senior Secured First Lien Term Loan
Fair Value of Financial Instruments
Investments	287,484	173,883
Level 3 | Senior Secured Term Loan
Fair Value of Financial Instruments
Investments	75,894	48,285
Level 3 | Delayed Draw Term Loan
Fair Value of Financial Instruments
Investments	8,408	(184)
Level 3 | Revolver
Fair Value of Financial Instruments
Investments	4,265	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	288
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) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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	179,211
Accretion of discount (amortization of premium)	1,296	$ 8	[1]
Sales and repayments	(25,788)
Unrealized gain (loss)	3,316
Paid in-kind interest	4
Fair value at end of period	380,839
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	3,316
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	127,019
Accretion of discount (amortization of premium)	773
Sales and repayments	(16,079)
Unrealized gain (loss)	1,884
Paid in-kind interest	4
Fair value at end of period	287,484
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	1,884
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	30,506
Accretion of discount (amortization of premium)	344
Sales and repayments	(3,980)
Unrealized gain (loss)	739
Fair value at end of period	75,894
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	739
Senior Secured Loans-First Lien
Reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value
Purchases		54,000
Accretion of discount (amortization of premium)		8
Sales and repayments		(337)
Fair value at end of period		$ 53,671
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	8,109
Accretion of discount (amortization of premium)	71
Sales and repayments	(20)
Unrealized gain (loss)	432
Fair value at end of period	8,408
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	432
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	9,077
Accretion of discount (amortization of premium)	108
Sales and repayments	(5,709)
Unrealized gain (loss)	223
Fair value at end of period	4,265
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	223
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)	38
Fair value at end of period	288
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	38
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	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value of Financial Instruments
Fair Value	$ 380,839	$ 222,800	[1]
Debt investments
Fair Value of Financial Instruments
Fair Value	$ 376,051	$ 222,550
Debt investments | Discounted Cash Flows | Discount Rate | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input	0.0777	0.0932
Debt investments | Discounted Cash Flows | Discount Rate | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input	0.1406	0.1199
Equity investments
Fair Value of Financial Instruments
Fair Value	$ 4,788	$ 250
Equity investments | Enterprise Value | EBITDA Multiple | Minimum
Fair Value of Financial Instruments
Investments, Measurement Input	9.25
Equity investments | Enterprise Value | EBITDA Multiple | Maximum
Fair Value of Financial Instruments
Investments, Measurement Input	15
[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		9 Months Ended	12 Months Ended
	Dec. 23, 2022	Sep. 30, 2023	Dec. 31, 2022
Borrowings
Asset coverage ratio		261%	252%
Deferred financing costs		$ 1,431	$ 712	[1]
Outstanding balance		170,000	100,000	[1]
CNB Revolving Credit Facility
Borrowings
Maximum principal amount	$ 100,000	30,000
Deferred financing costs		443	712
Drawn portion of line of credit		0	0
Outstanding balance		$ 70,000	$ 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	Sep. 30, 2023	Dec. 31, 2022
Borrowings
Deferred financing costs		$ 1,431	$ 712	[1]
Line of credit payable		170,000	100,000	[1]
Interest payable on line of credit		2,918	173	[1]
CNB Revolving Credit Facility
Borrowings
Interest payable on line of credit		2,918
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		988
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Borrowings
Interest expense on line of credit	$ 3,216	$ 6,804
Amortization of deferred financing costs	$ 146	$ 380
Weighted average interest rate	7.90%	7.55%

Borrowings - Loans Payable (Det

Borrowings - Loans Payable (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
		Sep. 30, 2023	Sep. 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		$ 6,738	$ 6,738
Investment, Identifier [Axis]: Athlete Buyer, LLC, Senior Secured First Lien Term Loan, Due 4/26/2029
Borrowings
Par Amount		6,983	6,983
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due 10/7/2026
Borrowings
Par Amount		8,893	8,893	8,960
Investment, Identifier [Axis]: B2B Industrial Products, LLC-Senior Secured Term Loan Due, Two 10/7/2026
Borrowings
Par Amount		5,987	5,987	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		434	434
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		13,670	13,670	13,774
Investment, Identifier [Axis]: Elevator Intermediate Holdings, Inc, Senior Secured First Lien Term Loan, Due 8/25/2028
Borrowings
Par Amount		22,000	22,000
Investment, Identifier [Axis]: Essence Communications Inc, Revolver, Due 11/25/2024
Borrowings
Par Amount		2,885	2,885
Investment, Identifier [Axis]: Essence Communications Inc.-Senior Secured First Lien Term Loan Due 11/25/2027
Borrowings
Par Amount		11,385	11,385	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		13,311	13,311
Investment, Identifier [Axis]: First American Government Obligations Fund, Class X-Money Market
Borrowings
Par Amount		1,027	1,027	4,164
Investment, Identifier [Axis]: IAM Acquisition LLC-Senior Secured First Lien Term Loan Due 6/10/2027
Borrowings
Par Amount		9,900	9,900	9,975
Investment, Identifier [Axis]: Javelin Acquisition Vehicle, LLC-Senior Secured Term Loan Due 11/3/2026
Borrowings
Par Amount		22,245	22,245	19,950
Investment, Identifier [Axis]: John C. Cassidy Air Conditioning, Inc.-Senior Secured Term Loan Due 12/23/2026
Borrowings
Par Amount		5,062	5,062	5,100
Investment, Identifier [Axis]: KKSP Precision Machining LLC-Senior Secured First Lien Term Loan Due 6/23/2027
Borrowings
Par Amount		4,938	4,938	4,975
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Delayed Draw Term Loan Due 2/23/2028
Borrowings
Par Amount		497	497
Investment, Identifier [Axis]: Medical Management Holdings, LLC-Senior Secured First Lien Term Loan Due 2/23/2028
Borrowings
Par Amount		20,774	20,774
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		1,101	1,101	$ 495
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Senior Secured First Lien Term Loan Due 10/30/2025
Borrowings
Par Amount		16,090	16,090	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		21,200	21,200	13,664
Investment, Identifier [Axis]: Sandlot Buyer, LLC, Senior Secured Term Loan, Due 9/19/2028
Borrowings
Par Amount		25,000	25,000
Investment, Identifier [Axis]: Shiftkey, LLC-Senior Secured First Lien Term Loan Due 6/21/2027
Borrowings
Par Amount		9,875	9,875	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		17,388	17,388	$ 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		24,747	24,747	$ 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		18,609	18,609	$ 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		18,750	18,750	$ 19,500
Investment, Identifier [Axis]: YWNA Finco LLC-Senior Secured Term Loan Due 8/18/2027
Borrowings
Par Amount		9,750	9,750	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, Revolver, Due 6/30/2028
Borrowings
Par Amount		70	70
Investment, Identifier [Axis]: Zavation Medical Products, LLC, Senior Secured First Lien Term Loan, Due 6/30/2028
Borrowings
Par Amount		9,975	9,975
Loans payable to Macquarie
Borrowings
Loans payable to Macquarie fees charged to expense		0	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	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies
Unfunded Commitment	$ 36,829	$ 24,871
Investment, Identifier [Axis]: Athlete Buyer Llc Delayed Draw Term Loan One
Commitments and Contingencies
Unfunded Commitment	3,345
Investment, Identifier [Axis]: Athlete Buyer Llc Delayed Draw Term Loan Two
Commitments and Contingencies
Unfunded Commitment	6,248
Investment, Identifier [Axis]: Athlete Buyer, LLC, Revolver
Commitments and Contingencies
Unfunded Commitment	1,652
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	4,290	4,726
Investment, Identifier [Axis]: ESN Venture Holdings, LLC-Revolver
Commitments and Contingencies
Unfunded Commitment	433	433
Investment, Identifier [Axis]: Elevator Intermediate Holdings, Inc Delayed Draw Term Loan
Commitments and Contingencies
Unfunded Commitment	1,000
Investment, Identifier [Axis]: Elevator Intermediate Holdings, Inc Revolver
Commitments and Contingencies
Unfunded Commitment	1,000
Investment, Identifier [Axis]: Essence Communications Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment	7,115	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	6,606	6,606
Investment, Identifier [Axis]: North Haven USHC Acquisition, Inc.-Revolver
Commitments and Contingencies
Unfunded Commitment		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	$ 430

Net Assets (Details)

Net Assets (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended	9 Months Ended
	Sep. 26, 2023	Jan. 30, 2023	Nov. 10, 2022	Sep. 30, 2022	Sep. 26, 2022	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022		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	10,099,000		10,100,000
Proceeds from issuance of common shares		$ 50,500	$ 50,500		$ 100,000		$ 101,000	$ 101,000	[1]
Investors' capital commitment											$ 353,500
Unfunded investors capital commitment							101,000			$ 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							$ 1,000			$ 2,000
Chief Executive Officer and Chairman Of The Board
Net Assets
Shares issued	4,855,769			1,000
Proceeds from issuance of common shares	$ 50,500			$ 10
Unfunded investors capital commitment	$ 500
[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	Sep. 14, 2023	Jun. 09, 2023	Jan. 27, 2023
Net Assets
Date Declared	Aug. 28, 2023	May 23, 2023	Dec. 30, 2022
Record Date	Aug. 31, 2023	May 26, 2023	Dec. 30, 2022
Payment Date	Sep. 14, 2023	Jun. 09, 2023	Jan. 27, 2023
Amount per Share	$ 0.24	$ 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			9 Months Ended			12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]	Dec. 31, 2022
Net Change in Net Assets Resulting from Operations per Share
Net increase (decrease) in net assets resulting from operations	$ 7,609	$ (704)		$ 19,684	$ (949)		$ 2,280
Weighted average shares of common stock outstanding-basic	23,455,350	10,100,000		20,608,534	10,100,000
Weighted average shares of common stock outstanding- diluted	23,455,350	10,100,000		20,608,534	10,100,000
Net change in net assets resulting from operations per share-basic	$ 0.32	$ (0.07)		$ 0.96	$ (0.09)
Net change in net assets resulting from operations per share-diluted	$ 0.32	$ (0.07)		$ 0.96	$ (0.09)
[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	9 Months Ended
	Sep. 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	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Distributions paid from:
Ordinary income	$ 4,989	$ 9,267	$ 1,137
2023 deferred income			75
Total distributions paid			$ 1,212

Income Taxes - Components of ac

Income Taxes - Components of accumulated earnings (losses) on a tax basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Income Taxes
Undistributed net investment income (loss)		$ (75)
Net Unrealized Investment Appreciation (Depreciation)		1,143
Total accumulated earnings	$ 11,485	$ 1,068	[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.

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			9 Months Ended			12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	[1]	Sep. 30, 2023	Sep. 30, 2022	[1]	Dec. 31, 2022
Income Taxes
Net Income (Loss)	$ 7,609	$ (704)		$ 19,684	$ (949)		$ 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			9 Months Ended				12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022		Dec. 31, 2022		Jun. 30, 2023	Dec. 31, 2021	[1]
Per share data:
Net asset value, beginning of period				$ 10.07	[1]	$ 10		$ 10
Results of operations
Net investment income (loss)	$ 0.30	$ (0.07)	[1]	0.80		(0.09)	[1]
Net change in unrealized appreciation (depreciation)				0.16
Net increase (decrease) in net assets resulting from operations				0.96		(0.09)
Stockholder distributions from income				(0.45)
Capital share transactions
Issuance of common shares				(0.07)
Reinvestment of stockholder distributions				(0.01)
Offering cost						(0.01)
Net increase (decrease) in net assets resulting from capital share transactions				(0.08)		(0.01)
Net asset value, end of period	$ 10.50	$ 9.90		$ 10.50		$ 9.90		$ 10.07	[1]
Shares outstanding, end of period	26,123,092	10,100,000		26,123,092		10,100,000
Total return				4.27%		(1.00%)
Ratio/Supplemental Data:
Net assets, end of period	$ 274,390			$ 274,390				$ 152,494	[1]	$ 216,281	$ 0
Ratio of net investment income to average net assets				9.46%		(1.13%)
Ratio of operating expenses to average net assets				6.88%		(1.23%)
Portfolio turnover				7.74%		0.63%
Asset coverage ratio				261%				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			9 Months Ended
	Jan. 30, 2023	Nov. 10, 2022	Sep. 26, 2022	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023		Sep. 30, 2022
Balance at beginning of period (in shares)					1,000		15,150,000
Net assets, at beginning of period				$ 216,281			$ 152,494	[1]	$ 0	[1]
Issuance of common shares (in shares)	5,101,010	5,050,000	10,000,000		10,099,000				10,100,000
Issuance of common shares				50,500	$ 100,990	[1]	101,000		$ 101,000	[1]
Reinvestments of stockholder distributions				$ 4,989			$ 10,479
Balance at end of period (in shares)				26,123,092	10,100,000		26,123,092		10,100,000
Net assets, at end of period				$ 274,390			$ 274,390
Common Stock
Balance at beginning of period (in shares)				20,787,609			15,150,000
Net assets, at beginning of period				$ 207,490			$ 151,500
Issuance of common shares (in shares)				4,855,769			9,956,779
Issuance of common shares				$ 50,500			$ 101,000
Reinvestments of stockholder distributions (in shares)				479,714			1,016,313
Reinvestments of stockholder distributions				$ 4,989			$ 10,479
Balance at end of period (in shares)				26,123,092			26,123,092
Net assets, at end of period				$ 262,979			$ 262,979
[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

Oct. 24, 2023

Oct. 04, 2023

Jan. 30, 2023

Nov. 10, 2022

Sep. 26, 2022

Oct. 31, 2023

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Subsequent Event [Line Items]

Issuance of common shares (in shares)

5,101,010

5,050,000

10,000,000

10,099,000

10,100,000

Issuance of common shares, net

$ 50,500

$ 100,990

[1]

$ 101,000

$ 101,000

[1]

Subsequent Events

Subsequent Event [Line Items]

Commitment fee

$ 155,000,000

Issuance of common shares (in shares)

4,855,769

Issuance of common shares, net

$ 50,500

Subsequent Events | SPV-1 | Optum Bank, Inc

Subsequent Event [Line Items]

Commitment with respect to new lender

$ 20,000

Increased the facility amount

$ 175,000

[1] The Company was formed on November 15, 2021. There were no material activities before the initial funding was received on September 26, 2022.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022		Sep. 30, 2023	Sep. 30, 2022		Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 7,609	$ (704)	[1]	$ 19,684	$ (949)	[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	9 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false